Toggle SGML Header (+)


Section 1: 10-Q (10-Q)

  

  

 

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, 2017

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

COMMISSION FILE NUMBER: 0-50398



 

TICC CAPITAL CORP.

(Exact name of registrant as specified in its charter)



 

 
MARYLAND   20-0188736
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

8 SOUND SHORE DRIVE, SUITE 255
GREENWICH, CONNECTICUT 06830

(Address of principal executive office)

(203) 983-5275

(Registrant’s telephone number, including area code)



 

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 (the “Exchange Act”) 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 o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).  Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

     
Large accelerated filer   o   Accelerated filer   x
Non-accelerated filer   o   Smaller Reporting company   o
Emerging growth company   o

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. o

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of August 7, 2017 was 51,479,409.

 

 


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
TABLE OF CONTENTS

 
PART I. FINANCIAL INFORMATION     1  

Item 1.

Financial Statements (Unaudited)

    1  
Consolidated Statements of Assets and Liabilities as of June 30, 2017 and December 31, 2016     1  
Consolidated Schedule of Investments as of June 30, 2017     2  
Consolidated Schedule of Investments as of December 31, 2016     8  
Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016     14  
Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2017 and for the year ended December 31, 2016     15  
Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016     16  
Notes to Consolidated Financial Statements     17  

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

    53  

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

    77  

Item 4.

Controls and Procedures

    78  
PART II. OTHER INFORMATION     79  

Item 1.

Legal Proceedings

    79  

Item 1A.

Risk Factors

    79  

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

    79  

Item 3.

Defaults Upon Senior Securities

    79  

Item 4.

Mine Safety Disclosures

    79  

Item 5.

Other Information

    79  

Item 6.

Exhibits

    80  
SIGNATURES     82  

i


 
 

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

TICC CAPITAL CORP.
 
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(unaudited)

   
  June 30, 2017   December 31, 2016
ASSETS
                 
Non-affiliated/non-control investments (cost: $467,724,988 @ 6/30/17; $616,542,612 @ 12/31/16)   $ 440,238,676     $ 578,297,069  
Affiliated investments (cost: $10,467,049 @ 6/30/17; $7,497,229 @ 12/31/16)     14,517,716       11,626,007  
Total investments at fair value (cost: $478,192,037 @ 6/30/17; $624,039,841 @ 12/31/16)     454,756,392       589,923,076  
Cash and cash equivalents     88,751,878       8,261,698  
Restricted cash     61,134,714       3,451,636  
Interest and distributions receivable     6,820,485       9,682,672  
Securities sold not settled     10,209,285       7,406  
Other assets     1,487,698       1,130,018  
Total assets   $ 623,160,452     $ 612,456,506  
LIABILITIES
                 
Accrued interest payable   $ 1,608,262     $ 1,731,111  
Investment advisory fee and net investment income incentive fee payable to affiliate     3,392,314       3,673,381  
Securities purchased not settled     2,956,250        
Accrued expenses     989,825       1,089,043  
Notes payable – TICC CLO 2012-1 LLC, net of discount and deferred issuance costs     71,092,564       125,853,720  
Convertible senior notes payable, net of deferred issuance costs     94,369,112       94,116,753  
6.50% unsecured notes due 2024, net of deferred issuance costs     62,179,537        
Total liabilities     236,587,864       226,464,008  
COMMITMENTS AND CONTINGENCIES (Note 13)
                 
NET ASSETS
                 
Common stock, $0.01 par value, 100,000,000 shares authorized; 51,479,409 and 51,479,409 shares issued and outstanding, respectively     514,794       514,794  
Capital in excess of par value     558,822,643       558,822,643  
Net unrealized depreciation on investments     (23,435,645 )      (34,116,765 ) 
Accumulated net realized losses on investments     (100,530,769 )      (95,605,057 ) 
Distributions in excess of net investment income     (48,798,435 )      (43,623,117 ) 
Total net assets     386,572,588       385,992,498  
Total liabilities and net assets   $ 623,160,452     $ 612,456,506  
Net asset value per common share   $ 7.51     $ 7.50  

 
 
See Accompanying Notes.

1


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2017
(unaudited)

