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SIGNIFICANT SUBSIDIARIES | 6 Months Ended
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Sep. 30, 2022
Investment Company [Abstract] |
SIGNIFICANT SUBSIDIARIES | SIGNIFICANT SUBSIDIARIES I-45 SLF LLC In September 2015, we entered into a limited liability company agreement with Main Street Capital Corporation ("Main Street") to form I-45 SLF LLC (the "Initial I-45 LLC Agreement"). I-45 SLF LLC began investing in UMM syndicated senior secured loans during the quarter ended December 31, 2015. The initial equity capital commitment to I-45 SLF LLC totaled $85.0 million, consisting of $68.0 million from CSWC and $17.0 million from Main Street. On April 30, 2020, pursuant to the terms of the Initial I-45 LLC Agreement, each of CSWC and Main Street made an additional equity capital commitment of $12.8 million and $3.2 million, respectively, which resulted in a total equity capital commitment to I-45 SLF LLC of $80.8 million and $20.2 million, respectively. On March 11, 2021, the Company and Main Street entered into the Second Amended and Restated Limited Liability Company Operating Agreement (the "Amendment"), which increased the current profits interest that is allocated to the Company on a pro rata basis from (a) 75.6% to (b) an amount equal to: (i) 76.2625% as of the date of the Amendment through the quarter ended March 31, 2021; (ii) 76.925% for quarter ended June 30, 2021; (iii) 77.5875% for the quarter ended September 30, 2021; and (iv) 78.25% for the quarter ended December 31, 2021 and periods thereafter. On March 25, 2021, I-45 SLF LLC declared a return of capital dividend to its members in the amount of $10.0 million. As of September 30, 2022, total funded equity capital totaled $95.0 million, consisting of $76.0 million from CSWC and $19.0 million from Main Street. CSWC owns 80% of I-45 SLF LLC and has a current profits interest of 78.25%, while Main Street owns 20% and has a current profits interest of 21.75%. I-45 SLF LLC's Board of Managers makes all investment and operational decisions for the fund, and consists of equal representation from CSWC and Main Street. As of September 30, 2022 and March 31, 2022, I-45 SLF LLC had total assets of $176.4 million and $189.1 million, respectively. I-45 SLF LLC had approximately $168.6 million and $176.7 million of total investments at fair value as of September 30, 2022 and March 31, 2022, respectively. The portfolio companies in I-45 SLF LLC are in industries similar to those in which CSWC may invest directly. During the three months ended September 30, 2022, I-45 SLF LLC declared a total dividend of $2.6 million of which $2.0 million was paid to CSWC in October 2022. Additionally, I-45 SLF LLC closed on a $75.0 million 5-year senior secured credit facility (the “I-45 credit facility”) in November 2015. The I-45 credit facility includes an accordion feature which will allow I-45 SLF LLC to achieve leverage of approximately 2x debt-to-equity. Borrowings under the I-45 credit facility are secured by all of the assets of I-45 SLF LLC and bear interest at a rate equal to LIBOR plus 2.5% per annum. During the year ended March 31, 2017, I-45 SLF LLC increased debt commitments outstanding by an additional $90.0 million by adding three additional