Chicago Atlantic BDC, Inc.
For the period ended Mar 31, 2025. Filed May 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 14, 2025
LIEN$9.10+0.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule of Investments
March 31, 2025
(In thousands)
| Portfolio Company · Facility Type · All in Rate · Benchmark (3) · Spread · PIK · Floor · Initial Acquisition Date · Maturity · Par (2) · Amortized Cost (15) · Fair Value (4) · % of Net Assets · Footnote | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments at Fair Value | (1)(5)(16) | ||||||||||||||||
| US Corporate Debt | |||||||||||||||||
| First Lien Senior Secured U.S. Debt | |||||||||||||||||
| Cannabis | |||||||||||||||||
| Aeriz Holdings Corp | Delayed Draw Term Loan | 15.50% | P | 6.00% | 2.00% | 7.00% | 10/1/2024 | 6/30/2025 | $9,774 | $9,700 | $9,579 | 3.2% | (9) | ||||
| Archos Capital Group, LLC | Delayed Draw Term Loan | 14.25% | P | 5.75% | 0.00% | 8.50% | 10/1/2024 | 4/30/2025 | 679 | 679 | 679 | 0.2% | (10) | ||||
| Cannabis & Glass | Delayed Draw Term Loan | 14.57% | S | 10.25% | 0.00% | 4.00% | 3/28/2025 | 7/28/2028 | 2,000 | 1,980 | 1,980 | 0.7% | (11) | ||||
| Deep Roots Harvest, Inc. | Delayed Draw Term Loan | 14.50% | P | 6.50% | 0.00% | 8.00% | 10/23/2024 | 8/15/2027 | 4,917 | 4,917 | 4,917 | 1.6% | (11) | ||||
| Dreamfields Brands, Inc. (d/b/a Jeeter) | Delayed Draw Term Loan | 16.25% | P | 8.75% | 0.00% | 7.50% | 5/3/2023 | 5/3/2026 | 31,745 | 31,675 | 31,745 | 10.6% | (11) | ||||
| Elevation Cannabis, LLC | Delayed Draw Term Loan | 16.25% | P | 7.75% | 0.00% | 8.50% | 10/1/2024 | 12/31/2026 | 13,850 | 13,493 | 13,642 | 4.5% | (10) | ||||
| Flowery - Bill's Nursery, Inc. | Delayed Draw Term Loan | 16.00% | F | 11.00% | 5.00% | 0.00% | 10/1/2024 | 12/31/2025 | 12,027 | 11,982 | 12,027 | 4.0% | (12) | ||||
| HA-MD, LLC | Term Loan | 15.00% | F | 15.00% | 0.00% | 0.00% | 10/1/2024 | 6/6/2026 | 3,185 | 3,182 | 3,185 | 1.1% | (12) | ||||
| Kaleafa, Inc. | Term Loan | 17.00% | P | 8.50% | 0.00% | 8.50% | 10/1/2024 | 12/3/2027 | 2,875 | 2,875 | 2,904 | 1.0% | (11) | ||||
| Nova Farms, LLC | Term Loan | 15.00% | P | 6.50% | 0.00% | 8.50% | 10/1/2024 | 3/28/2027 | 15,308 | 14,330 | 14,543 | 4.8% | (9) | ||||
| Oasis - AZ GOAT AZ LLC | Term Loan | 15.50% | P | 7.50% | 0.00% | 8.00% | 10/1/2024 | 3/31/2026 | 4,955 | 4,897 | 4,881 | 1.6% | (11) | ||||
| Proper Holdings, LLC | Delayed Draw Term Loan | 13.00% | F | 11.00% | 2.00% | 0.00% | 10/1/2024 | 11/28/2025 | 4,283 | 4,281 | 4,283 | 1.4% | (10) | ||||
| Remedy - Maryland Wellness, LLC | Delayed Draw Term Loan | 18.50% | P | 7.50% | 3.50% | 5.00% | 10/1/2024 | 8/4/2025 | 3,106 | 3,070 | 3,121 | 1.0% | (9) | ||||
| STIIIZY Inc. (f/k/a Shryne Group Inc.) | Term Loan | 17.00% | P | 8.50% | 1.00% | 4.00% | 5/26/2022 | 5/26/2027 | 40,894 | 40,641 | 40,485 | 13.4% | (11) | ||||
| Silver Therapeutics, Inc. | Delayed Draw Term Loan | 15.00% | P | 7.25% | 0.00% | 7.75% | 3/26/2025 | 3/24/2028 | 6,000 | 6,000 | 6,000 | 2.0% | (9) | ||||