         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Senior Secured Notes
                                            
AmeriLife Group     diversified insurance                                      
first lien senior secured notes, LIBOR + 4.75% (1.00% floor) due July 10, 2022(4)(5)(6)(10)(17)            $ 15,487,437     $ 15,364,794     $ 15,138,970           
Aricent Technologies, Inc.     telecommunication services                                      
second lien senior secured notes, LIBOR + 8.50% (1.00% floor) due April 14, 2022(4)(5)(10)(17)              14,000,000       14,008,910       14,026,320           
Birch Communications, Inc.     telecommunication services                                      
first lien senior secured notes, LIBOR + 7.25% (1.00% floor) due July 15, 2020(4)(5)(6)(10)(15)              21,778,905       21,081,807       15,499,393           
Capstone Logistics Acquisition, Inc.     logistics                                      
first lien senior secured notes, LIBOR + 4.50% (1.00% floor) due October 7, 2021(4)(5)(6)(10)(17)              10,573,496       10,554,054       10,494,195           
Edmentum, Inc. (F/K/A “Plato, Inc.”)     education                                      
first lien senior secured notes, LIBOR + 4.50% (1.00% floor) Cash, 2.00% PIK due June 10, 2019(3)(4)(5)(6)(10)(15)              5,996,578       5,969,853       4,522,439           
First American Payment Systems     financial intermediaries                                      
second lien senior secured notes, LIBOR + 10.50% (1.00% floor) due July 6, 2024(4)(5)(17)              1,500,000       1,456,810       1,470,000           
Global Tel Link Corp     telecommunication services                                      
second lien senior secured notes, LIBOR + 7.75% (1.25% floor) due November 23, 2020(4)(5)(10)(15)              13,000,000       12,914,392       12,943,190           
Harbortouch Payments     financial intermediaries                                      
second lien senior secured notes, LIBOR + 9.50% (1.00% floor) due October 11, 2024(4)(5)(17)              12,000,000       11,791,195       12,000,000           
Help/Systems Holdings, Inc.     software                                      
second lien senior secured notes LIBOR + 9.50% (1.00% floor) due October 8, 2022(4)(5)(15)              10,000,000       9,697,103       9,762,500           
Imagine! Print Solutions     business services                                      
second lien senior secured notes, LIBOR + 8.75% (1.00% floor) due June 21, 2023(4)(5)(15)              13,000,000       12,805,507       12,805,000           
Jackson Hewitt Tax Service, Inc.     consumer services                                      
first lien senior secured notes, LIBOR + 7.00% (1.00% floor) due July 30, 2020(4)(5)(6)(10)(15)              20,218,776       19,882,349       19,207,837           
Keystone Acquisition Corp.     healthcare                                      
first lien senior secured notes, LIBOR + 5.25% (1.00% floor) due May 1, 2024(4)(5)(15)              3,000,000       2,940,807       2,973,750           
second lien senior secured notes, LIBOR + 9.25% (1.00% floor) due May 1, 2025(4)(5)(15)              10,000,000       9,802,878       9,887,500           
Merrill Communications, LLC     printing and publishing                                      
first lien senior secured notes, LIBOR + 5.25% (1.00% floor) due June 01, 2022(4)(5)(6)(15)              12,763,037       12,666,456       12,794,945           
Novetta, LLC     aerospace and defense                                      
first lien senior secured notes, LIBOR + 5.00% (1.00% floor) due October 16, 2022(4)(5)(6)(10)(15)              5,614,500       5,562,007       5,389,920           
Novitex Enterprise Solutions (F/K/A “Pitney Bowes Management Services, Inc.”)      
printing and publishing
                                     
first lien senior secured notes, LIBOR + 6.75% (1.25% floor) due July 07, 2020(4)(5)(10)(17)              14,966,900       14,906,606       14,966,900           
Polycom, Inc.     business services                                      
second lien senior secured notes, LIBOR + 10.00% (1.00% floor) due September 27, 2024(4)(5)(17)              13,000,000       12,753,033       12,983,750           
(continued on next page)
                                            

 
 
See Accompanying Notes.

2


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
JUNE 30, 2017
(unaudited)

         
         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Senior Secured Notes – (continued)
                                            
Premiere Global Services, Inc.     business services                                      
senior secured notes, LIBOR + 6.50% (1.00% floor) due December 8, 2021(4)(5)(10)(14)(15)            $ 16,033,765     $ 14,764,744     $ 15,993,681           
second lien senior secured notes, LIBOR + 9.50% (1.00% floor) due June 6, 2022(4)(5)(14)(17)              10,000,000       9,719,304       9,850,000           
Securus Technologies, Inc.     telecommunication services                                      
first lien senior secured notes, LIBOR + 3.50% (1.25% floor) due April 30, 2020(4)(5)(6)(17)              5,638,392       5,612,825       5,625,706           
second lien senior secured notes, LIBOR + 7.75% (1.25% floor) due April 30, 2021(4)(5)(10)(15)              6,400,000       6,382,253       6,410,688           
Source Hov, LLC     business services                                      
first lien senior secured notes, LIBOR + 6.75% (1.00% floor) due October 31, 2019(4)(5)(10)(14)(15)              16,087,500       15,796,575       16,087,500           
second lien senior secured notes, LIBOR + 10.50% (1.00% floor) due April 30, 2020(4)(5)(10)(14)(15)              15,000,000       14,642,711       15,300,000           
Unitek Global Services, Inc.     IT consulting                                      
first lien senior secured tranche B term loan, LIBOR + 8.50%, (1.00% floor) due January 13, 2019(4)(5)(10)(15)           2,638,748       2,622,161       2,665,135        
Total Senior Secured Notes               $ 263,699,134     $ 258,799,319       66.9 % 
Subordinated Debt
                                            
Unitek Global Services, Inc.     IT consulting                                      
Holdco PIK Debt Cash 0.00%, 15.00% PIK, due July 13, 2019(3)(5)(10)(15)         $ 722,906     $ 720,507     $ 730,135        
Total Subordinated Debt               $ 720,507     $ 730,135       0.2 % 
Collateralized Loan Obligation – Debt Investments
                                            
