Bain Capital Specialty Finance, Inc(NYSE:BCSF) 
Bain Capital Specialty Finance, Inc. operates as a business development company (BDC) specializing in direct loans to middle-market companies. The fund seeks to invest in senior investments with a first or second lien on collateral, senior first lien, stretch senior, senior second lien, unitranche, ...
Website: http://www.baincapital.com
Founded: 1984
Sector: Financial Services
Industry: Asset Management
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2022-12-31 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
income | |||||||||||
investment income from non-controlled/non-affiliate investments: | |||||||||||
interest from investments | 29,769,000 | 39,913,000 | 39,264,000 | 43,558,000 | 44,147,000 | 40,893,000 | 42,610,000 | 43,558,000 | 44,938,000 | 30,388,000 | |
dividend income | 2,036,000 | 476,000 | 34,000 | 681,000 | 2,036,000 | 39,000 | 34,000 | 5,152,000 | 15,000 | ||
pik income | 2,375,000 | 980,000 | 1,367,000 | ||||||||
other income | 7,690,000 | 3,456,000 | 661,000 | 607,000 | 59,000 | 3,456,000 | 849,000 | 607,000 | 369,000 | 22,000 | |
total investment income from non-controlled/non-affiliate investments | 39,834,000 | 44,349,000 | 41,768,000 | 44,199,000 | 44,887,000 | 44,349,000 | 43,498,000 | 44,199,000 | 45,307,000 | 30,425,000 | |
investment income from non-controlled/affiliate investments: | |||||||||||
total investment income from non-controlled/affiliate investments | 3,797,000 | 1,809,000 | 1,912,000 | 56,000 | 1,809,000 | 2,012,000 | 56,000 | ||||
investment income from controlled affiliate investments: | |||||||||||
total investment income from controlled affiliate investments | 8,733,000 | 3,673,000 | 7,850,000 | 2,562,000 | 2,984,000 | 3,673,000 | 2,766,000 | 2,562,000 | 5,291,000 | 9,465,000 | |
total investment income | 52,364,000 | 49,831,000 | 51,530,000 | 46,817,000 | 47,871,000 | 49,831,000 | 48,276,000 | 46,817,000 | 50,598,000 | 39,890,000 | |
expenses | |||||||||||
interest and debt financing expenses | 11,027,000 | 11,833,000 | 14,230,000 | 14,426,000 | 17,312,000 | 11,833,000 | 13,695,000 | 14,426,000 | 16,619,000 | 10,546,000 | |
base management fee | 8,451,000 | 8,698,000 | 8,792,000 | 8,885,000 | 8,639,000 | 8,698,000 | 8,965,000 | 8,885,000 | 7,983,000 | 6,751,000 | |
incentive fee | 4,069,000 | 6,728,000 | 4,727,000 | 6,728,000 | 4,490,000 | 4,086,000 | |||||
professional fees | 446,000 | 959,000 | 600,000 | 296,000 | 643,000 | 959,000 | 717,000 | 296,000 | 275,000 | 550,000 | |
directors fees | 179,000 | 171,000 | 196,000 | 209,000 | 171,000 | 171,000 | 171,000 | 209,000 | 106,000 | 105,000 | |
other general and administrative expenses | 1,477,000 | 1,390,000 | 963,000 | 1,545,000 | 1,084,000 | 1,390,000 | 1,520,000 | 1,545,000 | 1,587,000 | 841,000 | |
total expenses before fee waivers | 25,649,000 | 29,779,000 | 29,508,000 | 25,361,000 | 27,849,000 | 29,779,000 | 29,541,000 | 25,361,000 | 31,060,000 | 22,879,000 | |
base management fee waiver | -2,113,000 | -2,113,000 | -1,617,000 | -2,250,000 | |||||||
incentive fee waiver | -1,982,000 | ||||||||||
total expenses, net of fee waivers | 25,649,000 | 27,666,000 | 29,508,000 | 25,361,000 | 27,849,000 | 27,666,000 | 26,191,000 | 25,361,000 | 29,443,000 | 18,647,000 | |
net investment income | 26,715,000 | 22,165,000 | 21,888,000 | 21,456,000 | 20,022,000 | 22,165,000 | 21,853,000 | 21,456,000 | 21,155,000 | 21,243,000 | |
net realized and unrealized gains | |||||||||||
net realized gain on non-controlled/non-affiliate investments | -2,576,000 | 18,413,000 | 2,495,000 | -24,263,000 | 52,000 | 18,413,000 | -8,666,750 | -24,263,000 | -571,000 | ||
net realized gain on controlled affiliate investments | -3,237,000 | 265,000 | |||||||||
net realized gain on foreign currency transactions | 3,166,000 | 66,000 | -3,026,000 | 498,000 | -19,000 | -318,000 | 6,000 | ||||
net realized gain on forward currency exchange contracts | 2,018,000 | -3,292,000 | -130,000 | 5,097,000 | -3,292,000 | -130,000 | 7,063,000 | 3,633,000 | |||
