Saratoga Investment Corp(NYSE:SAR) 
Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investme...
Founded: 2007
Sector: Financial Services
Industry: Asset Management
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At a glance:
Bull Thesis:
Bear Thesis:
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Moat:
Income Statements:
Quarterly
Annual
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2013-02-28 | 2010-02-28 | 2009-08-31 | 2009-05-31 | 2009-02-28 | 2008-11-30 | 2008-08-31 | 2008-05-31 | 2008-02-29 | 2007-11-30 | 2007-08-31 | 2007-05-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
per share: | ||||||||||||
earnings per common share—basic and diluted | 3,550 | |||||||||||
net investment income per share—basic and diluted | 1,710 | |||||||||||
net realized and unrealized gain per share— basic and diluted | 1,840 | |||||||||||
dividends declared per common share | 4,250 | 1.83 | ||||||||||
dilutive impact of dividends paid in stock on net asset value per share | -1,370 | |||||||||||
net asset value per share | 22,980 | 6.91 | 8.85 | 8.2 | 10.14 | 11.05 | 11.75 | 11.8 | 13.51 | 13.76 | 14.21 | |
statement of assets and liabilities data: | ||||||||||||
investment assets at fair value | 155,080,000 | 89,373 | ||||||||||
total assets | 174,411,000 | 96,935 | 110,968,116 | 135,801,090 | 130,662,479 | 153,909,255 | 168,829,658 | 174,276,866 | 192,841,668 | 203,933,939 | 207,274,027 | 222,291,316 |
total debt outstanding | 60,300,000 | 36,992 | ||||||||||
stockholders’ equity | 108,687,000 | 55,478 | ||||||||||
net asset value per common share | 22,980 | 3.27 | ||||||||||
common shares outstanding at end of year | 4,730,116,000 | 16,940,109 | ||||||||||
other data: | ||||||||||||
investments funded | 71,596,000 | |||||||||||
principal collections related to investment repayments or sales | 21,488,000 | 15,185 | ||||||||||
number of investments at year end | 47,000 | |||||||||||
weighted-average yield of income producing debt investments—non-control/non-affiliate | 11,260 | |||||||||||
weighted-average yield on income producing debt investments—control | 27,110 | |||||||||||
number of investments | 44,000 | |||||||||||
number of portfolio companies | 28,000 | |||||||||||
average investment size | 2,900 | |||||||||||
weighted-average maturity | 3,700 | |||||||||||
number of industries | 15,000 | |||||||||||
average investment per portfolio company | 4,600 | |||||||||||
non-performing or delinquent investments | 6,700 | |||||||||||
fixed rate debt | 53,400 | |||||||||||
weighted-average current coupon | 12,600 | |||||||||||
floating rate debt | 68,200 | |||||||||||
weighted-average current spread over libor | 7,500 | |||||||||||
earnings (loss) per common share — basic and diluted | -0.99 | |||||||||||
net investment income per share — basic and diluted | 0.54 | |||||||||||
net realized and unrealized gain per share — basic and diluted | -1.52 | |||||||||||
number of portfolio investments at year end | 41 | |||||||||||
weighted average yield of income producing debt investments — non-control/non-affiliate | 9.6 | |||||||||||
weighted average yield on income producing debt investments — control | 8.3 | |||||||||||
see note 7 in consolidated financial statements. | ||||||||||||
based on 8,291,384 common shares outstanding. | ||||||||||||
assets | ||||||||||||
investments at fair value | ||||||||||||
non-control/non-affiliate investments | 86,689,407 | 101,983,348 | 96,462,919 | 111,140,209 | 127,857,819 | 127,162,754 | 143,745,269 | 185,301,056 | 193,822,981 | 205,938,745 | ||
control investments | 13,348,381 | 19,235,848 | 22,439,029 | 25,027,279 | 25,899,553 | 29,194,602 | 29,075,299 | 406,155 | 344,250 | 2,583,634 | ||
affiliate investments | 318 | 4,043 | 10,527 | 7,022 | 16,233 | 16,233 | 16,233 | 37,525 | 31,806 | 239,168 | ||
total investments at fair value | 100,038,106 | 121,223,239 | 118,912,475 | 136,174,510 | 153,773,605 | 156,373,589 | 172,836,801 | 185,744,736 | 194,199,037 | 208,761,547 | ||
cash and cash equivalents | 6,643,998 | 8,544,000 | 6,356,225 | 4,499,339 | 4,858,988 | 1,963,407 | 1,072,641 | 3,336,248 | 2,849,824 | 2,265,303 | ||
cash and cash equivalents, securitization accounts | 434,918 | 2,028,951 | 1,178,201 | 7,325,700 | 6,264,386 | 10,120,045 | 14,580,973 | |||||
outstanding interest rate cap at fair value | 89,347 | 75,200 | 39,513 | 46,988 | 48,408 | 64,735 | 76,734 | |||||
interest receivable, net of reserve | 2,514,815 | 3,067,955 | ||||||||||
deferred credit facility financing costs | 483,447 | 529,767 | 590,373 | 634,337 | 678,784 | 723,231 | ||||||
management fee receivable | 650,062 | 237,306 | 237,370 | 236,449 | 229,736 | 738,653 | 215,914 | |||||
other assets | 596,870 | 140,992 | 321,260 | 204,741 | 135,050 | 89,508 | 39,349 | 277,494 | 455,109 | 976,132 | ||
