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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one):
| | | | | |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023
OR
| | | | | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM ______ TO _______
COMMISSION FILE NUMBER: 814-00237
GLADSTONE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | |
Maryland | 54-2040781 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |
1521 WESTBRANCH DRIVE, SUITE 100 | 22102 |
McLean, Virginia | (Zip Code) |
(Address of principal executive office) | |
(703) 287-5800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
Common Stock, $0.001 par value per share | | GLAD | | The Nasdaq Stock Market LLC |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | x | Smaller reporting company | o |
Emerging growth company | o | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
The number of shares of the issuer’s common stock, $0.001 par value per share, outstanding as of May 1, 2023 was 37,445,088.
GLADSTONE CAPITAL CORPORATION
TABLE OF CONTENTS
Part I. Financial information
Item I Financial Statements (Unaudited)
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
| | | | | | | | | | | |
| March 31, 2023 | | September 30, 2022 |
ASSETS | | | |
Investments, at fair value: | | | |
Non-Control/Non-Affiliate investments (Cost of $611,746 and $571,736, respectively) | $ | 601,415 | | | $ | 574,811 | |
Affiliate investments (Cost of $50,186 and $49,412, respectively) | 42,110 | | | 39,091 | |
Control investments (Cost of $34,099 and $34,905, respectively) | 35,234 | | | 35,713 | |
Cash and cash equivalents | 8,923 | | | 2,011 | |
Restricted cash and cash equivalents | 126 | | | 96 | |
Interest receivable, net | 3,042 | | | 2,737 | |
Due from administrative agent | 5,686 | | | 3,199 | |
Deferred financing costs, net | 487 | | | 836 | |
Other assets, net | 2,747 | | | 2,474 | |
TOTAL ASSETS | $ | 699,770 | | | $ | 660,968 | |
LIABILITIES | | | |
Line of credit at fair value (Cost of $152,600 and $141,800, respectively) | $ | 152,439 | | | $ | 141,800 | |
Notes payable, net of unamortized deferred financing costs of $2,186 and $2,393, respectively | 197,814 | | | 197,607 | |
Accounts payable and accrued expenses | 619 | | | 500 | |
Interest payable | 2,779 | | | 2,517 | |
Fees due to Adviser(A) | 3,157 | | | 2,104 | |
Fee due to Administrator(A) | 605 | | | 423 | |
Other liabilities | 546 | | | 530 | |
TOTAL LIABILITIES | $ | 357,959 | | | $ | 345,481 | |
Commitments and contingencies(B) | | | |
NET ASSETS | | | |
Common stock, $0.001 par value per share, 44,560,000 and 44,560,000 shares authorized, respectively, and 37,185,569 and 34,734,796 shares issued and outstanding, respectively | $ | 37 | | | $ | 35 | |
Capital in excess of par value | 419,834 | | | 395,542 | |
Cumulative net unrealized appreciation (depreciation) of investments | (17,272) | | | (6,438) | |
Cumulative net unrealized appreciation (depreciation) of other | 161 | | | — | |
Under (over) distributed net investment income | 2,474 | | | (500) | |
Accumulated net realized losses | (63,423) | | | (73,152) | |
Total distributable loss | (78,060) | | | (80,090) | |
TOTAL NET ASSETS | $ | 341,811 | | | $ | 315,487 | |
NET ASSET VALUE PER COMMON SHARE | $ | 9.19 | | | $ | 9.08 | |
(A)Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
(B)Refer to Note 9—Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
2
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Six Months Ended March 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
INVESTMENT INCOME | | | | | | | |
Interest income | | | | | | | |
Non-Control/Non-Affiliate investments | $ | 17,082 | | | $ | 10,614 | | | $ | 32,868 | | | $ | 20,768 | |
Affiliate investments | 968 | | | 739 | | | 1,842 | | | 1,806 | |
Control investments | 708 | | | 695 | | | 1,398 | | | 1,203 | |
Cash and cash equivalents | 45 | | | — | | | 64 | | | — | |
Total interest income (excluding PIK interest income) | 18,803 | | | 12,048 | | | 36,172 | | | 23,777 | |
PIK interest income | | | | | | | |
Non-Control/Non-Affiliate investments | 563 | | | 914 | | | 1,351 | | | 2,051 | |
Affiliate investments | 137 | | | — | | | 276 | | | — | |
Control investments | 75 | | | — | | | 146 | | | — | |
Total PIK interest income | 775 | | | 914 | | | 1,773 | | | 2,051 | |