net change in unrealized appreciation (depreciation) on foreign currency translation | -2,051,000 | -750,000 | 194,000 | 104,000 | 386,000 | 499,000 | |||||
net change in unrealized appreciation on forward currency exchange contracts | 8,124,000 | 4,577,000 | |||||||||
net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments | -27,206,000 | -2,693,000 | 73,892,000 | 10,418,000 | -3,224,000 | 38,333,000 | 73,892,000 | 275,000 | 14,367,000 | ||
net change in unrealized appreciation (depreciation) on non-controlled/affiliate investments | 9,102,000 | -372,000 | -372,000 | ||||||||
net change in unrealized appreciation (depreciation) on controlled affiliate investments | -63,000 | -637,000 | -459,000 | -10,185,000 | -7,130,000 | -637,000 | -2,704,000 | -10,185,000 | -3,280,000 | 4,395,000 | |
total net gains | -9,486,000 | 9,588,000 | 391,000 | 30,001,000 | 1,750,000 | 9,588,000 | 17,643,000 | 30,001,000 | -1,933,000 | 18,070,000 | |
net increase in net assets resulting from operations | 17,229,000 | 31,753,000 | 21,772,000 | 39,496,000 | 51,457,000 | 19,222,000 | 39,313,000 | ||||
basic and diluted net investment income per common share | 410 | 340 | 340 | 330 | 370 | 340 | 330 | 330 | 410 | 410 | |
basic and diluted increase in net assets resulting from operations per common share | 270 | 490 | 350 | 800 | 400 | 490 | 690 | 800 | 370 | 760 | |
basic and diluted weighted-average common shares outstanding | 64,562,265,000 | 64,562,265,000 | 64,562,265,000 | 64,562,265,000 | 64,562,265,000 | 53,778,239,000 | 64,562,265,000 | 58,670,518,000 | 64,562,265,000 | 51,629,544,000 | 51,482,137,000 |
net realized loss on controlled affiliate investments | -3,237,000 | -964,500 | |||||||||
net realized loss on foreign currency transactions | -3,026,000 | -523,250 | -19,000 | ||||||||
net change in unrealized appreciation on foreign currency translation | 386,000 | 22,250 | 194,000 | ||||||||
net change in unrealized depreciation on non-controlled/non-affiliate investments | -3,224,000 | ||||||||||
net realized loss on extinguishment of debt | -2,313,000 | ||||||||||
net change in unrealized appreciation (depreciation) on forward currency exchange contracts | 1,250,000 | -11,177,000 | -9,865,000 | 4,577,000 | -14,475,000 | -11,177,000 | -5,866,000 | -3,283,000 | |||
net change in unrealized appreciation on non-controlled/affiliate investments | 2,078,000 | 1,689,000 | 3,008,000 | 1,174,250 | 1,689,000 | ||||||
net increase (decrease) in net assets resulting from operations | 24,382,000 | 51,457,000 | 31,753,000 | ||||||||
net investment income before taxes | 22,165,000 | ||||||||||
investment income from non-controlled, affiliate investments: | |||||||||||
net realized loss on non-controlled/non-affiliate investments | -850,000 | ||||||||||
net change in unrealized depreciation on foreign currency translation | -198,000 | ||||||||||
per common share data |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2022-06-30 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,022,000 | ||||||||||
assets | |||||||||||
investments at fair value: | |||||||||||
non-controlled/non-affiliate investments | 1,784,423,000 | 2,431,395,000 | 2,360,349,000 | 1,469,128,402 | 1,075,932,730 | 853,283,326 | 723,004,699 | 475,372,716 | 412,243,177 | ||
non-controlled/affiliate investment | 151,735,000 | 6,720,000 | 6,720,000 | 6,720,000 | |||||||
controlled affiliate investment | 350,880,000 | 68,619,000 | 60,346,000 | 354,091,548 | |||||||
cash and cash equivalents | 38,013,000 | 70,637,000 | 100,358,000 | 79,140,512 | 151,069,731 | 125,785,589 | 120,425,021 | 37,813,409 | 20,344,691 | 158,551,715 | |
foreign cash | 5,003,000 | 992,000 | 599,000 | 1,478,627 | 1,666,238 | 15,204,499 | 2,315,865 | 728,717 | 48,811 | 9,601,005 | |
restricted cash and cash equivalents | 25,910,000 | ||||||||||
collateral on forward currency exchange contracts | 64,000 | 1,984,000 | 403,790 | 824,191 | 820,000 | 7,873,735 | 4,220,000 | ||||
deferred financing costs | 1,961,000 | 3,471,000 | 3,868,000 | 3,872,902 | 4,736,156 | 5,097,608 | 5,455,132 | 815,059 | 907,292 | 998,523 | 1,088,751 |
