WhiteHorse Finance, Inc 10-Q, filed May 10, 2021

WhiteHorse Finance, Inc. (WHF)

10-Q 2021-05-10 For: 2021-03-31

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Added on April 10, 2026

About this 10-Q

WhiteHorse Finance, Inc filed this 10-Q on May 10, 2021, covering the quarter ended March 31, 2021.

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Delaware	45-4247759
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

1450 Brickell Avenue, 31^st Floor
Miami, Florida	33131
(Address of Principal Executive Offices)	(Zip Code)

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	WHF	The Nasdaq Stock Market LLC
		(Nasdaq Global Select Market)
6.50% Notes due 2025	WHFBZ	The Nasdaq Stock Market LLC
		(Nasdaq Global Select Market)

Large accelerated filer	¨	Accelerated filer	¨

Non-accelerated filer	x	Smaller reporting company	¨

		Emerging growth company	¨

		Page
Part I.	Financial Information	3
Item 1.	Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2021 (Unaudited) and December 31, 2020	3
	Consolidated Statements of Operations for the three months ended March 31, 2021 (Unaudited) and 2020 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 (Unaudited) and 2020 (Unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2021 (Unaudited) and 2020 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2021 (Unaudited) and December 31, 2020	7
	Notes to the Consolidated Financial Statements (Unaudited)	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	65
Item 4.	Controls and Procedures	65
Part II.	Other Information	66
Item 1.	Legal Proceedings	66
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68
Item 3.	Defaults Upon Senior Securities	68
Item 4.	Mine Safety Disclosures	68
Item 5.	Other Information	68
Item 6.	Exhibits	68

	March 31, 2021		December 31, 2020
	(Unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments	$	546,264	$	623,777
Non-controlled affiliate company investments		15,283		15,717
Controlled affiliate company investments		55,440		51,241
Total investments, at fair value (amortized cost $629,210 and $695,429, respectively)		616,987		690,735
Cash and cash equivalents		7,701		8,062
Restricted cash and cash equivalents		16,342		7,549
Restricted foreign currency (cost of $411 and $319, respectively)		431		333
Interest and dividend receivable		7,347		6,532
Amounts receivable on unsettled investment transactions		18,619		4,717
Escrow receivable		1,939		-
Receivable for common stock sold		8		-
Prepaid expenses and other receivables		1,132		1,061
Total assets	$	670,506	$	718,989

Liabilities
Debt	$	334,507	$	384,880
Distributions payable		7,307		7,294
Management fees payable		3,344		3,354
Incentive fees payable		6,493		6,117
Amounts payable on unsettled investment transactions		-		497
Interest payable		2,249		1,870
Accounts payable and accrued expenses		1,899		1,708
Unrealized depreciation on foreign currency forward contracts		1		-
Advances received from unfunded credit facilities		357		372
Total liabilities		356,157		406,092

Commitments and contingencies (See Note 8)

Net assets
Common stock, 20,583,835 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized		21		21
Paid-in capital in excess of par		300,592		300,002
Accumulated earnings		13,736		12,874
Total net assets		314,349		312,897
Total liabilities and total net assets	$	670,506	$	718,989

Number of shares outstanding		20,583,835		20,546,032
Net asset value per share	$	15.27	$	15.23

	Three months ended March 31,
	2021			2020
Investment income
From non-controlled/non-affiliate company investments
Interest income	$	14,812		$	13,140
Fee income		771			291
Dividend income		44			49
From non-controlled affiliate company investments
Dividend income		250			275
From controlled affiliate company investments
Interest income		719			625
Dividend income		1,374			153
Total investment income		17,970			14,533

Expenses
Interest expense		3,802			3,668
Base management fees		3,344			3,092
Performance-based incentive fees		2,042			441
Administrative service fees		171			171
General and administrative expenses		821			881
Total expenses		10,180			8,253
Net investment income before excise tax		7,790			6,280
Excise tax		190			178
Net investment income after excise tax		7,600			6,102

Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments		8,160			510
Non-controlled affiliate company investments		-			-
Foreign currency transactions		1			(3	)
Foreign currency forward contracts		-			6
Net realized gains (losses)		8,161			513
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments		(6,975	)		(22,196	)
Non-controlled affiliate company investments		(434	)		(2,001	)
Controlled affiliate company investments		(120	)		(3,953	)
Translation of assets and liabilities in foreign currencies		(62	)		580
Foreign currency forward contracts		(1	)		(1	)
Net change in unrealized appreciation (depreciation)		(7,592	)		(27,571	)
Net realized and unrealized losses on investments		569			(27,058	)
Net increase (decrease) in net assets resulting from operations	$	8,169		$	(20,956	)

Per Common Share Data
Basic and diluted earnings (loss) per common share	$	0.40		$	(1.01	)
Dividends and distributions declared per common share	$	0.36		$	0.36
Basic and diluted weighted average common shares outstanding		20,551,565			20,546,032

					Paid-in		Accumulated
					Capital in		Undistributed
	Common Stock				Excess of		(Overdistributed)			Total Net
	Shares		Par amount		Par		Earnings			Assets
Balance at December 31, 2019		20,546,032	$	21	$	300,744	$	12,190		$	312,955
Net increase in net assets resulting from operations:
Net investment income after excise tax		-		-		-		6,102			6,102
Net realized gains (losses) on investments		-		-		-		513			513
Net change in unrealized appreciation (depreciation) on investments		-		-		-		(27,571	)		(27,571	)
Distributions declared		-		-		-		(7,294	)		(7,294	)
Balance at March 31, 2020		20,546,032	$	21	$	300,744	$	(16,060	)	$	284,705

Balance at December 31, 2020		20,546,032	$	21	$	300,002	$	12,874		$	312,897
Stock issued in connection with at-the-market offering		37,803		-		590		-			590
Net increase in net assets resulting from operations:
Net investment income after excise tax		-		-		-		7,600			7,600
Net realized gains (losses) on investments		-		-		-		8,161			8,161
Net change in unrealized appreciation (depreciation) on investments		-		-		-		(7,592	)		(7,592	)
Distributions declared		-		-		-		(7,307	)		(7,307	)
Balance at March 31, 2021		20,583,835	$	21	$	300,592	$	13,736		$	314,349

	Three months ended
	March 31,
	2021			2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	8,169		$	(20,956	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Paid-in-kind income		(494	)		(308	)
Net realized gains on investments		(8,160	)		(510	)
Net unrealized (appreciation) depreciation on investments		7,529			28,150
Net unrealized appreciation on translation of assets and liabilities in foreign currencies		62			(580	)
Net unrealized depreciation on foreign currency forward contracts		1			1
Accretion of discount		(2,561	)		(684	)
Amortization of deferred financing costs		329			256
Acquisition of investments		(72,388	)		(27,640	)
Proceeds from principal payments and sales of portfolio investments		125,200			17,847
Proceeds for sales of portfolio investments to STRS JV		24,623			15,717
Net changes in operating assets and liabilities:
Interest and dividend receivable		(815	)		(330	)
Escrow receivable		(1,939	)		-
Prepaid expenses and other receivables		(71	)		7,266
Amounts receivable on unsettled investment transactions		(13,902	)		286
Amounts payable on unsettled investment transactions		(497	)		28
Management fees payable		(9	)		32
Incentive fees payable		375			(2,131	)
Accounts payable and accrued expenses		191			(417	)
Interest payable		379			(547	)
Advances received from unfunded credit facilities		(15	)		(10	)
Net cash provided by operating activities		66,007			15,470

