tcrd-10q_20180930.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 September 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

 

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, 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

 

 

 

 

 

 

 

 

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  

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding at November 7, 2018 was 32,673,590.

 

 

 

 


THL CREDIT, INC.

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

Table of Contents

 

 

 

INDEX

 

PAGE
NO.

PART I.

  

FINANCIAL INFORMATION

  

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

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

 

4

 

 

 

 

 

 

 

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

 

5

 

 

 

 

 

 

 

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

 

6

 

 

 

 

 

 

 

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

 

7

 

 

 

 

 

 

 

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

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

27

 

 

 

 

 

Item 2.

 

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

 

71

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

100

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

101

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

102

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

102

 

 

 

 

 

Item 1A.

 

Risk Factors

 

102

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

102

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

102

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

102

 

 

 

 

 

Item 5.

 

Other Information

 

102

 

 

 

 

 

Item 6.

 

Exhibits

 

103

 

 

 

 

 

SIGNATURES

 

104

 

2


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report, and other statements that we may make, may contain forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “potential,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously identified elsewhere in this filing, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

 

the introduction, withdrawal, success and timing of business initiatives and strategies;

 

changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets;

 

the relative and absolute investment performance and operations of our investment adviser;

 

the impact of increased competition;

 

the impact of future acquisitions and divestitures;

 

the unfavorable resolution of legal proceedings;

 

our business prospects and the prospects of our portfolio companies;

 

the impact, extent and timing of technological changes and the adequacy of intellectual property protection;

 

the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or THL Credit Advisors LLC, the Advisor;

 

the ability of the Advisor to identify suitable investments for us and to monitor and administer our investments;

 

our contractual arrangements and relationships with third parties;

 

any future financings by us;

 

the ability of the Advisor to attract and retain highly talented professionals;

 

fluctuations in foreign currency exchange rates;

 

the impact of changes to tax legislation and, generally, our tax position.

 

our ability to exit a control investment in a timely manner; and

 

the ability to fund Logan JV’s unfunded commitments to the extent approved by each member of the Logan JV investment committee.

3


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THL Credit, Inc. and Subsidiaries

Consolidated Statements of Assets and Liabilities

(in thousands, except per share data)

(unaudited)

 

 

September 30, 2018

 

 

December 31, 2017

 

Assets:

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

Non-controlled, non-affiliated  investments (cost of $331,242 and $484,816,

   respectively)

$

322,339

 

 

$

449,951

 

Controlled investments (cost of $185,266 and $155,547, respectively)

 

185,052

 

 

 

158,736

 

Non-controlled, affiliated investments  (cost of $24,817 and $4, respectively)

 

25,439

 

 

 

4

 

Cash

 

6,559

 

 

 

3,617

 

Escrow receivable

 

6,295

 

 

 

 

Interest, dividends, and fees receivable

 

7,006

 

 

 

7,835

 

Deferred financing costs

 

2,460

 

 

 

2,890

 

Deferred tax assets

 

2,056

 

 

 

2,661

 

Prepaid expenses and other assets

 

790

 

 

 

1,583

 

Due from related parties

 

378

 

 

 

407

 

Total assets

$

558,374

 

 

$

627,684

 

Liabilities:

 

 

 

 

 

 

 

Loans payable (See Note 7)

$

112,961

 

 

$

167,317

 

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

   deferred financing costs of $2,485 and $2,985, respectively)

 

107,515

 

 

 

107,015

 

Accrued expenses and other payables

 

2,261

 

 

 

2,829

 

Base management fees payable

 

2,240

 

 

 

2,556

 

Deferred tax liability

 

2,035

 

 

 

2,336

 

Accrued incentive fees

 

856

 

 

 

972

 

Accrued interest and fees

 

375

 

 

 

551

 

Other deferred liabilities

 

38

 

 

 

79

 

Total liabilities

 

228,281

 

 

 

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 September 30, 2018 and December 31, 2017, respectively

 

33

 

 

 

33

 

Paid-in capital in excess of par

 

433,992

 

 

 

434,197

 

Net unrealized depreciation on investments, net of provision for taxes of $1,857

   and $1,511, respectively

 

(10,188

)

 

 

(34,660

)

Accumulated net realized losses

 

(103,057

)

 

 

(67,393

)

Accumulated undistributed net investment income

 

9,313

 

 

 

11,150

 

Total net assets attributable to THL Credit, Inc.

