10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended June 30, 2022

or

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

Commission file number 814-01132

 

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Maryland

47-3162282

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA

90025

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol

 

Name of each exchange on which registered

 

Common Stock, $0.001 par value per share

CCAP

The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 ☒ No ☐

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 files). Yes ☐ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 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

 

 

 

 

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at August 10, 2022 was 30,887,360

 

 


 

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

Table of Contents

 

 

INDEX

 

PAGE
NO.

 

PART I.

FINANCIAL INFORMATION

5

  Item 1.

Financial Statements

5

 

Consolidated Statements of Assets and Liabilities as of June 30, 2022 (Unaudited) and December 31, 2021

5

 

Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (Unaudited)

6

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2022 and 2021 (Unaudited)

8

 

Consolidated Statements of Cash Flows for the three and six months ended June 30, 2022 and 2021 (Unaudited)

10

 

Consolidated Schedule of Investments as of June 30, 2022 (Unaudited)

11

 

Consolidated Schedule of Investments as of December 31, 2021

32

 

Notes to Consolidated Financial Statements (Unaudited)

51

  Item 2.

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

74

  Item 3.

Quantitative and Qualitative Disclosures About Market Risk

86

  Item 4.

Controls and Procedures

87

PART II.

OTHER INFORMATION

88

  Item 1.

Legal Proceedings

88

  Item 1A

Risk Factors

88

  Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

90

  Item 3.

Defaults Upon Senior Securities

90

  Item 4.

Mine Safety Disclosures

90

  Item 5.

Other Information

90

  Item 6.

Exhibits

91

 

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. We believe that it is important to communicate our future expectations to our investors. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “will,” “should,” “targets,” “projects,” and variations of these words and similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The following factors and factors listed under “Risk Factors” in this report and other documents Crescent Capital BDC, Inc. has filed with the Securities and Exchange Commission, or SEC, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operation and financial position. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

uncertainty surrounding the financial stability of the United States, Europe and China;
the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;
potential fluctuation in quarterly operating results;
potential impact of economic recessions or downturns;
adverse developments in the credit markets;
regulations governing our operation as a business development company;
operation in a highly competitive market for investment opportunities;
risks associated with inflation and the current interest rate environment;
changes in interest rates may affect our cost of capital and net investment income;
the impact of changes in London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate (“SOFR”), or other benchmark rate on our operating results;
financing investments with borrowed money;
potential adverse effects of price declines and illiquidity in the corporate debt markets;
the impact of COVID-19 on our portfolio companies and the markets in which they operate, interest rates and the economy in general;
lack of liquidity in investments;
the outcome and impact of any litigation;
the timing, form and amount of any dividend distributions;
risks regarding distributions;
potential adverse effects of new or modified laws and regulations;
the social, geopolitical, financial, trade and legal implications of Brexit;
potential resignation of the Adviser and or the Administrator;
uncertainty as to the value of certain portfolio investments;
defaults by portfolio companies;
our ability to successfully complete and integrate any acquisitions;
risks associated with original issue discount (“OID”) and payment-in-kind (“PIK”) interest income; and
the market price of our common stock may fluctuate significantly.

 

3


 

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

 

4


 

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

 

As of
June 30, 2022 (Unaudited)

 

 

As of
December 31, 2021

 

Assets

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

Non-controlled non-affiliated (cost of $1,214,840 and $1,150,173, respectively)

$

1,211,621

 

 

$

1,165,897

 

Non-controlled affiliated (cost of $36,379 and $41,242, respectively)

 

42,298

 

 

 

51,701

 

Controlled (cost of $33,467 and $53,431, respectively)

 

31,361

 

 

 

52,768

 

Cash and cash equivalents

 

9,415

 

 

 

10,069

 

Restricted cash and cash equivalents

 

9,449

 

 

 

13,457

 

Interest and dividend receivable

 

8,550

 

 

 

6,763

 

Unrealized appreciation on foreign currency forward contracts

 

7,499

 

 

 

2,115

 

Receivable for investments sold

 

738

 

 

 

14,871

 

Deferred tax assets

 

43

 

 

 

42

 

Other assets

 

2,055

 

 

 

126

 

 

 

 

 

 

 

Total assets

$

1,323,029

 

 

$

1,317,809

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Debt (net of deferred financing costs of $6,256 and $6,897)

$

651,262

 

 

$

631,040

 

Distributions payable

 

12,664

 

 

 

12,664

 

Incentive fees payable

 

6,395

 

 

 

6,924

 

Interest and other debt financing costs payable

 

6,045

 

 

 

5,513

 

Management fees payable

 

4,016

 

