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 December 31, 2019
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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
|
|
(I.R.S. Employer
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Incorporation or Organization)
|
|
Identification No.)
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|
|
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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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Title of each class
|
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Trading Symbol(s)
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|
Name of each exchange on which registered
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Common Stock, par value $0.001 per share
|
|
MCC
|
|
The New York Stock Exchange
|
6.500% Notes due 2021
|
|
MCX
|
|
The New York Stock Exchange
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6.125% Notes due 2023
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|
MCV
|
|
The New York Stock Exchange
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|
|
Part I. Financial Information
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Item 1. Financial Statements
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Item 4. Controls and Procedures
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Part II. Other Information
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Item 1. Legal Proceedings
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Item 1A. Risk Factors
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Item 3. Defaults Upon Senior Securities
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Item 4. Mine Safety Disclosures
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Item 5. Other Information
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Item 6. Exhibits
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SIGNATURES
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|
December 31, 2019
|
|
September 30, 2019
|
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
|
|||
Investments at fair value
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments (amortized cost of $149,985,257 and $204,736,370, respectively)
|
$
|
138,891,727
|
|
|
$
|
189,895,466
|
|
Affiliated investments (amortized cost of $107,911,002 and $108,310,029, respectively)
|
108,581,177
|
|
|
99,539,605
|
|
||
Controlled investments (amortized cost of $151,135,560 and $154,601,177, respectively)
|
94,531,196
|
|
|
107,453,927
|
|
||
Total investments at fair value
|
342,004,100
|
|
|
396,888,998
|
|
||
Cash and cash equivalents
|
81,737,217
|
|
|
68,245,213
|
|
||
Restricted cash (see Note 2)
|
—
|
|
|
16,038,690
|
|
||
Other assets (see Note 8)
|
6,137,344
|
|
|
2,973,731
|
|
||
Interest receivable
|
1,220,863
|
|
|
1,592,406
|
|
||
Receivable for dispositions and investments sold
|
631,816
|
|
|
419,299
|
|
||
Fees receivable
|
51,762
|
|
|
108,305
|
|
||
Total assets
|
$
|
431,783,102
|
|
|
$
|
486,266,642
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
||
Notes payable (net of debt issuance costs of $3,403,895 and $5,274,164, respectively)
|
$
|
204,463,112
|
|
|
$
|
251,731,729
|
|
Accounts payable and accrued expenses
|
3,065,996
|
|
|
11,956,755
|
|
||
Interest and fees payable
|
801,805
|
|
|
2,904,748
|
|
||
Management and incentive fees payable (see Note 6)
|
2,008,234
|
|
|
2,231,175
|
|
||
Administrator expenses payable (see Note 6)
|
551,522
|
|
|
861,785
|
|
||
Deferred revenue
|
77,990
|
|
|
103,583
|
|
||
Due to affiliate
|
212,080
|
|
|
44,337
|
|
||
Total liabilities
|
$
|
211,180,739
|
|
|
$
|
269,834,112
|
|
|
|
|
|
||||
Guarantees and Commitments (see Note 8)
|
|
|
|
|
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||
|
|
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|
||||
NET ASSETS
|
|
|
|
|
|
||
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
|
$
|
54,474
|
|
|
$
|
54,474
|
|
Capital in excess of par value
|
673,532,717
|
|
|
673,532,717
|
|
||
Total distributable earnings/(loss)
|
(452,984,828
|
)
|
|
(457,154,661
|
)
|
||
Total net assets
|
220,602,363
|
|
|
216,432,530
|
|
||
Total liabilities and net assets
|
$
|
431,783,102
|
|
|
$
|
486,266,642
|
|
|
|
|
|
||||
NET ASSET VALUE PER SHARE
|
$
|
4.05
|
|
|
$
|
3.97
|
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
|
(unaudited)
|
|
(unaudited)
|
||||
INVESTMENT INCOME
|
|
|
|
||||
Interest from investments
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments:
|
|
|
|
|
|
||
Cash
|
$
|
3,217,709
|
|
|
$
|
8,077,603
|
|
Payment-in-kind
|
199,012
|
|
|
572,543
|
|
||
Affiliated investments:
|
|
|
|
|
|
||
Cash
|
209,248
|
|
|
751,751
|
|
||
Payment-in-kind
|
947,473
|
|
|
971,790
|
|
||
Controlled investments:
|
|
|
|
|
|
||
Cash
|
83,208
|
|
|
77,832
|
|
||
Payment-in-kind
|
495,382
|
|
|
1,028,332
|
|
||
Total interest income
|
5,152,032
|
|
|
11,479,851
|
|
||
Dividend income
|
1,837,500
|
|
|
2,100,000
|
|
||
Interest from cash and cash equivalents
|
218,138
|
|
|
161,314
|
|
||
Fee income (see Note 9)
|
283,540
|
|
|
460,677
|
|
||
Total investment income
|
7,491,210
|
|
|
14,201,842
|
|
||
|
|
|
|
||||
EXPENSES
|
|
|
|
|
|
||
Base management fees (see Note 6)
|
2,008,234
|
|
|
3,185,144
|
|
||
Incentive fees (see Note 6)
|
—
|
|
|
—
|
|
||
Interest and financing expenses
|
5,143,929
|
|
|
6,009,116
|
|
||
Professional fees, net (see Note 8)
|
(4,416,075
|
)
|
|
1,200,577
|
|
||
General and administrative
|
516,842
|
|
|
604,149
|
|
||
Administrator expenses (see Note 6)
|
551,522
|
|
|
1,032,127
|
|
||
Directors fees
|
316,000
|
|
|
292,225
|
|
||
Insurance
|
297,998
|
|
|
119,386
|
|
||
Expenses before management and incentive fee waivers
|
4,418,450
|
|
|
12,442,724
|
|
||
Management fee waiver (see Note 6)
|
—
|
|
|
—
|
|
||
Incentive fee waiver (see Note 6)
|
—
|
|
|
—
|
|
||
Total expenses net of management and incentive fee waivers
|
4,418,450
|
|
|
12,442,724
|
|
||
NET INVESTMENT INCOME/(LOSS)
|
3,072,760
|
|
|
1,759,118
|
|
||
|
|
|
|
||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
|
|
|
|
|
|
||
Net realized gain/(loss) from investments
|
|
|
|
||||
Non-controlled/non-affiliated investments
|
(57,799
|
)
|
|
(5,183,910
|
)
|
||
Affiliated investments
|
—
|
|
|
—
|
|
||
Controlled investments
|
(1,686,837
|
)
|
|
(51,538,556
|
)
|
||
Net realized gain/(loss) from investments
|
(1,744,636
|
)
|
|
(56,722,466
|
)
|
||
Net unrealized appreciation/(depreciation) on investments
|
|
|
|
||||
Non-controlled/non-affiliated investments
|
3,747,374
|
|
|
812,181
|
|
||
Affiliated investments
|
9,440,599
|
|
|
(2,394,593
|
)
|
||
Controlled investments
|
(9,457,114
|
)
|
|
46,591,309
|
|
||
Net unrealized appreciation/(depreciation) on investments
|
3,730,859
|
|
|
45,008,897
|
|
||
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments
|
—
|
|
|
—
|
|
||
Loss on extinguishment of debt (see Note 5)
|
(889,150
|
)
|
|
(122,971
|
)
|
||
Net realized and unrealized gain/(loss) on investments
|
1,097,073
|
|
|
(11,836,540
|
)
|
||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
4,169,833
|
|
|
$
|
(10,077,422
|
)
|
|
|
|
|
||||
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE
|
$
|
0.08
|
|
|
$
|
(0.18
|
)
|
WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME PER COMMON SHARE
|
$
|
0.06
|
|
|
$
|
0.03
|
|
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (SEE NOTE 11)
|
54,474,211
|
|
|
54,474,211
|
|
||
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
—
|
|
|
$
|
0.10
|
|
|
Common Stock
|
|
Total Distributable Earnings/(Loss)
|
|
Total Net Assets
|
|||||||||||||
|
Shares
|
|
Par Amount
|
|
Capital in Excess of Par Value
|
|
|
|||||||||||
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at September 30, 2018
|
54,474,211
|
|
|
$
|
54,474
|
|
|
$
|
698,586,770
|
|
|
$
|
(377,462,517
|
)
|
|
$
|
321,178,727
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,759,118
|
|
|
1,759,118
|
|
||||
Net realized gain/(loss) from investments
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,722,466
|
)
|
|
(56,722,466
|
)
|
||||
Net unrealized appreciation/(depreciation) on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
45,008,897
|
|
|
45,008,897
|
|
||||
Net loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(122,971
|
)
|
|
(122,971
|
)
|
||||
SHAREHOLDER DISTRIBUTIONS
|
|
|
|
|
|
|
|
|
|
|||||||||
Distributions from earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,447,421
|
)
|
|
(5,447,421
|
)
|
||||
Total increase/(decrease) in net assets
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,524,843
|
)
|
|
(15,524,843
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2018
|
54,474,211
|
|
|
$
|
54,474
|
|
|
$
|
698,586,770
|
|
|
$
|
(392,987,360
|
)
|
|
$
|
305,653,884
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at September 30, 2019
|
54,474,211
|
|
|
$
|
54,474
|
|
|
$
|
673,532,717
|
|
|
$
|
(457,154,661
|
)
|
|
$
|
216,432,530
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|||||||||
Net investment income/(loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
3,072,760
|
|
|
3,072,760
|
|
||||
Net realized gain/(loss) from investments
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,744,636
|
)
|
|
(1,744,636
|
)
|
||||
Net unrealized appreciation/(depreciation) on investments
|
—
|
|
|
—
|
|
|
—
|
|
|
3,730,859
|
|
|
3,730,859
|
|
||||
Net loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
(889,150
|
)
|
|
(889,150
|
)
|
||||
Total increase/(decrease) in net assets
|
—
|
|
|
—
|
|
|
—
|
|
|
4,169,833
|
|
|
4,169,833
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2019
|
54,474,211
|
|
|
$
|
54,474
|
|
|
$
|
673,532,717
|
|
|
$
|
(452,984,828
|
)
|
|
$
|
220,602,363
|
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
|
(unaudited)
|
|
(unaudited)
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
4,169,833
|
|
|
$
|
(10,077,422
|
)
|
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
|
(564,730
|
)
|
|
(3,620,889
|
)
|
||
Net amortization of premium/(discount) on investments
|
(31,158
|
)
|
|
(194,707
|
)
|
||
Amortization of debt issuance costs
|
1,249,907
|
|
|
686,641
|
|
||
Net realized (gain)/loss from investments
|
1,744,636
|
|
|
56,722,466
|
|
||
Net deferred income taxes
|
—
|
|
|
—
|
|
||
Net unrealized (appreciation)/depreciation on investments
|
(3,730,859
|
)
|
|
(45,008,897
|
)
|
||
Proceeds from sale and settlements of investments
|
64,999,855
|
|
|
43,796,686
|
|
||
Purchases, originations and participations
|
(7,532,846
|
)
|
|
(39,143,387
|
)
|
||
Loss on extinguishment of debt
|
889,150
|
|
|
122,971
|
|
||
(Increase)/decrease in operating assets:
|
|
|
|
||||
Other assets
|
(3,163,613
|
)
|
|
1,447,501
|
|
||
Interest receivable
|
371,543
|
|
|
218,127
|
|
||
Receivable for dispositions and investments sold
|
(212,517
|
)
|
|
(129,321
|
)
|
||
Fees receivable
|
56,543
|
|
|
77,939
|
|
||
Increase/(decrease) in operating liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
(8,890,759
|
)
|
|
1,366,167
|
|
||
Interest and fees payable
|
(2,102,943
|
)
|
|
(162,530
|
)
|
||
Management and incentive fees payable, net
|
(222,941
|
)
|
|
(818,791
|
)
|
||
Administrator expenses payable
|
(310,263
|
)
|
|
223,581
|
|
||
Deferred revenue
|
(25,593
|
)
|
|
(41,443
|
)
|
||
Due to affiliate
|
167,743
|
|
|
36,196
|
|
||
NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES
|
46,860,988
|
|
|
5,500,888
|
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
||||
Borrowings on debt
|
—
|
|
|
—
|
|
||
Paydowns on debt
|
(49,407,674
|
)
|
|
(12,999,337
|
)
|
||
Debt issuance costs paid
|
—
|
|
|
(14,362
|
)
|
||
Payments of cash dividends
|
—
|
|
|
(5,447,421
|
)
|
||
Offering costs paid
|
—
|
|
|
(10,265
|
)
|
||
NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES
|
(49,407,674
|
)
|
|
(18,471,385
|
)
|
||
|
|
|
|
||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
|
(2,546,686
|
)
|
|
(12,970,497
|
)
|
||
CASH, RESTRICTED CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
84,283,903
|
|
|
75,665,981
|
|
||
CASH, RESTRICTED CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
81,737,217
|
|
|
$
|
62,695,484
|
|
|
|
|
|
||||
Supplemental Information:
|
|
|
|
|
|
||
Interest paid during the year
|
$
|
5,996,965
|
|
|
$
|
3,956,308
|
|
Supplemental non-cash information:
|
|
|
|
||||
Payment-in-kind interest income
|
$
|
1,641,867
|
|
|
$
|
2,572,665
|
|
Net amortization of premium/(discount) on investments
|
$
|
31,158
|
|
|
$
|
194,707
|
|
Amortization of debt issuance costs
|
$
|
(1,249,907
|
)
|
|
$
|
(686,641
|
)
|
Reconciliation to the Consolidated Statement of Assets and Liabilities
|
December 31, 2019
|
|
September 30, 2019
|
||||
|
(unaudited)
|
|
|
||||
Cash and cash equivalents
|
$
|
81,737,217
|
|
|
$
|
68,245,213
|
|
Restricted cash
|
—
|
|
|
16,038,690
|
|
||
Total cash and cash equivalents and restricted cash
|
$
|
81,737,217
|
|
|
$
|
84,283,903
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-Controlled/Non-Affiliated Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Alpine SG, LLC(7)
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)(20)
|
|
11/16/2022
|
|
$
|
5,061,750
|
|
|
$
|
5,061,750
|
|
|
$
|
5,058,713
|
|
|
2.3
|
%
|
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)(20)
|
|
11/16/2022
|
|
2,444,350
|
|
|
2,444,350
|
|
|
2,442,883
|
|
|
1.1
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)(15)
|
|
11/16/2022
|
|
—
|
|
|
—
|
|
|
(600
|
)
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
7,506,100
|
|
|
7,506,100
|
|
|
7,500,996
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
American Dental Partners, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)(13)
|
|
9/25/2023
|
|
4,387,500
|
|
|
4,387,500
|
|
|
4,315,545
|
|
|
2.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,387,500
|
|
|
4,387,500
|
|
|
4,315,545
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Autosplice, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)(13)
|
|
6/17/2020
|
|
13,150,795
|
|
|
13,150,795
|
|
|
13,124,494
|
|
|
6.0
|
%
|
|||
|
|
|
|
|
|
|
|
13,150,795
|
|
|
13,150,795
|
|
|
13,124,494
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Avantor, Inc.(10)
|
|
Wholesale
|
|
Equity - 942,160 Common Units(16)
|
|
|
|
—
|
|
|
16,487,800
|
|
|
17,100,204
|
|
|
7.8
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
16,487,800
|
|
|
17,100,204
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Be Green Packaging, LLC
|
|
Containers, Packaging & Glass
|
|
Equity - 417 Common Units
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Black Angus Steakhouses, LLC(7)
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)(21)
|
|
4/24/2020
|
|
7,290,179
|
|
|
7,290,179
|
|
|
7,286,533
|
|
|
3.3
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)
|
|
4/24/2020
|
|
—
|
|
|
—
|
|
|
(446
|
)
|
|
0.0
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)(15)
|
|
4/24/2020
|
|
892,857
|
|
|
892,857
|
|
|
893,482
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
8,183,036
|
|
|
8,183,036
|
|
|
8,179,569
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capstone Nutrition Development, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Equity - 13,833.1916 Common Units
|
|
|
|
—
|
|
|
1,483,319
|
|
|
1,483,319
|
|
|
0.7
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
1,483,319
|
|
|
1,483,319
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CPI International, Inc.
