Company Quick10K Filing
Medley Capital
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-10
10-K 2019-09-30 Filed 2019-12-16
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-Q 2018-12-31 Filed 2019-02-11
10-K 2018-09-30 Filed 2018-12-04
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-Q 2017-12-31 Filed 2018-02-06
10-K 2017-09-30 Filed 2017-12-07
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-Q 2016-12-31 Filed 2017-02-09
10-K 2016-09-30 Filed 2016-12-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-09
10-Q 2015-12-31 Filed 2016-02-09
10-K 2015-09-30 Filed 2015-12-04
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-Q 2014-12-31 Filed 2015-02-09
10-K 2014-09-30 Filed 2014-12-08
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-Q 2013-12-31 Filed 2014-02-06
10-K 2013-09-30 Filed 2013-12-10
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-02
10-Q 2012-12-31 Filed 2013-02-06
10-K 2012-09-30 Filed 2012-12-10
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-12-31 Filed 2012-02-06
10-K 2011-09-30 Filed 2011-12-14
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-12
10-Q 2010-12-31 Filed 2011-03-04
8-K 2020-06-15
8-K 2020-05-21
8-K 2020-05-11
8-K 2020-05-08
8-K 2020-05-01
8-K 2020-04-16
8-K 2020-04-01
8-K 2020-02-10
8-K 2019-12-16
8-K 2019-11-19
8-K 2019-08-12
8-K 2019-08-08
8-K 2019-07-29
8-K 2019-07-29
8-K 2019-07-24
8-K 2019-06-10
8-K 2019-06-04
8-K 2019-05-10
8-K 2019-04-18
8-K 2019-04-15
8-K 2019-03-29
8-K 2019-03-29
8-K 2019-03-18
8-K 2019-03-15
8-K 2019-03-12
8-K 2019-03-11
8-K 2019-03-08
8-K 2019-02-13
8-K 2019-02-11
8-K 2019-02-08
8-K 2019-02-07
8-K 2018-12-04
8-K 2018-11-30
8-K 2018-11-16
8-K 2018-09-28
8-K 2018-08-09
8-K 2018-08-09
8-K 2018-08-09
8-K 2018-06-05
8-K 2018-05-09
8-K 2018-02-16
8-K 2018-02-13
8-K 2018-02-12
8-K 2018-02-07
8-K 2018-02-06
8-K 2018-01-26

MCC 10Q Quarterly Report

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. 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 exhibit211033120.htm
EX-31.1 exhibit311033120.htm
EX-31.2 exhibit312033120.htm
EX-32.1 exhibit321033120.htm

Medley Capital Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 mcc03312010-q.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 March 31, 2020
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)
 _____________________________________________________________________________________________________

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

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

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

The Registrant had 54,474,211 shares of common stock, $0.001 par value, outstanding as of May 11, 2020.



MEDLEY CAPITAL CORPORATION

TABLE OF CONTENTS
 
 
Part I. Financial Information
 
 
 
Item 1. Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
                         Notes to Consolidated Financial Statements (unaudited)
 
 
 
 
 
 
 
 
Part II. Other Information
 
 
 
 
 
Item 1A. Risk Factors
 
 
 
 
 
 
 
 
 
 
Item 6. Exhibits
 
 
SIGNATURES





Medley Capital Corporation

Consolidated Statements of Assets and Liabilities

 
March 31, 2020
 
September 30, 2019
 
(unaudited)
 
 
ASSETS
 
 
 

Investments at fair value
 

 
 

Non-controlled/non-affiliated investments (amortized cost of $143,309,568 and $204,736,370, respectively)
$
112,666,094

 
$
189,895,466

Affiliated investments (amortized cost of $96,625,681 and $108,310,029, respectively)
82,276,524

 
99,539,605

Controlled investments (amortized cost of $156,551,909 and $154,601,177, respectively)
60,953,188

 
107,453,927

Total investments at fair value
255,895,806


396,888,998

Cash and cash equivalents
61,104,407

 
68,245,213

Restricted cash (see Note 2)

 
16,038,690

Other assets
966,076

 
2,973,731

Interest receivable
488,956

 
1,592,406

Receivable for dispositions and investments sold
12,500

 
419,299

Fees receivable
44,682

 
108,305

Total assets
$
318,512,427


$
486,266,642

 
 
 
 
LIABILITIES
 

 
 

Notes payable (net of debt issuance costs of $1,842,578 and $5,274,164, respectively)
$
171,172,722