 

 

3,830

 

Unrealized depreciation on foreign currency forward contracts

 

427

 

 

 

631

 

Deferred tax liabilities

 

784

 

 

 

956

 

Directors’ fees payable

 

113

 

 

 

114

 

Accrued expenses and other liabilities

 

2,135

 

 

 

3,852

 

 

 

 

 

 

 

Total liabilities

$

683,841

 

 

$

665,524

 

 

 

 

 

 

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)

$

-

 

 

$

-

 

Common stock, par value $0.001 per share (200,000,000 shares authorized, 30,887,360 shares issued and outstanding, respectively)

 

31

 

 

 

31

 

Paid-in capital in excess of par value

 

666,162

 

 

 

666,162

 

Accumulated earnings (loss)

 

(27,005

)

 

 

(13,908

)

Total net assets

$

639,188

 

 

$

652,285

 

Total liabilities and net assets

$

1,323,029

 

 

$

1,317,809

 

Net asset value per share

$

20.69

 

 

$

21.12

 

 

 

See accompanying notes

 

 

 

 

5


 

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

23,492

 

 

$

20,252

 

 

$

44,443

 

 

$

38,338

 

 

 

Paid-in-kind interest

 

 

374

 

 

 

415

 

 

 

689

 

 

 

783

 

 

 

Dividend income

 

 

6

 

 

 

43

 

 

 

14

 

 

 

54

 

 

 

Other income

 

 

172

 

 

 

232

 

 

 

261

 

 

 

324

 

 

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

271

 

 

 

291

 

 

 

619

 

 

 

600

 

 

 

Paid-in-kind interest

 

 

-

 

 

 

528

 

 

 

2,039

 

 

 

1,028

 

 

 

Dividend income

 

 

997

 

 

 

1,338

 

 

 

3,271

 

 

 

1,843

 

 

 

From controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

184

 

 

 

-

 

 

 

366

 

 

 

-

 

 

 

Paid-in-kind interest

 

 

178

 

 

 

-

 

 

 

352

 

 

 

-

 

 

 

Dividend income

 

 

1,100

 

 

 

700

 

 

 

1,100

 

 

 

1,400

 

 

 

Total investment income

 

 

26,774

 

 

 

23,799

 

 

 

53,154

 

 

 

44,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt financing costs

 

 

6,571

 

 

 

4,594

 

 

 

12,042

 

 

 

8,788

 

 

 

Management fees

 

 

4,073

 

 

 

3,344

 

 

 

8,090

 

 

 

6,551

 

 

 

Income based incentive fees

 

 

2,604

 

 

 

2,588

 

 

 

5,322

 

 

 

4,866

 

 

 

Capital gains based incentive fees

 

 

(2,870

)

 

 

3,816

 

 

 

(2,149

)

 

 

5,393

 

 

 

Professional fees

 

 

256

 

 

 

497

 

 

 

708

 

 

 

994

 

 

 

Directors’ fees

 

 

113

 

 

 

115

 

 

 

230

 

 

 

234

 

 

 

Other general and administrative expenses

 

 

677

 

 

 

691

 

 

 

1,370

 

 

 

1,384

 

 

 

Total expenses

 

 

11,424

 

 

 

15,645

 

 

 

25,613

 

 

 

28,210

 

 

 

Management fees waiver

 

 

(57

)

 

 

(1,337

)

 

 

(113

)

 

 

(2,620

)

 

 

Income based incentive fees waiver

 

 

(385

)

 

 

(2,588

)

 

 

(430

)

 

 

(4,866

)

 

 

Net expenses

 

 

10,982

 

 

 

11,720

 

 

 

25,070

 

 

 

20,724

 

 

 

Net investment income before taxes

 

 

15,792

 

 

 

12,079

 

 

 

28,084

 

 

 

23,646

 

 

 

Income and excise taxes

 

 

259

 

 

 

1,103

 

 

 

414

 

 

 

1,233

 

 

 

Net investment income

 

 

15,533

 

 

 

10,976

 

 

 

27,670

 

 

 

22,413

 

 

 

Net realized and unrealized gains (losses) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled non-affiliated investments

 

 

-

 

 

 

2,471

 

 

 

1,306

 

 

 

4,217

 

 

 

Non-controlled affiliated investments

 

 

-

 

 

 

-

 

 

 

7,113

 

 

 

-

 

 

 

Controlled investments

 

 

(1,681

)

 

 

-

 

 

 

(1,681

)

 

 

-

 

 

 

Foreign currency transactions

 

 

(85

)

 

 

133

 

 

 

68

 

 

 

142

 

 

 

Foreign currency forward contracts

 