lenders to the syndicate, bringing total debt commitments to $165.0 million. In July 2017, the I-45 credit facility was amended to extend the maturity to July 2022. Additionally, the amendment reduced the interest rate on borrowings to LIBOR plus 2.4% per annum. In November 2019, the I-45 credit facility was amended to extend the maturity to November 2024 and to reduce the interest rate on borrowings to LIBOR plus 2.25% per annum. On April 30, 2020, the I-45 credit facility was amended to permanently reduce the I-45 credit facility amount through a prepayment of $15.0 million and to change the minimum utilization requirements. In March 2021, the I-45 credit facility was amended to extend the maturity to March 25, 2026 and to reduce the interest rate on borrowings to LIBOR plus 2.15%. Under the I-45 credit facility, $110.0 million has been drawn as of September 30, 2022. Below is certain summarized financial information for I-45 SLF LLC as of September 30, 2022 and March 31, 2022 and for the three and six months ended September 30, 2022 and 2021 (amounts in thousands):
| September 30, 2022 |  | March 31, 2022
Selected Balance Sheet Information: |  |  |
Investments, at fair value (cost $188,101 and $187,714) | $ | 168,599 |  |  | $ | 176,704 |
Cash and cash equivalents | 5,620 |  |  | 9,949 |
Accounts receivable | 193 |  |  | 123 |
Deferred financing costs and other assets | 1,037 |  |  | 1,518 |
Interest receivable | 937 |  |  | 850 |
Total assets | $ | 176,386 |  |  | $ | 189,144 |
Senior credit facility payable | $ | 110,000 |  |  | $ | 114,500 |
Other liabilities | 2,764 |  |  | 2,596 |
Total liabilities | $ | 112,764 |  |  | $ | 117,096 |
Members’ equity | 63,622 |  |  | 72,048 |
Total liabilities and members' equity | $ | 176,386 |  |  | $ | 189,144 |
| Three Months Ended |  | Six Months Ended
| September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Selected Statement of Operations Information: |  |  |  |  |  |  |
Total revenues | $ | 4,292 |  |  | $ | 3,026 |  |  | $ | 7,569 |  |  | $ | 6,148 |
Total expenses | (1,739) |  |  | (921) |  |  | (3,058) |  | (2,018)
Net investment income | 2,553 |  |  | 2,105 |  |  | 4,511 |  | 4,130 |
Net unrealized depreciation | (1,060) |  |  | (1,261) |  |  | (8,491) |  | (1,198)
Net realized gains (losses) | 13 |  |  | (896) |  |  | 71 |  |  | 173 |
Net increase (decrease) in members’ equity resulting from operations | $ | 1,506 |  |  | $ | (52) |  |  | $ | (3,909) |  |  | $ | 3,105 |
Below is a summary of I-45 SLF LLC’s portfolio, followed by a listing of the individual loans in I-45 SLF LLC’s portfolio as of September 30, 2022 and March 31, 2022 (in thousands): I-45 SLF LLC Loan Portfolio as of September 30, 2022
|  |  |  |  |  |  |  | Current |  |  |  |  |  |
|  |  |  | Investment |  | Maturity |  | Interest |  |  |  |  |  |
Portfolio Company |  | Industry |  | Type |  | Date |  | Rate 1 |  | Principal |  | Cost |  | Fair Value 2
AAC New Holdco Inc. |  | Healthcare services |  | First Lien |  | 6/25/2025 |  | 18.00% PIK |  | $ | 2,045 |  |  | $ | 2,045 |  |  | $ | 2,004 |
|  |  |  | 304,075 shares common stock |  | — |  | — |  | — |  |  | 1,449 |  |  | 928 |
|  |  |  | Warrants (Expiration - December 11, 2025) |  | — |  | — |  | — |  |  | 482 |  |  | 309 |