Cash flows from financing activities
Proceeds from sales of common stock, net of offering costs		582			-
Borrowings		35,049			44,395
Repayments of debt		(85,801	)		(52,045	)
Deferred financing costs		(20	)		-
Distributions paid to common stockholders, net of distributions reinvested		(7,294	)		(7,294	)
Net cash used in financing activities		(57,484	)		(14,944	)
Effect of exchange rate changes on cash		5			(7	)
Net change in cash, cash equivalents and restricted cash		8,528			519
Cash, cash equivalents and restricted cash at beginning of period		15,946			27,546
Cash, cash equivalents and restricted cash at end of period	$	24,474		$	28,065

Supplemental disclosure of cash flow information:
Interest paid	$	2,651		$	3,995
Non-cash exchanges of investments		4,320			12,741

Investment Type⁽¹⁾	Spread Above Index⁽²⁾	Interest Rate⁽³⁾	Acquisition Date⁽¹⁰⁾	Maturity Date	Principal/ Share Amount	Amortized Cost		Fair Value⁽¹¹⁾			Fair Value As A Percentage of Net Assets
North America
Debt Investments
Advertising
SmartSign Holdings LLC
First Lien Secured Term Loan	L+ 7.50%	8.50%	08/21/20	10/11/24	7,724	$	7,593	$	7,724		2.46	%
	(1.00% Floor)
Air Freight & Logistics
Access USA Shipping, LLC
First Lien Secured Term Loan	L+ 8.00%	9.50%	02/08/19	02/08/24	5,286		5,241		5,286		1.68
	(1.50% Floor)
Application Software
Connexity, Inc.
First Lien Secured Term Loan	L+ 8.50%	10.00%	05/21/20	05/21/25	10,794		10,486		10,794		3.43
	(1.50% Floor)
Newscycle Solutions, Inc.
First Lien Secured Term Loan	L+ 7.00%	8.00%	06/14/19	12/29/22	3,237		3,205		3,185		1.01
	(1.00% Floor)
^{First Lien Secured Revolving Loan(7)}	L+ 7.00%	8.00%	06/14/19	12/29/22	145		143		141		0.04
	(1.00% Floor)
TaxSlayer LLC
First Lien Secured Term Loan	L+ 6.50%	7.50%	12/31/20	12/31/26	6,796		6,666		6,666		2.12
	(1.00% Floor)
^{First Lien Secured Revolving Loan(7)}	L+ 6.50%	7.50%	12/31/20	12/31/26	-		-		-		-
	(1.00% Floor)
					20,972		20,500		20,786		6.60
Automotive Retail
Team Car Care Holdings, LLC
First Lien Secured Term Loan⁽¹²⁾	Base rate+ 7.99%	9.01%	02/26/18	02/23/23	16,007		15,870		15,650		4.98
	(1.00% Floor)
Building Products
Drew Foam Companies Inc
First Lien Secured Term Loan	L+ 6.50%	7.50%	12/15/20	11/05/25	7,261		7,124		7,127		2.27
	(1.00% Floor)
LHS Borrower, LLC
First Lien Secured Term Loan	L+ 6.75%	7.75%	09/30/20	09/30/25	9,689		9,493		9,550		3.04
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.75%	7.75%	09/30/20	09/30/25	131		128		131		0.04
	(1.00% Floor)				17,081		16,745		16,808		5.35
Cable & Satellite
Bulk Midco, LLC
First Lien Secured Term Loan⁽¹⁵⁾	L+ 7.34%	8.34%	06/08/18	06/08/23	15,000		14,902		14,250		4.53
	(1.00% Floor)
Construction & Engineering
SFP Holding, Inc.
First Lien Secured Delayed Draw Loan⁽⁷⁾	L+ 6.25%	7.25%	01/25/21	01/24/25	1,054		1,039		1,050		0.33
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.25%	7.25%	02/22/21	09/01/23	-		-		1		-
	(1.00% Floor)
Tensar Corp.
First Lien Secured Term Loan	L+ 6.75%	7.75%	11/20/20	08/20/25	6,983		6,821		6,918		2.20
	(1.00% Floor)
					8,037		7,860		7,969		2.53
Construction Materials
Claridge Products and Equipment, LLC
First Lien Secured Term Loan	L+ 6.50%	7.50%	12/30/20	12/29/25	7,980		7,828		7,828		2.49
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.50%	7.50%	12/30/20	12/29/25	-		-		-		-
	(1.00% Floor)				7,980		7,828		7,828		2.49
Consumer Finance
Maxitransfers Blocker Corp
First Lien Secured Term Loan	L+ 9.00%	10.00%	10/07/20	10/07/25	8,813		8,624		8,725		2.78
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁴⁾⁽⁷⁾	L+ 9.00%	10.00%	10/07/20	10/07/25	-		-		12		-
	(1.00% Floor)				8,813		8,624		8,737		2.78

Data Processing & Outsourced Services
Escalon Services Inc
First Lien Secured Term Loan	L+13.50%	14.50%	12/04/20	12/04/25	8,014		7,346		7,379		2.35
	(1.00% Floor)	(1.50%PIK)
FPT Operating Company, LLC/
TLabs Operating Company, LLC
First Lien Secured Term Loan	L+ 8.25%	9.25%	12/23/16	06/07/24	24,467		24,238		24,224		7.71
	(1.00% Floor)
Geo Logic Systems Ltd. ⁽⁵⁾
First Lien Secured Term Loan⁽¹³⁾	C +6.50%	7.50%	12/19/19	12/19/24	6,666		5,009		5,198		1.65
	(1.00% Floor)
First Lien Secured Revolving Loan ^(7)(13)	C +6.50%	7.50%	12/19/19	12/19/24	-		-		(2	)	-
	(1.00% Floor)				39,147		36,593		36,799		11.71
Department Stores
Mills Fleet Farm Group, LLC
First Lien Secured Term Loan	L+ 6.00%	7.00%	10/24/18	10/24/24	13,543		13,303		13,408		4.27
	(1.00% Floor)
Distributors
Crown Brands, LLC
Second Lien Secured Term Loan⁽¹⁹⁾	L+ 10.50%	12.00%	12/15/20	01/08/26	4,453		4,353		3,562		1.13
	(1.50% Floor)
Second Lien Secured Delayed Draw Loan⁽¹⁹⁾	L+ 10.50%	12.00%	12/15/20	01/08/26	661		660		528		0.17
	(1.50% Floor)				5,114		5,013		4,090		1.30

Diversified Chemicals
Sklar Holdings, Inc.
First Lien Secured Term Loan	L+ 7.75%	8.75%	11/13/19	05/13/23	7,473	$	7,346	$	7,473		2.38	%
	(1.00% Floor)