Catamaran CLO 2012-1 Ltd.     structured finance                                      
CLO secured class F notes, LIBOR + 5.50% due December 20, 2023(4)(5)(11)(12)(15)            $ 1,250,000     $ 1,179,934     $ 1,190,000           
Telos CLO 2013-3, Ltd.     structured finance                                      
CLO secured class F notes, LIBOR + 5.50% due January 17, 2024(4)(5)(11)(12)(15)           3,000,000       2,817,525       3,000,000        
Total Collateralized Loan Obligation – Debt Investments               $ 3,997,459     $ 4,190,000       1.1 % 
Collateralized Loan Obligation – Equity Investments
                                            
ACAS CLO 2012-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 91.92% due September 20, 2023(9)(11)(12)(19)            $ 6,000,000     $ 554,085     $ 30,000           
AMMC CLO XI, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 15.65% due October 30, 2023(9)(11)(12)(19)              6,000,000       3,787,214       3,240,000           
AMMC CLO XII, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 9.21% due May 10, 2025(9)(11)(12)(19)              12,921,429       6,874,283       5,168,572           
Anchorage Capital 6 CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 25.18% due April 15, 2027(9)(11)(12)(19)              5,000,000       3,368,869       3,338,596           
Ares XXV CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield -5.20% due January 17, 2024(9)(11)(12)(19)              15,500,000       3,339,637       2,790,000           
(continued on next page)
                                         

 
 
See Accompanying Notes.

3


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
JUNE 30, 2017
(unaudited)

         
         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Collateralized Loan Obligation – Equity Investments – (continued)
                                            
Ares XXVI CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 11.66% due April 15, 2025(9)(11)(12)(19)            $ 17,630,000     $ 8,752,140     $ 6,452,270           
Ares XXIX CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 9.26% due April 17, 2026(9)(11)(12)(19)              12,750,000       8,621,486       6,364,243           
Carlyle Global Market Strategies CLO 2013-2, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 21.20% due April 18, 2025(9)(11)(12)(19)              9,250,000       6,017,383       5,341,084           
Catamaran CLO 2012-1 Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 2.05% due December 20, 2023(9)(11)(12)(19)              23,000,000       9,893,556       4,600,000           
Cedar Funding II CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 15.48% due March 09, 2025(9)(11)(12)(19)              18,000,000       13,202,393       13,500,000           
Cedar Funding VI CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 14.63% due October 20, 2028(9)(11)(12)(19)              3,700,000       3,391,394       3,441,000           
CIFC Funding 2012-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield -15.85% due August 14, 2024(9)(11)(12)(19)              12,750,000       216,879       159,375           
CIFC Funding 2014-3, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 21.97% due July 22, 2026(9)(11)(12)(19)              10,000,000       6,872,266       6,400,000           
Eaton Vance 2015-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 15.30% due October 20, 2026(9)(11)(12)(19)              7,500,000       5,110,138       5,250,000           
GoldenTree Loan Opportunities VII, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 36.91% due April 25, 2025(9)(11)(12)(19)              4,670,000       2,674,439       2,802,000           
Hull Street CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 17.89% due October 18, 2026(9)(11)(12)(19)              5,000,000       3,165,431       1,850,000           
Ivy Hill Middle Market Credit Fund VII, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 16.31% due October 20, 2025(9)(11)(12)(19)              14,000,000       11,427,520       9,731,717           
Jamestown CLO V Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 23.73% due January 17, 2027(9)(11)(12)(19)              8,000,000       4,991,998       4,160,000           
KVK CLO 2012-2, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 318.08% due February 10, 2025(9)(11)(12)(19)              5,000,000                       
KVK CLO 2013-2, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 40.34% due January 15, 2026(9)(11)(12)(19)              18,200,000       8,159,973       7,280,000           
Madison Park Funding XIX, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 15.18% due January 22, 2028(9)(11)(12)(19)              5,422,500       5,364,686       5,802,075           
(continued on next page)
                                      

 
 
See Accompanying Notes.

4


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
JUNE 30, 2017
(unaudited)

         
         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Collateralized Loan Obligation – Equity Investments – (continued)
                                            