ADS Tactical, Inc. |  | Aerospace & defense |  | First Lien |  | 3/19/2026 |  | L+5.75% (Floor 1.00%) |  | 6,226 |  |  | 6,129 |  |  | 5,755 |
American Teleconferencing Services, Ltd.3 |  | Telecommunications |  | Revolving Loan |  | 12/16/2022 |  | P+5.50% (Floor 2.00%) |  | 1,023 |  |  | 1,017 |  |  | 58 |
|  |  |  | First Lien |  | 6/8/2023 |  | P+5.50% (Floor 2.00%) |  | 5,598 |  |  | 5,566 |  |  | 315 |
ATX Networks (Toronto) Corporation |  | Technology products & components |  | First Lien |  | 9/1/2026 |  | L+7.50%, (Floor 1.00%) |  | 2,308 |  |  | 2,302 |  |  | 2,250 |
|  |  |  | Senior Subordinated Debt |  | 9/1/2028 |  | 10.00% PIK |  | 1,136 |  |  | 1,136 |  |  | 846 |
|  |  |  | 196 Class A units |  | — |  | — |  | — |  |  | — |  |  | — |
Burning Glass Intermediate Holding Company, Inc. |  | Software & IT services |  | Revolving Loan 4 |  | 6/10/2028 |  | L+5.00% (Floor 1.00%) |  | 99 |  |  | 93 |  |  | 93 |
|  |  |  | First Lien |  | 6/10/2028 |  | L+5.00% (Floor 1.00%) |  | 3,173 |  |  | 3,126 |  |  | 3,173 |
Corel Inc. |  | Software & IT services |  | First Lien |  | 7/2/2026 |  | L+5.00% |  | 6,621 |  |  | 6,473 |  |  | 6,158 |
Emerald Technologies (U.S.) Acquisitionco, Inc. |  | Technology products & components |  | First Lien |  | 12/29/2027 |  | SOFR +6.25% (Floor 1.00%) |  | 4,542 |  |  | 4,482 |  |  | 4,372 |
Evergreen AcqCo 1 LP |  | Consumer products & retail |  | First Lien |  | 4/26/2028 |  | L+5.50% (Floor 0.75%) |  | 8,138 |  |  | 8,026 |  |  | 7,853 |
Evergreen North America Acquisitions, LLC |  | Industrial services |  | First Lien |  | 8/13/2026 |  | L+6.75% (Floor 1.00%) |  | 6,706 |  |  | 6,597 |  |  | 6,706 |
Geo Parent Corporation |  | Building & infrastructure products |  | First Lien |  | 12/19/2025 |  | L+5.25% |  | 6,805 |  |  | 6,774 |  |  | 6,668 |
Infogain Corporation |  | Software & IT services |  | First Lien |  | 7/28/2028 |  | SOFR+5.75% (Floor 1.00%) |  | 4,760 |  |  | 4,697 |  |  | 4,674 |
InfoGroup Inc. |  | Software & IT services |  | First Lien |  | 4/3/2023 |  | L+5.00% (Floor 1.00%) |  | 2,835 |  |  | 2,832 |  |  | 2,727 |
|  |  |  |  |  |  |  | Current |  |  |  |  |  |
|  |  |  | Investment |  | Maturity |  | Interest |  |  |  |  |  |
Portfolio Company |  | Industry |  | Type |  | Date |  | Rate 1 |  | Principal |  | Cost |  | Fair Value 2
Integro Parent Inc. |  | Business services |  | First Lien |  | 5/8/2023 |  | SOFR+12.50% PIK (Floor 1.00%) |  | 381 |  |  | 381 |  |  | 347 |
Intermedia Holdings, Inc. |  | Software & IT services |  | First Lien |  | 7/21/2025 |  | L+6.00% (Floor 1.00%) |  | 6,642 |  |  | 6,587 |  |  | 5,828 |
Inventus Power, Inc. |  | Technology products & components |  | First Lien |  | 3/29/2024 |  | SOFR+5.00% (Floor 1.00%) |  | 6,895 |  |  | 6,859 |  |  | 6,826 |
INW Manufacturing, LLC |  | Food, agriculture, & beverage |  | First Lien |  | 3/25/2027 |  | L+5.75% (Floor 0.75%) |  | 2,850 |  |  | 2,780 |  |  | 2,522 |
Isagenix International, LLC 3 |  | Consumer products & retail |  | First Lien |  | 6/14/2025 |  | L+7.75% (Floor 1.00%) |  | 1,650 |  |  | 1,641 |  |  | 713 |
KORE Wireless Group Inc. |  | Telecommunications |  | First Lien |  | 12/20/2024 |  | L+5.50% |  | 5,626 |  |  | 5,608 |  |  | 5,563 |
Lab Logistics, LLC |  | Healthcare services |  | First Lien |  | 9/25/2023 |  | SOFR+7.25% (Floor 1.00%) |  | 10,099 |  |  | 10,033 |  |  | 10,099 |