interest receivable on investments | 27,776,000 | 18,600,000 | 13,529,000 | 7,973,786 | 4,482,186 | 3,936,470 | 3,052,319 | 1,795,921 | 1,440,015 | 616,984 | 596,164 |
receivable for sales and paydowns of investments | 13,863,000 | 28,070,000 | 12,016,000 | 40,235,589 | 37,347 | 3,372,539 | 896,581 | 21,402 | 5,288,243 | ||
prepaid insurance | 559,000 | 3,033 | 48,535 | 93,160 | 2,078 | 46,703 | 91,328 | 139,875 | |||
unrealized appreciation on forward currency exchange contracts | 15,095,000 | 9,308,000 | 331,000 | 6,038,508 | 5,618,287 | 4,089,279 | |||||
dividend receivable | 10,826,000 | 1,037,000 | 292,000 | 9,150,109 | 6,084,313 | 5,390,500 | 4,639,124 | ||||
total assets | 2,426,044,000 | 2,727,462,000 | 2,589,822,000 | 1,995,944,174 | 1,564,846,084 | 1,233,185,960 | 1,061,124,236 | 528,789,661 | 613,417,685 | 367,716,059 | 176,855,085 |
liabilities | |||||||||||
debt | 1,244,283,000 | 1,657,578,000 | |||||||||
interest payable | 7,164,000 | 12,381,000 | 10,893,000 | 5,095,949 | 598,802 | 990,554 | 660,980 | 71,300 | 105,418 | 71,791 | 17,992 |
payable for investments purchased | 27,052,000 | 3,033,000 | 15,241,000 | 24,370,068 | 56,273,526 | 13,279,088 | 17,652,836 | 11,024,441 | 26,480,864 | 26,627,633 | 6,266,467 |
base management fee payable | 8,451,000 | 6,328,000 | 6,366,000 | 4,500,941 | 2,319,541 | 1,878,062 | 1,623,781 | 856,260 | 582,131 | 266,584 | 178,204 |
incentive fee payable | 4,069,000 | 3,567,000 | 4,490,000 | 2,103,341 | 2,930,760 | 1,312,528 | 3,022,467 | 703,400 | 463,397 | 347,005 | 253,576 |
accounts payable and accrued expenses | 3,317,000 | 3,443,000 | 3,469,000 | 2,304,869 | 2,455,164 | 1,166,268 | 1,122,881 | 1,358,383 | 895,521 | 670,007 | 478,419 |
distributions payable | 21,951,000 | 21,176,000 | 21,176,000 | 21,107,677 | 17,966,855 | 13,484,328 | 10,609,643 | 5,235,687 | 2,739,972 | 82,363 | |
total liabilities | 1,319,030,000 | 1,709,237,000 | 1,568,620,000 | 976,110,169 | 680,884,854 | 478,629,828 | 426,654,661 | 21,893,415 | 108,953,541 | 28,244,704 | 66,510,827 |
commitments and contingencies | |||||||||||
net assets | |||||||||||
common stock, par value 0.001 per share... | 65,000 | 52,000 | 52,000 | 51,482 | 43,822 | 37,457 | 31,205 | 24,932 | 24,909 | 16,772 | 5,491 |
paid in capital in excess of par value | 1,168,384,000 | 1,037,577,000 | 1,037,577,000 | 1,034,255,352 | 886,056,633 | 757,681,897 | 630,284,377 | 502,659,613 | 502,299,938 | 337,180,436 | 109,677,129 |
total distributable earnings | -61,435,000 | ||||||||||
total net assets | 1,107,014,000 | 1,018,225,000 | 1,021,202,000 | 1,019,834,005 | 883,961,230 | 754,556,132 | 634,469,575 | 506,896,246 | 504,464,144 | 339,471,355 | 110,344,258 |
total liabilities and total net assets | 2,426,044,000 | 2,727,462,000 | 2,589,822,000 | 1,995,944,174 | 1,564,846,084 | 1,233,185,960 | 1,061,124,236 | 528,789,661 | 613,417,685 | 367,716,059 | 176,855,085 |
net asset value per share | 17,150 | 19,710 | 19,770 | 19.81 | 20.17 | 20.14 | 20.33 | 20.33 | 20.25 | 20.24 | 20.1 |
income | |||||||||||
investment income from non-controlled/non-affiliate investments: | |||||||||||
interest from investments | 29,769,000 | 50,710,000 | 44,938,000 | 30,387,622 | 20,270,439 | 15,820,982 | 12,615,297 | 7,793,040 | 4,432,338 | ||
dividend income | 46,000 | 15,533 | 6,204,262 | 5,432,984 | 4,707,978 | ||||||
pik income | 2,375,000 | ||||||||||
other income | 7,690,000 | 236,000 | 369,000 | 21,731 | 91,436 | 94,201 | 114,004 | 88,988 | |||
total investment income from non-controlled/non-affiliate investments | 39,834,000 | 50,992,000 | 45,307,000 | 30,424,886 | 20,361,875 | 15,915,183 | 12,729,301 | 7,793,040 | |||
investment income from non-controlled/affiliate investments: | |||||||||||
total investment income from non-controlled/affiliate investments | 3,797,000 | ||||||||||
investment income from controlled affiliate investments: | |||||||||||
total investment income from controlled affiliate investments | 8,733,000 | 1,696,000 | 5,291,000 | 9,464,937 | 6,300,533 | 5,510,323 | 4,729,266 | ||||
total investment income | 52,364,000 | 52,688,000 | 50,598,000 | 39,889,823 | 26,662,408 | 21,425,506 | 17,458,567 | 7,817,100 | 4,529,172 | ||
