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BCIC on Nasdaq

Kohlberg & Company

Logo: Kohlberg & Company, Public domain, via Wikimedia Commons4

American private equity firm

Kohlberg, formerly known as Kohlberg & Company, L.L.C, is an American private equity firm that focuses on leveraged buyout transactions. Founded by investor Jerome Kohlberg, Jr., the firm invests in a variety of transactions including leveraged carveout, take-private transactions, and acquisitions of privately held companies. Kohlberg & Company is headquartered in Mount Kisco, New York.3 Its shares trade on Nasdaq under the symbol BCIC.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1987Founded1

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  • TickerBCIC on Nasdaq1
  • HeadquartersMount Kisco1
  • Websitewww.kohlberg.com
  • Incorporated inDE5
  • Business address650 Madison Avnue, 3Rd Floor, New York, Ny 100225
  • Filer categoryNon-accelerated filer5
  • Legal formCorporation
  • Kind of organizationInvestment fund1

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Kohlberg, formerly known as Kohlberg & Company, L.L.C, is an American private equity firm that focuses on leveraged buyout transactions. Founded by investor Jerome Kohlberg, Jr., the firm invests in a variety of transactions including leveraged carveout, take-private transactions, and acquisitions of privately held companies.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income891011$11.5M in 2025−64% since 2020
-$40.0M-$20.0M0$20.0M$40.0M2020: $31.6M$31.6M20202021: $26.0M$26.0M2021−18%2022: -$21.0M-$21.0M20222023: $11.4M$11.4M20232024: -$5.9M-$5.9M20242025: $11.5M$11.5M2025

Every line of the income statement as filed: the last 5 fiscal years, latest first.11

Period ending2025-12-312024-12-312023-12-312022-12-312021-12-31
Total interest income$45.8M$46.9M$58.4M
Total payment-in-kind income$10.5M$8.2M$7.1M
Total dividend income$4.3M$6.6M$8.9M
Total fees and other income$494.0K$775.0K$1.9M
Total investment income$61.2M$62.4M$76.3M
Management fees$6.6M$6.6M$7.5M
Performance-based incentive fees$3.0M$5.0M$7.4M
Interest and amortization of debt issuance costs$20.6M$20.8M$25.3M
Professional fees$2.1M$1.9M$2.0M
Administrative services expense$2.0M$1.8M$2.4M
Directors' expense$550.0K$610.0K$630.0K
Other general and administrative expenses$1.4M$1.8M$1.7M
Total expenses$36.2M$38.4M$46.9M
Expense reimbursement$0$0-$5.3M
Waiver of performance-based incentive fees-$188.0K$0$0
Net expenses$36.0M$38.4M$41.5M
NET INVESTMENT INCOME$25.1M$24.0M$34.8M
Net realized gain (loss) on investments-$21.4M-$31.2M-$26.8M
Net change in unrealized appreciation (depreciation) on derivatives-$40.0K$220.0K$0
Net change in unrealized gain (loss) on investments$6.5M$1.0M$3.3M
Tax (provision) benefit on realized and unrealized (gains) losses on investments$1.6M$853.0K$414.0K
Net realized and unrealized appreciation (depreciation) on investments, net of taxes-$13.3M-$29.3M-$23.0M
Realized gains (losses) on extinguishment of debt-$362.0K-$655.0K-$362.0K
Net increase (decrease) in net assets resulting from operations$11.5M-$5.9M$11.4M
Net increase (decrease) in net assets per share resulting from operations - Basic (see Note 3)$1.04-$0.64$1.20-$2.18$3.05
Weighted average common stock outstanding - Basic (see Note 3)11.0M shares9.3M shares9.5M shares
Net increase (decrease) in net assets per share resulting from operations - Diluted (see Note 3)$1.04-$0.64$1.20
Weighted average common stock outstanding - Diluted (see Note 3)11.1M shares9.3M shares9.5M shares
Net investment income - Basic$2.28$2.59$3.66$3.00$4.92
Net investment income - Diluted$2.27$2.59$3.66
Non-recurring fee income received$100.0K$100.0K$600.0K

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Corporate structure

Kohlberg & Company sits at the top of its group. 19 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Kohlberg & Company