liabilities | ||||||||||||
revolving credit facility | 49,580,451 | 57,755,257 | 58,994,673 | 66,250,000 | 66,250,000 | 60,650,000 | 78,450,000 | |||||
management and incentive fees payable | 3,135,958 | 3,750,594 | 2,880,667 | 2,499,569 | 2,008,875 | 1,088,606 | 943,061 | 1,089,805 | 1,619,467 | 719,856 | ||
accounts payable and accrued expenses | 547,739 | 690,646 | 700,537 | 844,434 | 821,626 | 586,418 | 713,422 | 798,756 | 659,747 | 554,550 | ||
interest and credit facility fees payable | 408,695 | 227,000 | 72,825 | 220,507 | 198,210 | 245,388 | 292,307 | 420,363 | 461,817 | 690,312 | ||
due to manager | 5,942 | 3,982 | 29,236 | |||||||||
total liabilities | 53,678,785 | 62,423,497 | 62,648,702 | 69,814,510 | 77,184,071 | 76,830,218 | 94,972,628 | 91,928,561 | 93,179,371 | 104,429,652 | ||
common stock | 829 | 829 | 829 | 829 | 829 | 829 | 829 | 829 | 829 | |||
authorized, 8,291,384 and 8,291,384 common shares issued and outstanding, respectively | 829 | |||||||||||
capital in excess of par value | 116,943,738 | 116,943,738 | 110,943,738 | 116,218,966 | 116,218,966 | 116,218,966 | 116,218,966 | 116,301,182 | 116,301,182 | 114,311,250 | ||
accumulated undistributed net investment income | 9,766,239 | 8,686,481 | 6,122,492 | 4,526,281 | 639,002 | 417,409 | 455,576 | 9,696 | 1,827,736 | |||
accumulated undistributed net realized loss from investments and derivatives | -7,978,576 | -6,953,780 | ||||||||||
net unrealized depreciation on investments and derivatives | -61,442,899 | -45,299,675 | -48,104,654 | -30,557,949 | -26,413,703 | -20,203,004 | -20,106,189 | -7,346,094 | ||||
total stockholders’ equity | 57,289,331 | 73,377,593 | 68,013,777 | 84,094,745 | 91,645,587 | 97,446,648 | 97,869,040 | 112,005,378 | 114,094,656 | 117,861,664 | ||
total liabilities and stockholders’ equity | 110,968,116 | 135,801,090 | 130,662,479 | 153,909,255 | 168,829,658 | 174,276,866 | 192,841,668 | 203,933,939 | 207,274,027 | 222,291,316 | ||
interest receivable | 3,087,668 | 3,231,155 | 2,885,148 | 3,710,453 | 2,355,122 | 3,973,870 | 3,505,927 | 4,441,802 | ||||
due from manager | 44,567 | 940,903 | 885,132 | 583,442 | 673,662 | |||||||
payable for unsettled trades | 4,667,738 | 10,996,930 | 11,329,150 | |||||||||
dividend payable | 3,233,640 | 3,233,640 | 3,233,640 | 3,150,726 | 1,989,932 | |||||||
accumulated undistributed net realized gain from investments and derivatives | -6,948,628 | -6,093,382 | 1,200,493 | 1,012,448 | ||||||||
receivable from unsettled trades | 1,600,000 | 493,125 | ||||||||||
deferred offering costs | ||||||||||||
due to affiliate | 11,048 | 81,568 | ||||||||||
accrued offering cost | 266,883 | |||||||||||
accumulated undistributed net realized gain on sale of investments and derivatives | 1,299,858 | |||||||||||
cash, securitization accounts | 5,549,171 | 4,552,160 | 3,590,672 | |||||||||
cash, restricted | 3,104,293 | |||||||||||
deferred financing costs | 1,062,995 | 1,128,528 | 1,171,612 | |||||||||
debt | 84,375,261 | 85,728,965 | 100,208,119 | |||||||||
payable from open trades | 1,940,400 | 4,709,375 | ||||||||||
unrealized loss on derivative investment | 71,682 | |||||||||||
accumulated deficit | -70,775 | |||||||||||
accumulated net realized gain on sale of investments | 3,120,236 | 1,445,255 | 1,021,068 | |||||||||
net unrealized appreciation on investments and derivatives | -3,662,306 | 700,781 | ||||||||||
receivable from open trades | 410,586 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-08-31 | 2023-05-31 | 2022-05-31 | 2021-11-30 | 2021-08-31 | 2021-05-31 | 2020-11-30 | 2020-08-31 | 2020-05-31 | 2019-11-30 | 2019-08-31 | 2019-05-31 | 2018-11-30 | 2018-08-31 | 2018-05-31 | 2017-11-30 | 2017-08-31 | 2017-05-31 | 2016-11-30 | 2016-08-31 | 2016-05-31 | 2015-11-30 | 2015-08-31 | 2015-05-31 | 2014-11-30 | 2014-08-31 | 2014-05-31 | 2014-02-28 | 2013-11-30 | 2013-08-31 | 2013-05-31 | 2013-02-28 | 2012-11-30 | 2012-08-31 | 2012-05-31 | 2011-11-30 | 2011-08-31 | 2011-05-31 | 2010-11-30 | 2010-08-31 | 2010-05-31 | 2009-05-12 | 2008-11-30 | 2008-05-12 |
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operating activities | ||||||||||||||||||||||||||||||||||||||||||||
net increase in net assets resulting from operations | 20,141,336 | -213,259 | -1,487,419 | 8,340,113 | 7,941,664 | 21,048,509 | 6,366,319 | 21,810,522 | -22,655,835 | 13,717,222 | 7,579,772 | 7,648,988 | 3,669,083 | 3,142,416 | 3,842,315 | |||||||||||||||||||||||||||||
adjustments to reconcile net increase in net assets resulting from operations to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
payment-in-kind and other adjustments to cost | -8,047,660 | 1,473,779 | 1,322,915 | 785,342 | -1,713,724 | -191,699 | 556,421 | 142,694 | 703,636 | -5,075 | -404,806 | -2,672,834 | ||||||||||||||||||||||||||||||||