Lash OpCo, LLC |  | Consumer products & retail |  | First Lien |  | 3/18/2026 |  | L+7.00% (Floor 1.00%) |  | 6,144 |  |  | 6,016 |  |  | 6,008 |
Lift Brands, Inc. |  | Consumer services |  | Tranche A |  | 6/29/2025 |  | L+7.50% (Floor 1.00%) |  | 2,489 |  |  | 2,489 |  |  | 2,415 |
|  |  |  | Tranche B |  | 6/29/2025 |  | 9.50% |  | 592 |  |  | 592 |  |  | 533 |
|  |  |  | Tranche C |  | 6/29/2025 |  | — |  | 565 |  |  | 565 |  |  | 508 |
|  |  |  | 1,051 shares common stock |  | — |  | — |  | — |  |  | 749 |  |  | 553 |
Lightbox Intermediate, L.P. |  | Software & IT services |  | First Lien |  | 5/9/2026 |  | L+5.00% |  | 6,912 |  |  | 6,860 |  |  | 6,670 |
LOGIX Holdings Company, LLC |  | Telecommunications |  | First Lien |  | 12/23/2024 |  | L+5.75% (Floor 1.00%) |  | 4,443 |  |  | 4,428 |  |  | 4,055 |
Mills Fleet Farm Group LLC |  | Consumer products & retail |  | First Lien |  | 10/24/2024 |  | L+6.25% (Floor 1.00%) |  | 4,491 |  |  | 4,454 |  |  | 4,401 |
National Credit Care |  | Consumer services |  | First Lien - Term Loan A |  | 12/23/2026 |  | L+6.50% (Floor 1.00%) |  | 2,227 |  |  | 2,189 |  |  | 2,212 |
|  |  |  | First Lien - Term Loan B |  | 12/23/2026 |  | L+7.50% (Floor 1.00%) |  | 2,227 |  |  | 2,188 |  |  | 2,212 |
NBG Acquisition, Inc. |  | Wholesale |  | First Lien |  | 4/26/2024 |  | L+5.50% (Floor 1.00%) |  | 2,625 |  |  | 2,609 |  |  | 1,247 |
NinjaTrader, Inc. |  | Financial services |  | First Lien |  | 12/18/2024 |  | L+6.25% (Floor 1.00%) |  | 5,000 |  |  | 4,923 |  |  | 5,000 |
NorthStar Group Services, Inc. |  | Environmental services |  | First Lien |  | 11/12/2026 |  | L+5.50% (Floor 1.00%) |  | 2,923 |  |  | 2,910 |  |  | 2,860 |
Research Now Group, Inc. |  | Business services |  | First Lien |  | 12/20/2024 |  | L+5.50% (Floor 1.00%) |  | 5,905 |  |  | 5,858 |  |  | 5,361 |
Retail Services WIS Corporation |  | Business services |  | First Lien |  | 5/20/2025 |  | L+7.75% (Floor 1.00%) |  | 2,902 |  |  | 2,861 |  |  | 2,844 |
|  |  |  |  |  |  |  | Current |  |  |  |  |  |
|  |  |  | Investment |  | Maturity |  | Interest |  |  |  |  |  |
Portfolio Company |  | Industry |  | Type |  | Date |  | Rate 1 |  | Principal |  | Cost |  | Fair Value 2
SIB Holdings, LLC |  | Business services |  | First Lien |  | 10/29/2026 |  | L+6.25% (Floor 1.00%) |  | 2,985 |  |  | 2,935 |  |  | 2,943 |
Stellant Midco, LLC |  | Aerospace & defense |  | First Lien |  | 10/2/2028 |  | SOFR+5.50% (Floor 0.75%) |  | 2,277 |  |  | 2,257 |  |  | 2,175 |
Tacala, LLC |  | Consumer products & retail |  | First Lien |  | 2/5/2027 |  | L+3.50% (Floor 0.75%) |  | 995 |  |  | 950 |  |  | 932 |
|  |  |  | Second Lien |  | 2/4/2028 |  | L+7.50% (Floor 0.75%) |  | 6,000 |  |  | 5,955 |  |  | 5,520 |
TEAM Services Group, LLC |  | Healthcare services |  | First Lien |  | 12/20/2027 |  | L+5.00% (Floor 1.00%) |  | 6,654 |  |  | 6,612 |  |  | 6,421 |
UniTek Global Services, Inc. |  | Telecommunications |  | First Lien |  | 8/20/2024 |  | SOFR+5.50%, 2.00% PIK (Floor 1.00%) |  | 2,843 |  |  | 2,833 |  |  | 2,680 |
U.S. TelePacific Corp. |  | Telecommunications |  | First Lien |  | 5/1/2026 |  | SOFR+1.00%, 7.25% PIK (Floor 1.00%) |  | 5,432 |  |  | 5,432 |  |  | 2,363 |