| Subsero Holdings - Illinois, Inc | Delayed Draw Term Loan | 16.50% | P | 7.00% | 2.00% | 7.00% | 10/1/2024 | 7/29/2026 | 2,883 | 2,825 | 2,868 | 1.0% | (10) | ||||
| TheraTrue, Inc. | Delayed Draw Term Loan | 14.50% | F | 14.50% | 0.00% | 0.00% | 3/18/2025 | 3/13/2027 | 2,750 | 2,750 | 2,750 | 0.9% | (10) | ||||
| Verano Holdings Corp. | Term Loan | 14.00% | P | 6.50% | 0.00% | 6.25% | 10/27/2024 | 10/30/2026 | 51,584 | 51,577 | 51,842 | 17.2% | (10)(14) | ||||
| Total Cannabis | 210,854 | 211,431 | 70.2% | ||||||||||||||
| Finance and Insurance | |||||||||||||||||
| Hartford Gold Group, LLC | Term Loan | 14.17% | S | 9.85% | 0.00% | 1.50% | 10/1/2024 | 1/6/2027 | 1,285 | 1,065 | 1,131 | 0.4% | (11) | ||||
| Minden Holdings, LLC | Term Loan | 14.75% | P | 7.25% | 0.00% | 0.00% | 10/1/2024 | 5/31/2026 | 1,600 | 1,597 | 1,600 | 0.5% | (10) | ||||
| Total Finance and Insurance | 2,662 | 2,731 | 0.9% | ||||||||||||||
| Information | |||||||||||||||||
| Protect Animals With Satellites LLC (Halo Collar) | Term Loan | 13.25% | P | 1.75% | 3.00% | 8.50% | 10/1/2024 | 11/1/2026 | 3,660 | 3,446 | 3,440 | 1.2% | (9) | ||||
| Protect Animals With Satellites LLC (Halo Collar) | Incremental Term Loan | 13.25% | P | 1.75% | 3.00% | 8.50% | 10/1/2024 | 11/1/2026 | 1,986 | 1,870 | 1,866 | 0.6% | (9) | ||||
| Simspace Corporation | Term Loan | 18.25% | P | 10.00% | 0.00% | 8.25% | 10/1/2024 | 11/1/2025 | 6,290 | 6,341 | 6,290 | 2.1% | (9) | ||||
| Total Information | 11,657 | 11,596 | 3.9% | ||||||||||||||
| Public Administration | |||||||||||||||||
| Youth Opportunity Investments, LLC | Term Loan | 12.07% | S | 7.75% | 0.00% | 4.00% | 10/1/2024 | 9/18/2026 | 10,242 | 10,155 | 10,242 | 3.4% | (10) | ||||
| Total Public Administration | 10,155 | 10,242 | 3.4% | ||||||||||||||
| Real Estate and Rental and Leasing | |||||||||||||||||
| Workbox Holdings Inc. | Term Loan | 12.00% | F | 6.00% | 6.00% | 0.00% | 5/20/2024 | 5/31/2029 | 1,647 | 1,436 | 1,441 | 0.5% | (10) | ||||
| Total Real Estate and Rental and Leasing | 1,436 | 1,441 | 0.5% | ||||||||||||||
| Retail Trade | |||||||||||||||||
| Aura Home, Inc | Term Loan | 11.82% | S | 7.50% | 0.00% | 4.00% | 10/1/2024 | 9/22/2025 | 3,325 | 3,299 | 3,375 | 1.1% | (9) | ||||
| Total Retail Trade | 3,299 | 3,375 | 1.1% | ||||||||||||||
| Total First Lien Senior Secured U.S. Debt | 240,063 | 240,816 | 80.0% | ||||||||||||||
| Senior Secured U.S. Notes | |||||||||||||||||
| Cannabis | |||||||||||||||||
| Ascend Wellness | Senior Secured Note | 12.75% | F | 12.75% | 0.00% | 0.00% | 7/16/2024 | 7/16/2029 | 3,500 | 3,340 | 3,343 | 1.1% | (9) | ||||
| Curaleaf Holdings, Inc. | Senior Secured Note | 8.00% | F | 8.00% | 0.00% | 0.00% | 10/11/2022 | 12/15/2026 | 4,500 | 4,183 | 4,298 | 1.4% | (9)(14) | ||||
| Total Cannabis | 7,523 | 7,641 | 2.5% | ||||||||||||||
| Finance and Insurance | |||||||||||||||||