net accretion of discount on investments | -823,484 | -461,543 | -350,408 | -483,494 | -563,830 | -321,106 | -358,569 | -293,525 | -312,430 | -407,303 | -162,729 | -318,260 | -278,439 | -134,287 | -380,862 | -146,116 | -166,270 | -168,970 | -154,234 | -117,755 | -136,568 | -104,029 | -130,045 | -143,205 | -52,651 | -559,762 | 177,191 | 122,850 | 319,401 | -3,091 | 227,689 | 265,057 | 228,606 | 237,044 | 244,768 | 496,660 | 347,408 | 158,918 | 183,244 | 548,398 | -182,648 | -310,673 | -414,602 | |
amortization of deferred debt financing costs | 1,302,406 | 1,220,162 | 798,768 | 521,416 | 552,748 | 470,314 | 370,428 | 349,481 | 272,683 | 356,472 | 339,604 | 341,688 | 304,183 | 262,052 | 254,601 | 250,060 | 255,011 | 236,124 | 246,857 | 266,187 | 262,663 | 226,910 | 225,263 | 217,658 | 214,098 | 260,182 | 252,299 | 242,721 | 241,274 | 243,925 | 175,369 | |||||||||||||
realized losses on extinguishment of debt | 764,123 | |||||||||||||||||||||||||||||||||||||||||||
income tax expense | 55,401 | 6,237 | -37,823 | -12,882 | 3,045 | 27,919 | 29,748 | 7,501 | -8,945 | |||||||||||||||||||||||||||||||||||
net realized (gain) income from investments | 54,734,415 | -90,691 | -162,509 | -9,916,925 | -1,501,597 | -1,910,141 | -1,798 | -11,929 | -8,480 | 67,164 | -20,936 | 5,831,905 | -250,576 | 7,293,875 | ||||||||||||||||||||||||||||||
net change in unrealized (appreciation) depreciation on investments | -58,981,893 | 16,322,307 | 9,333,449 | 6,042,616 | -3,376,540 | -16,812,577 | -5,998,830 | -16,580,401 | 31,950,369 | 536,151 | -1,457,872 | -3,989,130 | 1,031,113 | 2,154,521 | -643,205 | -1,226,543 | ||||||||||||||||||||||||||||
net change in benefit from deferred taxes on unrealized (appreciation) depreciation on investments | 679,595 | -59,407 | ||||||||||||||||||||||||||||||||||||||||||
proceeds from sales and repayments of investments | 124,775,339 | 11,067,194 | 10,088,607 | 66,449,541 | 134,845,779 | 14,941,409 | 18,295,902 | 23,282,401 | 9,350,378 | 51,230,833 | 19,004,264 | 26,917,351 | 23,297,683 | 1,016,018 | 36,540,803 | 1,770,057 | 37,908,274 | 5,876,640 | ||||||||||||||||||||||||||
purchases of investments | 97,933,497 | -139,818,921 | -97,197,844 | -58,572,734 | -116,014,579 | -119,166,038 | -51,319,635 | -31,709,000 | -38,998,731 | -40,765,664 | -92,537,650 | -27,368,748 | ||||||||||||||||||||||||||||||||
increase in operating assets: | ||||||||||||||||||||||||||||||||||||||||||||
interest receivable | -114,470 | 328,202 | -232,195 | 547,929 | 1,507,603 | -2,398,700 | 204,341 | -87,537 | 501,475 | 140,923 | -1,081,267 | -68,898 | -508,421 | -412,384 | -733,644 | 484,700 | -120,725 | -358,485 | -590,825 | 48,120 | -246,128 | -284,283 | 104,072 | -324,128 | 143,431 | 179,285 | -690,725 | 92,479 | 736,466 | 398,625 | 337,263 | -311,159 | 344,182 | -140,433 | 711,838 | 884,749 | 143,487 | -346,007 | 1,618,748 | |||||
management fee receivable | 7,414 | 1,783 | -78 | -403 | -478 | 4,176 | 95 | -2,614 | -11,203 | 16,576 | 31,840 | 17,299 | 32 | 1,094 | 2,187 | -254 | 2,358 | -200 | -338 | 96,628 | -921 | -6,713 | ||||||||||||||||||||||
other assets | -267,213 | -136,569 | 34,771 | 5,841 | -138,721 | 78,581 | -120,818 | 21,543 | 40,232 | 83,527 | -128,005 | 45,304 | -22,336 | -173,836 | 40,331 | -253,312 | -138,437 | 1,938 | 68,011 | 48,018 | -9,834 | 65,160 | -223,870 | -4,847 | 54,186 | -64,434 | 40,123 | -5,881 | 41,608 | -261,364 | -116,519 | -69,691 | 238,145 | |||||||||||
current income tax receivable | -239,130 | 336,875 | ||||||||||||||||||||||||||||||||||||||||||
increase in operating liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
base management and incentive fees payable | 3,659,533 | -2,490,034 | -4,309,544 | 656,282 | 697,036 | 4,171,274 | 1,037,072 | 186,272 | -12,247,640 | 1,842,427 | 1,111,398 | 837,285 | -63,421 | -79,640 | 173,779 | 137,851 | 1,064,034 | -1,821,732 | -351,072 | 530,474 | 159,089 | |||||||||||||||||||||||
accounts payable and accrued expenses | -274,782 | 434,280 | 221,783 | -799,771 | 774,330 | 236,250 | -302,033 | 235,705 | -132,244 | -50,522 | 73,166 | -184,742 | 279,991 | 154,458 | 135,183 | 101,415 | 326,074 | 64,171 | 40,951 | -306,417 | 82,384 | 75,315 | -102,423 | -159,806 | 14,210 | -359,751 | 71,538 | -171,466 | 238,068 | -331,109 | -143,897 | 22,808 | -85,334 | |||||||||||
interest and debt fees payable | -414,092 | 832,931 | 2,327,626 | 628,069 | 704,923 | -882,442 | -1,355,375 | 1,292,357 | -1,239,086 | -1,290,113 | 1,222,016 | -1,246,177 | -389,890 | 1,112,338 | -1,036,724 | -1,056,181 | 1,233,036 | -958,745 | -775,199 | 834,585 | -513,146 | -694,910 | 632,644 | -492,838 | -310,772 | -230,718 | 260,764 | 226,491 | ||||||||||||||||