Veregy Consolidated, Inc. |  | Environmental services |  | First Lien |  | 11/3/2027 |  | L+6.00% (Floor 1.00%) |  | 1,965 |  |  | 1,961 |  |  | 1,872 |
Vida Capital, Inc. |  | Financial services |  | First Lien |  | 10/1/2026 |  | L+6.00% |  | 3,415 |  |  | 3,381 |  |  | 2,675 |
Wahoo Fitness Acquisition, LLC |  | Consumer products & retail |  | First Lien |  | 8/14/2028 |  | SOFR+5.75% (Floor 1.00%) |  | 4,906 |  |  | 4,778 |  |  | 3,312 |
YS Garments, LLC |  | Consumer products & retail |  | First Lien |  | 8/9/2024 |  | L+5.50% (Floor 1.00%) |  | 4,219 |  |  | 4,201 |  |  | 4,040 |
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 188,101 |  |  | $ | 168,599 |
1 Represents the interest rate as of September 30, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”) or Secured Overnight Financing Rate ("SOFR"), which reset daily, monthly, quarterly, or semiannually. For each investment, the Company has provided the spread over LIBOR, Prime, or SOFR in effect at September 30, 2022. Certain investments are subject to an interest rate floor. 2 Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein. 3 Investment is on non-accrual status as of September 30, 2022, meaning the Company has ceased to recognize interest income on the investment. 4 The investment has approximately $0.3 million in an unfunded revolving loan commitment as of September 30, 2022. I-45 SLF LLC Loan Portfolio as of March 31, 2022
|  |  |  |  |  |  |  | Current |  |  |  |  |  |
|  |  |  | Investment |  | Maturity |  | Interest |  |  |  |  |  |
Portfolio Company |  | Industry |  | Type |  | Date |  | Rate 1 |  | Principal |  | Cost 2 |  | Fair Value 3
AAC New Holdco Inc. |  | Healthcare services |  | First Lien |  | 6/25/2025 |  | 10.00%, 8.00% PIK |  | $ | 1,899 |  |  | $ | 1,899 |  |  | $ | 1,833 |
|  |  |  | 304,075 shares common stock |  | — |  | — |  | — |  |  | 1,449 |  |  | 1,449 |
|  |  |  | Warrants (Expiration - December 11, 2025) |  | — |  | — |  | — |  |  | 482 |  |  | 482 |
ADS Tactical, Inc. |  | Aerospace & defense |  | First Lien |  | 3/19/2026 |  | L+5.75% (Floor 1.00%) |  | 6,394 |  | 6,283 |  | 6,133
American Teleconferencing Services, Ltd.4 |  | Telecommunications |  | Revolving Loan |  | 6/30/2022 |  | P+5.50% |  | 1,027 |  | 1,021 |  | 64
|  |  |  | First Lien |  | 6/8/2023 |  | P+5.50% |  | 5,598 |  | 5,566 |  | 308
ATX Networks (Toronto) Corporation |  | Technology products & components |  | First Lien |  | 9/1/2026 |  | L+7.50% (Floor 1.00%) |  | 2,617 |  | 2,610 |  | 2,499
|  |  |  | Senior Subordinated Debt |  | 9/1/2028 |  | 10.00% PIK |  | 1,081 |  | 1,081 |  | 729
|  |  |  | 196 Class A units |  | — |  | — |  | — |  |  | — |  | —
Burning Glass Intermediate Holding Company, Inc. |  | Software & IT services |  | Revolving Loan 5 |  | 6/10/2028 |  | L+5.00% (Floor 1.00%) |  | 74 |  | 67 |  | 67
|  |  |  | First Lien |  | 6/10/2028 |  | L+5.00% (Floor 1.00%) |  | 3,189 |  | 3,140 |  | 3,189
Corel, Inc. |  | Software & IT services |  | First Lien |  | 7/2/2026 |  | L+5.00% |  | 6,803 |  | 6,650 |  | 6,805
Emerald Technologies (U.S.) Acquisitionco, Inc. |  | Technology products & components |  | First Lien |  | 12/29/2027 |  | SOFR +6.25% (Floor 1.00%) |  | 3,125 |  |  | 3,063 |  | 3,078
Evergreen AcqCo 1 LP |  | Consumer products & retail |  | First Lien |  | 4/26/2028 |  | L+5.50% (Floor 0.75%) |  | 4,179 |  | 4,142 |  | 4,158