| RTCP, LLC | Senior Secured Note | 15.00% | F | 15.00% | 0.00% | 0.00% | 10/1/2024 | 10/2/2028 | 22,000 | 21,981 | 22,000 | 7.3% | (13) | ||||
| West Creek Financial Holdings, Inc. dba Koalafi | Series A Senior Note | 18.80% | F | 13.80% | 5.00% | 0.00% | 10/1/2024 | 11/29/2027 | 5,212 | 5,182 | 5,212 | 1.8% | (12) | ||||
| Total Finance and Insurance | 27,163 | 27,212 | 9.1% | ||||||||||||||
| Total Senior Secured U.S. Notes | 34,686 | 34,853 | 11.6% | ||||||||||||||
| Total U.S. Corporate Debt | 274,749 | 275,669 | 91.6% | ||||||||||||||
| First Lien Senior Secured Canadian Debt | |||||||||||||||||
| Cannabis | |||||||||||||||||
| Fluent Corp. | Term Loan | 13.00% | F | 12.00% | 1.00% | 0.00% | 3/31/2025 | 11/24/2028 | 10,035 | 9,871 | 9,885 | 3.3% | (8)(14) | ||||
| Total Cannabis | 9,871 | 9,885 | 3.3% | ||||||||||||||
| Information | |||||||||||||||||
| Tulip.io Inc. | Term Loan | 15.00% | P | 4.00% | 3.00% | 8.00% | 11/4/2024 | 11/4/2028 | 3,037 | 3,040 | 3,022 | 1.0% | (8)(14) | ||||
| Total Information | 3,040 | 3,022 | 1.0% | ||||||||||||||
| Total First Lien Senior Secured Canadian Debt | 12,911 | 12,907 | 4.3% | ||||||||||||||
| Total Canadian Corporate Debt | 12,911 | 12,907 | 4.3% | ||||||||||||||
| Total Debt Investments | 287,660 | 288,576 | 95.9% | ||||||||||||||
| Portfolio Company · Class Series · Initial Acquisition Date · Shares · Cost · Fair Value · % of Net Assets · Footnote | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Preferred Stock | (6) | |||||||||
| Real Estate and Rental and Leasing | ||||||||||
| Workbox Holdings Inc. | A-1 Preferred | 5/20/2024 | 358,950 | 500 | 500 | 0.2% | (10) | |||
| Total Real Estate and Rental and Leasing | 500 | 500 | 0.2% | |||||||
| Total U.S. Preferred Stock | 500 | 500 | 0.2% | |||||||
| U.S. Warrants | (6) | |||||||||
| Real Estate and Rental and Leasing | ||||||||||
| Workbox Holdings Inc. | A-3 Warrants | 5/20/2024 | 791,258 | 97 | 75 | 0.0% | (10) | |||
| Workbox Holdings Inc. | A-4 Warrants | 5/20/2024 | 1,191,769 | 146 | 113 | 0.0% | (10) | |||
| Total Real Estate and Rental and Leasing | 243 | 188 | 0.0% | |||||||
| Total U.S. Warrants | 243 | 188 | 0.0% | |||||||
| Canadian Warrants | (6) | |||||||||
| Information | ||||||||||
| Tulip.io Inc. | Warrants | 11/4/2024 | 64,776 | - | - | 0.0% | (8)(14) | |||
| Total Information | - | - | 0.0% | |||||||
| Total Canadian Warrants | - | - | 0.0% | |||||||
| Total Equity Investments | 743 | 688 | 0.2% | |||||||
| TOTAL INVESTMENTS | $288,403 | $289,264 | 96.1% | |||||||
Footnote Legend
| (1) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 Fair Value Hierarchy. |
| (2) | Par represents the outstanding principal balance net of repayments, if any, as per the terms of the debt instrument’s contract. |
| (3) | Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to a benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) as defined in the Credit or Loan Service Agreement. As of March 31, 2025, rates for 1M S, 3M S and 6M S are 4.33%, 4.35%, and 4.55%, respectively. As of March 31, 2025, the P was 7.50%. |