|
|
Aerospace & Defense
|
|
Senior Secured Second Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor)(12)
|
|
7/28/2025
|
|
3,010,025
|
|
|
2,998,515
|
|
|
2,880,594
|
|
|
1.3
|
%
|
|||
|
|
|
|
|
|
|
|
3,010,025
|
|
|
2,998,515
|
|
|
2,880,594
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Crow Precision Components, LLC
|
|
Aerospace & Defense
|
|
Equity - 350 Common Units
|
|
|
|
—
|
|
|
700,000
|
|
|
666,998
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
700,000
|
|
|
666,998
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CT Technologies Intermediate Holdings, Inc.(11)
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)
|
|
12/1/2022
|
|
7,500,000
|
|
|
7,500,000
|
|
|
6,635,250
|
|
|
3.0
|
%
|
|||
|
|
|
|
|
|
|
|
7,500,000
|
|
|
7,500,000
|
|
|
6,635,250
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DataOnline Corp.(7)
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)
|
|
11/13/2025
|
|
5,000,000
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
2.3
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)(15)
|
|
11/13/2025
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dermatologists of Southwestern Ohio, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(12)(21)
|
|
4/20/2022
|
|
1,062,742
|
|
|
1,062,742
|
|
|
1,050,733
|
|
|
0.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(12)(21)
|
|
4/20/2022
|
|
403,223
|
|
|
403,223
|
|
|
398,667
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
1,465,965
|
|
|
1,465,965
|
|
|
1,449,400
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dream Finders Homes, LLC
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan B (10.00% Cash)
|
|
4/1/2020
|
|
1,465,708
|
|
|
1,465,708
|
|
|
1,465,708
|
|
|
0.7
|
%
|
|||
|
|
|
|
Preferred Equity (8.00% PIK)
|
|
|
|
4,269,878
|
|
|
4,269,878
|
|
|
3,539,729
|
|
|
1.6
|
%
|
|||
|
|
|
|
|
|
|
|
5,735,586
|
|
|
5,735,586
|
|
|
5,005,437
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Footprint Acquisition, LLC
|
|
Services: Business
|
|
Preferred Equity (8.75% PIK)
|
|
|
|
3,716,678
|
|
|
3,716,678
|
|
|
3,716,677
|
|
|
1.7
|
%
|
|||
|
|
|
|
Equity - 150 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
3,347,966
|
|
|
1.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,716,678
|
|
|
3,716,678
|
|
|
7,064,643
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Global Accessories Group, LLC(11)
|
|
Consumer goods: Non-durable
|
|
Equity - 3.8% Membership Interest
|
|
|
|
—
|
|
|
151,337
|
|
|
151,339
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
151,337
|
|
|
151,339
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Imagine Group, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.75% Cash, 1.00% LIBOR Floor)(9)(12)
|
|
6/21/2023
|
|
3,000,000
|
|
|
2,887,510
|
|
|
570,000
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
3,000,000
|
|
|
2,887,510
|
|
|
570,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impact Group, LLC
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)(21)
|
|
6/27/2023
|
|
3,245,958
|
|
|
3,245,958
|
|
|
3,056,719
|
|
|
1.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)(21)
|
|
6/27/2023
|
|
9,405,021
|
|
|
9,405,021
|
|
|
8,856,709
|
|
|
4.0
|
%
|
|||
|
|
|
|
|
|
|
|
12,650,979
|
|
|
12,650,979
|
|
|
11,913,428
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
InterFlex Acquisition Company, LLC
|
|
Containers, Packaging & Glass
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)(21)
|
|
8/18/2022
|
|
13,071,675
|
|
|
13,071,675
|
|
|
12,458,613
|
|
|
5.6
|
%
|
|||
|
|
|
|
|
|
|
|
13,071,675
|
|
|
13,071,675
|
|
|
12,458,613
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
L & S Plumbing Partnership, Ltd.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.50% Cash, 1.00% LIBOR Floor)(13)(20)
|
|
2/15/2022
|
|
4,521,535
|
|
|
4,521,535
|
|
|
4,547,760
|
|
|
2.1
|
%
|
|||
|
|
|
|
|
|
|
|
4,521,535
|
|
|
4,521,535
|
|
|
4,547,760
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lighting Science Group Corporation
|
|
Containers, Packaging & Glass
|
|
Warrants - 0.56% of Outstanding Equity(17)
|
|
2/19/2024
|
|
—
|
|
|
955,680
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
955,680
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Manna Pro Products, LLC
|
|
Consumer goods: Non-durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(12)
|
|
12/8/2023
|
|
5,384,885
|
|
|
5,384,885
|
|
|
5,175,952
|
|
|
2.3
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(12)
|
|
12/8/2023
|
|
1,093,461
|
|
|
1,093,461
|
|
|
1,051,035
|
|
|
0.5
|
%
|
|||
|
|
|
|
|
|
|
|
6,478,346
|
|
|
6,478,346
|
|
|
6,226,987
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Point.360
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% PIK)(9)(14)
|
|
7/8/2020
|
|
2,616,924
|
|
|
2,103,712
|
|
|
602,677
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
2,616,924
|
|
|
2,103,712
|
|
|
602,677
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
RateGain Technologies, Inc.
|
|
Hotel, Gaming & Leisure
|
|
Unsecured Debt(18)(21)
|
|
7/31/2020
|
|
704,106
|
|
|
704,106
|
|
|
704,106
|
|
|
0.3
|
%
|
|||
|
|
|
|
Unsecured Debt(18)(21)
|
|
7/31/2021
|
|
761,905
|
|
|
761,905
|
|
|
761,905
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
1,466,011
|
|
|
1,466,011
|
|
|
1,466,011
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Redwood Services Group, LLC(7)
|
|
Services: Business
|
|
Revolving Credit Facility (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(13)(15)
|
|
6/6/2023
|
|
700,000
|
|
|
700,000
|
|
|
699,125
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
700,000
|
|
|
700,000
|
|
|
699,125
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sendero Drilling Company, LLC
|
|
Energy: Oil & Gas
|
|
Unsecured Debt (8.00% Cash)
|
|
8/31/2021
|
|
743,750
|
|
|
743,750
|
|
|
743,750
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
743,750
|
|
|
743,750
|
|
|
743,750
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Seotowncenter, Inc.
|
|
Services: Business
|
|
Equity - 3,434,169.6 Common Units
|
|
|
|
—
|
|
|
566,475
|
|
|
1,236,301
|
|
|
0.6
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
566,475
|
|
|
1,236,301
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SFP Holding, Inc.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)(13)(21)
|
|
9/1/2022
|
|
4,810,727
|
|
|
4,810,727
|
|
|
4,810,727
|
|
|
2.2
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)(13)(21)
|
|
9/1/2022
|
|
1,866,556
|
|
|
1,866,556
|
|
|
1,866,556
|
|
|
0.8
|
%
|
|||
|
|
|
|
Equity - 94,393.87 Common Units in CI (Summit) Investment Holdings LLC(21)
|
|
|
|
—
|
|
|
985,673
|
|
|
849,545
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
6,677,283
|
|
|
7,662,956
|
|
|
7,526,828
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ship Supply Acquisition Corporation
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)(9)(13)(21)
|
|
7/31/2020
|
|
7,410,524
|
|
|
7,216,582
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
7,410,524
|
|
|
7,216,582
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SMART Financial Operations, LLC
|
|
Retail
|
|
Equity - 700,000 Class A Preferred Units
|
|
|
|
—
|
|
|
700,000
|
|
|
532,000
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
700,000
|
|
|
532,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Stancor, Inc.
|
|
Services: Business
|
|
Equity - 263,814.43 Class A Units
|
|
|
|
—
|
|
|
263,815
|
|
|
274,367
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
263,815
|
|
|
274,367
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Starfish Holdco, LLC
|
|
High Tech Industries
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)(20)
|
|
8/18/2025
|
|
2,000,000
|
|
|
1,976,458
|
|
|
1,931,000
|
|
|
0.9
|
%
|
|||
|
|
|
|
|
|
|
|
2,000,000
|
|
|
1,976,458
|
|
|
1,931,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Velocity Pooling Vehicle, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 11.00% PIK, 1.00% LIBOR Floor)(13)
|
|
4/28/2023
|
|
923,991
|
|
|
865,582
|
|
|
820,134
|
|
|
0.4
|
%
|
|||
|
|
|
|
Equity - 5,441 Class A Units
|
|
|
|
—
|
|
|
302,464
|
|
|
20,893
|
|
|
0.0
|
%
|
|||
|
|
|
|
Warrants - 0.65% of Outstanding Equity
|
|
3/30/2028
|
|
—
|
|
|
361,668
|
|
|
24,983
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
923,991
|
|
|
1,529,714
|
|
|
866,010
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Walker Edison Furniture Company LLC
|
|
Consumer goods: Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)(21)
|
|
9/26/2024
|
|
3,588,895
|
|
|
3,588,895
|
|
|
3,624,784
|
|
|
1.6
|
%
|
|||
|
|
|
|
Equity - 1,500 Common Units
|
|
|
|
—
|
|
|
1,500,000
|
|
|
3,083,408
|
|
|
1.4
|
%
|
|||
|
|
|
|
|
|
|
|
3,588,895
|
|
|
5,088,895
|
|
|
6,708,192
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Watermill-QMC Midco, Inc.
|
|
Automotive
|
|
Equity - 1.3% Partnership Interest(8)
|
|
|
|
—
|
|
|
518,283
|
|
|
30,890
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
518,283
|
|
|
30,890
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subtotal Non-Controlled/Non-Affiliated Investments
|
|
|
|
$
|
125,505,598
|
|
|
$
|
149,985,257
|
|
|
$
|
138,891,727
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Affiliated Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1888 Industrial Services, LLC(7)
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan A (LIBOR + 5.00% PIK, 1.00% LIBOR Floor)(13)
|
|
9/30/2021
|
|
$
|
9,473,068
|
|
|
$
|
9,473,068
|
|
|
$
|
9,473,068
|
|
|
4.3
|
%
|
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 8.00% PIK, 1.00% LIBOR Floor)(9)(13)
|
|
9/30/2021
|
|
24,155,620
|
|
|
19,468,870
|
|
|
6,038,905
|
|
|
2.7
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 5.00% PIK, 1.00% LIBOR Floor)(13)
|
|
6/30/2021
|
|
1,191,257
|
|
|
1,191,257
|
|
|
1,191,257
|
|
|
0.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan D (LIBOR + 5.00% PIK, 1.00% LIBOR Floor)(13)
|
|
9/18/2020
|
|
228,531
|
|
|
228,531
|
|
|
228,531
|
|
|
0.1
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan E (LIBOR + 5.00% PIK, 1.00% LIBOR Floor)(13)
|
|
9/18/2020
|
|
823,714
|
|
|
823,714
|
|
|
823,714
|
|
|
0.4
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 5.00% PIK, 1.00% LIBOR Floor)(13)(15)
|
|
9/30/2021
|
|
3,380,852
|
|
|
3,380,852
|
|
|
3,380,852
|
|
|
1.5
|
%
|
|||
|
|
|
|
Equity - 21,562.16 Class A Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
39,253,042
|
|
|
34,566,292
|
|
|
21,136,327
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Access Media Holdings, LLC(7)
|
|
Media: Broadcasting & Subscription
|
|
Senior Secured First Lien Term Loan (10.00% PIK)(9)
|
|
7/22/2020
|
|
10,292,195
|
|
|
8,446,385
|
|
|
2,573,049
|
|
|
1.2
|
%
|
|||
|
|
|
|
Preferred Equity Series A
|
|
|
|
1,600,000
|
|
|
1,600,000
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Preferred Equity Series AA
|
|
|
|
800,000
|
|
|
800,000
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Preferred Equity Series AAA
|
|
|
|
971,200
|
|
|
971,200
|
|
|
(100,800
|
)
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 16 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
13,663,395
|
|
|
11,817,585
|
|
|
2,472,249
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Caddo Investors Holdings 1 LLC(10)
|
|
Forest Products & Paper
|
|
Equity - 6.15% Membership Interest(19)
|
|
|
|
—
|
|
|
2,526,373
|
|
|
2,897,112
|
|
|
1.3
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
2,526,373
|
|
|
2,897,112
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dynamic Energy Services International LLC(7)
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (LIBOR + 13.50% PIK)(9)(14)
|
|
12/31/2021
|
|
11,570,965
|
|
|
7,824,974
|
|
|
1,315,619
|
|
|
0.6
|
%
|
|||
|
|
|
|
Equity - 12,350,000 Class A Units
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
11,570,965
|
|
|
7,824,974
|
|
|
1,315,619
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
JFL-NGS Partners, LLC
|
|
Construction & Building
|
|
Preferred Equity - A-2 Preferred (3.00% PIK)
|
|
|
|
20,150,684
|
|
|
20,150,684
|
|
|
20,150,684
|
|
|
9.1
|
%
|
|||
|
|
|
|
Preferred Equity - A-1 Preferred (3.00% PIK)
|
|
|
|
2,607,661
|
|
|
2,607,661
|
|
|
2,607,661
|
|
|
1.2
|
%
|
|||
|
|
|
|
Equity - 57,300 Class B Units
|
|
|
|
—
|
|
|
57,300
|
|
|
28,257,495
|
|
|
12.8
|
%
|
|||
|
|
|
|
|
|
|
|
22,758,345
|
|
|
22,815,645
|
|
|
51,015,840
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
JFL-WCS Partners, LLC
|
|
Environmental Industries
|
|
Preferred Equity - Class A Preferred (6.00% PIK)
|
|
|
|
1,236,270
|
|
|
1,236,270
|
|
|
1,236,270
|
|
|
0.6
|
%
|
|||
|
|
|
|
Equity - 129,588 Class B Units
|
|
|
|
—
|
|
|
129,588
|
|
|
2,755,041
|
|
|
1.3
|
%
|
|||
|
|
|
|
|
|
|
|
1,236,270
|
|
|
1,365,858
|
|
|
3,991,311
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kemmerer Operations, LLC(7)
|
|
Metals & Mining
|
|
Senior Secured First Lien Term Loan (15.00% PIK)
|
|
6/21/2023
|
|
1,834,227
|
|
|
1,834,227
|
|
|
1,834,227
|
|
|
0.8
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (15.00% PIK)
|
|
6/21/2023
|
|
461,035
|
|
|
461,035
|
|
|
461,035
|
|
|
0.2
|
%
|
|||
|
|
|
|
Equity - 6.7797 Common Units
|
|
|
|
—
|
|
|
962,717
|
|
|
962,717
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
2,295,262
|
|
|
3,257,979
|
|
|
3,257,979
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Path Medical, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.50% PIK, 1.00% LIBOR Floor)(13)
|
|
10/11/2021
|
|
9,820,066
|
|
|
9,607,140
|
|
|
9,110,075
|
|
|
4.1
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan A (LIBOR + 9.50% PIK, 1.00% LIBOR Floor)(13)
|
|
10/11/2021
|
|
3,383,360
|
|
|
3,383,360
|
|
|
3,138,743
|
|
|
1.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 10.00% Cash, 1.00% LIBOR Floor)(13)
|
|
10/11/2021
|
|
246,045
|
|
|
246,045
|
|
|
245,922
|
|
|
0.1
|
%
|
|||
|
|
|
|
Warrants - 7.68% of Outstanding Equity
|
|
1/9/2027
|
|
—
|
|
|
499,751
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
13,449,471
|
|
|
13,736,296
|
|
|
12,494,740
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
US Multifamily, LLC(10)
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (10.00% Cash)(20)
|
|
6/17/2021
|
|
6,670,000
|
|
|
6,670,000
|
|
|
6,670,000
|
|
|
3.0
|
%
|
|||
|
|
|
|
Equity - 33,300 Preferred Units
|
|
|
|
—
|
|
|
3,330,000
|
|
|
3,330,000
|
|
|
1.5
|
%
|
|||
|
|
|
|
|
|
|
|
6,670,000
|
|
|
10,000,000
|
|
|
10,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subtotal Affiliated Investments
|
|
|
|
|
|
$
|
110,896,750
|
|
|
$
|
107,911,002
|
|
|
$
|
108,581,177
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Controlled Investments:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MCC Senior Loan Strategy JV I LLC(10)
|
|
Multisector Holdings
|
|
Equity - 87.5% ownership of MCC Senior Loan Strategy JV I LLC(19)
|
|
|
|
—
|
|
|
78,575,000
|
|
|
65,867,972
|
|
|
29.9
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
78,575,000
|
|
|
65,867,972
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NVTN LLC
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00% Cash, 1.00% LIBOR Floor)(12)
|
|
11/9/2020
|
|
4,255,990
|
|
|
4,255,990
|
|
|
4,255,990
|
|
|
1.9
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan B (LIBOR + 9.25% PIK, 1.00% LIBOR Floor)(9)(12)
|
|
11/9/2020
|
|
13,821,228
|
|
|
12,305,096
|
|
|
4,284,581
|
|
|
1.9
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan C (LIBOR + 12.00% PIK, 1.00% LIBOR Floor)(9)(12)
|
|
11/9/2020
|
|
9,060,246
|
|
|
7,570,054
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
Equity - 787.4 Class A Units
|
|
|
|
—
|
|
|
9,550,922
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
27,137,464
|
|
|
33,682,062
|
|
|
8,540,571
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
URT Acquisition Holdings Corporation
|
|
Services: Business
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.00% PIK, 2.00% LIBOR Floor)(13)
|
|
5/2/2022
|
|
19,388,729
|
|
|
19,388,729
|
|
|
19,388,729
|
|
|
8.8
|
%
|
|||
|
|
|
|
Preferred Equity (12.00% PIK)(9)
|
|
|
|
7,339,237
|
|
|
6,552,890
|
|
|
733,924
|
|
|
0.3
|
%
|
|||
|
|
|
|
Equity - 397,466 Common Units
|
|
|
|
—
|
|
|
12,936,879
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
26,727,966
|
|
|
38,878,498
|
|
|
20,122,653
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subtotal Control Investments
|
|
|
|
|
|
$
|
53,865,430
|
|
|
$
|
151,135,560
|
|
|
$
|
94,531,196
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Investments, December 31, 2019
|
|
|
|
|
|
$
|
290,267,778
|
|
|
$
|
409,031,819
|
|
|
$
|
342,004,100
|
|
|
155.0
|
%
|
(1)
|
All of our investments are domiciled in the United States. Certain investments also have international operations.
|
(2)
|
Par amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments.
|
(3)
|
Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for U.S. federal income tax purposes totaled $38,379,662, $103,473,094, and $65,093,432, respectively. The tax cost basis of investments is $407,097,532 as of December 31, 2019.
|
(4)
|
Percentage is based on net assets of $220,602,363 as of December 31, 2019.
|
(5)
|
Control Investments are defined by the Investment Company Act of 1940, as amended (the “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)
|
Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (see Note 4).
|
(7)
|
The investment has an unfunded commitment as of December 31, 2019 (see Note 8), and includes an analysis of the value of any unfunded commitments.
|
(8)
|
Represents 1.3% partnership interest in Watermill-QMC Partners, LP and Watermill-EMI Partners, LP.
|
(9)
|
The investment was on non-accrual status as of December 31, 2019.
|
(10)
|
The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of December 31, 2019, 28.0% of the Company's portfolio investments were non-qualifying assets.
|
(11)
|
A portion of this investment was sold via a participation agreement. The amount stated is the portion retained by Medley Capital Corporation (see Note 3).
|
(12)
|
The interest rate on these loans is subject to the greater of a London Interbank Offering Rate (“LIBOR”) floor, or 1 month LIBOR plus a base rate. The 1 month LIBOR as of December 31, 2019 was 1.80%.
|
(13)
|
The interest rate on these loans is subject to the greater of a LIBOR floor, or 3 month LIBOR plus a base rate. The 3 month LIBOR as of December 31, 2019 was 1.94%.
|
(14)
|
The interest rate on these loans is subject to 3 month LIBOR plus a base rate. The 3 month LIBOR as of December 31, 2019 was 1.94%.
|
(15)
|
This investment earns 0.50% commitment fee on all unused commitment as of December 31, 2019, and is recorded as a component of interest income on the Consolidated Statements of Operations.
|
(16)
|
This investment represents a Level 1 security in the ASC 820 table as of December 31, 2019 (see Note 4).
|
(17)
|
This investment represents a Level 2 security in the ASC 820 table as of December 31, 2019 (see Note 4).
|
(18)
|
Security is non-income producing.
|
(19)
|
As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment.
|
(20)
|
All or a portion of this investment is held in Medley SLF Funding I LLC (see Note 5).
|
(21)
|
All or a portion of this investment is held in Medley Small Business Fund, LP (see Note 5).
