tcrd-10q_20180630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2018

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 814-00789

 

THL CREDIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

 

Delaware

 

27-0344947

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

100 Federal St., 31st Floor, Boston, MA

 

02110

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 800-450-4424

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

 

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, as amended, 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      No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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

 

 

 

 

 

 

 

 

Non-Accelerated filer

 

  (Do not check if a smaller reporting company)

 

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  

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding at August 8, 2018 was 32,673,590.

 

 

 

 


THL CREDIT, INC.

FORM 10-Q FOR THE QUARTER ENDED June 30, 2018

Table of Contents

 

 

 

INDEX

 

PAGE
NO.

PART I.

  

FINANCIAL INFORMATION

  

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2018 (unaudited) and December 31, 2017

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017 (unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2018 and 2017 (unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017 (unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of June 30, 2018 (unaudited) and December 31, 2017

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

26

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

69

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

111

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

111

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

112

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

112

 

 

 

 

 

Item 1A.

 

Risk Factors

 

112

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

112

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

112

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

112

 

 

 

 

 

Item 5.

 

Other Information

 

112

 

 

 

 

 

Item 6.

 

Exhibits

 

113

 

 

 

 

 

SIGNATURES

 

114

 

2


THL Credit, Inc. and Subsidiaries

Consolidated Statements of Assets and Liabilities

(in thousands, except per share data)

(unaudited)

 

 

June 30, 2018

 

 

December 31, 2017

 

Assets:

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

Non-controlled, non-affiliated  investments (cost of $363,060 and $484,816,

   respectively)

$

354,505

 

 

$

449,951

 

Controlled investments (cost of $177,577 and $155,547, respectively)

 

177,724

 

 

 

158,736

 

Non-controlled, affiliated investments  (cost of $23,655 and $4, respectively)

 

26,752

 

 

 

4

 

Cash

 

12,545

 

 

 

3,617

 

Escrow receivable

 

6,597

 

 

 

 

Interest, dividends, and fees receivable

 

7,714

 

 

 

7,835

 

Deferred financing costs

 

2,600

 

 

 

2,890

 

Deferred tax assets

 

2,047

 

 

 

2,661

 

Prepaid expenses and other assets

 

1,618

 

 

 

1,583

 

Due from related parties

 

570

 

 

 

407

 

Total assets

$

592,672

 

 

$

627,684

 

Liabilities:

 

 

 

 

 

 

 

Loans payable ($143,201 and $167,317 face amounts, respectively, reported net of

   deferred financing costs of $0 and $0, respectively. See Note 7)

$

143,201

 

 

$

167,317

 

Notes payable ($110,000 and $110,000 face amounts, respectively, reported net of

   deferred financing costs of $2,654 and $2,985, respectively. See Note 7)

 

107,345

 

 

 

107,015

 

Accrued expenses and other payables

 

2,449

 

 

 

2,829

 

Base management fees payable

 

2,333

 

 

 

2,556

 

Deferred tax liability

 

1,833

 

 

 

2,336

 

Accrued incentive fees

 

888

 

 

 

972

 

Accrued interest and fees

 

337

 

 

 

551

 

Other deferred liabilities

 

23

 

 

 

79

 

Total liabilities

 

258,409

 

 

 

283,655

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

Common stock, par value $.001 per share, 100,000 common shares authorized, 32,674

   and 32,674 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively

 

33

 

 

 

33

 

Paid-in capital in excess of par

 

433,974

 

 

 

434,197

 

Net unrealized depreciation on investments, net of provision for taxes of $1,665

   and $1,511, respectively

 

(6,654

)

 

 

(34,660

)

Accumulated net realized losses

 

(102,954

)

 

 

(67,393

)

Accumulated undistributed net investment income

 

9,762

 

 

 

11,150

 

Total net assets attributable to THL Credit, Inc.

 

334,161

 

 

 

343,327

 

Net assets attributable to non-controlling interest

 

102

 

 

 

702

 

Total net assets

$

334,263

 

 

$

344,029

 

Total liabilities and net assets

$

592,672

 

 

$

627,684

 

Net asset value per share attributable to THL Credit, Inc.

$

10.23

 

 

$

10.51

 

 

See accompanying notes to these consolidated financial statements.