| (4) | All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements. |
| (5) | The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry. |
| (6) | Indicates a non-income producing investment. As of March 31, 2025, no debt investments are deemed as non-income producing. |
| (7) | Geographic regions are determined by the respective portfolio company’s headquarters’ location. |
| (8) | The respective portfolio company’s headquarters is located outside of the United States. |
| (9) | Portfolio company located in the Northeast. |
| (10) | Portfolio company located in the Midwest. |
| (11) | Portfolio company located in the West. |
| (12) | Portfolio company located in the Southeast. |
| (13) | Portfolio company located in the Southwest. |
| (14) | The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of March 31, 2025, the aggregate fair value of non-qualifying assets is $69,045,575 or 22.01% of the Company’s total assets. |
| (15) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends. |
| (16) | Under the Investment Company Act of 1940, as amended, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and is generally deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2025, the Company did not hold investments in portfolio companies of which it is deemed to be an “affiliated person” nor deemed to “control” a portfolio company. |
F - Fixed
P - Prime
PIK - Payment-In-Kind
S - SOFR
Schedule of Investments
December 31, 2024
(In thousands)
| Portfolio Company · Facility Type · All-in Rate · Benchmark(3) · Spread · PIK · Floor · Initial Acquisition Date · Maturity · Par(2) · Amortized Cost(17) · Fair Value(4) · % of Net Assets · Footnote | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments at Fair Value | (1)(5) | |||||||||||||||||
| U.S. Corporate Debt | ||||||||||||||||||
| First Lien Senior Secured U.S. Debt | ||||||||||||||||||
| Cannabis | ||||||||||||||||||
| Aeriz Holdings Corp | Delayed Draw Term Loan | 15.50% | P | 6.00% | 2.00% | 7.00% | 10/1/2024 | 6/30/2025 | $10,075 | $9,927 | $9,873 | 3.3% | (9) | |||||
| Archos Capital Group, LLC | Delayed Draw Term Loan | 13.25% | P | 5.75% | 0.00% | 8.50% | 10/1/2024 | 2/28/2025 | 1,462 | 1,462 | 1,462 | 0.5% | (10) | |||||
| Deep Roots Harvest, Inc. | Delayed Draw Term Loan | 14.00% | P | 6.50% | 0.00% | 8.00% | 10/23/2024 | 8/15/2027 | 5,000 | 5,000 | 4,975 | 1.7% | (11) | |||||
| Dreamfields Brands, Inc. (d/b/a Jeeter) | Delayed Draw Term Loan | 16.25% | P | 8.75% | 0.00% | 7.50% | 5/3/2023 | 5/3/2026 | 31,745 | 31,659 | 31,745 | 10.5% | (11) | |||||
| Elevation Cannabis, LLC | Delayed Draw Term Loan | 15.25% | P | 7.75% | 0.00% | 8.50% | 10/1/2024 | 12/31/2026 | 14,300 | 13,893 | 14,157 | 4.7% | (10) | |||||
| Flowery - Bill's Nursery, Inc. | Delayed Draw Term Loan | 16.00% | F | 11.00% | 5.00% | 0.00% | 10/1/2024 | 12/31/2025 | 12,364 | 12,303 | 12,364 | 4.1% | (12) | |||||