  • Kohlberg & Company Mount Kisco
    • Capitala Business Lending, LLC Subsidiary · Delaware, United States
    • CapitalSouth Fund III, L.P. Subsidiary · Delaware, United States
    • CapitalSouth Partners Fund II Limited Partnership Subsidiary · North Carolina, United States
    • CPTA Master Blocker, Inc. Subsidiary · Georgia, United States
    • Garrison Capital Equity Holdings II LLC Subsidiary · Delaware, United States
    • Garrison Capital Equity Holdings VIII LLC Subsidiary · Delaware, United States
    • Garrison Capital Equity Holdings XI LLC Subsidiary · Delaware, United States
    • GIG Rooster Holdings I LLC Subsidiary · Delaware, United States
    • Great Lakes KCAP Funding I, LLC Subsidiary · Delaware, United States
    • Great Lakes Portman Ridge Funding, LLC Subsidiary · Delaware, United States
    • HCAP Equity Holdings, LLC Subsidiary · Delaware, United States
    • Katonah Management Holdings LLC Subsidiary · Delaware, United States
    • KCAP Freedom 3, LLC Subsidiary · Delaware, United States
    • KCAP Management, LLC Subsidiary · Delaware, United States
    • KCAP Senior Funding I Holdings, LLC Subsidiary · Delaware, United States
    • KCAP Senior Funding I, LLC Subsidiary · Delaware, United States
    • Kohlberg Capital Funding LLC I Subsidiary · Delaware, United States
    • PTMN Sub Holdings LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; owners and owned firms from Form ADV, the registration investment advisers file with the SEC. Each entity in the chart links to its source.

What it owns

What Kohlberg & Company reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.7M11 Dec 31, 2025$17.5M11 Dec 31, 2024−78.8%

Properties, in its own words

We do not own any real estate or other real property.

Item 2 of the 10-K filed Mar 5, 2026.14

The story

The firm was founded in 1987, when American businessman and investor Jerome Kohlberg Jr. resigned from Kohlberg Kravis Roberts & Co. over differences in strategy. Kohlberg did not favor the larger buyouts, including Beatrice Companies in 1985 and Safeway in 1986, highly leveraged transactions or hostile takeovers being pursued increasingly by KKR. Instead, Kohlberg chose to return to his roots, acquiring smaller, middle-market companies, and in 1987 he formed Kohlberg & Company along with his son James, who at that time was a KKR executive. Their intent was to concentrate on transactions that could generate returns through revenue growth and operating improvements using only moderate leverage. Jerome Kohlberg retired from Kohlberg & Company in 1994.

From Wikipedia’s article on Kohlberg & Company, shared under CC BY-SA 4.0.6

Leadership

Who has led Kohlberg & Company, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Dayl W. Pearson2006–2018
  2. Jill Simeone2014
  3. Edward J. Goldthorpe2019–now

President

  1. Dayl W. Pearson2006–2018
  2. Jill Simeone2014
  3. Edward J. Goldthorpe2019–now

Chief financial officer

  1. Edward U. Gilpin2012–2018
  2. Jason T. Roos2021
  3. Brandon Satoren2025–now
19901995200020052010201520202025
Board members and other officers (37)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorGeorge T. Gunebaum named Nov 4, 202154

Products and brands

  • investment

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CPTA Master Blocker, Inc. Georgia7
  • CapitalSouth Fund III, L.P. Delaware7
  • CapitalSouth Partners Fund II Limited Partnership North Carolina7
  • Capitala Business Lending, LLC Delaware7
  • GIG Rooster Holdings I LLC Delaware7
  • Garrison Capital Equity Holdings II LLC Delaware7
  • Garrison Capital Equity Holdings VIII LLC Delaware7
  • Garrison Capital Equity Holdings XI LLC Delaware7
  • Great Lakes KCAP Funding I, LLC Delaware7
  • Great Lakes Portman Ridge Funding, LLC Delaware7
  • HCAP Equity Holdings, LLC Delaware7
  • KCAP Freedom 3, LLC Delaware7
  • KCAP Management, LLC Delaware7
  • KCAP Senior Funding I Holdings, LLC Delaware7
  • KCAP Senior Funding I, LLC Delaware7
  • Katonah Management Holdings LLC Delaware7
  • Kohlberg Capital Funding LLC I Delaware7
  • PTMN Sub Holdings LLC Delaware7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Acquisitions

  1. 2012Matthews Aurora Funeral Solutions became a subsidiary1

In 2019, Kohlberg acquired majority stake in EN Engineering. In 2021, Kohlberg & Company led a recapitalization transaction with Trinity Life Sciences. In 2023, Kohlberg acquired majority stake in Engage PEO, an human resource outsourcing company. In 2024, the firm acquired majority stake in CLEAResult, an energy service provider. In 2025, the firm acquired RESA Power from Investcorp.