Total interest income | 19,578 | | | 12,962 | | | 37,945 | | | 25,828 | |
Success fee income | | | | | | | |
Non-Control/Non-Affiliate investments | 600 | | | 3,231 | | | 600 | | | 3,231 | |
Affiliate Investments | — | | | — | | | — | | | 1,563 | |
Total success fee income | 600 | | | 3,231 | | | 600 | | | 4,794 | |
Dividend income | | | | | | | |
Non-Control/Non-Affiliate investments | 281 | | | 517 | | | 788 | | | 1,509 | |
Control investments | — | | | 520 | | | 329 | | | 589 | |
Total dividend income | 281 | | | 1,037 | | | 1,117 | | | 2,098 | |
Other income | 102 | | | 30 | | | 193 | | | 707 | |
Total investment income | 20,561 | | | 17,260 | | | 39,855 | | | 33,427 | |
EXPENSES | | | | | | | |
Base management fee(A) | 2,898 | | | 2,479 | | | 5,727 | | | 4,999 | |
Loan servicing fee(A) | 1,923 | | | 1,520 | | | 3,797 | | | 2,982 | |
Incentive fee(A) | 2,408 | | | 1,971 | | | 4,589 | | | 4,062 | |
Administration fee(A) | 417 | | | 401 | | | 820 | | | 780 | |
Interest expense | 4,909 | | | 3,020 | | | 9,538 | | | 6,027 | |
Amortization of deferred financing costs | 381 | | | 274 | | | 759 | | | 563 | |
Professional fees | 232 | | | 207 | | | 513 | | | 471 | |
Other general and administrative expenses | 404 | | | 315 | | | 708 | | | 699 | |
Expenses, before credits from Adviser | 13,572 | | | 10,187 | | | 26,451 | | | 20,583 | |
Credit to base management fee - loan servicing fee(A) | (1,923) | | | (1,520) | | | (3,797) | | | (2,982) | |
Credits to fees from Adviser - other(A) | (720) | | | (102) | | | (1,156) | | | (2,029) | |
Total expenses, net of credits | 10,929 | | | 8,565 | | | 21,498 | | | 15,572 | |
NET INVESTMENT INCOME | 9,632 | | | 8,695 | | | 18,357 | | | 17,855 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | |
Net realized gain (loss): | | | | | | | |
Non-Control/Non-Affiliate investments | 403 | | | — | | | 10,738 | | | 472 | |
Affiliate investments | — | | | — | | | — | | | 13,408 | |
Control investments | — | | | — | | | (1,016) | | | — | |
Other | 25 | | | 233 | | | 278 | | | (467) | |
Total net realized gain (loss) | 428 | | | 233 | | | 10,000 | | | 13,413 | |
Net unrealized appreciation (depreciation): | | | | | | | |
Non-Control/Non-Affiliate investments | 1,819 | | | (1,083) | | | (13,406) | | | 3,569 | |
Affiliate investments | 34 | | | (2,795) | | | 2,245 | | | (17,822) | |
Control investments | (88) | | | 3,253 | | | 327 | | | 3,391 | |
Other | 161 | | | — | | | 161 | | | — | |
Total net unrealized appreciation (depreciation) | 1,926 | | | (625) | | | (10,673) | | | (10,862) | |
Net realized and unrealized gain (loss) | 2,354 | | | (392) | | | (673) | | | 2,551 | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,986 | | | $ | 8,303 | | | $ | 17,684 | | | $ | 20,406 | |
BASIC AND DILUTED PER COMMON SHARE: | | | | | | | |
Net investment income | $ | 0.26 | | | $ | 0.25 | | | $ | 0.51 | | | $ | 0.52 | |
Net increase (decrease) in net assets resulting from operations | $ | 0.33 | | | $ | 0.24 | | | $ | 0.49 | | | $ | 0.59 | |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: Basic and Diluted | 36,604,182 | | | 34,304,371 | | | 35,898,020 | | | 34,304,371 | |
(A) Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
3
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
| | | | | | | | | | | |
| 2023 | | 2022 |
NET ASSETS, SEPTEMBER 30 | $ | 315,487 | | | $ | 318,439 | |
OPERATIONS | | | |
Net investment income | 8,725 | | | 9,160 | |
Net realized gain (loss) on investments | 9,319 | | | 13,880 | |
Net realized gain (loss) on other | 253 | | | (700) | |
Net unrealized appreciation (depreciation) of investments | (12,599) | | | (10,237) | |
Net increase (decrease) in net assets resulting from operations | 5,698 | | | 12,103 | |
DISTRIBUTIONS | | | |
Distributions to common stockholders from net investment income ($0.21 per share and $0.20 per share, respectively)(A) | (7,398) | | | (6,689) | |
Net decrease in net assets from distributions | (7,398) | | | (6,689) | |
CAPITAL TRANSACTIONS | | | |
Issuance of common stock | 10,721 | | | — | |
Discounts, commissions and offering costs for issuance of common stock | (182) | | | — | |
Net increase (decrease) in net assets resulting from capital transactions | 10,539 | | | — | |
NET INCREASE (DECREASE) IN NET ASSETS | 8,839 | | | 5,414 | |