| HA-MD, LLC | Term Loan | 15.00% | F | 15.00% | 0.00% | 0.00% | 10/1/2024 | 6/6/2026 | 3,290 | 3,286 | 3,290 | 1.1% | (12) | |||||
| Kaleafa, Inc. | Term Loan | 16.00% | P | 8.50% | 0.00% | 8.50% | 10/1/2024 | 12/3/2027 | 2,875 | 2,875 | 2,875 | 1.0% | (11) | |||||
| Nova Farms, LLC | Term Loan | 14.00% | P | 6.50% | 0.00% | 8.50% | 10/1/2024 | 3/28/2027 | 15,679 | 14,579 | 14,817 | 4.9% | (9) | |||||
| Oasis - AZ GOAT AZ LLC | Term Loan | 15.00% | P | 7.50% | 0.00% | 8.00% | 10/1/2024 | 3/31/2026 | 5,146 | 5,073 | 5,069 | 1.7% | (11) | |||||
| Proper Holdings, LLC | Delayed Draw Term Loan | 13.00% | F | 11.00% | 2.00% | 0.00% | 10/1/2024 | 11/28/2025 | 4,396 | 4,393 | 4,396 | 1.5% | (10) | |||||
| Remedy - Maryland Wellness, LLC | Delayed Draw Term Loan | 18.50% | P | 7.50% | 3.50% | 5.00% | 10/1/2024 | 8/4/2025 | 3,146 | 3,086 | 3,130 | 1.0% | (9) | |||||
| STIIIZY, Inc (f/k/a Shryne Group Inc.) | Term Loan | 17.00% | P | 8.50% | 1.00% | 4.00% | 5/26/2022 | 5/26/2027 | 40,793 | 40,504 | 40,385 | 13.4% | (11) | |||||
| Subsero Holdings - Illinois, Inc | Delayed Draw Term Loan | 16.50% | P | 7.00% | 2.00% | 7.00% | 10/1/2024 | 7/29/2026 | 2,941 | 2,873 | 2,882 | 1.0% | (10) | |||||
| Verano Holdings Corp. | Term Loan | 14.00% | P | 6.50% | 0.00% | 6.25% | 10/27/2024 | 10/30/2026 | 51,768 | 51,760 | 52,027 | 17.3% | (10)(14) | |||||
| Total Cannabis | 202,673 | 203,447 | 67.7% | |||||||||||||||
| Finance and Insurance | ||||||||||||||||||
| Hartford Gold Group, LLC | Term Loan | 14.40% | S | 9.85% | 0.00% | 1.50% | 10/1/2024 | 12/17/2025 | 162 | 144 | 156 | 0.1% | (11) | |||||
| Hartford Gold Group, LLC | Term Loan | 14.40% | S | 9.85% | 0.00% | 1.50% | 10/1/2024 | 1/6/2027 | 1,682 | 1,431 | 1,455 | 0.5% | (11) | |||||
| Minden Holdings, LLC | Term Loan | 14.75% | P | 7.25% | 0.00% | 0.00% | 10/1/2024 | 5/31/2026 | 2,200 | 2,197 | 2,200 | 0.7% | (10) | |||||
| Total Finance and Insurance | 3,772 | 3,811 | 1.3% | |||||||||||||||
| Health Care and Social Assistance | ||||||||||||||||||
| Sunny Days Enterprises, LLC | Delayed Draw Term Loan | 20.25% | P | 4.75% | 8.00% | 3.50% | 10/1/2024 | 3/31/2025 | 2,742 | 2,754 | 2,797 | 0.9% | (9) | |||||
| Total Health Care and Social Assistance | 2,754 | 2,797 | 0.9% | |||||||||||||||
| Information | ||||||||||||||||||
| Protect Animals With Satellites LLC (Halo Collar) | Term Loan | 12.25% | P | 1.75% | 3.00% | 8.50% | 10/1/2024 | 11/1/2026 | 3,663 | 3,417 | 3,407 | 1.1% | (9) | |||||
| Protect Animals With Satellites LLC (Halo Collar) | Incremental Term Loan | 12.25% | P | 1.75% | 3.00% | 8.50% | 10/1/2024 | 11/1/2026 | 2,004 | 1,870 | 1,864 | 0.6% | (9) | |||||
| Simspace Corporation | Term Loan | 17.50% | P | 10.00% | 0.00% | 8.50% | 10/1/2024 | 11/1/2025 | 6,500 | 6,573 | 6,500 | 2.2% | (9) | |||||
| Total Information | 11,860 | 11,771 | 3.9% | |||||||||||||||
| Public Administration | ||||||||||||||||||
