XML 35 R28.htm IDEA: XBRL DOCUMENT v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Portfolio by Security and Investment

The following table shows the Company’s portfolio by security type as of March 31, 2025 and December 31, 2024:

 

($ in thousands)

 

March 31, 2025

 

 

December 31, 2024

 

Security Type

 

Cost/Amortized
Cost

 

 

Fair Value

 

 

Fair Value Percentage of Total Portfolio

 

 

Cost/Amortized
Cost

 

 

Fair Value

 

 

Fair Value Percentage of Total Portfolio

 

First Lien Debt

 

$

318,953

 

 

$

294,379

 

 

 

72.4

%

 

$

311,673

 

 

$

289,957

 

 

 

71.6

%

Second Lien Debt

 

 

35,147

 

 

 

28,724

 

 

 

7.1

%

 

 

34,892

 

 

 

28,996

 

 

 

7.2

%

Subordinated Debt

 

 

8,034

 

 

 

1,740

 

 

 

0.4

%

 

 

8,059

 

 

 

1,740

 

 

 

0.4

%

Collateralized Loan Obligations

 

 

3,800

 

 

 

4,639

 

 

 

1.1

%

 

 

5,318

 

 

 

5,193

 

 

 

1.3

%

Joint Ventures

 

 

65,883

 

 

 

50,491

 

 

 

12.4

%

 

 

66,747

 

 

 

54,153

 

 

 

13.4

%

Equity

 

 

32,098

 

 

 

26,218

 

 

 

6.5

%

 

 

31,921

 

 

 

24,762

 

 

 

6.1

%

Asset Manager Affiliates(1)

 

 

17,791

 

 

 

—

 

 

 

—

 

 

 

17,791

 

 

 

—

 

 

 

—

 

Derivatives

 

 

31

 

 

 

232

 

 

 

0.1

%

 

 

31

 

 

 

220

 

 

 

—

 

Total

 

$

481,737

 

 

$

406,423

 

 

 

100.0

%

 

$

476,432

 

 

$

405,021

 

 

 

100.0

%

 

(1)
Represents the equity investment in the Asset Manager Affiliates.

The industry concentrations based on the fair value of the Company’s investment portfolio as of March 31, 2025 and December 31, 2024 were as follows:

 

($ in thousands)

 

March 31, 2025

 

 

December 31, 2024

 

Industry Classification

 

Cost/Amortized
Cost

 

 

Fair Value

 

 

Fair Value Percentage of Total Portfolio

 

 

Cost/Amortized
Cost

 

 

Fair Value

 

 

Fair Value Percentage of Total Portfolio

 

Services: Business

 

$

58,138

 

 

$

54,510

 

 

 

13.4

%

 

$

55,141

 

 

$

51,776

 

 

 

12.8

%

High Tech Industries

 

 

57,635

 

 

 

50,657

 

 

 

12.5

%

 

 

55,932

 

 

 

50,138

 

 

 

12.4

%

Joint Venture

 

 

65,883

 

 

 

50,491

 

 

 

12.4

%

 

 

66,747

 

 

 

54,153

 

 

 

13.4

%

Banking, Finance, Insurance & Real Estate

 

 

44,975

 

 

 

43,541

 

 

 

10.7

%

 

 

44,191

 

 

 

42,854

 

 

 

10.6

%

Healthcare & Pharmaceuticals

 

 

43,340

 

 

 

42,261

 

 

 

10.4

%

 

 

43,882

 

 

 

41,872

 

 

 

10.3

%

Consumer goods: Durable

 

 

28,701

 

 

 

26,666

 

 

 

6.6

%

 

 

28,493

 

 

 

27,028

 

 

 

6.7

%

Media: Broadcasting & Subscription

 

 

24,338

 

 

 

16,769

 

 

 

4.1

%

 

 

19,095

 

 

 

12,972

 

 

 

3.2

%

Finance

 

 

14,916

 

 

 

14,862

 

 

 

3.7

%

 

 

14,815

 

 

 

14,725

 

 

 

3.6

%

Machinery (Non-Agrclt/Constr/Electr)

 

 

11,124

 

 

 

14,327

 

 

 

3.5

%

 

 

11,705

 

 

 

13,608

 

 

 

3.4

%

Beverage, Food and Tobacco

 

 

12,574

 

 

 

11,577

 

 

 

2.8

%

 

 

12,563

 

 

 

11,612

 

 

 

2.9

%

Aerospace and Defense

 

 

10,841

 

 

 

10,795

 

 

 

2.7

%

 

 

11,403

 

 

 

11,390

 

 

 

2.8

%

Chemicals, Plastics and Rubber

 

 

11,084

 

 

 

10,530

 

 

 

2.6

%

 

 

10,135

 

 

 

9,628

 

 

 

2.4

%

Transportation: Consumer

 

 

7,396

 

 

 

7,459

 

 

 

1.8

%

 

 

7,410

 

 

 

7,470

 

 

 

1.8

%

Interactive Media & Services

 