directors fees payable | 94,932 | -14,932 | 38,566 | 0 | -92,000 | 21,500 | -15,000 | -3,500 | 1,500 | -73,500 | 11,500 | 1,500 | -73,500 | -11,000 | 43,000 | -60,500 | 6,000 | -9,000 | 22,500 | |||||||||||||||||||||||||
due to manager | -13,445 | 348,138 | -186,057 | -18,788 | -59,273 | 88,948 | -17,638 | -143,749 | -104,112 | 77,969 | -39,050 | 22,661 | -76,990 | 32,125 | 17,589 | 27,384 | 8,081 | -52,200 | -56,156 | 108,782 | 6,977 | 9,183 | -23,141 | 10,000 | -80,721 | 125,071 | -35,318 | -235,618 | -303,774 | 583,972 | 240,000 | 63,451 | -9,053 | 0 | -3,982 | |||||||||
net cash from operating activities | 234,207,699 | -110,913,468 | -80,210,283 | 15,289,860 | 29,536,217 | -101,758,759 | -32,419,542 | -1,383,178 | -33,168,351 | 14,707,428 | -66,858,345 | 681,870 | -47,445,283 | -45,899,094 | 2,642,255 | -1,828,338 | 6,247,418 | -39,008,855 | 929,907 | 14,083,965 | 1,366,427 | 4,635,426 | 5,985,322 | 1,051,343 | 3,828,264 | 6,958,730 | -36,320 | 2,760,374 | ||||||||||||||||
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
free cash flows | 234,207,699 | -110,913,468 | -80,210,283 | 15,289,860 | 29,536,217 | -101,758,759 | -32,419,542 | -1,383,178 | -33,168,351 | 14,707,428 | -66,858,345 | 681,870 | -47,445,283 | -45,899,094 | 2,642,255 | -1,828,338 | 6,247,418 | -39,008,855 | 929,907 | 14,083,965 | 1,366,427 | 4,635,426 | 5,985,322 | 1,051,343 | 3,828,264 | 6,958,730 | -36,320 | 2,760,374 | ||||||||||||||||
financing activities | ||||||||||||||||||||||||||||||||||||||||||||
borrowings on debt | -2,500,000 | 32,500,000 | 44,500,000 | 47,500,000 | 38,500,000 | 49,000,000 | 6,000,000 | 0 | 20,000,000 | 16,000,000 | 18,750,000 | 0 | 0 | 46,500,000 | 0 | 7,400,000 | 3,200,000 | 20,000,000 | 8,900,000 | 18,700,000 | 10,000,000 | 4,000,000 | 0 | 4,000,000 | 48,200,000 | 4,000,000 | 0 | 0 | 0 | 22,050,000 | ||||||||||||||
paydowns on debt | 17,500,000 | -30,000,000 | 0 | -16,000,000 | -7,000,000 | -9,000,000 | -2,000,000 | -17,200,000 | -1,000,000 | -9,000,000 | -3,184,791 | -7,255,327 | 0 | -27,975,261 | ||||||||||||||||||||||||||||||
issuance of notes | 77,500,000 | 97,500,000 | 0 | 125,000,000 | 50,000,000 | 0 | 0 | 4,129,350 | 0 | 0 | 0 | 48,300,000 | ||||||||||||||||||||||||||||||||
payments of deferred debt financing costs | 1,516,874 | -2,715,705 | -4,112,912 | -2,199,011 | -3,279,848 | -2,289,179 | -387,967 | -1,877,458 | -487,000 | -700,001 | -5,443 | -39,689 | -256,102 | 0 | -95,872 | -1,108,645 | -331,445 | 0 | -313,400 | |||||||||||||||||||||||||
proceeds from issuance of common stock | 15,163,778 | 48,189,220 | 34,102,383 | 1,772,634 | 241,238 | 3,345,869 | 1,272,245 | 1,367,168 | ||||||||||||||||||||||||||||||||||||
capital contribution from manager | ||||||||||||||||||||||||||||||||||||||||||||
payments of cash dividends | -10,963,785 | -7,134,558 | -5,320,137 | -4,871,665 | -4,081,883 | -3,885,303 | -3,775,540 | -4,516,490 | -3,621,697 | -3,508,743 | -3,297,967 | -2,692,469 | -2,623,635 | -2,188,235 | -2,266,846 | -2,043,428 | -2,234,683 | -1,516,420 | -1,471,009 | -1,141,465 | -4,463,347 | -899,034 | -2,072,846 | -3,233,640 | -1,492,449 | |||||||||||||||||||
repurchases of common stock | -2,157,605 | -3,734,316 | 0 | -248,723 | -1,003,420 | -914,244 | -1,374,046 | -1,169,383 | -713,184 | 0 | ||||||||||||||||||||||||||||||||||
repurchases fees | -1,772 | -2,840 | 0 | -192 | -800 | -1,003 | ||||||||||||||||||||||||||||||||||||||
payments of offering costs | -123,897 | -685,953 | -494,720 | -4,219 | -834 | -23,055 | -19,110 | -20,504 | ||||||||||||||||||||||||||||||||||||
net cash from financing activities | -69,787,534 | 67,990,360 | 128,829,795 | 55,469,205 | 23,795,577 | 91,821,298 | 921,246 | 40,983,360 | 19,513,000 | 42,286,776 | 29,980,523 | -1,780,017 | 8,436,335 | 75,420,175 | -2,623,635 | -7,865,421 | -15,609,583 | 44,694,591 | 5,059,826 | -2,685,803 | -2,497,593 | 879,739 | -5,554,987 | 1,148,193 | 9,094,868 | 4,186,128 | 18,331,060 | -7,548,710 | ||||||||||||||||
net increase in cash and cash equivalents and cash and cash equivalents, reserve accounts | 164,420,165 | -42,923,108 | 48,619,512 | 70,759,065 | 53,331,794 | -9,937,461 | -31,498,296 | 39,600,182 | -13,655,351 | 56,994,204 | -9,693,759 | -9,362,165 | 5,685,736 | |||||||||||||||||||||||||||||||
cash and cash equivalents and cash and cash equivalents, reserve accounts, beginning of period | -55,569,149 | 96,076,273 | 52,870,342 | 0 | 0 | 29,915,074 | 0 | 0 | 39,450,352 | 0 | 0 | 62,094,394 | 0 | 0 | 13,777,491 | 0 | 0 | 22,087,968 | ||||||||||||||||||||||||||
cash and cash equivalents and cash and cash equivalents, reserve accounts, end of period | 101,489,854 | 70,759,065 | 53,331,794 | 19,977,613 | -31,498,296 | 39,600,182 | 25,795,001 | 56,994,204 | -36,877,822 | 60,996,247 | -39,008,948 | 29,521,081 | 13,730,811 | -9,693,759 | -9,362,165 | 27,773,704 | ||||||||||||||||||||||||||||