 
$
251,731,729

Accounts payable and accrued expenses
2,258,418

 
11,956,755

Interest and fees payable
801,805

 
2,904,748

Management and incentive fees payable (see Note 6)
1,641,271

 
2,231,175

Administrator expenses payable (see Note 6)
576,362

 
861,785

Deferred revenue
37,664

 
103,583

Due to affiliate
196,253

 
44,337

Deferred tax liability
85,664

 

Total liabilities
$
176,770,159


$
269,834,112

 
 
 
 
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
673,532,717

 
673,532,717

Total distributable earnings/(loss)
(531,844,923
)
 
(457,154,661
)
Total net assets
141,742,268

 
216,432,530

Total liabilities and net assets
$
318,512,427


$
486,266,642

 
 
 
 
NET ASSET VALUE PER SHARE
$
2.60

 
$
3.97


See accompanying notes to consolidated financial statements.

F-1



Medley Capital Corporation

Consolidated Statements of Operations
 
For the three months ended March 31
 
For the six months ended March 31
 
2020
 
2019
 
2020
 
2019
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
INVESTMENT INCOME
 
 
 
 
 
 
 
Interest from investments
 

 
 

 
 
 
 
Non-controlled/non-affiliated investments:
 

 
 

 
 
 
 
Cash
$
2,320,453

 
$
7,509,634

 
$
5,538,162

 
$
15,587,237

Payment-in-kind
128,309

 
605,640

 
327,321

 
1,178,183

Affiliated investments:
 

 
 

 
 
 
 
Cash
190,193

 
459,966

 
399,441

 
1,211,717

Payment-in-kind
706,789

 
644,575

 
1,654,262

 
1,616,365

Controlled investments:
 

 
 

 
 
 
 
Cash
1,297

 
85,626

 
84,505

 
163,458

Payment-in-kind
5,385

 
760,525

 
500,767

 
1,788,857

Total interest income
3,352,426


10,065,966

 
8,504,458

 
21,545,817

Dividend income
1,662,500

 
1,991,527

 
3,500,000

 
4,091,527

Interest from cash and cash equivalents
154,290

 
211,215

 
372,428

 
372,529

Fee income (see Note 9)
131,992

 
318,160

 
415,532

 
778,837

Total investment income
5,301,208


12,586,868

 
12,792,418

 
26,788,710

 
 
 
 
 
 
 
 
EXPENSES
 

 
 

 
 

 
 

Base management fees (see Note 6)
1,641,271

 
3,084,382

 
3,649,505

 
6,269,526

Incentive fees (see Note 6)

 

 

 

Interest and financing expenses
4,432,118

 
5,898,689

 
9,576,047

 
11,907,805

General and administrative
2,083,397

 
2,880,717

 
2,600,239

 
3,484,866

Administrator expenses (see Note 6)
576,362

 
667,649

 
1,127,884

 
1,699,776

Insurance
356,580

 
116,791

 
654,578

 
236,177

Directors fees
296,500

 
376,625

 
612,500

 
668,850

Professional fees, net
130,630

 
10,156,703

 
(4,285,445
)
 
11,357,280

Expenses before management and incentive fee waivers
9,516,858


23,181,556

 
13,935,308

 
35,624,280

Management fee waiver (see Note 6)

 

 

 

Incentive fee waiver (see Note 6)

 

 

 

Total expenses net of management and incentive fee waivers
9,516,858


23,181,556

 
13,935,308

 
35,624,280

NET INVESTMENT INCOME/(LOSS)
(4,215,650
)
 
(10,594,688
)
 
(1,142,890
)
 
(8,835,570
)
 
 
 
 
 
 
 
 
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
 

 
 

 
 

 
 

Net realized gain/(loss) from investments
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
(100,115
)
 
(10,615,469
)
 
(157,914
)
 
(15,799,379
)
Affiliated investments

 

 

 

Controlled investments

 

 
(1,686,837
)
 
(51,538,556
)
Net realized gain/(loss) from investments
(100,115
)
 
(10,615,469
)
 
(1,844,751
)
 
(67,337,935
)
Net unrealized appreciation/(depreciation) on investments
 
 
 
 
 
 
 
Non-controlled/non-affiliated investments
(19,549,944
)
 
19,351,739

 
(15,802,570
)
 
20,163,920

Affiliated investments
(15,019,332
)
 
(3,078,960
)
 