3


 

THL Credit, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

For the three months ended

June 30,

 

 

For the six months ended

June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

12,780

 

 

$

13,802

 

 

$

24,986

 

 

$

27,735

 

Dividend income

 

 

17

 

 

 

139

 

 

 

17

 

 

 

139

 

Other income

 

 

432

 

 

 

1,030

 

 

 

551

 

 

 

1,495

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

609

 

 

 

 

 

 

609

 

 

 

 

Other income

 

 

288

 

 

 

284

 

 

 

543

 

 

 

540

 

From controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,363

 

 

 

1,768

 

 

 

2,767

 

 

 

3,647

 

Dividend income

 

 

2,827

 

 

 

3,111

 

 

 

5,440

 

 

 

6,241

 

Other income

 

 

41

 

 

 

141

 

 

 

133

 

 

 

282

 

Total investment income

 

 

18,357

 

 

 

20,275

 

 

 

35,046

 

 

 

40,079

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on borrowings

 

 

3,791

 

 

 

3,941

 

 

 

7,357

 

 

 

7,813

 

Base management fees

 

 

2,333

 

 

 

2,658

 

 

 

4,652

 

 

 

5,212

 

Incentive fees

 

 

(9

)

 

 

1,151

 

 

 

(9

)

 

 

2,465

 

Administrator expenses

 

 

537

 

 

 

711

 

 

 

1,128

 

 

 

1,537

 

Other general and administrative expenses

 

 

573

 

 

 

541

 

 

 

996

 

 

 

1,046

 

Amortization of deferred financing costs

 

 

312

 

 

 

405

 

 

 

620

 

 

 

805

 

Professional fees

 

 

373

 

 

 

429

 

 

 

710

 

 

 

704

 

Directors' fees

 

 

204

 

 

 

169

 

 

 

398

 

 

 

349

 

Total expenses

 

 

8,114

 

 

 

10,005

 

 

 

15,852

 

 

 

19,931

 

Income tax provision, excise and other taxes

 

 

144

 

 

 

116

 

 

 

268

 

 

 

305

 

Net investment income

 

 

10,099

 

 

 

10,154

 

 

 

18,926

 

 

 

19,843

 

Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(22,254

)

 

 

(10,053

)

 

 

(35,467

)

 

 

(10,951

)

Non-controlled, affiliated investments

 

 

(3,125

)

 

 

 

 

 

(3,125

)

 

 

 

Controlled investments

 

 

245

 

 

 

 

 

 

343

 

 

 

 

Foreign currency transactions

 

 

(202

)

 

 

(1

)

 

 

(203

)

 

 

(74

)

Net realized loss on investments

 

 

(25,336

)

 

 

(10,054

)

 

 

(38,452

)

 

 

(11,025

)

Net change in unrealized (depreciation) appreciation on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

16,349

 

 

 

346

 

 

 

26,919

 

 

 

(2,924

)

Non-controlled, affiliated investments

 

 

3,091

 

 

 

 

 

 

3,091

 

 

 

 

Controlled investments

 

 

(2,723

)

 

 

457

 

 

 

(3,044

)

 

 

(19

)

Translation of assets and liabilities in foreign currencies

 

 

533

 

 

 

(593

)

 

 

1,193

 

 

 

(519

)

Net change in unrealized appreciation (depreciation) on investments

 

 

17,250

 

 

 

210

 

 

 

28,159

 

 

 

(3,462

)

Net change in unrealized (depreciation) appreciation attributable to non-controlling interests

 

 

(353

)

 

 

54

 

 

 

(601

)

 

 

113

 

Net realized and unrealized loss from investments

 

 

(8,439

)

 

 

(9,790

)

 

 

(10,894

)

 

 

(14,374

)

Provision for taxes on realized gain on investments

 

 

 

 

 

(835

)

 

 

 

 

 

(835

)

(Provision) benefit for taxes on unrealized gain on investments

 

 

(121

)

 

 

1,744

 

 

 

(154

)

 

 

1,896

 

(Provision) benefit for taxes on realized and unrealized gain on investments

 

 

(121

)

 

 

909

 

 

 

(154

)

 

 

1,061

 

Net (decrease) increase in net assets resulting from operations

 

$

1,539

 

 

$

1,273

 

 

$

7,878

 

 

$

6,530

 

Net investment income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.31

 

 

$

0.31

 

 

$

0.58

 

 

$

0.60

 

Net increase in net assets resulting from operations per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.05

 

 

$

0.04

 

 

$

0.24

 

 

$

0.20

 

Dividends declared and paid

 

$

0.27

 

 

$

0.27

 

 

$

0.54

 

 

$

0.54

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

32,674

 

 

 

32,873

 

 

 

32,674

 

 

 

32,899

 

 

See accompanying notes to these consolidated financial statements.