Diversified Support Services
NNA Services, LLC
First Lien Secured Term Loan	L+ 7.00%	8.50%	10/16/18	10/16/23	13,263		13,105		13,263		4.22
	(1.50% Floor)
Education Services
EducationDynamics, LLC
First Lien Secured Term Loan	L+ 7.75%	8.75%	11/26/19	11/26/24	12,796		12,602		12,789		4.07
	(1.00% Floor)
Health Care Facilities
Epiphany Dermatology
First Lien Secured Term Loan	L+ 7.50%	8.50%	12/04/20	06/22/23	3,491		3,415		3,456		1.10
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 7.50%	8.50%	12/04/20	06/22/23	-		-		5		-
	(1.00% Floor)
First Lien Secured Delayed Draw Loan ⁽⁷⁾	L+ 7.50%	8.50%	12/04/20	06/22/23	-		-		36		0.01
	(1.00% Floor)
Grupo HIMA San Pablo, Inc.
First Lien Secured Term Loan A ⁽⁸⁾	L+ 9.00%	9.22%	05/15/19	04/30/19	3,855		3,855		2,147		0.68

First Lien Secured Term Loan B⁽⁸⁾	L+ 9.00%	10.50%	02/01/13	04/30/19	13,511		13,511		7,526		2.39
	(1.50% Floor)
Second Lien Secured Term Loan⁽⁸⁾	N/A	15.75%	02/01/13	07/31/18	1,028		1,024		-		-
		(2.00 %PIK)			21,885		21,805		13,170		4.18
Health Care Services
CHS Therapy, LLC
First Lien Secured Term Loan A	L+ 8.50%	10.00%	06/14/19	06/14/24	7,374		7,284		7,374		2.35
	(1.50% Floor)
First Lien Secured Term Loan C	L+ 8.50%	10.00%	10/07/20	06/14/24	906		891		906		0.29
	(1.50% Floor)
DCA Investment Holding, LLC
First Lien Secured Term Loan	L+ 6.25%	7.00%	03/11/21	03/12/27	7,060		6,955		6,955		2.21
	(0.75% Floor)
First Lien Secured Delayed Draw Loan⁽⁷⁾	L+ 6.25%	L+ 7.00%	03/11/21	03/12/27	-		-		(13	)	-
	(0.75% Floor)
Ivy Rehab Holdings LLC
First Lien Secured Term Loan	L+ 6.75%	7.75%	12/04/20	12/04/24	8,833		8,671		8,768		2.79
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 6.75%	7.75%	12/04/20	12/04/24	-		-		6		-
	(1.00% Floor)
First Lien Secured Delayed Draw Loan ⁽⁷⁾	L+ 6.75%	7.75%	12/04/20	12/04/24	155		152		170		0.05
	(1.00% Floor)
Lab Logistics, LLC
First Lien Secured Term Loan	L+ 7.25%	8.25%	10/16/19	11/19/25	1,164		1,141		1,151		0.37
	(1.00% Floor)
First Lien Secured Delayed Draw Loan	L+ 7.25%	8.25%	10/16/19	09/25/23	5,223		5,198		5,223		1.66
	(1.00% Floor)
PG Dental New Jersey Parent, LLC
First Lien Secured Term Loan	L+ 7.75%	8.75%	11/25/20	11/25/25	16,130		15,792		15,830		5.04
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 7.75%	8.75%	11/25/20	11/25/25	-		-		3		-
	(1.00% Floor)				46,845		46,084		46,373		14.76
Home Furnishings
Sure Fit Home Products, LLC
First Lien Secured Term Loan⁽⁸⁾	L+ 9.75%	10.75%	10/26/18	07/13/22	5,243		5,111		4,672		1.49
	(1.00% Floor)
Interactive Media & Services
What If Media Group, LLC
First Lien Secured Term Loan	L+ 7.00%	8.00%	10/02/19	10/02/24	17,561		17,285		17,461		5.55
	(1.00% Floor)
Internet & Direct Marketing Retail
BBQ Buyer, LLC
First Lien Secured Term Loan	L+ 8.00%	9.50%	08/28/20	08/28/25	12,698		12,412		12,753		4.06
	(1.50% Floor)
Clarus Commerce, LLC
First Lien Secured Term Loan	L+ 6.50%	7.50%	03/05/21	07/01/25	1,917		1,879		1,879		0.60
	(1.00% Floor)
Luxury Brand Holdings, Inc.
First Lien Secured Term Loan	L+ 7.00%	8.00%	12/04/20	06/04/26	5,985		5,872		5,926		1.89
	(1.00% Floor)
Potpourri Group, Inc.
First Lien Secured Term Loan	L+ 8.25%	9.75%	07/03/19	07/03/24	18,270		18,003		18,271		5.81
	(1.50% Floor)				38,870		38,166		38,829		12.36
Investment Banking & Brokerage
JVMC Holdings Corp. (f/k/a RJO Holdings Corp)
First Lien Secured Term Loan	L+ 7.75%	8.75%	02/28/19	02/28/24	13,381		13,303		13,381		4.26
	(1.00% Floor)
IT Consulting & Other Services
AST-Applications Software Technology LLC
First Lien Secured Term Loan	L+ 8.00%	9.00%	01/10/17	01/10/23	4,004		3,977		4,004		1.27
	(1.00% Floor)	(1.00% PIK)
Core BTS, Inc.
First Lien Secured Term Loan	L+ 6.75%	8.25%	02/01/21	08/30/25	3,333		3,269		3,269		1.04
	(1.50% Floor)
First Lien Secured Delayed Draw Loan ⁽⁷⁾	L+ 6.75%	8.25%	02/01/21	08/30/25	-		-		(16	)	-
	(1.50% Floor)				7,337		7,246		7,257		2.31
Leisure Facilities
Honors Holdings, LLC
First Lien Secured Term Loan ⁽¹⁶⁾	L+ 8.48%	9.48%	09/06/19	09/06/24	9,651		9,502		8,878		2.82
	(1.00% Floor)	(1.00% PIK)
First Lien Secured Delayed Draw Loan⁽¹⁶⁾	L+ 8.11%	9.11%	09/06/19	09/06/24	4,750		4,704		4,370		1.39
	(1.00% Floor)	(1.00% PIK)
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.)
First Lien Secured Term Loan A	L+ 7.50%	8.50%	06/29/20	06/29/25	5,659		5,585		5,572		1.77
	(1.00% Floor)
First Lien Secured Term Loan B	N/A	9.50%	06/29/20	06/29/25	1,191		1,167		1,160		0.37
		(9.50% PIK)
First Lien Secured Term Loan C ⁽⁹⁾	N/A	9.50%	06/29/20	NA	1,268		1,265		1,264		0.40
		(9.50% PIK)			22,519		22,223		21,244		6.75