 

7,090

 

 

 

7,078

 

 

 

1.7

%

 

 

2,539

 

 

 

2,559

 

 

 

0.6

%

Retail

 

 

10,255

 

 

 

6,610

 

 

 

1.6

%

 

 

10,246

 

 

 

6,853

 

 

 

1.7

%

Healthcare, Education and Childcare

 

 

6,098

 

 

 

6,099

 

 

 

1.5

%

 

 

6,114

 

 

 

6,115

 

 

 

1.5

%

Metals & Mining

 

 

9,950

 

 

 

5,178

 

 

 

1.3

%

 

 

9,950

 

 

 

5,103

 

 

 

1.3

%

CLO Fund Securities

 

 

3,800

 

 

 

4,639

 

 

 

1.1

%

 

 

5,318

 

 

 

5,193

 

 

 

1.3

%

IT Consulting & Other Services

 

 

4,128

 

 

 

4,222

 

 

 

1.0

%

 

 

2,157

 

 

 

2,243

 

 

 

0.5

%

Transportation: Cargo

 

 

4,364

 

 

 

3,504

 

 

 

0.9

%

 

 

4,223

 

 

 

3,782

 

 

 

0.9

%

Containers, Packaging and Glass

 

 

2,727

 

 

 

2,703

 

 

 

0.7

%

 

 

2,728

 

 

 

2,702

 

 

 

0.7

%

Energy: Electricity

 

 

2,696

 

 

 

2,696

 

 

 

0.7

%

 

 

2,696

 

 

 

2,702

 

 

 

0.7

%

Services: Consumer

 

 

2,729

 

 

 

2,326

 

 

 

0.6

%

 

 

2,699

 

 

 

2,406

 

 

 

0.6

%

Hotel, Gaming & Leisure

 

 

7,006

 

 

 

2,205

 

 

 

0.5

%

 

 

7,006

 

 

 

2,205

 

 

 

0.5

%

Construction & Building

 

 

1,437

 

 

 

1,425

 

 

 

0.4

%

 

 

7,648

 

 

 

7,596

 

 

 

1.9

%

Capital Equipment

 

 

8,016

 

 

 

1,299

 

 

 

0.3

%

 

 

8,016

 

 

 

1,291

 

 

 

0.3

%

Application Software

 

 

1,164

 

 

 

1,162

 

 

 

0.3

%

 

 

1,165

 

 

 

1,166

 

 

 

0.2

%

Telecommunications

 

 

1,541

 

 

 

832

 

 

 

0.2

%

 

 

1,541

 

 

 

805

 

 

 

0.2

%

Diversified Financial Services

 

 

—

 

 

 

—

 

 

 

0.0

%

 

 

3,058

 

 

 

3,074

 

 

 

0.8

%

Asset Management Company(1)

 

 

17,791

 

 

 

—

 

 

 

0.0

%

 

 

17,791

 

 

 

—

 

 

 

0.0

%

Energy: Oil & Gas

 

 

—

 

 

 

—

 

 

 

0.0

%

 

 

25

 

 

 

—

 

 

 

0.0

%

Total

 

$

481,737

 

 

$

406,423

 

 

 

100.0

%

 

$

476,432

 

 

$

405,021

 

 

 

100.0

%

 

(1)
Represents the equity investment in the Asset Manager Affiliates.
Summary of Investments in CLO Fund Securities

The following table details investments in CLO Fund Securities as of March 31, 2025 and December 31, 2024:

 

($ in thousands)

 

 

 

March 31, 2025

 

 

December 31, 2024

 

CLO Fund Securities

 

Investment

 

Amortized
Cost

 

 

Fair Value

 

 

Percentage Ownership(1)

 

 

Amortized
Cost

 

 

Fair Value

 

Percentage Ownership(1)

 

Catamaran CLO 2014-1 Ltd.

 

Collateralized Loan Obligations

 

$

168

 

 

$

797

 

 

 

22.2

%

 

$

126

 

 

$

261

 

 

22.2

%

Catamaran CLO 2018-1 Ltd.

 

Collateralized Loan Obligations

 

 

2,880

 

 

 

2,476

 

 

 

24.8

%

 

 

3,063

 

 

 

2,600

 

 

24.8

%

Dryden 30 Senior Loan Fund

 

Collateralized Loan Obligations

 

 

32

 

 

 

32

 

 

 

6.8

%

 

 

141

 

 

 

140

 

 

6.8

%

JMP Credit Advisors CLO IV Ltd.

 

Collateralized Loan Obligations

 

 

1

 

 

 

615

 

 

 

57.2

%

 

 

521

 

 

 

725

 

 

57.2

%

JMP Credit Advisors CLO V Ltd.

