tcrd-10q_20180331.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 March 31, 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 May 2, 2018 was 32,673,590.

 

 

 

 


THL CREDIT, INC.

FORM 10-Q FOR THE QUARTER ENDED March 31, 2018

Table of Contents

 

 

 

INDEX

 

PAGE
NO.

PART I.

  

FINANCIAL INFORMATION

  

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

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

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 (unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2018 and 2017 (unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2018 and 2017 (unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of March 31, 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

 

67

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

107

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

108

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

109

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

109

 

 

 

 

 

Item 1A.

 

Risk Factors

 

109

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

110

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

110

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

110

 

 

 

 

 

Item 5.

 

Other Information

 

110

 

 

 

 

 

Item 6.

 

Exhibits

 

111

 

 

 

 

 

SIGNATURES

 

112

 

2


THL Credit, Inc. and Subsidiaries

Consolidated Statements of Assets and Liabilities

(in thousands, except per share data)

(unaudited)

 

 

 

March 31, 2018

 

 

December 31, 2017

 

Assets:

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated  investments (cost of $458,539 and $484,816,

   respectively)

 

$

433,995

 

 

$

449,951

 

Controlled investments (cost of $163,016 and $155,547, respectively)

 

 

165,885

 

 

 

158,736

 

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

 

 

4

 

 

 

4

 

Cash

 

 

3,250

 

 

 

3,617

 

Escrow receivable

 

 

8,042

 

 

 

 

Interest, dividends, and fees receivable

 

 

6,573

 

 

 

7,835

 

Deferred financing costs

 

 

2,746

 

 

 

2,890

 

Deferred tax assets

 

 

2,120

 

 

 

2,661

 

Prepaid expenses and other assets

 

 

1,397

 

 

 

1,583

 

Due from affiliate

 

 

346

 

 

 

407

 

Total assets

 

$

624,358

 

 

$

627,684

 

Liabilities:

 

 

 

 

 

 

 

 

Loans payable ($168,757 and $167,317 face amounts, respectively, reported net of

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

 

$

168,757

 

 

$

167,317

 

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

   deferred financing costs of $2,820 and $2,985, respectively. See Note 7)

 

 

107,179

 

 

 

107,015

 

Accrued expenses and other payables

 

 

1,379

 

 

 

2,829

 

Base management fees payable

 

 

2,319

 

 

 

2,556

 

Deferred tax liability

 

 

1,809

 

 

 

2,336

 

Accrued incentive fees

 

 

972

 

 

 

972

 

Accrued interest and fees

 

 

364

 

 

 

551

 

Other deferred liabilities

 

 

31

 

 

 

79

 

Total liabilities

 

 

282,810

 

 

 

283,655

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

 

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

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

 

 

33

 

 

 

33

 

Paid-in capital in excess of par

 

 

434,095

 

 

 

434,197

 

Net unrealized depreciation on investments, net of provision for taxes of $1,809

   and $1,511, respectively

 

 

(23,782

)

 

 

(34,660

)

Net unrealized depreciation on interest rate derivative

 

 

 

 

 

 

Accumulated net realized losses

 

 

(80,355

)

 

 

(67,393

)

Accumulated undistributed net investment income

 

 

11,101

 

 

 

11,150

 

Total net assets attributable to THL Credit, Inc.

 

 

341,092

 

 

 

343,327

 

Net assets attributable to non-controlling interest

 

 

456

 

 

 

702

 

Total net assets

 

$

341,548

 

 

$

344,029

 

Total liabilities and net assets

 

$

624,358

 

 

$

627,684

 

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

 

$

10.44

 

 

$

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 March 31,

 

 

 

2018

 

 

2017

 

Investment Income:

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest income

 

$

12,206

 

 

$

13,932

 

Other income

 

 

119

 

 

 

466

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Other income

 

 

255

 

 

 

255

 

From controlled investments:

 

 

 

 

 

 

 

 

Interest income

 

 

1,404

 

 

 

1,879

 

Dividend income

 

 

2,613

 

 

 

3,131

 

Other income

 

 

91

 

 

 

141

 

Total investment income

 

 

16,688

 

 

 

19,804

 

Expenses:

 

 

 

 

 

 

 

 

Interest and fees on borrowings

 

 

3,566

 

 

 

3,872

 

Base management fees

 

 

2,319

 

 

 

2,555

 

Incentive fees

 

 

 