expenses | |||||||||||
interest and debt financing expenses | 11,027,000 | 19,427,000 | 16,619,000 | 10,545,687 | 6,523,738 | 5,325,222 | 4,288,897 | 223,945 | 202,431 | 195,477 | |
base management fee | 8,451,000 | 8,910,000 | 7,983,000 | 6,751,412 | 2,319,541 | 1,878,062 | 1,623,781 | 856,260 | 582,131 | 266,584 | |
incentive fee | 4,069,000 | 4,330,000 | 4,490,000 | 4,085,628 | 3,241,992 | 911,103 | 2,004,548 | 240,003 | 116,392 | 93,428 | |
professional fees | 446,000 | 789,000 | 275,000 | 550,432 | 899,756 | 316,290 | 523,677 | 506,756 | 486,168 | 413,539 | |
directors fees | 179,000 | 159,000 | 106,000 | 105,140 | 67,776 | 66,911 | 68,250 | 68,250 | 68,250 | 67,812 | |
other general and administrative expenses | 1,477,000 | 1,243,000 | 1,587,000 | 841,177 | 329,917 | 449,718 | 174,692 | 213,822 | 174,412 | 112,079 | |
total expenses before fee waivers | 25,649,000 | 34,858,000 | 31,060,000 | 22,879,476 | 13,382,720 | ||||||
base management fee waiver | |||||||||||
incentive fee waiver | |||||||||||
total expenses, net of fee waivers | 25,649,000 | 31,513,000 | 29,443,000 | 18,646,718 | 12,763,157 | ||||||
net investment income | 26,715,000 | 21,175,000 | 21,155,000 | 5,601,912 | 2,794,390 | 989,652 | |||||
net realized and unrealized gains | |||||||||||
net realized gain on non-controlled/non-affiliate investments | -2,576,000 | 27,000 | 257,702 | 48,735 | |||||||
net realized gain on controlled affiliate investments | 265,000 | ||||||||||
net realized gain on foreign currency transactions | 3,166,000 | 122,000 | 5,885 | 279,145 | 516,344 | 64,701 | |||||
net realized gain on forward currency exchange contracts | 2,018,000 | 346,000 | 7,063,000 | 3,633,076 | 177,172 | 444,246 | |||||
net change in unrealized appreciation (depreciation) on foreign currency translation | -2,051,000 | 162,000 | 499,000 | ||||||||
net change in unrealized appreciation on forward currency exchange contracts | 8,124,000 | ||||||||||
net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments | -27,206,000 | 275,000 | 7,123,429 | ||||||||
net change in unrealized appreciation (depreciation) on non-controlled/affiliate investments | 9,102,000 | ||||||||||
net change in unrealized appreciation (depreciation) on controlled affiliate investments | -63,000 | ||||||||||
total net gains | -9,486,000 | 18,069,430 | 5,091,601 | 2,584,692 | |||||||
net increase in net assets resulting from operations | 17,229,000 | 18,199,000 | 19,222,000 | 39,312,535 | 18,990,852 | 6,167,113 | 11,359,105 | 7,201,939 | 3,570,331 | 1,612,509 | |
basic and diluted net investment income per common share | 410 | 410 | 410 | 0.41 | 0.33 | 0.38 | 0.3 | 0.22 | 0.16 | 0.09 | |
basic and diluted increase in net assets resulting from operations per common share | 270 | 350 | 370 | 0.76 | 0.46 | 0.17 | 0.39 | 0.29 | 0.21 | ||
basic and diluted weighted-average common shares outstanding | 64,562,265,000 | 51,649,812,000 | 51,629,544,000 | 51,482,137 | 41,733,013 | 35,379,436 | 29,133,586 | 24,921,589 | 17,221,607.35 | 10,880,455.56 | |
restricted cash | 86,402,000 | 27,946,000 | 14,009,400 | 37,735,920 | |||||||
other assets | 2,147,000 | 1,484,000 | 3,701,001 | 5,723 | |||||||
offering costs payable | 1,731,000 | 1,731,000 | 1,730,959 | ||||||||
preferred stock, 0.001 par value per share... | |||||||||||
net change in unrealized appreciation (depreciation) on forward currency exchange contracts | 9,135,000 | 1,529,008 | 6,652,602 | 941,491 | |||||||
per common share data | |||||||||||
revolving credit facilities | 1,141,351,000 | 551,194,090 | 233,639,250 | 446,519,000 | 389,398,750 | ||||||
2018-1 notes | 363,745,000 | 363,702,275 | 363,615,956 | ||||||||
unrealized depreciation on forward currency exchange contracts | 158,000 | 2,563,323 | 2,643,944 | 1,409,238 | 261,684 | ||||||
net realized loss on non-controlled/non-affiliate investments | |||||||||||
net realized loss on foreign currency transactions | |||||||||||
net investment income before taxes | 21,243,105 | 13,899,251 | 13,482,398 | 8,774,722 | |||||||
excise tax expense | 309 | ||||||||||