(5,578,733
)
 
(5,473,553
)
Controlled investments
(38,994,357
)
 
(19,671,818
)
 
(48,451,471
)
 
26,919,491

Net unrealized appreciation/(depreciation) on investments
(73,563,633
)
 
(3,399,039
)
 
(69,832,774
)
 
41,609,858

Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments
(85,664
)
 

 
(85,664
)
 

Loss on extinguishment of debt (see Note 5)
(895,033
)
 

 
(1,784,183
)
 
(122,971
)
Net realized and unrealized gain/(loss) on investments
(74,644,445
)
 
(14,014,508
)
 
(73,547,372
)
 
(25,851,048
)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$
(78,860,095
)
 
$
(24,609,196
)
 
$
(74,690,262
)
 
$
(34,686,618
)
 
 
 
 
 
 
 
 
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE
$
(1.45
)
 
$
(0.45
)
 
$
(1.37
)
 
$
(0.64
)
WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME PER COMMON SHARE
$
(0.08
)
 
$
(0.19
)
 
$
(0.02
)
 
$
(0.16
)
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
$

 
$
0.05

 
$

 
$
0.15

 
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 December 31, 2018
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(392,987,360
)
 
$
305,653,884

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
(10,594,688
)
 
(10,594,688
)
Net realized gain/(loss) from investments

 

 

 
(10,615,469
)
 
(10,615,469
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
(3,399,039
)
 
(3,399,039
)
Net loss on extinguishment of debt

 

 

 

 

SHAREHOLDER DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
Distributions from earnings

 

 

 
(2,723,712
)
 
(2,723,712
)
Total increase/(decrease) in net assets

 

 

 
(27,332,908
)
 
(27,332,908
)
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(420,320,268
)
 
$
278,320,976

 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
54,474,211

 
$
54,474

 
$
673,532,717

 
$
(452,984,828
)
 
$
220,602,363

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
(4,215,650
)
 
(4,215,650
)
Net realized gain/(loss) from investments

 

 

 
(100,115
)
 
(100,115
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
(73,563,633
)
 
(73,563,633
)
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments

 

 

 
(85,664
)
 
(85,664
)
Net loss on extinguishment of debt

 

 

 
(895,033
)
 
(895,033
)
Total increase/(decrease) in net assets

 

 

 
(78,860,095
)
 
(78,860,095
)
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
54,474,211

 
$
54,474

 
$
673,532,717

 
$
(531,844,923
)
 
$
141,742,268

 
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, 2018
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(377,462,517
)
 
$
321,178,727

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
(8,835,570
)
 
(8,835,570
)
Net realized gain/(loss) from investments

 

 

 
(67,337,935
)
 
(67,337,935
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
41,609,858

 
41,609,858

Net loss on extinguishment of debt

 

 

 
(122,971
)
 
(122,971
)
SHAREHOLDER DISTRIBUTIONS
 
 
 
 
 
 
 
 
 
Distributions from earnings

 

 

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

 

 

 
(42,857,751
)
 
(42,857,751
)
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
54,474,211

 
$
54,474

 
$
698,586,770

 
$
(420,320,268
)
 
$
278,320,976

 
 
 
 
 
 
 
 
 
 
Balance at September 30, 2019
54,474,211

 
$
54,474

 
$
673,532,717

 
$
(457,154,661
)
 
$
216,432,530

 
 
 
 
 
 
 
 
 
 
OPERATIONS
 
 
 
 
 
 
 
 
 
Net investment income/(loss)

 

 

 
(1,142,890
)
 
(1,142,890
)
Net realized gain/(loss) from investments

 

 

 
(1,844,751
)
 
(1,844,751
)
Net unrealized appreciation/(depreciation) on investments

 

 

 
(69,832,774
)
 
(69,832,774
)
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments

 

 

 
(85,664
)
 
(85,664
)
Net loss on extinguishment of debt

 

 

 
(1,784,183
)
 
(1,784,183
)
Total increase/(decrease) in net assets

 

 

 
(74,690,262
)
 
(74,690,262
)
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
54,474,211

 
$
54,474

 
$
673,532,717

 
$
(531,844,923
)
 
$
141,742,268

 
See accompanying notes to consolidated financial statements.



