Evergreen North America Acquisitions, LLC |  | Industrial services |  | First Lien |  | 8/13/2026 |  | L+6.75% (Floor 1.00%) |  | 6,740 |  | 6,623 |  | 6,740
Geo Parent Corporation |  | Building & infrastructure products |  | First Lien |  | 12/19/2025 |  | L+5.25% |  | 6,840 |  | 6,809 |  | 6,806
GS Operating, LLC |  | Distribution |  | First Lien |  | 1/3/2028 |  | SOFR +6.00% (Floor 0.75%) |  | 4,988 |  | 4,891 |  | 4,988
Infogain Corporation |  | Software & IT services |  | First Lien |  | 7/28/2028 |  | L+5.75% (Floor 1.00%) |  | 4,784 |  | 4,719 |  | 4,769
InfoGroup Inc. |  | Software & IT services |  | First Lien |  | 4/3/2023 |  | L+5.00% (Floor 1.00%) |  | 2,850 |  | 2,845 |  | 2,704
Integro Parent Inc. |  | Business services |  | First Lien |  | 10/28/2022 |  | L+5.75% (Floor 1.00%) |  | 3,217 |  | 3,209 |  | 3,043
|  |  |  |  |  |  |  | Current |  |  |  |  |  |
|  |  |  | Investment |  | Maturity |  | Interest |  |  |  |  |  |
Portfolio Company |  | Industry |  | Type |  | Date |  | Rate 1 |  | Principal |  | Cost 2 |  | Fair Value 3
Intermedia Holdings, Inc. |  | Software & IT services |  | First Lien |  | 7/21/2025 |  | L+6.00% (Floor 1.00%) |  | 5,677 |  | 5,659 |  | 5,638
Inventus Power, Inc. |  | Technology products & components |  | First Lien |  | 3/29/2024 |  | SOFR +5.00% (Floor 1.00%) |  | 6,930 |  | 6,884 |  | 6,791
INW Manufacturing, LLC |  | Food, agriculture, & beverage |  | First Lien |  | 3/25/2027 |  | L+5.75% (Floor 0.75%) |  | 2,925 |  | 2,867 |  | 2,867
Isagenix International, LLC |  | Consumer products & retail |  | First Lien |  | 6/14/2025 |  | L+5.75% (Floor 1.00%) |  | 1,685 |  | 1,677 |  | 1,088
KORE Wireless Group Inc. |  | Telecommunications |  | First Lien |  | 12/20/2024 |  | L+5.50% |  | 4,658 |  | 4,639 |  | 4,640
Lab Logistics, LLC |  | Healthcare services |  | First Lien |  | 9/25/2023 |  | L+7.25% (Floor 1.00%) |  | 6,242 |  | 6,213 |  | 6,242
Lash OpCo, LLC |  | Consumer products & retail |  | First Lien |  | 3/18/2026 |  | L+7.00% (Floor 1.00%) |  | 4,988 |  | 4,881 |  | 4,878
|  |  |  | Delayed Draw Term Loan 6 |  | 3/18/2026 |  | L+7.00% (Floor 1.00%) |  | 1,187 |  | 1,152 |  | 1,161
Lift Brands, Inc. |  | Consumer services |  | Tranche A |  | 6/29/2025 |  | L+7.50% (Floor 1.00%) |  | 2,502 |  | 2,502 |  | 2,252
|  |  |  | Tranche B |  | 6/29/2025 |  | 9.50% PIK |  | 583 |  | 583 |  | 437
|  |  |  | Tranche C |  | 6/29/2025 |  | — |  | 565 |  | 564 |  | 423
|  |  |  | 1,051 shares common stock |  | — |  | — |  | — |  |  | 749 |  | 749
Lightbox Intermediate, L.P. |  | Software & IT services |  | First Lien |  | 5/9/2026 |  | L+5.00% |  | 4,948 |  | 4,914 |  | 4,874
LOGIX Holdings Company, LLC |  | Telecommunications |  | First Lien |  | 12/23/2024 |  | L+5.75% (Floor 1.00%) |  | 5,826 |  | 5,807 |  | 5,491
Mills Fleet Farm Group LLC |  | Consumer products & retail |  | First Lien |  | 10/24/2024 |  | L+6.25% (Floor 1.00%) |  | 4,623 |  | 4,584 |  | 4,623
National Credit Care, LLC |  | Consumer services |  | First Lien - Term Loan A |  | 12/23/2026 |  | L+6.50% (Floor 1.00%) |  | 2,500 |  | 2,453 |  | 2,483
|  |  |  | First Lien - Term Loan B |  | 12/23/2026 |  | L+7.50% (Floor 1.00%) |  | 2,500 |  | 2,453 |  | 2,483