Marea CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield -13.11% due October 15, 2023(9)(11)(12)(19)            $ 16,217,000     $ 2,503,622     $ 162,170           
Mountain Hawk III CLO, Ltd.     structured finance                                      
CLO M notes due April 18, 2025(11)(12)(13)              2,389,676             109,420           
Regatta V Funding, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 25.40% due October 25, 2026(9)(11)(12)(19)              3,000,000       1,828,008       1,860,000           
Steele Creek CLO 2014-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 20.54% due August 21, 2026(9)(11)(12)(19)              6,000,000       4,364,763       4,365,000           
Telos CLO 2013-3, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 29.11% due January 17, 2024(9)(11)(12)(19)              10,416,666       7,024,821       5,625,000           
Telos CLO 2013-4, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 30.39% due July 17, 2024(9)(11)(12)(19)              11,350,000       6,937,419       6,492,905           
Telos CLO 2014-5, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 27.20% due April 17, 2025(9)(11)(12)(19)              28,500,000       18,520,212       16,642,382           
Venture XIV, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 23.97% due August 28, 2025(9)(11)(12)(19)              7,250,000       4,296,276       4,060,000           
Venture XVII, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 23.19% due July 15, 2026(9)(11)(12)(19)              6,200,000       4,242,374       3,856,185           
Vibrant CLO V, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 17.83% due January 20, 2029(9)(11)(12)(19)              13,475,000       11,989,909       12,397,000           
West CLO 2014-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 17.39% due July 18, 2026(9)(11)(12)(19)              13,500,000       8,945,325       8,640,000           
Windriver 2012-1 CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 18.27% due January 17, 2024(9)(11)(12)(19)              7,500,000       4,912,830       4,191,401           
Zais CLO 6, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 18.77% due July 15, 2029(9)(11)(12)(19)              12,500,000       10,674,228       11,750,000           
CLO equity side letter related investments (11)(12)(13)     structured finance             125,000       1,788,807        
Total Collateralized Loan Obligation – Equity Investments               $ 202,150,556     $ 179,641,202       46.5 % 
(continued on next page)
                                         

 
 
See Accompanying Notes.

5


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
JUNE 30, 2017
(unaudited)

         
         
COMPANY/INVESTMENT(1)   INDUSTRY   SHARES   COST   FAIR VALUE(2)   % of Net Assets
Common Stock
                                            
Unitek Global Services, Inc.     IT consulting                                      
Common Stock(7)(10)           1,244,188     $ 684,960     $ 472,791        
Total Common Stock               $ 684,960     $ 472,791       0.1 % 
Preferred Equity
                                            
Unitek Global Services, Inc.     IT consulting                                      
Series A Senior Preferred Equity(7)              3,002,455     $ 2,762,421     $ 3,002,455           
Series A Preferred Equity(7)(10)           5,706,866       3,677,000       7,647,200        
Total Preferred Equity               $ 6,439,421     $ 10,649,655       2.7 % 
Warrants
                                            
Unitek Global Services, Inc.     IT consulting                                      
Warrants to purchase common stock(7)(10)           159,795     $     $        
Total Warrants               $     $       0.0 % 
Other Investments
                                            
Algorithmic Implementations, Inc. (d/b/a “Ai Squared”)                                             
Earnout payments(7)(20)               $ 500,000     $ 273,290        
Total Other Investments               $ 500,000     $ 273,290       0.1 % 
Total Investments(8)               $ 478,192,037     $ 454,756,392       117.6 % 
Cash and Cash Equivalents
                                            
First American Government Obligations Fund(21)               $ 88,751,878     $ 88,751,878        
Total Cash and Cash Equivalents               $ 88,751,878     $ 88,751,878       23.0 % 
Total Investments, Cash and Cash Equivalents               $ 566,943,915     $ 543,508,270       140.6 % 

(1) Other than Unitek Global Services, Inc., of which we are deemed to be an “affiliate,” we do not “control” and are not an “affiliate” of any of our portfolio companies, each as defined in the Investment Company Act of 1940 (the “1940 Act”). In general, under the 1940 Act, we would be presumed to “control” a portfolio company if we owned 25% or more of its voting securities and would be an “affiliate” of a portfolio company if we owned 5% or more of its voting securities.
(2) Fair value is determined in good faith by the Board of Directors of the Company.
(3) Portfolio includes $6,719,484 of principal amount of debt investments which contain a PIK provision at June 30, 2017.
(4) Notes bear interest at variable rates.
(5) Cost value reflects accretion of original issue discount or market discount.
(6) Cost value reflects repayment of principal.
(7) Non-income producing at the relevant period end.
(8) Aggregate gross unrealized appreciation for federal income tax purposes is $14,833,547; aggregate gross unrealized depreciation for federal income tax purposes is $82,428,535. Net unrealized depreciation is $67,594,988 based upon a tax cost basis of $522,351,380.
(9) Cost value reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO equity investments.
(10) All or a portion of this investment represents TICC CLO 2012-1 LLC collateral.
(11) Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2017, the Company held qualifying assets that represented 70.3% of its total assets.
(12) Investment not domiciled in the United States.
(13) Fair value represents discounted cash flows associated with fees earned from CLO equity investments.
(14) Aggregate investments represent greater than 5% of net assets.

 
 
See Accompanying Notes.

6


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
JUNE 30, 2017
(unaudited)

(15) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day LIBOR.
(16) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 1-year LIBOR.
(17) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day LIBOR.
(18) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 180-day LIBOR.
(19) The CLO subordinated notes and income notes are considered equity positions in the CLO funds. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon expected redemption. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
(20) Represents the earnout payments related to the sale of Algorithmic Implementations, Inc. (d/b/a “Ai Squared”).
(21) Represents cash equivalents held in money market accounts as of June 30, 2017.

 
 
See Accompanying Notes.