Office Services & Supplies
Empire Office, Inc.
First Lien Secured Term Loan	L+ 6.75%	8.25%	04/12/19	04/12/24	10,577	$	10,449	$	10,341	3.29	%
	(1.50% Floor)
Packaged Foods & Meats
Lenny & Larry's, LLC
First Lien Secured Term Loan⁽¹⁷⁾	L+ 8.41%	9.41%	05/15/18	05/15/23	10,997		10,907		10,513	3.34
	(1.00% Floor)	(1.72%PIK)
Personal Products
Inspired Beauty Brands, Inc.
First Lien Secured Term Loan	L+ 7.00%	8.00%	12/30/20	12/31/25	12,547		12,308		12,308	3.92
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 7.00%	8.00%	12/30/20	12/31/25	-		-		-	-
	(1.00% Floor)				12,547		12,308		12,308	3.92
Property & Casualty Insurance
Policy Services Company, LLC ⁽⁵⁾
First Lien Secured Term Loan	L+ 6.00%	7.00%	03/06/20	05/31/24	6,224		5,990		6,100	1.94
	(1.00% Floor)
Research & Consulting Services
Comniscient Technologies LLC
First Lien Secured Term Loan	L+ 7.50%	8.50%	10/13/20	10/13/25	6,945		6,819		6,945	2.21
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 7.50%	8.50%	10/13/20	10/13/25	-		-		7	-
	(1.00% Floor)
Nelson Worldwide, LLC
First Lien Secured Term Loan	L+ 9.25%	10.25%	01/09/18	01/09/23	10,972		10,875		10,862	3.46
	(1.00% Floor)
ALM Media, LLC
First Lien Secured Term Loan	L+ 7.00%	8.00%	11/25/19	11/25/24	14,766		14,550		14,323	4.56
	(1.00% Floor)				32,683		32,244		32,137	10.23
Restaurants
LS GFG Holdings Inc.
First Lien Secured Term Loan	L+ 8.00%	9.00%	11/30/18	11/19/25	10,879		10,147		10,227	3.25
	(1.00% Floor)	(2.00%PIK)
Specialized Consumer Services
True Blue Car Wash, LLC
First Lien Secured Term Loan	L+ 7.12%	8.12%	10/17/19	10/17/24	4,321		4,259		4,321	1.37
	(1.00% Floor)
First Lien Secured Delayed Draw Loan⁽⁷⁾	L+ 7.12%	8.12%	10/17/19	10/17/24	2,002		1,985		2,017	0.64
	(1.00% Floor)				6,323		6,244		6,338	2.01
Specialized Finance
Golden Pear Funding Assetco, LLC⁽⁵⁾
Second Lien Secured Term Loan	L+ 10.50%	11.50%	09/20/18	03/20/24	10,938		10,819		10,938	3.48
	(1.00% Floor)
WHF STRS Ohio Senior Loan Fund LLC
Subordinated Note^{(4)(5)(7)(9)(14)}	L+ 6.50%	6.61%	07/19/19	N/A	44,529		44,529		44,529	14.17
					55,467		55,348		55,467	17.65
Specialty Chemicals
Flexitallic Group SAS
First Lien Secured Term Loan	L+ 6.50%	7.50%	10/28/19	10/29/26	11,603		11,370		10,802	3.44
	(1.00% Floor)
Systems Software
Arcstor Midco, LLC
First Lien Secured Term Loan	L+ 7.00%	8.00%	03/16/21	03/16/27	19,500		19,113		19,112	6.08
	(1.00% Floor)

IDIG Parent LLC
First Lien Secured Term Loan	L+ 6.50%	7.50%	02/17/21	12/15/26	8,547		8,466		8,466	2.69
	(1.00% Floor)
First Lien Secured Delayed Draw Loan⁽⁷⁾	L+ 6.50%	7.50%	02/17/21	12/15/26	-		-		-	-
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 6.50%	7.50%	02/17/21	12/15/26	-		-		-	-
	(1.00% Floor)				28,047		27,579		27,578	8.77
Technology Hardware, Storage & Peripherals
Source Code Midco, LLC
First Lien Secured Term Loan	L+ 8.25%	9.25%	05/04/18	05/04/23	22,010		21,745		22,010	7.00
	(1.00% Floor)
Telestream Holdings Corporation
First Lien Secured Term Loan	L+ 8.75%	9.75%	10/15/20	10/15/25	15,193		14,751		14,903	4.74
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 8.75%	9.75%	10/15/20	10/15/25	-		-		14	-
	(1.00% Floor)				37,203		36,496		36,927	11.74
Trading Companies & Distributors
LINC Systems, LLC
First Lien Secured Term Loan	L+ 6.50%	7.50%	02/24/21	02/24/26	8,355		8,191		8,191	2.61
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 6.50%	7.50%	02/24/21	02/24/26	-		-		-	-
	(1.00% Floor)				8,355		8,191		8,191	261

Total Debt Investments					602,782		591,621		582,176	185.20


Equity Investments
Data Processing & Outsourced Services
Escalon Services Inc Warrants⁽⁴⁾	N/A	N/A	12/04/20	N/A	709		476		475	0.15
Diversified Support Services
Quest Events, LLC Preferred Units⁽⁴⁾	N/A	N/A	12/28/18	12/08/25	317		317		-	-
ImageOne Industries, LLC Common A Units⁽⁴⁾	N/A	N/A	09/20/19	N/A	225		-		164	0.05
							317		164	0.05
Health Care Services
Lab Logistics Preferred Units ⁽⁴⁾	N/A	N/A	10/29/19	N/A	2		857		857	0.27
Internet & Direct Marketing Retail
BBQ Buyer, LLC Shares⁽⁴⁾	N/A	N/A	08/28/20	N/A	1,100		1,100		2,200	0.70
Ross-Simons Topco, LP Preferred Units⁽⁴⁾	N/A	N/A	12/04/20	N/A	600		600		600	0.19
							1,700		2,800	0.89
Investment Banking & Brokerage
Arcole Holding Corp. Shares ^{(4)(5)(6)(18)}	N/A	N/A	10/01/20	N/A	-		6,944		5,713	1.82
IT Consulting & Other Services
Keras Holdings, LLC Shares⁽⁴⁾	N/A	N/A	12/31/20	N/A	496		496		496	0.16
Leisure Facilities
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Class A Common Stock⁽⁴⁾	N/A	N/A	06/29/20	N/A	2		1,955		237	0.08
Lift Brands, Inc. (aka Snap Fitness Holdings, Inc.) Warrants⁽⁴⁾	N/A	N/A	06/29/20	06/28/28	1		793		96	0.03
							2,748		333	0.11
Other Diversified Financial Services
SFS Global Holding Company Warrants⁽⁴⁾	N/A	N/A	06/28/18	12/28/25	-		-		-	-
Sigue Corporation Warrants⁽⁴⁾	N/A	N/A	06/28/18	12/28/25	22		2,890		3,492	1.11
							2,890		3,492	1.11
Specialized Finance
NMFC Senior Loan Program I LLC Units ^(4)(5)(6)	N/A	N/A	06/10/14	08/31/22	10,000		10,029		9,570	3.04
WHF STRS Ohio Senior Loan Fund LLC Interests ^{(4)(5)(7)(14)}	N/A	N/A	07/19/19	N/A	11,132		11,132		10,911	3.47
							21,161		20,481	6.51