| Youth Opportunity Investments, LLC | Term Loan | 12.28% | S | 7.75% | 0.00% | 4.00% | 10/1/2024 | 9/18/2026 | 10,375 | 10,273 | 10,323 | 3.4% | (10) | |||||
| Total Public Administration | 10,273 | 10,323 | 3.4% | |||||||||||||||
| Real Estate and Rental and Leasing | ||||||||||||||||||
| Workbox Holdings Inc. | Term Loan | 12.00% | F | 6.00% | 6.00% | 0.00% | 5/20/2024 | 5/31/2029 | 1,622 | 1,406 | 1,452 | 0.5% | (10) | |||||
| Total Real Estate and Rental and Leasing | 1,406 | 1,452 | 0.5% | |||||||||||||||
| Retail Trade | ||||||||||||||||||
| Aura Home, Inc | Term Loan | 12.03% | S | 7.50% | 0.00% | 4.00% | 10/1/2024 | 9/22/2025 | 3,325 | 3,285 | 3,275 | 1.1% | (9) | |||||
| Total Retail Trade | 3,285 | 3,275 | 1.1% | |||||||||||||||
| Total First Lien Senior Secured U.S. Debt | 236,023 | 236,876 | 78.8% | |||||||||||||||
| Senior Secured U.S. Notes | ||||||||||||||||||
| Cannabis | ||||||||||||||||||
| Ascend Wellness Holdings, Inc | Senior Secured Note | 12.75% | F | 12.75% | 0.00% | 0.00% | 7/16/2024 | 7/16/2029 | 3,500 | 3,331 | 3,308 | 1.1% | (9) | |||||
| Curaleaf Holdings, Inc. | Senior Secured Note | 8.00% | F | 8.00% | 0.00% | 0.00% | 10/11/2022 | 12/15/2026 | 4,500 | 4,142 | 4,253 | 1.4% | (9)(14) | |||||
| Total Cannabis | 7,473 | 7,561 | 2.5% | |||||||||||||||
| Finance and Insurance | ||||||||||||||||||
| RTCP, LLC | Senior Secured Note | 15.00% | F | 15.00% | 0.00% | 0.00% | 10/1/2024 | 10/2/2028 | 22,000 | 21,980 | 22,000 | 7.3% | (13) | |||||
| West Creek Financial Holdings, Inc. dba Koalafi | Series A Senior Note | 18.80% | F | 13.80% | 5.00% | 0.00% | 10/1/2024 | 11/29/2027 | 5,148 | 5,115 | 5,096 | 1.7% | (12) | |||||
| Total Finance and Insurance | 27,095 | 27,096 | 9.0% | |||||||||||||||
| Total Senior Secured U.S. Notes | 34,568 | 34,657 | 11.5% | |||||||||||||||
| Total U.S. Corporate Debt | 270,590 | 271,532 | 90.3% | |||||||||||||||
| First Lien Senior Secured Canadian Debt | ||||||||||||||||||
| Information | ||||||||||||||||||
| Tulip.io Inc. | Term Loan | 14.50% | P | 4.00% | 3.00% | 8.00% | 11/4/2024 | 11/4/2028 | 3,014 | 3,014 | 2,984 | 1.0% | (8)(14) | |||||
| Total Information | 3,014 | 2,984 | 1.0% | |||||||||||||||
| Total First Lien Senior Secured Canadian Debt | 3,014 | 2,984 | 1.0% | |||||||||||||||
| Total Canadian Corporate Debt | 3,014 | 2,984 | 1.0% | |||||||||||||||
| Total Debt Investments | 273,604 | 274,516 | 91.3% | |||||||||||||||
| Portfolio Company · Class Series · Initial Acquisition Date · Shares · Amortized Cost (17) · Fair Value · % of Net Assets · Footnote | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Preferred Stock | ||||||||||
| Real Estate and Rental and Leasing | ||||||||||
| Workbox Holdings Inc. | A-1 Preferred | 5/20/2024 | 500,000 | 500 | 500 | 0.2% | (6)(10) | |||
| Total Real Estate and Rental and Leasing | 500 | 500 | 0.2% | |||||||
| Total U.S. Preferred Stock | 500 | 500 | 0.2% | |||||||
| U .S. Warrants | ||||||||||