7


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2016

         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Senior Secured Notes
                                            
AmeriLife Group     diversified insurance                                      
first lien senior secured notes, LIBOR + 4.75% (1.00% floor) due July 10, 2022(4)(5)(6)(10)(16)         $ 15,620,604     $ 15,486,217     $ 15,151,986           
Aricent Technologies, Inc.     telecommunication services                                      
first lien senior secured notes, LIBOR + 4.50% (1.00% floor) due April 14, 2021(4)(5)(6)(10)(14)(18)           8,775,262       8,731,896       8,533,942           
second lien senior secured notes, LIBOR + 8.50% (1.00% floor) due April 14, 2022(4)(5)(10)(14)(18)           14,000,000       14,008,442       12,040,000           
Birch Communications, Inc.     telecommunication services                                      
first lien senior secured notes, LIBOR + 7.25% (1.00% floor) due July 18, 2020(4)(5)(6)(10)(14)(15)           22,386,525       21,592,757       19,700,142           
BMC Software Finance, Inc.     business services                                      
first lien senior secured notes, LIBOR + 4.00% (1.00% floor) due September 10, 2020(4)(5)(6)(10)(15)           4,676,389       4,687,172       4,664,698           
Capstone Logistics Acquisition, Inc.     logistics                                      
first lien senior secured notes, LIBOR + 4.50% (1.00% floor) due October 7, 2021(4)(5)(6)(10)(17)           10,727,817       10,704,694       10,584,815           
ConvergeOne Holdings Corp.     business services                                      
first lien senior secured notes, LIBOR + 5.375% (1.00% floor) due June 17, 2020(4)(5)(6)(10)(15)           9,609,828       9,609,610       9,561,779           
second lien senior secured notes, LIBOR + 9.00% (1.00% floor) due June 17, 2021(4)(5)(10)(15)           3,000,000       2,978,478       2,940,000           
Edmentum, Inc. (f/k/a “Plato, Inc.”)     education                                      
first lien senior secured notes, LIBOR + 4.50% (1.00% floor) Cash, 2.00% PIK due June 10, 2019(3)(4)(5)(6)(10)(15)           5,966,443       5,931,165       4,285,875           
Electric Lightwave Holdings, Inc. (f/k/a “Integra Telecom Holdings, Inc.”)      
telecommunication services
                                     
first lien senior secured notes, LIBOR + 4.00% (1.25% floor) due August 14, 2020(4)(5)(6)(10)(14)(15)           5,180,526       5,159,932       5,189,592           
second lien senior secured notes, LIBOR + 8.50%, (1.25% floor) due February 14, 2021(4)(5)(6)(10)(14)(15)           10,806,404       10,857,480       10,786,196           
First American Payment Systems     financial intermediaries                                      
second lien senior secured notes, LIBOR + 9.50% (1.25% floor) due April 12, 2019(4)(5)(10)(17)           13,982,241       13,870,396       13,982,241           
Global Tel Link Corp     telecommunication services                                      
first lien senior secured notes, LIBOR + 3.75% (1.25% floor) due May 23, 2020(4)(5)(6)(15)           1,983,163       1,975,704       1,969,539           
second lien senior secured notes, LIBOR + 7.75% (1.25% floor) due November 23, 2020(4)(5)(10)(15)           13,000,000       12,903,392       12,593,750           
Innovairre Holding Company LLC (f/k/a “RBS Holding Company”)      
printing and publishing
                                     
first lien senior secured notes, LIBOR + 4.00% (1.00% floor) due August 2, 2019(4)(5)(6)(15)           11,839,379       11,578,162       11,602,591           
Harbortouch Payments     financial intermediaries                                      
second lien senior secured notes, LIBOR + 9.50% (1.00% floor) due October 11, 2024(4)(5)(10)(15)           12,000,000       11,777,359       11,820,000           
(continued on next page)
                                            

 
 
See Accompanying Notes.

8


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
DECEMBER 31, 2016

         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Senior Secured Notes – (continued)
                                            
Help/Systems Holdings, Inc.     software                                      
senior secured notes, LIBOR + 5.25(1.00% floor) due October 18, 2021(4)(5)(6)(10)(15)         $ 8,910,000     $ 8,760,042     $ 8,887,725           
second lien senior secured notes LIBOR + 9.50% (1.00% floor) due October 8, 2022(4)(5)(15)           10,000,000       9,676,019       9,500,000           
iEnergizer Limited     printing and publishing                                      
first lien senior secured notes, LIBOR +6.00% (1.25% floor) due May 01, 2019(4)(5)(6)(10)(11)(12)(17)           4,694,081       4,621,686       4,647,140           
Jackson Hewitt Tax Service, Inc.     consumer services                                      
first lien senior secured notes, LIBOR + 7.00% (1.00% floor) due July 30, 2020(4)(5)(6)(10)(15)           17,640,000       17,387,178       16,912,350           
Merrill Communications, LLC     printing and publishing                                      
first lien senior secured notes, LIBOR +5.25% (1.00% floor) due June 01, 2022(4)(5)(6)(10)(14)(15)           23,682,442       23,447,282       23,504,824           
NAB Holdings, LLC     financial intermediaries                                      
first lien senior secured notes, LIBOR +3.75% (1.00% floor) due May 21, 2021(4)(5)(6)(10)(15)           9,262,559       9,214,580       9,262,559           
Novetta, LLC     aerospace and defense                                      
first lien senior secured notes, LIBOR +5.00% (1.00% floor) due October 16, 2022(4)(5)(6)(10)(15)           5,643,000       5,586,051       5,466,656           
Novitex Enterprise Solutions (f/k/a “Pitney Bowes Management Services, Inc.”)      
printing and publishing
                                     