 

Collateralized Loan Obligations

 

 

719

 

 

 

719

 

 

 

57.2

%

 

 

1,467

 

 

 

1,467

 

 

57.2

%

Total

 

 

 

$

3,800

 

 

$

4,639

 

 

 

 

 

$

5,318

 

 

$

5,193

 

 

 

 

(1)
Represents percentage of class held at March 31, 2025 and December 31, 2024, respectively.
Summary of Investments in Affiliates

The following table details investments in affiliates at March 31, 2025 (dollars in thousands):

 

Company(1)

Type of Investment

Industry
Classification

Fair Value
as of December 31, 2024

 

Purchases/
(Sales) of or
Advances/
(Distributions)

 

Net
Accretion

 

Transfers
In/(Out)
of
Affiliates

 

Net Change in Unrealized
Gain/(Loss)

 

Realized
Gain/(Loss)

 

Fair Value
as of March 31, 2025

 

Principal / Shares at March 31, 2025

 

Interest and Fee
Income

 

Dividend
Income

 

Controlled investments(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Management Company(2)

Asset Manager Affiliates

Asset
Management
Company

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

—

 

$

—

 

$

—

 

ProAir Holdco, LLC(5)

Common Stock and Membership Units

Capital Equipment

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,749,997

 

 

—

 

 

—

 

ProAir, LLC

Subordinated Debt

Capital Equipment

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,020

 

 

—

 

 

—

 

KCAP Freedom 3, LLC(2)

Joint Ventures

Joint Venture

 

13,015

 

 

(360

)

 

—

 

 

—

 

 

(1,274

)

 

—

 

 

11,381

 

 

27,220

 

 

—

 

 

—

 

Total Controlled investments

 

 

$

13,015

 

$

(360

)

$

—

 

$

—

 

$

(1,274

)

$

—

 

$

11,381

 

 

 

$

—

 

$

—

 

Non-controlled affiliated investments(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A-Great Lakes Funding II LLC(2)(6)(7)

Joint Ventures

Joint Venture

$

41,138

 

$

(504

)

$

—

 

$

—

 

$

(1,524

)

$

—

 

$

39,110

 

 

40,805

 

$

—

 

$

1,417

 

GreenPark Infrastructure, LLC - Series A(5)

Preferred Stock and Units

Energy: Electricity

 

500

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

500

 

 

1,000

 

 

—

 

 

—

 

GreenPark Infrastructure, LLC - Series M-1(5)

Common Stock and Membership Units

Energy: Electricity

 

2,202

 

 

—

 

 

—

 

 

—

 

 

(6

)

 

—

 

 

2,196

 

 

6,412

 

 

—

 

 

—

 

Kleen-Tech Acquisition, LLC(5)

Common Stock

Services: Business

 

1,420

 

 

—

 

 

—

 

 

—

 

 

(115

)

 

—

 

 

1,305

 

 

250,000

 

 

—

 

 

—

 

Northeast Metal Works LLC - Preferred(5)

Preferred Stock and Units

Metals & Mining

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,368

 

 

—

 

 

—

 

Northeast Metal Works LLC - Class O Preferred(5)

Preferred Stock and Units

Metals & Mining

 

1,160

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1,160

 

 

4,950,000

 

 

123

 

 

—

 

Northeast Metal Works LLC

Second Lien/Senior Secured Debt

Metals & Mining

 

3,443

 

 

—

 

 

—

 

 

—

 

 

75

 

 

—

 

 

3,518

 

 

4,500

 

 

90

 

 

—

 

Northeast Metal Works LLC

Second Lien/Senior Secured Debt

Metals & Mining

 

500

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

500

 

 

500

 

 

—

 

 

—

 

BMP Slappey Holdco, LLC(5)

Preferred Stock and Units

Telecommunications

 

557

 

 

—

 

 

—

 

 

—

 

 

19

 

 

—

 

 

576

 

 

200,000

 

 

—

 

 

—

 

BMP Slappey Investment II(5)

Preferred Stock and Units

Telecommunications

 

248

 

 

—

 

 

—

 

 

—

 

 

8

 

 

—

 

 

256

 

 

88,946

 

 

—

 

 

—

 

Princeton Medspa Partners, LLC(5)

Preferred Stock and Units

Healthcare & Pharmaceuticals

 

859

 

 

33

 

 

—

 

 

—

 

 

(93

)

 

—

 

 

799

 

 

1,096

 

 

33

 

 

—

 

Princeton Medspa Partners, LLC - Warrant(5)

Common Stock and Membership Units

Healthcare & Pharmaceuticals

 

28

 

 

—

 

 

—

 

 

—

 

 

(8

)

 

—

 

 

20

 

 

0

 

 

—

 

 

—

 

Princeton Medspa Partners, LLC - Put Option(2)(5)

Derivatives

Healthcare & Pharmaceuticals

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1,000,000

 

 

—

 

 

—

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC)(7)

First Lien/Senior Secured Debt

Healthcare & Pharmaceuticals

 

1,529

 

 

(3

)

 

1

 

 

—

 

 

(9

)

 

—

 

 

1,518

 

 

1,675

 

 

58

 

 

—

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)(7)

First Lien/Senior Secured Debt

Healthcare & Pharmaceuticals

 