NET ASSETS, DECEMBER 31 | $ | 324,326 | | | $ | 323,853 | |
OPERATIONS | | | |
Net investment income | 9,632 | | | 8,695 | |
Net realized gain (loss) on investments | 403 | | | — | |
Net realized gain (loss) on other | 25 | | | 233 | |
Net unrealized appreciation (depreciation) of investments | 1,765 | | | (625) | |
Net unrealized depreciation of other | 161 | | | — | |
Net increase (decrease) in net assets resulting from operations | 11,986 | | | 8,303 | |
DISTRIBUTIONS | | | |
Distributions to common stockholders from net investment income ($0.23 per share and $0.20 per share, respectively)(A) | (8,257) | | | (6,689) | |
Net decrease in net assets from distributions | (8,257) | | | (6,689) | |
CAPITAL TRANSACTIONS | | | |
Issuance of common stock | 13,993 | | | — | |
Discounts, commissions and offering costs for issuance of common stock | (237) | | | — | |
Net increase (decrease) in net assets resulting from capital transactions | 13,756 | | | — | |
NET INCREASE (DECREASE) IN NET ASSETS | 17,485 | | | 1,614 | |
NET ASSETS, MARCH 31 | $ | 341,811 | | | $ | 325,467 | |
(A)Refer to Note 8 – Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
4
GLADSTONE CAPITAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLAR AMOUNTS IN THOUSANDS)
(UNAUDITED)
| | | | | | | | | | | |
| Six Months Ended March 31, |
| 2023 | | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | |
Net increase (decrease) in net assets resulting from operations | $ | 17,684 | | | $ | 20,406 | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | |
Purchase of investments | (77,469) | | | (121,569) | |
Principal repayments on investments | 34,670 | | | 130,600 | |
Net proceeds from sale of investments | 14,552 | | | 16,922 | |
Increase in investments due to PIK interest or other | (1,952) | | | (2,614) | |
Net change in premiums, discounts and amortization | 221 | | | (547) | |
Net realized loss (gain) on investments | (9,722) | | | (13,880) | |
Net realized loss (gain) on other | (278) | | | 467 | |
Net unrealized depreciation (appreciation) of investments | 10,834 | | | 10,862 | |
Net unrealized depreciation of other | (161) | | | — | |
Changes in assets and liabilities: | | | |
Amortization of deferred financing costs | 759 | | | 563 | |
Decrease (increase) in interest receivable, net | (305) | | | (545) | |
Decrease (increase) in funds due from administrative agent | (2,487) | | | 610 | |
Decrease (increase) in other assets, net | (294) | | | (1,265) | |
Increase (decrease) in accounts payable and accrued expenses | 119 | | | 51 | |
Increase (decrease) in interest payable | 262 | | | 406 | |
Increase (decrease) in fees due to Adviser(A) | 1,053 | | | 943 | |
Increase (decrease) in fee due to Administrator(A) | 182 | | | 197 | |
Increase (decrease) in other liabilities | 16 | | | (3,943) | |
Net cash provided by (used in) operating activities | (12,316) | | | 37,664 | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | |
Proceeds from line of credit | 100,400 | | | 161,500 | |
Repayments on line of credit | (89,600) | | | (194,600) | |
Proceeds from issuance of notes payable | — | | | 50,000 | |
Redemption of notes payable | — | | | (38,813) | |
Financing costs | (203) | | | (1,575) | |
Proceeds from issuance of common stock | 24,714 | | | — | |
Discounts, commissions and offering costs for issuance of common stock | (398) | | | — | |
Distributions paid to common stockholders | (15,655) | | | (13,378) | |
Net cash provided by (used in) financing activities | 19,258 | | | (36,866) | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | 6,942 | | | 798 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,107 | | | 846 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | $ | 9,049 | | | $ | 1,644 | |
CASH PAID FOR INTEREST | $ | 9,276 | | | $ | 5,621 | |
NON-CASH ACTIVITIES(B) | $ | 2,416 | | | $ | 710 | |
(A)Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
(B)Non-cash activities relate to the October 2022 exit of our investment in Targus Cayman HoldCo Ltd., which was sold for net proceeds of approximately $8.0 million, resulting in a realized gain of approximately $5.9 million. As part of the proceeds, we received an interest in B. Riley Financial, Inc. 6.75% senior notes in the amount of $2.4 million.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