From Wikipedia’s article on Kohlberg & Company, shared under CC BY-SA 4.0.6

Former names

  • Portman Ridge Finance CorpApr 2, 2019 to Aug 21, 20255
  • Kohlberg Capital CORPDec 6, 2006 to Jun 25, 20125
  • KCAP Financial, Inc.Sep 18, 2006 to Apr 1, 20195
  • Kohlberg Capital, LLCAug 18, 2006 to Dec 7, 20065

Timeline

  1. Sep 3, 20268-K Entered a material agreement; New debt or obligation55
  2. Aug 12, 20268-K Entered a material agreement; New debt or obligation56
  3. Aug 7, 20268-K Results of operations57
  4. Jun 26, 20268-K Shareholder vote58
  5. May 8, 20268-K Results of operations59
  6. Mar 24, 20268-K Entered a material agreement; New debt or obligation60
  7. Mar 12, 20268-K Entered a material agreement; New debt or obligation61
  8. Mar 9, 20268-K Results of operations62
  9. Nov 7, 20258-K Results of operations63
  10. Oct 15, 20258-K Executive or director change64
  11. Oct 15, 20258-K Entered a material agreement; New debt or obligation; Other events65
  12. Aug 21, 20258-K Bylaws or fiscal year changed66
  13. Apr 5, 2019New chief executive Edward J. Goldthorpe becomes CEO15
  14. Jun 24, 2014New chief executive Jill Simeone becomes CEO16
  15. Dec 12, 2006Went public Listed on NASDAQ1
  16. Dec 11, 2006New chief executive Dayl W. Pearson becomes CEO17
  17. 1987Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.70 a share, on Nov 6, 2025.67
  2. Nov 23, 2026Dividend Ex-dividend; $0.09 a share; paid 2026-12-04.68
  3. Dec 15, 2026Dividend Ex-dividend; $0.09 a share; paid 2026-12-30.68

When it reported results

  1. Aug 7, 2026Reported quarterly or annual results57
  2. May 8, 2026Reported quarterly or annual results59
  3. Mar 9, 2026Reported quarterly or annual results62
  4. Nov 7, 2025Reported quarterly or annual results63
  5. Aug 11, 2025Reported quarterly or annual results69
  6. May 9, 2025Reported quarterly or annual results70
  7. Mar 18, 2025Reported quarterly or annual results71
  8. Nov 12, 2024Reported quarterly or annual results72

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

194 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 45 insider forms, 7 large holders, 1 private raises, 83 other. The latest 20:

  1. Sep 3, 2026N-23C-2 EDGAR
  2. Sep 3, 20268-K EDGAR
  3. Sep 2, 2026424B2 EDGAR
  4. Aug 12, 20268-K EDGAR
  5. Aug 7, 20268-K EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Jun 26, 20268-K EDGAR
  8. Jun 24, 20264 EDGAR
  9. May 19, 20264 EDGAR
  10. May 18, 2026144 EDGAR
  11. May 8, 20268-K EDGAR
  12. May 7, 202610-Q EDGAR
  13. Apr 29, 2026DEF 14A EDGAR
  14. Apr 9, 202640-17G EDGAR
  15. Mar 27, 2026N-23C-2 EDGAR
  16. Mar 24, 20268-K EDGAR
  17. Mar 24, 20264 EDGAR
  18. Mar 24, 20264 EDGAR
  19. Mar 24, 20264 EDGAR
  20. Mar 23, 2026144 EDGAR

The 194 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

133 open-market trades by officers, directors and large owners since October 2021: 64 buys and 69 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 22, 2026Goldthorpe Edward J.President, CEOBuy13,738$7.16$98.4KForm 4
May 18, 2026Kehler Dean CDirectorSale15,000$7.64$114.6KForm 4
Mar 23, 2026Grunebaum GeorgeDirectorBuy6,800$7.54$51.3KForm 4
Mar 23, 2026Kehler Dean CDirectorSale37,100$7.38$273.8KForm 4
Mar 23, 2026Held DavidChief Compliance OfficerBuy938$7.35$6.9KForm 4
Mar 23, 2026Satoren BrandonCFO, Treasurer and SecretaryBuy325$7.47$2.4KForm 4
Mar 20, 2026Schafer PatrickChief Investment OfficerBuy2,655$7.48$19.9KForm 4
Mar 20, 2026Duka AlexanderDirectorBuy2,000$7.34$14.7KForm 4
Mar 19, 2026Kehler Dean CDirectorSale27,378$7.60$208.1KForm 4
Mar 18, 2026Kehler Dean CDirectorSale26,089$7.98$208.1KForm 4
Mar 12, 2026Kehler Dean CDirectorSale16,700$8.84$147.6KForm 4
Mar 11, 2026Kehler Dean CDirectorSale9,854$9.04$89.1KForm 4
Dec 29, 2025Kehler Dean CDirectorSale29,630$11.86$351.4KForm 4
Dec 12, 2025Goldthorpe Edward J.President, CEOBuy73,367$13.63$1.0MForm 4
Dec 12, 2025Grunebaum GeorgeDirectorBuy7,336$13.63$100.0KForm 4
Dec 12, 2025Morea JosephDirectorBuy3,668$13.63$50.0KForm 4
Dec 12, 2025Schafer PatrickChief Investment OfficerBuy11,005$13.63$150.0KForm 4
Dec 12, 2025Satoren BrandonCFO, Treasurer and SecretaryBuy2,567$13.63$35.0KForm 4
Sep 19, 2025Schafer PatrickChief Investment OfficerBuy809$12.33$10.0KForm 4
Sep 19, 2025Satoren BrandonCFO, Treasurer and SecretaryBuy1,000$12.35$12.3KForm 4

All 133 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 22, 2021Raised $16.7 million in a private offering of equity Form D: 2 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 42. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bulldog Investors, LLP378,412$2.8M0.6%No change
Jb Capital Partners LP197,036$1.4M0.2%+29,589
Wealth Enhancement Advisory Services, LLC157,910$1.2M0.0%+71,157
Marshall Wace, Llp98,879$719.8K0.0%+29,218
Raymond James Financial Inc94,495$687.9K0.0%−10,922
Legal & General Group Plc93,881$683.5K0.0%No change
Founders Financial Alliance, LLC80,706$587.5K0.1%−2,311
Curi Capital, LLC65,000$473.2K0.0%+27,200
Gables Capital Management Inc.46,531$338.7K0.1%−540
Triumph Capital Management41,562$302.6K0.1%New
Virtus Investment Advisers, LLC39,887$290.4K0.1%+7,057
Trexquant Investment LP38,986$283.8K0.0%+15,530
Citadel Advisors LLC33,515$244.0K0.0%New
XTX Topco Ltd32,411$236.0K0.0%+6,841
Susquehanna International Group, Llp26,783$195.0K0.0%−10,278
Morgan Stanley23,157$168.6K0.0%−6,790
Deltec Asset Management LLC22,222$161.8K0.0%No change
Bank Of America Corp /de/21,473$156.3K0.0%+26
Accordant Advisory Group Inc16,060$116.9K0.1%No change
Closed-End Fund Advisors, Inc.13,265$96.6K0.1%+2,650
LPL Financial LLC12,502$91.0K0.0%+1,152
Ethos Financial Group, LLC11,038$80.4K0.0%−1,282
UBS Group AG10,912$79.4K0.0%+4,796
Perigon Wealth Management, LLC10,500$76.4K0.0%No change
Eagle Point Credit Management LLC3,634$26.5K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Kohlberg & Company is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBCP Investment Corp2
  • CIK0001372807
  • Employer ID (EIN)20-595115014
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company14
  • Incorporated inDelaware14
  • Fiscal year endsDecember 312
  • Business address650 Madison Avnue, 3Rd Floor, New York, NY 100222
  • Phone212.891.28802
  • Shares outstanding12,383,652 as of Aug 3, 202613
  • Public float$115.0M as of Jun 30, 202514
  • AuditorDeloitte & Touche LLP, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting14
  • On EDGAR sinceAug 18, 20062
  • Filings1,040 in all: 8-K (274), 4 (202), 10-Q (59), CORRESP (43), 3 (37), SC 13G/A (35), DEF 14A (27), 425 (26)2
    All 63 form types

    DEFA14A (23), 40-17G (22), 10-K (20), 497 (20), EFFECT (19), 40-APP/A (17), N-2/A (17), SC 13G (16), 497AD (13), N-2 (13), 144 (10), PRE 14A (10), N-23C-2 (9), 424B3 (8), N-14 8C/A (8), 40-APP (7), 8-K/A (7), POS 8C (6), 10-Q/A (5), 5 (5), 8-A12B (5), N-14 8C (5), S-8 (5), UPLOAD (5), POS EX (4), S-8 POS (4), SC 13D (4), 10-K/A (3), 25-NSE (3), 40-33 (3), 424B2 (3), APP NTC (3), APP ORDR (3), D (3), NT 10-Q (3), SC 13D/A (3), 4/A (2), CERTNAS (2), N-2MEF (2), NT 10-K (2), 25 (1), 3/A (1), 305B2 (1), 40-6C (1), ABS-15G (1), CERT (1), CERTNYS (1), DEL AM (1), N-54A (1), N-6F (1), NO ACT (1), RW (1), SC TO-C (1), SC TO-T (1), SC TO-T/A (1)

  • Latest filingsAnnual report (10-K) Mar 5, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Sep 3, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareBCICThe NASDAQ Global Select Market

From the cover page of the 10-K filed Mar 5, 2026 (Section 12(b) of the Exchange Act).14

Risk factors and legal proceedings

The risks Kohlberg & Company names in Item 1A of its 10-K filed Mar 5, 2026: 72 risks under these headings, as written.14