(10

)

 

—

 

 

—

 

 

—

 

 

(1

)

 

—

 

 

(11

)

 

—

 

 

—

 

 

—

 

JMP Credit Advisors CLO IV LTD(3)

Collateralized Loan Obligations

CLO Fund Securities

 

725

 

 

(519

)

 

—

 

 

—

 

 

409

 

 

—

 

 

615

 

 

18,407

 

 

—

 

 

—

 

JMP Credit Advisors CLO V LTD(3)

Collateralized Loan Obligations

CLO Fund Securities

 

1,467

 

 

(656

)

 

—

 

 

—

 

 

—

 

 

(92

)

 

719

 

 

17,074

 

 

—

 

 

—

 

EBSC Holdings LLC (Riddell, Inc.)(5)

Preferred Stock and Units

Consumer goods: Durable

 

2,375

 

 

53

 

 

—

 

 

—

 

 

110

 

 

—

 

 

2,538

 

 

2,207

 

 

53

 

 

—

 

Riddell, Inc.(7)

First Lien/Senior Secured Debt

Consumer goods: Durable

 

6,243

 

 

(40

)

 

6

 

 

—

 

 

(5

)

 

—

 

 

6,204

 

 

6,205

 

 

167

 

 

—

 

Total non-controlled affiliated investments

 

 

$

64,384

 

$

(1,636

)

$

7

 

$

—

 

$

(1,140

)

$

(92

)

$

61,523

 

 

 

$

524

 

$

1,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-controlled affiliated and controlled investments

 

 

$

77,399

 

$

(1,996

)

$

7

 

$

—

 

$

(2,414

)

$

(92

)

$

72,904

 

 

 

$

524

 

$

1,417

 

 

(1)
All investments valued using unobservable inputs (Level III), unless otherwise noted.
(2)
Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.
(3)
As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
(4)
Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.
(5)
Number of shares held.
(6)
The investment is valued at the NAV of the underlying fund.
(7)
Security has an unfunded commitment in addition to the amounts shown in the Consolidated Schedule of Investments. See Note 8 for additional information on the Company’s commitments and contingencies.

The following table details investments in affiliates at December 31, 2024 (dollars in thousands):

 

Company(1)

Type of Investment

Industry
Classification

Fair Value
as of December 31, 2023

 

Purchases/
(Sales) of or
Advances/
(Distributions)

 

Net
Accretion

 

Transfers
In/(Out)
of
Affiliates

 

Net Change in Unrealized
Gain/(Loss)

 

Realized
Gain/(Loss)

 

Fair Value
as of December 31, 2024

 

Principal / Shares at December 31, 2024

 

Interest and Fee
Income

 

Dividend
Income

 

Controlled investments(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Management Company(2)

Asset Manager Affiliates

Asset
Management
Company

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

—

 

$

—

 

$

—

 

Tank Partners Equipment Holdings, LLC - Class A Units(5)

Common Stock and Membership Units

Energy: Oil &
Gas

 

—

 

 

—

 

 

—

 

 

—

 

 

6,228

 

 

(6,228

)

 

—

 

 

—

 

 

—

 

 

—

 

Tank Partners Equipment Holdings, LLC

Subordinated Debt

Energy: Oil &
Gas

 

43

 

 

—

 

 

—

 

 

—

 

 

373

 

 

(416

)

 

—

 

 

—

 

 

—

 

 

—

 

ProAir Holdco, LLC(5)

Common Stock and Membership Units

Capital Equipment

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,749,997

 

 

—

 

 

—

 

ProAir, LLC

Subordinated Debt

Capital Equipment

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,020

 

 

—

 

 

—

 

KCAP Freedom 3, LLC(2)

Joint Ventures

Joint Venture

 

14,275

 

 

(1,976

)

 

—

 

 

—

 

 

716

 

 

—

 

 

13,015

 

 

27,220

 

 

—

 

 

—

 

Total Controlled investments

 

 

$

14,318

 

$

(1,976

)

$

—

 

$

—

 

$

7,317

 

$

(6,644

)

$

13,015

 

 

 

$

—

 

$

—

 

Non-controlled affiliated investments(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A-Great Lakes Funding II LLC(2)(6)(7)

Joint Ventures

Joint Venture

$

45,012

 

$

(2,692

)

$

—

 

$

—

 

$

(1,182

)

$

—

 

$

41,138

 

 

41,309

 

$

—

 

$

6,576

 

GreenPark Infrastructure, LLC - Series A(5)

Preferred Stock and Units

Energy: Electricity

 

500

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

500

 

 

1,000

 

 

—

 

 

—

 

GreenPark Infrastructure, LLC - Series M-1(5)

Common Stock and Membership Units

Energy: Electricity

 

171

 

 

2,025

 

 

—

 

 

—

 

 

6

 

 

—

 

 

2,202

 

 

6,412

 

 

—

 

 

—

 

Kleen-Tech Acquisition, LLC(5)

Common Stock

Services: Business

 

998

 

 