net investment income after taxes | 21,243,105 | 13,899,251 | 13,482,398 | 8,774,413 | |||||||
net change in unrealized depreciation on foreign currency translation | |||||||||||
net change in unrealized appreciation on non-controlled/non-affiliate investments | 14,366,920 | 2,575,854 | 2,920,895 | ||||||||
net change in unrealized appreciation on controlled affiliate investments | 4,394,893 | 139,662 | 1,865,229 | ||||||||
controlled affiliate investments | 275,509,851 | 215,852,365 | 192,363,591 | 8,005,359 | |||||||
deferred offering costs | 1,085,000 | 15,000 | 121,152 | 226,150 | 329,995 | ||||||
distribution receivable | 61,101 | 305,250 | 1,005,009 | ||||||||
deferred offering costs payable | 1,085,000 | ||||||||||
excise tax payable | |||||||||||
accumulated undistributed net investment income | |||||||||||
accumulated undistributed net realized gain | |||||||||||
net unrealized appreciation | 15,283,884 | 7,091,563 | 12,203,857 | 4,830,108 | 2,695,667 | 2,128,533 | |||||
amortization of deferred offering costs | 106,152 | 104,998 | 103,845 | ||||||||
total expenses before incentive fee waivers | 8,947,306 | ||||||||||
total expenses, net of incentive fee waivers | 7,943,108 | ||||||||||
total expenses | 8,683,845 | 2,215,188 | 1,734,782 | 1,252,764 | |||||||
net realized loss on forward currency exchange contracts | |||||||||||
revolving credit facility | 76,277,000 | 59,100,000 | |||||||||
directors fees payable | 133,806 | ||||||||||
accumulated undistributed net realized loss | |||||||||||
total investment income from controlled affiliate investments: | 24,060 | ||||||||||
organizational costs | |||||||||||
net change in unrealized appreciation on foreign currency translation | 448,252 | ||||||||||
net change in unrealized depreciation on forward currency exchange contracts | |||||||||||
total net realized and unrealized gains | 1,600,027 | 775,941 | 622,857 | ||||||||
controlled/affiliate investments | 5,735,679 | ||||||||||
total investments at fair value | 417,978,856 | 194,542,825 | 107,942,008 | ||||||||
collateral on certain derivative investments | 2,020,000 | ||||||||||
capital contributions receivable | 165,221,922 | ||||||||||
accumulated undistributed net realized gains | 393,640 | 184,833 | |||||||||
investment income from non-controlled, non-affiliate investments: | |||||||||||
total investment income from non-controlled, non-affiliate investments | 4,521,326 | ||||||||||
investment income from controlled, affiliate investments: | |||||||||||
total investment income from controlled, affiliate investments: | 7,846 | ||||||||||
net realized gain on non-controlled, non-affiliate investments | |||||||||||
net change in unrealized appreciation on non-controlled, non-affiliate investments | 2,138,706 | ||||||||||
non-control/non-affiliate investments | 194,542,825 | 107,942,008 | |||||||||
receivable for paydowns and sales of investments | 3,087,529 | ||||||||||
investment income from non-controlled, non-affiliated investments | |||||||||||
interest income | 2,242,416 | ||||||||||
total investment income from non-controlled, non-affiliated investments | 2,242,416 | ||||||||||
net realized gain on non-controlled, non-affiliated investments | 120,132 | ||||||||||
net change in unrealized appreciation on non-controlled, non-affiliated investments | 714,772 | ||||||||||
basic and diluted earnings per common share | 0.15 | ||||||||||
cash | 66,732,154 | ||||||||||
receivable for paydown of investments | 20,415 | ||||||||||
net asset receivable | |||||||||||
accumulated undistributed net investment loss | -1,028,871 | ||||||||||
net unrealized appreciation on investments | 1,690,509 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2020-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||
net increase in net assets resulting from operations | 18,200,000 | 19,221,465 | 39,312,535 | 18,990,852 | 6,167,113 | 11,359,105 | 7,201,939 | 3,570,331 | 1,612,509 | |
adjustments to reconcile net increase in net assets from operations to net cash from operating activities: | ||||||||||
purchases of investments | ||||||||||