4


THL Credit, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets

(in thousands)

(unaudited)

 

 

 

For the six months ended June 30,

 

 

 

2018

 

 

2017

 

Increase in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

18,926

 

 

$

19,843

 

Net realized loss on investments

 

 

(38,452

)

 

 

(11,025

)

Net change in unrealized appreciation (depreciation) on investments

 

 

28,159

 

 

 

(3,462

)

Provision for taxes on realized gain on investments

 

 

 

 

 

(835

)

Net change in unrealized (depreciation) appreciation attributable to

   non-controlling interests

 

 

(601

)

 

 

113

 

(Provision) benefit for taxes on unrealized gain (loss) on investments

 

 

(154

)

 

 

1,896

 

Net increase in net assets resulting from operations

 

 

7,878

 

 

 

6,530

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(17,644

)

 

 

(17,753

)

Total distributions to stockholders

 

 

(17,644

)

 

 

(17,753

)

Capital share transactions:

 

 

 

 

 

 

 

 

Issuance of common stock from reinvestment of dividend

 

 

 

 

 

3

 

Repurchase of common stock

 

 

 

 

 

(1,502

)

Net decrease in net assets from capital share transactions

 

 

 

 

 

(1,499

)

Total decrease in net assets

 

 

(9,766

)

 

 

(12,722

)

Net assets at beginning of period

 

 

344,029

 

 

 

389,820

 

Net assets at end of period

 

$

334,263

 

 

$

377,098

 

Common shares outstanding at end of period

 

 

32,674

 

 

 

32,776

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares repurchased

 

 

 

 

 

150

 

 

See accompanying notes to these consolidated financial statements.

5


THL Credit, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

For the six months ended June 30,

 

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

7,878

 

 

$

6,530

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized (appreciation) depreciation on investments

 

 

(27,559

)

 

 

2,830

 

Net realized loss on investments

 

 

38,660

 

 

 

11,494

 

Net realized loss on foreign exchange currency transactions

 

 

163

 

 

 

1

 

Increase in investments due to interest paid-in-kind

 

 

(468

)

 

 

(1,587

)

Amortization of deferred financing costs

 

 

620

 

 

 

805

 

Accretion of discounts on investments and other fees

 

 

(1,920

)

 

 

(2,233

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(36,418

)

 

 

(61,707

)

Proceeds from sale and paydown of investments

 

 

69,134

 

 

 

46,123

 

Decrease in interest, dividends and fees receivable

 

 

121

 

 

 

312

 

Decrease in deferred offering costs

 

 

148

 

 

 

 

(Increase) decrease in due from affiliate

 

 

(163

)

 

 

66

 

Decrease in prepaid expenses and other assets

 

 

228

 

 

 

109

 

Increase in income taxes payable

 

 

 

 

 

876

 

Decrease (increase) in deferred tax asset

 

 

614

 

 

 

(1,467

)

Increase in accrued expenses and other payables

 

 

(239

)

 

 

44

 

Decrease in accrued credit facility fees and interest

 

 

(214

)

 

 

(906

)

Decrease in deferred tax liability

 

 

(503

)

 

 

(586

)

(Decrease) increase in base management fees payable

 

 

(223

)

 

 

50

 

Decrease in other deferred liabilities

 

 

(56

)

 

 

(229

)

Decrease in accrued incentive fees payable, net

 

 

(84

)

 

 

(1,004

)

Net cash provided by (used in) operating activities

 

 

49,719

 

 

 

(479

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(1,502

)

Borrowings under credit facility

 

 

31,000

 

 

 

57,879

 

Repayments under credit facility

 

 

(54,088

)

 

 

(40,500

)

Issuance of shares of common stock from dividend reinvestment

 

 

 

 

 

3

 

Distributions paid to stockholders

 

 

(17,644

)

 

 

(17,753

)

Financing and offering costs paid

 

 

(59

)

 

 

(100

)

Net cash used in financing activities

 

 

(40,791

)

 

 

(1,973

)

Net increase (decrease) in cash

 

 

8,928

 

 

 

(2,452

)

Cash, beginning of period

 

 

3,617

 

 

 

6,376

 

Cash, end of period

 

$

12,545

 

 

$

3,924

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

 

 

Cash interest paid

 

$

6,919

 

 

$

7,486

 

Income taxes paid

 

$

6

 

 

$

25

 

PIK income earned

 

$

772

 

 

$

1,101

 

Non-cash Operating Activities:

For the three months ended June 30, 2018 and 2017, 0 shares and 0.3 shares of common stock were issued in connection with dividend reinvestments of $0 and $3, respectively. For the six months ended June 30, 2018 and 2017, 0 shares and 0.3 shares of common stock were issued in connection with dividend reinvestments of $0 and $3, respectively.

See Note 5 in the notes to consolidated financial statements for non-cash restructurings.

See accompanying notes to these consolidated financial statements.