 

330,093

 

 

 

343,327

 

Net assets attributable to non-controlling interest

 

 

 

 

702

 

Total net assets

$

330,093

 

 

$

344,029

 

Total liabilities and net assets

$

558,374

 

 

$

627,684

 

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

$

10.10

 

 

$

10.51

 

 

See accompanying notes to these consolidated financial statements.

4


 

THL Credit, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)  

 

 

For the three months ended

September 30,

 

 

For the nine months ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

10,034

 

 

$

13,510

 

 

$

35,019

 

 

$

41,245

 

Dividend income

 

 

 

 

 

 

 

 

17

 

 

 

139

 

Other income

 

 

165

 

 

 

418

 

 

 

716

 

 

 

1,913

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

835

 

 

 

 

 

 

1,444

 

 

 

 

Other income

 

 

248

 

 

 

279

 

 

 

791

 

 

 

820

 

From controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,358

 

 

 

2,080

 

 

 

4,125

 

 

 

5,727

 

Dividend income

 

 

3,334

 

 

 

3,683

 

 

 

8,774

 

 

 

9,924

 

Other income

 

 

104

 

 

 

141

 

 

 

236

 

 

 

423

 

Total investment income

 

 

16,078

 

 

 

20,111

 

 

 

51,122

 

 

 

60,191

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on borrowings

 

 

3,470

 

 

 

4,023

 

 

 

10,827

 

 

 

11,836

 

Base management fees

 

 

2,240

 

 

 

2,621

 

 

 

6,893

 

 

 

7,834

 

Incentive fees

 

 

1,658

 

 

 

811

 

 

 

1,649

 

 

 

3,276

 

Administrator expenses

 

 

512

 

 

 

670

 

 

 

1,640

 

 

 

2,207

 

Other general and administrative expenses

 

 

379

 

 

 

462

 

 

 

1,373

 

 

 

1,508

 

Amortization of deferred financing costs

 

 

317

 

 

 

409

 

 

 

937

 

 

 

1,214

 

Professional fees

 

 

413

 

 

 

818

 

 

 

1,124

 

 

 

1,522

 

Directors' fees

 

 

169

 

 

 

169

 

 

 

566

 

 

 

518

 

Total expenses

 

 

9,158

 

 

 

9,983

 

 

 

25,009

 

 

 

29,915

 

Incentive fee waiver

 

 

(1,658

)

 

 

(811

)

 

 

(1,658

)

 

 

(811

)

Total expenses, net of incentive fee waivers

 

 

7,500

 

 

 

9,172

 

 

 

23,351

 

 

 

29,104

 

Income tax provision (benefit), excise and other taxes

 

 

5

 

 

 

(215

)

 

 

272

 

 

 

90

 

Net investment income

 

 

8,573

 

 

 

11,154

 

 

 

27,499

 

 

 

30,997

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(184

)

 

 

(11,324

)

 

 

(38,777

)

 

 

(22,276

)

Controlled investments

 

 

(102

)

 

 

 

 

 

241

 

 

 

 

Foreign currency transactions

 

 

2

 

 

 

6

 

 

 

(202

)

 

 

(68

)

Net realized loss on investments

 

 

(284

)

 

 

(11,318

)

 

 

(38,738

)

 

 

(22,344

)

Net change in unrealized (depreciation) appreciation on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(244

)

 

 

10,421

 

 

 

26,669

 

 

 

5,215

 

Non-controlled, affiliated investments

 

 

(2,478

)

 

 

 

 

 

619

 

 

 

 

Controlled investments

 

 

(359

)

 

 

(5,795

)

 

 

(3,403

)

 

 

(3,533

)

Translation of assets and liabilities in foreign currencies

 

 

(261

)

 

 

(869

)

 

 

933

 

 

 

(1,389

)

Net change in unrealized (depreciation) appreciation on investments

 

 

(3,342

)

 

 

3,757

 

 

 

24,818

 

 

 

293

 

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

 

 

(102

)

 

 

162

 

 

 

(703

)

 

 

276

 

Net realized and unrealized loss from investments

 

 

(3,728

)

 

 

(7,399

)

 

 

(14,623

)

 

 

(21,775

)

Provision for taxes on realized gain on investments

 

 