proceeds from principal payments and sales of investments | 167,711,000 | 408,932,722 | 153,616,278 | 68,461,991 | 59,992,182 | 66,582,086 | 12,648,903 | 12,263,285 | 1,117,093 | |
net realized (gain) income from investments | 849,933 | 3,174,983 | ||||||||
net realized (gain) loss on foreign currency transactions | ||||||||||
net change in unrealized (appreciation) depreciation on forward currency exchange contracts | -9,135,000 | 5,865,750 | 3,283,250 | |||||||
net change in unrealized (appreciation) depreciation on investments | ||||||||||
net change in unrealized (appreciation) depreciation on foreign currency translation | ||||||||||
increase in investments due to pik | ||||||||||
accretion of discounts and amortization of premiums | ||||||||||
amortization of deferred financing costs and debt issuance costs | 462,000 | 332,505 | 311,495 | |||||||
changes in operating assets and liabilities: | ||||||||||
collateral on forward currency exchange contracts | -4,191 | |||||||||
interest receivable on investments | ||||||||||
prepaid insurance | 0 | -517 | 1,517 | 45,502 | 44,625 | 44,625 | 44,625 | 44,625 | 48,547 | |
dividend receivable | -745,000 | |||||||||
interest payable | 1,488,000 | 5,797,390 | 260,610 | -34,118 | 33,627 | 53,799 | ||||
base management fee payable | -38,000 | 1,865,471 | 1,550,529 | 441,479 | 254,281 | 379,748 | 274,129 | 315,547 | 88,380 | |
incentive fee payable | -923,000 | 1,618,232 | -1,709,939 | 2,004,548 | 240,003 | 116,392 | 93,429 | |||
accounts payable and accrued expenses | -26,000 | 1,163,901 | 1,024,099 | 886,405 | 462,862 | 225,514 | 191,588 | |||
net cash from operating activities | ||||||||||
capital expenditures | ||||||||||
free cash flows | ||||||||||
| ||||||||||
cash flows from financing activities | ||||||||||
borrowings on debt | ||||||||||
repayments on debt | ||||||||||
payments of financing costs | ||||||||||
payments of debt issuance costs | ||||||||||
stockholder distributions paid | ||||||||||
net cash from financing activities | 131,557,000 | -5,209,578 | 258,608,578 | 266,034,523 | 173,914,379 | 57,413,533 | 86,553,712 | 74,770,548 | 168,332,225 | |
net increase in cash, foreign cash, restricted cash and cash equivalents | 29,449,000 | 34,633,677 | 61,525,323 | |||||||
effect of foreign currency exchange rates | 289,401 | 570,792 | -269,255 | 269,358 | ||||||
cash, foreign cash, restricted cash and cash equivalents, beginning of period | 0 | 469 | 33,270,531 | |||||||
cash, foreign cash, restricted cash and cash equivalents, end of period | 29,128,000 | 34,274,461 | 94,628,539 | |||||||
supplemental disclosure of cash flow information: | ||||||||||
cash interest paid during the period | 17,477,000 | 10,489,418 | 9,973,582 | 6,553,091 | 4,638,124 | 4,089,725 | 82,678 | 161,673 | 50,502 | |
supplemental disclosure of non-cash information: | ||||||||||
debt investment sold by the company to islp | ||||||||||
company investment into islp in exchange for investments sold | ||||||||||
company investment into slp | ||||||||||
deconsolidation of 2018-1 issuer | ||||||||||
disposition of assets | ||||||||||
reduction of liabilities | ||||||||||
cash | -29,721,000 | 21,217,488 | 79,140,512 | |||||||
restricted cash | 58,456,000 | 13,936,600 | 14,009,400 | |||||||
foreign cash | 393,000 | -879,627 | 1,478,627 | |||||||
total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows | 29,128,000 | 34,274,461 | 94,628,539 | |||||||
net realized loss on foreign currency transactions | -122,000 | |||||||||
net realized loss on extinguishment of debt | ||||||||||
collateral payable on forward currency exchange contracts | ||||||||||
payments of offering costs | ||||||||||
proceeds from issuance of common stock | 125,972,706 | 125,547,706 | 125,427,706 | 165,221,897 | 0 | 227,513,324 | ||||
cash, foreign cash, restricted cash and cash equivalents, beginning of year | ||||||||||
cash, foreign cash, restricted cash and cash equivalents, end of year | ||||||||||
cash interest paid during the year | ||||||||||
cash paid for excise taxes during the year | ||||||||||