first lien senior secured notes, LIBOR +6.25% (1.25% floor) due July 07, 2020(4)(5)(6)(10)(18)           15,165,400       15,098,034       14,520,871           
Polycom, Inc.     business services                                      
first lien senior secured notes, LIBOR + 6.50% (1.00% floor) due September 27, 2023(4)(5)(14)(17)              6,769,583       6,497,271       6,803,431           
second lien senior secured notes, LIBOR + 10.00% (1.00% floor) due September 27, 2024(4)(5)(14)(17)           13,000,000       12,744,436       12,870,000           
Premiere Global Services, Inc.     business services                                      
senior secured notes, LIBOR + 6.50% (1.00% floor) due December 8, 2021(4)(5)(6)(10)(15)           14,436,090       13,060,236       14,048,192           
second lien senior secured notes, LIBOR + 9.50% (1.00% floor) due June 6, 2022(4)(5)(17)           5,000,000       4,804,450       4,800,000           
Recorded Books, Inc. (f/k/a “Volume Holdings, Inc.”)     printing and publishing                                      
senior secured notes, LIBOR + 4.50% (1.00% floor) due July 31, 2021(4)(5)(6)(10)(15)           8,720,058       8,684,453       8,632,857           
Securus Technologies, Inc.     telecommunication services                                      
first lien senior secured notes, LIBOR + 3.50% (1.25% floor) due April 30, 2020(4)(5)(6)(15)           5,824,573       5,792,824       5,795,450           
second lien senior secured notes, LIBOR + 7.75% (1.25% floor) due April 30, 2021(4)(5)(10)(15)           6,400,000       6,379,907       6,256,000           
SourceHov, LLC     business services                                      
first lien senior secured notes, LIBOR + 6.75% (1.00% floor) due October 31, 2019(4)(5)(6)(10)(14)(17)           16,537,500       16,195,897       14,883,750           
second lien senior secured notes, LIBOR + 10.50% (1.00% floor) due April 30, 2020(4)(5)(10)(14)(17)           15,000,000       14,586,122       9,723,750           
Stratus Technologies, Inc.     computer hardware                                      
first lien senior secured notes, LIBOR +5.00% (1.00% floor) due April 28, 2021(4)(5)(6)(10)(17)           7,975,000       7,911,297       7,855,375           
(continued on next page)
                                         

 
 
See Accompanying Notes.

9


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
DECEMBER 31, 2016

         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Senior Secured Notes – (continued)
                                            
Total Merchant Services, Inc.     financial intermediaries                                      
first lien senior secured notes, LIBOR + 5.50% (1.00% floor) due December 5, 2020(4)(5)(6)(10)(18)         $ 12,224,081     $ 12,135,248     $ 11,888,285           
Travel Leaders Group, LLC     travel                                      
first lien senior secured notes, LIBOR + 6.00% (1.00% floor) due December 07, 2020(4)(5)(6)(10)(15)           8,926,197       8,790,059       8,926,197           
Unitek Global Services, Inc.     IT consulting                                      
first lien senior secured tranche B term loan, LIBOR + 7.50%, (1.00% floor) due January 13, 2019(4)(5)(10)(15)           2,638,748       2,617,067       2,665,135           
U.S. Telepacific Corp.     telecommunication services                                      
first lien senior secured notes, LIBOR + 5.00% (1.00% floor) due November 25, 2020(4)(5)(6)(10)(15)           9,778,733       9,708,848       9,756,340        
Total Senior Secured Notes               $ 385,551,843     $ 373,014,033       96.6 % 
Subordinated Debt
                                         
Unitek Global Services, Inc.     IT consulting                                      
Holdco PIK Debt Cash 0.00%, 15.00% PIK, due July 13, 2019(3)(5)(10)         $ 671,053     $ 668,162     $ 677,764        
Total Subordinated Debt               $ 668,162     $ 677,764       0.2 % 
Collateralized Loan Obligation – Debt Investments
                                         
Telos CLO 2013-3, Ltd.     structured finance                                      
CLO secured class F notes, LIBOR +5.50% due January 17, 2024(4)(5)(11)(12)(15)         $ 3,000,000     $ 2,804,247     $ 2,700,000        
Total Collateralized Loan Obligation – Debt Investments               $ 2,804,247     $ 2,700,000       0.7 % 
Collateralized Loan Obligation – Equity Investments
                                         