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-Controlled/Non-Affiliated Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Alpine SG, LLC(7)
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)(22)
|
|
11/16/2022
|
|
$
|
5,061,750
|
|
|
$
|
5,061,750
|
|
|
$
|
5,020,244
|
|
|
2.3
|
%
|
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)(22)
|
|
11/16/2022
|
|
2,444,350
|
|
|
2,444,350
|
|
|
2,424,306
|
|
|
1.1
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 5.50% Cash, 1.00% LIBOR
Floor)(13)(16)
|
|
11/16/2022
|
|
—
|
|
|
—
|
|
|
(8,200
|
)
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
7,506,100
|
|
|
7,506,100
|
|
|
7,436,350
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
American Dental Partners, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)(13)
|
|
9/25/2023
|
|
4,387,500
|
|
|
4,387,500
|
|
|
4,274,741
|
|
|
2.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,387,500
|
|
|
4,387,500
|
|
|
4,274,741
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Autosplice, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)(13)
|
|
6/17/2020
|
|
13,336,018
|
|
|
13,336,018
|
|
|
13,252,001
|
|
|
6.1
|
%
|
|||
|
|
|
|
|
|
|
|
13,336,018
|
|
|
13,336,018
|
|
|
13,252,001
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Avantor, Inc.(10)
|
|
Wholesale
|
|
Equity - 942,160 Common Units(17)
|
|
|
|
—
|
|
|
16,487,800
|
|
|
13,849,752
|
|
|
6.4
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
16,487,800
|
|
|
13,849,752
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Barry's Bootcamp Holdings, LLC
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(13)(23)
|
|
7/14/2022
|
|
7,609,499
|
|
|
7,609,499
|
|
|
7,609,499
|
|
|
3.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)
|
|
7/14/2022
|
|
1,268,251
|
|
|
1,268,251
|
|
|
1,268,251
|
|
|
0.6
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 6.00% Cash, 1.00% LIBOR
Floor)(13)(16)(22)
|
|
7/14/2022
|
|
4,400,000
|
|
|
4,400,000
|
|
|
4,400,000
|
|
|
2.0
|
%
|
|||
|
|
|
|
|
|
|
|
13,277,750
|
|
|
13,277,750
|
|
|
13,277,750
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Be Green Packaging, LLC
|
|
Containers, Packaging & Glass
|
|
Equity - 417 Common Units
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
416,250
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Black Angus Steakhouses, LLC(7)
|
|
Hotel, Gaming & Leisure
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)(23)
|
|
4/24/2020
|
|
7,341,518
|
|
|
7,341,518
|
|
|
7,307,747
|
|
|
3.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)
|
|
4/24/2020
|
|
—
|
|
|
—
|
|
|
(4,107
|
)
|
|
0.0
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 9.00% Cash, 1.00% LIBOR
Floor)(13)(16)
|
|
4/24/2020
|
|
892,857
|
|
|
892,857
|
|
|
890,804
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
8,234,375
|
|
|
8,234,375
|
|
|
8,194,444
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capstone Nutrition Development, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Equity - 13,833.1916 Common Units
|
|
|
|
—
|
|
|
1,383,319
|
|
|
1,383,319
|
|
|
0.6
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
1,383,319
|
|
|
1,383,319
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CPI International, Inc.
|
|
Aerospace & Defense
|
|
Senior Secured Second Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor)(12)
|
|
7/28/2025
|
|
3,010,025
|
|
|
2,998,111
|
|
|
2,937,483
|
|
|
1.4
|
%
|
|||
|
|
|
|
|
|
|
|
3,010,025
|
|
|
2,998,111
|
|
|
2,937,483
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Crow Precision Components, LLC
|
|
Aerospace & Defense
|
|
Equity - 350 Common Units
|
|
|
|
—
|
|
|
700,000
|
|
|
666,998
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
700,000
|
|
|
666,998
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CT Technologies Intermediate Holdings, Inc.(11)
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured Second Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)
|
|
12/1/2022
|
|
7,500,000
|
|
|
7,500,000
|
|
|
6,345,750
|
|
|
2.9
|
%
|
|||
|
|
|
|
|
|
|
|
7,500,000
|
|
|
7,500,000
|
|
|
6,345,750
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
DataOnline Corp.(7)
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)(22)
|
|
7/31/2025
|
|
15,840,000
|
|
|
15,840,000
|
|
|
15,607,152
|
|
|
7.2
|
%
|
|||
|
|
|
|
Revolving Credit Facility (LIBOR + 5.75% Cash, 1.00% LIBOR
Floor)(13)(16)
|
|
7/31/2024
|
|
—
|
|
|
—
|
|
|
(18,900
|
)
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
15,840,000
|
|
|
15,840,000
|
|
|
15,588,252
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dermatologists of Southwestern Ohio, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(12)(23)
|
|
4/20/2022
|
|
1,065,457
|
|
|
1,065,457
|
|
|
1,056,614
|
|
|
0.5
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(12)(23)
|
|
4/20/2022
|
|
404,248
|
|
|
404,248
|
|
|
400,893
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
1,469,705
|
|
|
1,469,705
|
|
|
1,457,507
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Dream Finders Homes, LLC
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan B (10.00% Cash)
|
|
4/1/2020
|
|
1,613,455
|
|
|
1,613,455
|
|
|
1,613,455
|
|
|
0.7
|
%
|
|||
|
|
|
|
Preferred Equity (8.00% PIK)
|
|
|
|
4,185,480
|
|
|
4,185,480
|
|
|
3,315,319
|
|
|
1.5
|
%
|
|||
|
|
|
|
|
|
|
|
5,798,935
|
|
|
5,798,935
|
|
|
4,928,774
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
FKI Security Group, LLC
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)(13)(23)
|
|
3/30/2020
|
|
10,906,250
|
|
|
10,906,250
|
|
|
10,680,491
|
|
|
4.9
|
%
|
|||
|
|
|
|
|
|
|
|
10,906,250
|
|
|
10,906,250
|
|
|
10,680,491
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Footprint Acquisition, LLC
|
|
Services: Business
|
|
Preferred Equity (8.75% PIK)
|
|
|
|
7,281,664
|
|
|
7,281,664
|
|
|
7,281,664
|
|
|
3.4
|
%
|
|||
|
|
|
|
Equity - 150 Common Units
|
|
|
|
—
|
|
|
—
|
|
|
3,347,965
|
|
|
1.5
|
%
|
|||
|
|
|
|
|
|
|
|
7,281,664
|
|
|
7,281,664
|
|
|
10,629,629
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Freedom Powersports, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 10.00% Cash, 1.50% LIBOR Floor)(13)
|
|
11/11/2019
|
|
9,450,000
|
|
|
9,450,000
|
|
|
9,450,000
|
|
|
4.4
|
%
|
|||
|
|
|
|
|
|
|
|
9,450,000
|
|
|
9,450,000
|
|
|
9,450,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Global Accessories Group, LLC(11)
|
|
Consumer goods: Non-durable
|
|
Equity - 3.8% Membership Interest
|
|
|
|
—
|
|
|
151,337
|
|
|
151,339
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
151,337
|
|
|
151,339
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Imagine Group, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.75% Cash, 1.00% LIBOR Floor)(12)
|
|
6/21/2023
|
|
3,000,000
|
|
|
2,968,775
|
|
|
1,715,100
|
|
|
0.8
|
%
|
|||
|
|
|
|
|
|
|
|
3,000,000
|
|
|
2,968,775
|
|
|
1,715,100
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Impact Group, LLC
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)(23)
|
|
6/27/2023
|
|
3,254,623
|
|
|
3,254,623
|
|
|
3,104,911
|
|
|
1.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)(23)
|
|
6/27/2023
|
|
9,430,010
|
|
|
9,430,010
|
|
|
8,996,229
|
|
|
4.2
|
%
|
|||
|
|
|
|
|
|
|
|
12,684,633
|
|
|
12,684,633
|
|
|
12,101,140
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
InterFlex Acquisition Company, LLC
|
|
Containers, Packaging & Glass
|
|
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)(23)
|
|
8/18/2022
|
|
13,259,175
|
|
|
13,259,175
|
|
|
12,637,320
|
|
|
5.8
|
%
|
|||
|
|
|
|
|
|
|
|
13,259,175
|
|
|
13,259,175
|
|
|
12,637,320
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
L & S Plumbing Partnership, Ltd.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.50% Cash, 1.00% LIBOR Floor)(13)(22)
|
|
2/15/2022
|
|
5,345,754
|
|
|
5,345,754
|
|
|
5,345,754
|
|
|
2.5
|
%
|
|||
|
|
|
|
|
|
|
|
5,345,754
|
|
|
5,345,754
|
|
|
5,345,754
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Lighting Science Group Corporation
|
|
Containers, Packaging & Glass
|
|
Warrants - 0.56% of Outstanding Equity(18)
|
|
2/19/2024
|
|
—
|
|
|
955,680
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
955,680
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Manna Pro Products, LLC
|
|
Consumer goods: Non-durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(12)
|
|
12/8/2023
|
|
5,398,622
|
|
|
5,398,622
|
|
|
5,132,470
|
|
|
2.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(12)
|
|
12/8/2023
|
|
1,096,209
|
|
|
1,096,209
|
|
|
1,042,166
|
|
|
0.5
|
%
|
|||
|
|
|
|
|
|
|
|
6,494,831
|
|
|
6,494,831
|
|
|
6,174,636
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Point.360
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00% PIK)(9)(15)
|
|
7/8/2020
|
|
2,563,464
|
|
|
2,103,712
|
|
|
590,366
|
|
|
0.3
|
%
|
|||
|
|
|
|
|
|
|
|
2,563,464
|
|
|
2,103,712
|
|
|
590,366
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Quantum Spatial, Inc.
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25% Cash, 1.00% LIBOR Floor)(12)
|
|
9/5/2024
|
|
5,000,000
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
2.3
|
%
|
|||
|
|
|
|
|
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
RateGain Technologies, Inc.
|
|
Hotel, Gaming & Leisure
|
|
Unsecured Debt(19)(23)
|
|
7/31/2020
|
|
761,905
|
|
|
761,905
|
|
|
761,905
|
|
|
0.4
|
%
|
|||
|
|
|
|
Unsecured Debt(19)(23)
|
|
7/31/2021
|
|
761,905
|
|
|
761,905
|
|
|
761,905
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
1,523,810
|
|
|
1,523,810
|
|
|
1,523,810
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Redwood Services Group, LLC(7)
|
|
Services: Business
|
|
Revolving Credit Facility (LIBOR + 6.00% Cash, 1.00% LIBOR
Floor)(13)(16)
|
|
6/6/2023
|
|
875,000
|
|
|
875,000
|
|
|
860,475
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
875,000
|
|
|
875,000
|
|
|
860,475
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sendero Drilling Company, LLC
|
|
Energy: Oil & Gas
|
|
Unsecured Debt (8.00% Cash)
|
|
8/31/2021
|
|
850,000
|
|
|
850,000
|
|
|
850,000
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
850,000
|
|
|
850,000
|
|
|
850,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Seotowncenter, Inc.
|
|
Services: Business
|
|
Equity - 3,434,169.6 Common Units
|
|
|
|
—
|
|
|
566,475
|
|
|
1,236,301
|
|
|
0.6
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
566,475
|
|
|
1,236,301
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SFP Holding, Inc.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)(13)(23)
|
|
9/1/2022
|
|
4,820,605
|
|
|
4,820,605
|
|
|
4,775,291
|
|
|
2.2
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)(13)(23)
|
|
9/1/2022
|
|
1,871,234
|
|
|
1,871,234
|
|
|
1,853,644
|
|
|
0.9
|
%
|
|||
|
|
|
|
Equity - 94,393.87 Common Units in CI (Summit) Investment Holdings LLC(23)
|
|
|
|
—
|
|
|
985,673
|
|
|
849,545
|
|
|
0.4
|
%
|
|||
|
|
|
|
|
|
|
|
6,691,839
|
|
|
7,677,512
|
|
|
7,478,480
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Ship Supply Acquisition Corporation
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)(9)(13)(23)
|
|
7/31/2020
|
|
7,433,740
|
|
|
7,239,798
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
7,433,740
|
|
|
7,239,798
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SMART Financial Operations, LLC
|
|
Retail
|
|
Equity - 700,000 Class A Preferred Units
|
|
|
|
—
|
|
|
700,000
|
|
|
532,000
|
|
|
0.2
|
%
|
|||
|
|
|
|
|
|
|
|
—
|
|
|
700,000
|
|
|
532,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company(1)
|
|
Industry
|
|
Type of Investment(6)
|
|
Maturity
|
|
Par Amount(2)
|
|
Cost(3)
|
|
Fair Value
|
|
% of
Net Assets(4)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
TPG Plastics LLC
|
|
Chemicals, Plastics & Rubber
|
|
Senior Secured Second Lien Term Loan (Prime + 10.00% Cash)(14)
|
|
12/31/2019
|
|
352,984
|
|
|
352,984
|
|
|
352,984
|
|
|
0.2
|
%
|
|||
|
|
|
|
Unsecured Debt (10.00% Cash)(20)
|
|
|
|
278,810
|
|
|
278,810
|
|
|
278,810
|
|
|
0.1
|
%
|
|||
|
|
|
|
Equity - 35 Class B Units
|
|
|
|
—
|
|
|
3,317,149
|
|
|
1,644,751
|
|
|
0.8
|
%
|
|||
|
|
|
|
|
|
|
|
631,794
|
|
|
3,948,943
|
|
|
2,276,545
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
URT Acquisition Holdings Corporation
|
|
Services: Business
|
|
Senior Secured Second Lien Term Loan (LIBOR + 8.00% PIK, 2.00% LIBOR Floor)(13)
|
|
5/2/2022
|
|
18,905,403
|
|
|
18,905,403
|
|
|
18,905,403
|
|
|
8.7
|
%
|
|||
|
|
|
|
Preferred Equity (12.00% PIK)(9)
|
|
|
|
6,552,890
|
|
|
6,552,890
|
|
|
4,914,667
|
|
|
2.3
|
%
|
|||
|
|
|
|
Equity - 397,466 Common Units
|
|
|
|
—
|
|
|
12,936,879
|
|
|
—
|
|
|
0.0
|
%
|
|||
|
|
|
|
|
|
|
|
25,458,293
|
|
|
38,395,172
|
|
|
23,820,070
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Subtotal Control Investments
|
|
|
|
|
|
$
|
52,529,904
|
|
|
$
|
154,601,177
|
|
|
$
|
107,453,927
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Investments, September 30, 2019
|
|
|
|
|
|
$
|
342,768,343
|
|
|
$
|
467,647,576
|
|
|
$
|
396,888,998
|
|
|
183.4
|
%
|
(1)
|
All of our investments are domiciled in the United States. Certain investments also have international operations.
|
(2)
|
Par amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments.
|
(3)
|
Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for U.S. federal income tax purposes totaled $28,155,804, $96,121,868, and $67,966,064, respectively. The tax cost basis of investments is $464,855,062 as of September 30, 2019.
|
(4)
|
Percentage is based on net assets of $216,432,530 as of September 30, 2019.
|
(5)
|
Control Investments are defined by the Investment Company Act of 1940, as amended (the “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)
|
Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (see Note 4).
|
(7)
|
The investment has an unfunded commitment as of September 30, 2019 (see Note 8), and includes an analysis of the value of any unfunded commitments.
|
(8)
|
Represents 1.3% partnership interest in Watermill-QMC Partners, LP and Watermill-EMI Partners, LP.
|
(9)
|
The investment was on non-accrual status as of September 30, 2019.
|
(10)
|
The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2019, 24.3% of the Company's portfolio investments were non-qualifying assets.
|
(11)
|
A portion of this investment was sold via a participation agreement. The amount stated is the portion retained by Medley Capital Corporation (see Note 3).
|
(12)
|
The interest rate on these loans is subject to the greater of a London Interbank Offering Rate (“LIBOR”) floor, or 1 month LIBOR plus a base rate. The 1 month LIBOR as of September 30, 2019 was 2.04%.
|
(13)
|
The interest rate on these loans is subject to the greater of a LIBOR floor, or 3 month LIBOR plus a base rate. The 3 month LIBOR as of September 30, 2019 was 2.10%.
|
(14)
|
These loans bear interest at an alternate base rate, or in the case of these particular investments the Prime Rate set by the Federal Reserve, plus a given spread. The Prime Rate in effect at September 30, 2019 was 5.00%.
|
(15)
|
The interest rate on these loans is subject to 3 month LIBOR plus a base rate. The 3 month LIBOR as of September 30, 2019 was 2.10%.
|
(16)
|
This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2019, and is recorded as a component of interest income on the Consolidated Statements of Operations.
|
(17)
|
This investment represents a Level 1 security in the ASC 820 table as of September 30, 2019 (see Note 4).
|
(18)
|
This investment represents a Level 2 security in the ASC 820 table as of September 30, 2019 (see Note 4).
|
(19)
|
Security is non-income producing.
|
(20)
|
This investment is scheduled to repay a percentage of the outstanding principal on a quarterly basis. Upon TPG Plastics, LLC obtaining all environmental and product testing authorizations, licenses and permits from all applicable governmental authorities, the remaining outstanding principal is expected to be repaid in full.
|
(21)
|
As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment.
|
(22)
|
All or a portion of this investment is held in Medley SLF Funding I LLC (see Note 5).
|
(23)
|
All or a portion of this investment is held in Medley Small Business Fund, LP (see Note 5).
|
a.