—

 

 

—

 

 

—

 

 

422

 

 

—

 

 

1,420

 

 

250,000

 

 

—

 

 

—

 

Northeast Metal Works LLC - Preferred(5)

Preferred Stock and Units

Metals & Mining

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

2,368

 

 

—

 

 

—

 

Northeast Metal Works LLC - Class O Preferred(5)

Preferred Stock and Units

Metals & Mining

 

4,182

 

 

450

 

 

—

 

 

—

 

 

(3,472

)

 

—

 

 

1,160

 

 

4,950,000

 

 

485

 

 

—

 

Northeast Metal Works LLC

Second Lien/Senior Secured Debt

Metals & Mining

 

3,560

 

 

—

 

 

—

 

 

—

 

 

(117

)

 

—

 

 

3,443

 

 

4,500

 

 

366

 

 

—

 

Northeast Metal Works LLC

Second Lien/Senior Secured Debt

Metals & Mining

 

—

 

 

500

 

 

—

 

 

—

 

 

—

 

 

—

 

 

500

 

 

500

 

 

36

 

 

—

 

BMP Slappey Holdco, LLC(5)

Preferred Stock and Units

Telecommunications

 

553

 

 

—

 

 

—

 

 

—

 

 

4

 

 

—

 

 

557

 

 

200,000

 

 

—

 

 

—

 

BMP Slappey Investment II(5)

Preferred Stock and Units

Telecommunications

 

246

 

 

—

 

 

—

 

 

—

 

 

2

 

 

—

 

 

248

 

 

88,946

 

 

—

 

 

—

 

Princeton Medspa Partners, LLC(5)

Preferred Stock and Units

Healthcare & Pharmaceuticals

 

—

 

 

1,064

 

 

—

 

 

—

 

 

(205

)

 

—

 

 

859

 

 

1,064

 

 

76

 

 

—

 

Princeton Medspa Partners, LLC - Warrant(5)

Common Stock and Membership Units

Healthcare & Pharmaceuticals

 

—

 

 

—

 

 

—

 

 

—

 

 

28

 

 

—

 

 

28

 

 

0

 

 

—

 

 

—

 

Princeton Medspa Partners, LLC - Put Option(2)(5)

Derivatives

Healthcare & Pharmaceuticals

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

1,000,000

 

 

—

 

 

—

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC)(7)

First Lien/Senior Secured Debt

Healthcare & Pharmaceuticals

 

—

 

 

1,635

 

 

4

 

 

—

 

 

(110

)

 

—

 

 

1,529

 

 

1,679

 

 

147

 

 

—

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)(7)

First Lien/Senior Secured Debt

Healthcare & Pharmaceuticals

 

—

 

 

(4

)

 

—

 

 

—

 

 

(6

)

 

—

 

 

(10

)

 

—

 

 

1

 

 

—

 

JMP Credit Advisors CLO IV LTD(3)

Collateralized Loan Obligations

CLO Fund Securities

 

—

 

 

(260

)

 

98

 

 

683

 

 

204

 

 

—

 

 

725

 

 

18,407

 

 

98

 

 

—

 

JMP Credit Advisors CLO V LTD(3)

Collateralized Loan Obligations

CLO Fund Securities

 

—

 

 

(904

)

 

656

 

 

3,049

 

 

—

 

 

(1,334

)

 

1,467

 

 

17,074

 

 

656

 

 

—

 

EBSC Holdings LLC (Riddell, Inc.)(5)

Preferred Stock and Units

Consumer goods: Durable

 

—

 

 

2,131

 

 

—

 

 

—

 

 

244

 

 

—

 

 

2,375

 

 

2,154

 

 

154

 

 

—

 

Riddell, Inc.(7)

First Lien/Senior Secured Debt

Consumer goods: Durable

 

—

 

 

6,127

 

 

20

 

 

—

 

 

96

 

 

—

 

 

6,243

 

 

6,244

 

 

554

 

 

—

 

Total non-controlled affiliated investments

 

 

$

55,222

 

$

10,072

 

$

778

 

$

3,732

 

$

(4,086

)

$

(1,334

)

$

64,384

 

 

 

$

2,573

 

$

6,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total non-controlled affiliated and controlled investments

 

 

$

69,540

 

$

8,096

 

$

778

 

$

3,732

 

$

3,231

 

$

(7,978

)

$

77,399

 

 

 

$

2,573

 

$

6,576

 

 

(1)
Fair value of this investment was determined using significant unobservable inputs, unless otherwise noted.
(2)
Non-qualified asset for purposes of section 55(a) of the Investment Company Act of 1940.
(3)
As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
(4)
Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.
(5)
Number of shares held.
(6)
The investment is valued at the NAV of the underlying fund.
(7)
Security has an unfunded commitment in addition to the amounts shown in consolidated schedule of investments. See Note 8 for additional information on the Company's commitments and contingencies
Summary of Fair Value of Investments by Fair Value Hierarchy Levels