Total Equity Investments							37,589		34,811	11.07

Total Investments						$	629,210	$	616,987	196.27	%

	Currency to be		Currency to be				Unrealized		Unrealized
Counterparty	sold		purchased		Settlement date		appreciation ($)		depreciation ($)
Morgan Stanley	C$	105 CAD	$	83 USD		04/28/2021	$	-	$	(1	)
							$	-	$	(1	)

															Fair Value
															As A
	Spread								Principal/						Percentage
	Above	Interest			Acquisition		Maturity		Share		Amortized		Fair		of Net
Investment Type⁽¹⁾	Index⁽²⁾	Rate⁽³⁾			Date⁽¹⁰⁾		Date		Amount		Cost		Value⁽¹¹⁾		Assets
North America
Debt Investments
Advertising
Fluent, LLC
First Lien Secured Term Loan	L+ 7.00%		7.50	%		03/26/18		03/27/23		7,453	$	7,453	$	7,453		2.38	%
	(0.50% Floor)
SmartSign Holdings LLC
First Lien Secured Term Loan	L+ 7.50%		8.50	%		08/21/20		10/11/24		7,744		7,603		7,706		2.46
	(1.00% Floor)
										15,197		15,056		15,159		4.84
Agricultural & Farm Machinery
Bad Boy Mowers Acquisition, LLC
First Lien Secured Term Loan	L+ 5.75%		6.75	%		12/19/19		12/06/25		9,294		9,062		9,201		2.94
	(1.00% Floor)
Air Freight & Logistics
Access USA Shipping, LLC
First Lien Secured Term Loan	L+ 8.00%		9.50	%		02/08/19		02/08/24		5,359		5,309		5,359		1.71
	(1.50% Floor)
Application Software
Connexity, Inc.
First Lien Secured Term Loan	L+ 8.50%		10.00	%		05/21/20		05/21/25		10,863		10,577		10,863		3.47
	(1.50% Floor)
Newscycle Solutions, Inc.
First Lien Secured Term Loan	L+ 7.00%		8.00	%		06/14/19		12/29/22		3,245		3,209		3,194		1.02
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 7.00%		8.00	%		06/14/19		12/29/22		181		179		177		0.06
	(1.00% Floor)
TaxSlayer LLC
First Lien Secured Term Loan	L+ 6.50%		7.50	%		12/31/20		12/31/26		14,452		14,163		14,163		4.53
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.50%		7.50	%		12/31/20		12/31/26		—		—		—		—
	(1.00% Floor)
										28,741		28,128		28,397		9.08
Automotive Retail
Team Car Care Holdings, LLC
First Lien Secured Term Loan⁽¹²⁾	Base rate+ 8.00%		9.00	%		02/26/18		02/23/23		16,168		16,011		15,820		5.06
	(1.00% Floor)
BW Gas & Convenience Holdings, LLC
First Lien Secured Term Loan	L+ 6.25%		6.40	%		11/15/19		11/18/24		6,319		6,121		6,319		2.02
	(0.00% Floor)
										22,487		22,132		22,139		7.08
Broadcasting
Alpha Media, LLC
First Lien Secured Term Loan	P+7.50%		10.75	%		08/14/18		02/25/22		5,075		5,022		4,844		1.55
	(2.00% Floor)
Building Products
Drew Foam Companies Inc
First Lien Secured Term Loan	L+ 6.50%		7.50	%		12/15/20		11/24/25		10,078		9,878		9,879		3.16
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.50%		7.50	%		12/15/20		11/05/25		332		325		325		0.10
	(1.00% Floor)
LHS Borrower, LLC
First Lien Secured Term Loan	L+ 6.75%		7.75	%		09/30/20		09/30/25		9,689		9,483		9,543		3.05
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 6.75%		7.75	%		09/30/20		09/30/25		—		—		4		—
	(1.00% Floor)
										20,099		19,686		19,751		6.31

											Fair Value
											As A
	Spread				Principal/						Percentage
	Above	Interest	Acquisition	Maturity	Share		Amortized		Fair		of Net
Investment Type⁽¹⁾	Index⁽²⁾	Rate⁽³⁾	Date⁽¹⁰⁾	Date	Amount		Cost		Value⁽¹¹⁾		Assets
Ivy Rehab Holdings LLC
First Lien Secured Term Loan	L+ 6.75%	7.75%	12/04/20	12/04/24		8,855	$	8,682	$	8,682		2.77	%
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.75%	7.75%	12/04/20	12/04/25		—		—		—		—
	(1.00% Floor)
First Lien Secured Delayed Draw	L+ 6.75%	7.75%	12/04/20	12/04/25		—		—		—		—
Loan⁽⁷⁾	(1.00% Floor)
Lab Logistics, LLC
First Lien Secured Term Loan	L+ 7.25%	8.25%	10/16/19	11/19/25		709		693		694		0.22
	(1.00% Floor)
First Lien Secured Delayed Draw Loan	L+ 7.25%	8.25%	10/16/19	09/25/23		5,236		5,209		5,236		1.67
	(1.00% Floor)
PG Dental New Jersey Parent, LLC
First Lien Secured Term Loan	L+ 7.75%	8.75%	11/25/20	11/25/25		16,170		15,813		15,814		5.05
	(1.00% Floor)
First Lien Secured Revolving Loan ⁽⁷⁾	L+ 7.75%	8.75%	11/25/20	11/25/25		—		—		—		—
	(1.00% Floor)
						39,304		38,617		38,743		12.37
Home Furnishings
Sure Fit Home Products, LLC
First Lien Secured Term Loan⁽⁸⁾	L+ 9.75%	10.75%	10/26/18	07/13/22		5,229		5,111		4,019		1.28
	(1.00% Floor)
Interactive Media & Services
What If Media Group, LLC
First Lien Secured Term Loan	L+ 6.50%	7.50%	10/02/19	10/02/24		12,594		12,405		12,594		4.02
	(1.00% Floor)
Internet & Direct Marketing Retail
BBQ Buyer, LLC
First Lien Secured Term Loan	L+ 8.00%	9.50%	08/28/20	08/28/25		10,669		10,421		10,563		3.38
	(1.50% Floor)

First Lien Secured Revolving Loan⁽⁷⁾	L+ 8.00%	9.50%	08/28/20	02/28/21		—		—		8		—
	(1.50% Floor)
Luxury Brand Holdings, Inc.
First Lien Secured Term Loan	L+ 7.00%	8.00%	12/04/20	06/04/26		6,000		5,882		5,882		1.88
	(1.00% Floor)
Potpourri Group, Inc.
First Lien Secured Term Loan	L+ 8.25%	9.75%	07/03/19	07/03/24		18,390		18,099		18,238		5.83
	(1.50% Floor)
						35,059		34,402		34,691		11.09
Investment Banking & brokerage
JVMC Holdings Corp. (f/k/a RJO
Holdings Corp)
First Lien Secured Term Loan	L+ 7.25%	8.25%	02/28/19	02/28/24		13,598		13,512		13,598		4.35
	(1.00% Floor)
IT Consulting & Other Services
AST-Applications Software Technology
LLC
First Lien Secured Term Loan	L+ 8.00%	9.00% (1.00% PIK)	01/10/17	01/10/23		4,019		3,988		4,019		1.28
	(1.00% Floor)
RCKC Acquisitions LLC
(dba KSM Consulting LLC)
First Lien Secured Term Loan	L+ 6.25%	7.25%	12/31/20	12/31/26		11,378		11,150		11,150		3.56
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁷⁾	L+ 6.25%	7.25%	12/31/20	12/31/26		—		—		—		—
	(1.00% Floor)
First Lien Secured Delayed Draw Loan⁽⁷⁾	L+ 6.25%	7.25%	12/31/20	12/31/22		—		—		—		—
	(1.00% Floor)
						15,397		15,138		15,169		4.84

		As of March 31, 2021
		Derivative
		Assets Subject								Net
		to Master		Derivatives		Non-cash		Cash		Amount of
		Netting		Available		Collateral		Collateral		Derivative
Counterparty		Agreement		for Offset		Received (1)		Received (1)		Assets (2)
Morgan Stanley	$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—	$	—

	Derivative
	Liabilities Subject								Net
	to Master		Derivatives		Non-cash		Cash		Amount of
	Netting		Available		Collateral		Collateral		Derivative
Counterparty	Agreement		for Offset		Pledged (1)		Pledged (1)		Liabilities (3)
Morgan Stanley	$	1	$	—	$	—	$	—	$	1
Total	$	1	$	—	$	—	$	—	$	1

	March 31, 2021				December 31, 2020
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien secured loans	$	530,236	$	522,620	$	588,260	$	588,580
Second lien secured loans		16,856		15,028		29,371		27,596
Subordinated Note to STRS JV		44,529		44,529		41,073		41,073
Equity (excluding STRS JV)		26,457		23,899		26,457		23,319
Equity in STRS JV		11,132		10,911		10,268		10,167
Total	$	629,210	$	616,987	$	695,429	$	690,735

		Amount of
		dividends and		Beginning								Net Change in			Ending Fair
		interest		Fair Value at						Net		Unrealized			Value at
	Type of	included in		December 31,						Realized		Appreciation			March 31,
Affiliated Person⁽¹⁾	Asset	income		2020		Purchases		Sales		Gain (Loss)		(Depreciation)			2021
Non-controlled affiliates
Arcole Holdings Corp Shares	Equity	$	—	$	6,448	$	—	$	—	$	—	$	(735	)	$	5,713
NMFC Senior Loan
Program I LLC Units	Equity		250		9,269		—		—		—		301			9,570
Total Non-controlled affiliates		$	250	$	15,717	$	—	$	—	$	—	$	(434	)	$	15,283

Industrial Machinery
FR Flow Control CB LLC
First Lien Secured Term Loan B	L+ 6.00%	7.00	%	07/19/19	06/28/26	7,000	$	6,894	$	6,930
	(1.00% Floor)
First Lien Secured Term Loan C	L+ 6.00%	7.00	%	07/19/19	06/28/26	2,870		2,827		2,841
	(1.00% Floor)					9,870		9,721		9,771
Internet & Direct Marketing Retail
Marlin DTC-LS Midco 2, LLC
First Lien Secured Term Loan	L+ 6.50%	7.50	%	07/19/19	07/01/25	13,543		13,350		13,542
	(1.00% Floor)
First Lien Secured Revolving Loan	L+ 6.50%	7.50	%	07/19/19	07/01/25	-		-		14
	(1.00% Floor)					13,543		13,350		13,556
Investment Banking & Brokerage
TOUR Intermediate Holdings, LLC
First Lien Secured Term Loan	L+ 6.50%	7.50	%	05/19/20	05/15/25	8,089		7,963		8,089
	(1.00% Floor)
First Lien Secured Delayed Draw Loan	L+ 6.50%	7.50	%	05/19/20	05/15/25	2,845		2,824		2,845
	(1.00% Floor)					10,934		10,787		10,934
IT Consulting & Other Services
KSM Consulting LLC
First Lien Secured Term Loan	L+ 6.25%	7.25	%	01/27/21	12/31/26	11,349		11,129		11,131
	(1.00% Floor)
First Lien Secured Delayed Draw Loan⁽⁶⁾	L+ 6.25%	7.25	%	01/27/21	12/31/22	-		-		(32	)
	(1.00% Floor)
First Lien Secured Revolving Loan⁽⁶⁾	L+ 6.25%	7.25	%	01/27/21	12/31/26	604		593		593
	(1.00% Floor)					11,953		11,722		11,692

Packaged Foods & Meats
Mikawaya Holdings, LLC
First Lien Secured Term Loan	L+ 5.50%	6.75	%	02/18/20	01/29/25	3,049		3,002		3,049
	(1.25% Floor)
Poultry Holdings, LLC
First Lien Secured Term Loan	L+ 7.25%	8.25	%	10/21/19	06/28/25	7,798		7,683		7,018
	(1.00% Floor)	(1.50	%PIK)
Stella & Chewy's
First Lien Secured Term Loan	L+ 6.50%	7.50	%	12/29/20	12/16/25	5,313		5,212		5,212
	(1.00% Floor)
First Lien Secured Delayed Draw Loan⁽⁶⁾	L+ 6.50%	7.50	%	12/29/20	12/16/25	879		871		841
	(1.00% Floor)
Westrock Coffee Company, LLC
First Lien Secured Term Loan	L+ 9.00%	10.50	%	03/20/20	02/28/25	9,232		9,141		9,047
	(1.50% Floor)	(0.75	%PIK)			26,271		25,909		25,167
Personal Products
Sunless, Inc.
First Lien Secured Term Loan	L+ 6.50%	7.50	%	10/21/19	08/13/24	4,822		4,728		4,436
	(1.00% Floor)	(0.50	%PIK)
First Lien Secured Revolving Loan	L+ 6.50%	7.50	%	10/21/19	08/13/24	-		-		(88	)
	(1.00% Floor)					4,822		4,728		4,348
Technology Hardware, Storage & Peripherals
PS Lightwave, Inc.
First Lien Secured Term Loan	L+ 6.75%	8.25	%	05/19/20	03/10/25	7,415		7,294		7,341
	(1.50% Floor)
First Lien Secured Delayed Draw Loan	L+ 6.75%	8.25	%	05/19/20	03/10/25	-		-		10
	(1.50% Floor)					7,415		7,294		7,351
Total Investments						193,884	$	187,810	$	185,734

(1)	Except as noted, all investments provide collateral for the STRS JV Credit Facility.

(2)	The investments bear interest at a rate that may be determined by reference to LIBOR, which resets monthly, quarterly or semiannually, or CDOR. The one, three and six-month LIBOR were 0.1%, 0.2% and 0.2%, respectively, as of March 31,2021. The CDOR was 0.4% as of March 31, 2021.

(3)	The interest rate is the “all-in-rate” including the current index and spread, the fixed rate, and the PIK interest rate, as the case may be.