 

 

6


THL Credit, Inc. and Subsidiaries

Consolidated Schedules of Investments

June 30, 2018

(dollar amounts in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

Initial

 

Maturity/

 

Principal(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Dissolution

 

No. of Shares /

 

 

 

 

 

 

 

 

 

Type of Investment/Portfolio company (1)(2)(3)

 

Industry

 

Interest Rate(4)

 

 

Date

 

Date

 

No. of Units

 

 

Amortized Cost

 

 

Fair Value (6)

 

Non-controlled/non-affiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—106.06% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien senior secured debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—89.72% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—4.58% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fairstone Financial Inc. (7)(16)(25)

 

Financial services

 

8.7% (CDOR + 7%)

 

 

3/31/2017

 

3/31/2023

 

$

15,204

 

 

$

15,001

 

 

$

15,280

 

 

 

 

 

 

 

 

 

 

 

Subtotal Canada

 

$

15,204

 

 

$

15,001

 

 

$

15,280

 

Midwest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—10.21% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-800 Hansons, LLC (30)

 

IT services

 

8.8% (LIBOR + 6.5%)

 

 

10/19/2017

 

10/19/2022

 

$

3,912

 

 

$

3,850

 

 

$

3,883

 

1-800 Hansons, LLC (30)

 

IT services

 

8.8% (LIBOR + 6.5%)

 

 

10/19/2017

 

10/19/2022

 

 

72

 

 

 

67

 

 

 

72

 

BeneSys Inc.

 

Business services

 

12.4% (LIBOR + 10.3%)

 

 

3/31/2014

 

3/31/2019

 

 

10,685

 

 

 

10,655

 

 

 

10,685

 

BeneSys Inc. (9)

 

Business services

 

12.4% (LIBOR + 10.3%)

 

 

8/1/2014

 

3/31/2019

 

 

436

 

 

 

435

 

 

 

436

 

Home Partners of America, Inc. (16)

 

Consumer products and services

 

8.3% (LIBOR + 6.3%)

 

 

10/13/2016

 

10/13/2022

 

 

7,811

 

 

 

7,699

 

 

 

7,888

 

Home Partners of America, Inc. (16)(31)

 

Consumer products and services

 

8.3% (LIBOR + 6.3%)

 

 

6/29/2018

 

10/13/2022

 

 

 

 

 

 

 

 

 

Matilda Jane Holdings, Inc.

 

Consumer products and services

 

10.6% (LIBOR + 8.5%)

 

 

4/28/2017

 

4/28/2022

 

 

11,408

 

 

 

11,209

 

 

 

11,179

 

 

 

 

 

 

 

 

 

 

 

Subtotal midwest

 

$

34,324

 

 

$

33,915

 

 

$

34,143

 

Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—25.26% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alex Toys, LLC

 

Consumer products and services

 

13.1% (LIBOR + 10.8%) (12.3% Cash  + 0.75% PIK)

 

 

6/30/2014

 

8/15/2019

 

$

24,264

 

 

$

24,112

 

 

$

22,324

 

Anexinet Corp.

 

IT services

 

8.6% (LIBOR + 6.5%)

 

 

7/28/2017

 

7/28/2022

 

 

16,956

 

 

 

16,678

 

 

 

16,787

 

Constructive Media, LLC

 

Media, entertainment and leisure

 

12.3% (LIBOR + 10%)

 

 

11/23/2015

 

11/23/2020

 

 

11,130

 

 

 

11,021

 

 

 

11,130

 

Dodge Data & Analytics LLC

 

IT services

 

11.1% (LIBOR + 8.8%)

 

 

11/20/2014

 

10/31/2019

 

 

10,359

 

 

 

10,301

 

 

 

10,359

 

HealthDrive Corporation

 

Healthcare

 

10.1% (LIBOR + 8.1%)

 

 

11/21/2016

 

11/21/2021

 

 

9,850

 

 

 

9,732

 

 

 

9,776

 

HealthDrive Corporation (9)

 

Healthcare

 

10.1% (LIBOR + 8.1%)

 

 

11/21/2016

 

11/21/2021

 

 

2,000

 

 

 

1,976

 

 

 

2,000

 

smarTours, LLC

 

Consumer products and services

 

9.1% (LIBOR + 6.8%)

 

 

10/31/2017

 

10/31/2022

 

 

6,284

 

 

 

6,175

 

 

 

6,237

 

smarTours, LLC (9)(10)

 

Consumer products and services

 

9.1% (LIBOR + 6.8%)

 

 

10/31/2017

 

10/31/2022

 

 

 

 

 

(13

)

 

 

 

Women's Health USA

 

Healthcare

 

8.4% (LIBOR + 6.6%) (8)