ACAS CLO 2012-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 121.87% due September 20, 2023(9)(11)(12)(19)         $ 6,000,000     $ 2,993,455     $ 3,240,000           
ALM X, Ltd.     structured finance                                      
CLO preference shares, estimated yield 24.92% due January 15, 2025(9)(11)(12)(19)           3,801,000       2,503,234       2,599,034           
AMMC CLO XI, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 45.48% due October 30, 2023(9)(11)(12)(19)           6,000,000       3,698,795       3,600,000           
AMMC CLO XII, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 20.03% due May 10, 2025(9)(11)(12)(19)           12,921,429       7,298,625       5,943,857           
Ares XXV CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 10.48% due January 17, 2024(9)(11)(12)(19)           15,500,000       9,799,870       8,370,000           
Ares XXVI CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 13.02% due April 15, 2025(9)(11)(12)(19)           17,630,000       9,247,832       7,833,790           
Ares XXIX CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 9.16% due April 17, 2026(9)(11)(12)(19)           12,750,000       8,897,649       7,355,511           
Atlas Senior Loan Fund III, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 19.61% due August 18, 2025(9)(11)(12)(19)           8,000,000       4,295,766       4,540,000           
(continued on next page)
                                         

 
 
See Accompanying Notes.

10


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
DECEMBER 31, 2016

         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT   COST   FAIR VALUE(2)   % of Net Assets
Collateralized Loan Obligation – Equity Investments – (continued)
                                         
Benefit Street Partners CLO II, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 12.25% due July 15, 2024(9)(11)(12)(19)         $ 23,450,000     $ 19,654,575     $ 16,855,411           
Carlyle Global Market Strategies CLO 2013-2, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 18.27% due April 18, 2025(9)(11)(12)(19)           9,250,000       6,122,479       5,599,429           
Catamaran CLO 2012-1 Ltd.     structured finance                                      
CLO subordinated notes, estimated yield -6.86% due December 20, 2023(9)(11)(12)(19)           23,000,000       11,239,113       5,750,000           
Cedar Funding II CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 17.80% due March 09, 2025(9)(11)(12)(19)           18,750,000       13,853,409       13,125,000           
CIFC Funding 2012-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 23.01% due August 14, 2024(9)(11)(12)(19)           12,750,000       7,066,122       6,757,500           
GoldenTree Loan Opportunities VII, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 27.89% due April 25, 2025(9)(11)(12)(19)           4,670,000       2,749,405       3,269,000           
Halcyon Loan Advisors Funding 2014-2 Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 5.87% due April 28, 2025(9)(11)(12)(19)           8,000,000       5,020,677       3,700,000           
Hull Street CLO Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 12.76% due October 18, 2026(9)(11)(12)(19)           5,000,000       3,218,541       2,400,000           
Ivy Hill Middle Market Credit Fund VII, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 11.54% due October 20, 2025(9)(11)(12)(19)           14,000,000       11,572,127       10,590,431           
Jamestown CLO V Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 7.42% due January 17, 2027(9)(11)(12)(19)           8,000,000       4,890,961       4,000,000           
KVK CLO 2012-2, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 62.66% due February 10, 2025(9)(11)(12)(19)           5,000,000       1,949,974       2,250,000           
KVK CLO 2013-2, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 37.69% due January 15, 2026(9)(11)(12)(19)           14,000,000       5,725,139       6,160,000           
Madison Park Funding XIX, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 15.62% due January 22, 2028(9)(11)(12)(19)           5,422,500       5,417,070       5,856,300           
Marea CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 8.00% due October 15, 2023(9)(11)(12)(19)           16,217,000       10,050,816       6,109,956           
Mountain Hawk III CLO, Ltd.     structured finance                                      
CLO income notes, estimated yield 7.50% due April 18, 2025(9)(11)(12)(19)           17,200,000       10,236,812       6,657,469           
CLO M notes due April 18, 2025(11)(12)(13)           2,389,676             288,747           
(continued on next page)
                                            

 
 
See Accompanying Notes.

11


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
DECEMBER 31, 2016

         
         
COMPANY/INVESTMENT(1)   INDUSTRY   PRINCIPAL AMOUNT/SHARES   COST   FAIR VALUE(2)   % of Net Assets
Collateralized Loan Obligation – Equity Investments – (continued)
                                         
Regatta V Funding, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 23.73% due October 25, 2026(9)(11)(12)(19)         $ 3,000,000     $ 1,745,162     $ 1,830,000           
Shackleton 2013-IV CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 10.06% due January 13, 2025(9)(11)(12)(19)           24,400,000       16,014,950       12,503,876           
Telos CLO 2013-3, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 20.89% due January 17, 2024(9)(11)(12)(19)           10,416,666       7,191,952       5,572,916           
Telos CLO 2013-4, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 31.09% due July 17, 2024(9)(11)(12)(19)           11,350,000       7,010,740       6,881,917           
Telos CLO 2014-5, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 23.21% due April 17, 2025(9)(11)(12)(19)           10,500,000       7,454,218       6,286,825           
Windriver 2012-1 CLO, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 31.72% due January 15, 2026(9)(11)(12)(19)           7,500,000       4,929,958       5,257,464           
York CLO-1, Ltd.     structured finance                                      
CLO subordinated notes, estimated yield 16.27% due January 22, 2027(9)(11)(12)(19)           22,850,000       16,741,765       18,051,500           
CLO equity side letter related investments(11)(12)(13)     structured finance                   1,588,172        
Total Collateralized Loan Obligation – Equity Investments               $ 228,591,191     $ 200,824,105       52.0 % 
Common Stock
                                         