reinvestment of stockholder distributions | 0 | 2,408,395 | 1,856,066 | 1,329,579 | 465,875 | 114,560 | 1,264 | |||
distribution to owner from abcs jv | ||||||||||
net realized income from investments | -27,000 | |||||||||
excise tax payable | ||||||||||
distribution receivable | ||||||||||
other assets | 0 | 0 | 5,723 | |||||||
cash paid for excise taxes during the period | 0 | 0 | 5,191 | |||||||
net change in unrealized appreciation on investments | ||||||||||
net change in unrealized depreciation on foreign currency translation | 198,161 | 17,344 | ||||||||
other receivable | ||||||||||
borrowings on revolving credit facilities | 160,161,812 | 465,929,188 | 126,000,000 | 85,000,000 | 59,000,000 | |||||
repayments on revolving credit facilities | ||||||||||
net distribution to the company from abcs jv | ||||||||||
net realized gain on foreign currency transactions | ||||||||||
repayments of revolving credit facilities | ||||||||||
net change in (appreciation) depreciation on foreign currency translation | ||||||||||
amortization of deferred offering costs | 106,152 | 104,998 | 103,845 | |||||||
issuance of 2018-1 notes | ||||||||||
cash and cash equivalents | ||||||||||
net change in unrealized appreciation (depreciation) on investments | ||||||||||
net change in unrealized appreciation on foreign currency translation | 15,064 | |||||||||
amortization of deferred financing costs and upfront commitment fees | 357,524 | 353,594 | 92,233 | 91,231 | 90,228 | |||||
net increase in cash, foreign cash and cash equivalents | 101,151,208 | |||||||||
cash, foreign cash and cash equivalents, beginning of period | 0 | 140,918,144 | 0 | 0 | 66,732,154 | |||||
cash, foreign cash and cash equivalents, end of period | 18,249,202 | 122,740,886 | 18,148,624 | -147,759,218 | 168,152,720 | |||||
portfolio company | ||||||||||
investments and cash equivalents 158.1% | ||||||||||
investments 141.7% | ||||||||||
non-controlled/non-affiliate investments 113.1% | ||||||||||
corporate fixed income 3.9% | ||||||||||
corporate bond 3.9% | ||||||||||
beverage, food & tobacco 1.3% | ||||||||||
hearthside food solutions, llc | ||||||||||
total beverage, food & tobacco | ||||||||||
consumer goods: non-durable 1.2% | ||||||||||
kronos acquisition holdings inc. | ||||||||||
total consumer goods: non-durable | ||||||||||
utilities: electric 1.4% | ||||||||||
csvc acquisition corp | ||||||||||
total utilities: electric | ||||||||||
total corporate bond | ||||||||||
total corporate fixed income | ||||||||||
corporate debt 108.7% | ||||||||||
delayed draw term loan 0.4% | ||||||||||
capital equipment 0.3% | ||||||||||
endries international, inc. | ||||||||||
total capital equipment | ||||||||||
construction & building 0.0% | ||||||||||
chase industries, inc. | ||||||||||
total construction & building | ||||||||||
media: diversified & production 0.1% | ||||||||||
international entertainment investments limited | ||||||||||
total media: diversified & production | ||||||||||
services: business 0.0% | ||||||||||
sovos compliance, llc | ||||||||||
total services: business | ||||||||||
telecommunications 0.0% | ||||||||||
horizon telcom, inc. | ||||||||||
total telecommunications | ||||||||||
transportation: cargo 0.0% | ||||||||||
enc holding corporation | ||||||||||
transportation: cargo | ||||||||||
total delayed draw term loan | ||||||||||
first lien last out term loan 3.9% | ||||||||||
environmental industries 2.5% | ||||||||||
adler & allan group limited | ||||||||||
total environmental industries | ||||||||||
healthcare & pharmaceuticals 1.4% | ||||||||||
clinical innovations, llc | ||||||||||
total healthcare & pharmaceuticals | ||||||||||
total first lien last out term loan | ||||||||||
net realized gain from investments | ||||||||||
investments and cash equivalents 162.8% | ||||||||||
investments 144.3% | ||||||||||
non-controlled/non-affiliate investments 114.0% | ||||||||||
corporate fixed income 1.9% | ||||||||||
corporate bond 1.9% | ||||||||||
utilities: electric 1.9% | ||||||||||
corporate debt 111.5% | ||||||||||
delayed draw term loan 0.5% | ||||||||||
capital equipment 0.4% | ||||||||||