| Real Estate and Rental and Leasing | ||||||||||
| Workbox Holdings Inc. | A-3 Warrants | 5/20/2024 | 71,000 | 97 | 91 | 0.0% | (6)(10) | |||
| Workbox Holdings Inc. | A-4 Warrants | 5/20/2024 | 105,000 | 146 | 134 | 0.0% | (6)(10) | |||
| Total Real Estate and Rental and Leasing | 243 | 225 | 0.0% | |||||||
| Total U.S. Warrants | 243 | 225 | 0.0% | |||||||
| Canadian Warrants | ||||||||||
| Information | ||||||||||
| Tulip.io Inc. | Warrants | 11/4/2024 | 64,776 | - | - | 0.0% | (6)(8)(14) | |||
| Total Information | - | - | 0.0% | |||||||
| Total Canadian Warrants | - | - | 0.0% | |||||||
| Total Equity Investments | 743 | 725 | 0.2% | |||||||
| TOTAL INVESTMENTS | 274,347 | 275,241 | 91.5% | |||||||
| Portfolio Company | Yield | Cost | Fair Value | % of Net Assets | Footnote |
|---|---|---|---|---|---|
| Cash & Cash Equivalents | |||||
| State Street Institutional US Government Money Market Fund | 4.43% | 23,932 | 23,932 | 7.9% | (15)(16) |
| Total Cash & Cash Equivalents | 23,932 | 23,932 | 7.9% | ||
| Total Portfolio Investments and Cash & Cash Equivalents | $298,279 | $299,174 | 99.4% | ||
Footnote Legend
| (1) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 Fair Value Hierarchy. |
| (2) | Par represents the outstanding principal balance net of repayments, if any, as per the terms of the debt instrument’s contract. |
| (3) | Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to a benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) as defined in the Credit or Loan Service Agreement. As of December 31, 2024, rates for 1M S, 3M S and 6M S are 4.53%, 4.69%, and 5.03%, respectively. As of December 31, 2024, the P was 7.50%. |
| (4) | All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements. |
| (5) | The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry. |
| (6) | Indicates a non-income producing investment. As of December 31, 2024, no debt investments are deemed as non-income producing. |
| (7) | Geographic regions are determined by the respective portfolio company’s headquarters’ location. |
| (8) | The respective portfolio company’s headquarters is located outside of the United States. |
| (9) | Portfolio company located in the Northeast. |
| (10) | Portfolio company located in the Midwest. |
| (11) | Portfolio company located in the West. |
| (12) | Portfolio company located in the Southeast. |
| (13) | Portfolio company located in the Southwest. |
| (14) | The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2024 the aggregate fair value of non-qualifying assets is $59,263,833 or 19.14% of the Company’s total assets. |
| (15) | The rate shown is the annualized seven-day yield as of December 31, 2024. |
| (16) | Included within ‘Cash and cash equivalents’ on the Statements of Assets and Liabilities. |
| (17) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends. |
F - Fixed
P - Prime
PIK - Payment-In-Kind
S - SOFR
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.