5
| | | | | | | | | | | | | | | | | | | | |
GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS) |
Company and Investment(A)(B)(Q)(K) | | Principal/ Shares/ Units(J)(I) | | Cost | | Fair Value |
NON-CONTROL/NON-AFFILIATE INVESTMENTS(M) – 176.0% | | | | | | |
Secured First Lien Debt – 130.9% | | | | | | |
Aerospace and Defense – 20.9% | | | | | | |
Antenna Research Associates, Inc. – Term Debt (S + 10.0%, 14.8% Cash, 4.0% PIK, Due 11/2026)(E) | | $ | 21,816 | | | $ | 21,816 | | | $ | 21,816 | |
Ohio Armor Holdings, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 2/2026)(C) | | 18,325 | | | 18,305 | | | 17,913 | |
SpaceCo Holdings, LLC – Line of Credit, $300 available (L + 7.0%, 12.2% Cash, Due 12/2025)(C)(U) | | 1,700 | | | 1,700 | | | 1,666 | |
SpaceCo Holdings, LLC – Term Debt (L + 7.0%, 12.2% Cash, Due 12/2025)(C)(U) | | 30,698 | | | 30,359 | | | 30,083 | |
| | | | 72,180 | | | 71,478 | |
Beverage, Food, and Tobacco – 19.2% | | | | | | |
Cafe Zupas – Line of Credit, $1,500 available (S + 6.8%, 11.6% Cash, Due 12/2024)(C) | | — | | | — | | | — | |
Café Zupas – Delayed Draw Term Loan, $8,070 available (S + 6.8%, 11.6% Cash, Due 12/2024)(C) | | 1,970 | | | 1,970 | | | 1,945 | |
Café Zupas – Term Debt (S + 6.8%, 11.6% Cash, Due 12/2024)(C) | | 23,460 | | | 23,460 | | | 23,167 | |
Eegee’s LLC – Line of Credit, $1,000 available (L + 7.8%, 12.6% Cash, Due 6/2026)(C) | | — | | | — | | | — | |
Eegee’s LLC – Delayed Draw Term Loan, $4,500 available (L + 7.8%, 12.6% Cash, Due 6/2026)(C) | | 3,000 | | | 3,000 | | | 2,835 | |
Eegee’s LLC – Term Debt (L + 7.8%, 12.6% Cash, Due 6/2026)(C) | | 17,000 | | | 17,000 | | | 16,065 | |
Salt & Straw, LLC – Line of Credit, $1,000 available (S + 9.0%, 13.9% Cash, Due 9/2027)(C) | | — | | | — | | | — | |
Salt & Straw, LLC – Delayed Draw Term Loan, $0 available (S + 9.0%, 13.9% Cash, Due 9/2027)(C) | | 8,500 | | | 8,427 | | | 8,203 | |
Sokol & Company Holdings, LLC – Term Debt (S + 7.0%, 11.8% Cash, Due 8/2027)(C) | | 13,500 | | | 13,500 | | | 13,213 | |
| | | | 67,357 | | | 65,428 | |
Buildings and Real Estate – 0.6% | | | | | | |
GFRC 360, LLC – Line of Credit, $50 available (S + 8.0%, 12.8% Cash, Due 9/2023)(C) | | 1,150 | | | 1,150 | | | 1,082 | |
GFRC 360, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 9/2023)(C) | | 1,000 | | | 1,000 | | | 941 | |
| | | | 2,150 | | | 2,023 | |
Diversified/Conglomerate Manufacturing – 28.4% | | | | | | |
Engineering Manufacturing Technologies, LLC – Line of Credit, $3,000 available (L + 8.3%, 13.1% Cash, Due 10/2026)(C) | | — | | | — | | | — | |
Engineering Manufacturing Technologies, LLC – Term Debt (L + 8.3%, 13.1% Cash, Due 10/2026)(C) | | 21,500 | | | 21,500 | | | 20,694 | |
NeoGraf Solutions LLC – Line of Credit, $4,500 available (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C) | | — | | | — | | | — | |
NeoGraf Solutions LLC – Term Debt (S + 7.0%, 11.0% Cash, 0.8% PIK, Due 1/2028)(C) | | 27,012 | | | 27,012 | | | 27,012 | |
Salvo Technologies, Inc. – Term Debt (S + 9.5%, 14.3% Cash, Due 4/2027)(C) | | 11,827 | | | 11,827 | | | 11,147 | |
Unirac Holdings, Inc. – Line of Credit, $1,356 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C) | | 867 | | | 867 | | | 867 | |
Unirac Holdings, Inc. – Delayed Draw Term Loan, $1,667 available (S + 6.5%, 11.3% Cash, Due 9/2027)(C) | | 1,111 | | | 1,111 | | | 1,111 | |
Unirac Holdings, Inc. – Term Debt (S + 6.5%, 11.3% Cash, Due 9/2027)(C) | | 14,925 | | | 14,583 | | | 14,925 | |
Viva Railings, LLC – Line of Credit, $4,000 available (L + 7.0%, 11.9% Cash, Due 5/2027)(C) | | — | | | — | | | — | |
Viva Railings, LLC – Term Debt (L + 7.0%, 11.9% Cash, Due 5/2027)(C) | | 21,691 | | | 21,691 | | | 21,339 | |
| | | | 98,591 | | | 97,095 | |
Diversified/Conglomerate Service – 29.5% | | | | | | |
Axios Industrial Group, LLC – Term Debt (S + 9.0%, 13.9% Cash, Due 10/2027)(C) | | 9,000 | | | 8,965 | | | 8,786 | |
Axios Industrial Group, LLC – Delayed Draw Term Loan, $5,000 available (S + 9.0%, 13.9% Cash, Due 10/2027)(C) | | 3,000 | | | 3,000 | | | 2,929 | |
DKI Ventures, LLC – Term Debt (S + 8.0%, 12.8% Cash, Due 12/2023)(C) | | 5,915 | | | 5,915 | | | 3,846 | |
ENET Holdings, LLC – Term Debt (L + 7.3%, 12.1% Cash, Due 4/2025)(C) | | 22,289 | | | 22,289 | | | 21,508 | |
