Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ……………..to ……………..

Commission File Number: 814-00061

CAPITAL SOUTHWEST CORPORATION
(Exact name of registrant as specified in its charter)
Texas75-1072796
(State or other jurisdiction of incorporation
or organization)
(I.R.S. Employer
Identification No.)

5400 Lyndon B Johnson Freeway, Suite 1300, Dallas, Texas75240
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (214) 238-5700
Securities registered pursuant to Section 12(b) of the Act:
  
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.25 par value per shareCSWCThe Nasdaq Global Select Market
5.95% Notes due 2022CSWCLThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X No       

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes        No       

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
x
Non-accelerated filer
¨
Smaller reporting company
¨
Emerging growth company
¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        No X

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

18,588,140 shares of Common Stock, $0.25 value per share, as of July 31, 2020.



TABLE OF CONTENTS
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Table of Contents
PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except shares and per share data)
June 30,March 31,
20202020
(Unaudited)
Assets
Investments at fair value:
Non-control/Non-affiliate investments (Cost: $434,664 and $436,463, respectively)$426,386  $421,280  
Affiliate investments (Cost: $109,701 and $94,724, respectively)104,041  92,032  
Control investments (Cost: $80,800 and $68,000, respectively)56,751  39,760  
Total investments (Cost: $625,165 and $599,187, respectively)587,178  553,072  
Cash and cash equivalents14,986  13,744  
Receivables:
Dividends and interest9,927  10,389  
Escrow1,150  1,643  
Other203  51  
Income tax receivable347  147  
Deferred tax asset1,298  1,402  
Debt issuance costs (net of accumulated amortization of $2,932 and $2,720, respectively)2,768  2,980  
Other assets1,239  1,531  
Total assets$619,096  $584,959  
Liabilities
December 2022 Notes (Par value: $77,136 and $77,136, respectively)$75,936  $75,812  
October 2024 Notes (Par value: $75,000 and $75,000, respectively)73,575  73,484  
Credit facility182,000  154,000  
Other liabilities4,688  4,883  
Accrued restoration plan liability3,047  3,082  
Income tax payable467  513  
Deferred tax liability1,524  963  
Total liabilities341,237  312,737  
Commitments and contingencies (Note 10)
Net Assets
Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 20,927,652 shares at June 30, 2020 and 20,337,610 shares at March 31, 20205,232  5,085  
Additional paid-in capital316,939  310,846  
Total distributable earnings(20,375) (19,772) 
Treasury stock - at cost, 2,339,512 shares(23,937) (23,937) 
Total net assets277,859  272,222  
Total liabilities and net assets$619,096  $584,959  
Net asset value per share (18,588,140 shares outstanding at June 30, 2020 and 17,998,098 shares outstanding at March 31, 2020)$14.95  $15.13  


The accompanying Notes are an integral part of these Consolidated Financial Statements.
3

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except shares and per share data)
Three Months Ended
June 30,
20202019
Investment income:
Interest income:
Non-control/Non-affiliate investments$10,069  $9,031  
Affiliate investments2,576  2,050  
Control investments—  265  
Dividend income:
Non-control/Non-affiliate investments183  87  
Affiliate investments—  19  
Control investments1,774  3,913  
Interest income from cash and cash equivalents 16  
Fees and other income559  418  
Total investment income15,164  15,799  
Operating expenses:
Compensation1,720  2,021  
Share-based compensation612  837  
Interest4,328  3,806  
Professional fees570  626  
Net pension expense33  36  
General and administrative732  789  
Total operating expenses7,995  8,115  
Income before taxes7,169  7,684  
Income tax expense350  324  
Net investment income$6,819  $7,360  
Realized (loss) gain
Non-control/Non-affiliate investments$(5,547) $1,049  
Affiliate investments—   
Control investments—  167  
Total net realized (loss) gain on investments, net of tax(5,547) 1,217  
Net unrealized appreciation (depreciation) on investments
Non-control/Non-affiliate investments6,905  (2,972) 
Affiliate investments(2,967) 1,206  
Control investments4,191  85  
Income tax (provision) benefit(524) (183) 
Total net unrealized appreciation (depreciation) on investments, net of tax7,605  (1,864) 
Net realized and unrealized gains (losses) on investments$2,058  $(647) 
Net increase in net assets from operations$8,877  $6,713  
Pre-tax net investment income per share - basic and diluted$0.40  $0.44  
Net investment income per share – basic and diluted$0.38  $0.42  
Net increase in net assets from operations – basic and diluted$0.49  $0.38  
Weighted average shares outstanding – basic18,147,888  17,535,924  
Weighted average shares outstanding – diluted18,147,888  17,535,924  