The following tables summarize the fair value of investments by fair value hierarchy levels provided by ASC 820: Fair Value as of March 31, 2025 (unaudited) and December 31, 2024, respectively:

 

 

 

As of March 31, 2025

 

($ in thousands)

 

Level I

 

 

Level II

 

 

Level III

 

 

NAV

 

 

Total

 

First Lien Debt

 

$

—

 

 

$

—

 

 

$

294,379

 

 

$

—

 

 

$

294,379

 

Second Lien Debt

 

 

—

 

 

 

—

 

 

 

28,724

 

 

 

—

 

 

 

28,724

 

Subordinated Debt

 

 

—

 

 

 

—

 

 

 

1,740

 

 

 

—

 

 

 

1,740

 

Equity

 

 

—

 

 

 

—

 

 

 

26,218

 

 

 

—

 

 

 

26,218

 

Collateralized Loan Obligations

 

 

—

 

 

 

—

 

 

 

4,639

 

 

 

—

 

 

 

4,639

 

Joint Ventures

 

 

—

 

 

 

—

 

 

 

11,381

 

 

 

39,110

 

 

 

50,491

 

Derivatives

 

 

—

 

 

 

—

 

 

 

232

 

 

 

—

 

 

 

232

 

Total

 

$

—

 

 

$

—

 

 

$

367,313

 

 

$

39,110

 

 

$

406,423

 

 

 

 

As of December 31, 2024

 

($ in thousands)

 

Level I

 

 

Level II

 

 

Level III

 

 

NAV

 

 

Total

 

First Lien Debt

 

$

—

 

 

$

—

 

 

$

289,957

 

 

$

—

 

 

$

289,957

 

Second Lien Debt

 

 

—

 

 

 

—

 

 

 

28,996

 

 

 

—

 

 

 

28,996

 

Subordinated Debt

 

 

—

 

 

 

—

 

 

 

1,740

 

 

 

—

 

 

 

1,740

 

Equity

 

 

—

 

 

 

—

 

 

 

24,762

 

 

 

—

 

 

 

24,762

 

Collateralized Loan Obligations

 

 

—

 

 

 

—

 

 

 

5,193

 

 

 

—

 

 

 

5,193

 

Joint Ventures

 

 

—

 

 

 

—

 

 

 

13,015

 

 

 

41,138

 

 

 

54,153

 

Derivatives

 

 

—

 

 

 

—

 

 

 

220

 

 

 

—

 

 

 

220

 

Total

 

$

—

 

 

$

—

 

 

$

363,883

 

 

$

41,138

 

 

$

405,021

 

 

 
Summary of Information Relating to Investments Measured at Fair Value for Company has Used Unobservable Inputs to Determine Fair Value

The Company’s policy for determining transfers between levels is based solely on the previously defined three-level hierarchy for fair value measurement. Transfers between the levels of the fair value hierarchy are separately noted in the tables below and the reason for such transfer described in each table’s respective footnotes. Certain information relating to investments measured at fair value for which the Company has used unobservable inputs to determine fair value is as follows:

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2025

 

($ in thousands)

First Lien Debt

 

 

Second Lien Debt

 

 

Subordinated Debt

 

 

Equity

 

 

Collateralized Loan Obligations

 

 

Joint
Ventures

 

 

Derivatives

 

 

Total

 

Balance, December 31, 2024

$

289,957

 

 

$

28,996

 

 

$

1,740

 

 

$

24,762

 

 

$

5,193

 

 

$

13,015

 

 

$

220

 

 

$

363,883

 

Net accretion

 

685

 

 

 

13

 

 

 

1

 

 

 

—

 

 

 

78

 

 

 

—

 

 

 

—

 

 

 

777

 

Purchases

 

19,892

 

 

 

290

 

 

 

—

 

 

 

179

 

 

 

-

 

 

 

—

 

 

 

—

 

 

 

20,361

 

Sales/Paydowns/Return of Capital

 

(13,204

)

 

 

—

 

 

 

(26

)

 

 

(169

)

 

 

(1,397

)

 

 

(360

)

 

 

—

 

 

 

(15,156

)

Total realized gain (loss) included in earnings

 

(98

)

 

 

(46

)

 

 

—

 

 

 

169

 

 

 

(198

)

 

 

—

 

 

 

—

 

 

 

(173

)

Change in unrealized gain (loss) included in earnings

 

(2,853

)

 

 

(529

)

 

 

25

 

 

 

1,277

 

 

 

963

 

 

 

(1,274

)

 

 

12

 

 

 

(2,379

)

Balance, March 31, 2025

$

294,379

 

 

$

28,724

 

 

$

1,740

 

 

$

26,218

 

 

$

4,639

 

 

$

11,381

 

 

$

232

 

 

$

367,313

 

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

$

(5,560

)

 

$

(529

)

 

$

(9

)

 

$

1,277

 

 

$

963

 

 

$

(1,274

)

 

$

12

 

 

$

(5,120

)

 

 

 

 

For the Three Months Ended March 31, 2024

 