F-4



Medley Capital Corporation

Consolidated Statements of Cash Flows
 
For the six months ended March 31
 
2020
 
2019
 
(unaudited)
 
(unaudited)
Cash flows from operating activities
 

 
 

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$
(74,690,262
)
 
$
(34,686,618
)
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
(1,738,277
)
 
(5,171,194
)
Net amortization of premium/(discount) on investments
(60,113
)
 
(224,124
)
Amortization of debt issuance costs
2,358,649

 
1,352,147

Net realized (gain)/loss from investments
1,844,751

 
67,337,935

Net deferred income taxes
85,664

 

Net unrealized (appreciation)/depreciation on investments
69,832,774

 
(41,609,858
)
Proceeds from sale and settlements of investments
84,358,204

 
75,033,854

Purchases, originations and participations
(13,244,147
)
 
(52,436,844
)
Loss on extinguishment of debt
1,784,183

 
122,971

(Increase)/decrease in operating assets:
 
 
 
Other assets
2,007,655

 
285,217

Interest receivable
1,103,450

 
597,835

Receivable for dispositions and investments sold
406,799

 
(351,846
)
Fees receivable
63,623

 
(12,173
)
Increase/(decrease) in operating liabilities:
 
 
 
Accounts payable and accrued expenses
(9,698,337
)
 
8,852,425

Interest and fees payable
(2,102,943
)
 
(271,954
)
Management and incentive fees payable, net
(589,904
)
 
(263,292
)
Administrator expenses payable
(285,423
)
 
(140,897
)
Deferred revenue
(65,919
)
 
(79,411
)
Due to affiliate
151,916

 
237,146

NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES
61,522,343

 
18,571,319

 
 
 
 
Cash flows from financing activities
 
 
 
Paydowns on debt
(84,701,839
)
 
(12,999,337
)
Debt issuance costs paid

 
(14,361
)
Payments of cash dividends

 
(8,171,133
)
Offering costs paid

 
354,753

NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES
(84,701,839
)
 
(20,830,078
)
 
 
 
 
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
(23,179,496
)
 
(2,258,759
)
CASH, RESTRICTED CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
84,283,903

 
75,665,981

CASH, RESTRICTED CASH AND CASH EQUIVALENTS, END OF PERIOD
$
61,104,407

 
$
73,407,222

 
 
 
 
Supplemental Information:
 

 
 

Interest paid during the period
$
9,318,341

 
$
10,827,613

Supplemental non-cash information:
 
 
 
Payment-in-kind interest income
$
2,383,066

 
$
4,583,405

Net amortization of premium/(discount) on investments
$
60,113

 
$
224,124

Amortization of debt issuance costs
$
(2,358,649
)
 
$
(1,352,147
)
Non-cash purchase of investments
$

 
$
47,483

 
 
 
 
Reconciliation to the Consolidated Statement of Assets and Liabilities
March 31, 2020
 
September 30, 2019
 
(unaudited)
 
 
Cash and cash equivalents
$
61,104,407

 
$
68,245,213

Restricted cash

 
16,038,690

Total cash and cash equivalents and restricted cash
$
61,104,407

 
$
84,283,903

See accompanying notes to consolidated financial statements.

F-5



Medley Capital Corporation

Consolidated Schedule of Investments

March 31, 2020
(unaudited)
Company(1)
 
Industry
 
Type of Investment
 
Maturity
 
Par Amount(2)
 
Cost(3)
 
Fair Value(6)
 
% of
Net Assets(4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Controlled/Non-Affiliated Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Alpine SG, LLC(7)
 
High Tech Industries
 
Senior Secured First Lien Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)(20)
 
11/16/2022
 
$
5,061,750

 
$
5,061,750

 
$
4,739,823

 
3.3
 %
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)(20)
 
11/16/2022
 
2,444,350

 
2,444,350

 
2,288,889

 
1.6
 %
 
 
 
 
Revolving Credit Facility (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)(15)
 
11/16/2022
 

 

 
(63,600
)
 
0.0
 %
 
 
 
 
 
 
 
 
7,506,100

 
7,506,100

 
6,965,112

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
3,757,016

 
2.6
 %
 
 
 
 
 
 
 
 
4,387,500

 
4,387,500

 
3,757,016

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Autosplice, Inc.
 