(4)	Except as otherwise noted, all of the STRS JV’s portfolio company investments, which as of the date of the portfolio represented 1,021% of STRS JV’s net assets or 96% of STRS JV’s total assets, are subject to legal restrictions on sales.

(5)	The fair value of each investment was determined using significant unobservable inputs.

(6)	The investment or a portion of the investment does not provide collateral for the STRS JV Credit Facility.

(7)	Principal is denominated in Canadian dollars.

(8)	In addition to the interest earned based on the stated interest rate of this security, STRS JV is entitled to receive an additional interest amount of 3.00% on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.

(9)	At the option of the issuer, interest can be paid in cash or cash and PIK. The issuer may elect to pay up to 7.00% PIK.

Selected Balance Sheet Information	March 31, 2021		December 31, 2020
Assets:
Investments, at fair value (amortized cost of $187,810 and $176,716, respectively)	$	185,734	$	174,552
Cash and cash equivalents		7,185		5,947
Other assets		767		883
Total assets	$	193,686	$	181,382
Liabilities:
Credit facility		99,359		94,260
Note payable to members		74,216		68,456
Interest payable on credit facility		242		189
Interest payable on notes to members		1,197		1,136
Other liabilities		487		396
Total liabilities	$	175,501	$	164,437
Members’ equity		18,185		16,945
Total liabilities and members’ equity	$	193,686	$	181,382

Selected Statement of Operations Information	Three months ended March 31, 2021			Three months ended March 31, 2020
Interest income	$	4,602		$	2,377
Total investment income	$	4,602		$	2,377
Interest expense on credit facility		987			764
Interest expense on notes to members		1,198			1,042
Administrative fee		92			59
Other expenses		117			112
Total expenses	$	2,394		$	1,977
Net investment income		2,208			400
Net realized losses on investments and foreign currency transactions		(67	)		(44	)
Net change in unrealized depreciation on investments and foreign currency translation		(50	)		(6,691	)
Net increase (decrease) in net assets resulting from operations	$	2,091		$	(6,335	)

	Level 1		Level 2		Level 3		Total
First lien secured loans	$	—	$	—	$	522,620		522,620
Second lien secured loans		—		—		15,028		15,028
Subordinated Note to STRS JV		—		—		44,529		44,529
Equity (excluding STRS JV)		—		—		23,899		23,899
Equity in STRS JV⁽¹⁾		—		—		—		10,911
Total investments	$	—	$	—	$	606,076		616,987

	First Lien			Second Lien						Subordinated
	Secured			Secured			Subordinated			Notes to STRS				Total
	Loans			Loans			Notes			JV		Equity		Investments
Fair value, beginning of period	$	588,580		$	27,596		$	—		$	41,073	$	23,319	$	680,568
Funding of investments		72,057			—			331			3,456		—		75,844
Non-cash interest income		493			1			—			—		—		494
Accretion of discount		2,490			71			—			—		—		2,561
Proceeds from paydowns and sales		(139,382	)		(12,585	)		(331	)		—		—		(152,088	)
Realized gains		6,316			—			—			—		—		6,316
Net unrealized (depreciation) appreciation		(7,943	)		(55	)		—			—		580		(7,418	)
Fair value, end of period	$	522,620		$	15,028		$	—		$	44,529	$	23,899	$	606,076
Change in unrealized appreciation (depreciation) on investments still held as of March 31, 2021	$	1,433		$	1		$	—		$	—	$	580	$	2,014

	First Lien			Second Lien			Subordinated
	Secured			Secured			Notes to STRS					Total
	Loans			Loans			JV		Equity			Investments
Fair value, beginning of period	$	477,875		$	62,155		$	26,344	$	15,898		$	582,272
Funding of investments		27,640			—			10,193		—			37,833
Non-cash interest income		308			—			—		—			308
Accretion of discount		579			87			—		18			684
Proceeds from paydowns and sales		(37,961	)		(7,610	)		—		(18	)		(45,589	)
Realized gains		354			—			—		—			354
Net unrealized (depreciation) appreciation		(20,804	)		(846	)		—		(2.641	)		(24,291	)
Fair value, end of period	$	447,991		$	53,786		$	36,537	$	13,257		$	551,571
Change in unrealized appreciation (depreciation) on investments still held as of March 31, 2020	$	(20,808	)	$	(844	)	$	—	$	(2,641	)	$	(24,293	)

	Fair Value at
	March 31,		Valuation	Unobservable	Range (Weighted
Investment Type	2021		Techniques	Inputs	Average)
First lien secured loans	$	338,682	Discounted cash flows	Discount rate	6.2% – 17.3% (9.4)%
				Exit EBITDA	3.0x – 15.0x (7.6x)
				multiple
		9,673	Guideline public companies	LTM EBITDA	4.0x
				multiple
		90,328	Recent transaction	Transaction price	97.0 – 99.1 (98.2)
		83,937	Discounted cash flows,	Discount rate	6.9% – 10.4% (8.8)%
			recent transaction, guideline
			public companies and
			consensus market pricing
				Market pricing	100.5
				Transaction price	97.3 – 98.3 (97.9)
				Exit EBITDA	5.5x – 11.0x (8.8x)
				multiple
				LTM EBITDA	7.0x
				multiple
	$	522,620
Second lien secured loans	$	15,028	Discounted cash flows	Discount rate	10.6% – 21.3% (14.0)%
				Exit EBITDA	6.5x
				multiple
Subordinated Note to STRS JV	$	44,529	Enterprise value	—	—

Preferred Equity	$	857	Similar transactions	LTM EBITDA	8.0x
				multiple
		600	Recent transaction	Transaction price	$1.0/s
	$	1,457
Common Equity	$	12,006	Discounted cash flows	Discount rate	11.7% – 18.0% (13.0)%
				Exit EBITDA	8.2x – 8.6x (8.2x)
				Multiple
				Discount for lack	2.0% – 15.0% (4.6)%
				of marketability
		5,713	Discounted cash flows and	Discount rate	20.2%
			Guideline public companies
				Exit EBITDA	8.0x
				Multiple
				LTM EBITDA	7.3x
				multiple
				Discount for lack	10.0%
				of marketability
		164	Similar transactions	Exit EBITDA	6.0x
				Multiple
				Discount for lack	15.0%
				of marketability
		496	Recent transaction	Transaction price	$1.0/s
	$	18,379
Warrant	$	3,588	Discounted cash flows and	Discount rate	17.0% – 24.7% (24.5)%
			Option-pricing method	Exit EBITDA	5.5x – 8.6x (5.6x)
				multiple
				Volatility	3.3% – 8.5% (3.4)%
				Discount for lack	10.0% – 12.5% (10.1)%
				of marketability
		475	Discounted cash flows	Discount rate	44.6%
				Exit EBITDA	7.0x
				multiple
				Discount for lack	15.0%
				of marketability
	$	4,063
Total Level 3 Investments	$	606,076