($ in thousands)

 

First Lien Debt

 

 

Second Lien Debt

 

 

Subordinated Debt

 

 

Equity
Securities

 

 

Collateralized Loan Obligations

 

 

Joint
Ventures

 

 

Derivatives

 

 

Total

 

Balance, December 31, 2023

 

$

289,295

 

 

$

23,232

 

 

$

1,225

 

 

$

20,533

 

 

$

8,968

 

 

$

14,275

 

 

$

—

 

 

$

357,528

 

Transfers out of Level III¹

 

 

(9,239

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(9,239

)

Transfers into Level III²

 

 

6,433

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,433

 

Net accretion

 

 

448

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

556

 

 

 

—

 

 

 

—

 

 

 

1,000

 

Purchases

 

 

33,205

 

 

 

713

 

 

 

459

 

 

 

2,797

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

37,174

 

Sales/Paydowns/Return of Capital

 

 

(22,107

)

 

 

—

 

 

 

(459

)

 

 

(503

)

 

 

(392

)

 

 

(968

)

 

 

—

 

 

 

(24,429

)

Total realized gain (loss) included in earnings

 

 

(1,241

)

 

 

—

 

 

 

(419

)

 

 

503

 

 

 

(505

)

 

 

—

 

 

 

—

 

 

 

(1,662

)

Change in unrealized gain (loss) included in earnings

 

 

427

 

 

 

(2,221

)

 

 

406

 

 

 

98

 

 

 

(78

)

 

 

216

 

 

 

—

 

 

 

(1,152

)

Balance, March 31, 2024

 

$

297,221

 

 

$

21,720

 

 

$

1,212

 

 

$

23,428

 

 

$

8,549

 

 

$

13,523

 

 

$

—

 

 

$

365,653

 

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

 

$

427

 

 

$

(2,221

)

 

$

406

 

 

$

98

 

 

$

(78

)

 

$

216

 

 

$

—

 

 

$

(1,152

)

 

(1)
Transfers out of Level III represent a transfer of $9.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of March 31, 2024.
(2)
Transfers into Level III represent a transfer of $6.4 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of March 31, 2024.
Schedule of Valuation Techniques and Significant Inputs of Level III Investments

As of March 31, 2025, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):

 

Type

 

Fair Value

 

 

Primary Valuation
Techniques

 

Unobservable
Inputs

 

Range of Inputs
(Weighted Average)(1)

First Lien Debt

 

$

31,742

 

 

Market

 

Broker/Dealer Quotes

 

N/A

 

 

 

219,462

 

 

Income

 

Required Rate of Return

 

7.2% – 19.7% (11.4%)

 

 

 

 

 

 

 

Stock Price
Time to Exit (Years)
Volatility

 

$892.0
1.8
49.0%

 

 

 

43,175

 

 

Enterprise Market Value

 

Revenue Multiple

 

0.4x - 1.4x (0.8x)

 

 

 

 

 

 

 

EBITDA Multiple

 

6.0x - 6.3x (6.1x)

 

 

 

 

 

 

 

Recovery Percentage

 

100.0%

Second Lien Debt

 

 

9,070

 

 

Market

 

Broker/Dealer Quotes

 

N/A

 

 

 

19,654

 

 

Income

 

Required Rate of Return

 

15.4% - 16.6% (15.7%)

Subordinated Debt

 

 

1,212

 

 

Enterprise Market Value

 

Recovery Percentage

 

19.4%

 

 

 

528

 

 

Income

 

Required Rate of Return

 

10.5%

Equity

 

 

4,048

 

 

Income

 

Required Rate of Return

 

17.6%

 

 

 

 

 

 

 

Stock Price
Time to Exit (Years)
Volatility

 

$111.8 - $43,280.0 ($9,343.4)
2.0 - 4.7 (3.2)
35.0% - 58.6% (53.1%)

 

 

 

21,846

 

 

Enterprise Market Value

 

Book Value Multiple

 

0.7x - 1.0x (0.8x)

 

 

 

 

 

 

 

EBITDA Multiple

 

0.1x - 17.8x (7.7x)

 

 

 

 

 

 

 

Revenue Multiple

 

2.7x

 

 

 

324

 

 

Market Approach

 

Recent Transaction Bid

 

$0.4

Collateralized Loan Obligations

 

 

4,639

 

 

Income

 

Discount Rate

 

0.0% - 17.3% (11.7%)

 

 

 

 

 

 

 

Probability of Default

 

2.0% - 2.3% (2.1%)

 

 

 

 

 

 

 

Recovery Rate

 

70.0%

 

 

 

 

 

 

 

Prepayment Rate

 

20.0%

Joint Ventures

 

 

11,381

 

 

Discounted Cash Flow

 

Discount Rate

 

19.3%

 

 

 

 

 

 

 

Probability of Default

 

4.5%

 

 

 

 

 

 

 

Recovery Rate

 

70.0%

 

 

 

 

 

 

 

Prepayment Rate

 

20.0%

Derivatives

 

 

232

 

 

Enterprise Market Value

 

Book Value Multiple

 

0.4x - 0.7x (0.5x)

 

 

 

 

 

 

 

EBITDA Multiple

 

13.0x - 13.0x (0.0x)

 

 

 

 

 

 

 

Discount Rate

 

40.0%

Total Level III Investments

 

$

367,313

 

 

 

 

 

 

 

 

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.