 

 

 

(7

)

 

 

 

 

 

(842

)

(Provision) benefit for taxes on unrealized gain on investments

 

 

(192

)

 

 

365

 

 

 

(346

)

 

 

2,261

 

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

 

 

(192

)

 

 

358

 

 

 

(346

)

 

 

1,419

 

Net increase in net assets resulting from operations

 

$

4,653

 

 

$

4,113

 

 

$

12,530

 

 

$

10,641

 

Net investment income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.26

 

 

$

0.34

 

 

$

0.84

 

 

$

0.94

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.14

 

 

$

0.13

 

 

$

0.38

 

 

$

0.33

 

Dividends declared and paid

 

$

0.27

 

 

$

0.27

 

 

$

0.81

 

 

$

0.81

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

32,674

 

 

 

32,722

 

 

 

32,674

 

 

 

32,839

 

See accompanying notes to these consolidated financial statements.

5


THL Credit, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets

(in thousands)

(unaudited)

 

 

 

For the nine months ended September 30,

 

 

 

2018

 

 

2017

 

Increase in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

27,499

 

 

$

30,997

 

Net realized loss on investments

 

 

(38,738

)

 

 

(22,344

)

Net change in unrealized appreciation (depreciation) on investments

 

 

24,818

 

 

 

293

 

Provision for taxes on realized gain on investments

 

 

 

 

 

(842

)

Net change in unrealized (depreciation) appreciation attributable to

   non-controlling interests

 

 

(703

)

 

 

276

 

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

 

 

(346

)

 

 

2,261

 

Net increase in net assets resulting from operations

 

 

12,530

 

 

 

10,641

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(26,466

)

 

 

(26,575

)

Total distributions to stockholders

 

 

(26,466

)

 

 

(26,575

)

Capital share transactions:

 

 

 

 

 

 

 

 

Issuance of common stock from reinvestment of dividend

 

 

 

 

 

3

 

Repurchase of common stock

 

 

 

 

 

(2,493

)

Net decrease in net assets from capital share transactions

 

 

 

 

 

(2,490

)

Total decrease in net assets

 

 

(13,936

)

 

 

(18,424

)

Net assets at beginning of period

 

 

344,029

 

 

 

389,820

 

Net assets at end of period

 

$

330,093

 

 

$

371,396

 

Common shares outstanding at end of period

 

 

32,674

 

 

 

32,674

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares repurchased

 

 

 

 

 

252

 

 

See accompanying notes to these consolidated financial statements.

6


THL Credit, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

For the nine months ended September 30,

 

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

12,530

 

 

$

10,641

 

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

 

 

 

 

 

 

 

 

Net change in unrealized appreciation on investments

 

 

(24,115

)

 

 

(569

)

Net realized loss on investments

 

 

37,215

 

 

 

22,819

 

Net realized loss on foreign exchange currency transactions

 

 

161

 

 

 

(5

)

Increase in investments due to interest paid-in-kind

 

 

(1,524

)

 

 

(2,082

)

Amortization of deferred financing costs

 

 

937

 

 

 

1,214

 

Accretion of discounts on investments and other fees

 

 

(2,590

)

 

 

(3,643

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(56,708

)

 

 

(90,421

)

Proceeds from sale and paydown of investments

 

 

115,075

 

 

 

90,457

 

Decrease (increase) in interest, dividends and fees receivable

 

 

829

 

 

 

(1,521

)

Decrease in deferred offering costs

 

 

148

 

 

 

 

Decrease in due from related parties

 

 

29

 

 

 

115

 

Decrease in prepaid expenses and other assets

 

 

1,979

 

 

 

310

 

Increase in income taxes payable

 

 

 

 

 

728

 

Decrease (increase) in deferred tax asset

 

 

605

 

 

 

(2,885

)

(Decrease) increase in accrued expenses and other payables

 

 

(473

)

 

 

338

 

Decrease in accrued credit facility fees and interest

 

 

(176

)

 

 

(232

)

(Decrease) increase in deferred tax liability

 

 

(301

)

 

 

426

 

(Decrease) increase in base management fees payable

 

 

(316

)

 

 

13

 

Decrease in other deferred liabilities

 

 

(41

)

 

 

(360

)

Decrease in accrued incentive fees payable, net

 

 

(116

)

 

 

(2,087

)