healthcare & pharmaceuticals 0.0% | ||||||||||
great expressions dental centers pc | ||||||||||
lakeland tours, llc | ||||||||||
first lien last out term loan 4.8% | ||||||||||
environmental industries 3.2% | ||||||||||
healthcare & pharmaceuticals 1.6% | ||||||||||
first lien senior secured loan 82.2% | ||||||||||
aerospace & defense 3.1% | ||||||||||
anaren, inc. | ||||||||||
novetta, llc | ||||||||||
salient crgt, inc. | ||||||||||
standardaero aviation holdings, inc. | ||||||||||
total aerospace & defense | ||||||||||
automotive 2.8% | ||||||||||
cst buyer company | ||||||||||
oeconnection llc | ||||||||||
total automotive | ||||||||||
beverage, food & tobacco 0.8% | ||||||||||
restaurant technologies, inc. | ||||||||||
capital equipment 4.0% | ||||||||||
dorner manufacturing corp. | ||||||||||
dxp enterprises, inc. | ||||||||||
wilsonart llc | ||||||||||
net change in unrealized depreciation on forward currency exchange contracts | 1,234,706 | 1,147,554 | 261,684 | |||||||
directors fees payable | ||||||||||
borrowings on revolving credit facility | 209,978 | 90,830,040 | 3,859,900 | |||||||
repayments on revolving credit facility | ||||||||||
net decrease in cash, foreign cash and cash equivalents | ||||||||||
investments and cash equivalents 102.6% | ||||||||||
investments 95.4% | ||||||||||
non-controlled/non-affiliate investments 93.8% | ||||||||||
corporate fixed income 1.6% | ||||||||||
corporate bond 1.6% | ||||||||||
utilities: electric 1.6% | ||||||||||
corporate debt 92.2% | ||||||||||
delayed draw term loan 0.2% | ||||||||||
capital equipment 0.0% | ||||||||||
hotel, gaming & leisure 0.0% | ||||||||||
npc international, inc. | ||||||||||
total hotel, gaming & leisure | ||||||||||
media: diversified & production 0.2% | ||||||||||
environmental industries 3.9% | ||||||||||
first lien senior secured loan 73.2% | ||||||||||
aerospace & defense 4.0% | ||||||||||
automotive 2.0% | ||||||||||
beverage, food & tobacco 3.8% | ||||||||||
k-mac holdings corp. | ||||||||||
capital equipment 5.3% | ||||||||||
excelitas technologies corp. | ||||||||||
chemicals, plastics & rubber 1.6% | ||||||||||
asp chromaflo intermediate holdings, inc. | ||||||||||
niacet b.v. | ||||||||||
niacet corporation | ||||||||||
total chemicals, plastics & rubber | ||||||||||
construction & building 3.4% | ||||||||||
bolt infrastructure merger sub, inc. | ||||||||||
regan development holdings limited | ||||||||||
consumer goods: non-durable 4.2% | ||||||||||
fineline technologies, inc. | ||||||||||
melissa & doug, llc | ||||||||||
containers, packaging & glass 4.4% | ||||||||||
bway holding company | ||||||||||
csp technologies north america, llc | ||||||||||
total containers, packaging & glass | ||||||||||
energy: oil & gas 2.7% | ||||||||||
keane group, inc. | ||||||||||
total energy: oil & gas | ||||||||||
healthcare & pharmaceuticals 7.9% | ||||||||||
drive devilbiss | ||||||||||
endo luxembourg holding company s.a.r.l. and nima | ||||||||||
island medical management holdings, llc | ||||||||||
high tech industries 14.0% | ||||||||||
lighthouse network, llc | ||||||||||
netsmart technologies, inc. | ||||||||||
qlik technologies | ||||||||||
solarwinds holdings, inc. | ||||||||||
zywave, inc. | ||||||||||
total high tech industries | ||||||||||
media: diversified & production 4.6% | ||||||||||
deluxe entertainment services group inc. | ||||||||||
collateral on certain derivative investments | ||||||||||
investments | ||||||||||
non-controlled/non-affiliate company investments | ||||||||||
dae aviation holdings, inc. | ||||||||||
tect power holdings, llc | ||||||||||
tecostar holdings, inc. | ||||||||||
u.s. anesthesia partners, inc. | ||||||||||
harbortouch payments, llc | ||||||||||
columbus mckinnon corporation | ||||||||||
dorner manufacturing corp | ||||||||||
net increase in cash | ||||||||||
cash, beginning of period | ||||||||||
cash, end of period | ||||||||||
deluxe entertainment services group, inc. | ||||||||||
learfield communications, llc | ||||||||||
masergy holdings, inc. | ||||||||||
polycom, inc. | ||||||||||
total investments - 97.8% |