supplemental information: | ||||||||||||||||||||||||||||||||||||||||||||
interest paid during the period | 13,509,886 | 9,639,729 | 3,589,281 | 3,693,415 | 3,926,509 | 4,753,043 | 4,544,817 | 1,686,610 | 3,530,278 | 4,830,608 | 2,305,103 | 4,769,065 | 3,699,238 | 1,492,025 | 3,504,914 | 3,565,020 | 1,474,797 | 3,246,228 | 2,897,450 | 1,268,933 | 2,618,539 | 2,597,106 | 1,290,069 | 2,239,045 | 1,965,794 | 1,171,529 | 1,750,154 | 1,139,710 | 1,600,665 | 1,098,892 | 725,995 | 474,654 | 446,340 | 516,742 | 415,837 | 139,167 | 138,323 | 221,135 | 467,532 | 777,091 | 828,040 | 541,804 | 627,568 | |
cash paid for taxes | 88,655 | 300 | 374 | 24,311 | 10,418 | 692,740 | 4,089,370 | 12,824 | 1,006 | 2,131 | 10,261 | 5,761 | 5,007 | 42,492 | 14,070 | 157 | 15,261 | 54,084 | ||||||||||||||||||||||||||
supplemental non-cash information: | ||||||||||||||||||||||||||||||||||||||||||||
payment-in-kind interest income and other adjustments to cost | 8,047,660 | -1,473,779 | -1,322,915 | -785,342 | 1,713,724 | 191,699 | ||||||||||||||||||||||||||||||||||||||
stock dividend distribution | 947,082 | 1,058,844 | 1,108,680 | 1,017,664 | 828,512 | 914,102 | 805,929 | 806,893 | 714,529 | 667,389 | 578,083 | 511,545 | 504,878 | 677,500 | 525,448 | 622,088 | 1,425,345 | 949,450 | 1,750,901 | 731,440 | 2,644,990 | 402,200 | 2 | 0 | ||||||||||||||||||||
company | ||||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 259.3% | ||||||||||||||||||||||||||||||||||||||||||||
altvia midco, llc. | ||||||||||||||||||||||||||||||||||||||||||||
bqe software, inc. | ||||||||||||||||||||||||||||||||||||||||||||
growthzone, llc | ||||||||||||||||||||||||||||||||||||||||||||
golden topco lp | ||||||||||||||||||||||||||||||||||||||||||||
artemis wax corp. | ||||||||||||||||||||||||||||||||||||||||||||
schoox, inc. | ||||||||||||||||||||||||||||||||||||||||||||
greyheller llc | ||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net increase in net assets resulting | ||||||||||||||||||||||||||||||||||||||||||||
from operations to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
due from affiliate | -14,669 | 0 | 2,600,000 | 119,000 | 0 | 1,243,197 | 430,550 | |||||||||||||||||||||||||||||||||||||
current tax payable | -129,840 | |||||||||||||||||||||||||||||||||||||||||||
excise tax payable | -630,183 | 0 | 0 | -691,672 | ||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents and cash and cash equivalents, reserve accounts, end of period see note 2 | 53,153,165 | |||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 278.9% | ||||||||||||||||||||||||||||||||||||||||||||
net change in benefit from deferred taxes on unrealized appreciation (depreciation) on investments | 361,951 | -2,480,465 | 1,328,711 | 230,144 | 210,057 | 116,521 | -267,740 | 20,930 | 371,581 | -152,546 | 940,546 | |||||||||||||||||||||||||||||||||
management and incentive fee receivable | -228 | -341 | 488,502 | -818,232 | -134 | 1,466 | -13,381 | -6,760 | -132 | 262,266 | 4,458 | 12,249 | 49,099 | -10,871 | 21,350 | -105,378 | ||||||||||||||||||||||||||||
deferred tax asset | -1,001,089 | -465,925 | 2,136 | -267,310 | ||||||||||||||||||||||||||||||||||||||||
tax receivable | ||||||||||||||||||||||||||||||||||||||||||||
repayments of notes | 0 | |||||||||||||||||||||||||||||||||||||||||||
discount on debt issuance, 6.000% notes 2027 | ||||||||||||||||||||||||||||||||||||||||||||
discount on debt issuance, 7.000% notes 2025 | ||||||||||||||||||||||||||||||||||||||||||||
premium on debt issuance, 4.375% notes 2026 | 0 | |||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 231.7% | ||||||||||||||||||||||||||||||||||||||||||||
new england dental partners | ||||||||||||||||||||||||||||||||||||||||||||
exigo, llc | ||||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 213.8% | ||||||||||||||||||||||||||||||||||||||||||||
targus holdings, inc. | ||||||||||||||||||||||||||||||||||||||||||||
pdds buyer, llc | ||||||||||||||||||||||||||||||||||||||||||||
c2 educational systems | ||||||||||||||||||||||||||||||||||||||||||||
c2 education systems, inc. | ||||||||||||||||||||||||||||||||||||||||||||
zollege pbc | ||||||||||||||||||||||||||||||||||||||||||||
destiny solutions inc. | ||||||||||||||||||||||||||||||||||||||||||||
identity automation systems | ||||||||||||||||||||||||||||||||||||||||||||
goreact | ||||||||||||||||||||||||||||||||||||||||||||
tg pressure washing holdings, llc | ||||||||||||||||||||||||||||||||||||||||||||
davisware, llc | ||||||||||||||||||||||||||||||||||||||||||||
gds software holdings, llc | ||||||||||||||||||||||||||||||||||||||||||||
ascend software, llc | ||||||||||||||||||||||||||||||||||||||||||||
ohio medical, llc | ||||||||||||||||||||||||||||||||||||||||||||