|
$100,000 for the agreement to appoint an independent director on the board of directors of the post-merger company; and
|
A
|
shall be the amount of the Additional Fee (excluding the $100,000 award for the agreement to appoint an independent director on the board of directors of the post-merger company);
|
M
|
shall be the sum of (i) the $17 million cash component of the Settlement Fund and (ii) the value of the post-merger company stock component of the Settlement Fund, which shall be calculated as the product of the VPS (as defined below) and 4,709,576.14 (the number of shares of post-merger company’s stock comprising the stock component of the net settlement amount);
|
L
|
shall be the amount representing the estimated value of the decrease in shares to be received by eligible class members arising by operation of the change in the “Exchange Ratio” under the Amended MCC Merger Agreement, calculated as follows:
|
VPS
|
shall be the pro forma net asset value per share of the post-merger company’s common stock as of the closing as reported in the public disclosure filed nearest in time and after the closing (the “Closing NAV Disclosure”); and
|
•
|
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 (“Recent Arms-Length Transaction”);
|
•
|
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 valuation 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
|
$
|
191,817
|
|
|
46.9
|
%
|
|
$
|
139,316
|
|
|
40.7
|
%
|
Senior Secured Second Lien Term Loans
|
39,139
|
|
|
9.6
|
|
|
35,721
|
|
|
10.4
|
|
||
Unsecured Debt
|
2,210
|
|
|
0.5
|
|
|
2,210
|
|
|
0.7
|
|
||
MCC Senior Loan Strategy JV I LLC
|
78,575
|
|
|
19.2
|
|
|
65,868
|
|
|
19.3
|
|
||
Equity/Warrants
|
97,291
|
|
|
23.8
|
|
|
98,889
|
|
|
28.9
|
|
||
Total
|
$
|
409,032
|
|
|
100.0
|
%
|
|
$
|
342,004
|
|
|
100.0
|
%
|
|
Amortized Cost
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
Senior Secured First Lien Term Loans
|
$
|
243,342
|
|
|
52.0
|
%
|
|
$
|
192,770
|
|
|
48.6
|
%
|
Senior Secured Second Lien Term Loans
|
39,089
|
|
|
8.4
|
|
|
36,508
|
|
|
9.2
|
|
||
Unsecured Debt
|
2,653
|
|
|
0.6
|
|
|
2,653
|
|
|
0.7
|
|
||
MCC Senior Loan Strategy JV I LLC
|
78,575
|
|
|
16.8
|
|
|
69,949
|
|
|
17.6
|
|
||
Equity/Warrants
|
103,989
|
|
|
22.2
|
|
|
95,009
|
|
|
23.9
|
|
||
Total
|
$
|
467,648
|
|
|
100.0
|
%
|
|
$
|
396,889
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Construction & Building
|
$
|
68,096
|
|
|
19.9
|
%
|
Multisector Holdings
|
65,868
|
|
|
19.3
|
|
|
Services: Business
|
41,913
|
|
|
12.2
|
|
|
High Tech Industries
|
27,556
|
|
|
8.1
|
|
|
Healthcare & Pharmaceuticals
|
26,378
|
|
|
7.7
|
|
|
Energy: Oil & Gas
|
23,196
|
|
|
6.8
|
|
|
Hotel, Gaming & Leisure
|
18,186
|
|
|
5.3
|
|
|
Wholesale
|
17,100
|
|
|
5.0
|
|
|
Containers, Packaging & Glass
|
12,459
|
|
|
3.6
|
|
|
Banking, Finance, Insurance & Real Estate
|
10,000
|
|
|
2.9
|
|
|
Consumer goods: Durable
|
6,708
|
|
|
2.0
|
|
|
Consumer goods: Non-durable
|
6,379
|
|
|
1.9
|
|
|
Environmental Industries
|
3,991
|
|
|
1.2
|
|
|
Aerospace & Defense
|
3,548
|
|
|
1.0
|
|
|
Metals & Mining
|
3,258
|
|
|
1.0
|
|
|
Forest Products & Paper
|
2,897
|
|
|
0.8
|
|
|
Media: Broadcasting & Subscription
|
2,472
|
|
|
0.7
|
|
|
Automotive
|
897
|
|
|
0.3
|
|
|
Media: Advertising, Printing & Publishing
|
570
|
|
|
0.2
|
|
|
Retail
|
532
|
|
|
0.1
|
|
|
Total
|
$
|
342,004
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Multisector Holdings
|
$
|
69,949
|
|
|
17.6
|
%
|
Construction & Building
|
59,608
|
|
|
15.0
|
|
|
Services: Business
|
49,512
|
|
|
12.5
|
|
|
High Tech Industries
|
38,254
|
|
|
9.6
|
|
|
Healthcare & Pharmaceuticals
|
25,698
|
|
|
6.5
|
|
|
Energy: Oil & Gas
|
23,632
|
|
|
6.0
|
|
|
Hotel, Gaming & Leisure
|
21,127
|
|
|
5.3
|
|
|
Wholesale
|
13,850
|
|
|
3.5
|
|
|
Services: Consumer
|
13,278
|
|
|
3.3
|
|
|
Containers, Packaging & Glass
|
12,637
|
|
|
3.2
|
|
|
Capital Equipment
|
10,680
|
|
|
2.7
|
|
|
Automotive
|
10,375
|
|
|
2.6
|
|
|
Banking, Finance, Insurance & Real Estate
|
10,000
|
|
|
2.5
|
|
|
Aerospace & Defense
|
8,604
|
|
|
2.2
|
|
|
Consumer goods: Non-durable
|
6,326
|
|
|
1.6
|
|
|
Consumer goods: Durable
|
6,170
|
|
|
1.6
|
|
|
Environmental Industries
|
3,991
|
|
|
1.0
|
|
|
Metals & Mining
|
3,436
|
|
|
0.9
|
|
|
Forest Products & Paper
|
2,830
|
|
|
0.7
|
|
|
Media: Broadcasting & Subscription
|
2,408
|
|
|
0.6
|
|
|
Chemicals, Plastics & Rubber
|
2,277
|
|
|
0.6
|
|
|
Media: Advertising, Printing & Publishing
|
1,715
|
|
|
0.4
|
|
|
Retail
|
532
|
|
|
0.1
|
|
|
Total
|
$
|
396,889
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Northeast
|
$
|
138,282
|
|
|
40.4
|
%
|
West
|
75,465
|
|
|
22.1
|
|
|
Midwest
|
49,588
|
|
|
14.5
|
|
|
Southeast
|
45,666
|
|
|
13.3
|
|
|
Mid-Atlantic
|
18,690
|
|
|
5.5
|
|
|
Southwest
|
14,313
|
|
|
4.2
|
|
|
Total
|
$
|
342,004
|
|
|
100.0
|
%
|
|
Fair Value
|
|
Percentage
|
|||
Northeast
|
$
|
143,795
|
|
|
36.2
|
%
|
West
|
88,412
|
|
|
22.3
|
|
|
Midwest
|
76,001
|
|
|
19.2
|
|
|
Southeast
|
48,089
|
|
|
12.1
|
|
|
Southwest
|
24,658
|
|
|
6.2
|
|
|
Mid-Atlantic
|
15,934
|
|
|
4.0
|
|
|
Total
|
$
|
396,889
|
|
|
100.0
|
%
|
Name of Investment(3)
|
|
Type of Investment
|
|
Fair Value at September 30, 2019
|
|
Purchases/(Sales) of or Advances/(Distributions)
|
|
Transfers In/(Out) of Affiliates
|
|
Unrealized Gain/(Loss)
|
|
Realized Gain/(Loss)
|
|
Fair Value at December 31, 2019
|
|
Income Earned
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Affiliated Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1888 Industrial Services, LLC
|
|
Senior Secured First Lien Term Loan A
|
|
$
|
9,304,145
|
|
|
$
|
168,923
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,473,068
|
|
|
$
|
168,914
|
|
|
|
Senior Secured First Lien Term Loan B
|
|
5,886,892
|
|
|
—
|
|
|
—
|
|
|
152,013
|
|
|
—
|
|
|
6,038,905
|
|
|
—
|
|
|||||||
|
|
Senior Secured First Lien Term Loan C
|
|
1,170,014
|
|
|
21,243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,191,257
|
|
|
21,241
|
|
|||||||
|
|
Senior Secured First Lien Term Loan D
|
|
224,456
|
|
|
4,075
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
228,531
|
|
|
4,075
|
|
|||||||
|
|
Senior Secured First Lien Term Loan E
|
|
—
|
|
|
823,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
823,714
|
|
|
13,591
|
|
|||||||
|
|
Revolving Credit Facility
|
|
4,387,025
|
|
|
(1,006,173
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,380,852
|
|
|
71,737
|
|
|||||||
|
|
Equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Access Media Holdings, LLC
|
|
Senior Secured First Lien Term Loan
|
|
2,509,089
|
|
|
—
|
|
|
—
|
|
|
63,960
|
|
|
—
|
|
|
2,573,049
|
|
|
—
|
|
|||||||
|
|
Preferred Equity Series A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Preferred Equity Series AA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Preferred Equity Series AAA
|
|
(100,800
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100,800
|
)
|
|
—
|
|
|||||||
|
|
Equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Caddo Investors Holdings 1 LLC
|
|
Equity
|
|
2,830,051
|
|
|
—
|
|
|
—
|
|
|
67,061
|
|
|
—
|
|
|
2,897,112
|
|
|
—
|
|
|||||||
Dynamic Energy Services International LLC
|
|
Senior Secured First Lien Term Loan
|
|
1,264,841
|
|
|
—
|
|
|
—
|
|
|
50,778
|
|
|
—
|
|
|
1,315,619
|
|
|
—
|
|
|||||||
|
|
Revolving Credit Facility
|
|
545,103
|
|
|
(545,103
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,692
|
|
|||||||
|
|
Equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
JFL-NGS Partners, LLC
|
|
Preferred Equity A-2
|
|
20,150,684
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,150,684
|
|
|
152,372
|
|
|||||||
|
|
Preferred Equity A-1
|
|
2,607,661
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,607,661
|
|
|
19,718
|
|
|||||||
|
|
Equity
|
|
19,096,371
|
|
|
—
|
|
|
—
|
|
|
9,161,124
|
|
|
—
|
|
|
28,257,495
|
|
|
—
|
|
|||||||
JFL-WCS Partners, LLC
|
|
Preferred Equity Class A
|
|
1,236,269
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,236,269
|
|
|
18,696
|
|
|||||||
|
|
Equity
|
|
2,755,041
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,755,041
|
|
|
—
|
|
|||||||
Kemmerer Operations, LLC
|
|
Senior Secured First Lien Term Loan
|
|
1,766,511
|
|
|
67,716
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,834,227
|
|
|
67,744
|
|
|||||||
|
|
Senior Secured First Lien Delayed Draw Term Loan
|
|
706,604
|
|
|
(245,569
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
461,035
|
|
|
25,515
|
|
|||||||
|
|
Equity
|
|
962,717
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
962,717
|
|
|
—
|
|
Name of Investment(3)
|
|
Type of Investment
|
|
Fair Value at September 30, 2018
|
|
Purchases/(Sales) of or Advances/(Distributions)
|
|
Transfers In/(Out) of Affiliates
|
|
Unrealized Gain/(Loss)
|
|
Realized Gain/(Loss)
|
|
Fair Value at December 31, 2018
|
|
Income Earned
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Affiliated Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1888 Industrial Services, LLC
|
|
Senior Secured First Lien Term Loan A
|
|
$
|
8,984,232
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,984,232
|
|
|
$
|
169,687
|
|
|
|
Senior Secured First Lien Term Loan B
|
|
19,725,217
|
|
|
734,779
|
|
|
—
|
|
|
(3,301,073
|
)
|
|
—
|
|
|
17,158,923
|
|
|
759,184
|
|
|||||||
|
|
Revolving Credit Facility
|
|
3,593,693
|
|
|
(898,423
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,695,270
|
|
|
56,753
|
|
|||||||
|
|
Equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Access Media Holdings, LLC
|
|
Senior Secured First Lien Term Loan
|
|
5,876,279
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
5,876,282
|
|
|
—
|
|
|||||||
|
|
Preferred Equity Series A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Preferred Equity Series AA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Preferred Equity Series AAA
|
|
(172,800
|
)
|
|
72,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100,800
|
)
|
|
—
|
|
|||||||
|
|
Equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Brantley Transportation LLC
|
|
Senior Secured First Lien Term Loan
|
|
2,882,800
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
|
2,882,909
|
|
|
—
|
|
|||||||
|
|
Senior Secured First Lien Delayed Draw Term Loan
|
|
503,105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
503,105
|
|
|
9,380
|
|
|||||||
|
|
Equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Caddo Investors Holdings 1 LLC
|
|
Equity
|
|
2,500,000
|
|
|
20,842
|
|
|
—
|
|
|
107,388
|
|
|
—
|
|
|
2,628,230
|
|
|
(61,927
|
)
|
|||||||
JFL-NGS Partners, LLC
|
|
Preferred Equity A-2
|
|
31,468,755
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,468,755
|
|
|
237,956
|
|
|||||||
|
|
Preferred Equity A-1
|
|
4,072,311
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,072,311
|
|
|
30,793
|
|
|||||||
|
|
Equity
|
|
9,825,804
|
|
|
—
|
|
|
—
|
|
|
1,131,102
|
|
|
—
|
|
|
10,956,906
|
|
|
—
|
|
|||||||
JFL-WCS Partners, LLC
|
|
Preferred Equity Class A
|
|
1,166,292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,166,292
|
|
|
17,638
|
|
|||||||
|
|
Equity
|
|
215,116
|
|
|
—
|
|
|
—
|
|
|
470,404
|
|
|
—
|
|
|
685,520
|
|
|
—
|
|
|||||||
Path Medical, LLC
|
|
Senior Secured First Lien Term Loan
|
|
—
|
|
|
568,593
|
|
|
7,821,824
|
|
|
(144,729
|
)
|
|
—
|
|
|
8,245,688
|
|
|
244,223
|
|
|||||||
|
|
Senior Secured First Lien Term Loan A
|
|
—
|
|
|
190,477
|
|
|
2,808,500
|
|
|
(158,046
|
)
|
|
—
|
|
|
2,840,931
|
|
|
78,721
|
|
|||||||
|
|
Senior Secured First Lien Term Loan C
|
|
—
|
|
|
688,926
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
688,926
|
|
|
14,383
|
|
|||||||
|
|
Equity
|
|
—
|
|
|
—
|
|
|
499,751
|
|
|
(499,751
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
US Multifamily, LLC
|
|
Senior Secured First Lien Term Loan
|
|
6,670,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,670,000
|
|
|
166,750
|
|
|||||||
|
|
Equity
|
|
3,330,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,330,000
|
|
|
—
|
|
|||||||
Total Affiliated Investments
|
|
$
|
100,640,804
|
|
|
$
|
1,377,194
|
|
|
$
|
11,130,075
|
|
|
$
|
(2,394,593
|
)
|
|
$
|
—
|
|
|
$
|
110,753,480
|
|
|
$
|
1,723,541
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Controlled Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capstone Nutrition
|
|
Senior Secured First Lien Term Loan
|
|
$
|
12,657,663
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41,238
|
|
|
$
|
—
|
|
|
$
|
12,698,901
|
|
|
$
|
—
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan
|
|
5,692,096
|
|
|
—
|
|
|
—
|
|
|
18,545
|
|
|
—
|
|
|
5,710,641
|
|
|
—
|
|
|||||||
|
|
Senior Secured First Lien Incremental Delayed Draw
|
|
2,242,721
|
|
|
84,625
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,327,346
|
|
|
87,832
|
|
(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)
|
Amount of income earned 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.
|
(3)
|
The par amount and additional detail are shown in the consolidated schedule of investments.
|
•
|
transferred investments have been isolated from the Company, and 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.
|
|
December 31, 2019
|
|
September 30, 2019
|
||||
Senior secured loans(1)
|
$
|
250,909,350
|
|
|
$
|
261,170,437
|
|
Weighted average current interest rate on senior secured loans(2)
|
6.85
|
%
|
|
7.17
|
%
|
||
Number of borrowers in MCC JV
|
60
|
|
|
61
|
|
||
Largest loan to a single borrower(1)
|
$
|
10,826,858
|
|
|
$
|
10,884,644
|
|
Total of five largest loans to borrowers(1)
|
$
|
43,198,483
|
|
|
$
|
43,626,877
|
|
(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 par.
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
4Over International, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
6/7/2022
|
|
10,826,858
|
|
|
10,826,858
|
|
|
10,648,215
|
|
|
14.1
|
%
|
|||
|
|
|
|
|
|
|
|
10,826,858
|
|
|
10,826,858
|
|
|
10,648,215
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acrisure, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
11/22/2023
|
|
898,693
|
|
|
896,242
|
|
|
899,861
|
|
|
1.2
|
%
|
|||
|
|
|
|
|
|
|
|
898,693
|
|
|
896,242
|
|
|
899,861
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brightspring Health Services
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%)(1)
|
|
3/5/2026
|
|
3,980,000
|
|
|
3,933,352
|
|
|
3,998,905
|
|
|
5.3
|
%
|
|||
|
|
|
|
|
|
|
|
3,980,000
|
|
|
3,933,352
|
|
|
3,998,905
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Callaway Golf Company
|
|
Consumer Goods: Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
1/4/2026
|
|
2,766,749
|
|
|
2,719,022
|
|
|
2,794,418
|
|
|
3.7
|
%
|
|||
|
|
|
|
|
|
|
|
2,766,749
|
|
|
2,719,022
|
|
|
2,794,418
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cambrex Corporation
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
12/4/2026
|
|
4,000,000
|
|
|
3,920,721
|
|
|
3,920,000
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
4,000,000
|
|
|
3,920,721
|
|
|
3,920,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cardenas Markets LLC
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)
|
|
11/29/2023
|
|
5,335,000
|
|
|
5,305,173
|
|
|
5,242,171
|
|
|
7.0
|
%
|
|||
|
|
|
|
|
|
|
|
5,335,000
|
|
|
5,305,173
|
|
|
5,242,171
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CHA Consulting, Inc.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
4/10/2025
|
|
1,350,672
|
|
|
1,345,571
|
|
|
1,347,565
|
|
|
1.8
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
4/10/2025
|
|
597,000
|
|
|
597,000
|
|
|
595,627
|
|
|
0.8
|
%
|
|||
|
|
|
|
|
|
|
|
1,947,672
|
|
|
1,942,571
|
|
|
1,943,192
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Covenant Surgical Partners, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%)(1)
|
|
7/1/2026
|
|
4,987,500
|
|
|
4,941,013
|
|
|
4,942,594
|
|
|
6.6
|
%
|
|||
|
|
|
|
|
|
|
|
4,987,500
|
|
|
4,941,013
|
|
|
4,942,594
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CT Technologies Intermediate Holdings, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
12/1/2021
|
|
4,121,112
|
|
|
4,064,756
|
|
|
3,878,791
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
4,121,112
|
|
|
4,064,756
|
|
|
3,878,791
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Envision Healthcare Corporation
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)
|
|
10/10/2025
|
|
1,955,250
|
|
|
1,895,141
|
|
|
1,666,264
|
|
|
2.2
|
%
|
|||
|
|
|
|
|
|
|
|
1,955,250
|
|
|
1,895,141
|
|
|
1,666,264
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GC EOS Buyer, Inc.
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
8/1/2025
|
|
3,436,387
|
|
|
3,392,720
|
|
|
3,340,511
|
|
|
4.4
|
%
|
|||
|
|
|
|
|
|
|
|
3,436,387
|
|
|
3,392,720
|
|
|
3,340,511
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GK Holdings, Inc.
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
1/20/2021
|
|
2,900,763
|
|
|
2,897,082
|
|
|
2,407,634
|
|
|
3.2
|
%
|
|||
|
|
|
|
|
|
|
|
2,900,763
|
|
|
2,897,082
|
|
|
2,407,634
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Glass Mountain Pipeline Holdings, LLC
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
12/23/2024
|
|
4,887,938
|
|
|
4,874,842
|
|
|
4,286,232
|
|
|
5.7
|
%
|
|||
|
|
|
|
|
|
|
|
4,887,938
|
|
|
4,874,842
|
|
|
4,286,232
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Golden West Packaging Group LLC
|
|
Forest Products & Paper
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
6/20/2023
|
|
4,121,837
|
|
|
4,121,837
|
|
|
4,092,984
|
|
|
5.4
|
%
|
|||
|
|
|
|
|
|
|
|
4,121,837
|
|
|
4,121,837
|
|
|
4,092,984
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
High Ridge Brands Co.
|
|
Consumer Goods: Non-Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)(1)(4)
|
|
6/30/2022
|
|
1,818,750
|
|
|
1,806,941
|
|
|
787,519
|
|
|
1.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)(1)(4)
|
|
4/18/2020
|
|
86,311
|
|
|
83,512
|
|
|
86,311
|
|
|
0.1
|
%
|
|||
|
|
|
|
|
|
|
|
1,905,061
|
|
|
1,890,453
|
|
|
873,830
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Highline Aftermarket Acquisitions, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)(1)
|
|
4/26/2025
|
|
4,055,882
|
|
|
4,045,660
|
|
|
3,660,434
|
|
|
4.9
|
%
|
|||
|
|
|
|
|
|
|
|
4,055,882
|
|
|
4,045,660
|
|
|
3,660,434
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Imagine Group, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
6/21/2022
|
|
7,780,000
|
|
|
7,741,207
|
|
|
2,650,646
|
|
|
3.5
|
%
|
|||
|
|
|
|
|
|
|
|
7,780,000
|
|
|
7,741,207
|
|
|
2,650,646
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Infogroup, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
4/3/2023
|
|
4,862,500
|
|
|
4,835,967
|
|
|
4,704,955
|
|
|
6.2
|
%
|
|||
|
|
|
|
|
|
|
|
4,862,500
|
|
|
4,835,967
|
|
|
4,704,955
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Intermediate LLC
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
7/1/2026
|
|
2,743,125
|
|
|
2,726,710
|
|
|
2,729,409
|
|
|
3.6
|
%
|
|||
|
|
|
|
|
|
|
|
2,743,125
|
|
|
2,726,710
|
|
|
2,729,409
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Isagenix International, LLC
|
|
Wholesale
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)
|
|
6/16/2025
|
|
2,750,063
|
|
|
2,738,029
|
|
|
1,924,494
|
|
|
2.6
|
%
|
|||
|
|
|
|
|
|
|
|
2,750,063
|
|
|
2,738,029
|
|
|
1,924,494
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Jordan Health Products I, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
5/15/2025
|
|
5,168,658
|
|
|
5,108,818
|
|
|
3,721,434
|
|
|
4.9
|
%
|
|||
|
|
|
|
|
|
|
|
5,168,658
|
|
|
5,108,818
|
|
|
3,721,434
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Keystone Acquisition Corp.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
5/1/2024
|
|
6,146,978
|
|
|
6,075,006
|
|
|
5,993,304
|
|
|
8.0
|
%
|
|||
|
|
|
|
|
|
|
|
6,146,978
|
|
|
6,075,006
|
|
|
5,993,304
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
KNB Holdings Corporation
|
|
Consumer Goods: Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)
|
|
4/26/2024
|
|
4,839,315
|
|
|
4,779,425
|
|
|
3,629,970
|
|
|
4.8
|
%
|
|||
|
|
|
|
|
|
|
|
4,839,315
|
|
|
4,779,425
|
|
|
3,629,970
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Liaison Acquisition, LLC
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
12/20/2026
|
|
6,500,000
|
|
|
6,483,801
|
|
|
6,483,750
|
|
|
8.6
|
%
|
|||
|
|
|
|
|
|
|
|
6,500,000
|
|
|
6,483,801
|
|
|
6,483,750
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
LifeMiles Ltd.
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)
|
|
8/18/2022
|
|
4,684,602
|
|
|
4,671,137
|
|
|
4,614,801
|
|
|
6.1
|
%
|
|||
|
|
|
|
|
|
|
|
4,684,602
|
|
|
4,671,137
|
|
|
4,614,801
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Manna Pro Products, LLC
|
|
Consumer Goods: Non-Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
12/8/2023
|
|
3,021,667
|
|
|
3,021,667
|
|
|
2,904,426
|
|
|
3.9
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
12/8/2023
|
|
613,583
|
|
|
613,583
|
|
|
589,776
|
|
|
0.8
|
%
|
|||
|
|
|
|
|
|
|
|
3,635,250
|
|
|
3,635,250
|
|
|
3,494,202
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
MediaOcean
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%)(1)
|
|
8/18/2025
|
|
1,750,000
|
|
|
1,745,688
|
|
|
1,745,625
|
|
|
2.3
|
%
|
|||
|
|
|
|
|
|
|
|
1,750,000
|
|
|
1,745,688
|
|
|
1,745,625
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NGS US Finco, LLC
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
10/1/2025
|
|
2,970,000
|
|
|
2,957,789
|
|
|
2,968,218
|
|
|
3.9
|
%
|
|||
|
|
|
|
|
|
|
|
2,970,000
|
|
|
2,957,789
|
|
|
2,968,218
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Northern Star Industries, Inc.
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
3/28/2025
|
|
4,175,625
|
|
|
4,159,917
|
|
|
4,049,521
|
|
|
5.4
|
%
|
|||
|
|
|
|
|
|
|
|
4,175,625
|
|
|
4,159,917
|
|
|
4,049,521
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nuvei Technologies Corp.
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
9/29/2025
|
|
3,447,677
|
|
|
3,418,858
|
|
|
3,464,915
|
|
|
4.6
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
9/29/2025
|
|
505,053
|
|
|
505,053
|
|
|
507,578
|
|
|
0.7
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
9/29/2025
|
|
696,620
|
|
|
696,620
|
|
|
700,104
|
|
|
0.9
|
%
|
|||
|
|
|
|
|
|
|
|
4,649,350
|
|
|
4,620,531
|
|
|
4,672,597
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Offen, Inc.
|
|
Transportation: Cargo
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%)(1)
|
|
6/22/2026
|
|
3,654,204
|
|
|
3,620,273
|
|
|
3,654,204
|
|
|
4.9
|
%
|
|||
|
|
|
|
|
|
|
|
3,654,204
|
|
|
3,620,273
|
|
|
3,654,204
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Patriot Rail Company LLC
|
|
Transportation: Cargo
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%)(1)
|
|
10/19/2026
|
|
1,750,000
|
|
|
1,715,946
|
|
|
1,715,000
|
|
|
2.3
|
%
|
|||
|
|
|
|
|
|
|
|
1,750,000
|
|
|
1,715,946
|
|
|
1,715,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Peraton Corp.
|
|
Aerospace and Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
4/29/2024
|
|
3,397,727
|
|
|
3,387,186
|
|
|
3,380,739
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,397,727
|
|
|
3,387,186
|
|
|
3,380,739
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PetroChoice Holdings, Inc.
|
|
Chemicals, Plastics and Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
8/19/2022
|
|
6,329,376
|
|
|
6,317,572
|
|
|
6,005,312
|
|
|
8.0
|
%
|
|||
|
|
|
|
|
|
|
|
6,329,376
|
|
|
6,317,572
|
|
|
6,005,312
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Port Townsend Holdings Company, Inc.
|
|
Forest Products & Paper
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
4/3/2024
|
|
3,034,160
|
|
|
3,012,452
|
|
|
2,883,969
|
|
|
3.8
|
%
|
|||
|
|
|
|
|
|
|
|
3,034,160
|
|
|
3,012,452
|
|
|
2,883,969
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PT Network, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor, 2% PIK)(1)(5)
|
|
11/30/2023
|
|
4,904,970
|
|
|
4,587,580
|
|
|
4,585,657
|
|
|
6.1
|
%
|
|||
|
|
|
|
Class C Common Stock
|
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
4,904,971
|
|
|
4,587,580
|
|
|
4,585,657
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PVHC Holding Corp
|
|
Containers, Packaging and Glass
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
8/5/2024
|
|
1,967,369
|
|
|
1,959,757
|
|
|
1,816,508
|
|
|
2.4
|
%
|
|||
|
|
|
|
|
|
|
|
1,967,369
|
|
|
1,959,757
|
|
|
1,816,508
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Quartz Holding Company
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
4/2/2026
|
|
6,466,253
|
|
|
6,443,901
|
|
|
6,433,922
|
|
|
8.5
|
%
|
|||
|
|
|
|
|
|
|
|
6,466,253
|
|
|
6,443,901
|
|
|
6,433,922
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
RB Media, Inc.
|
|
Media: Diversified & Production
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
8/29/2025
|
|
3,950,000
|
|
|
3,917,891
|
|
|
3,950,000
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
3,950,000
|
|
|
3,917,891
|
|
|
3,950,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Rough Country, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)
|
|
5/25/2023
|
|
3,839,912
|
|
|
3,825,243
|
|
|
3,801,513
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
3,839,912
|
|
|
3,825,243
|
|
|
3,801,513
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Safe Fleet Holdings LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.00%, 1.00% LIBOR Floor)(1)
|
|
2/3/2025
|
|
3,414,188
|
|
|
3,409,236
|
|
|
3,254,233
|
|
|
4.3
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)
|
|
2/3/2025
|
|
1,332,506
|
|
|
1,287,273
|
|
|
1,271,344
|
|
|
1.7
|
%
|
|||
|
|
|
|
|
|
|
|
4,746,694
|
|
|
4,696,509
|
|
|
4,525,577
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Salient CRGT Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
2/28/2022
|
|
2,626,786
|
|
|
2,603,868
|
|
|
2,390,375
|
|
|
3.2
|
%
|
|||
|
|
|
|
|
|
|
|
2,626,786
|
|
|
2,603,868
|
|
|
2,390,375
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SCS Holdings I Inc.
|
|
Wholesale
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
7/1/2026
|
|
2,238,750
|
|
|
2,233,552
|
|
|
2,247,257
|
|
|
3.0
|
%
|
|||
|
|
|
|
|
|
|
|
2,238,750
|
|
|
2,233,552
|
|
|
2,247,257
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SFP Holding, Inc.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)(1)
|
|
9/1/2022
|
|
4,810,727
|
|
|
4,757,582
|
|
|
4,810,727
|
|
|
6.4
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)(1)
|
|
9/1/2022
|
|
1,866,556
|
|
|
1,866,556
|
|
|
1,866,556
|
|
|
2.5
|
%
|
|||
|
|
|
|
|
|
|
|
6,677,283
|
|
|
6,624,138
|
|
|
6,677,283
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Shift4 Payments, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
11/29/2024
|
|
9,800,000
|
|
|
9,765,521
|
|
|
9,831,360
|
|
|
13.1
|
%
|
|||
|
|
|
|
|
|
|
|
9,800,000
|
|
|
9,765,521
|
|
|
9,831,360
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sierra Enterprises, LLC
|
|
Beverage & Food
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
11/11/2024
|
|
3,909,046
|
|
|
3,900,193
|
|
|
3,889,501
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
3,909,046
|
|
|
3,900,193
|
|
|
3,889,501
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Simplified Logistics, LLC
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1)
|
|
2/27/2022
|
|
3,473,750
|
|
|
3,473,750
|
|
|
3,473,750
|
|
|
4.6
|
%
|
|||
|
|
|
|
|
|
|
|
3,473,750
|
|
|
3,473,750
|
|
|
3,473,750
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SMB Shipping Logistics, LLC
|
|
Transportation: Cargo
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
2/5/2024
|
|
1,462,048
|
|
|
1,451,196
|
|
|
1,451,521
|
|
|
1.9
|
%
|
|||
|
|
|
|
|
|
|
|
1,462,048
|
|
|
1,451,196
|
|
|
1,451,521
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Syniverse Holdings, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
3/9/2023
|
|
2,927,601
|
|
|
2,908,826
|
|
|
2,762,191
|
|
|
3.7
|
%
|
|||
|
|
|
|
|
|
|
|
2,927,601
|
|
|
2,908,826
|
|
|
2,762,191
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Octave Music Group, Inc.
|
|
Media: Diversified & Production
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
5/28/2021
|
|
4,337,289
|
|
|
4,337,289
|
|
|
4,332,085
|
|
|
5.8
|
%
|
|||
|
|
|
|
|
|
|
|
4,337,289
|
|
|
4,337,289
|
|
|
4,332,085
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ThoughtWorks, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
10/11/2024
|
|
6,658,045
|
|
|
6,643,277
|
|
|
6,674,690
|
|
|
8.9
|
%
|
|||
|
|
|
|
|
|
|
|
6,658,045
|
|
|
6,643,277
|
|
|
6,674,690
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Tortoise Borrower LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)(1)
|
|
1/31/2025
|
|
2,431,688
|
|
|
2,422,832
|
|
|
2,416,611
|
|
|
3.2
|
%
|
|||
|
|
|
|
|
|
|
|
2,431,688
|
|
|
2,422,832
|
|
|
2,416,611
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
United Road Services, Inc.
|
|
Transportation: Cargo
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)
|
|
9/2/2024
|
|
3,729,999
|
|
|
3,717,262
|
|
|
3,468,899
|
|
|
4.6
|
%
|
|||
|
|
|
|
|
|
|
|
3,729,999
|
|
|
3,717,262
|
|
|
3,468,899
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Vero Parent, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
8/16/2024
|
|
3,905,587
|
|
|
3,882,806
|
|
|
3,739,600
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
3,905,587
|
|
|
3,882,806
|
|
|
3,739,600
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wawona Delaware Holdings, LLC
|
|
Beverage & Food
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
9/11/2026
|
|
4,962,563
|
|
|
4,914,942
|
|
|
4,912,937
|
|
|
6.5
|
%
|
|||
|
|
|
|
|
|
|
|
4,962,563
|
|
|
4,914,942
|
|
|
4,912,937
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wheels Up Partners LLC
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 8.55%, 1.00% LIBOR Floor)(1)
|
|
10/15/2021
|
|
3,422,896
|
|
|
3,375,468
|
|
|
3,381,136
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,422,896
|
|
|
3,375,468
|
|
|
3,381,136
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wok Holdings Inc.
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1)
|
|
3/1/2026
|
|
6,600,125
|
|
|
6,549,143
|
|
|
5,321,681
|
|
|
7.1
|
%
|
|||
|
|
|
|
|
|
|
|
6,600,125
|
|
|
6,549,143
|
|
|
5,321,681
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wrench Group LLC
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
4/30/2026
|
|
2,220,094
|
|
|
2,203,352
|
|
|
2,205,274
|
|
|
2.9
|
%
|
|||
|
|
|
|
|
|
|
|
2,220,094
|
|
|
2,203,352
|
|
|
2,205,274
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Xebec Global Holdings, LLC
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
2/12/2024
|
|
8,114,342
|
|
|
8,114,342
|
|
|
8,094,056
|
|
|
10.7
|
%
|
|||
|
|
|
|
|
|
|
|
8,114,342
|
|
|
8,114,342
|
|
|
8,094,056
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Z Medica, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)
|
|
9/29/2022
|
|
2,588,625
|
|
|
2,588,625
|
|
|
2,523,650
|
|
|
3.4
|
%
|
|||
|
|
|
|
|
|
|
|
2,588,625
|
|
|
2,588,625
|
|
|
2,523,650
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Investments, December 31, 2019
|
|
|
|
|
|
$
|
250,909,351
|
|
|
$
|
249,141,410
|
|
|
$
|
234,525,220
|
|
|
311.5
|
%
|
(1)
|
Represents the annual current interest rate as of December 31, 2019. All interest rates are payable in cash, unless otherwise noted.
|
(2)
|
Represents the fair value in accordance with ASC 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)
|
Percentage is based on MCC JV's net assets of $75,277,682 as of December 31, 2019.
|
(4)
|
This investment was on non-accrual status as of December 31, 2019.
|
(5)
|
Par amount includes accumulated PIK interest and is net of repayments.
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
4Over International, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
6/7/2022
|
|
$
|
10,884,644
|
|
|
$
|
10,884,644
|
|
|
$
|
10,635,385
|
|
|
13.3
|
%
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
10,884,644
|
|
|
10,884,644
|
|
|
10,635,385
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acrisure, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
11/22/2023
|
|
724,217
|
|
|
722,980
|
|
|
720,162
|
|
|
0.9
|
%
|
|||
|
|
|
|
|
|
|
|
724,217
|
|
|
722,980
|
|
|
720,162
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AL Midcoast Holdings, LLC
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)
|
|
8/1/2025
|
|
4,330,542
|
|
|
4,297,473
|
|
|
4,246,963
|
|
|
5.3
|
%
|
|||
|
|
|
|
|
|
|
|
4,330,542
|
|
|
4,297,473
|
|
|
4,246,963
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Brightspring Health Services
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%)(1)
|
|
3/5/2026
|
|
3,990,000
|
|
|
3,941,288
|
|
|
3,990,000
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
3,990,000
|
|
|
3,941,288
|
|
|
3,990,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Callaway Golf Company
|
|
Consumer Goods: Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
1/4/2026
|
|
2,774,187
|
|
|
2,724,326
|
|
|
2,801,929
|
|
|
3.5
|
%
|
|||
|
|
|
|
|
|
|
|
2,774,187
|
|
|
2,724,326
|
|
|
2,801,929
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Cardenas Markets LLC
|
|
Retail
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)
|
|
11/29/2023
|
|
5,348,750
|
|
|
5,316,921
|
|
|
5,172,776
|
|
|
6.5
|
%
|
|||
|
|
|
|
|
|
|
|
5,348,750
|
|
|
5,316,921
|
|
|
5,172,776
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CHA Consulting, Inc.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
4/10/2025
|
|
1,354,100
|
|
|
1,348,742
|
|
|
1,324,581
|
|
|
1.7
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
4/10/2025
|
|
598,500
|
|
|
598,500
|
|
|
584,908
|
|
|
0.7
|
%
|
|||
|
|
|
|
|
|
|
|
1,952,600
|
|
|
1,947,242
|
|
|
1,909,489
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Covenant Surgical Partners, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%)(1)
|
|
7/1/2026
|
|
5,000,000
|
|
|
4,951,590
|
|
|
4,940,000
|
|
|
6.2
|
%
|
|||
|
|
|
|
|
|
|
|
5,000,000
|
|
|
4,951,590
|
|
|
4,940,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CT Technologies Intermediate Holdings, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
12/1/2021
|
|
4,131,900
|
|
|
4,067,981
|
|
|
3,770,359
|
|
|
4.7
|
%
|
|||
|
|
|
|
|
|
|
|
4,131,900
|
|
|
4,067,981
|
|
|
3,770,359
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Envision Healthcare Corporation
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)
|
|
10/10/2025
|
|
1,960,188
|
|
|
1,897,299
|
|
|
1,594,220
|
|
|
2.0
|
%
|
|||
|
|
|
|
|
|
|
|
1,960,188
|
|
|
1,897,299
|
|
|
1,594,220
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GC EOS Buyer, Inc.
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
8/1/2025
|
|
3,445,086
|
|
|
3,399,335
|
|
|
3,400,989
|
|
|
4.3
|
%
|
|||
|
|
|
|
|
|
|
|
3,445,086
|
|
|
3,399,335
|
|
|
3,400,989
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GK Holdings, Inc.
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
1/20/2021
|
|
2,908,397
|
|
|
2,903,827
|
|
|
2,641,697
|
|
|
3.3
|
%
|
|||
|
|
|
|
|
|
|
|
2,908,397
|
|
|
2,903,827
|
|
|
2,641,697
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Glass Mountain Pipeline Holdings, LLC
|
|
Energy: Oil & Gas
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
12/23/2024
|
|
4,900,375
|
|
|
4,886,582
|
|
|
4,618,604
|
|
|
5.8
|
%
|
|||
|
|
|
|
|
|
|
|
4,900,375
|
|
|
4,886,582
|
|
|
4,618,604
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Golden West Packaging Group LLC
|
|
Forest Products & Paper
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
6/20/2023
|
|
4,188,348
|
|
|
4,188,348
|
|
|
4,163,637
|
|
|
5.2
|
%
|
|||
|
|
|
|
|
|
|
|
4,188,348
|
|
|
4,188,348
|
|
|
4,163,637
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
High Ridge Brands Co.
|
|
Consumer Goods: Non-Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 7.00%, 1.00% LIBOR Floor)(1)(4)
|
|
6/30/2022
|
|
1,818,750
|
|
|
1,805,750
|
|
|
1,421,353
|
|
|
1.8
|
%
|
|||
|
|
|
|
|
|
|
|
1,818,750
|
|
|
1,805,750
|
|
|
1,421,353
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Highline Aftermarket Acquisitions, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.50%, 1.00% LIBOR Floor)(1)
|
|
4/26/2025
|
|
4,066,176
|
|
|
4,055,443
|
|
|
3,601,412
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
4,066,176
|
|
|
4,055,443
|
|
|
3,601,412
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Imagine Group, LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
6/21/2022
|
|
7,800,000
|
|
|
7,757,145
|
|
|
5,187,780
|
|
|
6.5
|
%
|
|||
|
|
|
|
|
|
|
|
7,800,000
|
|
|
7,757,145
|
|
|
5,187,780
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Infogroup, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1)
|
|
4/3/2023
|
|
4,875,000
|
|
|
4,846,330
|
|
|
4,748,738
|
|
|
5.9
|
%
|
|||
|
|
|
|
|
|
|
|
4,875,000
|
|
|
4,846,330
|
|
|
4,748,738
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Intermedia Holdings, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
7/21/2025
|
|
2,977,500
|
|
|
2,952,588
|
|
|
2,973,034
|
|
|
3.7
|
%
|
|||
|
|
|
|
|
|
|
|
2,977,500
|
|
|
2,952,588
|
|
|
2,973,034
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Intermediate LLC
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
7/1/2026
|
|
2,750,000
|
|
|
2,732,906
|
|
|
2,732,400
|
|
|
3.4
|
%
|
|||
|
|
|
|
|
|
|
|
2,750,000
|
|
|
2,732,906
|
|
|
2,732,400
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Isagenix International, LLC
|
|
Wholesale
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.75%, 1.00% LIBOR Floor)(1)
|
|
6/16/2025
|
|
2,788,268
|
|
|
2,775,502
|
|
|
2,115,738
|
|
|
2.6
|
%
|
|||
|
|
|
|
|
|
|
|
2,788,268
|
|
|
2,775,502
|
|
|
2,115,738
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Jackson Hewitt Tax Service Inc.
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%)(1)
|
|
5/31/2023
|
|
5,850,000
|
|
|
5,850,000
|
|
|
5,811,390
|
|
|
7.3
|
%
|
|||
|
|
|
|
|
|
|
|
5,850,000
|
|
|
5,850,000
|
|
|
5,811,390
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Jordan Health Products I, Inc.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
5/15/2025
|
|
5,181,776
|
|
|
5,118,971
|
|
|
4,378,601
|
|
|
5.5
|
%
|
|||
|
|
|
|
|
|
|
|
5,181,776
|
|
|
5,118,971
|
|
|
4,378,601
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Keystone Acquisition Corp.
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
5/1/2024
|
|
6,162,699
|
|
|
6,086,349
|
|
|
5,972,888
|
|
|
7.5
|
%
|
|||
|
|
|
|
|
|
|
|
6,162,699
|
|
|
6,086,349
|
|
|
5,972,888
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
KNB Holdings Corporation
|
|
Consumer Goods: Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)
|
|
4/26/2024
|
|
4,871,364
|
|
|
4,807,569
|
|
|
3,975,033
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,871,364
|
|
|
4,807,569
|
|
|
3,975,033
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
LifeMiles Ltd.
|
|
Services: Consumer
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor)(1)
|
|
8/18/2022
|
|
4,836,393
|
|
|
4,821,161
|
|
|
4,759,978
|
|
|
6.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,836,393
|
|
|
4,821,161
|
|
|
4,759,978
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Manna Pro Products, LLC
|
|
Consumer Goods: Non-Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
12/8/2023
|
|
3,029,375
|
|
|
3,029,375
|
|
|
2,880,027
|
|
|
3.6
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
12/8/2023
|
|
615,125
|
|
|
615,125
|
|
|
584,799
|
|
|
0.7
|
%
|
|||
|
|
|
|
|
|
|
|
3,644,500
|
|
|
3,644,500
|
|
|
3,464,826
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
New Media Holdings II LLC
|
|
Media: Advertising, Printing & Publishing
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)(1)
|
|
7/14/2022
|
|
2,446,853
|
|
|
2,443,556
|
|
|
2,442,205
|
|
|
3.1
|
%
|
|||
|
|
|
|
|
|
|
|
2,446,853
|
|
|
2,443,556
|
|
|
2,442,205
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NGS US Finco, LLC
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
10/1/2025
|
|
2,977,500
|
|
|
2,964,722
|
|
|
2,903,360
|
|
|
3.6
|
%
|
|||
|
|
|
|
|
|
|
|
2,977,500
|
|
|
2,964,722
|
|
|
2,903,360
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Northern Star Industries, Inc.
|
|
Capital Equipment
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
3/28/2025
|
|
4,186,250
|
|
|
4,169,745
|
|
|
3,984,054
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,186,250
|
|
|
4,169,745
|
|
|
3,984,054
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nuvei Technologies Corp.
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
9/29/2025
|
|
3,543,616
|
|
|
3,512,593
|
|
|
3,477,350
|
|
|
4.3
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
9/29/2025
|
|
519,107
|
|
|
519,107
|
|
|
509,399
|
|
|
0.6
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
9/29/2025
|
|
716,005
|
|
|
716,005
|
|
|
702,616
|
|
|
0.9
|
%
|
|||
|
|
|
|
|
|
|
|
4,778,728
|
|
|
4,747,705
|
|
|
4,689,365
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Offen, Inc.
|
|
Transportation: Cargo
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%)(1)
|
|
6/22/2026
|
|
3,663,385
|
|
|
3,628,046
|
|
|
3,613,477
|
|
|
4.5
|
%
|
|||
|
|
|
|
|
|
|
|
3,663,385
|
|
|
3,628,046
|
|
|
3,613,477
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Peraton Corp.
|
|
Aerospace and Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
4/29/2024
|
|
3,406,439
|
|
|
3,395,256
|
|
|
3,384,979
|
|
|
4.2
|
%
|
|||
|
|
|
|
|
|
|
|
3,406,439
|
|
|
3,395,256
|
|
|
3,384,979
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PetroChoice Holdings, Inc.
|
|
Chemicals, Plastics and Rubber
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
8/19/2022
|
|
6,345,900
|
|
|
6,333,392
|
|
|
6,092,064
|
|
|
7.6
|
%
|
|||
|
|
|
|
|
|
|
|
6,345,900
|
|
|
6,333,392
|
|
|
6,092,064
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Port Townsend Holdings Company, Inc.
|
|
Forest Products & Paper
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
4/3/2024
|
|
3,041,842
|
|
|
3,018,790
|
|
|
2,992,564
|
|
|
3.7
|
%
|
|||
|
|
|
|
|
|
|
|
3,041,842
|
|
|
3,018,790
|
|
|
2,992,564
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PT Network, LLC
|
|
Healthcare & Pharmaceuticals
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50%, 1.00% LIBOR Floor, 2% PIK)(1)(5)
|
|
11/30/2023
|
|
4,880,028
|
|
|
4,562,638
|
|
|
4,562,338
|
|
|
5.7
|
%
|
|||
|
|
|
|
Class C Common Stock
|
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
|
||||
|
|
|
|
|
|
|
|
4,880,029
|
|
|
4,562,638
|
|
|
4,562,338
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
PVHC Holding Corp
|
|
Containers, Packaging and Glass
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
8/5/2024
|
|
1,972,350
|
|
|
1,964,300
|
|
|
1,912,137
|
|
|
2.4
|
%
|
|||
|
|
|
|
|
|
|
|
1,972,350
|
|
|
1,964,300
|
|
|
1,912,137
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Quantum Spatial, Inc.
|
|
Aerospace & Defense
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.25%, 1.00% LIBOR Floor)(1)
|
|
9/5/2024
|
|
5,000,000
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
6.3
|
%
|
|||
|
|
|
|
|
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
5,000,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par
Amount
|
|
Cost
|
|
Fair
Value(2)
|
|
% of
Net Assets(3)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Quartz Holding Company
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
4/2/2026
|
|
6,982,500
|
|
|
6,957,391
|
|
|
6,885,443
|
|
|
8.6
|
%
|
|||
|
|
|
|
|
|
|
|
6,982,500
|
|
|
6,957,391
|
|
|
6,885,443
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
RB Media, Inc.
|
|
Media: Diversified & Production
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
8/29/2025
|
|
3,960,000
|
|
|
3,926,377
|
|
|
3,960,000
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
3,960,000
|
|
|
3,926,377
|
|
|
3,960,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Rough Country, LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)
|
|
5/25/2023
|
|
4,080,727
|
|
|
4,063,983
|
|
|
4,014,619
|
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
|
4,080,727
|
|
|
4,063,983
|
|
|
4,014,619
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Safe Fleet Holdings LLC
|
|
Automotive
|
|
Senior Secured First Lien Term Loan (LIBOR + 3.00%, 1.00% LIBOR Floor)(1)
|
|
2/3/2025
|
|
3,422,875
|
|
|
3,417,582
|
|
|
3,297,255
|
|
|
4.1
|
%
|
|||
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 3.75%, 1.00% LIBOR Floor)(1)
|
|
2/3/2025
|
|
1,335,880
|
|
|
1,288,373
|
|
|
1,288,055
|
|
|
1.6
|
%
|
|||
|
|
|
|
|
|
|
|
4,758,755
|
|
|
4,705,955
|
|
|
4,585,310
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Salient CRGT Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.00%, 1.00% LIBOR Floor)(1)
|
|
2/28/2022
|
|
2,645,536
|
|
|
2,619,767
|
|
|
2,503,471
|
|
|
3.1
|
%
|
|||
|
|
|
|
|
|
|
|
2,645,536
|
|
|
2,619,767
|
|
|
2,503,471
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SCS Holdings I Inc.
|
|
Wholesale
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.25%, 1.00% LIBOR Floor)(1)
|
|
7/1/2026
|
|
2,244,375
|
|
|
2,238,962
|
|
|
2,249,986
|
|
|
2.8
|
%
|
|||
|
|
|
|
|
|
|
|
2,244,375
|
|
|
2,238,962
|
|
|
2,249,986
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SFP Holding, Inc.
|
|
Construction & Building
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)(1)
|
|
9/1/2022
|
|
4,820,605
|
|
|
4,762,317
|
|
|
4,775,291
|
|
|
6.0
|
%
|
|||
|
|
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.25%, 1.00% LIBOR Floor)(1)
|
|
9/1/2022
|
|
1,871,234
|
|
|
1,871,234
|
|
|
1,853,644
|
|
|
2.3
|
%
|
|||
|
|
|
|
|
|
|
|
6,691,839
|
|
|
6,633,551
|
|
|
6,628,935
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Shift4 Payments, LLC
|
|
Banking, Finance, Insurance & Real Estate
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.50%, 1.00% LIBOR Floor)(1)
|
|
11/29/2024
|
|
9,825,000
|
|
|
9,788,662
|
|
|
9,825,000
|
|
|
12.3
|
%
|
|||
|
|
|
|
|
|
|
|
9,825,000
|
|
|
9,788,662
|
|
|
9,825,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sierra Enterprises, LLC
|
|
Beverage & Food
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
11/11/2024
|
|
3,918,993
|
|
|
3,909,644
|
|
|
3,821,018
|
|
|
4.8
|
%
|
|||
|
|
|
|
|
|
|
|
3,918,993
|
|
|
3,909,644
|
|
|
3,821,018
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Simplified Logistics, LLC
|
|
Services: Business
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50%, 1.00% LIBOR Floor)(1)
|
|
2/27/2022
|
|
3,482,500
|
|
|
3,482,500
|
|
|
3,482,500
|
|
|
4.4
|
%
|
|||
|
|
|
|
|
|
|
|
3,482,500
|
|
|
3,482,500
|
|
|
3,482,500
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SMB Shipping Logistics, LLC
|
|
Transportation: Cargo
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.00%, 1.00% LIBOR Floor)(1)
|
|
2/5/2024
|
|
2,465,807
|
|
|
2,446,381
|
|
|
2,453,478
|
|
|
3.1
|
%
|
|||
|
|
|
|
|
|
|
|
2,465,807
|
|
|
2,446,381
|
|
|
2,453,478
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Syniverse Holdings, Inc.
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.00%, 1.00% LIBOR Floor)(1)
|
|
3/9/2023
|
|
3,935,050
|
|
|
3,907,819
|
|
|
3,695,799
|
|
|
4.6
|
%
|
|||
|
|
|
|
|
|
|
|
3,935,050
|
|
|
3,907,819
|
|
|
3,695,799
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
The Octave Music Group, Inc.
|
|
Media: Diversified & Production
|
|
Senior Secured First Lien Term Loan (LIBOR + 4.75%, 1.00% LIBOR Floor)(1)
|
|
5/28/2021
|
|
4,348,644
|
|
|
4,348,644
|
|
|
4,325,596
|
|
|
5.4
|
%
|
|||
|
|
|
|
|
|
|
|
4,348,644
|
|
|
4,348,644
|
|
|
4,325,596
|
|
|
|
(1)
|
Represents the annual current interest rate as of September 30, 2019. All interest rates are payable in cash, unless otherwise noted.
|
(2)
|
Represents the fair value in accordance with ASC 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)
|
Percentage is based on MCC JV's net assets of $79,941,680 as of September 30, 2019.
|
(4)
|
This investment was on non-accrual status as of September 30, 2019.
|
(5)
|
Par amount includes accumulated PIK interest and is net of repayments.
|
|
December 31, 2019
|
|
September 30, 2019
|
||||
|
(unaudited)
|
|
|
||||
Selected Consolidated Statement of Assets and Liabilities Information:
|
|
|
|
|
|||
Investments in loans at fair value (amortized cost of $249,141,410 and $259,371,480, respectively)
|
$
|
234,525,220
|
|
|
$
|
249,342,871
|
|
Cash
|
18,188,284
|
|
|
8,007,466
|
|
||
Other assets
|
1,054,277
|
|
|
1,466,352
|
|
||
Total assets
|
$
|
253,767,781
|
|
|
$
|
258,816,689
|
|
|
|
|
|
||||
Line of credit (net of debt issuance costs of $1,891,547 and $1,552,067, respectively)
|
$
|
177,388,453
|
|
|
$
|
177,694,223
|
|
Other liabilities
|
365,159
|
|
|
472,737
|
|
||
Interest payable
|
736,487
|
|
|
708,049
|
|
||
Total liabilities
|
178,490,099
|
|
|
178,875,009
|
|
||
Members' capital
|
75,277,682
|
|
|
79,941,680
|
|
||
Total liabilities and members' capital
|
$
|
253,767,781
|
|
|
$
|
258,816,689
|
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
|
(unaudited)
|
|
(unaudited)
|
||||
Selected Consolidated Statement of Operations Information:
|
|
|
|
||||
Total revenues
|
$
|
4,786,854
|
|
|
$
|
4,977,270
|
|
Total expenses
|
(2,734,234
|
)
|
|
(2,683,092
|
)
|
||
Net unrealized appreciation/(depreciation)
|
(4,587,580
|
)
|
|
(1,917,837
|
)
|
||
Net realized gain/(loss)
|
(29,036
|
)
|
|
(791,494
|
)
|
||
Net income/(loss)
|
$
|
(2,563,996
|
)
|
|
$
|
(415,153
|
)
|
|
December 31, 2019
|
|
September 30, 2019
|
||||
Balance Sheet Data(1)
|
|
|
|
|
|||
Current assets
|
$
|
2,904,646
|
|
|
$
|
3,008,546
|
|
Non-current assets
|
$
|
27,006,852
|
|
|
$
|
27,527,487
|
|
Current liabilities
|
$
|
4,053,824
|
|
|
$
|
2,651,531
|
|
Non-current liabilities
|
$
|
37,967,530
|
|
|
$
|
36,998,068
|
|
|
For the three months ended December 31, 2019
|
|
For the three months ended December 31, 2018
|
||||
Summary of Operations(1)
|
|
|
|
||||
Total revenues
|
$
|
2,348,926
|
|
|
$
|
2,463,971
|
|
Cost of sales
|
599,294
|
|
|
600,097
|
|
||
Operating expenses
|
2,237,597
|
|
|
2,128,624
|
|
||
Other expenses
|
554,688
|
|
|
229,135
|
|
||
Net loss
|
$
|
(1,042,653
|
)
|
|
$
|
(493,885
|
)
|
|
December 31, 2019
|
|
September 30, 2019
|
||||
Balance Sheet Data(1)
|
|
|
|
|
|||
Current assets
|
$
|
8,914,000
|
|
|
$
|
9,310,000
|
|
Non-current assets
|
$
|
27,007,000
|
|
|
$
|
27,601,000
|
|
Current liabilities
|
$
|
5,300,000
|
|
|
$
|
5,415,000
|
|
Non-current liabilities
|
$
|
35,663,000
|
|
|
$
|
34,583,000
|
|
|
For the three months ended December 31, 2019
|
|
For the three months ended December 31, 2018
|
||||
Summary of Operations(1)
|
|
|
|
||||
Total revenues
|
$
|
19,344,600
|
|
|
$
|
19,439,900
|
|
Cost of sales
|
3,371,700
|
|
|
3,047,900
|
|
||
Operating expenses
|
15,488,900
|
|
|
15,404,200
|
|
||
Other expenses
|
2,438,500
|
|
|
1,574,600
|
|
||
Net loss
|
$
|
(1,954,500
|
)
|
|
$
|
(586,800
|
)
|
(1)
|
All amounts are unaudited
|
•
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139,316
|
|
|
$
|
139,316
|
|
Senior Secured Second Lien Term Loans
|
—
|
|
|
—
|
|
|
35,721
|
|
|
35,721
|
|
||||
Unsecured Debt
|
—
|
|
|
—
|
|
|
2,210
|
|
|
2,210
|
|
||||
Equity/Warrants
|
17,100
|
|
|
—
|
|
|
78,892
|
|
|
95,992
|
|
||||
Total
|
$
|
17,100
|
|
|
$
|
—
|
|
|
$
|
256,139
|
|
|
$
|
273,239
|
|
Investments measured at net asset value(1)
|
|
|
|
|
|
|
|
|
|
68,765
|
|
||||
Total Investments, at fair value
|
|
|
|
|
|
|
|
|
|
$
|
342,004
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Senior Secured First Lien Term Loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
192,770
|
|
|
$
|
192,770
|
|
Senior Secured Second Lien Term Loans
|
—
|
|
|
—
|
|
|
36,508
|
|
|
36,508
|
|
||||
Unsecured Debt
|
—
|
|
|
—
|
|
|
2,653
|
|
|
2,653
|
|
||||
Equity/Warrants
|
13,850
|
|
|
—
|
|
|
78,329
|
|
|
92,179
|
|
||||
Total
|
$
|
13,850
|
|
|
$
|
—
|
|
|
$
|
310,260
|
|
|
$
|
324,110
|
|
Investments measured at net asset value(1)
|
|
|
|
|
|
|
|
|
|
72,779
|
|
||||
Total Investments, at fair value
|
|
|
|
|
|
|
|
|
|
$
|
396,889
|
|
(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, 2019
|
$
|
192,770
|
|
|
$
|
36,508
|
|
|
$
|
—
|
|
|
$
|
2,653
|
|
|
$
|
78,329
|
|
|
$
|
310,260
|
|
Purchases and other adjustments to cost
|
817
|
|
|
485
|
|
|
—
|
|
|
—
|
|
|
244
|
|
|
1,546
|
|
||||||
Originations
|
6,565
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
6,665
|
|
||||||
Sales
|
(186
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,630
|
)
|
|
(1,816
|
)
|
||||||
Settlements
|
(58,698
|
)
|
|
(434
|
)
|
|
—
|
|
|
(443
|
)
|
|
(3,724
|
)
|
|
(63,299
|
)
|
||||||
Net realized gains/(losses) from investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,687
|
)
|
|
(1,687
|
)
|
||||||
Net transfers in and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net unrealized gains/(losses)
|
(1,952
|
)
|
|
(838
|
)
|
|
—
|
|
|
—
|
|
|
7,260
|
|
|
4,470
|
|
||||||
Balance as of December 31, 2019
|
$
|
139,316
|
|
|
$
|
35,721
|
|
|
$
|
—
|
|
|
$
|
2,210
|
|
|
$
|
78,892
|
|
|
$
|
256,139
|
|
|
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, 2018
|
$
|
395,015
|
|
|
$
|
48,890
|
|
|
$
|
19,268
|
|
|
$
|
3,381
|
|
|
$
|
110,455
|
|
|
$
|
577,009
|
|
Purchases and other adjustments to cost
|
2,797
|
|
|
398
|
|
|
—
|
|
|
—
|
|
|
1,292
|
|
|
4,487
|
|
||||||
Originations
|
37,651
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
38,473
|
|
||||||
Sales
|
(25,924
|
)
|
|
(10,841
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,765
|
)
|
||||||
Settlements
|
(4,891
|
)
|
|
(2,131
|
)
|
|
—
|
|
|
(9
|
)
|
|
(1
|
)
|
|
(7,032
|
)
|
||||||
Net realized gains/(losses) from investments
|
(33,185
|
)
|
|
122
|
|
|
—
|
|
|
(22,787
|
)
|
|
(873
|
)
|
|
(56,723
|
)
|
||||||
Net transfers in and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net unrealized gains/(losses)
|
20,844
|
|
|
(726
|
)
|
|
—
|
|
|
22,728
|
|
|
4,665
|
|
|
47,511
|
|
||||||
Balance as of December 31, 2018
|
$
|
392,307
|
|
|
$
|
36,462
|
|
|
$
|
19,268
|
|
|
$
|
3,313
|
|
|
$
|
115,610
|
|
|
$
|
566,960
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
$
|
91,183
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
7.32% - 17.19% (10.69%)
|
Senior Secured First Lien Term Loans
|
40,838
|
|
|
Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)/ Enterprise Value Analysis
|
|
Revenue Multiple(1)
EBITDA Multiple(1)
Capitalization Rate
Discount rate
Expected Proceeds
|
|
0.25x - 0.25x (0.25x)
3.50x - 4.50x (4.44x)
9.30% - 18.70% (16.42%)
7.78% - 7.78% (7.78%)
$9.0M - $16.0M ($9.0M)
|
|
Senior Secured First Lien Term Loans
|
7,295
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
Senior Secured Second Lien Term Loan
|
15,762
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
9.97% - 15.61% (12.71%)
|
|
Senior Secured Second Lien Term Loans
|
19,959
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
EBITDA Multiple(1)
Discount Rate
|
|
4.50x - 6.00x (5.96x)
16.40% - 16.40% (16.40%)
|
|
Unsecured Debt
|
744
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
7.12%
|
|
Unsecured Debt
|
1,466
|
|
|
Market Approach (Guideline Comparable)
|
|
EBITDA Multiple(1)
|
|
7.50x - 7.50x (7.50x)
|
|
Equity
|
3,540
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
15.27%
|
|
Equity
|
72,875
|
|
|
Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)/Enterprise Value Analysis
|
|
Revenue Multiple(1)
EBITDA Multiple(1)
Capitalization Rate
Discount rate
Expected Proceeds
|
|
0.88x - 0.88x (0.88x)
3.50x - 10.00x (9.19x)
9.30% - 22.50% (14.51%)
7.78% - 7.78% (7.78%)
$16.0M - $47.5M ($53.1M)
|
|
Equity
|
2,477
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
Total
|
$
|
256,139
|
|
|
|
|
|
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
||
Senior Secured First Lien Term Loans
|
$
|
141,337
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
6.38% - 16.98% (10.49%)
|
Senior Secured First Lien Term Loans
|
43,960
|
|
|
Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)/ Enterprise Value Analysis
|
|
Revenue Multiple(1)
EBITDA Multiple(1)
Discount rate
Expected Proceeds
|
|
0.25x - 0.25x (0.25x)
3.50x - 6.00x (4.95x)
9.00% - 18.70% (16.53%)
$9.0M - $16.2M ($9.0M)
|
|
Senior Secured First Lien Term Loans
|
7,473
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
Senior Secured Second Lien Term Loan
|
17,250
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
9.78% - 29.76% (14.66%)
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
||
Senior Secured Second Lien Term Loans
|
19,258
|
|
|
Market Approach (Guideline Comparable)/Income Approach (DCF)
|
|
EBITDA Multiple(1)
Discount Rate
|
|
4.50x - 6.00x (5.97x)
16.40% - 16.40% (16.40%)
|
|
Unsecured Debt
|
850
|
|
|
Income Approach (DCF)
|
|
Market yield
|
|
7.43%
|
|
Unsecured Debt
|
1,803
|
|
|
Market Approach (Guideline Comparable)
|
|
EBITDA Multiple(1)
|
|
4.00x - 7.00x (6.54x)
|
|
Equity
|
75,983
|
|
|
Market Approach (Guideline Comparable)/Market Approach (Comparable Transactions)/Income Approach (DCF)/Enterprise Value Analysis
|
|
Revenue Multiple(1)
EBITDA Multiple(1)
Discount rate
Expected Proceeds
|
|
0.88x - 0.88x (0.69x)
3.50x - 9.50x (8.72x)
9.00% - 22.50% (14.68%)
$16.2M - $47.5M ($53.1M)
|
|
Equity
|
2,346
|
|
|
Recent Arms-Length Transaction
|
|
Recent Arms Length Transaction
|
|
N/A
|
|
Total
|
$
|
310,260
|
|
|
|
|
|
|
|
(1)
|
Represents inputs used when the Company has determined that market participants would use such multiples when measuring the fair value of these investments.
|
|
December 31, 2019
|
|
September 30, 2019
|
||||||||||||||||||||||||||||
|
Aggregate
Principal
Amount
Available
|
|
Principal
Amount
Outstanding
|
|
Carrying
Value
|
|
Fair
Value
|
|
Aggregate
Principal
Amount
Available
|
|
Principal
Amount
Outstanding
|
|
Carrying
Value(1)
|
|
Fair
Value
|
||||||||||||||||
2021 Notes
|
$
|
74,013
|
|
|
$
|
74,013
|
|
|
$
|
73,330
|
|
|
$
|
74,389
|
|
|
$
|
74,013
|
|
|
$
|
74,013
|
|
|
$
|
73,172
|
|
|
$
|
72,473
|
|
2023 Notes
|
77,847
|
|
|
77,847
|
|
|
76,951
|
|
|
75,008
|
|
|
77,847
|
|
|
77,847
|
|
|
76,881
|
|
|
74,453
|
|
||||||||
Israeli Notes
|
55,999
|
|
|
55,999
|
|
|
54,182
|
|
|
56,658
|
|
|
105,137
|
|
|
105,137
|
|
|
101,679
|
|
|
104,604
|
|
||||||||
Total
|
$
|
207,859
|
|
|
$
|
207,859
|
|
|
$
|
204,463
|
|
|
$
|
206,055
|
|
|
$
|
256,997
|
|
|
$
|
256,997
|
|
|
$
|
251,732
|
|
|
$
|
251,530
|
|
(1)
|
Modified to conform to the current year presentation.
|
Company
|
|
Industry
|
|
Type of Investment
|
|
Maturity
|
|
Par Amount
|
|
Cost
|
|
Fair Value
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Medley SLF Funding I LLC
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alpine SG, LLC
|
|
High Tech Industries
|
|
Senior Secured First Lien Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
|
|
11/16/2022
|
|
$
|
5,061,750
|
|
|
$
|
5,061,750
|
|
|
$
|
5,058,713
|
|
|
|
|
|
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)
|
|
11/16/2022
|
|
2,444,350
|
|
|
2,444,350
|
|
|
2,442,883
|
|
|||
|
|
|
|
|
|
|
|
7,506,100
|
|
|
7,506,100
|
|
|
7,501,596
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Walker Edison Furniture Company LLC
|
|
Consumer goods: Durable
|
|
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)
|
|
9/26/2024
|
|
3,588,895
|
|
|
3,588,895
|
|
|
3,624,784
|
|
|||
|
|
|
|
|
|
|
|
3,588,895
|
|
|
3,588,895
|
|
|
3,624,784
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Subtotal Medley Small Business Fund, LP Investments
|
|
|
|
$
|
48,304,215
|
|
|
$
|
48,847,178
|
|
|
$
|
40,501,559
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Medley SLF Funding I LLC and Medley SLF Funding I LLC Investments
|
|
$
|
67,077,129
|
|
|
$
|
67,596,550
|
|
|
$
|
59,216,030
|
|
|
December 31, 2019
|
|
September 30, 2019
|
||||||||||||||||||||||||||||
|
2021
Notes
|
|
2023
Notes
|
|
Israeli
Notes
|
|
Total
|
|
2021
Notes
|
|
2023
Notes
|
|
Israeli Notes
|
|
Total
|
||||||||||||||||
Total Debt Issuance Costs
|
$
|
3,226
|
|
|
$
|
3,102
|
|
|
$
|
6,287
|
|
|
$
|
12,615
|
|
|
$
|
3,226
|
|
|
$
|
3,102
|
|
|
$
|
6,287
|
|
|
$
|
12,615
|
|
Amortized Debt Issuance Costs
|
2,544
|
|
|
2,197
|
|
|
4,470
|
|
|
9,211
|
|
|
2,385
|
|
|
2,127
|
|
|
2,829
|
|
|
7,341
|
|
||||||||
Unamortized Debt Issuance Costs
|
$
|
682
|
|
|
$
|
905
|
|
|
$
|
1,817
|
|
|
$
|
3,404
|
|
|
$
|
841
|
|
|
$
|
975
|
|
|
$
|
3,458
|
|
|
$
|
5,274
|
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
2021 Notes interest
|
1,203
|
|
|
1,203
|
|
||
2023 Notes interest
|
1,192
|
|
|
1,378
|
|
||
2023 Notes premium
|
(1
|
)
|
|
(1
|
)
|
||
Israeli Notes interest
|
1,499
|
|
|
1,521
|
|
||
Amortization of debt issuance costs
|
1,251
|
|
|
579
|
|
||
Total
|
$
|
5,144
|
|
|
$
|
4,680
|
|
Weighted average stated interest rate
|
6.4
|
%
|
|
5.7
|
%
|
||
Weighted average outstanding balance
|
$
|
241,769
|
|
|
$
|
284,920
|
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
SBA Debentures interest
|
$
|
—
|
|
|
$
|
1,221
|
|
Amortization of debt issuance costs
|
—
|
|
|
108
|
|
||
Total
|
$
|
—
|
|
|
$
|
1,329
|
|
Weighted average stated interest rate
|
—
|
%
|
|
3.6
|
%
|
||
Weighted average outstanding balance
|
$
|
—
|
|
|
$
|
135,000
|
|
•
|
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.
|
|
December 31, 2019
|
|
September 30, 2019
|
||||
1888 Industrial Services, LLC - Revolver(1)
|
$
|
1,079
|
|
|
$
|
—
|
|
Redwood Services Group, LLC - Revolver
|
1,050
|
|
|
875
|
|
||
Alpine SG, LLC - Revolver
|
1,000
|
|
|
1,000
|
|
||
Kemmerer Operations, LLC - Delayed Draw Term Loan
|
908
|
|
|
908
|
|
||
Black Angus Steakhouses, LLC - Delayed Draw Term Loan
|
893
|
|
|
893
|
|
||
DataOnline Corp. - Revolver
|
714
|
|
|
1,890
|
|
||
1888 Industrial Services, LLC - Term Loan E
|
219
|
|
|
—
|
|
||
Access Media Holdings, LLC - Series AAA Preferred Equity
|
101
|
|
|
101
|
|
||
Dynamic Energy Services International LLC - Revolver
|
—
|
|
|
3,255
|
|
||
Total
|
$
|
5,964
|
|
|
$
|
8,922
|
|
(1)
|
The revolving credit facility was fully drawn as of September 30, 2019.
|
a.