The accompanying Notes are an integral part of these Consolidated Financial Statements.
4

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
(In thousands)
20202019
Net assets, March 31$272,222  $325,963  
Operations:
Net investment income6,819  7,360  
Net realized (loss) gain on investments(5,547) 1,217  
Net unrealized appreciation (depreciation) on investments, net of tax7,605  (1,864) 
Net increase in net assets from operations8,877  6,713  
Dividends to shareholders ($0.51 and $0.49 per share, respectively)(9,480) (8,629) 
Capital share transactions:
Change in restoration plan liability  
Issuance of common stock5,622  3,972  
Share-based compensation expense612  837  
Common stock withheld for payroll taxes upon vesting of restricted stock(3) (49) 
Increase (decrease) in net assets5,637  2,851  
Net assets, June 30$277,859  $328,814  

The accompanying Notes are an integral part of these Consolidated Financial Statements.
5

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
June 30,
20202019
Cash flows from operating activities
Net increase in net assets from operations$8,877  $6,713  
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases and originations of investments(37,757) (35,170) 
Proceeds from sales and repayments of debt investments in portfolio companies7,624  19,669  
Proceeds from sales and return of capital of equity investments in portfolio companies—  6,539  
Payment of accreted original issue discounts14  288  
Depreciation and amortization453  500  
Net pension benefit(27) (17) 
Realized loss (gain) on investments before income tax5,560  (1,217) 
Net unrealized depreciation (appreciation) on investments(8,129) 1,399  
Accretion of discounts on investments(519) (472) 
Payment-in-kind interest and dividends(899) (696) 
Stock option and restricted awards expense612  837  
Deferred income taxes664  321  
Changes in other assets and liabilities:
Decrease (increase) in dividend and interest receivable462  (555) 
Decrease (increase) in escrow receivables493  (48) 
(Increase) decrease in tax receivable(200) 40  
(Increase) decrease in other receivables(151) 144  
Decrease (increase) in other assets263  (275) 
(Decrease) increase in taxes payable(46) 186  
Decrease in other liabilities(193) (226) 
Decrease in payable for unsettled transaction—  (1,040) 
Net cash used in operating activities(22,899) (3,080) 
Cash flows from financing activities
Proceeds from common stock offering5,624  4,129  
Equity offering costs paid—  (105) 
Borrowings under credit facility28,000  30,000  
Repayments of credit facility—  (20,000) 
Debt issuance costs paid—  (221) 
Dividends to shareholders(9,480) (8,629) 
Common stock withheld for payroll taxes upon vesting of restricted stock(3) (49) 
Net cash provided by financing activities24,141  5,125  
Net increase in cash and cash equivalents1,242  2,045  
Cash and cash equivalents at beginning of period13,744  9,924  
Cash and cash equivalents at end of period$14,986  $11,969  
Supplemental cash flow disclosures:
Cash paid for income taxes$379  $—  
Cash paid for interest2,996  2,721  
The accompanying Notes are an integral part of these Consolidated Financial Statements.
6

Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
June 30, 2020
Portfolio Company1
Type of Investment2
Industry
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost17
Fair Value4
Non-control/Non-affiliate Investments5
AAC HOLDINGS, INC.
First Lien - DIP10
Healthcare services10.00%, 8.00% PIK6/25/20203/25/2021$2,136  $2,073  $2,136  
First Lien - Priming FacilityP+10.00% (Floor 1.00%)/Q, Current Coupon 13.25%3/21/20194/15/20201,968  1,968  1,968  
First Lien16
L+6.75% (Floor 1.00%)/Q, 4.00% PIK, Current Coupon 13.33%6/28/20176/30/20239,079  8,916  4,067  
12,957  8,171  
ACE GATHERING, INC.
Second Lien15
Energy services (midstream)L+8.50% (Floor 2.00%)/Q, Current Coupon 10.50%12/13/201812/13/20239,625  9,478  9,365  
ADAMS PUBLISHING GROUP, LLCFirst LienMedia, marketing & entertainmentL+7.50% (Floor 1.75%)/Q, Current Coupon 9.25%7/2/20187/2/202311,074  10,910  10,443  
AG KINGS HOLDINGS INC.
Revolving Loan10
Food, agriculture & beverageL+6.50% (Floor 1.00%)/M, 2.00% PIK6/9/20208/8/2021—  —  —  
First Lien16
L+9.00% (Floor 1.00%)/M, 2.00% PIK, Current Coupon 12.00%8/4/20168/8/20219,308  9,194  6,003  
9,194  6,003  
ALLIANCE SPORTS GROUP, L.P.Senior subordinated debtConsumer products & retail11.00%8/1/20172/1/202310,100  9,989  9,747  
3.88% membership preferred interest8/1/2017—  2,500  2,335  
12,489  12,082  
AMERICAN NUTS OPERATIONS LLC13
First Lien - Term LoanFood, agriculture and beverageL+8.00% (Floor 1.00%)/Q, Current Coupon 9.43%4/10/20184/10/202317,150  16,935  16,910  
First Lien - Term Loan C10
L+8.00% (Floor 1.00%)/Q, Current Coupon 9.43%12/21/20184/10/20231,804  1,782  1,778  
3,000,000 units of Class A common stock9
4/10/2018—  3,000  2,305  
21,717  20,993  
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Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
June 30, 2020
Portfolio Company1
Type of Investment2
Industry
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost17
Fair Value4
AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.)First LienTelecommunicationsL+6.50% (Floor 1.00%)/Q, Current Coupon 7.82%9/21/20166/8/20235,923  5,858  3,844  
Second Lien0.5%, L+9.00% PIK (Floor 1.00%)/Q, Current Coupon 10.81%11/3/20166/6/20242,170  2,134  1,118  
7,992  4,962  
AMWARE FULFILLMENT LLCFirst LienDistributionL+9.50% (Floor 1.00%)/M, Current Coupon 10.50%7/29/201612/31/202011,846  11,820  11,846  
ASC ORTHO MANAGEMENT COMPANY, LLC13
Revolving LoanHealthcare servicesL+7.50% (Floor 1.00%)/Q, Current Coupon 8.93%8/31/20188/31/20231,500  1,481  1,407  
First LienL+7.50% (Floor 1.00%)/Q, Current Coupon 8.93%8/31/20188/31/20239,028  8,903  8,469  
Second Lien13.25% PIK8/31/201812/1/20233,831  3,775  3,383  
2,042 Common Units9
8/31/2018—  750  356  
14,909  13,615  
BINSWANGER HOLDING CORP.First LienDistributionL+8.50% (Floor 1.00%)/M, Current Coupon 9.50%3/9/20173/9/202211,438  11,347  11,141  
900,000 shares of common stock3/9/2017—  900  636  
12,247  11,777  
BLASCHAK COAL CORP.
Second Lien- Term Loan15
Commodities & miningL+11.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 13.45%7/30/20187/30/20238,645  8,526  8,472  
Second Lien- Term Loan B15
L+11.00% (Floor 1.00%)/Q, 1.00% PIK, Current Coupon 13.43%3/30/20207/30/20232,000  1,963  1,960  
10,489  10,432  
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
June 30, 2020
Portfolio Company1
Type of Investment2
Industry
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost17
Fair Value4
CALIFORNIA PIZZA KITCHEN, INC.