Fix-It Group, LLC – Line of Credit, $1,500 available (S + 7.0%, 11.9% Cash, Due 12/2026)(C) | | 1,500 | | | 1,500 | | | 1,496 | |
Fix-It Group, LLC – Term Debt (S + 7.0%, 11.9% Cash, Due 12/2026)(C) | | 10,000 | | | 10,000 | | | 9,975 | |
Fix-It Group, LLC – Delayed Draw Term Loan, $6,750 available (S + 7.0%, 11.9% Cash, Due 12/2026)(C) | | 3,250 | | | 3,250 | | | 3,242 | |
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
6
| | | | | | | | | | | | | | | | | | | | |
GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS) |
Company and Investment(A)(B)(Q)(K) | | Principal/ Shares/ Units(J)(I) | | Cost | | Fair Value |
Leadpoint Business Services, LLC – Line of Credit, $0 available (S + 7.3%, 12.1% Cash, Due 2/2024)(C) | | 5,500 | | | 5,500 | | | 5,500 | |
Leadpoint Business Services, LLC – Term Debt (S + 8.5%, 13.3% Cash, Due 2/2028)(C) | | 13,500 | | | 13,500 | | | 13,500 | |
MCG Energy Solutions, LLC – Term Debt (S + 7.5%, 12.4% Cash, 3.5% PIK, Due 3/2026)(C) | | 19,932 | | | 19,886 | | | 18,387 | |
WorkforceQA, LLC – Line of Credit, $2,000 available (S + 6.5%, 11.3% Cash, Due 12/2026)(C) | | — | | | — | | | — | |
WorkforceQA, LLC – Term Debt (S + 8.4%, 13.1% Cash, Due 12/2026)(C)(H) | | 10,000 | | | 9,967 | | | 9,950 | |
WorkforceQA, LLC – Term Debt (S + 9.6%, 14.3% Cash, Due 12/2026)(C)(H) | | 1,600 | | | 1,595 | | | 1,592 | |
| | | | 105,367 | | | 100,711 | |
Healthcare, Education, and Childcare – 28.9% | | | | | | |
ALS Education, LLC – Line of Credit, $3,000 available (S + 7.0%, 11.8% Cash, Due 5/2025)(C) | | — | | | — | | | — | |
ALS Education, LLC – Term Debt (S + 7.0%, 11.8% Cash, Due 5/2025)(C) | | 19,030 | | | 19,030 | | | 18,840 | |
HH-Inspire Acquisition, Inc. – Line of Credit, $1,500 available (L + 6.8%, 11.6% Cash, Due 12/2026)(C) | | 1,500 | | | 1,500 | | | 1,500 | |
HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 11.6% Cash, Due 12/2026)(C) | | 16,000 | | | 16,000 | | | 16,094 | |
HH-Inspire Acquisition, Inc. – Term Debt (L + 6.8%, 11.6% Cash, Due 12/2026)(C) | | 8,000 | | | 8,000 | | | 8,047 | |
HH-Inspire Acquisition, Inc. – Delayed Draw Term Loan, $0 available (L + 6.8%, 11.6% Cash, Due 12/2026)(C) | | 10,000 | | | 10,000 | | | 10,059 | |
Pansophic Learning, Ltd. – Term Debt (L + 7.3%, 12.1% Cash, Due 3/2027)(C) | | 28,000 | | | 27,965 | | | 27,895 | |
Pansophic Learning, Ltd. – Term Debt (L + 7.3%, 12.1% Cash, Due 3/2027)(C) | | 5,000 | | | 4,993 | | | 4,981 | |
Turn Key Health Clinics, LLC – Line of Credit, $1,500 available (L + 7.3%, 12.1% Cash, Due 6/2026)(C) | | 500 | | | 500 | | | 499 | |
Turn Key Health Clinics, LLC – Term Debt (L + 7.3%, 12.1% Cash, Due 6/2026)(C) | | 11,000 | | | 11,000 | | | 10,973 | |
| | | | 98,988 | | | 98,888 | |
Machinery – 1.6% | | | | | | |
Arc Drilling Holdings LLC – Line of Credit, $1,000 available (S + 11.5%, 10.5% Cash, 5.8% PIK, Due 2/2024)(C) | | — | | | — | | | — | |
Arc Drilling Holdings LLC – Term Debt (S + 11.5%, 10.5% Cash, 5.8% PIK, Due 2/2024)(C) | | 5,749 | | | 5,749 | | | 5,592 | |
| | | | 5,749 | | | 5,592 | |
Telecommunications – 1.8% | | | | | | |
B+T Group Acquisition, Inc.(S) – Line of Credit, $0 available (L + 11.0%, 15.9% Cash, Due 12/2024)(C) | | 1,200 | | | 1,200 | | | 1,044 | |
B+T Group Acquisition, Inc.(S) – Term Debt (L + 11.0%, 15.9% Cash, Due 12/2024)(C) | | 6,000 | | | 6,000 | | | 5,220 | |
| | | | 7,200 | | | 6,264 | |
Total Secured First Lien Debt | | | | $ | 457,582 | | | $ | 447,479 | |
Secured Second Lien Debt – 32.2% | | | | | | |
Automobile – 3.4% | | | | | | |
Sea Link International IRB, Inc. – Term Debt (11.3% Cash, 2.0% PIK, Due 12/2025)(C)(F) | | $ | 11,960 | | | $ | 11,925 | | | $ | 11,451 | |
Beverage, Food, and Tobacco – 0.7% | | | | | | |
8th Avenue Food & Provisions, Inc. – Term Debt (L + 7.8%, 12.6% Cash, Due 10/2026)(D) | | 3,683 | | | 3,683 | | | 2,339 | |
Diversified/Conglomerate Manufacturing – 10.0% | | | | | | |
Springfield, Inc. – Term Debt (L + 10.0%, 14.9% Cash, Due 12/2026)(C) | | 30,000 | | | 30,000 | | | 29,775 | |
Tailwind Smith Cooper Intermediate Corporation – Term Debt (S + 9.0%, 13.9% Cash, Due 5/2027)(D)(U) | | 5,000 | | | 4,842 | | | 4,275 | |
| | | | 34,842 | | | 34,050 | |
Diversified/Conglomerate Service – 3.3% | | | | | | |
CHA Holdings, Inc. – Term Debt (L + 8.8%, 13.9% Cash, Due 4/2026)(D)(U) | | 3,000 | | | 2,971 | | | 2,760 | |