|
$100,000 for the agreement to appoint an independent director on the board of directors of the post-merger company; and
|
A
|
shall be the amount of the Additional Fee (excluding the $100,000 award for the agreement to appoint an independent director on the board of directors of the post-merger company);
|
M
|
shall be the sum of (i) the $17 million cash component of the Settlement Fund and (ii) the value of the post-merger company stock component of the Settlement Fund, which shall be calculated as the product of the VPS (as defined below) and 4,709,576.14 (the number of shares of post-merger company’s stock comprising the stock component of the net settlement amount);
|
L
|
shall be the amount representing the estimated value of the decrease in shares to be received by eligible class members arising by operation of the change in the “Exchange Ratio” under the Amended MCC Merger Agreement, calculated as follows:
|
VPS
|
shall be the pro forma net asset value per share of the post-merger company’s common stock as of the closing as reported in the public disclosure filed nearest in time and after the closing (the “Closing NAV Disclosure”); and
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
Prepayment fee
|
$
|
139
|
|
|
$
|
199
|
|
Origination fee
|
87
|
|
|
114
|
|
||
Administrative agent fee
|
56
|
|
|
76
|
|
||
Amendment fee
|
2
|
|
|
72
|
|
||
Fee income
|
$
|
284
|
|
|
$
|
461
|
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
Per share data(1):
|
|
|
|
||||
Net asset value per share at beginning of period
|
$
|
3.97
|
|
|
$
|
5.90
|
|
|
|
|
|
||||
Net investment income/(loss)(2)
|
0.06
|
|
|
0.03
|
|
||
Net realized gains/(losses) on investments
|
(0.03
|
)
|
|
(1.04
|
)
|
||
Net unrealized appreciation/(depreciation) on investments
|
0.07
|
|
|
0.83
|
|
||
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments
|
—
|
|
|
—
|
|
||
Loss on extinguishment of debt
|
(0.02
|
)
|
|
—
|
|
||
Net increase/(decrease) in net assets
|
0.08
|
|
|
(0.18
|
)
|
||
|
|
|
|
||||
Distributions from net investment income
|
—
|
|
|
—
|
|
||
Distributions from tax return of capital
|
—
|
|
|
(0.10
|
)
|
||
Net asset value per share at end of period
|
$
|
4.05
|
|
|
$
|
5.61
|
|
|
|
|
|
||||
Net assets at end of period
|
$
|
220,602,363
|
|
|
$
|
305,653,884
|
|
Shares outstanding at end of period
|
54,474,211
|
|
|
54,474,211
|
|
||
|
|
|
|
||||
Per share market value at end of period
|
$
|
2.18
|
|
|
$
|
2.66
|
|
Total return based on market value(3)
|
(15.83
|
)%
|
|
(29.11
|
)%
|
||
Total return based on net asset value(4)
|
2.01
|
%
|
|
(1.91
|
)%
|
||
Portfolio turnover rate(5)
|
7.16
|
%
|
|
23.91
|
%
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
Ratios:
|
|
|
|
|
|
||
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements(5)(6)
|
5.08
|
%
|
|
2.05
|
%
|
||
Ratio of total expenses to average net assets after waivers, discounts and reimbursements(5)(6)
|
7.30
|
%
|
|
14.53
|
%
|
||
Ratio of incentive fees to average net assets after waivers(6)
|
—
|
%
|
|
—
|
%
|
||
|
|
|
|
||||
Supplemental Data:
|
|
|
|
||||
Ratio of net operating expenses and credit facility related expenses to average net assets(5)(6)(11)
|
7.30
|
%
|
|
14.53
|
%
|
||
Percentage of non-recurring fee income(7)
|
3.01
|
%
|
|
2.71
|
%
|
||
Average debt outstanding(8)
|
$
|
241,769,393
|
|
|
$
|
419,919,724
|
|
Average debt outstanding per common share
|
$
|
4.44
|
|
|
$
|
7.71
|
|
Asset coverage ratio per unit(9)
|
2,061
|
|
|
2,124
|
|
||
Total Debt Outstanding(12)
|
|
|
|
||||
2021 Notes
|
$
|
73,330,392
|
|
|
$
|
72,701,382
|
|
2023 Notes
|
$
|
76,950,939
|
|
|
$
|
76,675,002
|
|
Israeli Notes
|
$
|
54,181,781
|
|
|
$
|
115,220,390
|
|
SBA Debentures
|
$
|
—
|
|
|
$
|
133,012,838
|
|
|
|
|
|
||||
Average market value per unit:
|
|
|
|
||||
SBA debentures(10)
|
N/A
|
|
|
N/A
|
|
||
2021 Notes
|
$
|
24.72
|
|
|
$
|
25.07
|
|
2023 Notes
|
$
|
23.74
|
|
|
$
|
24.69
|
|
Israeli Notes
|
$
|
248.06
|
|
|
$
|
259.16
|
|
(1)
|
Table may not foot due to rounding.
|
(2)
|
Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $(0.05) and $0.03 per share for the three months ended December 31, 2019 and 2018, respectively.
|
(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. Calculation is not annualized.
|
(4)
|
Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.
|
(5)
|
Ratios are annualized during interim periods.
|
(6)
|
For the three months ended December 31, 2019, excluding management and incentive fee waivers, discounts and reimbursements, the ratio of net investment income/(loss), total expenses, incentive fees, and operating expenses and credit facility related expenses to average net assets is (4.14)%, 16.51%, 0.00%, and 16.51%, respectively. For the three months ended December 31, 2018, excluding management and incentive fee waivers, discounts and reimbursements, the ratio of net investment income/(loss), total expenses, incentive fees, and operating expenses and credit facility related expenses to average net assets is 2.05%, 14.53%, 0.00%, and 14.53%, respectively.
|
(7)
|
Represents the impact of the non-recurring fees as a percentage of total investment income.
|
(8)
|
Based on daily weighted average carrying value 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.
|
(10)
|
The SBA Debentures were not registered for public trading.
|
(11)
|
Excludes incentive fees.
|
(12)
|
Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount Per Share
|
||
During the three months December 31, 2018
|
|
|
|
|
|
|
|
|
11/16/2018
|
|
12/5/2018
|
|
12/20/2018
|
|
$
|
0.10
|
|
|
|
|
|
|
|
$
|
0.10
|
|
•
|
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.
|
a.
|
$100,000 for the agreement to appoint an independent director on the board of directors of the post-merger company; and
|
A
|
shall be the amount of the Additional Fee (excluding the $100,000 award for the agreement to appoint an independent director on the board of directors of the post-merger company);
|
M
|
shall be the sum of (i) the $17 million cash component of the Settlement Fund and (ii) the value of the post-merger company stock component of the Settlement Fund, which shall be calculated as the product of the VPS (as defined below) and 4,709,576.14 (the number of shares of post-merger company’s stock comprising the stock component of the net settlement amount);
|
L
|
shall be the amount representing the estimated value of the decrease in shares to be received by eligible class members arising by operation of the change in the “Exchange Ratio” under the Amended MCC Merger Agreement, calculated as follows:
|
VPS
|
shall be the pro forma net asset value per share of the post-merger company’s common stock as of the closing as reported in the public disclosure filed nearest in time and after the closing (the “Closing NAV Disclosure”); and
|
•
|
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 our Chief Financial Officer and Chief Compliance Officer and their respective staffs (including travel expenses).
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
Investments made in new portfolio companies
|
$
|
5,000
|
|
|
$
|
648
|
|
Investments made in existing portfolio companies
|
1,665
|
|
|
38,474
|
|
||
Aggregate amount in exits and repayments
|
(65,000
|
)
|
|
(43,797
|
)
|
||
Net investment activity
|
$
|
(58,335
|
)
|
|
$
|
(4,675
|
)
|
|
|
|
|
||||
Portfolio Companies, at beginning of year
|
51
|
|
|
67
|
|
||
Number of new portfolio companies
|
1
|
|
|
2
|
|
||
Number of exited portfolio companies
|
(6
|
)
|
|
(7
|
)
|
||
Portfolio companies, at end of year
|
46
|
|
|
62
|
|
||
|
|
|
|
||||
Number of investments in existing portfolio companies
|
5
|
|
|
14
|
|
|
December 31, 2019
|
|
September 30, 2019
|
||||||||||||
|
Amortized Cost
|
|
Fair Value
|
|
Amortized Cost
|
|
Fair Value
|
||||||||
Average portfolio company
|
$
|
8,892
|
|
|
$
|
7,435
|
|
|
$
|
9,170
|
|
|
$
|
7,782
|
|
Largest portfolio company
|
38,878
|
|
|
51,016
|
|
|
38,395
|
|
|
41,855
|
|
|
Amortized Cost
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
Senior Secured First Lien Term Loans
|
$
|
191,817
|
|
|
46.9
|
%
|
|
$
|
139,316
|
|
|
40.7
|
%
|
Senior Secured Second Lien Term Loans
|
39,139
|
|
|
9.6
|
|
|
35,721
|
|
|
10.4
|
|
||
Unsecured Debt
|
2,210
|
|
|
0.5
|
|
|
2,210
|
|
|
0.7
|
|
||
MCC Senior Loan Strategy JV I LLC
|
78,575
|
|
|
19.2
|
|
|
65,868
|
|
|
19.3
|
|
||
Equity/Warrants
|
97,291
|
|
|
23.8
|
|
|
98,889
|
|
|
28.9
|
|
||
Total
|
$
|
409,032
|
|
|
100.0
|
%
|
|
$
|
342,004
|
|
|
100.0
|
%
|
|
Amortized Cost
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
Senior Secured First Lien Term Loans
|
$
|
243,342
|
|
|
52.0
|
%
|
|
$
|
192,770
|
|
|
48.6
|
%
|
Senior Secured Second Lien Term Loans
|
39,089
|
|
|
8.4
|
|
|
36,508
|
|
|
9.2
|
|
||
Unsecured Debt
|
2,653
|
|
|
0.6
|
|
|
2,653
|
|
|
0.7
|
|
||
MCC Senior Loan Strategy JV I LLC
|
78,575
|
|
|
16.8
|
|
|
69,949
|
|
|
17.6
|
|
||
Equity/Warrants
|
103,989
|
|
|
22.2
|
|
|
95,009
|
|
|
23.9
|
|
||
Total
|
$
|
467,648
|
|
|
100.0
|
%
|
|
$
|
396,889
|
|
|
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.
|
|
|
December 31, 2019
|
|
September 30, 2019
|
||||||||||
Investment Performance Rating
|
|
Fair Value
|
|
Percentage
|
|
Fair Value
|
|
Percentage
|
||||||
1
|
|
$
|
81,843
|
|
|
23.9
|
%
|
|
$
|
105,231
|
|
|
26.5
|
%
|
2
|
|
145,832
|
|
|
42.7
|
|
|
146,053
|
|
|
36.8
|
|
||
3
|
|
98,234
|
|
|
28.7
|
|
|
123,253
|
|
|
31.1
|
|
||
4
|
|
—
|
|
|
—
|
|
|
4,915
|
|
|
1.2
|
|
||
5
|
|
16,095
|
|
|
4.7
|
|
|
17,437
|
|
|
4.4
|
|
||
Total
|
|
$
|
342,004
|
|
|
100.0
|
%
|
|
$
|
396,889
|
|
|
100.0
|
%
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
Total investment income/(loss)
|
$
|
7,491
|
|
|
$
|
14,202
|
|
Total expenses, net
|
4,418
|
|
|
12,442
|
|
||
Net investment income before excise taxes
|
3,073
|
|
|
1,760
|
|
||
Excise tax expense
|
—
|
|
|
—
|
|
||
Net investment income
|
3,073
|
|
|
1,760
|
|
||
Net realized gains/(losses) from investments
|
(1,745
|
)
|
|
(56,722
|
)
|
||
Net unrealized appreciation/(depreciation) on investments
|
3,731
|
|
|
45,008
|
|
||
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments
|
—
|
|
|
—
|
|
||
Loss on extinguishment of debt
|
(889
|
)
|
|
(123
|
)
|
||
Net increase/(decrease) in net assets resulting from operations
|
$
|
4,170
|
|
|
$
|
(10,077
|
)
|
|
For the three months ended December 31
|
||||||
|
2019
|
|
2018
|
||||
Base management fees
|
$
|
2,008
|
|
|
$
|
3,185
|
|
Incentive fees
|
—
|
|
|
—
|
|
||
Interest and financing expenses
|
5,144
|
|
|
6,009
|
|
||
Professional fees, net
|
(4,416
|
)
|
|
1,201
|
|
||
General and administrative
|
517
|
|
|
604
|
|
||
Administrator expenses
|
551
|
|
|
1,032
|
|
||
Directors fees
|
316
|
|
|
292
|
|
||
Insurance
|
298
|
|
|
119
|
|
||
Expenses before management and incentive fee waivers
|
4,418
|
|
|
12,442
|
|
||
Management fee waiver
|
—
|
|
|
—
|
|
||
Incentive fee waiver
|
—
|
|
|
—
|
|
||
Expenses, net of management and incentive fee waivers
|
$
|
4,418
|
|
|
$
|
12,442
|
|
|
December 31, 2019
|
|
September 30, 2019
|
||||
1888 Industrial Services, LLC - Revolver(1)
|
$
|
1,079
|
|
|
$
|
—
|
|
Redwood Services Group, LLC - Revolver
|
1,050
|
|
|
875
|
|
||
Alpine SG, LLC - Revolver
|
1,000
|
|
|
1,000
|
|
||
Kemmerer Operations, LLC - Delayed Draw Term Loan
|
908
|
|
|
908
|
|
||
Black Angus Steakhouses, LLC - Delayed Draw Term Loan
|
893
|
|
|
893
|
|
||
DataOnline Corp. - Revolver
|
714
|
|
|
1,890
|
|
||
1888 Industrial Services, LLC - Term Loan E
|
219
|
|
|
—
|
|
||
Access Media Holdings, LLC - Series AAA Preferred Equity
|
101
|
|
|
101
|
|
||
Dynamic Energy Services International LLC - Revolver
|
—
|
|
|
3,255
|
|
||
Total
|
$
|
5,964
|
|
|
$
|
8,922
|
|
(1)
|
The revolving credit facility was fully drawn as of September 30, 2019.
|
|
Payment Due by Period
|
||||||||||||||||||
|
Total
|
|
Less than 1 year
|
|
1 - 3 years
|
|
3 - 5 years
|
|
More than 5
years
|
||||||||||
2021 Notes
|
$
|
74,013
|
|
|
$
|
—
|
|
|
$
|
74,013
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2023 Notes
|
77,847
|
|
|
—
|
|
|
—
|
|
|
77,847
|
|
|
—
|
|
|||||
Israeli Notes
|
55,999
|
|
|
45,059
|
|
|
10,940
|
|
|
—
|
|
|
—
|
|
|||||
Total contractual obligations
|
$
|
207,859
|
|
|
$
|
45,059
|
|
|
$
|
84,953
|
|
|
$
|
77,847
|
|
|
$
|
—
|
|
1)
|
at least 98.0% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
|
2)
|
at least 98.2% 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.
|
•
|
We entered into the 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 IPO an aggregate of 833,333 shares of common stock at the IPO 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.
|
a.
|
$100,000 for the agreement to appoint an independent director on the board of directors of the post-merger company; and
|
A
|
shall be the amount of the Additional Fee (excluding the $100,000 award for the agreement to appoint an independent director on the board of directors of the post-merger company);
|
M
|
shall be the sum of (i) the $17 million cash component of the Settlement Fund and (ii) the value of the post-merger company stock component of the Settlement Fund, which shall be calculated as the product of the VPS (as defined below) and 4,709,576.14 (the number of shares of post-merger company’s stock comprising the stock component of the net settlement amount);
|
L
|
shall be the amount representing the estimated value of the decrease in shares to be received by eligible class members arising by operation of the change in the “Exchange Ratio” under the Amended MCC Merger Agreement, calculated as follows:
|
VPS
|
shall be the pro forma net asset value per share of the post-merger company’s common stock as of the closing as reported in the public disclosure filed nearest in time and after the closing (the “Closing NAV Disclosure”); and
|
•
|
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 valuation professionals responsible for monitoring the portfolio investment.
|
•
|
Preliminary valuation conclusions are then documented and discussed with senior management.
|
•
|
Independent third-party valuation firms are also employed for all of our investments for which there is not a readily available market value. At least twice annually, including at year end, 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 valuation professionals, senior management and independent valuation firms.
|
•
|
Our audit committee reviews and the board of directors approves 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/(decrease)
|
|
Interest Income(1)
|
|
Interest Expense
|
|
Net Increase/
(Decrease)
|
||||||
300
|
|
$
|
4,600
|
|
|
$
|
—
|
|
|
$
|
4,600
|
|
200
|
|
3,000
|
|
|
—
|
|
|
3,000
|
|
|||
100
|
|
1,500
|
|
|
—
|
|
|
1,500
|
|
|||
(100)
|
|
(1,200
|
)
|
|
—
|
|
|
(1,200
|
)
|
|||
(200)
|
|
(1,200
|
)
|
|
—
|
|
|
(1,200
|
)
|
|||
(300)
|
|
(1,200
|
)
|
|
—
|
|
|
(1,200
|
)
|
(1)
|
Assumes no defaults or prepayments by portfolio companies over the next twelve months.
|
a.
|
$100,000 for the agreement to appoint an independent director on the board of directors of the post-merger company; and
|
A
|
shall be the amount of the Additional Fee (excluding the $100,000 award for the agreement to appoint an independent director on the board of directors of the post-merger company);
|
M
|
shall be the sum of (i) the $17 million cash component of the Settlement Fund and (ii) the value of the post-merger company stock component of the Settlement Fund, which shall be calculated as the product of the VPS (as defined below) and 4,709,576.14 (the number of shares of post-merger company’s stock comprising the stock component of the net settlement amount);
|
L
|
shall be the amount representing the estimated value of the decrease in shares to be received by eligible class members arising by operation of the change in the “Exchange Ratio” under the Amended MCC Merger Agreement, calculated as follows:
|
VPS
|
shall be the pro forma net asset value per share of the post-merger company’s common stock as of the closing as reported in the public disclosure filed nearest in time and after the closing (the “Closing NAV Disclosure”); and
|
3.1
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
4.4
|
|
|
|
4.5
|
|
|
|
4.6
|
|
|
|
4.7
|
|
|
|
4.8
|
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
10.3
|
|
|
|
10.4
|
|
|
|
10.5
|
|
|
|
10.6
|
|
|
|
10.7
|
|
|
|
10.8
|
|
|
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11
|
|
|
|
10.12
|
|
|
|
10.13
|
|
|
|
10.14
|
|
|
|
10.15
|
|
|
|
10.16
|
|
|
|
10.17
|
|
|
|
10.18
|
|
|
|
10.19
|
|
|
|
10.20
|
|
|
|
10.21
|
|
|
|
10.22
|
|
|
|
10.23
|
|
|
|
10.24
|
|
|
|
10.25
|
|
|
10.26
|
|
|
|
10.27
|
|
|
|
10.28
|
|
|
|
10.29
|
|
|
|
10.30
|
|
|
|
10.31
|
|
|
|
10.32
|
|
|
|
10.33
|
|
|
|
10.34
|
|
|
|
10.35
|
|
|
|
10.36
|
|
|
|
10.37
|
|
|
|
10.38
|
|
|
|
10.39
|
|
|
|
10.40
|
|
|
|
10.41
|
|
|
|
10.42
|
|
|
|
14.1
|
|
|
|
14.2
|
|
|
|
21.1
|
|
|
|
24.0
|
Power of attorney (included on the signature page hereto).
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
*
|
Filed herewith.
|
Dated:
February 10, 2019
|
Medley Capital Corporation
|
|
|
|
|
|
By
|
/s/ Brook Taube
|
|
|
Brook Taube
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
By
|
/s/ Richard T. Allorto, Jr.
|
|
|
Richard T. Allorto, Jr.
|
|
|
Chief Financial Officer
|
|
|
(Principal Accounting and Financial Officer)
|