 

 

1,314

 

Administrator expenses

 

 

591

 

 

 

827

 

Other general and administrative expenses

 

 

422

 

 

 

506

 

Amortization of deferred financing costs

 

 

308

 

 

 

400

 

Professional fees

 

 

337

 

 

 

275

 

Directors' fees

 

 

194

 

 

 

181

 

Total expenses

 

 

7,737

 

 

 

9,930

 

Income tax provision, excise and other taxes

 

 

124

 

 

 

188

 

Net investment income

 

 

8,827

 

 

 

9,686

 

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

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(13,212

)

 

 

(865

)

Controlled investments

 

 

96

 

 

 

 

Foreign currency transactions

 

 

(1

)

 

 

(74

)

Net realized loss on investments

 

 

(13,117

)

 

 

(939

)

Net change in unrealized (depreciation) appreciation on investments:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

10,571

 

 

 

(3,307

)

Controlled investments

 

 

(321

)

 

 

(477

)

Translation of assets and liabilities in foreign currencies

 

 

660

 

 

 

74

 

Net change in unrealized appreciation (depreciation) on investments

 

 

10,910

 

 

 

(3,710

)

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

 

 

(247

)

 

 

60

 

Net realized and unrealized loss from investments

 

 

(2,454

)

 

 

(4,589

)

(Provision) benefit for taxes on unrealized gain on investments

 

 

(32

)

 

 

153

 

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

 

 

(32

)

 

 

153

 

Interest rate derivative periodic interest payments, net

 

 

 

 

 

(33

)

Net change in unrealized appreciation on interest rate derivative

 

 

 

 

 

36

 

Net (decrease) increase in net assets resulting from operations

 

$

6,341

 

 

$

5,253

 

Net investment income per common share:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.27

 

 

$

0.29

 

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

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.19

 

 

$

0.16

 

Dividends declared and paid

 

$

0.27

 

 

$

0.27

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

32,674

 

 

 

32,925

 

 

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 three months ended March 31,

 

 

 

2018

 

 

2017

 

Increase in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

8,827

 

 

$

9,686

 

Net realized loss on investments

 

 

(13,117

)

 

 

(939

)

Net change in unrealized appreciation (depreciation) on investments

 

 

10,910

 

 

 

(3,710

)

Net change in unrealized (depreciation) appreciation attributable to

   non-controlling interests

 

 

(247

)

 

 

60

 

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

 

 

(32

)

 

 

153

 

Interest rate derivative periodic interest payments, net

 

 

 

 

 

(33

)

Net change in unrealized appreciation on interest rate derivative

 

 

 

 

 

36

 

Net increase in net assets resulting from operations

 

 

6,341

 

 

 

5,253

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(8,822

)

 

 

(8,904

)

Total distributions to stockholders

 

 

(8,822

)

 

 

(8,904

)

Capital share transactions:

 

 

 

 

 

 

 

 

Issuance of common stock from reinvestment of dividend

 

 

 

 

 

3

 

Net increase in net assets from capital share transactions

 

 

 

 

 

3

 

Total decrease in net assets

 

 

(2,481

)

 

 

(3,648

)

Net assets at beginning of period

 

 

344,029

 

 

 

389,820

 

Net assets at end of period

 

$

341,548

 

 

$

386,172

 

Common shares outstanding at end of period

 

 

32,674

 

 

 

32,926

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares issued from reinvestment of dividend

 

 

 

 

 

0.3

 

 

See accompanying notes to these consolidated financial statements.

5


THL Credit, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

For the three months ended March 31,

 

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

6,341

 

 

$

5,253

 

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

 

 

(10,662

)

 

 

3,724

 

Net change in unrealized appreciation on interest rate derivative

 

 

 

 

 

(37

)

Net realized loss on investments

 

 

13,235

 

 

 

1,454

 

Net realized loss (gain) on foreign exchange currency transactions

 

 

1

 

 

 

(74

)

Increase in investments due to PIK

 

 

(211

)

 

 

(868

)

Amortization of deferred financing costs

 

 

308

 

 

 

400

 

Accretion of discounts on investments and other fees

 

 

(674

)

 

 

(1,154

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(11,992

)

 

 

(38,688

)

Proceeds from sale and paydown of investments

 

 

10,411

 

 

 

11,752

 

Decrease (increase) in interest, dividends and fees receivable

 

 

1,262

 

 

 