NBG Acquisition, Inc. |  | Wholesale |  | First Lien |  | 4/26/2024 |  | L+5.50% (Floor 1.00%) |  | 2,663 |  | 2,647 |  | 1,807
NinjaTrader, Inc. |  | Financial services |  | First Lien |  | 12/18/2024 |  | L+6.25% (Floor 1.00%) |  | 5,000 |  | 4,908 |  | 5,000
NorthStar Group Services, Inc. |  | Environmental services |  | First Lien |  | 11/9/2026 |  | L+5.50% (Floor 1.00%) |  | 2,961 |  | 2,948 |  | 2,950
Research Now Group, Inc. |  | Business services |  | First Lien |  | 12/20/2024 |  | L+5.50% (Floor 1.00%) |  | 4,936 |  | 4,936 |  | 4,861
Retail Services WIS Corporation |  | Business services |  | First Lien |  | 5/20/2025 |  | L+7.75% (Floor 1.00%) |  | 2,959 |  | 2,912 |  | 2,914
|  |  |  |  |  |  |  | Current |  |  |  |  |  |
|  |  |  | Investment |  | Maturity |  | Interest |  |  |  |  |  |
Portfolio Company |  | Industry |  | Type |  | Date |  | Rate 1 |  | Principal |  | Cost 2 |  | Fair Value 3
SIB Holdings, LLC |  | Business services |  | First Lien |  | 10/29/2026 |  | L+6.00% (Floor 1.00%) |  | 3,000 |  | 2,945 |  | 2,958
Stellant Midco, LLC |  | Aerospace & defense |  | First Lien |  | 10/2/2028 |  | L+5.50% (Floor 0.75%) |  | 2,289 |  | 2,267 |  | 2,254
Tacala, LLC |  | Consumer products & retail |  | Second Lien |  | 2/7/2028 |  | L+7.50% (Floor 0.75%) |  | 5,000 |  | 4,991 |  | 4,944
TEAM Services Group, LLC |  | Healthcare services |  | First Lien |  | 12/20/2027 |  | L+5.00% (Floor 1.00%) |  | 6,687 |  | 6,644 |  | 6,637
TestEquity, LLC |  | Capital equipment |  | First Lien |  | 4/28/2022 |  | L+6.25% (Floor 1.00%) |  | 3,805 |  | 3,804 |  | 3,805
|  |  |  | First Lien - Term Loan B |  | 4/28/2022 |  | L+6.25% (Floor 1.00%) |  | 942 |  | 942 |  | 942
UniTek Global Services, Inc. |  | Telecommunications |  | First Lien |  | 8/20/2024 |  | L+5.50%, 2.00% PIK (Floor 1.00%) |  | 2,814 |  | 2,802 |  | 2,627
U.S. TelePacific Corp. |  | Telecommunications |  | First Lien |  | 5/1/2026 |  | L+1.00%, 7.25% PIK (Floor 1.00%) |  | 5,239 |  | 5,239 |  | 3,714
Veregy Consolidated, Inc. |  | Environmental services |  | First Lien |  | 11/3/2027 |  | L+6.00% (Floor 1.00%) |  | 1,975 |  | 1,970 |  | 1,936
Vida Capital, Inc. |  | Financial services |  | First Lien |  | 10/1/2026 |  | L+6.00% |  | 3,565 |  | 3,531 |  | 3,283
Wahoo Fitness Acquisition, LLC |  | Consumer products & retail |  | First Lien |  | 8/14/2028 |  | L+5.75% (Floor 1.00%) |  | 4,969 |  | 4,833 |  | 4,869
YS Garments, LLC |  | Consumer products & retail |  | First Lien |  | 8/9/2024 |  | L+5.50% (Floor 1.00%) |  | 4,282 |  | 4,265 |  | 4,239
Total Investments |  |  |  |  |  |  |  |  |  |  |  | $ | 187,714 |  |  | $ | 176,704 |
1 Represents the interest rate as of March 31, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“Prime”) which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over LIBOR, SOFR or Prime in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. 2 Represents amortized cost. 3 Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein. 4 Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment. 5 The investment has approximately $0.3 million in an unfunded revolving loan commitment as of March 31, 2022. 6 The investment has approximately $0.8 million in an unfunded delayed draw term loan commitment as of March 31, 2022.

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