Electric Lightwave Holdings, Inc.(f/k/a “Integra Telecom Holdings, Inc.”)     telecommunication services                                      
common stock(7)(14)           775,846     $ 1,712,398     $ 4,150,776           
Unitek Global Services     IT consulting                                      
common equity(7)(10)           815,266       535,000       864,182        
Total Common Stock               $ 2,247,398     $ 5,014,958       1.3 % 
Preferred Equity
                                         
Unitek Global Services, Inc.     IT consulting                                      
Series A Preferred Equity(7)(10)           5,706,866     $ 3,677,000     $ 7,418,926        
Total Preferred Equity               $ 3,677,000     $ 7,418,926       1.9 % 
Other Investments
                                         
Algorithmic Implementations, Inc.(d/b/a “Ai Squared”)     software                                      
Earnout payments(7)(20)               $ 500,000     $ 273,290        
Total Other Investments               $ 500,000     $ 273,290       0.1 % 
Total Investments(8)               $ 624,039,841     $ 589,923,076       152.8 % 
Cash and Cash Equivalents
                                      
First American Government Obligations Fund(21)               $ 8,261,698     $ 8,261,698        
Total Cash and Cash Equivalents               $ 8,261,698     $ 8,261,698       2.2 % 
Total Investments, Cash and Cash Equivalents               $ 632,301,539     $ 598,184,774       155.0 % 

(1) Other than Unitek Global Services, Inc., of which we are deemed to be an “affiliate,” we do not “control” and are not an “affiliate” of any of our portfolio companies, each as defined in the Investment Company Act of 1940 (the “1940 Act”). In general, under the 1940 Act, we would be presumed to “control” a portfolio company if we owned 25% or more of its voting securities and would be an “affiliate” of a portfolio company if we owned 5% or more of its voting securities.
(2) Fair value is determined in good faith by the Board of Directors of the Company.

 
 
See Accompanying Notes.

12


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED SCHEDULE OF INVESTMENTS — (Continued)
DECEMBER 31, 2016

(3) Portfolio includes $6,637,496 of principal amount of debt investments which contain a PIK provision at December 31, 2016.
(4) Notes bear interest at variable rates.
(5) Cost value reflects accretion of original issue discount or market discount.
(6) Cost value reflects repayment of principal.
(7) Non-income producing at the relevant period end.
(8) Aggregate gross unrealized appreciation for federal income tax purposes is $16,034,914; aggregate gross unrealized depreciation for federal income tax purposes is $93,938,149. Net unrealized depreciation is $77,903,235 based upon a tax cost basis of $667,826,311.
(9) Cost value reflects accretion of effective yield less any cash distributions received or entitled to be received from CLO equity investments.
(10) All or a portion of this investment represents TICC CLO 2012-1 LLC collateral.
(11) Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2016, the Company held qualifying assets that represented 65.9% of its total assets.
(12) Investment not domiciled in the United States.
(13) Fair value represents discounted cash flows associated with fees earned from CLO equity investments.
(14) Aggregate investments represent greater than 5% of net assets.
(15) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day LIBOR.
(16) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 1-year LIBOR.
(17) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day LIBOR.
(18) The principal balance outstanding for this debt investment, in whole or in part, is indexed to 180-day LIBOR.
(19) The CLO subordinated notes and income notes are considered equity positions in the CLO funds. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon expected redemption. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
(20) Represents the earnout payments related to the sale of Algorithmic Implementations, Inc. (d/b/a “Ai Squared”).
(21) Represents cash equivalents held in a money market account as of December 31, 2016.

 
 
See Accompanying Notes.

13


 
 

TABLE OF CONTENTS

TICC CAPITAL CORP.
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

       
  Three Months
Ended
June 30, 2017
  Three Months
Ended
June 30, 2016
  Six Months
Ended
June 30, 2017
  Six Months
Ended
June 30, 2016
INVESTMENT INCOME
                                   
From non-affiliated/non-control investments:
                                   
Interest income – debt investments   $ 6,717,197     $ 8,370,025     $ 13,789,404     $ 16,835,836  
Income from securitization vehicles and investments     9,426,014       7,980,865       17,995,617       13,902,416  
Commitment, amendment fee income and other income     768,682       389,965       1,510,171       849,826  
Total investment income from non-affiliated/non-control investments     16,911,893       16,740,855       33,295,192       31,588,078  
From affiliated investments:
                                   
Interest income – debt investments     100,260       80,287       182,441       159,712  
Total investment income from affiliated investments     100,260       80,287       182,441       159,712  
From control investments: