(Mark One)
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Quarterly Period Ended March 31, 2017
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or
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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27-4576073
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(State or Other Jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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280 Park Avenue, 6th Floor East, New York, NY 10017
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10017
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(Address of Principal Executive Offices)
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(Zip Code)
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Part I.
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Financial Information
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Item I.
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Financial Statements
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Consolidated Statements of Assets and Liabilities as of March 31, 2017 (unaudited) and September 30, 2016
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Consolidated Statements of Operations for the three and six months ended March 31, 2017 and 2016 (unaudited)
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Consolidated Statements of Changes in Net Assets for the six months ended March 31, 2017 and 2016 (unaudited)
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Consolidated Statements of Cash Flows for the six months ended March 31, 2017 and 2016 (unaudited)
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Consolidated Schedules of Investments as of March 31, 2017 (unaudited) and September 30, 2016
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Notes to Consolidated Financial Statements (unaudited)
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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Item 4.
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Controls and Procedures
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Part II.
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Other Information
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Item 1.
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Legal Proceedings
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Item 1A.
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Risk Factors
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3.
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Defaults Upon Senior Securities
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Other Information
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Item 6.
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Exhibits
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SIGNATURES
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March 31, 2017
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September 30, 2016
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ASSETS
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(unaudited)
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Investments at fair value
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Non-controlled/non-affiliated investments (amortized cost of $770,315,852 and $813,813,853, respectively)
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$
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717,295,079
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$
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767,302,020
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Controlled investments (amortized cost of $236,535,895 and $189,077,188, respectively)
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176,021,819
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136,882,275
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Affiliated investments (amortized cost of $35,350,783 and $10,000,000, respectively)
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32,824,178
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10,000,000
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Total investments at fair value
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926,141,076
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914,184,295
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Cash and cash equivalents
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83,522,983
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104,485,263
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Interest receivable
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10,050,136
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8,982,154
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Other assets
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918,148
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893,140
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Fees receivable
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882,187
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1,403,383
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Receivable for dispositions and investments sold
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680,071
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689,379
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Deferred offering costs
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306,879
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242,991
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Total assets
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$
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1,022,501,480
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$
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1,030,880,605
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LIABILITIES
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Revolving credit facility payable (net of debt issuance costs of $1,708,106 and $3,589,844, respectively)
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$
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32,291,894
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$
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10,410,156
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Term loan payable (net of debt issuance costs of $1,842,174 and $2,196,756, respectively)
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172,157,826
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171,803,244
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Notes payable (net of debt issuance costs of $4,712,816 and $4,629,649, respectively)
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172,162,833
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172,883,176
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SBA debentures payable (net of debt issuance costs of $3,186,292 and $3,525,029, respectively)
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146,813,708
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146,474,971
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Management and incentive fees payable (See note 6)
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4,478,959
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4,558,619
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Accounts payable and accrued expenses
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2,272,749
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2,662,950
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Deferred tax liability
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2,003,724
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2,003,724
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Interest and fees payable
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1,843,189
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1,714,023
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Administrator expenses payable (See note 6)
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997,074
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990,236
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Deferred revenue
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282,426
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369,805
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Due to affiliate
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150,015
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90,559
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Offering costs payable
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31,855
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—
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Total liabilities
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$
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535,486,252
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$
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513,961,463
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Commitments (See note 8)
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NET ASSETS
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Common stock, par value $0.001 per share, 100,000,000 common shares authorized, 54,474,211 and 54,474,211 common shares issued and outstanding, respectively
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$
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54,474
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$
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54,474
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Capital in excess of par value
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705,313,281
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705,326,059
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Accumulated undistributed net investment income
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5,020,181
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10,811,762
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Accumulated net realized gain/(loss) from investments
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(105,745,113
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)
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(99,000,266
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)
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Net unrealized appreciation/(depreciation) on investments, net of deferred taxes
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(117,627,595
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)
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(100,272,887
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)
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Total net assets
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487,015,228
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516,919,142
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Total liabilities and net assets
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$
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1,022,501,480
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$
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1,030,880,605
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NET ASSET VALUE PER SHARE
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$
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8.94
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$
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9.49
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For the three months ended
March 31 |
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For the six months ended
March 31 |
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2017
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2016
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2017
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2016
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INVESTMENT INCOME:
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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||||||||
Interest from investments
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Non-controlled/non-affiliated investments:
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Cash
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$
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16,890,427
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$
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25,273,975
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$
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35,034,733
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$
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53,399,996
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Payment-in-kind
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2,824,976
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2,351,791
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5,685,943
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3,573,903
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Affiliated investments:
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Cash
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487,874
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166,750
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1,030,696
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333,500
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Payment-in-kind
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100,146
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—
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201,229
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—
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Controlled investments:
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Cash
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353,528
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22,477
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696,686
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878,103
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Payment-in-kind
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1,071,342
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1,130,729
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3,042,902
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2,126,685
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Total interest income
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21,728,293
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28,945,722
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45,692,189
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60,312,187
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Dividend income, net of provisional taxes ($0 and $0, respectively)
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1,050,000
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—
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1,694,953
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—
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||||
Interest from cash and cash equivalents
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40,367
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10,168
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63,779
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12,403
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Fee income (See note 9)
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1,538,328
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1,757,996
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2,962,132
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4,816,623
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||||
Total investment income
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24,356,988
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30,713,886
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50,413,053
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65,141,213
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||||||||
EXPENSES:
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Base management fees (See note 6)
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4,496,286
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4,876,228
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9,010,901
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10,222,986
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Incentive fees (See note 6)
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—
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3,148,783
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895,675
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7,065,252
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||||
Interest and financing expenses
|
9,143,488
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7,920,197
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16,917,459
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|
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14,890,282
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|
||||
Administrator expenses (See note 6)
|
997,074
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|
1,042,519
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|
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1,913,140
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1,958,896
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|
||||
General and administrative
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783,044
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453,178
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|
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1,480,049
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1,163,170
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Professional fees
|
662,693
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555,585
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1,313,804
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|
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1,188,106
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|
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Directors fees
|
150,009
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|
|
130,062
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|
|
319,793
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|
|
263,903
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|
||||
Insurance
|
99,455
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|
|
135,410
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|
|
198,910
|
|
|
270,819
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|
||||
Expenses before management and incentive fee waivers
|
16,332,049
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|
|
18,261,962
|
|
|
32,049,731
|
|
|
37,023,414
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|
||||
Management fee waiver (See note 6)
|
(17,327
|
)
|
|
(71,604
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)
|
|
(37,272
|
)
|
|
(71,604
|
)
|
||||
Incentive fee waiver (See note 6)
|
—
|
|
|
(2,051,784
|
)
|
|
(43,663
|
)
|
|
(2,051,784
|
)
|
||||
Total expenses, net of management and incentive fee waivers
|
16,314,722
|
|
|
16,138,574
|
|
|
31,968,796
|
|
|
34,900,026
|
|
||||
Net investment income before excise taxes
|
8,042,266
|
|
|
14,575,312
|
|
|
18,444,257
|
|
|
30,241,187
|
|
||||
Excise tax expense
|
—
|
|
|
—
|
|
|
(267,183
|
)
|
|
—
|
|
||||
NET INVESTMENT INCOME
|
8,042,266
|
|
|
14,575,312
|
|
|
18,177,074
|
|
|
30,241,187
|
|
||||
|
|
|
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||||||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
|
|
|
|
|
|
|
|
|
|
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|
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Net realized gain/(loss) from investments
|
9,948
|
|
|
99,234
|
|
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(6,288,483
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)
|
|
5,477,282
|
|
||||
Net unrealized appreciation/(depreciation) on investments
|
(19,843,904
|
)
|
|
(14,093,093
|
)
|
|
(17,354,708
|
)
|
|
(74,116,712
|
)
|
||||
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments
|
—
|
|
|
(133,490
|
)
|
|
—
|
|
|
(358,106
|
)
|
||||
Loss on extinguishment of debt
|
(456,364
|
)
|
|
—
|
|
|
(456,364
|
)
|
|
—
|
|
||||
Net gain/(loss) on investments
|
(20,290,320
|
)
|
|
(14,127,349
|
)
|
|
(24,099,555
|
)
|
|
(68,997,536
|
)
|
||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
(12,248,054
|
)
|
|
$
|
447,963
|
|
|
$
|
(5,922,481
|
)
|
|
$
|
(38,756,349
|
)
|
|
|
|
|
|
|
|
|
||||||||
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE
|
$
|
(0.22
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.69
|
)
|
WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME PER COMMON SHARE
|
$
|
0.15
|
|
|
$
|
0.26
|
|
|
$
|
0.33
|
|
|
$
|
0.54
|
|
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (SEE NOTE 11)
|
54,474,211
|
|
|
55,761,062
|
|
|
54,474,211
|
|
|
56,044,037
|
|
||||
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.22
|
|
|
$
|
0.30
|
|
|
$
|
0.44
|
|
|
$
|
0.60
|
|
|
For the six months ended March 31
|
||||||
|
2017
|
|
2016
|
||||
OPERATIONS:
|
(unaudited)
|
|
(unaudited)
|
||||
Net investment income
|
$
|
18,177,074
|
|
|
$
|
30,241,187
|
|
Net realized gain/(loss) from investments
|
(6,288,483
|
)
|
|
5,477,282
|
|
||
Net unrealized appreciation/(depreciation) on investments
|
(17,354,708
|
)
|
|
(74,116,712
|
)
|
||
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments
|
—
|
|
|
(358,106
|
)
|
||
Loss on extinguishment of debt
|
(456,364
|
)
|
|
—
|
|
||
Net increase/(decrease) in net assets from operations
|
(5,922,481
|
)
|
|
(38,756,349
|
)
|
||
SHAREHOLDER DISTRIBUTIONS:
|
|
|
|
|
|
||
Distributions from net investment income
|
(23,968,655
|
)
|
|
(33,645,784
|
)
|
||
Net decrease in net assets from shareholder distributions
|
(23,968,655
|
)
|
|
(33,645,784
|
)
|
||
COMMON SHARE TRANSACTIONS:
|
|
|
|
|
|
||
Repurchase of common stock under stock repurchase program (0 and 1,573,741 shares, respectively)
|
—
|
|
|
(10,699,990
|
)
|
||
Offering costs
|
(12,778
|
)
|
|
(46,430
|
)
|
||
Net increase/(decrease) in net assets from common share transactions
|
(12,778
|
)
|
|
(10,746,420
|
)
|
||
Total increase/(decrease) in net assets
|
(29,903,914
|
)
|
|
(83,148,553
|
)
|
||
Net assets at beginning of period
|
516,919,142
|
|
|
619,920,384
|
|
||
Net assets at end of period including accumulated undistributed net investment income of $5,020,181 and $16,947,233, respectively
|
$
|
487,015,228
|
|
|
$
|
536,771,831
|
|
|
|
|
|
||||
Net asset value per common share
|
$
|
8.94
|
|
|
$
|
9.80
|
|
Common shares outstanding at end of period
|
54,474,211
|
|
|
54,763,411
|
|
|
For the six months ended March 31
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
(unaudited)
|
|
(unaudited)
|
||||
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
|
$
|
(5,922,481
|
)
|
|
$
|
(38,756,349
|
)
|
ADJUSTMENTS TO RECONCILE NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:
|
|
|
|
|
|
||
Investment increases due to payment-in-kind interest
|
(9,332,277
|
)
|
|
(7,553,996
|
)
|
||
Net amortization of premium/(discount) on investments
|
(680,657
|
)
|
|
(446,191
|
)
|
||
Amortization of debt issuance costs
|
3,157,516
|
|
|
1,701,963
|
|
||
Net realized (gain)/loss from investments
|
6,288,483
|
|
|
(5,477,282
|
)
|
||
Loss on extinguishment of debt
|
456,364
|
|
|
—
|
|
||
Net deferred income taxes
|
—
|
|
|
358,106
|
|
||
Net unrealized (appreciation)/depreciation on investments
|
17,354,708
|
|
|
74,116,712
|
|
||
Proceeds from sale and settlements of investments
|
75,123,093
|
|
|
195,075,586
|
|
||
Purchases, originations and participations
|
(100,710,131
|
)
|
|
(75,712,392
|
)
|
||
(Increase)/decrease in operating assets:
|
|
|
|
|
|
||
Interest receivable
|
(1,067,982
|
)
|
|
(423,207
|
)
|
||
Fees receivable
|
521,196
|
|
|
(915,606
|
)
|
||
Other assets
|
(25,008
|
)
|
|
194,325
|
|
||
Receivable for dispositions and investments sold
|
9,308
|
|
|
184,586
|
|
||
Increase/(decrease) in operating liabilities:
|
|
|
|
|
|
||
Management and incentive fees payable, net
|
(79,660
|
)
|
|
(4,060,911
|
)
|
||
Accounts payable and accrued expenses
|
(390,201
|
)
|
|
(709,609
|
)
|
||
Interest and fees payable
|
129,166
|
|
|
517,659
|
|
||
Administrator expenses payable
|
6,838
|
|
|
41,672
|
|
||
Deferred revenue
|
(87,379
|
)
|
|
(42,839
|
)
|
||
Due to affiliate
|
59,456
|
|
|
(109,164
|
)
|
||
NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES
|
(15,189,648
|
)
|
|
137,983,063
|
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Repurchase of common stock under stock repurchase program
|
—
|
|
|
(10,699,990
|
)
|
||
Offering costs paid
|
(44,811
|
)
|
|
(24,720
|
)
|
||
Borrowings on debt
|
107,363,443
|
|
|
118,112,825
|
|
||
Paydowns on debt
|
(88,000,000
|
)
|
|
(211,500,000
|
)
|
||
Debt issuance costs paid
|
(1,122,609
|
)
|
|
(3,232,365
|
)
|
||
Payments of cash dividends
|
(23,968,655
|
)
|
|
(33,645,784
|
)
|
||
NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES
|
(5,772,632
|
)
|
|
(140,990,034
|
)
|
||
|
|
|
|
||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
|
(20,962,280
|
)
|
|
(3,006,971
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
104,485,263
|
|
|
15,714,256
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
83,522,983
|
|
|
$
|
12,707,285
|
|
|
|
|
|
||||
Supplemental Information:
|
|
|
|
|
|
||
Interest paid during the period
|
$
|
13,592,326
|
|
|
$
|
10,018,155
|
|
Supplemental non-cash information:
|
|
|
|
|
|
||
Payment-in-kind interest income
|
$
|
8,930,074
|
|
|
$
|
5,700,588
|
|
Net amortization of premium/(discount) on investments
|
$
|
680,657
|
|
|
$
|
446,191
|
|
Amortization of debt issuance costs
|
$
|
(3,157,516
|
)
|
|
$
|
(1,701,963
|
)
|
Non-cash purchase of investments
|
$
|
58,615,663
|
|
|
$
|
—
|
|
Non-cash sale of investments
|
$
|
58,615,663
|
|
|
$
|
—
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-Controlled/Non-Affiliated Investments
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Accupac, Inc.
|
|
Containers, Packaging & Glass
|
|
Senior Secured Second Lien Term Loan (LIBOR + 10.00% Cash, 1.00% LIBOR Floor)
(13)
|
|
7/14/2020
|
|
27,000,000
|
|
|
27,000,000
|
|
|
27,000,000
|
|
|
5.6
|
%
|
|||
|
|
|
|
|
|
|
|
27,000,000
|
|
|
27,000,000
|
|
|
27,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Advanced Diagnostic Holdings, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.75% Cash, 0.875% LIBOR Floor)
|
|
12/11/2020
|
|
14,970,966
|
|
|
14,970,966
|
|
|
15,270,385
|
|
|
3.1
|
%
|
|||
|
|
|
|
|
|
|
|
14,970,966
|
|
|
14,970,966
|
|
|
15,270,385
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Albertville Quality Foods, Inc.
(12)
|
|
Beverage & Food
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.50% Cash, 1.00% LIBOR Floor, 3.00% LIBOR Cap)
(13)
|
|
10/31/2018
|
|
15,753,937
|
|
|
15,753,937
|
|
|
15,753,937
|
|
|
3.2
|
%
|
|||
|
|
|
|
|
|
|
|
15,753,937
|
|
|
15,753,937
|
|
|
15,753,937
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
American Dental Partners, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)
|
|
9/25/2023
|
|
6,500,000
|
|
|
6,500,000
|
|
|
6,500,000
|
|
|
1.3
|
%
|
|||
|
|
|
|
|
|
|
|
6,500,000
|
|
|
6,500,000
|
|
|
6,500,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Autosplice, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.50% Cash, 1.00% LIBOR Floor)
(14)
|
|
6/30/2019
|
|
14,479,608
|
|
|
14,479,608
|
|
|
14,624,404
|
|
|
3.0
|
%
|
|||
|
|
|
|
|
|
|
|
14,479,608
|
|
|
14,479,608
|
|
|
14,624,404
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Avantor Performance Materials Holdings, LLC
(7)(9)
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.25% Cash, 1.00% LIBOR Floor)
(13)
|
|
3/10/2025
|
|
957,895
|
|
|
947,929
|
|
|
959,145
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
957,895
|
|
|
947,929
|
|
|
959,145
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Backcountry.com, LLC
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor)
(14)
|
|
6/30/2020
|
|
2,186,391
|
|
|
2,186,391
|
|
|
2,208,255
|
|
|
0.5
|
%
|
|||
|
|
|
|
|
|
|
|
2,186,391
|
|
|
2,186,391
|
|
|
2,208,255
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Be Green Packaging, LLC
|
|
Containers, Packaging & Glass
|
|
Equity - 417 Common Units
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Black Angus Steakhouses, LLC
(7)(9)
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)
(13)
|
|
4/24/2020
|
|
7,803,571
|
|
|
7,803,571
|
|
|
7,472,237
|
|
|
1.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 9.00%, 1.00% LIBOR Floor)
(13)
|
|
4/24/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Revolver (LIBOR + 9.00%, 1.00% LIBOR Floor)
(13)(17)
|
|
4/24/2020
|
|
267,857
|
|
|
267,857
|
|
|
232,804
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
8,071,428
|
|
|
8,071,428
|
|
|
7,705,041
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Comfort Holding, LLC
|
|
Consumer goods: Durable
|
|
Senior Secured Second Lien Term Loan (LIBOR + 10.00% Cash, 1.00% LIBOR Floor)
(13)
|
|
2/3/2025
|
|
1,000,000
|
|
|
960,151
|
|
|
960,000
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
1,000,000
|
|
|
960,151
|
|
|
960,000
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ConvergeOne Holdings Corporation
|
|
Telecommunications
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)
(14)
|
|
6/17/2021
|
|
12,500,000
|
|
|
12,414,987
|
|
|
12,500,000
|
|
|
2.6
|
%
|
|||
|
|
|
|
|
|
|
|
12,500,000
|
|
|
12,414,987
|
|
|
12,500,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CP OPCO, LLC
(7)(9)
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan A (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(14)(20)
|
|
3/31/2019
|
|
2,913,334
|
|
|
2,913,334
|
|
|
2,913,334
|
|
|
0.6
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(14)(20)
|
|
3/31/2019
|
|
1,213,889
|
|
|
1,213,889
|
|
|
1,213,889
|
|
|
0.2
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(10)(14)(15)
|
|
3/31/2019
|
|
8,649,655
|
|
|
4,060,381
|
|
|
4,324,827
|
|
|
0.9
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan D (LIBOR + 9.50% PIK, 1.25% LIBOR Floor)
(10)(14)
|
|
3/31/2019
|
|
5,297,476
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(14)
|
|
3/31/2019
|
|
1,920,849
|
|
|
1,920,849
|
|
|
1,920,849
|
|
|
0.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(14)
|
|
4/28/2017
|
|
116,088
|
|
|
116,088
|
|
|
116,088
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 232 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
20,111,291
|
|
|
10,224,541
|
|
|
10,488,987
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Crow Precision Components, LLC
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)
(13)
|
|
9/30/2019
|
|
13,365,000
|
|
|
13,365,000
|
|
|
13,256,209
|
|
|
2.7
|
%
|
|||
|
|
|
|
Equity - 350 Common Units
|
|
|
|
—
|
|
|
700,000
|
|
|
273,809
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
13,365,000
|
|
|
14,065,000
|
|
|
13,530,018
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DHISCO Electronic Distribution, Inc.
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan A (LIBOR + 6.50%, 1.50% LIBOR Floor)
(14)
|
|
11/10/2019
|
|
3,809,524
|
|
|
3,809,524
|
|
|
3,809,524
|
|
|
0.8
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 9.00% PIK, 1.50% LIBOR Floor)
(14)
|
|
11/10/2019
|
|
13,870,558
|
|
|
13,870,558
|
|
|
13,870,558
|
|
|
2.8
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 10.25% PIK, 1.50% LIBOR Floor)
(10)(14)
|
|
11/10/2019
|
|
11,944,829
|
|
|
11,604,473
|
|
|
5,972,414
|
|
|
1.2
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan D (LIBOR + 11.25% PIK, 1.50% LIBOR Floor)
(10)(14)
|
|
11/10/2019
|
|
11,153,979
|
|
|
4,705,427
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 1,230,769 Class A Units
|
|
|
|
—
|
|
|
1,230,769
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
40,778,890
|
|
|
35,220,751
|
|
|
23,652,496
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dynamic Energy Services International LLC
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (13.50% PIK + LIBOR)
(13)
|
|
3/6/2018
|
|
17,025,910
|
|
|
17,025,910
|
|
|
14,492,625
|
|
|
3.0
|
%
|
|||
|
|
|
|
|
|
|
|
17,025,910
|
|
|
17,025,910
|
|
|
14,492,625
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Essex Crane Rental Corp.
(12)
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 12.50% PIK, 1.00% LIBOR Floor)
(10)(14)
|
|
5/13/2019
|
|
24,810,848
|
|
|
20,460,116
|
|
|
112,641
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
24,810,848
|
|
|
20,460,116
|
|
|
112,641
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FKI Security Group, LLC
(12)
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)
(14)
|
|
3/30/2020
|
|
11,843,750
|
|
|
11,843,750
|
|
|
11,843,750
|
|
|
2.5
|
%
|
|||
|
|
|
|
|
|
|
|
11,843,750
|
|
|
11,843,750
|
|
|
11,843,750
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Footprint Acquisition, LLC
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash)
(13)
|
|
2/27/2020
|
|
5,183,864
|
|
|
5,183,864
|
|
|
5,183,864
|
|
|
1.1
|
%
|
|||
|
|
|
|
Preferred Equity (8.75% PIK)
|
|
|
|
6,006,952
|
|
|
6,006,952
|
|
|
6,006,950
|
|
|
1.2
|
%
|
|||
|
|
|
|
Equity - 150 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
595,874
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
11,190,816
|
|
|
11,190,816
|
|
|
11,786,688
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Freedom Powersports, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 10.00% Cash, 1.50% LIBOR Floor)
(14)
|
|
9/26/2019
|
|
13,150,000
|
|
|
13,150,000
|
|
|
13,203,258
|
|
|
2.7
|
%
|
|||
|
|
|
|
|
|
|
|
13,150,000
|
|
|
13,150,000
|
|
|
13,203,258
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Friedrich Holdings, Inc.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.00% Cash, 1.00% LIBOR Floor)
(13)
|
|
2/7/2023
|
|
10,000,000
|
|
|
10,000,000
|
|
|
10,000,000
|
|
|
2.1
|
%
|
|||
|
|
|
|
|
|
|
|
10,000,000
|
|
|
10,000,000
|
|
|
10,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Harrison Gypsum,
LLC
(12)
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 0.50% PIK, 1.50% LIBOR Floor)
(13)
|
|
12/21/2018
|
|
52,592,777
|
|
|
52,592,777
|
|
|
50,523,777
|
|
|
10.4
|
%
|
|||
|
|
|
|
|
|
|
|
52,592,777
|
|
|
52,592,777
|
|
|
50,523,777
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Heligear Acquisition Co.
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Note (10.25% Cash)
|
|
10/15/2019
|
|
20,000,000
|
|
|
20,000,000
|
|
|
21,102,000
|
|
|
4.3
|
%
|
|||
|
|
|
|
|
|
|
|
20,000,000
|
|
|
20,000,000
|
|
|
21,102,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Impact Sales,
LLC
(7)(9)(19)
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)
(14)
|
|
12/30/2021
|
|
2,618,438
|
|
|
2,618,438
|
|
|
2,618,438
|
|
|
0.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)
(14)
|
|
12/30/2021
|
|
120,313
|
|
|
120,313
|
|
|
120,313
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,738,751
|
|
|
2,738,751
|
|
|
2,738,751
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
JD Norman Industries, Inc.
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 12.25% Cash)
|
|
3/6/2019
|
|
20,700,000
|
|
|
20,700,000
|
|
|
20,462,571
|
|
|
4.2
|
%
|
|||
|
|
|
|
|
|
|
|
20,700,000
|
|
|
20,700,000
|
|
|
20,462,571
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Jordan Reses Supply Company, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured Second Lien Term Loan (LIBOR + 11.00%, 1.00% LIBOR Floor)
(14)
|
|
4/24/2020
|
|
20,000,000
|
|
|
20,000,000
|
|
|
20,200,000
|
|
|
4.2
|
%
|
|||
|
|
|
|
|
|
|
|
20,000,000
|
|
|
20,000,000
|
|
|
20,200,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
L & S Plumbing Partnership, Ltd.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)
|
|
2/15/2022
|
|
22,078,125
|
|
|
22,078,125
|
|
|
22,078,125
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
22,078,125
|
|
|
22,078,125
|
|
|
22,078,125
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lighting Science Group Corporation
|
|
Containers, Packaging & Glass
|
|
Senior Secured Second Lien Term (LIBOR + 10.00% Cash, 2.00% PIK)
(14)
|
|
2/19/2019
|
|
16,215,576
|
|
|
15,775,439
|
|
|
15,369,447
|
|
|
3.2
|
%
|
|||
|
|
|
|
Warrants - 0.94% of Outstanding Equity
|
|
2/19/2024
|
|
—
|
|
|
955,680
|
|
|
20,000
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
16,215,576
|
|
|
16,731,119
|
|
|
15,389,447
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
LSF9 Atlantis Holdings, LLC
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)
(14)
|
|
1/15/2021
|
|
9,500,000
|
|
|
9,419,486
|
|
|
9,629,675
|
|
|
2.0
|
%
|
|||
|
|
|
|
|
|
|
|
9,500,000
|
|
|
9,419,486
|
|
|
9,629,675
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Merchant Cash and Capital, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 8.00% Cash, 5.00% PIK, 3.00% LIBOR Floor)
(13)
|
|
5/31/2017
|
|
14,096,720
|
|
|
14,096,720
|
|
|
14,096,720
|
|
|
2.9
|
%
|
|||
|
|
|
|
Senior Secured Second Lien Term Loan (12.00% Cash, 5% PIK)
|
|
5/4/2017
|
|
15,000,000
|
|
|
15,000,000
|
|
|
15,000,000
|
|
|
3.1
|
%
|
|||
|
|
|
|
|
|
|
|
29,096,720
|
|
|
29,096,720
|
|
|
29,096,720
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nation Safe Drivers Holdings, Inc.
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.00% Cash, 2.00% LIBOR Floor)
(14)
|
|
9/29/2020
|
|
35,278,846
|
|
|
35,278,846
|
|
|
35,631,635
|
|
|
7.3
|
%
|
|||
|
|
|
|
|
|
|
|
35,278,846
|
|
|
35,278,846
|
|
|
35,631,635
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nielsen & Bainbridge, LLC
|
|
Consumer goods: Durable
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.25% Cash, 1.00% LIBOR Floor)
(13)
|
|
8/15/2021
|
|
25,000,000
|
|
|
25,000,000
|
|
|
25,000,000
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
25,000,000
|
|
|
25,000,000
|
|
|
25,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NorthStar Group Services, Inc.
|
|
Construction & Building
|
|
Unsecured Debt (2.5% Cash, 15.5% PIK)
|
|
10/24/2019
|
|
28,240,337
|
|
|
28,240,337
|
|
|
28,240,337
|
|
|
5.8
|
%
|
|||
|
|
|
|
|
|
|
|
28,240,337
|
|
|
28,240,337
|
|
|
28,240,337
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oxford Mining Company, LLC
|
|
Metals & Mining
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 3.00% PIK, 0.75% LIBOR Floor)
|
|
12/31/2018
|
|
20,889,280
|
|
|
20,889,281
|
|
|
20,837,057
|
|
|
4.3
|
%
|
|||
|
|
|
|
|
|
|
|
20,889,280
|
|
|
20,889,281
|
|
|
20,837,057
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Plastics Group, Inc.
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured First Lien Term Loan (11.00% Cash, 2.00% PIK)
|
|
2/28/2019
|
|
21,829,737
|
|
|
21,829,737
|
|
|
21,708,145
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
21,829,737
|
|
|
21,829,737
|
|
|
21,708,145
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Path Medical, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.50% Cash, 1.00% LIBOR Floor)
(14)
|
|
10/11/2021
|
|
9,186,194
|
|
|
8,721,770
|
|
|
8,816,174
|
|
|
1.8
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan A (LIBOR + 9.50% Cash, 1.00% LIBOR Floor)
(14)
|
|
10/11/2021
|
|
2,808,500
|
|
|
2,808,500
|
|
|
2,695,374
|
|
|
0.6
|
%
|
|||
|
|
|
|
Warrants - 1.56% of Outstanding Equity
|
|
1/9/2027
|
|
—
|
|
|
499,751
|
|
|
499,751
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
11,994,694
|
|
|
12,030,021
|
|
|
12,011,299
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Point.360
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash)
|
|
7/8/2020
|
|
2,022,975
|
|
|
2,022,976
|
|
|
1,776,213
|
|
|
0.4
|
%
|
|||
|
|
|
|
Equity - 479,283 Common Units
|
|
|
|
—
|
|
|
129,406
|
|
|
119,821
|
|
|
0.1
|
%
|
|||
|
|
|
|
Warrants - 2.8% of Outstanding Equity
|
|
7/8/2020
|
|
—
|
|
|
52,757
|
|
|
76,238
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,022,975
|
|
|
2,205,139
|
|
|
1,972,272
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Prestige Industries LLC
|
|
Services: Business
|
|
Senior Secured Second Lien Term Loan (10.00% Cash, 3.00% PIK)
(10)
|
|
11/1/2017
|
|
7,797,021
|
|
|
7,596,890
|
|
|
1,949,255
|
|
|
0.4
|
%
|
|||
|
|
|
|
Warrants - 0.63% of Outstanding Equity
|
|
11/1/2017
|
|
—
|
|
|
151,855
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
7,797,021
|
|
|
7,748,745
|
|
|
1,949,255
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Prince Mineral Holding Corp.
(8)
|
|
Wholesale
|
|
Senior Secured First Lien Note (11.50%)
|
|
12/15/2019
|
|
6,800,000
|
|
|
6,761,307
|
|
|
6,919,000
|
|
|
1.4
|
%
|
|||
|
|
|
|
|
|
|
|
6,800,000
|
|
|
6,761,307
|
|
|
6,919,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reddy Ice Corporation
|
|
Beverage & Food
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.50% Cash, 1.25% LIBOR Floor)
(13)
|
|
11/1/2019
|
|
17,000,000
|
|
|
17,000,000
|
|
|
15,130,000
|
|
|
3.1
|
%
|
|||
|
|
|
|
|
|
|
|
17,000,000
|
|
|
17,000,000
|
|
|
15,130,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Response Team Holdings, LLC
|
|
Construction & Building
|
|
Preferred Equity (12.00% PIK)
(10)
|
|
|
|
6,641,700
|
|
|
5,796,824
|
|
|
1,660,425
|
|
|
0.3
|
%
|
|||
|
|
|
|
Warrants - 7.2% of Outstanding Equity
|
|
3/28/2019
|
|
—
|
|
|
429,012
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
6,641,700
|
|
|
6,225,836
|
|
|
1,660,425
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sendero Drilling Company, LLC
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (LIBOR + 11.00% Cash)
|
|
3/18/2019
|
|
3,264,874
|
|
|
2,894,242
|
|
|
3,264,874
|
|
|
0.7
|
%
|
|||
|
|
|
|
Warrants - 5.52% of Outstanding Equity
|
|
3/18/2019
|
|
—
|
|
|
793,523
|
|
|
5,399,816
|
|
|
1.1
|
%
|
|||
|
|
|
|
|
|
|
|
3,264,874
|
|
|
3,687,765
|
|
|
8,664,690
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Seotowncenter, Inc.
(12)
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)
(14)
|
|
9/11/2019
|
|
24,260,935
|
|
|
24,260,935
|
|
|
24,223,330
|
|
|
5.0
|
%
|
|||
|
|
|
|
Equity - 3,249.697 Common Units
|
|
|
|
—
|
|
|
500,000
|
|
|
274,838
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
24,260,935
|
|
|
24,760,935
|
|
|
24,498,168
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ship Supply Acquisition Corporation
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)
(14)
|
|
7/31/2020
|
|
7,861,264
|
|
|
7,861,264
|
|
|
7,531,720
|
|
|
1.5
|
%
|
|||
|
|
|
|
|
|
|
|
7,861,264
|
|
|
7,861,264
|
|
|
7,531,720
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SMART Financial Operations, LLC
(7)(9)
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 10.00% Cash, 1.00% LIBOR Floor)
(14)
|
|
11/22/2021
|
|
2,775,000
|
|
|
2,775,000
|
|
|
2,775,000
|
|
|
0.6
|
%
|
|||
|
|
|
|
Equity - 700,000 Class A Preferred Units
|
|
|
|
—
|
|
|
700,000
|
|
|
700,000
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
2,775,000
|
|
|
3,475,000
|
|
|
3,475,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SRS Software, LLC
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.00% Cash, 1.00% LIBOR Floor)
|
|
2/17/2022
|
|
7,500,000
|
|
|
7,500,000
|
|
|
7,500,000
|
|
|
1.5
|
%
|
|||
|
|
|
|
|
|
|
|
7,500,000
|
|
|
7,500,000
|
|
|
7,500,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Stancor, Inc.
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 0.75% LIBOR Floor)
(13)
|
|
8/19/2019
|
|
4,747,273
|
|
|
4,747,273
|
|
|
4,747,273
|
|
|
1.0
|
%
|
|||
|
|
|
|
Equity - 263,814.43 Class A Units
|
|
|
|
—
|
|
|
263,814
|
|
|
150,166
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,747,273
|
|
|
5,011,087
|
|
|
4,897,439
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
T Residential Holdings, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (12.00%)
|
|
3/28/2019
|
|
18,000,000
|
|
|
18,000,000
|
|
|
18,000,000
|
|
|
3.7
|
%
|
|||
|
|
|
|
|
|
|
|
18,000,000
|
|
|
18,000,000
|
|
|
18,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Taylored Freight Services, LLC
|
|
Services: Business
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.50% Cash, 2.00% PIK, 1.50% LIBOR Floor)
(14)
|
|
11/1/2017
|
|
14,892,442
|
|
|
14,892,442
|
|
|
14,815,597
|
|
|
3.0
|
%
|
|||
|
|
|
|
|
|
|
|
14,892,442
|
|
|
14,892,442
|
|
|
14,815,597
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Trans-Fast Remittance LLC
(7)(9)(18)
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.50% Cash, 1.00% LIBOR Floor)
(13)
|
|
12/2/2021
|
|
3,567,857
|
|
|
3,567,857
|
|
|
3,567,857
|
|
|
0.7
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 9.50%, 1.00% LIBOR Floor)
(13)
|
|
12/2/2021
|
|
1,875,000
|
|
|
1,875,000
|
|
|
1,875,000
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
5,442,857
|
|
|
5,442,857
|
|
|
5,442,857
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Transtelco, Inc.
|
|
Telecommunications
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.50% LIBOR Floor)
(13)
|
|
11/19/2017
|
|
18,576,000
|
|
|
18,576,000
|
|
|
18,726,094
|
|
|
3.8
|
%
|
|||
|
|
|
|
|
|
|
|
18,576,000
|
|
|
18,576,000
|
|
|
18,726,094
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Velocity Pooling Vehicle, LLC
|
|
Automotive
|
|
Senior Secured Second Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor)
(13)
|
|
5/13/2022
|
|
24,000,000
|
|
|
21,509,490
|
|
|
12,795,840
|
|
|
2.6
|
%
|
|||
|
|
|
|
|
|
|
|
24,000,000
|
|
|
21,509,490
|
|
|
12,795,840
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Watermill-QMC Midco, Inc.
|
|
Automotive
|
|
Equity - 1.3% Partnership Interest
|
|
|
|
—
|
|
|
488,332
|
|
|
633,367
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
488,332
|
|
|
633,367
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wheels Up Partners LLC
(12)
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 8.55% Cash, 1.00% LIBOR Floor)
(14)
|
|
10/15/2021
|
|
15,661,922
|
|
|
15,661,922
|
|
|
15,442,186
|
|
|
3.2
|
%
|
|||
|
|
|
|
|
|
|
|
15,661,922
|
|
|
15,661,922
|
|
|
15,442,186
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Subtotal Non-Controlled/Non-Affiliated Investments
|
|
|
|
$
|
789,095,836
|
|
|
$
|
770,315,852
|
|
|
$
|
717,295,079
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Controlled Investments
:
(5)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AAR Intermediate Holdings, LLC
(7)(9)
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan A (LIBOR + 5.00%, 1.00% LIBOR Floor)
(14)
|
|
9/30/2021
|
|
8,984,232
|
|
|
8,984,232
|
|
|
8,984,232
|
|
|
1.9
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 8.00% PIK, 1.00% LIBOR Floor)
(14)
|
|
9/30/2021
|
|
19,300,053
|
|
|
15,990,363
|
|
|
18,045,550
|
|
|
3.7
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 5.00%, 1.00% LIBOR Floor)
(14)(16)
|
|
9/30/2021
|
|
718,739
|
|
|
718,739
|
|
|
718,739
|
|
|
0.1
|
%
|
|||
|
|
|
|
Equity - 21.56 Class A Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
29,003,024
|
|
|
25,693,334
|
|
|
27,748,521
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capstone Nutrition
(12)
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 12.50% PIK, 1.00% LIBOR Floor)
(10)(14)
|
|
4/28/2019
|
|
24,375,733
|
|
|
20,803,397
|
|
|
15,636,058
|
|
|
3.2
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 12.50% PIK, 1.00% LIBOR Floor)
(10)(14)
|
|
4/28/2019
|
|
10,547,359
|
|
|
9,153,997
|
|
|
6,765,709
|
|
|
1.4
|
%
|
|||
|
|
|
|
Equity - 4,664.6 Class B Units and 9,424.4 Class C Units
|
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 2,932.3 Common Units
|
|
|
|
—
|
|
|
400,003
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
34,923,092
|
|
|
30,357,409
|
|
|
22,401,767
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lydell Jewelry Design Studio, LLC
(12)
|
|
Consumer goods: Non-durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 7.50% PIK, 1.50% LIBOR Floor)
(10)(13)
|
|
9/13/2018
|
|
16,173,109
|
|
|
14,269,868
|
|
|
5,926,150
|
|
|
1.2
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00% Cash, 1.50% LIBOR Floor)
(13)
|
|
9/13/2018
|
|
2,600,000
|
|
|
2,600,000
|
|
|
2,600,000
|
|
|
0.5
|
%
|
|||
|
|
|
|
Warrants - 13.3% of Outstanding Equity
|
|
9/13/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 4,324,951.76 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
18,773,109
|
|
|
16,869,868
|
|
|
8,526,150
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MCC Senior Loan Strategy JV I LLC
(11)
|
|
Multisector Holdings
|
|
Equity - 87.5% ownership of MCC Senior Loan Strategy JV I LLC
|
|
|
|
—
|
|
|
43,225,000
|
|
|
44,570,500
|
|
|
9.2
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
43,225,000
|
|
|
44,570,500
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NVTN LLC
(6)(7)(9)
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)
(13)
|
|
11/9/2020
|
|
3,505,990
|
|
|
3,505,990
|
|
|
3,505,990
|
|
|
0.7
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 9.25% PIK, 1.00% LIBOR Floor)
(13)
|
|
11/9/2020
|
|
10,288,212
|
|
|
10,288,212
|
|
|
10,288,212
|
|
|
2.1
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 12.00% PIK, 1.00% LIBOR Floor)
(13)
|
|
11/9/2020
|
|
6,214,763
|
|
|
6,214,763
|
|
|
6,214,763
|
|
|
1.3
|
%
|
|||
|
|
|
|
Equity - 787.4 Class A Units
|
|
|
|
—
|
|
|
9,550,922
|
|
|
9,550,922
|
|
|
2.0
|
%
|
|||
|
|
|
|
|
|
|
|
20,008,965
|
|
|
29,559,887
|
|
|
29,559,887
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
OmniVere, LLC
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 13.00% PIK)
(10)(14)
|
|
5/5/2019
|
|
23,985,000
|
|
|
22,606,509
|
|
|
21,973,618
|
|
|
4.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (8.00% PIK)
|
|
5/5/2019
|
|
528,265
|
|
|
528,265
|
|
|
528,265
|
|
|
0.1
|
%
|
|||
|
|
|
|
Unsecured Debt (8.00% PIK)
(10)
|
|
7/24/2025
|
|
25,778,492
|
|
|
22,727,575
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 5,055.56 Common Units
|
|
5/5/2019
|
|
—
|
|
|
872,698
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
50,291,757
|
|
|
46,735,047
|
|
|
22,501,883
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
United Road Towing, Inc.
|
|
Services: Business
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.00% PIK)
(10)
|
|
2/21/2020
|
|
19,526,843
|
|
|
19,526,843
|
|
|
19,526,843
|
|
|
4.0
|
%
|
|||
|
|
|
|
Preferred Equity Class C (8.00% PIK)
(10)
|
|
|
|
18,802,789
|
|
|
15,578,885
|
|
|
1,186,268
|
|
|
0.2
|
%
|
|||
|
|
|
|
Preferred Equity Class C-1 (8.00% PIK)
(10)
|
|
|
|
3,888,488
|
|
|
3,224,251
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Preferred Equity Class A-2 (8.00% PIK)
(10)
|
|
|
|
5,632,400
|
|
|
4,667,275
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 65,809.73 Class B Common Units
|
|
|
|
—
|
|
|
1,098,096
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
47,850,520
|
|
|
44,095,350
|
|
|
20,713,111
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subtotal Controlled Investments
|
|
|
|
$
|
200,850,467
|
|
|
$
|
236,535,895
|
|
|
$
|
176,021,819
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Affiliated Investments
:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Access Media Holdings, LLC
|
|
Media: Broadcasting & Subscription
|
|
Senior Secured First Lien Term Loan (10.00%)
|
|
7/22/2020
|
|
8,130,520
|
|
|
8,130,520
|
|
|
8,130,520
|
|
|
1.7
|
%
|
|||
|
|
|
|
Preferred Equity Series A
|
|
|
|
1,600,000
|
|
|
1,600,000
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Preferred Equity Series AA
|
|
|
|
800,000
|
|
|
800,000
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 16 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
10,530,520
|
|
|
10,530,520
|
|
|
8,130,520
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brantley Transportation LLC
(7)(9)(12)
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (12.00% PIK)
(10)
|
|
8/2/2017
|
|
10,683,364
|
|
|
9,023,999
|
|
|
6,419,847
|
|
|
1.3
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 5.00%, 1.00% LIBOR Floor)
(14)
|
|
8/2/2017
|
|
712,500
|
|
|
712,500
|
|
|
712,500
|
|
|
0.1
|
%
|
|||
|
|
|
|
Equity - 7.5 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
11,395,864
|
|
|
9,736,499
|
|
|
7,132,347
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dream Finders Homes, LLC
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan B (LIBOR + 14.50% Cash)
|
|
10/1/2018
|
|
4,968,384
|
|
|
4,903,764
|
|
|
5,015,534
|
|
|
1.0
|
%
|
|||
|
|
|
|
Equity - 5,000 Common Units
|
|
|
|
—
|
|
|
180,000
|
|
|
2,545,777
|
|
|
0.5
|
%
|
|||
|
|
|
|
|
|
|
|
4,968,384
|
|
|
5,083,764
|
|
|
7,561,311
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
US Multifamily,
LLC
(11)
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (10.00% Cash)
|
|
9/10/2019
|
|
6,670,000
|
|
|
6,670,000
|
|
|
6,670,000
|
|
|
1.4
|
%
|
|||
|
|
|
|
Equity - 33,300 Preferred Units
|
|
|
|
—
|
|
|
3,330,000
|
|
|
3,330,000
|
|
|
0.7
|
%
|
|||
|
|
|
|
|
|
|
|
6,670,000
|
|
|
10,000,000
|
|
|
10,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subtotal Affiliated Investments
|
|
|
|
$
|
33,564,768
|
|
|
$
|
35,350,783
|
|
|
$
|
32,824,178
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Investments, March 31, 2017
|
|
|
|
$
|
1,023,511,071
|
|
|
$
|
1,042,202,530
|
|
|
$
|
926,141,076
|
|
|
190.2
|
%
|
(1)
|
All of our investments are domiciled in the United States. Certain investments also have international operations.
|
(2)
|
Par amount includes accumulated PIK interest and is net of repayments.
|
(3)
|
Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $22,635,919, $127,088,835, and $104,452,916, respectively. The tax cost basis of investments is $1,030,593,993 as of March 31, 2017.
|
(4)
|
Percentage is based on net assets of $487,015,228 as of March 31, 2017.
|
(5)
|
Control Investments are defined by the Investment Company Act of 1940 ("1940 Act") as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
|
(6)
|
Investment changed its name from DLR Restaurants LLC during FY 2017.
|
(7)
|
The investment has an unfunded commitment as of March 31, 2017 (See note 8).
|
(8)
|
Securities are exempt from registration under Rule 144a of the Securities Act of 1933. This security represents a fair value of $6,919,000 and 1.4% of net assets as of March 31, 2017 and is considered restricted.
|
(9)
|
Includes an analysis of the value of any unfunded loan commitments.
|
(10)
|
The investment was on non-accrual status as of March 31, 2017.
|
(11)
|
The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of March 31, 2017, 5.9% of the Company's portfolio investments were non-qualifying assets.
|
(12)
|
A portion of this investment was sold via a participation agreement (See note 3).
|
(13)
|
The interest rate on these loans is subject to a base rate plus 1 Month London Interbank Offering Rate (''LIBOR''), which at March 31, 2017 was 0.98%. As the interest rate is subject to a minimum LIBOR Floor which was greater than the 1 Month LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR Floor.
|
(14)
|
The interest rate on these loans is subject to a base rate plus 3 Month LIBOR, which at March 31, 2017 was 1.15%. As the interest rate is subject to a minimum LIBOR Floor which was greater than the 3 Month LIBOR rate at March 31, 2017, the prevailing rate in effect at March 31, 2017 was the base rate plus the LIBOR Floor.
|
(15)
|
This investment may accrue PIK interest at the election of the Borrower (LIBOR + 9.50%, 1.00% LIBOR Floor) and is determined at the end of the rate setting period.
|
(16)
|
The investment earns 0.50% commitment fee on all unused commitment. At March 31, 2017, there was $1,078,108 of unused commitment.
|
(17)
|
The investment earns 0.50% commitment fee on all unused commitment. At March 31, 2017, there was $625,000 of unused commitment.
|
(18)
|
The investment earns 0.50% commitment fee on all unused commitment. At March 31, 2017, there was $1,057,143 of unused commitment.
|
(19)
|
The investment earns 1.00% commitment fee on all unused commitment. At March 31, 2017, there was $754,688 of unused commitment.
|
(20)
|
This investment may accrue PIK interest at the election of the Borrower (LIBOR + 6.50%, 1.00% LIBOR Floor) and is determined at the end of the rate setting period.
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of
Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-Controlled/Non-Affiliated Investments
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Access Media Holdings, LLC
(7)(9)
|
|
Media: Broadcasting & Subscription
|
|
Senior Secured First Lien Term Loan (10.00%)
|
|
7/22/2020
|
|
7,929,093
|
|
|
7,929,092
|
|
|
7,832,358
|
|
|
1.5
|
%
|
|||
|
|
|
|
Preferred Equity Series A
|
|
|
|
1,600,000
|
|
|
1,600,000
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Preferred Equity Series AA
|
|
|
|
616,000
|
|
|
616,000
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 16 Common Units
(17)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
10,145,093
|
|
|
10,145,092
|
|
|
7,832,358
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Accupac, Inc.
|
|
Containers, Packaging & Glass
|
|
Senior Secured Second Lien Term Loan (LIBOR + 10.00% Cash, 1.00% LIBOR Floor)
(18)
|
|
7/14/2020
|
|
27,000,000
|
|
|
27,000,000
|
|
|
27,000,000
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
27,000,000
|
|
|
27,000,000
|
|
|
27,000,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Advanced Diagnostic Holdings, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.75% Cash, 0.875% LIBOR Floor)
(19)
|
|
12/11/2020
|
|
15,262,608
|
|
|
15,262,608
|
|
|
15,701,560
|
|
|
3.0
|
%
|
|||
|
|
|
|
|
|
|
|
15,262,608
|
|
|
15,262,608
|
|
|
15,701,560
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Albertville Quality Foods, Inc.
(12)
|
|
Beverage & Food
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.50% Cash, 1.00% LIBOR Floor, 3.00% LIBOR Cap)
(18)
|
|
10/31/2018
|
|
15,972,097
|
|
|
15,972,097
|
|
|
16,131,818
|
|
|
3.1
|
%
|
|||
|
|
|
|
|
|
|
|
15,972,097
|
|
|
15,972,097
|
|
|
16,131,818
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Autosplice, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.50% Cash, 1.00% LIBOR Floor)
(19)
|
|
6/30/2019
|
|
14,441,783
|
|
|
14,441,784
|
|
|
14,489,296
|
|
|
2.8
|
%
|
|||
|
|
|
|
|
|
|
|
14,441,783
|
|
|
14,441,784
|
|
|
14,489,296
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Backcountry.com, LLC
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor)
(19)
|
|
6/30/2020
|
|
2,551,042
|
|
|
2,551,042
|
|
|
2,576,552
|
|
|
0.5
|
%
|
|||
|
|
|
|
|
|
|
|
2,551,042
|
|
|
2,551,042
|
|
|
2,576,552
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Be Green Packaging, LLC
|
|
Containers, Packaging & Glass
|
|
Equity - 417 Common Units
(17)
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Black Angus Steakhouses, LLC
(7)(9)
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)
(18)
|
|
4/24/2020
|
|
7,906,250
|
|
|
7,906,250
|
|
|
7,721,117
|
|
|
1.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 9.00%, 1.00% LIBOR Floor)
|
|
4/24/2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Revolver (LIBOR + 9.00%, 1.00% LIBOR Floor)
(15)
|
|
4/24/2020
|
|
446,429
|
|
|
446,429
|
|
|
441,911
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
8,352,679
|
|
|
8,352,679
|
|
|
8,163,028
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brantley Transportation LLC
(7)(9)(12)
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (12.00% PIK)
(10)
|
|
8/2/2017
|
|
10,060,902
|
|
|
9,051,055
|
|
|
5,351,092
|
|
|
1.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 5.00%, 1.00% LIBOR Floor)
|
|
8/2/2017
|
|
637,500
|
|
|
637,500
|
|
|
637,500
|
|
|
0.1
|
%
|
|||
|
|
|
|
Equity - 7.5 Common Units
(17)
|
|
8/2/2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
10,698,402
|
|
|
9,688,555
|
|
|
5,988,592
|
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of
Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ConvergeOne Holdings Corporation
|
|
Telecommunications
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)
(19)
|
|
6/17/2021
|
|
12,500,000
|
|
|
12,406,960
|
|
|
12,458,500
|
|
|
2.4
|
%
|
|||
|
|
|
|
|
|
|
|
12,500,000
|
|
|
12,406,960
|
|
|
12,458,500
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CP OPCO LLC
(7)(9)
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan A (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(19)(31)
|
|
3/31/2019
|
|
2,805,273
|
|
|
2,805,273
|
|
|
2,805,273
|
|
|
0.6
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(19)(13)
|
|
3/31/2019
|
|
1,168,864
|
|
|
1,168,864
|
|
|
1,168,864
|
|
|
0.2
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(6)(10)(19)
|
|
3/31/2019
|
|
8,204,394
|
|
|
4,063,090
|
|
|
4,102,197
|
|
|
0.8
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan D (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(6)(10)(19)
|
|
3/31/2019
|
|
5,107,884
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(19)
|
|
3/31/2019
|
|
725,552
|
|
|
725,552
|
|
|
725,552
|
|
|
0.1
|
%
|
|||
|
|
|
|
Revolving Credit Facility (ABR + 3.50% Cash, 3.50% ABR Floor)
(14)
|
|
3/31/2019
|
|
638,486
|
|
|
638,485
|
|
|
638,486
|
|
|
0.1
|
%
|
|||
|
|
|
|
Equity - 232 Common Units
(17)
|
|
3/31/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
18,650,453
|
|
|
9,401,264
|
|
|
9,440,372
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Crow Precision Components, LLC
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)
(18)
|
|
9/30/2019
|
|
13,540,000
|
|
|
13,540,000
|
|
|
13,540,000
|
|
|
2.6
|
%
|
|||
|
|
|
|
Equity - 350 Common Units
(17)
|
|
|
|
—
|
|
|
700,000
|
|
|
414,305
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
13,540,000
|
|
|
14,240,000
|
|
|
13,954,305
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DHISCO Electronic Distribution, Inc.
(7)(9)(12)
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan A (LIBOR + 9.00%, 1.50% LIBOR Floor)
|
|
11/10/2019
|
|
31,238,095
|
|
|
31,238,095
|
|
|
29,545,615
|
|
|
5.7
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (10.50% PIK)
|
|
2/10/2018
|
|
6,982,024
|
|
|
6,982,024
|
|
|
6,587,260
|
|
|
1.3
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 9.00%, 1.50% LIBOR Floor)
(16)
|
|
5/10/2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 1,230,769 Class A Units
(17)
|
|
|
|
—
|
|
|
1,230,769
|
|
|
70,624
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
38,220,119
|
|
|
39,450,888
|
|
|
36,203,499
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DLR Restaurants
LLC
(12)
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan (13.00% Cash, 2.50% PIK)
|
|
4/18/2018
|
|
24,117,310
|
|
|
24,117,310
|
|
|
23,958,859
|
|
|
4.6
|
%
|
|||
|
|
|
|
Unsecured Debt (12.00% Cash, 4.00% PIK)
|
|
4/18/2018
|
|
287,531
|
|
|
287,531
|
|
|
279,604
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
24,404,841
|
|
|
24,404,841
|
|
|
24,238,463
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dream Finders Homes, LLC
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan B (LIBOR + 14.50% Cash)
|
|
10/1/2018
|
|
7,093,318
|
|
|
7,009,174
|
|
|
7,071,897
|
|
|
1.4
|
%
|
|||
|
|
|
|
Equity - 5,000 Common Units
(17)
|
|
10/1/2018
|
|
—
|
|
|
180,000
|
|
|
1,619,379
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
7,093,318
|
|
|
7,189,174
|
|
|
8,691,276
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dynamic Energy Services International LLC
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor, 1.50% PIK)
(18)
|
|
3/6/2018
|
|
16,046,050
|
|
|
16,046,050
|
|
|
13,307,952
|
|
|
2.6
|
%
|
|||
|
|
|
|
|
|
|
|
16,046,050
|
|
|
16,046,050
|
|
|
13,307,952
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Essex Crane Rental Corp.
(12)
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 12.50% PIK, 1.00% LIBOR Floor)
(10)(19)
|
|
5/13/2019
|
|
23,190,922
|
|
|
20,460,116
|
|
|
1,159,546
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
23,190,922
|
|
|
20,460,116
|
|
|
1,159,546
|
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of
Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FKI Security Group LLC
(12)
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)
(19)
|
|
3/30/2020
|
|
14,531,250
|
|
|
14,531,250
|
|
|
14,605,650
|
|
|
2.8
|
%
|
|||
|
|
|
|
|
|
|
|
14,531,250
|
|
|
14,531,250
|
|
|
14,605,650
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Footprint Acquisition LLC
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash)
(18)
|
|
2/27/2020
|
|
5,250,102
|
|
|
5,250,102
|
|
|
5,340,509
|
|
|
1.0
|
%
|
|||
|
|
|
|
Preferred Equity (8.75% PIK)
|
|
|
|
5,749,795
|
|
|
5,749,795
|
|
|
5,749,508
|
|
|
1.1
|
%
|
|||
|
|
|
|
Equity - 150 Common Units
(17)
|
|
|
|
—
|
|
|
—
|
|
|
1,171,650
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
10,999,897
|
|
|
10,999,897
|
|
|
12,261,667
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Freedom Powersports LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 10.75% Cash, 1.50% LIBOR Floor)
(19)
|
|
9/26/2019
|
|
13,890,000
|
|
|
13,890,000
|
|
|
14,167,800
|
|
|
2.7
|
%
|
|||
|
|
|
|
|
|
|
|
13,890,000
|
|
|
13,890,000
|
|
|
14,167,800
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Harrison Gypsum,
LLC
(12)
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 0.50% PIK, 1.50% LIBOR Floor)
(18)
|
|
12/21/2018
|
|
53,776,985
|
|
|
53,776,985
|
|
|
51,930,283
|
|
|
10.1
|
%
|
|||
|
|
|
|
|
|
|
|
53,776,985
|
|
|
53,776,985
|
|
|
51,930,283
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Heligear Acquisition Co.
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Note (10.25% Cash)
|
|
10/15/2019
|
|
20,000,000
|
|
|
20,000,000
|
|
|
21,047,400
|
|
|
4.1
|
%
|
|||
|
|
|
|
|
|
|
|
20,000,000
|
|
|
20,000,000
|
|
|
21,047,400
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
JD Norman Industries, Inc.
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 12.25% Cash)
(18)
|
|
3/6/2019
|
|
21,300,000
|
|
|
21,300,000
|
|
|
20,219,025
|
|
|
3.9
|
%
|
|||
|
|
|
|
|
|
|
|
21,300,000
|
|
|
21,300,000
|
|
|
20,219,025
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Jordan Reses Supply Company, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured Second Lien Term Loan (LIBOR + 11.00%, 1.00% LIBOR Floor)
|
|
4/24/2020
|
|
20,000,000
|
|
|
20,000,000
|
|
|
20,400,000
|
|
|
4.0
|
%
|
|||
|
|
|
|
|
|
|
|
20,000,000
|
|
|
20,000,000
|
|
|
20,400,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lighting Science Group Corporation
|
|
Containers, Packaging & Glass
|
|
Senior Secured Second Lien Term (LIBOR + 10.00% Cash, 2.00% PIK)
(19)
|
|
2/19/2019
|
|
16,053,472
|
|
|
15,515,186
|
|
|
15,077,260
|
|
|
2.9
|
%
|
|||
|
|
|
|
Warrants - 0.98% of Outstanding Equity
(17)
|
|
2/19/2024
|
|
—
|
|
|
955,680
|
|
|
120,000
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
16,053,472
|
|
|
16,470,866
|
|
|
15,197,260
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
LSF9 Atlantis Holdings, LLC
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)
|
|
1/15/2021
|
|
9,750,000
|
|
|
9,661,163
|
|
|
9,988,485
|
|
|
1.9
|
%
|
|||
|
|
|
|
|
|
|
|
9,750,000
|
|
|
9,661,163
|
|
|
9,988,485
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Merchant Cash and Capital, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Delayed Draw (LIBOR + 8.00% Cash, 3.00% LIBOR Floor)
(18)
|
|
12/4/2016
|
|
17,033,522
|
|
|
17,033,522
|
|
|
17,033,522
|
|
|
3.3
|
%
|
|||
|
|
|
|
Senior Secured Second Lien Term Loan (12.00% Cash)
|
|
5/4/2017
|
|
15,000,000
|
|
|
15,000,000
|
|
|
14,999,250
|
|
|
2.9
|
%
|
|||
|
|
|
|
|
|
|
|
32,033,522
|
|
|
32,033,522
|
|
|
32,032,772
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Miratech Intermediate Holdings, Inc.
(12)
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)
(18)
|
|
5/9/2019
|
|
12,695,105
|
|
|
12,695,105
|
|
|
12,478,272
|
|
|
2.5
|
%
|
|||
|
|
|
|
|
|
|
|
12,695,105
|
|
|
12,695,105
|
|
|
12,478,272
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Momentum Telecom, Inc.
|
|
Telecommunications
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)
(18)
|
|
3/10/2019
|
|
12,593,281
|
|
|
12,593,281
|
|
|
12,719,213
|
|
|
2.5
|
%
|
|||
|
|
|
|
|
|
|
|
12,593,281
|
|
|
12,593,281
|
|
|
12,719,213
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
(1)
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
(2)
|
|
Cost
(3)
|
|
Fair Value
|
|
% of
Net Assets
(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nation Safe Drivers Holdings, Inc.
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.00% Cash, 2.00% LIBOR Floor)
(19)
|
|
9/29/2020
|
|
35,278,846
|
|
|
35,278,846
|
|
|
35,631,635
|
|
|
6.9
|
%
|
|||
|
|
|
|
|
|
|
|
35,278,846
|
|
|
35,278,846
|
|
|
35,631,635
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nielsen & Bainbridge, LLC
|
|
Consumer goods: Durable
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.25% Cash, 1.00% LIBOR Floor)
(18)
|
|
8/15/2021
|
|
25,000,000
|
|
|
25,000,000
|
|
|
24,696,000
|
|
|
4.8
|
%
|
|||
|
|
|
|
|
|
|
|
25,000,000
|
|
|
25,000,000
|
|
|
24,696,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NorthStar Group Services, Inc.
|
|
Construction & Building
|
|
Unsecured Debt (2.5% Cash, 15.5% PIK)
|
|
10/24/2019
|
|
26,107,691
|
|
|
26,107,691
|
|
|
26,042,683
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
26,107,691
|
|
|
26,107,691
|
|
|
26,042,683
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Oxford Mining Company, LLC
|
|
Metals & Mining
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 3.00% PIK, 0.75% LIBOR Floor)
|
|
12/31/2018
|
|
20,661,469
|
|
|
20,661,469
|
|
|
20,245,760
|
|
|
3.9
|
%
|
|||
|
|
|
|
|
|
|
|
20,661,469
|
|
|
20,661,469
|
|
|
20,245,760
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Plastics Group, Inc.
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured First Lien Term Loan (11.00% Cash, 2.00% PIK)
|
|
2/28/2019
|
|
21,867,506
|
|
|
21,867,506
|
|
|
21,457,709
|
|
|
4.2
|
%
|
|||
|
|
|
|
|
|
|
|
21,867,506
|
|
|
21,867,506
|
|
|
21,457,709
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Point.360
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash)
|
|
7/8/2020
|
|
1,953,269
|
|
|
1,953,269
|
|
|
1,849,160
|
|
|
0.4
|
%
|
|||
|
|
|
|
Equity - 479,283 Common Units
(17)
|
|
|
|
—
|
|
|
129,406
|
|
|
359,462
|
|
|
0.1
|
%
|
|||
|
|
|
|
Warrants - 2.8% of Outstanding Equity
(17)
|
|
7/8/2020
|
|
—
|
|
|
52,757
|
|
|
243,317
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
1,953,269
|
|
|
2,135,432
|
|
|
2,451,939
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Prestige Industries LLC
|
|
Services: Business
|
|
Senior Secured Second Lien Term Loan (10.00% Cash, 3.00% PIK)
(10)
|
|
11/1/2017
|
|
7,679,806
|
|
|
7,596,895
|
|
|
2,818,258
|
|
|
0.6
|
%
|
|||
|
|
|
|
Warrants - 0.63% of Outstanding Equity
(17)
|
|
11/1/2017
|
|
—
|
|
|
151,855
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
7,679,806
|
|
|
7,748,750
|
|
|
2,818,258
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Prince Mineral Holding Corp.
(8)
|
|
Wholesale
|
|
Senior Secured First Lien Note (11.50%)
|
|
12/15/2019
|
|
6,800,000
|
|
|
6,755,409
|
|
|
6,375,000
|
|
|
1.2
|
%
|
|||
|
|
|
|
|
|
|
|
6,800,000
|
|
|
6,755,409
|
|
|
6,375,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Reddy Ice Corporation
|
|
Beverage & Food
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.50% Cash, 1.25% LIBOR Floor)
(18)
|
|
11/1/2019
|
|
17,000,000
|
|
|
17,000,000
|
|
|
14,092,830
|
|
|
2.7
|
%
|
|||
|
|
|
|
|
|
|
|
17,000,000
|
|
|
17,000,000
|
|
|
14,092,830
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Response Team Holdings, LLC
|
|
Construction & Building
|
|
Preferred Equity (12.00% PIK)
(10)
|
|
|
|
6,256,390
|
|
|
5,796,950
|
|
|
3,262,707
|
|
|
0.6
|
%
|
|||
|
|
|
|
Warrants - 7.2% of Outstanding Equity
(17)
|
|
3/28/2019
|
|
—
|
|
|
429,012
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
6,256,390
|
|
|
6,225,962
|
|
|
3,262,707
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Safeworks, LLC
(12)
|
|
Capital Equipment
|
|
Unsecured Debt (12.00% Cash)
|
|
1/31/2020
|
|
15,000,000
|
|
|
15,000,000
|
|
|
15,150,000
|
|
|
2.9
|
%
|
|||
|
|
|
|
|
|
|
|
15,000,000
|
|
|
15,000,000
|
|
|
15,150,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sendero Drilling Company, LLC
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (LIBOR + 11.00% Cash)
(18)
|
|
3/18/2019
|
|
3,996,312
|
|
|
3,545,039
|
|
|
4,076,238
|
|
|
0.8
|
%
|
|||
|
|
|
|
Warrants - 5.52% of Outstanding Equity
(17)
|
|
3/18/2019
|
|
—
|
|
|
793,523
|
|
|
5,399,817
|
|
|
1.1
|
%
|
|||
|
|
|
|
|
|
|
|
3,996,312
|
|
|
4,338,562
|
|
|
9,476,055
|
|
|
|
|
(1)
|
All of our investments are domiciled in the United States. Certain investments also have international operations.
|
(2)
|
Par amount includes accumulated PIK interest and is net of repayments.
|
(3)
|
Gross unrealized appreciation, gross unrealized depreciation, and net depreciation for federal income tax purposes totaled $20,555,594, $106,9247,771 and $86,369,176, respectively. The tax cost basis of investments is $998,987,296 as of September 30, 2016.
|
(4)
|
Percentage is based on net assets of $516,919,142 as of September 30, 2016.
|
(5)
|
Control Investments are defined by the Investment Company Act of 1940 ("1940 Act") as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
|
(6)
|
This investment may accrue PIK interest at the election of the Borrower (LIBOR + 9.50%, 1.00% LIBOR Floor) and is determined at the end of the rate setting period.
|
(7)
|
The investment has an unfunded commitment as of September 30, 2016 (See note 8).
|
(8)
|
Securities are exempt from registration under Rule 144a of the Securities Act of 1933. This security represents a fair value of $6,375,000 and 1.2% of net assets as of September 30, 2016 and is considered restricted.
|
(9)
|
Includes an analysis of the value of any unfunded loan commitments.
|
(10)
|
The investment was on non-accrual status as of September 30, 2016.
|
(11)
|
The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part.
|
(12)
|
A portion of this investment was sold via a participation agreement (See note 3).
|
(13)
|
This investment may accrue PIK interest at the election of the Borrower (LIBOR + 6.50%, 1.00% LIBOR Floor) and is determined at the end of the rate setting period.
|
(14)
|
The interest rate on these loans is subject to a base rate plus ABR. As the interest rate is subject to a minimum ABR Floor which was greater than the ABR rate at September 30, 2016, the prevailing rate in effect at September 30, 2016 was the base rate plus the ABR Floor.
|
(15)
|
The investment earns 0.50% commitment fee on all unused commitment. At September 30, 2016, there was $446,429 of unused commitment.
|
(16)
|
The investment earns 0.50% commitment fee on all unused commitment. At September 30, 2016, there was $1,904,762 of unused commitment.
|
(17)
|
The September 30, 2016 description of this investment type has been modified to conform to the March 31, 2017 description.
|
(18)
|
The interest rate on these loans is subject to a base rate plus 1 Month London Interbank Offering Rate ("LIBOR"), which at September 30, 2016 was 0.52%. As the interest rate is subject to a minimum LIBOR Floor which was greater than the 1 Month LIBOR rate at September 30, 2016, the prevailing rate in effect at September 30, 2016 was the base rate plus the LIBOR Floor.
|
(19)
|
The interest rate on these loans is subject to a base rate plus 3 Month LIBOR, which at September 30, 2016 was 0.84%. As the interest rate is subject to a minimum LIBOR Floor which was greater than the 3 Month LIBOR rate at September 30, 2016, the prevailing rate in effect at September 30, 2016 was the base rate plus the LIBOR Floor.
|
•
|
The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable (that is, similar) assets, liabilities, or a group of assets and liabilities, such as a business.
|
•
|
The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the income approach is used, the fair value measurement reflects current market expectations about those future amounts.
|
•
|
valuations of comparable public companies (“Guideline Comparable Approach”),
|
•
|
recent sales of private and public comparable companies (“Guideline Comparable Approach”),
|
•
|
recent acquisition prices of the company, debt securities or equity securities (“Acquisition Price Approach”),
|
•
|
external valuations of the portfolio company, offers from third parties to buy the company (“Estimated Sales Proceeds Approach”),
|
•
|
subsequent sales made by the company of its investments (“Expected Sales Proceeds Approach”); and
|
•
|
estimating the value to potential buyers.
|
•
|
discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow (“DCF”) Approach); and
|
•
|
Black-Scholes model or simulation models or a combination thereof (Income Approach – Option Model) with respect to the valuation of warrants.
|
•
|
our quarterly valuation process begins with each portfolio investment being internally valued by the valuation professionals;
|
•
|
preliminary valuation conclusions are then documented and discussed with senior management; and
|
•
|
an independent valuation firm engaged by our board of directors reviews approximately one third of these preliminary valuations each quarter on a rotating quarterly basis on non-fiscal year-end quarters, such that each of these investments will be valued by independent valuation firms at least twice per annum when combined with the fiscal year-end review of all the investments by independent valuation firms.
|
•
|
the audit committee of our board of directors reviews the preliminary valuations of the investment professionals, senior management and independent valuation firms; and
|
•
|
our board of directors discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of MCC Advisors, the respective independent valuation firms and the audit committee.
|
|
Amortized Cost
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
Senior Secured First Lien Term Loans
|
$
|
621,428
|
|
|
59.6
|
%
|
|
$
|
568,947
|
|
|
61.4
|
%
|
Senior Secured Second Lien Term Loans
|
239,403
|
|
|
23.0
|
|
|
223,338
|
|
|
24.1
|
|
||
Senior Secured First Lien Notes
|
26,761
|
|
|
2.6
|
|
|
28,021
|
|
|
3.0
|
|
||
Unsecured Debt
|
50,968
|
|
|
4.9
|
|
|
28,240
|
|
|
3.1
|
|
||
MCC Senior Loan Strategy JV I LLC
|
43,225
|
|
|
4.1
|
|
|
44,571
|
|
|
4.8
|
|
||
Equity/Warrants
|
60,418
|
|
|
5.8
|
|
|
33,024
|
|
|
3.6
|
|
||
Total
|
$
|
1,042,203
|
|
|
100.0
|
%
|
|
$
|
926,141
|
|
|
100.0
|
%
|
|
Amortized Cost
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
Senior Secured First Lien Term Loans
|
$
|
612,762
|
|
|
60.5
|
%
|
|
$
|
565,329
|
|
|
61.8
|
%
|
Senior Secured Second Lien Term Loans
|
229,898
|
|
|
22.7
|
|
|
213,537
|
|
|
23.4
|
|
||
Senior Secured First Lien Notes
|
26,755
|
|
|
2.6
|
|
|
27,423
|
|
|
3.0
|
|
||
Unsecured Debt
|
62,150
|
|
|
6.1
|
|
|
52,809
|
|
|
5.8
|
|
||
MCC Senior Loan Strategy JV I LLC
|
32,113
|
|
|
3.2
|
|
|
31,252
|
|
|
3.4
|
|
||
Equity/Warrants
|
49,213
|
|
|
4.9
|
|
|
23,834
|
|
|
2.6
|
|
||
Total
|
$
|
1,012,891
|
|
|
100.0
|
%
|
|
$
|
914,184
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Construction & Building
|
$
|
120,177
|
|
|
13.0
|
%
|
Services: Business
|
113,405
|
|
|
12.2
|
|
|
Banking, Finance, Insurance & Real Estate
|
98,171
|
|
|
10.6
|
|
|
Healthcare & Pharmaceuticals
|
76,383
|
|
|
8.2
|
|
|
Hotel, Gaming & Leisure
|
60,917
|
|
|
6.6
|
|
|
Energy: Oil & Gas
|
58,038
|
|
|
6.3
|
|
|
Aerospace & Defense
|
50,074
|
|
|
5.4
|
|
|
Automotive
|
47,095
|
|
|
5.1
|
|
|
Multisector Holdings
|
44,571
|
|
|
4.8
|
|
|
Containers, Packaging & Glass
|
42,390
|
|
|
4.6
|
|
|
Telecommunications
|
31,226
|
|
|
3.4
|
|
|
Beverage & Food
|
30,884
|
|
|
3.3
|
|
|
Consumer goods: Durable
|
25,960
|
|
|
2.8
|
|
|
Chemicals, Plastics & Rubber
|
22,667
|
|
|
2.5
|
|
|
High Tech Industries
|
22,124
|
|
|
2.4
|
|
|
Metals & Mining
|
20,837
|
|
|
2.2
|
|
|
Retail
|
15,313
|
|
|
1.7
|
|
|
Capital Equipment
|
11,844
|
|
|
1.3
|
|
|
Services: Consumer
|
10,489
|
|
|
1.1
|
|
|
Consumer goods: Non-durable
|
8,526
|
|
|
0.9
|
|
|
Media: Broadcasting & Subscription
|
8,131
|
|
|
0.9
|
|
|
Wholesale
|
6,919
|
|
|
0.7
|
|
|
Total
|
$
|
926,141
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Services: Business
|
$
|
123,703
|
|
|
13.5
|
%
|
Banking, Finance, Insurance & Real Estate
|
96,207
|
|
|
10.5
|
|
|
Construction & Building
|
91,087
|
|
|
10.0
|
|
|
Hotel, Gaming & Leisure
|
68,605
|
|
|
7.5
|
|
|
Automotive
|
60,303
|
|
|
6.6
|
|
|
Healthcare & Pharmaceuticals
|
57,041
|
|
|
6.2
|
|
|
Energy: Oil & Gas
|
52,646
|
|
|
5.8
|
|
|
Aerospace & Defense
|
51,656
|
|
|
5.6
|
|
|
Telecommunications
|
44,015
|
|
|
4.8
|
|
|
Containers, Packaging & Glass
|
42,197
|
|
|
4.6
|
|
|
Chemicals, Plastics & Rubber
|
32,640
|
|
|
3.6
|
|
|
Multisector Holdings
|
31,252
|
|
|
3.4
|
|
|
Beverages & Food
|
30,225
|
|
|
3.3
|
|
|
Capital Equipment
|
29,756
|
|
|
3.3
|
|
|
Consumer goods: Durable
|
24,696
|
|
|
2.7
|
|
|
Metals & Mining
|
20,246
|
|
|
2.2
|
|
|
High Tech Industries
|
14,489
|
|
|
1.6
|
|
|
Retail
|
12,565
|
|
|
1.4
|
|
|
Services: Consumer
|
9,440
|
|
|
1.0
|
|
|
Media: Broadcasting & Subscription
|
7,832
|
|
|
0.9
|
|
|
Consumer goods: Non-durable
|
7,208
|
|
|
0.8
|
|
|
Wholesale
|
6,375
|
|
|
0.7
|
|
|
Total
|
$
|
914,184
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Southeast
|
$
|
194,092
|
|
|
21.0
|
%
|
Southwest
|
193,563
|
|
|
20.9
|
|
|
Midwest
|
186,788
|
|
|
20.2
|
|
|
Northeast
|
154,738
|
|
|
16.7
|
|
|
West
|
139,202
|
|
|
15.0
|
|
|
Mid-Atlantic
|
57,758
|
|
|
6.2
|
|
|
Total
|
$
|
926,141
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Midwest
|
$
|
217,229
|
|
|
23.8
|
%
|
Southwest
|
195,672
|
|
|
21.4
|
|
|
Southeast
|
180,159
|
|
|
19.7
|
|
|
West
|
136,279
|
|
|
14.9
|
|
|
Northeast
|
134,781
|
|
|
14.7
|
|
|
Mid-Atlantic
|
50,064
|
|
|
5.5
|
|
|
Total
|
$
|
914,184
|
|
|
100.0
|
%
|
Name of Investment
|
Fair Value at September 30, 2016
|
|
Purchases/(Sales) of or Advances/(Distributions)
(2)
|
|
Transfers In/(Out) of Affiliates
|
|
Unrealized Gain
/(Loss)
|
|
Realized Gain/
(Loss)
|
|
Fair Value at March 31, 2017
|
|
Interest Income
|
|
Dividend Income
(3)
|
||||||||||||||||
Controlled Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AAR Intermediate Holdings, LLC
|
$
|
23,873,637
|
|
|
$
|
1,818,403
|
|
|
$
|
—
|
|
|
$
|
2,056,480
|
|
|
$
|
—
|
|
|
$
|
27,748,520
|
|
|
$
|
1,389,887
|
|
|
$
|
—
|
|
Capstone Nutrition
|
20,939,706
|
|
|
—
|
|
|
—
|
|
|
1,462,061
|
|
|
—
|
|
|
22,401,767
|
|
|
—
|
|
|
—
|
|
||||||||
Lydell Jewelry Design Studio, LLC
|
7,207,522
|
|
|
1,100,000
|
|
|
—
|
|
|
218,629
|
|
|
—
|
|
|
8,526,151
|
|
|
71,049
|
|
|
—
|
|
||||||||
NVTN LLC
|
—
|
|
|
1,361,215
|
|
|
28,198,671
|
|
|
—
|
|
|
—
|
|
|
29,559,886
|
|
|
780,015
|
|
|
—
|
|
||||||||
MCC Senior Loan Strategy JV I LLC
(1)
|
31,252,416
|
|
|
11,112,500
|
|
|
—
|
|
|
2,205,584
|
|
|
—
|
|
|
44,570,500
|
|
|
—
|
|
|
1,050,000
|
|
||||||||
OmniVere LLC
|
33,697,119
|
|
|
3,054,447
|
|
|
—
|
|
|
(14,249,682
|
)
|
|
—
|
|
|
22,501,884
|
|
|
829,578
|
|
|
—
|
|
||||||||
United Road Towing, Inc.
|
19,911,875
|
|
|
813,471
|
|
|
—
|
|
|
(12,235
|
)
|
|
—
|
|
|
20,713,111
|
|
|
669,059
|
|
|
—
|
|
||||||||
Total Controlled Investments
|
$
|
136,882,275
|
|
|
$
|
19,260,036
|
|
|
$
|
28,198,671
|
|
|
$
|
(8,319,163
|
)
|
|
$
|
—
|
|
|
$
|
176,021,819
|
|
|
$
|
3,739,588
|
|
|
$
|
1,050,000
|
|
Affiliated Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Access Media Holdings, LLC
|
$
|
—
|
|
|
$
|
385,427
|
|
|
$
|
7,832,358
|
|
|
$
|
(87,265
|
)
|
|
$
|
—
|
|
|
$
|
8,130,520
|
|
|
$
|
402,458
|
|
|
$
|
—
|
|
Brantley Transportation LLC
|
—
|
|
|
47,943
|
|
|
5,988,592
|
|
|
1,095,812
|
|
|
—
|
|
|
7,132,347
|
|
|
(5,657
|
)
|
|
—
|
|
||||||||
Dream Finders Homes, LLC
|
—
|
|
|
(2,105,410
|
)
|
|
8,691,276
|
|
|
975,445
|
|
|
—
|
|
|
7,561,311
|
|
|
501,624
|
|
|
—
|
|
||||||||
US Multifamily, LLC
|
10,000,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000,000
|
|
|
333,500
|
|
|
—
|
|
||||||||
Total Affiliated Investments
|
$
|
10,000,000
|
|
|
$
|
(1,672,040
|
)
|
|
$
|
22,512,226
|
|
|
$
|
1,983,992
|
|
|
$
|
—
|
|
|
$
|
32,824,178
|
|
|
$
|
1,231,925
|
|
|
$
|
—
|
|
Name of Investment
|
Fair Value at September 30, 2015
|
|
Purchases/(Sales) of or Advances/(Distributions)
(2)
|
|
Transfers In/(Out) of Affiliates
|
|
Unrealized Gain
/(Loss)
(2)
|
|
Realized Gain/
(Loss)
(2)
|
|
Fair Value at March 31, 2016
|
|
Interest Income
(2)
|
|
Dividend Income
(2)
|
||||||||||||||||
Controlled Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capstone Nutrition
|
$
|
—
|
|
|
$
|
6,804,124
|
|
|
$
|
20,840,795
|
|
|
$
|
(11,015,990
|
)
|
|
$
|
—
|
|
|
$
|
17,429,206
|
|
|
$
|
783,359
|
|
|
$
|
—
|
|
MCC Senior Loan Strategy JV I LLC
(1)
|
14,215,834
|
|
|
8,750,000
|
|
|
—
|
|
|
307,616
|
|
|
—
|
|
|
23,273,450
|
|
|
—
|
|
|
—
|
|
||||||||
OmniVere LLC
|
24,865,578
|
|
|
10,000,000
|
|
|
—
|
|
|
(1,923,131
|
)
|
|
—
|
|
|
34,320,067
|
|
|
1,379,001
|
|
|
—
|
|
||||||||
United Road Towing, Inc.
|
35,116,790
|
|
|
—
|
|
|
—
|
|
|
(16,930,522
|
)
|
|
—
|
|
|
19,013,238
|
|
|
842,428
|
|
|
—
|
|
||||||||
Total Controlled Investments
|
$
|
74,198,202
|
|
|
$
|
25,554,124
|
|
|
$
|
20,840,795
|
|
|
$
|
(29,562,027
|
)
|
|
$
|
—
|
|
|
$
|
94,035,961
|
|
|
$
|
3,004,788
|
|
|
$
|
—
|
|
Affiliated Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
US Multifamily, LLC
|
$
|
10,000,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,000,000
|
|
|
$
|
333,500
|
|
|
$
|
—
|
|
Total Affiliated Investments
|
$
|
10,000,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,000,000
|
|
|
$
|
333,500
|
|
|
$
|
—
|
|
(1)
|
The Company and Great American Life Insurance Company (“GALIC”) are the members of MCC Senior Loan Strategy JV I LLC (“MCC JV”), a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members of MCC JV make capital contributions as investments by MCC JV are completed, and all portfolio and other material decisions regarding MCC JV must be submitted to MCC JV’s board of managers, which is comprised of an equal number of members appointed by each of the Company and GALIC. Approval of MCC JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and GALIC. Because management of MCC JV is shared equally between the Company and GALIC, the Company does not have operational control over the MCC JV for purposes of the 1940 Act or otherwise.
|
(2)
|
The prior year table has been modified to conform to the current year.
|
(3)
|
Amount represents distributions from MCC JV to the Company and is a component of dividend income, net of provisional taxes in the Consolidated Statements of Operations.
|
•
|
transferred investments have been isolated from the Company - put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership,
|
•
|
each participant has the right to pledge or exchange the transferred investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
|
•
|
the Company, its consolidated affiliates or its agents do not maintain effective control over the transferred investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
|
|
March 31, 2017
|
|
September 30, 2016
|
||||
Senior Secured Loans
(1)
|
$
|
140,460,196
|
|
|
$
|
95,872,612
|
|
Weighted average current interest rate on Senior Secured Loans
(2)
|
6.67
|
%
|
|
6.70
|
%
|
||
Number of borrowers in MCC JV
|
40
|
|
|
30
|
|
||
Largest loan to a single borrower
(1)
|
$
|
11,462,500
|
|
|
$
|
5,216,234
|
|
Total of five largest loans to borrowers
(1)
|
$
|
33,088,329
|
|
|
$
|
22,637,363
|
|
(1)
|
At par value.
|
(2)
|
Computed as the (a) annual stated interest rate on accruing senior secured loans, divided by (b) total senior secured loans at principal amount.
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value
(2)
|
|
% of
Net Assets
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
4 Over International, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
6/7/2022
|
|
11,462,500
|
|
|
11,462,500
|
|
|
11,462,500
|
|
|
23.1
|
%
|
|||
|
|
|
|
|
|
|
|
11,462,500
|
|
|
11,462,500
|
|
|
11,462,500
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AccentCare, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)
(1)
|
|
9/3/2021
|
|
2,765,158
|
|
|
2,744,979
|
|
|
2,758,245
|
|
|
5.6
|
%
|
|||
|
|
|
|
|
|
|
|
2,765,158
|
|
|
2,744,979
|
|
|
2,758,245
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amplify Snack Brands, Inc.
|
|
Beverage, Food & Tobacco
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
9/2/2023
|
|
3,980,000
|
|
|
3,943,427
|
|
|
3,877,236
|
|
|
7.8
|
%
|
|||
|
|
|
|
|
|
|
|
3,980,000
|
|
|
3,943,427
|
|
|
3,877,236
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
APCO Holdings, Inc.
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
1/31/2022
|
|
3,555,152
|
|
|
3,469,019
|
|
|
3,555,152
|
|
|
7.2
|
%
|
|||
|
|
|
|
|
|
|
|
3,555,152
|
|
|
3,469,019
|
|
|
3,555,152
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
API Technologies Corp.
|
|
Aerospace and Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
4/22/2022
|
|
2,977,500
|
|
|
2,926,973
|
|
|
2,988,338
|
|
|
6.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,977,500
|
|
|
2,926,973
|
|
|
2,988,338
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Avantor Performance Materials Holdings, Inc.
|
|
Chemicals, Plastics and Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)
(1)
|
|
3/11/2024
|
|
2,878,788
|
|
|
2,871,332
|
|
|
2,903,977
|
|
|
5.8
|
%
|
|||
|
|
|
|
|
|
|
|
2,878,788
|
|
|
2,871,332
|
|
|
2,903,977
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Blount International, Inc.
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)
(1)
|
|
4/12/2023
|
|
2,985,000
|
|
|
2,936,849
|
|
|
3,008,432
|
|
|
6.1
|
%
|
|||
|
|
|
|
|
|
|
|
2,985,000
|
|
|
2,936,849
|
|
|
3,008,432
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cardenas Markets LLC
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)
(1)
|
|
11/29/2023
|
|
5,486,250
|
|
|
5,434,006
|
|
|
5,431,388
|
|
|
10.9
|
%
|
|||
|
|
|
|
|
|
|
|
5,486,250
|
|
|
5,434,006
|
|
|
5,431,388
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CD&R TZ Purchaser, Inc.
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
7/21/2023
|
|
3,482,500
|
|
|
3,435,118
|
|
|
3,433,710
|
|
|
6.9
|
%
|
|||
|
|
|
|
|
|
|
|
3,482,500
|
|
|
3,435,118
|
|
|
3,433,710
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value
(2)
|
|
% of
Net Assets
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CP OPCO, LLC
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
4/28/2017
|
|
20,486
|
|
|
20,486
|
|
|
20,486
|
|
|
0.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan A (LIBOR + 4.50%, 1.00% LIBOR Floor)
(1)
|
|
3/31/2019
|
|
514,118
|
|
|
514,118
|
|
|
514,118
|
|
|
1.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 4.50%, 1.00% LIBOR Floor)
(1)
|
|
3/31/2019
|
|
214,216
|
|
|
214,216
|
|
|
214,216
|
|
|
0.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)(3)
|
|
3/31/2019
|
|
1,526,410
|
|
|
717,016
|
|
|
763,205
|
|
|
1.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan D (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(1)(3)
|
|
3/31/2019
|
|
934,849
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Revolving Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)
(1)
|
|
3/31/2019
|
|
338,973
|
|
|
338,973
|
|
|
338,973
|
|
|
0.7
|
%
|
|||
|
|
|
|
Common Stock
|
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
3,549,093
|
|
|
1,804,809
|
|
|
1,850,998
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CSP Technologies North America, LLC (f/k/a CV Holdings, L.L.C.)
|
|
Containers, Packaging and Glass
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)
(1)
|
|
1/29/2022
|
|
2,493,594
|
|
|
2,493,594
|
|
|
2,493,594
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,493,594
|
|
|
2,493,594
|
|
|
2,493,594
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Elite Comfort Solutions, Inc.
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
1/15/2021
|
|
5,962,123
|
|
|
5,962,123
|
|
|
5,962,123
|
|
|
12.0
|
%
|
|||
|
|
|
|
|
|
|
|
5,962,123
|
|
|
5,962,123
|
|
|
5,962,123
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Explorer Holdings, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)
(1)
|
|
5/2/2023
|
|
2,977,500
|
|
|
2,967,813
|
|
|
3,007,275
|
|
|
6.1
|
%
|
|||
|
|
|
|
|
|
|
|
2,977,500
|
|
|
2,967,813
|
|
|
3,007,275
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Evo Payments International, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)
(1)
|
|
12/22/2023
|
|
3,500,000
|
|
|
3,466,117
|
|
|
3,526,250
|
|
|
7.1
|
%
|
|||
|
|
|
|
|
|
|
|
3,500,000
|
|
|
3,466,117
|
|
|
3,526,250
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GK Holdings, Inc.
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)
(1)
|
|
1/20/2021
|
|
2,984,733
|
|
|
2,971,085
|
|
|
2,969,809
|
|
|
6.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,984,733
|
|
|
2,971,085
|
|
|
2,969,809
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Global Eagle Entertainment Inc.
|
|
Telecommunications
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
1/6/2023
|
|
4,200,000
|
|
|
4,124,803
|
|
|
4,122,006
|
|
|
8.3
|
%
|
|||
|
|
|
|
|
|
|
|
4,200,000
|
|
|
4,124,803
|
|
|
4,122,006
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GTCR Valor Companies, Inc.
|
|
Media: Diversified & Production
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(1)
|
|
6/16/2023
|
|
3,305,009
|
|
|
3,186,546
|
|
|
3,305,009
|
|
|
6.7
|
%
|
|||
|
|
|
|
|
|
|
|
3,305,009
|
|
|
3,186,546
|
|
|
3,305,009
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Harbortouch Payments, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75% Cash, 1.00% LIBOR Floor)
(1)
|
|
5/31/2022
|
|
4,488,750
|
|
|
4,447,432
|
|
|
4,443,863
|
|
|
8.9
|
%
|
|||
|
|
|
|
|
|
|
|
4,488,750
|
|
|
4,447,432
|
|
|
4,443,863
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value
(2)
|
|
% of
Net Assets
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Highline Aftermarket Acquisitions, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)
(1)
|
|
3/17/2024
|
|
3,250,000
|
|
|
3,233,769
|
|
|
3,233,750
|
|
|
6.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,250,000
|
|
|
3,233,769
|
|
|
3,233,750
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
High Ridge Brands Co.
|
|
Consumer Goods - Non-Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25% Cash, 1.00% LIBOR Floor)
(1)
|
|
6/30/2022
|
|
1,860,938
|
|
|
1,835,541
|
|
|
1,860,938
|
|
|
3.7
|
%
|
|||
|
|
|
|
|
|
|
|
1,860,938
|
|
|
1,835,541
|
|
|
1,860,938
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Imagine! Print Solutions, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
3/30/2022
|
|
4,952,171
|
|
|
4,899,046
|
|
|
4,952,171
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,952,171
|
|
|
4,899,046
|
|
|
4,952,171
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Keystone Peer Review Organization Holdings, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (ABR + 4.00%, 3.75% ABR Floor)
(1)
|
|
12/28/2022
|
|
3,990,000
|
|
|
3,990,000
|
|
|
3,950,100
|
|
|
8.0
|
%
|
|||
|
|
|
|
|
|
|
|
3,990,000
|
|
|
3,990,000
|
|
|
3,950,100
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kraton Polymers LLC
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)
(1)
|
|
1/6/2022
|
|
1,299,883
|
|
|
1,257,432
|
|
|
1,299,883
|
|
|
2.6
|
%
|
|||
|
|
|
|
|
|
|
|
1,299,883
|
|
|
1,257,432
|
|
|
1,299,883
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MB Aerospace ACP Holdings II Corp.
|
|
Aerospace and Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
12/15/2022
|
|
5,189,956
|
|
|
5,150,928
|
|
|
5,189,956
|
|
|
10.4
|
%
|
|||
|
|
|
|
|
|
|
|
5,189,956
|
|
|
5,150,928
|
|
|
5,189,956
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MWI Holdings, Inc.
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
6/29/2020
|
|
1,985,000
|
|
|
1,968,718
|
|
|
1,983,372
|
|
|
3.9
|
%
|
|||
|
|
|
|
|
|
|
|
1,985,000
|
|
|
1,968,718
|
|
|
1,983,372
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
New Media Holdings II LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)
(1)
|
|
6/4/2020
|
|
2,947,227
|
|
|
2,947,227
|
|
|
2,947,227
|
|
|
5.9
|
%
|
|||
|
|
|
|
|
|
|
|
2,947,227
|
|
|
2,947,227
|
|
|
2,947,227
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
O2 Partners, LLC
|
|
Consumer Goods - Non-Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)
(1)
|
|
10/7/2022
|
|
4,477,500
|
|
|
4,436,131
|
|
|
4,432,725
|
|
|
8.9
|
%
|
|||
|
|
|
|
|
|
|
|
4,477,500
|
|
|
4,436,131
|
|
|
4,432,725
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PetroChoice Holdings, Inc.
|
|
Chemicals, Plastics and Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)
(1)
|
|
9/3/2022
|
|
4,987,342
|
|
|
4,987,342
|
|
|
4,987,342
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,987,342
|
|
|
4,987,342
|
|
|
4,987,342
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pomeroy Group LLC
|
|
High Tech
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
11/30/2021
|
|
2,777,144
|
|
|
2,704,223
|
|
|
2,731,433
|
|
|
5.5
|
%
|
|||
|
|
|
|
|
|
|
|
2,777,144
|
|
|
2,704,223
|
|
|
2,731,433
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PT Network, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)
(1)
|
|
11/30/2021
|
|
4,987,500
|
|
|
4,940,955
|
|
|
4,987,500
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,987,500
|
|
|
4,940,955
|
|
|
4,987,500
|
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of March 31, 2017. All interest rates are payable in cash, unless otherwise noted.
|
(2)
|
Represents the fair value in accordance with ASC Topic 820 as reported by MCC JV. The determination of such fair value is not included in the Company’s board of directors’ valuation process described elsewhere herein.
|
(3)
|
This investment was on non-accrual status as of March 31, 2017.
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value
(2)
|
|
% of
Net Assets
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
4Over International, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
6/7/2022
|
|
2,487,500
|
|
|
2,487,500
|
|
|
2,487,500
|
|
|
7.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,487,500
|
|
|
2,487,500
|
|
|
2,487,500
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AccentCare, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)
(1)
|
|
9/3/2021
|
|
2,747,500
|
|
|
2,724,808
|
|
|
2,728,295
|
|
|
7.6
|
%
|
|||
|
|
|
|
|
|
|
|
2,747,500
|
|
|
2,724,808
|
|
|
2,728,295
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Amplify Snack Brands, Inc.
|
|
Beverage & Food
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
9/2/2023
|
|
4,000,000
|
|
|
3,960,392
|
|
|
3,960,000
|
|
|
11.1
|
%
|
|||
|
|
|
|
|
|
|
|
4,000,000
|
|
|
3,960,392
|
|
|
3,960,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
APCO Holdings, Inc
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
1/31/2022
|
|
3,703,125
|
|
|
3,604,166
|
|
|
3,660,168
|
|
|
10.2
|
%
|
|||
|
|
|
|
|
|
|
|
3,703,125
|
|
|
3,604,166
|
|
|
3,660,168
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
API Technologies Corp.
|
|
Aerospace and Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
4/22/2022
|
|
2,992,500
|
|
|
2,936,717
|
|
|
2,932,650
|
|
|
8.2
|
%
|
|||
|
|
|
|
|
|
|
|
2,992,500
|
|
|
2,936,717
|
|
|
2,932,650
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Blount International, Inc.
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)
(1)
|
|
4/12/2023
|
|
3,000,000
|
|
|
2,947,612
|
|
|
2,910,000
|
|
|
8.1
|
%
|
|||
|
|
|
|
|
|
|
|
3,000,000
|
|
|
2,947,612
|
|
|
2,910,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CD&R TZ Purchaser, Inc.
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
7/21/2023
|
|
3,500,000
|
|
|
3,448,618
|
|
|
3,395,002
|
|
|
9.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,500,000
|
|
|
3,448,618
|
|
|
3,395,002
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CP OPCO, LLC
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan A (LIBOR + 4.50%, 1.00% LIBOR Floor)
(1)
|
|
3/31/2019
|
|
495,048
|
|
|
495,048
|
|
|
495,048
|
|
|
1.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 4.50%, 1.00% LIBOR Floor)
(1)
|
|
3/31/2019
|
|
206,270
|
|
|
206,270
|
|
|
206,270
|
|
|
0.6
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)(3)
|
|
3/31/2019
|
|
1,447,834
|
|
|
717,016
|
|
|
717,016
|
|
|
2.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan D (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(1)(3)
|
|
3/31/2019
|
|
901,391
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Revolving Term Loan (LIBOR + 4.50%, 1.00% LIBOR
Floor)
(1)
|
|
3/31/2019
|
|
128,038
|
|
|
128,038
|
|
|
128,038
|
|
|
0.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Revolving Term Loan (ABR + 3.50% Cash, 3.50% ABR
Floor)
(1)
|
|
3/31/2019
|
|
112,674
|
|
|
112,674
|
|
|
112,674
|
|
|
0.3
|
%
|
|||
|
|
|
|
Common Stock
|
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
3,291,296
|
|
|
1,659,046
|
|
|
1,659,046
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CRGT Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
12/19/2020
|
|
2,646,703
|
|
|
2,641,393
|
|
|
2,646,703
|
|
|
7.4
|
%
|
|||
|
|
|
|
|
|
|
|
2,646,703
|
|
|
2,641,393
|
|
|
2,646,703
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value
(2)
|
|
% of
Net Assets
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Elite Comfort Solutions, Inc
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
1/15/2021
|
|
4,196,875
|
|
|
4,196,875
|
|
|
4,238,844
|
|
|
11.9
|
%
|
|||
|
|
|
|
|
|
|
|
4,196,875
|
|
|
4,196,875
|
|
|
4,238,844
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Explorer Holdings, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)
(1)
|
|
5/2/2023
|
|
2,992,500
|
|
|
2,981,967
|
|
|
2,962,575
|
|
|
8.3
|
%
|
|||
|
|
|
|
|
|
|
|
2,992,500
|
|
|
2,981,967
|
|
|
2,962,575
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GTCR Valor Companies, Inc.
|
|
Media: Diversified & Production
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(1)
|
|
6/16/2023
|
|
3,990,000
|
|
|
3,835,508
|
|
|
3,795,687
|
|
|
10.6
|
%
|
|||
|
|
|
|
|
|
|
|
3,990,000
|
|
|
3,835,508
|
|
|
3,795,687
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
HarborTouch Payments, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)
(1)
|
|
5/31/2022
|
|
3,478,125
|
|
|
3,445,054
|
|
|
3,443,344
|
|
|
9.6
|
%
|
|||
|
|
|
|
|
|
|
|
3,478,125
|
|
|
3,445,054
|
|
|
3,443,344
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
High Ridge Brands Co.
|
|
Consumer Goods - Non-Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25% Cash, 1.00% LIBOR Floor)
(1)
|
|
6/30/2022
|
|
1,870,313
|
|
|
1,842,364
|
|
|
1,842,257
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
1,870,313
|
|
|
1,842,364
|
|
|
1,842,257
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Imagine! Print Solutions, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
3/30/2022
|
|
4,977,182
|
|
|
4,918,462
|
|
|
5,020,982
|
|
|
14.1
|
%
|
|||
|
|
|
|
|
|
|
|
4,977,182
|
|
|
4,918,462
|
|
|
5,020,982
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Keurig Green Mountain, Inc.
|
|
Beverage & Food
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50% Cash, 0.75% LIBOR Floor)
(1)
|
|
3/3/2023
|
|
4,013,275
|
|
|
3,963,303
|
|
|
4,013,275
|
|
|
11.2
|
%
|
|||
|
|
|
|
|
|
|
|
4,013,275
|
|
|
3,963,303
|
|
|
4,013,275
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kraton Polymers LLC
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)
(1)
|
|
1/6/2022
|
|
3,000,000
|
|
|
2,891,792
|
|
|
3,030,000
|
|
|
8.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,000,000
|
|
|
2,891,792
|
|
|
3,030,000
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MB Aerospace ACP Holdings II Corp.
|
|
Aerospace and Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
12/15/2022
|
|
5,216,234
|
|
|
5,173,584
|
|
|
5,160,681
|
|
|
14.4
|
%
|
|||
|
|
|
|
|
|
|
|
5,216,234
|
|
|
5,173,584
|
|
|
5,160,681
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MWI Holdings, Inc.
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
(1)
|
|
6/29/2020
|
|
1,995,000
|
|
|
1,976,126
|
|
|
1,990,012
|
|
|
5.5
|
%
|
|||
|
|
|
|
|
|
|
|
1,995,000
|
|
|
1,976,126
|
|
|
1,990,012
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NetSmart Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)
(1)
|
|
4/19/2023
|
|
2,493,750
|
|
|
2,469,871
|
|
|
2,503,227
|
|
|
7.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,493,750
|
|
|
2,469,871
|
|
|
2,503,227
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
New Media Holdings II LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)
(1)
|
|
6/4/2020
|
|
2,962,302
|
|
|
2,962,302
|
|
|
2,948,972
|
|
|
8.3
|
%
|
|||
|
|
|
|
|
|
|
|
2,962,302
|
|
|
2,962,302
|
|
|
2,948,972
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pomeroy Group LLC
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)
(1)
|
|
11/30/2021
|
|
3,491,206
|
|
|
3,389,703
|
|
|
3,386,470
|
|
|
9.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,491,206
|
|
|
3,389,703
|
|
|
3,386,470
|
|
|
|
|
(1)
|
Represents the weighted average annual current interest rate as of September 30, 2016. All interest rates are payable in cash, unless otherwise noted.
|
(2)
|
Represents the fair value in accordance with ASC Topic 820 as reported by MCC JV. The determination of such fair value is not included in the Company’s board of directors’ valuation process described elsewhere herein.
|
(3)
|
This investment was on non-accrual status as of September 30, 2016.
|
|
March 31, 2017
|
|
September 30, 2016
|
||||
Selected Consolidated Statement of Assets and Liabilities Information:
|
|
|
|
|
|
||
Investments in loans at fair value (amortized cost: of $137,419,825 and $92,899,725, respectively)
|
$
|
138,320,884
|
|
|
$
|
93,372,341
|
|
Cash
|
6,335,132
|
|
|
9,720,324
|
|
||
Other assets
|
2,229,367
|
|
|
268,136
|
|
||
Total assets
|
$
|
146,885,383
|
|
|
$
|
103,360,801
|
|
|
|
|
|
||||
Line of credit (net of debt issuance costs of $1,964,522 and $1,000,841, respectively)
|
$
|
96,615,478
|
|
|
$
|
67,079,159
|
|
Other liabilities
|
254,087
|
|
|
340,088
|
|
||
Interest payable
|
277,610
|
|
|
224,507
|
|
||
Total liabilities
|
97,147,175
|
|
|
67,643,754
|
|
||
Members' capital
|
49,738,208
|
|
|
35,717,047
|
|
||
Total liabilities and members' capital
|
$
|
146,885,383
|
|
|
$
|
103,360,801
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Selected Consolidated Statement of Operations Information:
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
2,325,043
|
|
|
773,430
|
|
|
$
|
4,327,399
|
|
|
$
|
1,128,543
|
|
|
Total expenses
|
(1,013,655
|
)
|
|
(459,830
|
)
|
|
(1,990,369
|
)
|
|
(751,644
|
)
|
||||
Net unrealized depreciation
|
(121,011
|
)
|
|
(49,419
|
)
|
|
428,443
|
|
|
(86,225
|
)
|
||||
Net realized gains
|
299,796
|
|
|
18,402
|
|
|
405,688
|
|
|
20,269
|
|
||||
Net income/(loss)
|
$
|
1,490,173
|
|
|
$
|
282,583
|
|
|
$
|
3,171,161
|
|
|
$
|
310,943
|
|
•
|
Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date.
|
•
|
Level 2 - Valuations based on inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivatives or other assets or liabilities.
|
•
|
Level 3 - Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and are based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or income approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates, beta and EBITDA multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Senior Secured First Lien Term Loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
568,947
|
|
|
$
|
568,947
|
|
Senior Secured Second Lien Term Loans
|
—
|
|
|
—
|
|
|
223,338
|
|
|
223,338
|
|
||||
Senior Secured First Lien Notes
|
—
|
|
|
6,919
|
|
|
21,102
|
|
|
28,021
|
|
||||
Unsecured Debt
|
—
|
|
|
—
|
|
|
28,240
|
|
|
28,240
|
|
||||
Equity/Warrants
|
120
|
|
|
96
|
|
|
32,808
|
|
|
33,024
|
|
||||
Total
|
$
|
120
|
|
|
$
|
7,015
|
|
|
$
|
874,435
|
|
|
$
|
881,570
|
|
MCC Senior Loan Strategy JV I LLC
(1)
|
|
|
|
|
|
|
|
|
|
$
|
44,571
|
|
|||
Total Investments, at fair value
|
|
|
|
|
|
|
|
|
|
$
|
926,141
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Senior Secured First Lien Term Loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
565,329
|
|
|
$
|
565,329
|
|
Senior Secured Second Lien Term Loans
|
—
|
|
|
—
|
|
|
213,537
|
|
|
213,537
|
|
||||
Senior Secured First Lien Notes
|
—
|
|
|
6,375
|
|
|
21,048
|
|
|
27,423
|
|
||||
Unsecured Debt
|
—
|
|
|
—
|
|
|
52,809
|
|
|
52,809
|
|
||||
Equity/Warrants
|
359
|
|
|
363
|
|
|
23,112
|
|
|
23,834
|
|
||||
Total
|
$
|
359
|
|
|
$
|
6,738
|
|
|
$
|
875,835
|
|
|
$
|
882,932
|
|
MCC Senior Loan Strategy JV I LLC
(1)
|
|
|
|
|
|
|
|
|
|
$
|
31,252
|
|
|||
Total Investments, at fair value
|
|
|
|
|
|
|
|
|
|
$
|
914,184
|
|
(1)
|
Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.
|
|
Senior
Secured
First Lien
Term
Loans
|
|
Senior
Secured
Second
Lien Term
Loans
|
|
Senior
Secured
First Lien
Notes
|
|
Unsecured
Debt
|
|
Equities/Warrants
|
|
Total
|
||||||||||||
Balance as of September 30, 2016
|
$
|
565,329
|
|
|
$
|
213,537
|
|
|
$
|
21,048
|
|
|
$
|
52,809
|
|
|
$
|
23,112
|
|
|
$
|
875,835
|
|
Purchases and other adjustments to cost
|
7,676
|
|
|
4,295
|
|
|
—
|
|
|
2,134
|
|
|
269
|
|
|
14,374
|
|
||||||
Originations
|
120,012
|
|
|
6,500
|
|
|
—
|
|
|
1,973
|
|
|
10,935
|
|
|
139,420
|
|
||||||
Sales
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
||||||
Settlements
|
(112,933
|
)
|
|
(300
|
)
|
|
—
|
|
|
(15,000
|
)
|
|
—
|
|
|
(128,233
|
)
|
||||||
Net realized gains/(losses) from investments
|
(6,089
|
)
|
|
10
|
|
|
—
|
|
|
(289
|
)
|
|
—
|
|
|
(6,368
|
)
|
||||||
Net transfers in and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net unrealized gains/(losses)
|
(5,048
|
)
|
|
296
|
|
|
54
|
|
|
(13,387
|
)
|
|
(1,508
|
)
|
|
(19,593
|
)
|
||||||
Balance as of March 31, 2017
|
$
|
568,947
|
|
|
$
|
223,338
|
|
|
$
|
21,102
|
|
|
$
|
28,240
|
|
|
$
|
32,808
|
|
|
$
|
874,435
|
|
|
Senior
Secured
First Lien
Term
Loans
|
|
Senior
Secured
Second
Lien Term
Loans
|
|
Senior
Secured
First Lien
Notes
|
|
Unsecured
Debt
|
|
Equities/Warrants
|
|
Total
|
||||||||||||
Balance as of September 30, 2015
|
$
|
695,970
|
|
|
$
|
372,176
|
|
|
$
|
30,669
|
|
|
$
|
45,661
|
|
|
$
|
50,584
|
|
|
$
|
1,195,060
|
|
Purchases and other adjustments to cost
|
5,184
|
|
|
1,262
|
|
|
9
|
|
|
1,228
|
|
|
826
|
|
|
8,509
|
|
||||||
Originations
|
42,678
|
|
|
12,000
|
|
|
—
|
|
|
8,278
|
|
|
896
|
|
|
63,852
|
|
||||||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
(91,922
|
)
|
|
(83,732
|
)
|
|
(11,000
|
)
|
|
—
|
|
|
(5,840
|
)
|
|
(192,494
|
)
|
||||||
Net realized gains/(losses) from investments
|
151
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
5,303
|
|
|
5,493
|
|
||||||
Net transfers in and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net unrealized gains/(losses)
|
(42,080
|
)
|
|
(5,746
|
)
|
|
728
|
|
|
(2,127
|
)
|
|
(24,992
|
)
|
|
(74,217
|
)
|
||||||
Balance as of March 31, 2016
|
$
|
609,981
|
|
|
$
|
295,960
|
|
|
$
|
20,445
|
|
|
$
|
53,040
|
|
|
$
|
26,777
|
|
|
$
|
1,006,203
|
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
$
|
335,034
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
7.37% - 15.01% (11.31%)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
10,602
|
|
|
Enterprise Value Analysis
|
|
Expected Proceeds
|
|
$0.2M - $10.5M ($10.4M)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
51,401
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2017 Revenue Multiple
(1)
, 2017 EBITDA Multiple
(1)
, Discount Rate
|
|
1.13x - 3.00x (1.99x)/6.50x - 9.25x (7.98x)/15.50% - 17.50% (16.58%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
22,402
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
Run-Rate Revenue Multiple
(1)
, 2017 Revenue Multiple
(1)
, 2017 EBITDA Multiple
(1)
, Discount Rate
|
|
0.50x - 1.00x (0.75x)/0.50x - 1.00x (0.75x)/5.50x - 6.50x (6.00x)/16.50% - 20.50% (18.50%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
8,130
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue, 2017 Revenue, Discount Rate
|
|
1.20x - 1.40x (1.30x) / 1.20x - 1.40x (1.30x) / 15.50% - 17.50% (16.50%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
8,526
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2017 Revenue Multiple
(1)
, Discount Rate
|
|
0.25x - 1.00x (0.75x)/19.00% - 21.00% (20.00%)
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
20,009
|
|
|
Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, 2017 Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
, 2017 EBITDA Multiple
(1)
, Discount Rate
|
|
0.50x-0.75x(0.63x) /0.50x-0.75x(0.63x) / 6.50x-8.50x (7.50x)/ 6.50x-8.50x (7.50x)/19.00%-21.00% (20.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
7,132
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, Run-Rate Revenue, Discount Rate
|
|
1.30x - 1.60x (1.45x) / 1.30x - 1.60x (1.45x) / 14.00%-18.00% (16.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
22,502
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2016 Revenue Multiple
(1)
, 2017 Revenue Multiple
(1)
, Discount Rate
|
|
0.75x-1.25x (1.00x)/0.75x-1.25x (1.00x)/17.50%-22.50% (20.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
14,493
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM and NTM Revenue Multiple
(1)
|
|
0.50x - 0.75x (0.63x) / 0.50x - 0.75x (0.63x)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
6,670
|
|
|
Income Approach (DCF)
|
|
Discount Rate
|
|
9.00% - 11.00% (10.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
|
62,046
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Notes
|
|
21,102
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
7.82% - 7.82% (7.82%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
|
181,606
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
8.72% - 16.53% (11.40%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
|
7,460
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
|
1,949
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM EBITDA, 2017 EBITDA Multiple
(1)
|
|
4.50x - 5.50x (5.00x) / 4.50x - 5.50x (5.00x)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
|
19,527
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
, Discount Rate
|
|
0.50x-0.75x(0.63x) /0.50x-0.75x(0.63x) / 6.25x - 6.75x (6.50x) / 16.50% - 18.50% (17.50%)
|
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
|
12,796
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, 2017 Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
, 2017 EBITDA Multiple
(1)
, Discount Rate
|
|
0.40x-0.60x (0.50x)/0.40x-0.60x (0.50x)/ 8.75x-9.75x (9.25x) / 8.25x-9.25x (8.75x) / 17.50% - 21.50% (19.50%)
|
|
|
|
|
|
|
|
|
|
|
||
Unsecured Debt
|
|
28,240
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
18.01% - 18.01% (18.01%)
|
|
|
|
|
|
|
|
|
|
|
||
Unsecured Debt
|
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2016 Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, Discount Rate
|
|
0.75x-1.25x (1.00x)/0.75x-1.25x (1.00x)/17.50%-22.50% (20.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
6,007
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
8.76%-8.76% (8.76%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
3,330
|
|
|
Income Approach (DCF)
|
|
Discount Rate
|
|
9.00% - 11.00% (10.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
1,200
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue, 2017 Revenue, Discount Rate
|
|
1.20x - 1.40x (1.30x) / 1.20x - 1.40x (1.30x) / 15.50% - 17.50% (16.50%)
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
|
||
Warrants
|
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2017 Revenue Multiple
(1)
, Discount Rate
|
|
0.25x - 1.00x (0.75x)/19.00% - 21.00% (20.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, Run-Rate Revenue, Discount Rate
|
|
1.30x - 1.60x (1.45x) / 1.30x - 1.60x (1.45x) / 14.00%-18.00% (16.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
1,186
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
, Discount Rate
|
|
0.50x-0.75x(0.63x) /0.50x-0.75x(0.63x) / 6.25x - 6.75x (6.50x) / 16.50% - 18.50% (17.50%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
9,551
|
|
|
Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, 2017 Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
, 2017 EBITDA Multiple
(1)
, Discount Rate
|
|
0.50x-0.75x(0.63x) /0.50x-0.75x(0.63x) / 6.50x-8.50x (7.50x)/ 6.50x-8.50x (7.50x)/19.00%-21.00% (20.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
—
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
|
|
0.75x - 1.00x (0.75x) /0.75x - 1.00x (0.75x)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
1,660
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM EBITDA, Run-Rate Multiple
(1)
, Discount rate
|
|
7.00x - 8.00x (7.50x)/7.00x - 8.00x (7.50x) / 16.00%-18.00% (17.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2017 Revenue Multiple
(1)
, 2017 EBITDA Multiple
(1)
, Discount Rate
|
|
1.13x - 3.00x (1.99x)/6.50x - 9.25x (7.98x)/15.50% - 17.50% (16.58%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
633
|
|
|
Market Approach (Guideline Comparable) / Income Approach (DCF)
|
|
LTM and NTM EBITDA Multiple
(1)
, Discount Rate
|
|
4.50x - 5.50x (5.00x) / 4.50x - 5.50x (5.00x) / 14.00% - 16.00% (15.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Warrants
|
|
5,400
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM EBITDA Multiple
(1)
, Asset Appraisal Multiple
(1)
|
|
6.50x - 7.50x (7.00x) / 1.50x - 3.00x (2.25x)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
3,567
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM and 2017 EBITDA Multiple
(1)
|
|
5.00x - 7.00x (6.56x) / 5.00x - 6.75x (5.77x)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
274
|
|
|
Market Approach (Guideline Comparable)/Precedent Transaction
|
|
LTM Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
, NTM EBITDA Multiple
(1)
, Precedent Transaction
|
|
0.75x - 1.25x (1.00x) / 0.75x - 1.25x (1.00x) / 7.00x - 8.00x (7.50x)/ 5.50x - 6.50x (6.00x) / $34.5M - $34.5M ($34.5M)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
Run-Rate Revenue Multiple
(1)
, 2017 Revenue Multiple
(1)
, 2017 EBITDA Multiple
(1)
, Discount Rate
|
|
0.50x - 1.00x (0.75x)/0.50x - 1.00x (0.75x)/5.50x - 6.50x (6.00x)/16.50% - 20.50% (18.50%)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
—
|
|
|
Enterprise Value Analysis
|
|
Expected Proceeds
|
|
$0.0M - $0.0M ($0.0M)
|
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2016 Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, Discount Rate
|
|
0.75x-1.25x (1.00x)/0.75x-1.25x (1.00x)/17.50%-22.50% (20.00%)
|
|
|
|
|
|
|
|
|
|
|
||
Total
|
|
$
|
874,435
|
|
|
|
|
|
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
$
|
446,549
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
7.55% - 16.00% (11.54%)
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
54,254
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
NTM Revenue Multiple
(1)
, NTM EBITDA Multiple
(1)
, Discount Rate
|
|
0.40x - 1.00x (0.80x)/5.00x - 7.00x (6.46x)/17.00% - 20.00% (18.33%)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
7,832
|
|
|
Market Approach (Guideline Comparable)
|
|
NTM Revenue Multiple
(1)
, NTM EBITDA Multiple
(1)
, RGU
|
|
1.00x - 1.50x (1.50x)/5.00x - 6.00x (6.00x)/$393.75 - $525.00 ($525.00)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
7,207
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
NTM Revenue Multiple
(1)
, Discount Rate
|
|
0.25x - 1.00x (0.63x) 19.00% - 21.00% (20.00%)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
5,989
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, Discount Rate
|
|
0.75x - 1.25x (1.00x) /14.00%-18.00% (16.00%)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
22,360
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2016 Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, NTM EBITDA, Discount Rate
|
|
0.75x-1.25x (1.25x)/0.75x-1.25x (1.25x)/6.50x-7.00x (7.00x)/ 17.50%-22.50% (20.00%)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
13,308
|
|
|
Market Approach (Guideline Comparable)
|
|
2016 Revenue Multiple
(1)
|
|
0.50x - 0.75x (0.63x)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
1,160
|
|
|
Enterprise Valuation Analysis
|
|
Recovery Proceeds
|
|
$0.0M - $1.2M ($1.2M)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
6,670
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Notes
|
21,048
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
8.02% - 8.02% (8.02%)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
179,197
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
8.97% - 17.86% (11.54%)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
2,818
|
|
|
Market Approach (Guideline Comparable)
|
|
2016 EBITDA Multiple
(1)
|
|
5.00x - 6.00x (5.50x)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loan
|
18,726
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
|
|
0.50x-0.75x(0.63x) /0.50x-0.75x(0.63x) / 6.25x - 6.75x (6.50x)
|
|
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loan
|
12,796
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM and NTM EBITDA Multiple
(1)
|
|
8.50x-9.50x (9.00x)/ 8.00x-9.00x (8.50x)
|
|
|
|
|
|
|
|
|
|
||
Unsecured Debt
|
11,337
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2016 Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, NTM EBITDA Multiple
(1)
, Discount Rate
|
|
0.75x-1.25x (1.25x)/0.75x-1.25x (1.25x)/6.50x-7.00x (7.00x)/ 17.50%-22.50% (20.00%)
|
|
|
|
|
|
|
|
|
|
||
Unsecured Debt
|
26,322
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
18.00%-18.50% (18.49%)
|
|
|
|
|
|
|
|
|
|
||
Unsecured Debt
|
15,150
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
10.58%-10.58% (10.58%)
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
||
Equity
|
5,749
|
|
|
Income Approach (DCF)
|
|
Market Yield
|
|
8.75%-8.75% (8.75%)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
3,330
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
|
|
|
|
|
|
|
|
||
Equity
|
—
|
|
|
Market Approach (Guideline Comparable)
|
|
NTM Revenue Multiple
(1)
, NTM EBITDA Multiple
(1)
, RGU
|
|
1.00x - 1.50x (1.50x)/5.00x - 6.00x (6.00x)/$393.75 - $525.00 ($525.00)
|
|
|
|
|
|
|
|
|
|
||
Warrants
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
NTM Revenue Multiple
(1)
, Discount Rate
|
|
0.25x - 1.00x (0.63x) 19.00% - 21.00% (20.00%)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM Revenue Multiple
(1)
, Discount Rate
|
|
0.75x - 1.25x (1.00x)/14.00% - 18.00% (16.00%)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
1,186
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, LTM EBITDA Multiple
(1)
|
|
0.50x-0.75x(0.63x) /0.50x-0.75x(0.63x) / 6.25x - 6.75x (6.50x)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
—
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
|
|
0.75x - 1.00x (0.75x) /0.75x - 1.00x (0.75x)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
3,263
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
LTM EBITDA, Run-Rate Multiple
(1)
, Discount Rate
|
|
7.00x - 8.00x (7.50x)/7.00x - 8.00x (7.50x) / 16.00%-18.00% (17.00%)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
71
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
NTM EBITDA Multiple
(1)
, Discount Rate
|
|
6.00x - 7.00x (7.00x)/ 14.00%-16.00% (15.00%)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
642
|
|
|
Market Approach (Guideline Comparable)/Precedent Transaction
|
|
NTM EBITDA Multiple
(1)
, Precedent Transaction
|
|
4.25x - 5.25x (4.75x) / $185.3M-$185.3M ($185.3M)
|
|
|
|
|
|
|
|
|
|
||
Warrants
|
5,400
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM EBITDA and EV/PP&E Multiple
(1)
|
|
5.50x - 6.50x (6.00x) / 0.75x - 1.00x (0.88x)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
1,759
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM and 2016 EBITDA Multiple
(1)
|
|
6.50x - 7.00x (6.54x) / 6.00x - 6.50x (6.04x)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
1,712
|
|
|
Market Approach (Guideline Comparable)
|
|
LTM and NTM EBITDA Multiple
(1)
|
|
5.75x - 7.50x (7.03x) / 5.75x - 6.75x (6.49x)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
NTM Revenue Multiple
(1)
, NTM EBITDA Multiple
(1)
, Discount Rate
|
|
0.40x - 1.00x (0.80x)/5.00x - 7.00x (6.46x)/17.00% - 20.00% (18.33%)
|
|
|
|
|
|
|
|
|
|
||
Warrants
|
—
|
|
|
Market Approach (Guideline Comparable)
|
|
2016 EBITDA Multiple
(1)
|
|
5.00x - 6.00x (5.50x)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
—
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
2016 Revenue Multiple
(1)
, NTM Revenue Multiple
(1)
, NTM EBITDA Multiple
(1)
, Discount Rate
|
|
0.75x-1.25x (1.25x)/0.75x-1.25x (1.25x)/6.50x-7.00x (7.00x)/ 17.50%-22.50% (20.00%)
|
|
|
|
|
|
|
|
|
|
||
Total
|
$
|
875,835
|
|
|
|
|
|
|
|
(1)
|
Represents amounts used when the Company has determined that market participants would use such multiples when measuring the fair value of these investments.
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||||||||||||||||||
|
Aggregate
Principal
Amount
Available
|
|
Principal
Amount
Outstanding
|
|
Carrying
Value
|
|
Fair
Value
|
|
Aggregate
Principal
Amount
Available
|
|
Principal
Amount
Outstanding
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||||||||||
Revolving Credit Facility
|
$
|
200,000
|
|
|
$
|
34,000
|
|
|
$
|
34,000
|
|
|
$
|
34,000
|
|
|
$
|
343,500
|
|
|
$
|
14,000
|
|
|
$
|
14,000
|
|
|
$
|
14,000
|
|
Term Loan Facility
|
174,000
|
|
|
174,000
|
|
|
174,000
|
|
|
174,000
|
|
|
174,000
|
|
|
174,000
|
|
|
174,000
|
|
|
174,000
|
|
||||||||
2019 Notes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
40,000
|
|
|
40,000
|
|
|
40,704
|
|
||||||||
2021 Notes
|
74,013
|
|
|
74,013
|
|
|
74,013
|
|
|
77,565
|
|
|
74,013
|
|
|
74,013
|
|
|
74,013
|
|
|
76,677
|
|
||||||||
2023 Notes
|
102,847
|
|
|
102,847
|
|
|
102,847
|
|
|
104,287
|
|
|
63,500
|
|
|
63,500
|
|
|
63,500
|
|
|
63,856
|
|
||||||||
SBA Debentures
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
||||||||
Total
|
$
|
700,860
|
|
|
$
|
534,860
|
|
|
$
|
534,860
|
|
|
$
|
539,852
|
|
|
$
|
845,013
|
|
|
$
|
515,513
|
|
|
$
|
515,513
|
|
|
$
|
519,237
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||
|
Revolving
Facility
|
|
Term
Facility
|
|
Revolving
Facility
|
|
Term
Facility
|
||||||||
Total Debt Issuance Costs
|
$
|
8,209
|
|
|
$
|
4,318
|
|
|
$
|
8,199
|
|
|
$
|
4,290
|
|
Amortized Debt Issuance Costs
|
6,501
|
|
|
2,476
|
|
|
4,609
|
|
|
2,093
|
|
||||
Unamortized Debt Issuance Costs
|
$
|
1,708
|
|
|
$
|
1,842
|
|
|
$
|
3,590
|
|
|
$
|
2,197
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revolving Facility interest
|
$
|
159
|
|
|
$
|
687
|
|
|
$
|
180
|
|
|
$
|
1,889
|
|
Revolving Facility commitment fee
|
633
|
|
|
527
|
|
|
1,505
|
|
|
815
|
|
||||
Term Facility interest
|
1,656
|
|
|
1,518
|
|
|
3,256
|
|
|
2,963
|
|
||||
Amortization of debt issuance costs
|
1,716
|
|
|
480
|
|
|
2,274
|
|
|
968
|
|
||||
Agency and other fees
|
19
|
|
|
19
|
|
|
38
|
|
|
38
|
|
||||
Total
|
$
|
4,183
|
|
|
$
|
3,231
|
|
|
$
|
7,253
|
|
|
$
|
6,673
|
|
Weighted average stated interest rate
|
3.9
|
%
|
|
3.4
|
%
|
|
3.8
|
%
|
|
3.3
|
%
|
||||
Weighted average outstanding balance
|
$
|
190,978
|
|
|
$
|
258,195
|
|
|
$
|
183,376
|
|
|
$
|
295,334
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||||||||||||||||||
|
2019
Notes
|
|
2021
Notes
|
|
2023
Notes
|
|
Total
|
|
2019
Notes
|
|
2021
Notes
|
|
2023
Notes
|
|
Total
|
||||||||||||||||
Total Debt Issuance Costs
|
$
|
1,475
|
|
|
$
|
3,226
|
|
|
$
|
3,196
|
|
|
$
|
7,897
|
|
|
$
|
1,475
|
|
|
$
|
3,226
|
|
|
$
|
2,129
|
|
|
$
|
6,830
|
|
Amortized Debt Issuance Costs
|
1,475
|
|
|
812
|
|
|
898
|
|
|
3,185
|
|
|
951
|
|
|
498
|
|
|
751
|
|
|
2,200
|
|
||||||||
Unamortized Debt Issuance Costs
|
$
|
—
|
|
|
$
|
2,414
|
|
|
$
|
2,298
|
|
|
$
|
4,712
|
|
|
$
|
524
|
|
|
$
|
2,728
|
|
|
$
|
1,378
|
|
|
$
|
4,630
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
2019 Unsecured Notes interest
|
$
|
404
|
|
|
$
|
713
|
|
|
$
|
1,116
|
|
|
$
|
1,425
|
|
2021 Unsecured Notes interest
|
1,201
|
|
|
1,210
|
|
|
2,405
|
|
|
1,376
|
|
||||
2023 Unsecured Notes interest
|
1,564
|
|
|
972
|
|
|
2,538
|
|
|
1,945
|
|
||||
2023 Unsecured Notes premium
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Amortization of debt issuance costs
|
278
|
|
|
264
|
|
|
545
|
|
|
393
|
|
||||
Total
|
$
|
3,446
|
|
|
$
|
3,159
|
|
|
$
|
6,603
|
|
|
$
|
5,139
|
|
Weighted average stated interest rate
|
6.5
|
%
|
|
6.6
|
%
|
|
6.5
|
%
|
|
6.5
|
%
|
||||
Weighted average outstanding balance
|
$
|
197,070
|
|
|
$
|
177,013
|
|
|
$
|
187,200
|
|
|
$
|
145,469
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||
Rate Fix Date
|
Debenture
Amount
|
|
Fixed All-in
Interest Rate
|
|
Debenture
Amount
|
|
Fixed All-in
Interest Rate
|
||||||
September 2013
|
$
|
5,000
|
|
|
4.404
|
%
|
|
$
|
5,000
|
|
|
4.404
|
%
|
March 2014
|
39,000
|
|
|
3.951
|
|
|
39,000
|
|
|
3.951
|
|
||
September 2014
|
50,000
|
|
|
3.370
|
|
|
50,000
|
|
|
3.370
|
|
||
September 2014
|
6,000
|
|
|
3.775
|
|
|
6,000
|
|
|
3.775
|
|
||
September 2015
|
50,000
|
|
|
3.571
|
|
|
50,000
|
|
|
3.571
|
|
||
Weighted Average Rate/Total
|
$
|
150,000
|
|
|
3.639
|
%
|
|
$
|
150,000
|
|
|
3.639
|
%
|
|
March 31, 2017
|
|
September 30, 2016
|
||||
Total Debt Issuance Costs
|
$
|
5,138
|
|
|
$
|
5,138
|
|
Amortized Debt Issuance Costs
|
1,952
|
|
|
1,613
|
|
||
Unamortized Debt Issuance Costs
|
$
|
3,186
|
|
|
$
|
3,525
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
SBA Debentures interest
|
$
|
1,346
|
|
|
$
|
1,361
|
|
|
$
|
2,722
|
|
|
$
|
2,737
|
|
Amortization of debt issuance costs
|
168
|
|
|
169
|
|
|
339
|
|
|
341
|
|
||||
Total
|
$
|
1,514
|
|
|
$
|
1,530
|
|
|
$
|
3,061
|
|
|
$
|
3,078
|
|
Weighted average stated interest rate
|
3.6
|
%
|
|
3.7
|
%
|
|
3.6
|
%
|
|
3.7
|
%
|
||||
Weighted average outstanding balance
|
$
|
150,000
|
|
|
$
|
150,000
|
|
|
$
|
150,000
|
|
|
$
|
150,000
|
|
•
|
determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;
|
•
|
identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies); and
|
•
|
executes, closes, monitors and administers the investments we make, including the exercise of any voting or consent rights.
|
•
|
No incentive fee on net investment income is payable to MCC Advisors for any calendar quarter for which there is no Excess Income Amount.
|
•
|
100% of the Ordinary Income, if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 1.8182% multiplied by the Company’s net assets at the beginning of each applicable calendar quarter, as adjusted as noted above, comprising the relevant Trailing Twelve Quarters is included in the calculation of the incentive fee on net investment income; and
|
•
|
17.5% of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the incentive fee on net investment income.
|
1)
|
No incentive fee is recorded during the quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate.
|
2)
|
100% of pre-incentive fee net investment income that exceeds the hurdle rate but is less than 2.5% in the quarter; and
|
3)
|
20.0% of the amount of pre-incentive fee net investment income, if any, that exceeds 2.5% of the hurdle rate
|
|
March 31, 2017
|
|
September 30, 2016
|
||||
SMART Financial Operations, LLC - Delayed Draw Term Loan
|
$
|
4,725
|
|
|
$
|
—
|
|
AAR Intermediate Holdings, LLC - Revolver
|
1,078
|
|
|
1,797
|
|
||
Trans-Fast Remittance LLC - Delayed Draw Term Loan
|
1,057
|
|
|
—
|
|
||
Black Angus Steakhouses, LLC - Delayed Draw Term Loan
|
893
|
|
|
893
|
|
||
Brantley Transportation LLC - Delayed Draw Term Loan
|
788
|
|
|
—
|
|
||
Impact Sales, LLC - Delayed Draw Term Loan
|
755
|
|
|
863
|
|
||
Black Angus Steakhouses, LLC - Revolver
|
625
|
|
|
446
|
|
||
NVTN LLC - Delayed Draw Term Loan
|
250
|
|
|
—
|
|
||
CP OPCO LLC - Revolver
|
53
|
|
|
609
|
|
||
Avantor Performance Materials Holdings, LLC - Delayed Draw Term Loan
|
42
|
|
|
—
|
|
||
Tenere Acquisition Corp. - Delayed Draw Term Loan
|
—
|
|
|
2,000
|
|
||
DHISCO Electronic Distribution, Inc. - Revolver
|
—
|
|
|
1,905
|
|
||
Lydell Jewelry Design Studio, LLC - Delayed Draw Term Loan
|
—
|
|
|
500
|
|
||
Access Media Holdings, LLC - Series AA Preferred Equity
|
—
|
|
|
184
|
|
||
Total
|
$
|
10,266
|
|
|
$
|
9,197
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Origination fee
|
$
|
973
|
|
|
$
|
223
|
|
|
$
|
1,700
|
|
|
$
|
1,230
|
|
Prepayment fee
|
219
|
|
|
752
|
|
|
388
|
|
|
1,234
|
|
||||
Amendment fee
|
189
|
|
|
602
|
|
|
294
|
|
|
1,706
|
|
||||
Administrative agent fee
|
128
|
|
|
181
|
|
|
332
|
|
|
371
|
|
||||
Other fees
|
29
|
|
|
—
|
|
|
248
|
|
|
276
|
|
||||
Fee income
|
$
|
1,538
|
|
|
$
|
1,758
|
|
|
$
|
2,962
|
|
|
$
|
4,817
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Basic and diluted:
|
|
|
|
|
|
|
|
|
|
||||||
Net increase/(decrease) in net assets from operations
|
$
|
(12,248
|
)
|
|
$
|
448
|
|
|
$
|
(5,922
|
)
|
|
$
|
(38,756
|
)
|
Weighted average common shares outstanding
|
54,474,211
|
|
|
55,761,062
|
|
|
54,474,211
|
|
|
56,044,037
|
|
||||
Earnings per common share-basic and diluted
|
$
|
(0.22
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.11
|
)
|
|
$
|
(0.69
|
)
|
|
For the six months ended March 31
|
||||||
|
2017
|
|
2016
|
||||
Per share data:
|
|
|
|
||||
Net asset value per share at beginning of period
|
$
|
9.49
|
|
|
$
|
11.00
|
|
|
|
|
|
||||
Net investment income
(1)
|
0.33
|
|
|
0.54
|
|
||
Net realized gains/(losses) on investments
|
(0.11
|
)
|
|
0.10
|
|
||
Net unrealized appreciation/(depreciation) on investments
|
(0.32
|
)
|
|
(1.32
|
)
|
||
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments
|
—
|
|
|
(0.01
|
)
|
||
Loss on extinguishment of debt
|
(0.01
|
)
|
|
—
|
|
||
Net increase/(decrease) in net assets
|
(0.11
|
)
|
|
(0.69
|
)
|
||
|
|
|
|
||||
Distributions from net investment income
|
(0.44
|
)
|
|
(0.60
|
)
|
||
Distributions from net realized gains
|
—
|
|
|
—
|
|
||
Distributions from tax return of capital
|
—
|
|
|
—
|
|
||
Repurchase of common stock under stock repurchase program
|
—
|
|
|
0.10
|
|
||
Other
(2)
|
—
|
|
|
(0.01
|
)
|
||
|
|
|
|
||||
Net asset value at end of period
|
$
|
8.94
|
|
|
$
|
9.80
|
|
Net assets at end of period
|
$
|
487,015,228
|
|
|
$
|
536,771,831
|
|
Shares outstanding at end of period
|
54,474,211
|
|
|
54,763,411
|
|
||
|
|
|
|
||||
Per share market value at end of period
|
$
|
7.69
|
|
|
$
|
6.60
|
|
Total return based on market value
(3)
|
6.72
|
%
|
|
(3.92
|
)%
|
||
Total return based on net asset value
(4)
|
(0.25
|
)%
|
|
(3.51
|
)%
|
||
Portfolio turnover rate
(5)
|
16.83
|
%
|
|
12.85
|
%
|
|
For the six months ended March 31
|
||||||
|
2017
|
|
2016
|
||||
Ratios:
|
|
|
|
|
|
||
Ratio of net investment income to average net assets after waivers
(5)(6)(11)
|
7.33
|
%
|
|
10.62
|
%
|
||
Ratio of total expenses to average net assets after waivers
(5)(6)(11)
|
12.40
|
%
|
|
11.23
|
%
|
||
Ratio of incentive fees to average net assets after waivers
(6)(11)
|
0.17
|
%
|
|
1.18
|
%
|
||
|
|
|
|
||||
Supplemental Data:
|
|
|
|
|
|
||
Ratio of net operating expenses and credit facility related expenses to average net assets
(5)(6)(11)
|
12.23
|
%
|
|
10.05
|
%
|
||
Percentage of non-recurring fee income
(7)
|
5.22
|
%
|
|
6.82
|
%
|
||
Average debt outstanding
(8)
|
$
|
520,576,567
|
|
|
$
|
590,802,987
|
|
Average debt outstanding per common share
|
$
|
9.56
|
|
|
$
|
10.54
|
|
Asset coverage ratio per unit
(9)
|
2,265
|
|
|
2,467
|
|
||
|
|
|
|
||||
Average market value per unit:
|
|
|
|
|
|
||
Facilities
(10)
|
N/A
|
|
|
N/A
|
|
||
SBA debentures
(10)
|
N/A
|
|
|
N/A
|
|
||
Notes due 2019
|
$
|
25.39
|
|
|
$
|
24.83
|
|
Notes due 2021
|
$
|
25.67
|
|
|
$
|
23.26
|
|
Notes due 2023
|
$
|
25.04
|
|
|
$
|
23.85
|
|
(1)
|
Net investment income excluding management and incentive fee waivers based on total weighted average common stock outstanding equals $0.33 and $0.50 per share for the
six
months ended
March 31, 2017
and
2016
, respectively.
|
(2)
|
Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
|
(3)
|
Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period.
|
(4)
|
Total return is historical and assumes changes in net assets value, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period.
|
(5)
|
Ratios are annualized during interim periods.
|
(6)
|
For the
six
months ended
March 31, 2017
, excluding management and incentive fee waivers, the ratio of net investment income, total expenses, incentive fees, and operating expenses and credit facility related expenses to average net assets is 7.31%, 12.42%, 0.17%, and 12.25%, respectively. For the
six
months ended
March 31, 2016
, excluding management and incentive fee waivers, the ratio of net investment income, total expenses, incentive fees, and operating expenses and credit facility related expenses to average net assets is 10.62%, 11.23%, 1.18%, and 10.05%, respectively.
|
(7)
|
Represents the impact of the non-recurring fees over investment income.
|
(8)
|
Based on daily weighted average balance of debt outstanding during the period.
|
(9)
|
Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause us to be below the required amount of regulatory coverage.
|
(10)
|
The Facilities and SBA Debentures are not registered for public trading.
|
(11)
|
The ratios of net investment income, total expenses, incentive fees after waivers, and net operating expenses and credit facility related expenses, to average net assets for the
six
months ended
March 31, 2016
, previously reported as 10.12%, 11.67%, 1.68%, and 10.00%, respectively, were revised to conform to the current period presentation. Incentive fees are based on the current performance of the fund during the period and are not annualized, as projections of future performance are uncertain.
|
Date Declared
|
Record Date
|
Payment Date
|
Amount Per Share
|
||
During the six months ended March 31, 2017
|
|
|
|
|
|
11/3/2016
|
11/23/2016
|
12/23/2016
|
$
|
0.22
|
|
1/31/2017
|
2/22/2017
|
3/24/2017
|
$
|
0.22
|
|
|
|
|
$
|
0.44
|
|
Date Declared
|
Record Date
|
Payment Date
|
Amount Per Share
|
||
During the six months ended March 31, 2016
|
|
|
|
|
|
11/5/2015
|
11/25/2015
|
12/18/2015
|
$
|
0.30
|
|
2/1/2016
|
2/24/2016
|
3/18/2016
|
$
|
0.30
|
|
|
|
|
$
|
0.60
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Dollar amount repurchased
|
N/A
(1)
|
|
$
|
9,600
|
|
|
N/A
(1)
|
|
$
|
10,700
|
|
Shares Repurchased
|
N/A
(1)
|
|
1,430,392
|
|
|
N/A
(1)
|
|
1,573,741
|
|
||
Average price per share
|
N/A
(1)
|
|
$
|
6.71
|
|
|
N/A
(1)
|
|
$
|
6.80
|
|
Weighted average discount to Net Asset Value
|
N/A
(1)
|
|
33.0
|
%
|
|
N/A
(1)
|
|
32.7
|
%
|
(1)
|
The Company did not repurchase any shares for the
three and six
months ended
March 31, 2017
.
|
•
|
the introduction, withdrawal, success and timing of business initiatives and strategies;
|
•
|
changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes in the value of our assets;
|
•
|
the relative and absolute investment performance and operations of MCC Advisors;
|
•
|
the impact of increased competition;
|
•
|
the impact of future acquisitions and divestitures;
|
•
|
our business prospects and the prospects of our portfolio companies;
|
•
|
the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or MCC Advisors;
|
•
|
our contractual arrangements and relationships with third parties;
|
•
|
any future financings by us;
|
•
|
the ability of MCC Advisors to attract and retain highly talented professionals;
|
•
|
fluctuations in foreign currency exchange rates;
|
•
|
the impact of changes to tax legislation and, generally, our tax position; and
|
•
|
the unfavorable resolution of legal proceedings.
|
•
|
our organization and continued corporate existence;
|
•
|
calculating our NAV (including the cost and expenses of any independent valuation firms);
|
•
|
expenses incurred by MCC Advisors payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;
|
•
|
interest payable on debt, if any, incurred to finance our investments;
|
•
|
the costs of all offerings of common stock and other securities, if any;
|
•
|
the base management fee and any incentive fee;
|
•
|
distributions on our shares;
|
•
|
administration fees payable under our administration agreement;
|
•
|
the allocated costs incurred by MCC Advisors in providing managerial assistance to those portfolio companies that request it;
|
•
|
amounts payable to third parties relating to, or associated with, making investments;
|
•
|
transfer agent and custodial fees;
|
•
|
registration fees and listing fees;
|
•
|
U.S. federal, state and local taxes;
|
•
|
independent director fees and expenses;
|
•
|
costs of preparing and filing reports or other documents with the SEC or other regulators;
|
•
|
the costs of any reports, proxy statements or other notices to our stockholders, including printing costs;
|
•
|
our fidelity bond;
|
•
|
directors and officers/errors and omissions liability insurance, and any other insurance premiums;
|
•
|
indemnification payments;
|
•
|
direct costs and expenses of administration, including audit and legal costs; and
|
•
|
all other expenses reasonably incurred by us or MCC Advisors in connection with administering our business, such as the allocable portion of overhead under our administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs (including travel expenses).
|
|
For the three months ended
March 31
|
|
For the six months ended
March 31
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Investments made in new portfolio companies
|
$
|
49,398
|
|
|
$
|
10,000
|
|
|
$
|
77,870
|
|
|
$
|
25,554
|
|
Investments made in existing portfolio companies
|
8,572
|
|
|
19,136
|
|
|
21,450
|
|
|
47,147
|
|
||||
Aggregate amount in exits and repayments
|
(35,005
|
)
|
|
(97,919
|
)
|
|
(75,123
|
)
|
|
(192,493
|
)
|
||||
Net investment activity
|
$
|
22,965
|
|
|
$
|
(68,783
|
)
|
|
$
|
24,197
|
|
|
$
|
(119,792
|
)
|
|
|
|
|
|
|
|
|
||||||||
Portfolio Companies, at beginning of period
|
60
|
|
|
68
|
|
|
58
|
|
|
72
|
|
||||
Number of new portfolio companies
|
7
|
|
|
1
|
|
|
11
|
|
|
2
|
|
||||
Number of exited portfolio companies
|
(3
|
)
|
|
(4
|
)
|
|
(5
|
)
|
|
(9
|
)
|
||||
Portfolio companies, at end of period
|
64
|
|
|
65
|
|
|
64
|
|
|
65
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Number of investments in existing portfolio companies
|
9
|
|
|
8
|
|
|
10
|
|
|
20
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Average portfolio company investment
|
$
|
16,284
|
|
|
$
|
14,471
|
|
|
$
|
17,464
|
|
|
$
|
15,762
|
|
Largest portfolio company investment
|
52,593
|
|
|
50,524
|
|
|
53,777
|
|
|
51,930
|
|
|
Amortized Cost
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
Senior Secured First Lien Term Loans
|
$
|
621,428
|
|
|
59.6
|
%
|
|
$
|
568,947
|
|
|
61.4
|
%
|
Senior Secured Second Lien Term Loans
|
239,403
|
|
|
23.0
|
|
|
223,338
|
|
|
24.1
|
|
||
Senior Secured First Lien Notes
|
26,761
|
|
|
2.6
|
|
|
28,021
|
|
|
3.0
|
|
||
Unsecured Debt
|
50,968
|
|
|
4.9
|
|
|
28,240
|
|
|
3.1
|
|
||
MCC Senior Loan Strategy JV I LLC
|
43,225
|
|
|
4.1
|
|
|
44,571
|
|
|
4.8
|
|
||
Equity/Warrants
|
60,418
|
|
|
5.8
|
|
|
33,024
|
|
|
3.6
|
|
||
Total
|
$
|
1,042,203
|
|
|
100.0
|
%
|
|
$
|
926,141
|
|
|
100.0
|
%
|
|
Amortized Cost
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
Senior Secured First Lien Term Loans
|
$
|
612,762
|
|
|
60.5
|
%
|
|
$
|
565,329
|
|
|
61.8
|
%
|
Senior Secured Second Lien Term Loans
|
229,898
|
|
|
22.7
|
|
|
213,537
|
|
|
23.4
|
|
||
Senior Secured First Lien Notes
|
26,755
|
|
|
2.6
|
|
|
27,423
|
|
|
3.0
|
|
||
Unsecured Debt
|
62,150
|
|
|
6.1
|
|
|
52,809
|
|
|
5.8
|
|
||
MCC Senior Loan Strategy JV I LLC
|
32,113
|
|
|
3.2
|
|
|
31,252
|
|
|
3.4
|
|
||
Equity/Warrants
|
49,213
|
|
|
4.9
|
|
|
23,834
|
|
|
2.6
|
|
||
Total
|
$
|
1,012,891
|
|
|
100.0
|
%
|
|
$
|
914,184
|
|
|
100.0
|
%
|
Credit
Rating
|
|
Definition
|
|
|
|
1
|
|
Investments that are performing above expectations.
|
|
|
|
2
|
|
Investments that are performing within expectations, with risks that are neutral or favorable compared to risks at the time of origination.
|
|
|
|
|
|
All new loans are rated ‘2’.
|
|
|
|
3
|
|
Investments that are performing below expectations and that require closer monitoring, but where no loss of interest, dividend or principal is expected.
|
|
|
|
|
|
Companies rated ‘3’ may be out of compliance with financial covenants, however, loan payments are generally not past due.
|
|
|
|
4
|
|
Investments that are performing below expectations and for which risk has increased materially since origination.
|
|
|
|
|
|
Some loss of interest or dividend is expected but no loss of principal.
|
|
|
|
|
|
In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 180 days past due).
|
|
|
|
5
|
|
Investments that are performing substantially below expectations and whose risks have increased substantially since origination.
|
|
|
|
|
|
Most or all of the debt covenants are out of compliance and payments are substantially delinquent.
|
|
|
|
|
|
Some loss of principal is expected.
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||||||||
Investment Performance Rating
|
|
Fair Value
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
1
|
|
$
|
111,495
|
|
|
12.0
|
%
|
|
$
|
112,770
|
|
|
12.3
|
%
|
2
|
|
541,000
|
|
|
58.4
|
|
|
554,384
|
|
|
60.6
|
|
||
3
|
|
145,981
|
|
|
15.8
|
|
|
170,496
|
|
|
18.7
|
|
||
4
|
|
58,773
|
|
|
6.4
|
|
|
65,349
|
|
|
7.2
|
|
||
5
|
|
68,892
|
|
|
7.4
|
|
|
11,185
|
|
|
1.2
|
|
||
Total
|
|
$
|
926,141
|
|
|
100.0
|
%
|
|
$
|
914,184
|
|
|
100.0
|
%
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total investment income
|
$
|
24,357
|
|
|
$
|
30,714
|
|
|
$
|
50,413
|
|
|
$
|
65,141
|
|
Total expenses, net
|
16,315
|
|
|
16,139
|
|
|
31,969
|
|
|
34,900
|
|
||||
Net investment income before excise taxes
|
8,042
|
|
|
14,575
|
|
|
18,444
|
|
|
30,241
|
|
||||
Excise tax expense
|
—
|
|
|
—
|
|
|
(267
|
)
|
|
—
|
|
||||
Net investment income
|
8,042
|
|
|
14,575
|
|
|
18,177
|
|
|
30,241
|
|
||||
Net realized gains/(losses) investments
|
10
|
|
|
99
|
|
|
(6,288
|
)
|
|
5,477
|
|
||||
Net unrealized gains/(losses) on investments
|
(19,844
|
)
|
|
(14,093
|
)
|
|
(17,355
|
)
|
|
(74,116
|
)
|
||||
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments
|
—
|
|
|
(133
|
)
|
|
—
|
|
|
(358
|
)
|
||||
Loss on extinguishment of debt
|
(456
|
)
|
|
—
|
|
|
(456
|
)
|
|
—
|
|
||||
Net increase in net assets resulting from operations
|
$
|
(12,248
|
)
|
|
$
|
448
|
|
|
$
|
(5,922
|
)
|
|
$
|
(38,756
|
)
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Base management fees
|
$
|
4,496
|
|
|
$
|
4,876
|
|
|
$
|
9,011
|
|
|
$
|
10,223
|
|
Incentive fees
|
—
|
|
|
3,149
|
|
|
896
|
|
|
7,065
|
|
||||
Interest and financing expenses
|
9,144
|
|
|
7,920
|
|
|
16,917
|
|
|
14,890
|
|
||||
Administrator expenses
|
997
|
|
|
1,043
|
|
|
1,913
|
|
|
1,959
|
|
||||
General and administrative
|
783
|
|
|
453
|
|
|
1,480
|
|
|
1,163
|
|
||||
Professional fees
|
663
|
|
|
556
|
|
|
1,314
|
|
|
1,188
|
|
||||
Directors fees
|
150
|
|
|
130
|
|
|
320
|
|
|
264
|
|
||||
Insurance
|
99
|
|
|
135
|
|
|
199
|
|
|
271
|
|
||||
Expenses before management and incentive fee waivers
|
16,332
|
|
|
18,262
|
|
|
32,050
|
|
|
37,023
|
|
||||
Management fee waiver
|
(17
|
)
|
|
(71
|
)
|
|
(37
|
)
|
|
(71
|
)
|
||||
Incentive fee waiver
|
—
|
|
|
(2,052
|
)
|
|
(44
|
)
|
|
(2,052
|
)
|
||||
Expenses, net of management and incentive fee waivers
|
$
|
16,315
|
|
|
$
|
16,139
|
|
|
$
|
31,969
|
|
|
$
|
34,900
|
|
|
March 31, 2017
|
|
September 30, 2016
|
||||
SMART Financial Operations, LLC - Delayed Draw Term Loan
|
$
|
4,725
|
|
|
$
|
—
|
|
AAR Intermediate Holdings, LLC - Revolver
|
1,078
|
|
|
1,797
|
|
||
Trans-Fast Remittance LLC - Delayed Draw Term Loan
|
1,057
|
|
|
—
|
|
||
Black Angus Steakhouses, LLC - Delayed Draw Term Loan
|
893
|
|
|
893
|
|
||
Brantley Transportation LLC - Delayed Draw Term Loan
|
788
|
|
|
—
|
|
||
Impact Sales, LLC - Delayed Draw Term Loan
|
755
|
|
|
863
|
|
||
Black Angus Steakhouses, LLC - Revolver
|
625
|
|
|
446
|
|
||
NVTN LLC - Delayed Draw Term Loan
|
250
|
|
|
—
|
|
||
CP OPCO LLC - Revolver
|
53
|
|
|
609
|
|
||
Avantor Performance Materials Holdings, LLC - Delayed Draw Term Loan
|
42
|
|
|
—
|
|
||
Tenere Acquisition Corp. - Delayed Draw Term Loan
|
—
|
|
|
2,000
|
|
||
DHISCO Electronic Distribution, Inc. - Revolver
|
—
|
|
|
1,905
|
|
||
Lydell Jewelry Design Studio, LLC - Delayed Draw Term Loan
|
—
|
|
|
500
|
|
||
Access Media Holdings, LLC - Series AA Preferred Equity
|
—
|
|
|
184
|
|
||
Total
|
$
|
10,266
|
|
|
$
|
9,197
|
|
|
Payment Due by Period
|
||||||||||||||||||
|
Total
|
|
Less than 1 year
|
|
1 - 3 years
|
|
3 - 5 years
|
|
More than 5
years
|
||||||||||
Revolving Facility
|
$
|
34,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34,000
|
|
|
$
|
—
|
|
Term Loan Facility
|
174,000
|
|
|
—
|
|
|
—
|
|
|
174,000
|
|
|
—
|
|
|||||
6.50% Notes
|
74,013
|
|
|
—
|
|
|
—
|
|
|
74,013
|
|
|
—
|
|
|||||
6.125% Notes
|
102,847
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,847
|
|
|||||
SBA Debenture
|
150,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,000
|
|
|||||
Total contractual obligations
|
$
|
534,860
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
282,013
|
|
|
$
|
252,847
|
|
(1)
|
at least 98.0 percent of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
|
(2)
|
at least 98.2 percent of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31st of the calendar year; and
|
(3)
|
income realized, but not distributed, in preceding years and on which we did not pay federal income tax.
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount Per Share
|
||
11/3/2016
|
|
11/23/2016
|
|
12/23/2016
|
|
$
|
0.22
|
|
1/31/2017
|
|
2/22/2017
|
|
3/24/2017
|
|
0.22
|
|
|
|
|
|
|
|
|
$
|
0.44
|
|
|
For the three months ended
March 31 |
|
For the six months ended
March 31 |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Dollar amount repurchased
|
N/A
(1)
|
|
$
|
9,600
|
|
|
N/A
(1)
|
|
$
|
10,700
|
|
Shares Repurchased
|
N/A
(1)
|
|
1,430,392
|
|
|
N/A
(1)
|
|
1,573,741
|
|
||
Average price per share
|
N/A
(1)
|
|
$
|
6.71
|
|
|
N/A
(1)
|
|
$
|
6.80
|
|
Weighted average discount to Net Asset Value
|
N/A
(1)
|
|
33.0
|
%
|
|
N/A
(1)
|
|
32.7
|
%
|
(1)
|
The Company did not repurchase any shares for the
three and six
months ended
March 31, 2017
.
|
•
|
We entered into an investment management agreement with MCC Advisors. Mr. Brook Taube, our chairman and chief executive officer, is a managing partner and senior portfolio manager of MCC Advisors, and Mr. Seth Taube, one of our directors, is a managing partner of MCC Advisors.
|
•
|
MCC Advisors provides us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our administration agreement. We reimburse MCC Advisors for the allocable portion (subject to the review and approval of our board of directors) of overhead and other expenses incurred by it in performing its obligations under the administration agreement, including rent, the fees and expenses associated with performing compliance functions, and our allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs.
|
•
|
We have entered into a license agreement with Medley Capital LLC, pursuant to which Medley Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Medley.”
|
•
|
Certain affiliates of MCC Advisors, Medley Capital LLC, their respective affiliates and some of their employees purchased in the initial public offering an aggregate of 833,333 shares of common stock at the initial public offering price per share of $12.00. We received the full proceeds from the sale of these shares, and no underwriting discounts or commissions were paid in respect of these shares.
|
•
|
determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;
|
•
|
identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies); and
|
•
|
executes, closes, monitors and administers the investments we make, including the exercise of any voting or consent rights.
|
•
|
No incentive fee on net investment income is payable to MCC Advisors for any calendar quarter for which there is no Excess Income Amount.
|
•
|
100% of the Ordinary Income, if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 1.8182% multiplied by the Company’s net assets at the beginning of each applicable calendar quarter, as adjusted as noted above, comprising the relevant Trailing Twelve Quarters is included in the calculation of the incentive fee on net investment income; and
|
•
|
17.5% of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the incentive fee on net investment income.
|
•
|
Our quarterly valuation process begins with each investment being initially valued by the investment professionals responsible for monitoring the portfolio investment.
|
•
|
Preliminary valuation conclusions are then documented and discussed with senior management.
|
•
|
At least twice annually, the valuation for each portfolio investment is reviewed by an independent valuation firm.
|
•
|
The audit committee of our board of directors reviews the preliminary valuations of the investment professionals, senior management and independent valuation firms.
|
•
|
Our board of directors discusses the valuations and determines the fair value of each investment in our portfolio in good faith based on the input of MCC Advisors, the respective independent valuation firms and the audit committee.
|
Basis point increase
(1)
|
|
Interest Income
|
|
Interest Expense
|
|
Net Increase/(Decrease)
|
||||||
100
|
|
$
|
4,700
|
|
|
$
|
2,100
|
|
|
$
|
2,600
|
|
200
|
|
11,100
|
|
|
4,200
|
|
|
6,900
|
|
|||
300
|
|
17,600
|
|
|
6,200
|
|
|
11,400
|
|
|||
400
|
|
24,000
|
|
|
8,300
|
|
|
15,700
|
|
|||
500
|
|
30,400
|
|
|
10,400
|
|
|
20,000
|
|
Basis point increase
(1)
|
|
Interest Income
|
|
Interest Expense
|
|
Net Increase/
(Decrease)
|
||||||
100
|
|
$
|
3,900
|
|
|
$
|
1,900
|
|
|
$
|
2,000
|
|
200
|
|
9,700
|
|
|
3,800
|
|
|
5,900
|
|
|||
300
|
|
17,200
|
|
|
5,600
|
|
|
11,600
|
|
|||
400
|
|
24,600
|
|
|
7,500
|
|
|
17,100
|
|
|||
500
|
|
30,100
|
|
|
9,400
|
|
|
20,700
|
|
(1)
|
A hypothetical decline in interest rates would not have a material impact on our financial statements.
|
3.1
|
Certificate of Incorporation (Incorporated by reference to Exhibit 99.A.3 to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2, filed on November 22, 2010).
|
3.2
|
Form of Bylaws (Incorporated by reference to Exhibit 99.B.3 to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2, filed on November 22, 2010).
|
4.1
|
Form of Stock Certificate (Incorporated by reference to Exhibit 99.D to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2, filed on November 22, 2010).
|
4.2
|
Indenture, dated February 7, 2012, between Medley Capital Corporation and U.S. Bank National Association, as Trustee (Incorporated by reference to Exhibit 99.D.2 to the Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-179237), filed on February 13, 2012).
|
4.3
|
First Supplemental Indenture, dated March 21, 2012, between Medley Capital Corporation and U.S. Bank National Association, as Trustee (Incorporated by reference to Exhibit 99.D.4 to the Registrant’s Post-Effective Amendment No. 2 to the Registrant Statement on Form N-2 (File No. 333-179237), filed on March 21, 2012).
|
4.4
|
Second Supplemental Indenture, dated March 18, 2013, between Medley Capital Corporation and U.S. Bank National Association, as Trustee (Incorporated by reference to Exhibit 99.D.4 to the Registrant’s Post-Effective Amendment No. 7 to the Registrant Statement on Form N-2 (File No. 333-179237), filed on March 15, 2013).
|
4.5
|
Statement of Eligibility of Trustee on Form T-1 (Incorporated by reference to Exhibit d.5 to the Registrant’s Registration Statement on Form N-2, filed on March 15, 2013).
|
10.1
|
Form of Amended and Restated Investment Management Agreement between Registrant and MCC Advisors LLC (Incorporated by reference to Exhibit 99.G to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on N-2, filed on December 10, 2013).
|
10.2
|
Letter from MCC Advisors LLC re: Waiver of Base Management Fee and Incentive Fee on Net Investment Income, dated February 8, 2016 (Incorporated by reference to Exhibit 99.K.5 to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-208746), filed on March 25, 2016).
|
10.3
|
Form of Custody Agreement (Incorporated by reference to Exhibit 99.J to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2, filed on November 22, 2010).
|
10.4
|
Form of Administration Agreement (Incorporated by reference to Exhibit 99.K to the Registrant’s Pre-effective Amendment No. 1 to the Registration Statement on Form N-2, filed on June 9, 2010).
|
10.5
|
Form of Sub-Administration Agreement (Incorporated by reference to Exhibit 99.K.4 to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-166491), filed on November 22, 2010).
|
10.6
|
Form of Trademark License Agreement (Incorporated by reference to Exhibit 99.K.3 to the Registrant’s Pre-effective Amendment No. 1 to the Registration Statement on Form N-2, filed on June 9, 2010).
|
10.7
|
Dividend Reinvestment Plan (Incorporated by reference to Exhibit 99.E to the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2, filed on November 22, 2010).
|
10.8
|
Senior Secured Revolving Credit Agreement among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, dated August 4, 2011 (Incorporated by reference to the Current Report on Form 8-K filed on August 9, 2011).
|
10.9
|
Guarantee, Pledge and Security Agreement among the Company, the Subsidiary Guarantors party thereto, ING Capital LLC, as Administrative Agent, each Financial Agent and Designated Indebtedness Holder party thereto and ING Capital LLC, as Collateral Agent, dated August 4, 2011 (Incorporated by reference to the Current Report on Form 8-K filed on August 9, 2011).
|
10.10
|
Amendment No. 1, dated as of August 31, 2012, to the Senior Secured Revolving Credit Agreement dated as of August 4, 2011, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on September 6, 2012).
|
10.11
|
Amendment No. 2, dated as of December 7, 2012, to the Senior Secured Revolving Credit Agreement dated as of August 4, 2011, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment No. 1 to the Senior Secured Revolving Credit Agreement, dated as of August 31, 2012 (Incorporated by reference to the Current Report on Form 8-K filed on December 13, 2012).
|
10.12
|
Amendment No. 3, dated as of March 28, 2013, to the Senior Secured Revolving Credit Agreement dated as of August 4, 2011, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1 and 2 to the Senior Secured Revolving Credit Agreement, dated as of August 31, 2012 and December 7, 2012, respectively (Incorporated by reference to the Current Report on Form 8-K filed on April 2, 2013).
|
10.13
|
Senior Secured Term Loan Credit Agreement, dated as of August 31, 2012, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on September 6, 2012).
|
10.14
|
Amendment No. 1, dated as of December 7, 2012, to the Senior Secured Term Loan Credit Agreement dated as of August 31, 2012, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on December 13, 2012).
|
10.15
|
Amendment No. 2, dated as of January 23, 2013, to the Senior Secured Term Loan Credit Agreement dated as of August 31, 2012, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment No. 1 to the
|
10.16
|
Amendment No. 3, dated as of March 28, 2013, to the Senior Secured Term Loan Credit Agreement, dated as of August 31, 2012, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1 and 2 to the Senior Secured Term Loan Credit Agreement, dated as of December 7, 2012 and January 23, 2013, respectively (Incorporated by reference to the Current Report on Form 8-K filed on April 2, 2013).
|
10.17
|
Amendment No. 4, dated as of May 1, 2013, to the Senior Secured Revolving Credit Agreement, dated as of August 4, 2011, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1, 2 and 3 to the Senior Secured Revolving Credit Agreement, dated as of August 31, 2012, December 7, 2012 and March 28, 2013, respectively (Incorporated by reference to the Current Report on Form 8-K filed on May 7, 2013).
|
10.18
|
Amendment No. 4, dated as of May 1, 2013, to the Senior Secured Term Loan Credit Agreement, dated as of August 31, 2012, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1, 2 and 3 to the Senior Secured Term Loan Credit Agreement, dated as of December 7, 2012, January 23, 2013 and March 28, 2013, respectively (Incorporated by reference to the Current Report on Form 8-K filed on May 7, 2013).
|
10.19
|
Amendment No. 5, dated as of June 2, 2014, to the Senior Secured Revolving Credit Agreement, dated as of August 4, 2011, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1, 2, 3 and 4 to the Senior Secured Revolving Credit Agreement, dated as of August 31, 2012, December 7, 2012, March 28, 2013 and May 1, 2013, respectively (Incorporated by reference to the Current Report on Form 8-K filed on June 3, 2014).
|
10.20
|
Amendment No. 5, dated as of June 2, 2014, to the Senior Secured Term Loan Credit Agreement, dated as of August 31, 2012, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1, 2, 3 and 4 to the Senior Secured Term Loan Credit Agreement, dated as of December 7, 2012, January 23, 2013, March 28, 2013 and May 1, 2013, respectively (Incorporated by reference to the Current Report on Form 8-K filed on June 3, 2014).
|
10.21
|
Amendment No. 6, dated as of February 2, 2015, to the Senior Secured Revolving Credit Agreement, dated as of August 4, 2011, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1, 2, 3, 4 and 5 to the Senior Secured Revolving Credit Agreement, dated as of August 31, 2012, December 7, 2012, March 28, 2013, May 1, 2013 and June 2, 2014, respectively (Incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on February 9, 2015).
|
10.22
|
Amendment No. 6 to the Senior Secured Term Loan Credit Agreement, dated as of August 31, 2012, among Medley Capital Corporation as borrower, the Lenders party thereto, and ING Capital LLC, as Administrative Agent, as amended by Amendment Nos. 1, 2, 3, 4 and 5 to the Senior Secured Term Loan Credit Agreement, dated as of December 7, 2012, January 23, 2013, March 28, 2013, May 1, 2013 and June 2, 2014, respectively (Incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed on February 9, 2015).
|
10.23
|
Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 16, 2016, by and among the Company as borrower, MCC Investment Holdings LLC, MCC Investment Holdings Sendero LLC, MCC Investment Holdings RT1 LLC, MCC Investment Holdings Omnivore LLC, MCC Investment Holdings Amvestar, LLC, and MCC Investment Holdings AAR, LLC, as subsidiary guarantors, the Lenders party thereto and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on September 22, 2016).
|
10.24
|
Amendment No. 1 to Amended and Restated Senior Secured Term Loan Credit Agreement dated as of September 16, 2016, by and among the Company as borrower, MCC Investment Holdings LLC, MCC Investment Holdings Sendero LLC, MCC Investment Holdings RT1 LLC, MCC Investment Holdings Omnivore LLC, MCC Investment Holdings Amvestar, LLC, and MCC Investment Holdings AAR, LLC, as subsidiary guarantors, the Lenders party thereto and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on September 22, 2016).
|
10.25
|
Incremental Assumption Agreement, dated as of February 10, 2012, made by Credit Suisse AG, Cayman Islands Branch, as Assuming Lender, relating to the Senior Secured Revolving Credit Agreement dated as of August 4, 2011, among Medley Capital Corporation, as Borrower, the Several Lenders and Agents from Time to Time Parties Thereto, and ING Capital LLC, as Administrative Agent and Collateral Agent (Incorporated by reference to the Current Report on Form 8-K filed on February 10, 2012).
|
10.26
|
Incremental Assumption Agreement dated as of March 30, 2012, made by Onewest Bank, FSB, as Assuming Lender, relating to the Senior Secured Revolving Credit Agreement dated as of August 4, 2011, among Medley Capital Corporation, as Borrower, the Several Lenders and Agents from Time to Time Parties Thereto, and ING Capital LLC, as Administrative Agent and Collateral Agent (Incorporated by reference to the Current Report on Form 8-K filed on April 4, 2012).
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10.27
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Incremental Assumption Agreement dated as of May 3, 2012, made by Doral Bank, as Assuming Lender, relating to the Senior Secured Revolving Credit Agreement dated as of August 4, 2011, among Medley Capital Corporation, as Borrower, the Several Lenders and Agents from Time to Time Parties Thereto, and ING Capital LLC, as Administrative Agent and Collateral Agent (Incorporated by reference to the Current Report on Form 8-K filed on May 3, 2012).
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10.28
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Incremental Assumption Agreement dated as of September 25, 2012, made by Stamford First Bank, a division of the Bank of New Canaan, as Assuming Lender, relating to the Senior Secured Revolving Credit Agreement dated as of August 4, 2011, as amended by Amendment No. 1, dated as of August 31, 2012, among Medley Capital Corporation, as Borrower, the Several Lenders and Agents from Time to Time Parties Thereto, and ING Capital LLC, as Administrative Agent and Collateral Agent (Incorporated by reference to the Current Report on Form 8-K filed on September 28, 2012).
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10.29
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Limited Liability Company Operating Agreement of MCC Senior Loan Strategy JV I LLC, a Delaware Limited Liability Company, dated as of March 27, 2015 (Incorporated by reference to the Current Report on Form 8-K filed on March 30, 2015).
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10.30
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Amended and Restated Senior Secured Revolving Credit Agreement, dated as of July 28, 2015, by and among the Company as borrower, each of the subsidiary guarantors party thereto, the Lenders party thereto and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on July 30, 2015).
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10.31
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Amended and Restated Senior Secured Term Loan Credit Agreement dated as of July 28, 2015, by and among the Company as borrower, each of the subsidiary guarantors party thereto, the Lenders party thereto and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on July 30, 2015).
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10.32
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Amendment No. 2 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 8, 2017, by and among the Company as borrower, MCC Investment Holdings LLC, MCC Investment Holdings Sendero LLC, MCC Investment Holdings RT1 LLC, MCC Investment Holdings Omnivere LLC, MCC Investment Holdings Amvestar, LLC, and MCC Investment Holdings AAR, LLC, as subsidiary guarantors, the Lenders party thereto and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on February 10, 2017).
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10.33
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Amendment No. 2 to Amended and Restated Senior Secured Term Loan Credit Agreement dated as of February 8, 2017, by and among the Company as borrower, MCC Investment Holdings LLC, MCC Investment Holdings Sendero LLC, MCC Investment Holdings RT1 LLC, MCC Investment Holdings Omnivere LLC, MCC Investment Holdings Amvestar, LLC, and MCC Investment Holdings AAR, LLC, as subsidiary guarantors, the Lenders party thereto and ING Capital LLC, as Administrative Agent (Incorporated by reference to the Current Report on Form 8-K filed on February 10, 2017).
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14.1
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Code of Business Conduct and Ethics of the Registrant (Incorporated by reference to Exhibit 14.1 to the Registrant’s 10-Q for the period ended June 30, 2011, filed on August 4, 2011).
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14.2
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Code of Business Ethics of MCC Advisors (Incorporated by reference to Exhibit 99.R.2 to the Registrant’s Pre-effective Amendment No. 1 to the Registration Statement on Form N-2, filed on June 9, 2010).
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31.1
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Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
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31.2
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Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.*
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32.1
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Certification of Chief Executive Officer and Chief Financial Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.*
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Dated:
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Medley Capital Corporation
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May 9, 2017
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By
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/s/ Brook Taube
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Brook Taube
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Chief Executive Officer
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(Principal Executive Officer)
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By
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/s/ Richard T. Allorto, Jr.
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Richard T. Allorto, Jr.
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Chief Financial Officer
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(Principal Accounting and Financial Officer)
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