Gray Matter Systems, LLC – Term Debt (11.3% Cash, Due 12/2026)(C)(F) | | 2,100 | | | 2,072 | | | 2,095 | |
Gray Matter Systems, LLC – Delayed Draw Term Loan, $0 available (11.3% Cash, Due 12/2026)(C)(F) | | 6,500 | | | 6,478 | | | 6,484 | |
| | | | 11,521 | | | 11,339 | |
Healthcare, Education, and Childcare – 8.4% | | | | | | |
Giving Home Health Care, LLC – Term Debt (12.5% Cash, Due 2/2028)(C)(F) | | 28,800 | | | 28,800 | | | 28,584 | |
Machinery – 0.2% | | | | | | |
CPM Holdings, Inc. – Term Debt (L + 8.3%, 13.1% Cash, Due 11/2026)(D) | | 798 | | | 798 | | | 786 | |
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
7
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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS) |
Company and Investment(A)(B)(Q)(K) | | Principal/ Shares/ Units(J)(I) | | Cost | | Fair Value |
Oil and Gas – 6.2% | | | | | | |
Imperative Holdings Corporation – Term Debt (S + 9.8%, 14.6% Cash, Due 8/2028)(C) | | 21,765 | | | 21,610 | | | 21,384 | |
Total Secured Second Lien Debt | | | | $ | 113,179 | | | $ | 109,933 | |
Unsecured Debt – 0.7% | | | | | | |
Diversified/Conglomerate Service – 0.0% | | | | | | |
Frontier Financial Group Inc. – Convertible Debt (6.0%, Due 6/2022)(E)(F) | | $ | 198 | | | $ | 198 | | | $ | 36 | |
Finance – 0.7% | | | | | | |
B. Riley Financial, Inc. – Term Debt (6.8% Cash, Due 5/2024)(F)(V) | | 2,416 | | | 2,416 | | | 2,336 | |
Total Unsecured Debt | | | | $ | 2,614 | | | $ | 2,372 | |
Preferred Equity – 5.6% | | | | | | |
Automobile – 0.1% | | | | | | |
Sea Link International IRB, Inc. – Preferred Stock(E)(G) | | 98,039 | | | 98 | | | 167 | |
Beverage, Food, and Tobacco – 0.0% | | | | | | |
Triple H Food Processors, LLC – Preferred Stock(E)(G) | | 75 | | | 75 | | | 131 | |
Buildings and Real Estate – 0.1% | | | | | | |
GFRC 360, LLC – Preferred Stock(E)(G) | | 1,000 | | | 1,025 | | | 393 | |
Diversified/Conglomerate Manufacturing – 0.7% | | | | | | |
Salvo Technologies, Inc. – Preferred Stock(E)(G) | | 2,500 | | | 2,500 | | | 2,534 | |
Diversified/Conglomerate Service – 2.6% | | | | | | |
Frontier Financial Group Inc. – Preferred Stock(E)(G) | | 766 | | | 500 | | | — | |
Frontier Financial Group Inc. – Preferred Stock Warrant(E)(G) | | 168 | | | — | | | — | |
MCG Energy Solutions, LLC – Preferred Stock(E) | | 7,000,000 | | | 7,000 | | | 8,904 | |
| | | | 7,500 | | | 8,904 | |
Healthcare, Education, and Childcare – 1.0% | | | | | | |
HH-Inspire Acquisition, Inc. – Preferred Stock(E)(G) | | 1,024,915 | | | 1,327 | | | 3,249 | |
Oil and Gas – 0.7% | | | | | | |
FES Resources Holdings LLC – Preferred Equity Units(E)(G) | | 6,350 | | | 6,350 | | | 901 | |
Imperative Holdings Corporation – Preferred Equity Units(E)(G) | | 972,569 | | | 488 | | | 1,656 | |
| | | | 6,838 | | | 2,557 | |
Telecommunications – 0.4% | | | | | | |
B+T Group Acquisition, Inc.(S) – Preferred Stock(E)(G) | | 6,130 | | | 2,024 | | | 937 | |
NetFortris Holdings LLC – Preferred Stock(E)(G) | | 7,890,860 | | | 789 | | | 263 | |
| | | | 2,813 | | | 1,200 | |
Total Preferred Equity | | | | $ | 22,176 | | | $ | 19,135 | |
Common Equity – 6.6% | | | | | | |
Aerospace and Defense – 4.4% | | | | | | |
Antenna Research Associates, Inc. – Common Equity Units(E)(G) | | 4,283 | | | $ | 4,283 | | | $ | 14,400 | |
Ohio Armor Holdings, LLC – Common Equity(E)(G) | | 100 | | | 1,000 | | | 506 | |
| | | | 5,283 | | | 14,906 | |
Automobile– 0.1% | | | | | | |
Sea Link International IRB, Inc.– Common Equity Units(E)(G) | | 823,333 | | | 823 | | | 130 | |
Beverage, Food, and Tobacco – 0.6% | | | | | | |
Salt & Straw, LLC – Common Warrant(E)(G) | | 0.3% | | — | | | — | |
Sokol & Company Holdings, LLC – Common Stock(E)(G) | | 1,500,000 | | | 1,500 | | | 1,415 | |
Triple H Food Processors, LLC – Common Stock(E)(G) | | 250,000 | | | 250 | | | 806 | |
| | | | 1,750 | | | 2,221 | |
Buildings and Real Estate – 0.0% | | | | | | |
GFRC 360, LLC – Common Stock Warrants(E)(G) | | 45% | | — | | | — | |
Diversified/Conglomerate Manufacturing – 0.6% | | | | | | |
Engineering Manufacturing Technologies, LLC – Common Stock(E)(G) | | 6,000 | | | 3,000 | | | — | |
NeoGraf Solutions LLC – Common Stock(E)(G) | | 2,000,000 | | | 2,000 | | | 2,000 | |
| | | | 5,000 | | | 2,000 | |
Diversified/Conglomerate Service – 0.1% | | | | | | |