axiom parent holdings, llc | ||||||||||||||||||||||||||||||||||||||||||||
axiom purchaser, inc. | ||||||||||||||||||||||||||||||||||||||||||||
comforcare health care | ||||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 159.6% | ||||||||||||||||||||||||||||||||||||||||||||
top gun pressure washing, llc | ||||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 163.5% | ||||||||||||||||||||||||||||||||||||||||||||
texas teachers of tomorrow, llc | ||||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 171.9% | ||||||||||||||||||||||||||||||||||||||||||||
my alarm center, llc | ||||||||||||||||||||||||||||||||||||||||||||
passageways, inc. | ||||||||||||||||||||||||||||||||||||||||||||
payment-in-kind interest income | -556,421 | -142,694 | -703,636 | 5,075 | 404,806 | 2,672,834 | -1,310,663 | -845,911 | -758,415 | -1,030,105 | -345,301 | -261,677 | -157,012 | |||||||||||||||||||||||||||||||
non-control/non-affiliate investments - 152.3% | ||||||||||||||||||||||||||||||||||||||||||||
coconstruct, llc | ||||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments – 147.8% | ||||||||||||||||||||||||||||||||||||||||||||
texas teachers of tomorrow, llc | ||||||||||||||||||||||||||||||||||||||||||||
non-control/non-affiliate investments—149.5% | ||||||||||||||||||||||||||||||||||||||||||||
apex holdings software technologies, llc | ||||||||||||||||||||||||||||||||||||||||||||
arbitersports, llc | ||||||||||||||||||||||||||||||||||||||||||||
arbiter sports, llc | ||||||||||||||||||||||||||||||||||||||||||||
avionte holdings, llc | ||||||||||||||||||||||||||||||||||||||||||||
cleo communications holding, llc | ||||||||||||||||||||||||||||||||||||||||||||
emily street enterprises, l.l.c. | ||||||||||||||||||||||||||||||||||||||||||||
erwin, inc. | ||||||||||||||||||||||||||||||||||||||||||||
fmg suite holdings, llc | ||||||||||||||||||||||||||||||||||||||||||||
inmotionnow, inc. | ||||||||||||||||||||||||||||||||||||||||||||
knowland group, llc | ||||||||||||||||||||||||||||||||||||||||||||
logicmonitor, inc. | ||||||||||||||||||||||||||||||||||||||||||||
national waste partners | ||||||||||||||||||||||||||||||||||||||||||||
omatic software, llc | ||||||||||||||||||||||||||||||||||||||||||||
sceptre hospitality resources, llc | ||||||||||||||||||||||||||||||||||||||||||||
vector controls holding co., llc | ||||||||||||||||||||||||||||||||||||||||||||
ems linq, inc. | ||||||||||||||||||||||||||||||||||||||||||||
kev software inc. | ||||||||||||||||||||||||||||||||||||||||||||
tmac acquisition co., llc | ||||||||||||||||||||||||||||||||||||||||||||
hematerra holding company, llc | ||||||||||||||||||||||||||||||||||||||||||||
trc hematerra, llc | ||||||||||||||||||||||||||||||||||||||||||||
net deferred income taxes | -75,978 | |||||||||||||||||||||||||||||||||||||||||||
net realized gain from investments | -10,739,678 | -212,008 | -95,589 | -260,244 | -5,936,750 | -6,102,905 | -447,813 | -3,709,947 | -73,246 | -2,761,558 | -54,986 | |||||||||||||||||||||||||||||||||
net change in benefit from deferred taxes on unrealized appreciation on investments | 1,061,608 | |||||||||||||||||||||||||||||||||||||||||||
cumulative effect of the adoption of asc 606 | 0 | 0 | -65,300 | |||||||||||||||||||||||||||||||||||||||||
receivable from unsettled trades | 60,701 | 92,107 | -159,271 | 0 | -284,903 | 300,000 | 0 | 1,500,585 | -1,492,521 | 1,809,010 | 0 | 0 | 59,511 | |||||||||||||||||||||||||||||||
• | ||||||||||||||||||||||||||||||||||||||||||||
net decrease in cash and cash equivalents and cash and cash equivalents, reserve accounts | -1,098,147 | |||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net increase in net assets resulting from | ||||||||||||||||||||||||||||||||||||||||||||
operations to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
purchase of investments | -73,731,602 | -51,726,379 | -35,203,552 | -5,214,231 | -36,697,760 | -44,964,990 | -30,122,500 | -15,310,000 | -18,943,973 | -23,174,833 | -30,637,712 | 0 | -3,039,999 | -22,634,511 | ||||||||||||||||||||||||||||||
net increase in cash and cash equivalents and cash and cash and cash equivalents, reserve accounts | 29,521,081 | -46,680 | ||||||||||||||||||||||||||||||||||||||||||
net increase in net assets from operations | 4,262,990 | 6,869,859 | 1,014,087 | 1,573,776 | 5,271,618 | 3,287,587 | 3,421,326 | 1,242,663 | 7,384,905 | 3,466,270 | 3,136,327 | 1,757,475 | 3,717,923 | 1,267,890 | -41,297 | 3,799,851 | 5,794,540 | 745,568 | 4,871,042 | 3,190,767 | 6,213,420 | -1,727,905 | 5,709,210 | 3,310,120 | 6,699,819 | 2,654,738 | -7,550,842 | |||||||||||||||||
adjustments to reconcile net increase in net assets from operations to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
payable for repurchases of common stock | 0 | -36,887 | 15,930 | |||||||||||||||||||||||||||||||||||||||||