Priority First Lien10
RestaurantsL+10.00% (Floor 1.50%)/M, Current Coupon 11.50%4/27/20208/23/2022383  371  383  
Priority First Lien Rolled UpL+10.00% (Floor 1.50%)/M, Current Coupon 11.50%5/12/20208/23/2022679  676  673  
First Lien16
L+6.00% (Floor 1.00%)/M, Current Coupon 7.62%8/19/20168/23/20224,156  4,138  1,218  
5,185  2,274  
CAPITAL PAWN HOLDINGS, LLCFirst LienConsumer products & retailL+8.25% (Floor 1.00%)/Q, Current Coupon 9.68%12/21/20177/8/202311,097  11,074  11,097  
CLICKBOOTH.COM, LLCRevolving LoanMedia, marketing & entertainmentL+8.50% (Floor 1.00%)/Q, Current Coupon 9.95%12/5/20171/31/20251,086  1,079  1,086  
First LienL+8.50% (Floor 1.00%)/Q, Current Coupon 9.95%12/5/20171/31/202518,881  18,629  18,881  
19,708  19,967  
COASTAL TELEVISION BROADCASTING HOLDINGS LLC
Revolving Loan10
Media, marketing & entertainmentL+10.00% (Floor 2.00%)6/4/20206/4/2025—  (10) —  
First LienL+10.00% (Floor 2.00%)/Q, Current Coupon 12.00%6/4/20206/4/20258,900  8,725  8,725  
8,715  8,725  
DANFORTH ADVISORS, LLC13
Revolving Loan10
Business servicesL+7.25% (Floor 2.00%)9/28/20189/28/2023—  (13) —  
First LienL+7.25% (Floor 2.00%)/Q, Current Coupon 9.25%9/28/20189/28/20236,634  6,540  6,634  
875 Class A equity units9
9/28/2018—  875  1,677  
7,402  8,311  
DRIVEN, INC.First LienBusiness ServicesL+8.00% (Floor 2.00%)/Q, Current Coupon 10.00%6/28/20196/28/202411,910  11,710  11,910  
DUNN PAPER, INC.Second LienPaper & forest productsL+8.75% (Floor 1.00%)/M, Current Coupon 9.75%9/28/20168/26/20233,000  2,967  3,000  
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Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
June 30, 2020
Portfolio Company1
Type of Investment2
Industry
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost17
Fair Value4
ENVIRONMENTAL PEST SERVICE MANAGEMENT COMPANY, LLCFirst LienConsumer servicesL+7.00%(Floor 1.00%)/Q, Current Coupon 8.45%6/22/20186/22/202315,251  15,075  15,251  
Delayed Draw Term Loan10
L+7.00%(Floor 1.00%)/Q, Current Coupon 8.45%6/22/20186/22/20236,095  6,002  6,095  
21,077  21,346  
ESCP DTFS, INC.First Lien - Term Loan AIndustrial servicesL+6.50%(Floor 1.75%)/Q, Current Coupon 8.25%1/31/20201/31/20255,350  5,257  5,099  
First Lien - Term Loan BL+8.50%(Floor 1.75%)/Q, Current Coupon 10.25%1/31/20201/31/20255,350  5,257  5,099  
Delayed Draw Term Loan A110
L+6.50%(Floor 1.75%)1/31/20201/31/2025—  (10) —  
Delayed Draw Term Loan A210
L+8.50%(Floor 1.75%)1/31/20201/31/2025—  (10) —  
Delayed Draw Term Loan B1L+6.50%(Floor 1.75%), Current Coupon 8.25%1/31/20201/31/2025500  490  476  
Delayed Draw Term Loan B2L+8.50%(Floor 1.75%), Current Coupon 10.25%1/31/20201/31/2025500  490  476  
11,474  11,150  
FAST SANDWICH, LLC
Revolving Loan10
RestaurantsL+9.00% (Floor 1.00%)5/24/20185/23/2023—  (40) —  
First LienL+9.00% (Floor 1.00%)/Q, Current Coupon 10.43%5/24/20185/23/20233,421  3,385  3,284  
3,345  3,284  
GS OPERATING, LLCFirst LienDistributionL+6.50%(Floor 1.50%)/M, Current Coupon 8.00%3/6/20202/24/20257,980  7,829  7,924  
ICS DISTRIBUTION, LLC8
First LienIndustrial servicesL+8.20%(Floor 2.00%)/Q, Current Coupon 10.20%10/31/201910/29/202418,000  17,634  17,640  
IENERGIZER LIMITED
First Lien9
Business servicesL+6.00%(Floor 1.00%)/M, Current Coupon 7.00%4/17/20194/17/202411,250  11,160  11,250  
JVMC HOLDINGS CORP.First LienFinancial servicesL+6.50% (Floor 1.00%)/M, Current Coupon 7.50%2/28/20192/28/20247,390  7,331  7,390  