Net cash provided by operating activities

 

 

83,148

 

 

 

23,256

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(2,493

)

Borrowings under credit facility

 

 

69,500

 

 

 

85,860

 

Repayments under credit facility

 

 

(123,088

)

 

 

(82,750

)

Issuance of shares of common stock from dividend reinvestment

 

 

 

 

 

3

 

Distributions paid to stockholders

 

 

(26,466

)

 

 

(26,575

)

Financing costs paid

 

 

(152

)

 

 

(132

)

Net cash used in financing activities

 

 

(80,206

)

 

 

(26,087

)

Net increase (decrease) in cash

 

 

2,942

 

 

 

(2,831

)

Cash, beginning of period

 

 

3,617

 

 

 

6,376

 

Cash, end of period

 

$

6,559

 

 

$

3,545

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

 

 

Cash interest paid

 

$

10,138

 

 

$

10,530

 

Income taxes paid

 

$

20

 

 

$

24

 

PIK income earned

 

$

1,821

 

 

$

1,786

 

Non-cash Operating Activities:

For the nine months ended September 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.

 

 

7


THL Credit, Inc. and Subsidiaries

Consolidated Schedules of Investments

September 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—97.65% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien senior secured debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—82.08% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—4.69% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Financial services

 

8.8% (CDOR + 7%)

 

 

3/31/2017

 

3/31/2023

 

$

15,473

 

 

$

15,001

 

 

$

15,473

 

 

 

 

 

 

 

 

 

 

 

Subtotal Canada

 

$

15,473

 

 

$

15,001

 

 

$

15,473

 

Midwest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—7.00% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-800 Hansons, LLC (30)

 

IT services

 

8.9% (LIBOR + 6.5%)

 

 

10/19/2017

 

10/19/2022

 

$

3,902

 

 

$

3,844

 

 

$

3,824

 

1-800 Hansons, LLC (30)

 

IT services

 

8.9% (LIBOR + 6.5%)

 

 

10/19/2017

 

10/19/2022

 

 

209

 

 

 

205

 

 

 

209

 

Home Partners of America, Inc. (16)

 

Consumer products and services

 

8.5% (LIBOR + 6.3%)

 

 

10/13/2016

 

10/13/2022

 

 

7,810

 

 

 

7,705

 

 

 

7,888

 

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

 

Consumer products and services

 

8.5% (LIBOR + 6.3%)

 

 

6/29/2018

 

10/13/2022

 

 

 

 

 

 

 

 

 

Matilda Jane Holdings, Inc.

 

Consumer products and services

 

10.7% (LIBOR + 8.5%)

 

 

4/28/2017

 

4/28/2022

 

 

11,408

 

 

 

11,222

 

 

 

11,179

 

 

 

 

 

 

 

 

 

 

 

Subtotal midwest

 

$

23,329

 

 

$

22,976

 

 

$

23,100

 

Northeast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—19.18% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alex Toys, LLC

 

Consumer products and services

 

12.4% (LIBOR + 10%)

 

 

6/30/2014

 

8/15/2019

 

$

9,186

 

 

$

9,135

 

 

$

8,451

 

Anexinet Corp.

 

IT services

 

8.7% (LIBOR + 6.5%)

 

 

7/28/2017

 

7/28/2022

 

 

16,739

 

 

 

16,479

 

 

 

16,572

 

Constructive Media, LLC

 

Media, entertainment and leisure

 

12.3% (LIBOR + 10%)

 

 

11/23/2015

 

11/23/2020

 

 

9,812

 

 

 

9,726

 

 

 

9,862

 

HealthDrive Corporation

 

Healthcare

 

10.3% (LIBOR + 8.1%)

 

 

11/21/2016

 

11/21/2021

 

 

9,825

 

 

 

9,716

 

 

 

9,825

 

HealthDrive Corporation (9)

 

Healthcare

 

10.3% (LIBOR + 8.1%)

 

 

11/21/2016

 

11/21/2021

 

 

1,750

 

 

 

1,728

 

 

 

1,750

 

smarTours, LLC

 

Consumer products and services

 

9.1% (LIBOR + 6.8%)

 

 

10/31/2017

 

10/31/2022

 

 

6,039

 

 

 

5,940

 

 

 

6,039

 

smarTours, LLC (9)(10)

 

Consumer products and servi