WorkforceQA, LLC – Common Stock(E)(G) | | 532 | | | 532 | | | 372 | |
Healthcare, Education, and Childcare – 0.8% | | | | | | |
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
8
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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS) |
Company and Investment(A)(B)(Q)(K) | | Principal/ Shares/ Units(J)(I) | | Cost | | Fair Value |
Giving Home Health Care, LLC – Warrant(E)(G) | | 10,667 | | | 19 | | | 1,116 | |
GSM MidCo LLC – Common Stock(E)(G) | | 767 | | | 767 | | | 1,439 | |
Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment)(G)(L)(R) | | 3.5 | % | | — | | | 233 | |
| | | | 786 | | | 2,788 | |
Machinery – 0.0% | | | | | | |
Arc Drilling Holdings LLC – Common Stock(E)(G) | | 15,000 | | | 1,500 | | | — | |
Oil and Gas – 0.0% | | | | | | |
FES Resources Holdings LLC – Common Equity Units(E)(G) | | 6,233 | | | — | | | — | |
Total Safety Holdings, LLC – Common Equity(E)(G) | | 435 | | | 499 | | | 52 | |
| | | | 499 | | | 52 | |
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.0% | | | | | | |
Funko Acquisition Holdings, LLC(S) – Common Units(G)(T) | | 4,239 | | | 22 | | | 27 | |
Telecommunications – 0.0% | | | | | | |
B+T Group Acquisition, Inc.(S) – Common Stock Warrant(E)(G) | | 1.5 | % | | — | | | — | |
Total Common Equity | | | | $ | 16,195 | | | $ | 22,496 | |
Total Non-Control/Non-Affiliate Investments | | | | $ | 611,746 | | | $ | 601,415 | |
AFFILIATE INVESTMENTS(N) – 12.3% | | | | | | |
Secured First Lien Debt – 10.4% | | | | | | |
Diversified/Conglomerate Manufacturing – 0.8% | | | | | | |
Edge Adhesives Holdings, Inc. (S) – Term Debt (L + 5.5%, 10.4% Cash, Due 8/2024)(E)(P) | | $ | 6,140 | | | $ | 6,140 | | | $ | 2,837 | |
Diversified/Conglomerate Service – 9.6% | | | | | | |
Encore Dredging Holdings, LLC – Line of Credit, $3,000 available (L + 8.3%, 13.1% Cash, Due 12/2025)(C) | | — | | | — | | | — | |
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 11.9% Cash, 1.5% PIK, Due 12/2025)(C) | | 23,789 | | | 23,789 | | | 23,343 | |
Encore Dredging Holdings, LLC – Term Debt (L + 7.0%, 11.9% Cash, 2.5% PIK, Due 12/2025)(C) | | 4,589 | | | 4,589 | | | 4,503 | |
Encore Dredging Holdings, LLC – Delayed Draw Term Loan, $0 available (L + 7.0%, 11.9% Cash, 1.5% PIK, Due 12/2025)(C) | | 5,062 | | | 5,062 | | | 4,967 | |
| | | | 33,440 | | | 32,813 | |
Total Secured First Lien Debt | | | | $ | 39,580 | | | $ | 35,650 | |
Preferred Equity – 1.6% | | | | | | |
Diversified/Conglomerate Manufacturing – 0.0% | | | | | | |
Edge Adhesives Holdings, Inc.(S) – Preferred Stock(E)(G) | | 5,466 | | | $ | 5,466 | | | $ | — | |
Diversified/Conglomerate Service– 1.3% | | | | | | |
Encore Dredging Holdings, LLC – Preferred Stock(E)(G) | | 3,840,000 | | | 3,840 | | | $ | 4,520 | |
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.3% | | | | | | |
Canopy Safety Brands, LLC – Preferred Stock(E)(G) | | 500,000 | | | 500 | | | 830 | |
Total Preferred Equity | | | | $ | 9,806 | | | $ | 5,350 | |
Common Equity – 0.3% | | | | | | |
Personal and Non-Durable Consumer Products (Manufacturing Only) – 0.3% | | | | | | |
Canopy Safety Brands, LLC – Common Stock(E)(G) | | 1,170,370 | | | 800 | | | 1,110 | |
Total Common Equity | | | | $ | 800 | | | $ | 1,110 | |
Total Affiliate Investments | | | | $ | 50,186 | | | $ | 42,110 | |
CONTROL INVESTMENTS(O) – 10.3% | | | | | | |
Secured First Lien Debt – 4.6% | | | | | | |
Diversified/Conglomerate Manufacturing – 1.0% | | | | | | |
Lonestar EMS, LLC – Term Debt (8.0% PIK, Due 6/2027)(E)(F) | | $ | 3,770 | | | $ | 3,770 | | | $ | 3,575 | |
Personal and Non-Durable Consumer Products (Manufacturing Only) – 3.3% | | | | | | |
WB Xcel Holdings, LLC – Line of Credit, $32 available (L + 10.5%, 15.4% Cash, Due 11/2026)(E) | | 1,468 | | | 1,468 | | | 1,468 | |
WB Xcel Holdings, LLC – Term Debt (L + 10.5%, 15.4% Cash, Due 11/2026)(E) | | 9,875 | | | 9,875 | | | 9,875 | |
| | | | 11,343 | | | 11,343 | |
Printing and Publishing – 0.3% | | | | | | |
TNCP Intermediate HoldCo, LLC – Line of Credit, $1,100 available (8.0% Cash, Due 10/2024)(E)(F) | | 900 | | | 900 | | | 900 | |
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
9
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GLADSTONE CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2023 (UNAUDITED) (DOLLAR AMOUNTS IN THOUSANDS) |