 

As of December 31, 2024, the Company’s Level III portfolio investments had the following valuation techniques and significant inputs (dollars in thousands):

 

Type

 

Fair Value

 

 

Primary Valuation
Techniques

 

Unobservable
Inputs

 

Range of Inputs
(Weighted Average)(1)

First Lien Debt

 

$

47,177

 

 

Enterprise Value

 

Average EBITDA Multiple

 

0.1x - 9.0x (4.7x)

 

 

 

 

 

 

 

Average Revenue Multiple

 

0.2x - 1.4x (1.1x)

 

 

 

214,658

 

 

Income Approach

 

Implied Discount Rate

 

7.3% - 37.8% (11.6%)

 

 

 

28,122

 

 

Market

 

Broker/Dealer Quotes

 

N/A

Second Lien Debt

 

 

20,980

 

 

Income Approach

 

Implied Discount Rate

 

8.2% - 19.5% (15.8%)

 

 

 

8,016

 

 

Market

 

Broker/Dealer Quotes

 

N/A

Subordinated Debt

 

 

528

 

 

Income Approach

 

Implied Discount Rate

 

15.4%

 

 

 

1,212

 

 

Enterprise Value

 

Recovery Percentage

 

19.4%

Equity

 

 

24,519

 

 

Enterprise Value

 

Average EBITDA Multiple

 

0.1x - 18.0x (6.2x)

 

 

 

 

 

 

 

Average Revenue Multiple

 

1.4x - 1.4x (0.0x)

 

 

 

 

 

 

 

Book value of equity (asset)

 

1.0x

 

 

 

 

 

 

 

Book Value Multiple

 

0.5x

 

 

 

 

 

 

 

Time Horizon

 

3.3 - 4.9 (3.7)

 

 

 

243

 

 

Income Approach

 

Implied Discount Rate

 

17.8%

Collateralized Loan Obligations

 

 

5,193

 

 

Discounted Cash Flow

 

Discount Rate

 

15.9% - 18.2% (9.6%)

 

 

 

 

 

 

 

Probability of Default

 

1.8% - 2.5% (2.0%)

 

 

 

 

 

 

 

Recovery Rate

 

65.0% - 75.0% (70.0%)

 

 

 

 

 

 

 

Prepayment Rate

 

15.0% - 25.0% (20.0%)

Joint Ventures

 

 

13,015

 

 

Discounted Cash Flow

 

Discount Rate

 

18.1% - 19.7% (18.9%)

 

 

 

 

 

 

 

Probability of Default

 

2.8% - 3.3% (3.0%)

 

 

 

 

 

 

 

Recovery Rate

 

65.0% - 75.0% (70.0%)

 

 

 

 

 

 

 

Prepayment Rate

 

15.0% - 25.0% (20.0%)

Derivatives

 

 

220

 

 

Enterprise Value

 

Average EBITDA Multiple

 

14.5x - 14.5x (0.0x)

 

 

 

 

 

 

 

Average Revenue Multiple

 

1.4x - 1.4x (0.0x)

 

 

 

 

 

 

 

Book Value Multiple

 

0.5x

 

 

 

 

 

 

 

Discount Rate

 

40.0%

Total Level III Investments

 

$

363,883

 

 

 

 

 

 

 

 

 

(1) The weighted averages disclosed in the table above were weighted by their relative fair value.
Schedule of Derivative Investments

The following tables detail derivative investments as of March 31, 2025 and December 31, 2024:

 

($ in thousands)

 

March 31, 2025

 

Types of contracts

 

Notional amounts

 

 

Derivative assets (liabilities)

 

 

Realized gain(loss)

 

 

Unrealized gain(loss)

 

Call option(1)

 

$

8

 

 

$

232

 

 

$

—

 

 

$

12

 

Put option(2)

 

 

1,563

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,571

 

 

$

232

 

 

$

—

 

 

$

12

 

(1) Net amount included in non-controlled/non- affiliated investments on the consolidated balance sheets

 

(2) Net amount included in non-controlled/non- affiliated investments and non-controlled affiliated investments on the consolidated balance sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

December 31, 2024

 

Types of contracts

 

Notional amounts

 

 

Derivative assets (liabilities)

 

 

Realized gain(loss)

 

 

Unrealized gain(loss)

 

Call option(1)

 

$

8

 

 

$

220

 

 

$

—

 

 

$

220

 

Put option(1)

 

 

1,563

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,571

 

 

$

220

 

 

$

—

 

 

$

220

 

(1) Net amount included in non-controlled/non- affiliated investments on the consolidated balance sheets