 

-

 

 

 

-

 

 

 

24

 

 

 

-

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled non-affiliated investments and foreign currency translation

 

 

(17,887

)

 

 

2,830

 

 

 

(18,740

)

 

 

10,439

 

 

 

Non-controlled affiliated investments

 

 

(1,463

)

 

 

16,036

 

 

 

(4,540

)

 

 

15,614

 

 

 

Controlled investments

 

 

(775

)

 

 

560

 

 

 

(1,443

)

 

 

1,170

 

 

 

Foreign currency forward contracts

 

 

5,492

 

 

 

(259

)

 

 

5,587

 

 

 

436

 

 

 

Net realized and unrealized gains (losses) on investments

 

 

(16,399

)

 

 

21,771

 

 

 

(12,306

)

 

 

32,018

 

 

 

 

 

6


 

Benefit (provision) for taxes on realized gain on investments

 

 

-

 

 

 

(372

)

 

 

(217

)

 

 

(372

)

 

 

Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments

 

 

(24

)

 

 

209

 

 

 

172

 

 

 

60

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

(890

)

 

$

32,584

 

 

$

15,319

 

 

$

54,119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations per share (basic and diluted):

 

$

(0.03

)

 

$

1.16

 

 

$

0.50

 

 

$

1.92

 

 

 

Net investment income per share (basic and diluted):

 

$

0.50

 

 

$

0.39

 

 

$

0.90

 

 

$

0.80

 

 

 

Weighted average shares outstanding (basic and diluted):

 

 

30,887,360

 

 

 

28,167,360

 

 

 

30,887,360

 

 

 

28,167,360

 

 

 

See accompanying notes

 

7


 

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital in
Excess of Par
Value

 

 

Accumulated Earnings (Loss)

 

 

Total Net Assets

 

Balance at March 31, 2022

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(11,907

)

 

$

654,286

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

15,533

 

 

 

15,533

 

Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,766

)

 

 

(1,766

)

Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,633

)

 

 

(14,633

)

Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

(24

)

 

 

(24

)

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,208

)

 

 

(14,208

)

Total increase (decrease) for the three months ended June 30, 2022

 

-

 

 

$

-

 

 

$

-

 

 

$

(15,098

)

 

$

(15,098

)

Balance at June 30, 2022

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(27,005

)

 

$

639,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital in
Excess of Par
Value

 

 

Accumulated Earnings (Loss)

 

 

Total Net Assets

 

Balance at December 31, 2021

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(13,908

)

 

$

652,285

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

27,670

 

 

 

27,670

 

Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

6,830

 

 

 

6,830

 

Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

(19,136

)

 

 

(19,136

)

Benefit (provision) for taxes on realized gain on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

(217

)

 

 

(217

)

Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

172

 

 

 

172

 

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(28,416

)

 

 

(28,416

)

Total increase (decrease) for the six months ended June 30, 2022

 

-

 

 

$

-

 

 

$

-

 

 

$

(13,097

)

 

$

(13,097

)

Balance at June 30, 2022

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(27,005

)

 

$

639,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes

 

 

8


 

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital in
Excess of Par
Value

 

 

Accumulated Earnings (Loss)

 

 

Total Net Assets

 

Balance at March 31, 2021

 

28,167,360

 

 

$

28

 

 

$

594,658

 

 

$

(24,699

)

 

$

569,987

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

10,976

 

 

 

10,976

 

Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

2,604

 

 

 

2,604

 

Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

19,167

 

 

 

19,167

 

Provision for taxes on realized gain on investments

 

 

 

 

 

 

 

 

 

 

(372

)

 

 

(372

)

Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

209

 

 

 

209

 

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,549

)

 

 

(11,549

)

Total increase (decrease) for the three months ended June 30, 2021

 

-

 

 

$

-

 

 

$

-

 

 

$

21,035

 

 

$

21,035

 

Balance at June 30, 2021

 

28,167,360

 

 

$

28

 

 

$

594,658

 

 

$

(3,664

)

 

$

591,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital in
Excess of Par
Value

 

 

Accumulated Earnings (Loss)

 

 

Total Net Assets

 

Balance at December 31, 2020

 

28,167,360

 

 

$

28

 

 

$

594,658

 

 

$

(34,686

)

 

$

560,000

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

22,413

 

 

 

22,413

 

Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

4,359

 

 

 

4,359

 

Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

27,659

 

 

 

27,659

 

Provision for taxes on realized gain on investments

 

 

 

 

 

 

 

 

 

 

(372

)

 

 

(372

)

Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

60

 

 

 

60

 

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(23,097

)

 

 

(23,097

)