  • Risks Related to Our Business and Structure
  • Ineffective internal controls could impact our business and operating results.
  • The Adviser and its affiliates, including our officers and some of our directors, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our stockholders.
  • We may be obligated to pay the Adviser incentive compensation even if it incurs a net loss due to a decline in the value of our portfolio.
  • There may be conflicts of interest related to obligations that the Adviser’s senior management and investment team has to other clients.
  • The time and resources that individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that individuals employed by the Adviser are not prohibited from raising money for or managing other entities that make the same types of investments that we target.
  • Our base management and incentive fees may induce the Adviser to make speculative investments or to incur leverage.
  • The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.
  • The Adviser may retain additional consultants, advisors and/or operating partners to provide services to us, and such additional personnel will perform similar functions and duties for other organizations which may give rise to conflicts of interest.
  • The Adviser’s influence on conducting our operations gives it the ability to increase its fees, which may reduce the amount of cash flow available for distribution to our stockholders.
  • The Adviser’s liability is limited under the Advisory Agreement, and we are required to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • The Adviser is able to resign upon 60 days’ written notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
The other 61 risks
  • We operate in a highly competitive market for investment opportunities.
  • If the Adviser is unable to source investments effectively, we may be unable to achieve our investment objectives and provide returns to stockholders.
  • We may have difficulty paying distributions required to maintain our RIC status if we recognize income before or without receiving cash equal to such income.
  • Any unrealized losses we experience on our loan portfolio may be an indication of future realized losses, which could reduce our resources available to make distributions.
  • We may experience fluctuations in our quarterly and annual operating results and credit spreads.
  • We are exposed to risks associated with changes in interest rates and spreads.
  • We may from time to time expand our business through acquisitions, which could disrupt our business and harm our financial condition.
  • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.
  • Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.
  • The application of the risk retention rules under Section 941 of the Dodd-Frank Act to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for us.
  • Our ability to enter into transactions with our affiliates is restricted.
  • A failure on our part to maintain our status as a BDC or the application of additional regulatory burdens would significantly reduce our operating flexibility.
  • Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price.
  • We will be subject to corporate-level U.S. federal income taxes if we are unable to qualify as a RIC under Subchapter M of the Code.
  • Risks Associated with Our Use of Leverage
  • We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • Our indebtedness could adversely affect our financial health and our ability to respond to changes in our business.
  • We may default under the Revolving Credit Facility, KeyBank Credit Facility, 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes, or future indebtedness or be unable to amend, repay or refinance any such facility or financing arrangement on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Provisions in the Revolving Credit Facility or any other future borrowing facility may limit our discretion in operating our business.
  • We hold investments in a collateralized loan obligation vehicle, which investments are subject to a number of significant risks.
  • Because we intend to continue to distribute substantially all of our income and net realized capital gains to our stockholders, we will need additional capital to finance our growth.
  • Risks Associated with Our Information Technology Systems
  • Disruptions in current systems or difficulties in integrating new systems.
  • Internal and external cyber threats, as well as other disasters, affecting us or our third-party service providers could impair our ability to conduct business effectively.
  • Risks Related to Our Investments
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Our investments may be risky, and you could lose all or part of your investment.
  • Our portfolio investments for which there is no readily available market, including our investment in our Joint Ventures and our investments in CLO Funds, are recorded at fair value. As a result, there is uncertainty as to the value of these investments.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers, which subjects us to a risk of significant loss if any of these issuers defaults on its obligations under any of its debt instruments or as a result of a downturn in the particular industry.
  • Defaults by our portfolio companies could harm our operating results.
  • When we are a debt or minority equity investor in a portfolio company, which generally is the case, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.
  • We may have limited access to information about privately held companies in which we invest.
  • Prepayments of our debt investments by our portfolio companies could negatively impact our operating results.
  • Our portfolio companies may incur debt that ranks equal with, or senior to, our investments in such companies.
  • Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Our investments in equity securities involve a substantial degree of risk.
  • The lack of liquidity in our investments may adversely affect our business.
  • Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
  • The disposition of our investments may result in contingent liabilities.
  • We may not receive any return on our investment in the CLO Funds in which we have invested.
  • Risks Related to Our Common Stock
  • We may not be able to pay distributions to our stockholders, our distributions may not grow over time, and a portion of distributions paid to our stockholders may be a return of capital.
  • Investing in shares of our common stock may involve an above average degree of risk.
  • Shares of closed-end investment companies, including BDCs, frequently trade at a discount to their net asset value, and we cannot assure you that the market price of our common stock will not decline below the net asset value of the stock.
  • Our share price may be volatile and may fluctuate substantially.
  • Certain provisions of the Delaware General Corporation Law and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
  • Risks Related to Our Notes
  • The 2026 Notes, 2028 Notes, 2030 Notes and 2032 Convertible Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future and will rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities (total liabilities, less debt).
  • The 2026 Notes, 2028 Notes, 2030 Notes and 2032 Convertible Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
  • There is no active trading market for the 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes. If an active trading market for the 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes does not develop , you may not be able to sell them.
  • A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes, if any, or change in the debt markets could cause the liquidity or market value of the 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes to decline significantly.
  • An increase in market interest rates could result in a decrease in the market value of the 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes.
  • The indentures governing the 2026 Notes, 2028 Notes, 2030 Notes and 2032 Convertible Notes contain limited protection for holders of the 2026 Notes, 2028 Notes, 2030 Notes and 2032 Convertible Notes.
  • We may choose to redeem the 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes when prevailing interest rates are relatively low.
  • We may not be able to repurchase the 2026 Notes, 2028 Notes, 2030 Notes or 2032 Convertible Notes upon a Change of Control Repurchase Event.
  • Risks Relating to Acquisitions
  • If we sell investments acquired as a result of our prior strategic acquisitions, it may result in capital gains and increase the incentive fees payable to the Adviser.
  • We may be unable to realize the benefits anticipated by our prior strategic acquisitions, including estimated cost savings, or it may take longer than anticipated to realize such benefits.
  • General Risk Factors
  • We, our Adviser, and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.
  • Economic recessions or downturns could have a material adverse effect on our business, financial condition and results of operations, and could impair the ability of our portfolio companies to repay loans.
  • Capital markets may experience periods of disruption and instability and we cannot predict when these conditions will occur. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business, financial condition and results of operations.
  • Events outside of our control, including public health crises, could negatively affect our portfolio companies, our investment adviser and the results of our operations.
  • Global economic, political and market conditions, including downgrades of the U.S. credit rating, may adversely affect our business, results of operations and financial condition.
  • The ongoing Russian invasion of Ukraine and related sanctions have increased global political and economic uncertainty, which may have a material adverse impact on us and our portfolio companies.
  • Our businesses may be adversely affected by litigation and regulatory proceedings.

Legal proceedings

The Company is not currently a party to any material legal proceedings.

The opening of Item 3, Legal Proceedings.14

Sources

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