Company Quick10K Filing
Quick10K
Medley Capital
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-08-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-07-29 Enter Agreement, Exhibits
8-K 2019-07-29 Other Events, Exhibits
8-K 2019-07-24 Regulation FD, Exhibits
8-K 2019-06-10 Shareholder Vote
8-K 2019-06-04 Other Events, Exhibits
8-K 2019-05-10 Earnings, Exhibits
8-K 2019-04-18 Other Events, Exhibits
8-K 2019-04-15 Enter Agreement, Officers, Other Events, Exhibits
8-K 2019-03-29 Other Events
8-K 2019-03-29 Other Events, Exhibits
8-K 2019-03-18 Officers
8-K 2019-03-15 Other Events, Exhibits
8-K 2019-03-12 Other Events
8-K 2019-03-11 Other Events
8-K 2019-03-08 Other Events, Exhibits
8-K 2019-02-13 Other Events
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-02-08 Other Events, Exhibits
8-K 2019-02-07 Amend Bylaw, Other Events, Exhibits
8-K 2018-12-04 Earnings, Exhibits
8-K 2018-11-30 Other Events, Exhibits
8-K 2018-11-16 Regulation FD, Exhibits
8-K 2018-09-28 Leave Agreement
8-K 2018-08-09 Other Events, Exhibits
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-08-09 Enter Agreement, Exhibits
8-K 2018-06-05 Other Events
8-K 2018-02-13 Shareholder Vote
8-K 2018-02-07 Other Events, Exhibits
8-K 2018-01-26 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
NMRK Newmark Group 2,247
FTAI Fortress Transportation & Infrastructure Investors 1,259
HEES H&E Equipment Services 860
AMRX Amneal Pharmaceuticals 308
GEF Greif 0
GARS Garrison Capital 0
ABDC Alcentra Capital 0
FDUS Fidus Investment 0
SVVC Firsthand Technology Value Fund 0
STK Storage Technology 0
MCC 2019-06-30
Note 1. Organization
Note 2. Significant Accounting Policies
Note 3. Investments
Note 4. Fair Value Measurements
Note 5. Borrowings
Note 6. Agreements
Note 7. Related Party Transactions
Note 8. Commitments
Note 9. Fee Income
Note 10. Directors Fees
Note 11. Earnings per Share
Note 12. Financial Highlights
Note 13. Dividends
Note 14. Stock Repurchase Program
Note 15. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-21.1 exhibit211063019.htm
EX-31.1 exhibit311063019.htm
EX-31.2 exhibit312063019.htm
EX-32.1 exhibit321063019.htm

Medley Capital Earnings 2019-06-30

MCC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 medleycapitalcorp06301910q.htm 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

Form 10-Q
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the Quarterly Period Ended June 30, 2019
or
 
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission file number: 1-35040

MEDLEY CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware
 
27-4576073
(State or Other Jurisdiction of
 
(I.R.S. Employer
Incorporation or Organization)
 
Identification No.)
 
 
 
280 Park Avenue, 6th Floor East, New York, NY 10017
 
10017
(Address of Principal Executive Offices)
 
(Zip Code)

(212) 759-0777
(Registrant’s Telephone Number, Including Area Code)
 _____________________________________________________________________________________________________

Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
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
6.125% Notes due 2023
 
MCV
 
The New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ¨ No ¨

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

Large accelerated filer ¨         Accelerated filer ý         Non-accelerated filer ¨      Smaller reporting company ¨        Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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

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

The Registrant had 54,474,211 shares of common stock, $0.001 par value, outstanding as of August 8, 2019.




MEDLEY CAPITAL CORPORATION

TABLE OF CONTENTS


Part I.
Financial Information
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II.
Other Information
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
SIGNATURES




Medley Capital Corporation

Consolidated Statements of Assets and Liabilities
 
June 30, 2019
 
September 30, 2018
 
(unaudited)
 
 
ASSETS
 
 
 

Investments at fair value
 

 
 

Non-controlled/non-affiliated investments (amortized cost of $239,646,562 and $428,717,777, respectively)
$
229,401,550

 
$
393,149,374

Affiliated investments (amortized cost of $130,986,190 and $102,546,973, respectively)
122,953,330

 
100,640,804

Controlled investments (amortized cost of $188,442,371 and $233,421,693, respectively)
123,424,473

 
161,639,736

Total investments at fair value
475,779,353


655,429,914

Cash and cash equivalents
49,444,200

 
75,665,981

Other assets
4,603,634

 
3,420,442

Interest receivable
3,447,372

 
6,377,076

Receivable for dispositions and investments sold
261,271

 
160,257

Fees receivable
163,096

 
187,276

Deferred offering costs

 
354,754

Total assets
$
533,698,926


$
741,595,700

 
 
 
 
LIABILITIES
 

 
 

Notes payable (net of debt issuance costs of $6,307,495 and $8,238,300, respectively)
$
265,718,633

 
$
276,909,028

SBA debentures payable (net of debt issuance costs of $0 and $2,095,329, respectively)

 
132,904,671

Accounts payable and accrued expenses
11,958,855

 
2,935,833

Interest and fees payable
4,367,996

 
3,280,018

Management and incentive fees payable (see Note 6)
2,688,946

 
3,347,674

Administrator expenses payable (see Note 6)
762,428

 
808,546

Deferred revenue
79,153

 
192,152

Due to affiliate
42,787

 
39,051

Total liabilities
$
285,618,798

 
$
420,416,973

 
 
 
 
Guarantees and Commitments (see Note 8)
 

 
 

 
 
 
 
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
698,586,770

 
698,586,770

Total distributable earnings/(loss)
(450,561,116
)
 
(377,462,517
)
Total net assets
248,080,128

 
321,178,727

Total liabilities and net assets
$
533,698,926


$
741,595,700

 
 
 
 
NET ASSET VALUE PER SHARE
$
4.55

 
$
5.90


See accompanying notes to consolidated financial statements.

F-1



Medley Capital Corporation

Consolidated Statements of Operations
 
For the three months ended June 30
 
For the nine months ended June 30
 
2019
 
2018
 
2019
 
2018
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
INVESTMENT INCOME
 
 
 
 
 

 
 

Interest from investments
 
 
 
 
 

 
 

Non-controlled/non-affiliated investments:
 
 
 
 
 

 
 

Cash
$
5,663,055

 
$
7,736,213

 
$
21,250,292

 
$
31,793,233

Payment-in-kind
306,022

 
687,187

 
1,484,205

 
3,200,815

Affiliated investments:
 
 
 
 
 

 
 

Cash
495,962

 
537,261

 
1,707,679

 
1,605,335

Payment-in-kind
668,601

 
828,886

 
2,284,966

 
2,447,953

Controlled investments:
 
 
 
 
 

 
 

Cash
85,759

 
456,232

 
249,217

 
1,312,531

Payment-in-kind
819,580

 
896,059

 
2,608,437

 
2,429,712

Total interest income
8,038,979

 
11,141,838

 
29,584,796


42,789,579

Dividend income
2,012,500

 
1,925,000

 
6,104,027

 
5,541,360

Interest from cash and cash equivalents
139,981

 
65,440

 
512,510

 
123,003

Fee income (see Note 9)
1,202,563

 
812,656

 
1,981,400

 
3,156,924

Total investment income
11,394,023

 
13,944,934

 
38,182,733


51,610,866

 
 
 
 
 
 
 
 
EXPENSES
 

 
 

 
 

 
 

Base management fees (see Note 6)
2,688,946

 
3,532,513

 
8,958,472

 
11,376,236

Incentive fees (see Note 6)

 

 

 

Interest and financing expenses
6,833,680

 
6,754,085

 
18,741,485

 
20,983,301

Professional fees
3,222,912

 
679,322

 
14,580,192

 
1,820,854

General and administrative
1,161,988

 
474,043

 
4,646,854

 
1,903,082

Administrator expenses (see Note 6)
762,428

 
949,696

 
2,462,204

 
2,773,616

Directors fees
419,725

 
520,530

 
1,088,575

 
919,025

Insurance
127,446

 
130,345

 
363,623

 
393,633

Expenses before management and incentive fee waivers
15,217,125

 
13,040,534

 
50,841,405


40,169,747

Management fee waiver (see Note 6)

 

 

 
(380,000
)
Incentive fee waiver (see Note 6)

 

 

 

Total expenses net of management and incentive fee waivers
15,217,125

 
13,040,534

 
50,841,405


39,789,747

Net investment income/(loss) before excise taxes
(3,823,102
)
 
904,400

 
(12,658,672
)
 
11,821,119

Excise tax expense

 

 

 
(157,922
)
NET INVESTMENT INCOME/(LOSS)
(3,823,102
)
 
904,400

 
(12,658,672
)
 
11,663,197

 
 
 
 
 
 
 
 
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
 

 
 

 
 

 
 

Net realized gain/(loss) from investments
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
(8,962,845
)
 
(34,999,937
)
 
(24,762,224
)
 
(58,352,065
)
Affiliated investments

 

 

 

Controlled investments

 

 
(51,538,556
)
 

Net realized gain/(loss) from investments
(8,962,845
)
 
(34,999,937
)
 
(76,300,780
)
 
(58,352,065
)
Net unrealized appreciation/(depreciation) on investments
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
5,159,471

 
15,078,448

 
25,323,391

 
(13,069,377
)
Affiliated investments
(653,138
)
 
927,342

 
(6,126,691
)
 
281,739

Controlled investments
(20,155,432
)
 
(8,759,199
)
 
6,764,059

 
(27,217,916
)
Net unrealized appreciation/(depreciation) on investments
(15,649,099
)
 
7,246,591

 
25,960,759

 
(40,005,554
)
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments

 
193,849

 

 
474,352

Net loss on extinguishment of debt (see Note 5)
(1,805,802
)
 
(10,848
)
 
(1,928,773
)
 
(1,168,484
)
Net realized and unrealized gain/(loss) on investments
(26,417,746
)
 
(27,570,345
)
 
(52,268,794
)
 
(99,051,751
)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$
(30,240,848
)
 
$
(26,665,945
)
 
$
(64,927,466
)
 
$
(87,388,554
)
 
 
 
 
 
 
 
 
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE
$
(0.56
)
 
$
(0.49
)
 
$
(1.19
)
 
$
(1.60
)
WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME/(LOSS) PER COMMON SHARE
$
(0.07
)
 
$
0.02

 
$
(0.23
)
 
$
0.21

WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (SEE NOTE 11)
54,474,211

 
54,474,211

 
54,474,211

 
54,474,211

DIVIDENDS DECLARED PER COMMON SHARE
$

 
$
0.10

 
$
0.15

 
$
0.42


See accompanying notes to consolidated financial statements.

F-2



Medley Capital Corporation

Consolidated Statements of Changes in Net Assets
(unaudited)
 
Common Stock
 
Total Distributable Earnings/(Loss)
 
Total Net Assets
 
Shares
 
Par Amount
 
Capital in Excess of Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
54,474,211

 
$
54,474

 
$
705,046,098

 
$
(322,825,612
)
 
$
382,274,960

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
904,400

 
904,400

Net realized gain/(loss) from investments

 

 

 
(34,999,937
)
 
(34,999,937
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
7,246,591

 
7,246,591

Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments

 

 

 
193,849

 
193,849

Net loss on extinguishment of debt

 

 

 
(10,848
)
 
(10,848
)
SHAREHOLDER DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
Distributions from earnings

 

 

 
(5,447,418
)
 
(5,447,418
)
Total increase/(decrease) in net assets

 

 

 
(32,113,363
)
 
(32,113,363
)
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
54,474,211

 
$
54,474

 
$
705,046,098

 
$
(354,938,975
)
 
$
350,161,597

 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(420,320,268
)
 
$
278,320,976

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
(3,823,102
)
 
(3,823,102
)
Net realized gain/(loss) from investments

 

 

 
(8,962,845
)
 
(8,962,845
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
(15,649,099
)
 
(15,649,099
)
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments

 

 

 

 

Net loss on extinguishment of debt

 

 

 
(1,805,802
)
 
(1,805,802
)
SHAREHOLDER DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
Distributions from earnings

 

 

 

 

Total increase/(decrease) in net assets

 

 

 
(30,240,848
)
 
(30,240,848
)
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(450,561,116
)
 
$
248,080,128


 See accompanying notes to consolidated financial statements.
 



F-3



Medley Capital Corporation

Consolidated Statements of Changes in Net Assets
(unaudited) (continued)
 
Common Stock
 
Total Distributable Earnings/(Loss)
 
Total Net Assets
 
Shares
 
Par Amount
 
Capital in Excess of Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2017
54,474,211

 
$
54,474

 
$
705,046,098

 
$
(244,671,255
)
 
$
460,429,317

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
11,663,197

 
11,663,197

Net realized gain/(loss) from investments

 

 

 
(58,352,065
)
 
(58,352,065
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
(40,005,554
)
 
(40,005,554
)
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments

 

 

 
474,352

 
474,352

Net loss on extinguishment of debt

 

 

 
(1,168,484
)
 
(1,168,484
)
SHAREHOLDER DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
Distributions from earnings

 

 

 
(22,879,166
)
 
(22,879,166
)
Total increase/(decrease) in net assets

 

 

 
(110,267,720
)
 
(110,267,720
)
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
54,474,211

 
$
54,474

 
$
705,046,098

 
$
(354,938,975
)
 
$
350,161,597

 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2018
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(377,462,517
)
 
$
321,178,727

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
(12,658,672
)
 
(12,658,672
)
Net realized gain/(loss) from investments

 

 

 
(76,300,780
)
 
(76,300,780
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
25,960,759

 
25,960,759

Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments

 

 

 

 

Net loss on extinguishment of debt

 

 

 
(1,928,773
)
 
(1,928,773
)
SHAREHOLDER DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
Distributions from earnings

 

 

 
(8,171,133
)
 
(8,171,133
)
Total increase/(decrease) in net assets

 

 

 
(73,098,599
)
 
(73,098,599
)
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(450,561,116
)
 
$
248,080,128


 See accompanying notes to consolidated financial statements.
 



F-4



Medley Capital Corporation

Consolidated Statements of Cash Flows
 
For the nine months ended June 30
 
2019
 
2018
 
(unaudited)
 
(unaudited)
Cash flows from operating activities
 
 
 

NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
$
(64,927,466
)
 
$
(87,388,554
)
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
(7,510,243
)
 
(7,922,687
)
Net amortization of premium/(discount) on investments
(254,750
)
 
(733,280
)
Amortization of debt issuance costs
1,989,860

 
2,729,768

Net realized (gain)/loss from investments
76,300,780

 
58,352,065

Net deferred income taxes

 
(474,352
)
Net unrealized (appreciation)/depreciation on investments
(25,960,759
)
 
40,005,554

Proceeds from sale and settlements of investments
196,207,945

 
245,222,710

Purchases, originations and participations
(59,132,412
)
 
(132,801,768
)
Net loss on extinguishment of debt
1,928,773

 
1,168,484

(Increase)/decrease in operating assets:
 
 
 
Other assets
(1,183,192
)
 
(753,464
)
Interest receivable
2,929,704

 
4,670,402

Receivable for dispositions and investments sold
(101,014
)
 
82,103

Fees receivable
24,180

 
147,213

Increase/(decrease) in operating liabilities:
 
 
 
Accounts payable and accrued expenses
9,023,022

 
223,917

Interest and fees payable
1,087,978

 
3,252,174

Management and incentive fees payable, net
(658,728
)
 
(779,491
)
Administrator expenses payable
(46,118
)
 
89,902

Deferred revenue
(112,999
)
 
(80,103
)
Due to affiliate
3,736

 
70,269

NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES
129,608,297

 
125,080,862

 
 
 
 
Cash flows from financing activities
 

 
 

Borrowings on debt

 
140,775,690

Paydowns on debt
(147,999,337
)
 
(201,000,000
)
Debt issuance costs paid
(14,361
)
 
(6,499,559
)
Payments of cash dividends
(8,171,133
)
 
(22,879,166
)
Offering costs
354,753

 
(47,739
)
NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES
(155,830,078
)
 
(89,650,774
)
 
 
 
 
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
(26,221,781
)
 
35,430,088

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
75,665,981

 
108,571,958

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
49,444,200

 
$
144,002,046

 
 
 
 
Supplemental Information:
 

 
 

Interest paid during the period
$
15,663,647

 
$
14,945,110

Supplemental non-cash information:
 
 
 
Payment-in-kind interest income
$
6,377,608

 
$
8,078,480

Net amortization of premium/(discount) on investments
$
254,750

 
$
733,280

Amortization of debt issuance costs
$
(1,989,860
)
 
$
(2,729,768
)
Non-cash purchase of investments
$
19,192,916

 
$
5,069,848

Non-cash sale of investments
$
19,145,433

 
$
5,069,848

 
See accompanying notes to consolidated financial statements.

F-5



Medley Capital Corporation
  
Consolidated Schedule of Investments
 
June 30, 2019
(unaudited)
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)(14)
 
11/16/2022
 
$
5,061,750

 
$
5,061,750

 
$
5,020,244

 
2.0
%
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(14)
 
11/16/2022
 
2,444,350

 
2,444,350

 
2,424,306

 
1.0
%
 
 
 
 
Revolving Credit Facility (LIBOR + 5.50% Cash, 1.00% LIBOR
Floor)(14)(17)
 
11/16/2022
 

 

 

 
0.0
%
 
 
 
 
 
 
 
 
7,506,100

 
7,506,100

 
7,444,550

 
 
 
 
 
 
 
 
 
 


 


 


 
 
American Dental Partners, Inc.
 
Healthcare & Pharmaceuticals
 
Senior Secured Second Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)(14)
 
9/25/2023
 
4,387,500

 
4,387,500

 
4,274,741

 
1.7
%
 
 
 
 
 
 
 
 
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)(14)
 
6/17/2020
 
13,521,241

 
13,521,241

 
13,491,495

 
5.4
%
 
 
 
 
 
 
 
 
13,521,241

 
13,521,241

 
13,491,495

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Avantor, Inc.
 
Wholesale
 
Equity - 942,160 Common Units(18)
 
 
 

 
16,487,800

 
17,985,834

 
7.3
%
 
 
 
 
 
 
 
 

 
16,487,800

 
17,985,834

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Barry's Bootcamp Holdings, LLC
 
Services:  Consumer
 
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(14)
 
7/14/2022
 
7,628,570

 
7,628,570

 
7,565,253

 
3.1
%
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(14)
 
7/14/2022
 
1,271,430

 
1,271,430

 
1,260,877

 
0.5
%
 
 
 
 
Revolving Credit Facility (LIBOR + 6.00% Cash, 1.00% LIBOR
Floor)(14)(17)
 
7/14/2022
 
4,400,000

 
4,400,000

 
4,363,040

 
1.8
%
 
 
 
 
 
 
 
 
13,300,000

 
13,300,000

 
13,189,170

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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)(14)
 
4/24/2020
 
7,341,518

 
7,341,518

 
7,307,757

 
2.9
%
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(14)
 
4/24/2020
 

 

 

 
0.0
%
 
 
 
 
Revolving Credit Facility (LIBOR + 9.00% Cash, 1.00% LIBOR
Floor)(14)(17)
 
4/24/2020
 
491,072

 
491,072

 
490,089

 
0.2
%
 
 
 
 
 
 
 
 
7,832,590

 
7,832,590

 
7,797,846

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CPI International, Inc.
 
Aerospace & Defense
 
Senior Secured Second Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor)(13)
 
7/28/2025
 
3,010,025

 
2,997,714

 
2,891,430

 
1.2
%
 
 
 
 
 
 
 
 
3,010,025

 
2,997,714

 
2,891,430

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

F-6



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
 
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)(14)
 
9/30/2019
 
12,490,000

 
12,490,000

 
12,490,000

 
5.0
%
 
 
 
 
Equity - 350 Common Units
 
 
 

 
700,000

 
658,858

 
0.3
%
 
 
 
 
 
 
 
 
12,490,000

 
13,190,000

 
13,148,858

 
 
 
 
 
 
 
 
 
 


 


 


 
 
CT Technologies Intermediate Holdings, Inc.(12)
 
Healthcare & Pharmaceuticals
 
Senior Secured Second Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)
 
12/1/2022
 
7,500,000

 
7,500,000

 
5,736,750

 
2.3
%
 
 
 
 
 
 
 
 
7,500,000

 
7,500,000

 
5,736,750

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DataOnline Corp.(7)
 
High Tech Industries
 
Senior Secured First Lien Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(14)
 
7/31/2025
 
15,880,000

 
15,880,000

 
15,729,140

 
6.3
%
 
 
 
 
Revolving Credit Facility (LIBOR + 5.75% Cash, 1.00% LIBOR
Floor)(14)(17)
 
7/31/2024
 

 

 

 
0.0
%
 
 
 
 
 
 
 
 
15,880,000

 
15,880,000

 
15,729,140

 
 
 
 
 
 
 
 
 
 


 


 


 
 
Dermatologists of Southwestern Ohio, LLC
 
Healthcare & Pharmaceuticals
 
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)
 
4/20/2022
 
1,068,172

 
1,068,172

 
1,058,452

 
0.4
%
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)
 
4/20/2022
 
405,273

 
405,273

 
401,585

 
0.2
%
 
 
 
 
 
 
 
 
1,473,445

 
1,473,445

 
1,460,037

 
 
 
 
 
 
 
 
 
 


 


 


 
 
Dream Finders Homes, LLC
 
Construction & Building
 
Senior Secured First Lien Term Loan B (10.00% Cash)
 
10/1/2019
 
1,859,699

 
1,859,699

 
1,859,699

 
0.7
%
 
 
 
 
Preferred Equity (8.00% PIK)
 
 
 
4,102,751

 
4,102,751

 
4,102,751

 
1.7
%
 
 
 
 
 
 
 
 
5,962,450

 
5,962,450

 
5,962,450

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FKI Security Group, LLC
 
Capital Equipment
 
Senior Secured First Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)(14)
 
3/30/2020
 
11,000,000

 
11,000,000

 
10,688,700

 
4.3
%
 
 
 
 
 
 
 
 
11,000,000

 
11,000,000

 
10,688,700

 
 
 
 
 
 
 
 
 
 


 


 


 
 
Footprint Acquisition, LLC
 
Services:  Business
 
Preferred Equity (8.75% PIK)
 
 
 
7,126,205

 
7,126,205

 
7,126,205

 
2.9
%
 
 
 
 
Equity - 150 Common Units
 
 
 

 

 
3,347,965

 
1.4
%
 
 
 
 
 
 
 
 
7,126,205

 
7,126,205

 
10,474,170

 
 
 
 
 
 
 
 
 
 


 


 


 
 
Freedom Powersports, LLC
 
Automotive
 
Senior Secured First Lien Term Loan (LIBOR + 10.00% Cash, 1.50% LIBOR Floor)(14)
 
9/26/2019
 
9,820,000

 
9,820,000

 
9,820,000

 
4.0
%
 
 
 
 
 
 
 
 
9,820,000

 
9,820,000

 
9,820,000

 
 
 
 
 
 
 
 
 
 


 


 


 
 
Global Accessories Group, LLC(12)
 
Consumer goods:  Non-durable
 
Equity - 3.8% Membership Interest
 
 
 

 
151,337

 
151,339

 
0.1
%
 
 
 
 
 
 
 
 

 
151,337

 
151,339

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Heligear Acquisition Co.
 