High Tech Industries
 
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)(13)
 
12/17/2021
 
12,965,572

 
12,965,572

 
12,318,590

 
8.7
 %
 
 
 
 
 
 
 
 
12,965,572

 
12,965,572

 
12,318,590

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Avantor, Inc.(10)
 
Wholesale
 
Equity - 942,160 Common Units(16)
 
 
 

 
16,487,800

 
11,767,578

 
8.3
 %
 
 
 
 
 
 
 
 

 
16,487,800

 
11,767,578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Be Green Packaging, LLC
 
Containers, Packaging & Glass
 
Equity - 417 Common Units
 
 
 

 
416,250

 

 
0.0
 %
 
 
 
 
 
 
 
 

 
416,250

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Black Angus Steakhouses, LLC
 
Hotel, Gaming & Leisure
 
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(9)(13)(21)
 
4/24/2020
 
7,290,179

 
7,222,523

 
5,212,478

 
3.7
 %
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)
 
4/24/2020
 

 

 

 
0.0
 %
 
 
 
 
Revolving Credit Facility (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(9)(13)(15)
 
4/24/2020
 
892,857

 
884,571

 
638,393

 
0.4
 %
 
 
 
 
 
 
 
 
8,183,036

 
8,107,094

 
5,850,871

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capstone Nutrition Development, LLC
 
Healthcare & Pharmaceuticals
 
Equity - 13,833.1916 Common Units
 
 
 

 
1,483,319

 
1,142,156

 
0.8
 %
 
 
 
 
 
 
 
 

 
1,483,319

 
1,142,156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
2,998,924

 
2,343,004

 
1.7
 %
 
 
 
 
 
 
 
 
3,010,025

 
2,998,924

 
2,343,004

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Crow Precision Components, LLC
 
Aerospace & Defense
 
Equity - 350 Common Units
 
 
 

 
700,000

 
723,131

 
0.5
 %
 
 
 
 
 
 
 
 

 
700,000

 
723,131

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
4,959,000

 
3.5
 %
 
 
 
 
 
 
 
 
7,500,000

 
7,500,000

 
4,959,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

F-6



Company(1)
 
Industry
 
Type of Investment
 
Maturity
 
Par Amount(2)
 
Cost(3)
 
Fair Value(6)
 
% 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
 
4,987,500

 
4,987,500

 
4,660,320

 
3.3
 %
 
 
 
 
Revolving Credit Facility (LIBOR + 5.50% Cash, 1.00% LIBOR Floor)(13)(15)
 
11/13/2025
 
535,714

 
535,714

 
488,857

 
0.3
 %
 
 
 
 
 
 
 
 
5,523,214

 
5,523,214

 
5,149,177

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dream Finders Homes, LLC
 
Construction & Building
 
Preferred Equity (8.00% PIK)
 
 
 
4,355,041

 
4,355,041

 
3,501,453

 
2.5
 %
 
 
 
 
 
 
 
 
4,355,041

 
4,355,041

 
3,501,453

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footprint Acquisition, LLC
 
Services:  Business
 
Preferred Equity (8.75% PIK)
 
 
 
3,801,326

 
3,801,326

 
3,801,326

 
2.7
 %
 
 
 
 
Equity - 150 Common Units
 
 
 

 

 
1,960,830

 
1.4
 %
 
 
 
 
 
 
 
 
3,801,326

 
3,801,326

 
5,762,156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Global Accessories Group, LLC(11)
 
Consumer goods:  Non-durable
 
Equity - 3.8% Membership Interest
 
 
 

 
151,337

 
42,355

 
0.0
 %
 
 
 
 
 
 
 
 

 
151,337

 
42,355

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
2,808,363

 
375,000

 
0.3
 %
 
 
 
 
 
 
 
 
3,000,000

 
2,808,363

 
375,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impact Group, LLC
 
Services:  Business
 
Senior Secured First Lien Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)(21)
 
6/27/2023
 
3,237,294

 
3,237,294

 
2,829,394

 
2.0
 %
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.50% Cash, 1.00% LIBOR Floor)(13)(21)
 
6/27/2023
 
9,380,033

 
9,380,033

 
8,198,149

 
5.8
 %
 
 
 
 
 
 
 
 
12,617,327

 
12,617,327

 
11,027,543

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
12,884,175

 
12,884,175

 
11,948,784

 
8.4
 %
 
 
 
 
 
 
 
 
12,884,175

 
12,884,175

 
11,948,784

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
5,371,148

 
5,371,148

 
4,907,618

 
3.5
 %
 
 
 
 
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(12)
 
12/8/2023
 
1,090,714

 
1,090,714

 
996,585

 
0.7
 %
 
 
 
 
 
 
 
 
6,461,862

 
6,461,862

 
5,904,203