net unrealized depreciation on investments | 2,585,951 | 4,142,827 | 12,826,042 | |||||||||||||||||||||||||||||||||||||||||
net unrealized (appreciation) depreciation on investments | 5,353,867 | -823,093 | 6,124,708 | -5,540,969 | -703,506 | 384,697 | -2,122,922 | 1,713,025 | ||||||||||||||||||||||||||||||||||||
amortization of premium on notes | ||||||||||||||||||||||||||||||||||||||||||||
proceeds from sales and redemptions of investments | 50,279,337 | 20,588,570 | ||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, reserve accounts | 15,990,782 | -21,569,825 | -9,056,224 | -6,225,124 | 12,311,321 | -7,522,404 | -1,693,981 | 7,273,982 | -8,298,959 | 1,950,689 | ||||||||||||||||||||||||||||||||||
net increase in cash and cash equivalents | 5,515,165 | -194,844 | -1,189,031 | 537,867 | -66,085 | -8,198,800 | -19,996,255 | 31,406,013 | -424,417 | |||||||||||||||||||||||||||||||||||
cash and cash equivalents, beginning of period | 0 | 2,440,277 | 0 | 0 | 1,888,158 | 0 | 0 | 3,293,898 | 0 | 0 | 0 | 149,025 | 0 | 0 | 0 | 1,325,698 | 0 | 0 | 10,735,755 | 0 | 0 | 3,352,434 | 0 | 0 | ||||||||||||||||||||
cash and cash equivalents, end of period | 11,398,162 | 1,309,111 | 5,515,165 | -194,844 | 699,127 | 537,867 | -2,702,733 | 2,974,111 | -66,085 | -8,198,800 | -19,996,255 | 31,555,038 | -2,345,527 | 1,820,495 | -1,702,984 | 2,377,041 | 7,429,278 | -9,551,427 | 10,064,019 | 2,708,730 | -1,064,821 | 2,928,017 | 1,856,886 | -359,649 | ||||||||||||||||||||
paid-in-kind interest income | -134,256 | -71,978 | -231,084 | -597,336 | -195,249 | -482,119 | 110,592 | 373,086 | 161,485 | 296,801 | 176,122 | 240,857 | 282,556 | 212,812 | 326,462 | 280,866 | 288,225 | 619,583 | 300,858 | 945,226 | -377,030 | -196,181 | -165,820 | -173,886 | ||||||||||||||||||||
net decrease in cash and cash equivalents | -1,131,166 | |||||||||||||||||||||||||||||||||||||||||||
proceeds from sale and redemption of investments | 27,904,005 | 27,449,436 | 7,323,338 | 26,788,357 | 15,697,483 | 8,689,899 | 6,617,404 | 10,139,755 | 29,921,874 | 24,927,703 | 5,496,735 | 1,524,019 | 10,012,659 | 4,454,285 | 18,384,787 | 6,522,903 | 6,965,659 | 6,675,081 | 103,982 | 2,676,834 | 480,235 | 9,782,815 | 23,779,589 | |||||||||||||||||||||
management and incentive fees payable | -379,359 | -728,091 | 929,376 | 329,645 | -580,414 | 1,557,838 | 1,144,603 | -686,664 | 915,396 | 250,317 | 171,300 | 411,389 | 381,098 | 490,694 | -146,744 | |||||||||||||||||||||||||||||
debt financing cost | -108,146 | -197,834 | -152,773 | -1,256,988 | ||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net increase in net assets from operations to net cash used by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
net cash used by operating activities | -2,337,224 | -8,557,001 | ||||||||||||||||||||||||||||||||||||||||||
due from manager | 0 | 0 | -55,771 | |||||||||||||||||||||||||||||||||||||||||
cash dividend payable | ||||||||||||||||||||||||||||||||||||||||||||
payable for unsettled trades | 9,262,800 | 9,903,626 | 0 | -4,667,738 | ||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net increase in net assets from operations to net cash provided (used) by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
net cash provided (used) by operating activities | 11,185,059 | 2,873,991 | ||||||||||||||||||||||||||||||||||||||||||
middle market loans | ||||||||||||||||||||||||||||||||||||||||||||
first lien term loans | ||||||||||||||||||||||||||||||||||||||||||||
second lien term loans | ||||||||||||||||||||||||||||||||||||||||||||
senior secured notes | ||||||||||||||||||||||||||||||||||||||||||||
unsecured notes | ||||||||||||||||||||||||||||||||||||||||||||
structured finance securities | ||||||||||||||||||||||||||||||||||||||||||||
equity interest | ||||||||||||||||||||||||||||||||||||||||||||
total | ||||||||||||||||||||||||||||||||||||||||||||
net realized income from derivatives | 0 | 0 | 0 | 131,000 | ||||||||||||||||||||||||||||||||||||||||
net unrealized (appreciation) depreciation on derivatives | -166 | 4,732 | 10,542 | |||||||||||||||||||||||||||||||||||||||||
interest and credit facility fees payable | 117,372 | -46,506 | 24,951 | 108,717 | 3,080 | -147,682 | 22,297 | -128,056 | ||||||||||||||||||||||||||||||||||||
amortization of deferred credit facility financing costs | 139,801 | 130,024 | 111,332 | 101,149 | 168,888 | 170,744 | 170,744 | 168,888 | 60,606 | 43,964 | ||||||||||||||||||||||||||||||||||
adjustments to reconcile net increase in net assets from operations to net cash from (used by) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
net unrealized appreciation on derivatives | ||||||||||||||||||||||||||||||||||||||||||||