Aerospace & Defense
 
Senior Secured First Lien Note (10.25% Cash)(8)
 
10/15/2019
 
20,000,000

 
20,000,000

 
19,484,000

 
7.9
%
 
 
 
 
 
 
 
 
20,000,000

 
20,000,000

 
19,484,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Imagine Group, LLC
 
Media: Advertising, Printing & Publishing
 
Senior Secured Second Lien Term Loan (LIBOR + 8.75% Cash, 1.00% LIBOR Floor)(13)
 
6/21/2023
 
3,000,000

 
2,967,074

 
2,262,300

 
0.9
%
 
 
 
 
 
 
 
 
3,000,000

 
2,967,074

 
2,262,300

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact Group, LLC
 
Services:  Business
 
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(14)
 
6/27/2023
 
3,263,288

 
3,263,288

 
3,113,177

 
1.3
%
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(14)
 
6/27/2023
 
9,454,998

 
9,454,998

 
9,020,068

 
3.6
%
 
 
 
 
 
 
 
 
12,718,286

 
12,718,286

 
12,133,245

 
 
 
 
 
 
 
 
 
 


 


 


 
 

F-7



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)(13)
 
8/18/2022
 
13,446,675

 
13,446,675

 
12,596,845

 
5.1
%
 
 
 
 
 
 
 
 
13,446,675

 
13,446,675

 
12,596,845

 
 
 
 
 
 
 
 
 
 


 


 


 
 
L & S Plumbing Partnership, Ltd.
 
Construction & Building
 
Senior Secured First Lien Term Loan (LIBOR + 7.50% Cash, 1.00% LIBOR Floor)(14)
 
2/15/2022
 
6,169,973

 
6,169,973

 
6,169,973

 
2.5
%
 
 
 
 
 
 
 
 
6,169,973

 
6,169,973

 
6,169,973

 
 
 
 
 
 
 
 
 
 


 


 


 
 
Lighting Science Group Corporation
 
Containers, Packaging & Glass
 
Warrants - 1.01% of Outstanding Equity(19)
 
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)(13)
 
12/8/2023
 
5,412,359

 
5,412,359

 
5,145,530

 
2.1
%
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(13)
 
12/8/2023
 
1,098,956

 
1,098,956

 
1,044,778

 
0.4
%
 
 
 
 
 
 
 
 
6,511,315

 
6,511,315

 
6,190,308

 
 
 
 
 
 
 
 
 
 


 


 


 
 
Point.360
 
Services:  Business
 
Senior Secured First Lien Term Loan (LIBOR + 6.00% PIK)(10)(16)
 
7/8/2020
 
2,508,507

 
2,103,712

 
577,709

 
0.2
%
 
 
 
 
 
 
 
 
2,508,507

 
2,103,712

 
577,709

 
 
 
 
 
 
 
 
 
 


 


 


 
 
RateGain Technologies, Inc.
 
Hotel, Gaming & Leisure
 
Unsecured Debt(20)
 
7/31/2020
 
761,905

 
761,905

 
761,905

 
0.3
%
 
 
 
 
Unsecured Debt(20)
 
7/31/2021
 
761,905

 
761,905

 
761,905

 
0.3
%
 
 
 
 
 
 
 
 
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)(14)(17)
 
6/6/2023
 
875,000

 
875,000

 
860,475

 
0.3
%
 
 
 
 
 
 
 
 
875,000

 
875,000

 
860,475

 
 
 
 
 
 
 
 
 
 


 


 


 
 
RMS Holding Company, LLC(7)
 
Services:  Business
 
Revolving Credit Facility (LIBOR + 6.00% Cash, 1.00% LIBOR
Floor)(14)(17)
 
11/16/2022
 
1,973,728

 
1,973,728

 
1,944,414

 
0.8
%
 
 
 
 
 
 
 
 
1,973,728