Company and Investment(A)(B)(Q)(K) | | Principal/ Shares/ Units(J)(I) | | Cost | | Fair Value |
Total Secured First Lien Debt | | | | $ | 16,013 | | | $ | 15,818 | |
Secured Second Lien Debt – 2.2% | | | | | | |
Automobile– 2.2% | | | | | | |
Defiance Integrated Technologies, Inc. – Term Debt (L + 9.5%, 14.4% Cash, Due 5/2026)(E) | | $ | 7,505 | | | $ | 7,505 | | | $ | 7,505 | |
Preferred Equity – 1.1% | | | | | | |
Personal and Non-Durable Consumer Products (Manufacturing Only) – 1.1% | | | | | | |
WB Xcel Holdings, LLC – Preferred Stock(E)(G) | | 333 | | | 2,750 | | | 3,813 | |
Common Equity – 2.4% | | | | | | |
Automobile– 0.2% | | | | | | |
Defiance Integrated Technologies, Inc. – Common Stock(E)(G) | | 33,321 | | | $ | 580 | | | $ | 688 | |
Diversified/Conglomerate Manufacturing – 0.0% | | | | | | |
Lonestar EMS, LLC – Common Units(E)(G) | | 100 | % | | 6,750 | | | — | |
Machinery – 1.3% | | | | | | |
PIC 360, LLC – Common Equity Units(E)(G) | | 750 | | | 1 | | | 4,518 | |
Printing and Publishing – 0.9% | | | | | | |
TNCP Intermediate HoldCo, LLC – Common Equity Units(E)(G) | | 790,000 | | | 500 | | | 2,892 | |
Total Common Equity | | | | $ | 7,831 | | | $ | 8,098 | |
Total Control Investments | | | | $ | 34,099 | | | $ | 35,234 | |
TOTAL INVESTMENTS – 198.6% | | | | $ | 696,031 | | | $ | 678,759 | |
(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $572.2 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2023, our investments in Leeds Novamark Capital I, L.P. (“Leeds”), Funko Acquisition Holdings, LLC (“Funko”), and B. Riley Financial, Inc. (“B. Riley”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 0.4% of total investments, at fair value, as of March 31, 2023.
(B)Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate (“LIBOR” or “L”), which was 4.86% as of March 31, 2023 or one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.80% as of March 31, 2023. If applicable, paid-in-kind (“PIK”) interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or the reference rate plus a spread. Due dates represent the contractual maturity date.
(C)Fair value was based on an internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC (“ICE”).
(D)Fair value was based on the indicative bid price on or near March 31, 2023, offered by the respective syndication agent’s trading desk.
(E)Fair value was based on the total enterprise value of the portfolio company, which was then allocated to the portfolio company’s securities in order of their relative priority in the capital structure.
(F)Debt security has a fixed interest rate.
(G)Security is non-income producing.
(H)The Company has entered into an agreement that entitles it to the "last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder.
(I)Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.
(J)Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.
(K)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2023.
(L)There are certain limitations on our ability to withdraw our partnership interest prior to dissolution of the entity, which must occur no later than May 9, 2024 or two years after all outstanding leverage has matured.
(M)Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
(N)Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
(O)Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.
(P)Debt security is on non-accrual status.
(Q)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(R)Fair value was based on net asset value provided by the fund as a practical expedient.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE CONSOLIDATED FINANCIAL STATEMENTS.
10
(S)One of our affiliated funds, Gladstone Investment Corporation, co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission.
(T)Our investment in Funko was valued using Level 2 inputs within ASC 820 of the fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(U)The cash interest rate on this investment was indexed to 90-day LIBOR, which was 5.19% as of March 31, 2023 or 90-day SOFR, which was 4.91% as of March 31, 2023.
(V)Our investment in B. Riley was valued using Level 1 inputs within the ASC 820 fair value hierarchy. B. Riley 6.75% senior notes are traded on the Nasdaq Global Select Market under the trading symbol “RILYO.” Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.