Investment Type	Fair Value at December 31, 2020		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
First lien secured loans	$	391,704	Discounted cash flows	Discount rate		7.2% – 16.6% (9.7)%
				Exit EBITDA multiple		3.0x – 15.0x (7.5x)
		11,774	Guideline public companies	LTM EBITDA multiple		6.3 x
		142,031	Recent transaction	Transaction price		97.0 – 99.0 (97.9)
		20,870	Discounted cash flows, recent transaction, guideline public companies and consensus market pricing	Discount rate		7.1% – 16.5% (9.6)%
				Market pricing		100.2 – 100.6 (100.4)
				Transaction price		100.0
				Exit EBITDA multiple		7.0x – 12.0x (9.3x)
		22,201	Other (asset coverage and expected repayment)	—		—
	$	588,580
Second lien secured loans	$	15,096	Discounted cash flows	Discount rate		12.1% – 20.9% (14.9)%
				Exit EBITDA multiple		6.5 x
		12,500	Other (expected repayment)	—		—
	$	27,596
Subordinated Note to STRS JV	$	41,073	Enterprise value	—		—
	$	41,073
Preferred Equity	$	857	Similar transactions	LTM EBITDA multiple		8.0 x
		600	Recent transaction	Transaction price		$1.0 /s
	$	1,457
Common Equity	$	10,816	Discounted cash flows	Discount rate		12.5% – 19.8% (13.5)%
				Exit EBITDA Multiple		6.7x – 8.6x (7.1x)
				Discount for lack of marketability		2.0% – 15.0% (3.8)%
		6,448	Discounted cash flows and Guideline public companies	Discount rate		15.5 %
				Exit EBITDA Multiple		8.0 x
				Discount for lack of marketability		10.0 %
		14	Similar transactions	Exit EBITDA Multiple		6.0 x
				Discount for lack of marketability		15.0 %
		496	Recent transaction	Transaction price		$1.0 /s
	$	17,774
Warrant	$	3,612	Discounted cash flows and	Discount rate		19.1% – 24.7% (24.5)%
			Option-pricing method	Exit EBITDA multiple		5.5x – 8.6x (5.6x)
				Volatility		3.0% – 7.8% (3.2)%
				Discount for lack of marketability		10.0% – 15.0% (10.2)%
		476	Recent transaction	Transaction price		$1.0 /s
	$	4,088
Total Level 3 Investments	$	680,568

			March 31, 2021				December 31, 2020
	Fair Value Level		Par		Fair Value		Par		Fair Value
JPM Credit Facility		3	$	214,563	$	222,284	$	265,246	$	272,570
2023 Private Notes		3		30,000		31,830		30,000		32,389
2025 Private Notes		3		40,000		41,327		40,000		41,110
2026 Private Notes		3		10,000		10,249		10,000		10,260
2027 Private Notes		3		10,000		10,256		10,000		10,324
2025 Public Notes		2		35,000		36,357		35,000		36,000
			$	339,563	$	352,303	$	390,246	$	402,653

	Maturity		Rate		Face Amount			Available
JPM Credit Facility		2024		L+2.50%	$	214,563		$	70,437
2023 Private Notes		2023		6.0%		30,000			—
2025 Private Notes		2025		5.375%		40,000			—
2026 Private Notes		2026		5.375%		10,000			—
2027 Private Notes		2027		5.625%		10,000			—
2025 Public Notes		2025		6.5%		35,000			—
Total debt						339,563		$	70,437
Debt issuance cost						(5,056	)
Total debt net issuance cost					$	334,507

		Unfunded Commitment as of
		March 31, 2021		December 31, 2020
Revolving Loan Commitments:
BBQ Buyer, LLC	$	—	$	823
Claridge Products and Equipment, LLC		702		702
Comniscient Technologies LLC		341		341
Drew Foam Companies Inc		—		534
Epiphany Dermatology		438		438
Geo Logic Systems Ltd.		325		321
IDIG Parent LLC		543		—
ImageOne Industries, LLC		—		408
Inspired Beauty Brands, Inc.		531		531
Ivy Rehab Holdings LLC		545		545
LHS Borrower, LLC		429		560
LINC Systems, LLC		672		—
Lift Brands, Inc.		—		—
Maxitransfers Blocker Corp		1,038		—
Newscycle Solutions, Inc.		156		120
PG Dental New Jersey Parent, LLC		1,167		1,166
RCKC Acquisitions LLC (dba KSM Consulting)		—		1,422
Road Safety Services, Inc.		—		875
SFP Holding, Inc.		125		—
TaxSlayer LLC		774		1,548
Telestream Holdings Corporation		1,323		1,324
		9,109		11,658
Delayed Draw Loan Commitments:
Core BTS, Inc.		1,666		—
DCA Investment Holding,LLC		1,740		—
Epiphany Dermatology		3,063		3,063
IDIG Parent LLC		1,410		—
Ivy Rehab Holdings LLC		1,479		1,633
RCKC Acquisitions LLC (dba KSM Consulting)		—		3,200
SFP Holding, Inc.		1,444		—
True Blue Car Wash, LLC		1,500		—
		12,302		7,896
Total Unfunded Commitments	$	21,411	$	19,554

		Shares Issued				Net Proceeds				Average Price Per Share
Public offering			37,803				590				15.61

NOTE 10 - FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights:

	Three months ended
	March 31,
	2021			2020
Per share data:⁽¹⁾
Net asset value, beginning of period	$	15.23		$	15.23

Net investment income		0.37			0.30
Net realized and unrealized (losses) gains on investments		0.03			(1.31	)
Net increase (decrease) in net assets resulting from operations		0.40			(1.01	)
Issuance of common stock⁽⁵⁾		0.00			-
Distributions declared from net investment income		(0.36	)		(0.36	)
Net asset value, end of period	$	15.27		$	13.86

Total annualized return based on market value⁽²⁾		46.49	%		(194.35	)%
Total annualized return based on net asset value		10.49	%		(27.92	)%
Net assets, end of period	$	314,349		$	284,705
Per share market value at end of period	$	15.17		$	7.08
Shares outstanding end of period		20,583,835			20,546,032
Ratios/Supplemental data:⁽³⁾
Ratio of expenses before incentive fees to average net assets⁽⁴⁾		13.32	%		10.65	%
Ratio of incentive fees to average net assets		2.62	%		0.58	%
Ratio of total expenses to average net assets⁽⁴⁾		10.70	%		11.23	%
Ratio of net investment income to average net assets⁽⁴⁾		9.76	%		8.13	%
Portfolio turnover ratio		11.07	%		4.82	%

(1)	Calculated using the average shares outstanding method.

(2)	Total return is based on the change in market price per share during the period and takes into account distributions, if any, reinvested in accordance with the distribution reinvestment plan.

*	Rounds to less than 0.1. Totals may not foot due to rounding.

(1)	Escrow receivable amounts were recognized in connection with realization events.

	March 31, 2021			December 31, 2020
Total investments⁽¹⁾	$	185,734		$	174,552
Weighted average effective yield on total portfolio⁽²⁾		8.1	%		7.9	%
Number of portfolio companies in STRS JV		22			20
Largest portfolio company investment⁽¹⁾		13,557		$	13,511
Total of five largest portfolio company investments ⁽¹⁾		60,953		$	60,252