net cash from (used by) operating activities | ||||||||||||||||||||||||||||||||||||||||||||
net cash from (used by) financing activities | 4,000,001 | 0 | 25,420,691 | |||||||||||||||||||||||||||||||||||||||||
net unrealized appreciation on investments | -5,223,815 | |||||||||||||||||||||||||||||||||||||||||||
reversal of deferred incentive management fees | ||||||||||||||||||||||||||||||||||||||||||||
issuance of shares of common stock | 0 | |||||||||||||||||||||||||||||||||||||||||||
payment of common stock issuance costs | ||||||||||||||||||||||||||||||||||||||||||||
credit facility financing cost | 0 | |||||||||||||||||||||||||||||||||||||||||||
limited partnership interest | ||||||||||||||||||||||||||||||||||||||||||||
net cash used by financing activities | -3,184,791 | |||||||||||||||||||||||||||||||||||||||||||
equity interests | ||||||||||||||||||||||||||||||||||||||||||||
limited partnership interests | ||||||||||||||||||||||||||||||||||||||||||||
net increase/(decrease) in cash and cash equivalents | 1,051,343 | |||||||||||||||||||||||||||||||||||||||||||
supplemental non-cash information | ||||||||||||||||||||||||||||||||||||||||||||
senior unsecured loans | ||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, securitization accounts | 1,542,785 | 1,071,450 | 922,206 | -153,304 | 6,147,499 | -1,061,314 | ||||||||||||||||||||||||||||||||||||||
common stock/equities | ||||||||||||||||||||||||||||||||||||||||||||
net cash provided by/(used) by operating activities | ||||||||||||||||||||||||||||||||||||||||||||
waiver of deferred incentive management fees | 0 | |||||||||||||||||||||||||||||||||||||||||||
net realized income from investments | 13,731,107 | -2,147 | 2,551,410 | |||||||||||||||||||||||||||||||||||||||||
· | ||||||||||||||||||||||||||||||||||||||||||||
unrealized (appreciation) depreciation on derivatives | -1,438 | 19,869 | ||||||||||||||||||||||||||||||||||||||||||
net decrease in net assets from operations | ||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net decrease in net assets from operations to net cash from operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
increase in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
change in cash and cash equivalents | 1,856,886 | -359,649 | -2,263,607 | |||||||||||||||||||||||||||||||||||||||||
net realized (gain) from derivatives | ||||||||||||||||||||||||||||||||||||||||||||
unrealized depreciation on derivatives | 7,476 | 1,419 | ||||||||||||||||||||||||||||||||||||||||||
deferred offering costs | 0 | |||||||||||||||||||||||||||||||||||||||||||
accrued offering costs | ||||||||||||||||||||||||||||||||||||||||||||
contribution from member | ||||||||||||||||||||||||||||||||||||||||||||
offering costs and sales load | ||||||||||||||||||||||||||||||||||||||||||||
cost of interest rate cap | ||||||||||||||||||||||||||||||||||||||||||||
net cash provided (used) by financing activities | -9,328,173 | -3,233,640 | ||||||||||||||||||||||||||||||||||||||||||
issuance of common stock for acquisition of investments in gsc cdo iii, llc and gsc partners cdo gp iii, l.p. | ||||||||||||||||||||||||||||||||||||||||||||
cash, restricted | ||||||||||||||||||||||||||||||||||||||||||||
issuance of common stock for acquisition of investments in gsc partners cdo gp iii, l.p. | ||||||||||||||||||||||||||||||||||||||||||||
net realized gain from derivatives | ||||||||||||||||||||||||||||||||||||||||||||
(increase) derease in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
due to affiliate | -70,520 | |||||||||||||||||||||||||||||||||||||||||||
net cash (used) provided by operating activities | ||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, beginning of year/period | ||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, end of year/period | ||||||||||||||||||||||||||||||||||||||||||||
interest paid during the year/period | ||||||||||||||||||||||||||||||||||||||||||||
note 1. | ||||||||||||||||||||||||||||||||||||||||||||
net accretion of discount on securities | ||||||||||||||||||||||||||||||||||||||||||||
amortization of deferred financing costs | ||||||||||||||||||||||||||||||||||||||||||||
unrealized loss on derivatives | ||||||||||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
cash, securitization accounts | ||||||||||||||||||||||||||||||||||||||||||||
accrued deferred offering costs | ||||||||||||||||||||||||||||||||||||||||||||
payable from open trades | ||||||||||||||||||||||||||||||||||||||||||||
dividend payable | ||||||||||||||||||||||||||||||||||||||||||||
net proceeds from issuance of common stock | ||||||||||||||||||||||||||||||||||||||||||||
issuance of common stock | ||||||||||||||||||||||||||||||||||||||||||||
receivable from open trades | ||||||||||||||||||||||||||||||||||||||||||||
dividends declared during the period |