(436

)

Decrease in due from affiliate

 

 

61

 

 

 

89

 

Increase in prepaid expenses and other assets

 

 

(18

)

 

 

(22

)

Decrease (increase) in deferred tax asset

 

 

541

 

 

 

(413

)

Increase in accrued expenses and other payables

 

 

(1,214

)

 

 

21

 

(Decrease) increase in accrued credit facility fees and interest

 

 

(187

)

 

 

24

 

(Decrease) increase in deferred tax liability

 

 

(527

)

 

 

214

 

Decrease in base management fees payable

 

 

(237

)

 

 

(53

)

Decrease in other deferred liabilities

 

 

(48

)

 

 

(92

)

Decrease in accrued incentive fees payable, net

 

 

 

 

 

(935

)

Net cash provided by (used in) operating activities

 

 

6,390

 

 

 

(19,841

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Borrowings under credit facility

 

 

13,500

 

 

 

39,360

 

Repayments under credit facility

 

 

(11,400

)

 

 

(14,500

)

Issuance of shares of common stock from dividend reinvestment

 

 

 

 

 

3

 

Distributions paid to stockholders

 

 

(8,822

)

 

 

(8,904

)

Financing and offering costs paid

 

 

(35

)

 

 

 

Net cash (used in) provided by financing activities

 

 

(6,757

)

 

 

15,959

 

Net decrease in cash

 

 

(367

)

 

 

(3,882

)

Cash, beginning of period

 

 

3,617

 

 

 

6,376

 

Cash, end of period

 

$

3,250

 

 

$

2,494

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

 

 

Cash interest paid

 

 

3,486

 

 

 

3,403

 

Income taxes paid

 

 

 

 

 

2

 

PIK income earned

 

 

209

 

 

 

918

 

Non-cash Operating Activities:

For the three months ended March 31, 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

March 31, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

— 127.07% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien senior secured debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—102.93% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—6.86% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fairstone Financial Inc. (7)(17)(26)

 

Financial services

 

12.6% (CDOR + 11%)

 

 

3/31/2017

 

3/31/2023

 

$

23,269

 

 

$

22,120

 

 

$

23,386

 

 

 

 

 

 

 

 

 

 

 

Subtotal Canada

 

$

23,269

 

 

$

22,120

 

 

$

23,386

 

Midwest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—11.70% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BeneSys Inc.

 

Business services

 

12.2% (LIBOR + 10.3%)

 

 

3/31/2014

 

3/31/2019

 

$

10,741

 

 

$

10,701

 

 

$

10,741

 

BeneSys Inc. (9)

 

Business services

 

12.2% (LIBOR + 10.3%)

 

 

8/1/2014

 

3/31/2019

 

 

436

 

 

 

434

 

 

 

436

 

Hansons Window & Construction, Inc.

 

IT services

 

8.8% (LIBOR + 6.5%)

 

 

10/19/2017

 

10/19/2022

 

 

2,628

 

 

 

2,586

 

 

 

2,601

 

Hansons Window & Construction, Inc. (9)

 

IT services

 

8.8% (LIBOR + 6.5%)

 

 

10/19/2017

 

10/19/2022

 

 

72

 

 

 

67

 

 

 

72

 

Home Partners of America, Inc. (17)

 

Consumer products and services

 

8.9% (LIBOR + 7%)

 

 

10/13/2016

 

10/13/2022

 

 

13,669

 

 

 

13,462

 

 

 

13,805

 

Matilda Jane Holdings, Inc.

 

Consumer products and services

 

10.4% (LIBOR + 8.5%)

 

 

5/1/2017

 

5/1/2022

 

 

12,548

 

 

 

12,317

 

 

 

12,297

 

 

 

 

 

 

 

 

 

 

 

Subtotal midwest

 

$

40,094

 

 

$

39,567

 

 

$

39,952

 

Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—28.04% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alex Toys, LLC

 

Consumer products and services

 

13.1% (LIBOR + 10.8%)

 

 

6/30/2014

 

8/15/2019

 

 

24,505

 

 

 

24,326

 

 

 

24,504

 

Anexinet Corp.

 

IT services

 

8.4% (LIBOR + 6.5%)

 

 

7/28/2017

 

7/28/2022

 

 

17,191

 

 

 

16,892

 

 

 

17,019

 

Constructive Media, LLC

 

Media, entertainment and leisure

 

12% (LIBOR + 10%)

 

 

11/23/2015

 

11/23/2020

 

 

11,243

 

 

 

11,121

 

 

 

10,681

 

Dodge Data & Analytics LLC

 

IT services

 

10.5% (LIBOR + 8.8%)

 

 

11/20/2014

 

10/31/2019

 

 

10,521

 

 

 

10,452

 

 

 

10,521

 

HealthDrive Corporation

 

Healthcare

 

9.9% (LIBOR + 8.1%)

 

 

11/21/2016

 

11/21/2021

 

 

9,875

 

 

 

9,748

 

 

 

9,776

 

HealthDrive Corporation (9)

 

Healthcare

 

9.9% (LIBOR + 8.1%)

 

 

11/21/2016

 

11/21/2021

 

 

1,750

 

 

 

1,725

 

 

 

1,750

 

smarTours, LLC

 

Consumer products and services

 

8.5% (LIBOR + 6.8%)

 

 

10/31/2017

 

10/31/2022

 

 

6,447

 

 

 

6,329

 

 

 

6,399

 

smarTours, LLC (9)(10)

 

Consumer products and services

 

8.5% (LIBOR + 6.8%)

 

 

10/31/2017

 

10/31/2022

 

 

 

 

 

(14

)

 

 

 

The John Gore Organization, Inc.

 

Media, entertainment and leisure

 

8.8% (LIBOR + 6.5%)

 

 

8/8/2013

 

6/28/2021

 

 

13,646

 

 

 

13,480

 

 

 

13,783

 

The John Gore Organization, Inc. (9) (10)

 

Media, entertainment and leisure

 

8.8% (LIBOR + 6.5%)

 

 

8/8/2013

 

6/28/2021

 

 

 

 

 

(10

)

 

 

 

Women's Health USA

 

Healthcare

 

8.4% (LIBOR + 6.6%) (8)

 

 

8/8/2017

 

8/8/2022

 

 

1,399

 

 

 

1,378

 

 

 

1,385

 

 

 

 

 

 

 

 

 

 

 

Subtotal northeast

 

$

96,577

 

 

$

95,427

 

 

$

95,818

 

See accompanying notes to these consolidated financial statements.

 

7


THL Credit, Inc. and Subsidiaries

Consolidated Schedules of Investments

March 31, 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)

 

Southeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—10.62% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sciens Building Solutions, LLC

 

Business services

 

9.6% (LIBOR + 7.3%)

 

 

2/2/2017

 

2/2/2022

 

$

9,625

 

 

$

9,471

 

 

$

9,529

 

Sciens Building Solutions, LLC (9)

 

Business services

 

9.6% (LIBOR + 7.3%)

 

 

2/2/2017

 

2/2/2022

 

 

416

 

 

 

375

 

 

 

416

 

Virtus Pharmaceuticals, LLC

 

Healthcare

 

11.1% (8)

 

 

7/17/2014

 

7/17/2019

 

 

24,013

 

 

 

23,833

 

 

 

23,773

 

Whitney, Bradley & Brown, Inc.

 

Business services

 

10.9% (LIBOR + 9%)

 

 

10/18/2017

 

10/18/2022

 

 

2,488

 

 

 

2,442

 

 

 

2,488

 

Whitney, Bradley & Brown, Inc. (9)

 

Business services

 

10.9% (LIBOR + 9%)

 

 

10/18/2017

 

10/18/2022

 

 

63

 

 

 

59

 

 

 

63

 

 

 

 

 

 

 

 

 

 

 

Subtotal southeast

 

$

36,605

 

 

$

36,180

 

 

$

36,269

 

Southwest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—39.51% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Wireline Services, LLC

 

Energy / utilities

 

11.4% (LIBOR + 9.5%)

 

 

2/28/2014

 

6/30/2020

 

$

10,793

 

 

$

10,793

 

 

$

10,658

 

Charming Charlie LLC (29)

 

Retail & grocery

 

2.9% (LIBOR + 1%)

 

 

12/18/2013

 

12/24/2019

 

 

17,893

 

 

 

5,382

 

 

 

15,566

 

Charming Charlie LLC (22) (29)

 

Retail & grocery

 

2.9% (LIBOR + 1%)

 

 

12/18/2013

 

12/24/2019

 

 

33,834

 

 

 

10,178

 

 

 

-

 

Charming Charlie LLC (29)

 

Retail & grocery