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CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
June 30, 2020
Portfolio Company1
Type of Investment2
Industry
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost17
Fair Value4
LANDPOINT HOLDCO, INC.First LienBusiness ServicesL+7.00%(Floor 1.00%)/Q, Current Coupon 8.43%12/30/201912/30/202419,335  18,981  18,523  
LGM PHARMA, LLC13
First LienHealthcare productsL+8.50% (Floor 1.00%)/M, Current Coupon 9.50%11/15/201711/15/202211,512  11,382  11,512  
110,000 units of Class A common stock9
11/15/2017—  1,100  1,722  
12,482  13,234  
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE)First LienEnvironmental services6.75%, L+2.25% PIK (Floor 2.00%)/Q, Current Coupon 11.00%6/30/20176/30/202213,608  13,542  12,288  
25,603 shares of Series C preferred stock8/13/2018—  25  —  
396,825 shares of Series B preferred stock6/30/2017—  500  —  
14,067  12,288  
MEDIA RECOVERY, INC.EarnoutIndustrial products11/25/2019—  1,517  —  
NINJATRADER, INC.13
Revolving Loan10
Financial servicesL+6.00% (Floor 1.50%)12/18/201912/18/2024—  (6) —  
First LienL+6.00% (Floor 1.50%)/Q, Current Coupon 7.50%12/18/201912/18/202418,250  17,917  18,250  
2,000,000 Preferred Units9
12/18/2019—  2,000  2,681  
19,911  20,931  
RESEARCH NOW GROUP, INC.Second LienBusiness servicesL+9.50% (Floor 1.00%)/M, Current Coupon 10.50%12/8/201712/20/202510,500  9,923  10,206  
SCRIP INC.8
First LienHealthcare productsL+9.82% (Floor 2.00%)/M, Current Coupon 11.82%3/21/20193/21/202416,750  16,353  16,482  
100 shares of common stock3/21/2019—  1,000  616  
17,353  17,098  
TAX ADVISORS GROUP, LLC13
143.3 Class A units9
Financial services6/23/2017—  541  1,282  
TRINITY 3, LLC13
First LienTechnology products & componentsL+7.50% (Floor 1.50%)/Q, Current Coupon 9.00%11/15/201911/15/202414,072  13,818  13,959  
562.5 Class A units9
11/15/2019—  563  734  
14,381  14,693  
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Table of Contents
CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
(Unaudited)
June 30, 2020
Portfolio Company1
Type of Investment2
Industry
Current Interest Rate3
Acquisition Date14
MaturityPrincipal
Cost17
Fair Value4
TINUITI INC.1,114 Preferred UnitsMedia, marketing & entertainment2/1/2017—  1,114  3,100  
1,443 Common Units2/1/2017—  277  1,756  
1,391  4,856  
USA DEBUSK, LLCFirst LienIndustrial ServicesL+5.75% (Floor 1.00%)/M, Current Coupon 6.75%2/25/202010/22/20247,960  7,820  7,817  
VISTAR MEDIA INC.First LienMedia, marketing & entertainmentL+7.50% (Floor 2.00%)/M, Current Coupon 9.50%2/17/20174/3/202311,234  10,485  11,234  
171,617 shares of Series A preferred stock4/3/2019—  1,874  4,174  
Warrants (Expiration - April 3, 2029)4/3/2019—  620  2,120  
12,979  17,528  
VTX HOLDINGS, INC.8
First LienSoftware & IT servicesL+9.15% (Floor 2.00%)/Q, Current Coupon 11.15%7/23/20197/23/202421,575  21,107  21,575  
1,397,707 Series A Preferred units7/23/2019—  1,398  1,398  
22,505  22,973  
Total Non-control/Non-affiliate Investments$434,664  $426,386  
Affiliate Investments6
CENTRAL MEDICAL SUPPLY LLC13
Revolving Loan10
Healthcare servicesL+7.00% (Floor 1.75%)5/22/20205/22/2025$—  $(29) $—  
First LienL+7.00% (Floor 1.75%)/Q, Current Coupon 8.75%5/22/20205/22/20257,500  7,353  7,353  
Delayed Draw Capex Term Loan10
L+7.00% (Floor 1.75%)/Q5/22/20205/22/2025—  (29) —  
875,000 Preferred Units9
5/22/20205/22/2025—  875  875  
8,170  8,228  
CHANDLER SIGNS, LLC13
1,500,000 units of Class A-1 common stock9
Business services1/4/2016