UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2017
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 814-00866
MONROE CAPITAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
| Maryland | 27-4895840 |
|
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
|
311 South Wacker Drive, Suite 6400 Chicago, Illinois |
60606 |
| (Address of Principal Executive Office) | (Zip Code) |
(312) 258-8300
(Registrant’s Telephone Number, Including Area Code)
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 x 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 x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting 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. (check one):
| Large accelerated filer | ¨ | Accelerated filer | x |
| Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
| Emerging growth company | x |
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. x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of August 8, 2017, the registrant had 20,239,957 shares of common stock, $0.001 par value, outstanding.
TABLE OF CONTENTS
| 2 |
Item 1. Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
| June 30, 2017 | December 31, 2016 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments, at fair value: | ||||||||
| Non-controlled/non-affiliate company investments | $ | 392,787 | $ | 353,980 | ||||
| Non-controlled affiliate company investments | 43,290 | 50,041 | ||||||
| Controlled affiliate company investments | 9,472 | 8,899 | ||||||
| Total investments, at fair value (amortized cost of: $456,772 and $413,242, respectively) | 445,549 | 412,920 | ||||||
| Cash | 9,904 | 5,958 | ||||||
| Restricted cash | 5,344 | 2,373 | ||||||
| Interest receivable | 3,562 | 2,643 | ||||||
| Other assets | 653 | 651 | ||||||
| Total assets | 465,012 | 424,545 | ||||||
| LIABILITIES | ||||||||
| Debt: | ||||||||
| Revolving credit facility | 93,845 | 129,000 | ||||||
| SBA debentures payable | 85,600 | 51,500 | ||||||
| Total debt | 179,445 | 180,500 | ||||||
| Less: Unamortized deferred financing costs | (4,641 | ) | (3,945 | ) | ||||
| Total debt, less unamortized deferred financing costs | 174,804 | 176,555 | ||||||
| Secured borrowings, at fair value (proceeds of: $0 and $1,320, respectively) | - | 1,314 | ||||||
| Interest payable | 870 | 735 | ||||||
| Management fees payable | 1,903 | 1,749 | ||||||
| Incentive fees payable | 1,210 | 1,222 | ||||||
| Accounts payable and accrued expenses | 1,917 | 2,120 | ||||||
| Total liabilities | 180,704 | 183,695 | ||||||
| Net assets | $ | 284,308 | $ | 240,850 | ||||
| Commitments and contingencies (See Note 10) | ||||||||
| ANALYSIS OF NET ASSETS | ||||||||
| Common stock, $0.001 par value, 100,000 shares authorized, 20,240 and 16,582 shares issued and outstanding, respectively | $ | 20 | $ | 17 | ||||
| Capital in excess of par value | 286,269 | 233,526 | ||||||
| Undistributed net investment income (accumulated distributions in excess of net investment income) | 6,278 | 7,037 | ||||||
| Accumulated net realized gain (loss) on investments and secured borrowings | 2,981 | 587 | ||||||
| Accumulated net unrealized gain (loss) on investments, secured borrowings and foreign currency borrowings | (11,240 | ) | (317 | ) | ||||
| Total net assets | $ | 284,308 | $ | 240,850 | ||||
| Net asset value per share | $ | 14.05 | $ | 14.52 | ||||
See Notes to Consolidated Financial Statements.
| 3 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Investment income: | ||||||||||||||||
| Interest income: | ||||||||||||||||
| Non-controlled/non-affiliate company investments | $ | 10,053 | $ | 8,449 | $ | 20,108 | $ | 16,722 | ||||||||
| Non-controlled affiliate company investments | 1,111 | 1,092 | 2,307 | 2,165 | ||||||||||||
| Controlled affiliate company investments | 217 | 10 | 394 | 10 | ||||||||||||
| Total interest income | 11,381 | 9,551 | 22,809 | 18,897 | ||||||||||||
| Dividend income: | ||||||||||||||||
| Non-controlled/non-affiliate company investments | 250 | 250 | 500 | 500 | ||||||||||||
| Non-controlled affiliate company investments | - | 801 | - | 2,413 | ||||||||||||
| Total dividend income | 250 | 1,051 | 500 | 2,913 | ||||||||||||
| Fee income: | ||||||||||||||||
| Non-controlled/non-affiliate company investments | 637 | 516 | 965 | 847 | ||||||||||||
| Total fee income | 637 | 516 | 965 | 847 | ||||||||||||
| Total investment income | 12,268 | 11,118 | 24,274 | 22,657 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Interest and other debt financing expenses | 2,184 | 1,773 | 4,194 | 3,464 | ||||||||||||
| Base management fees | 1,903 | 1,504 | 3,708 | 3,004 | ||||||||||||
| Incentive fees | 1,460 | 1,319 | 2,750 | 3,059 | ||||||||||||
| Professional fees | 286 | 238 | 577 | 445 | ||||||||||||
| Administrative service fees | 301 | 304 | 631 | 632 | ||||||||||||
| General and administrative expenses | 259 | 182 | 468 | 346 | ||||||||||||
| Excise taxes | - | - | - | 87 | ||||||||||||
| Directors' fees | 37 | 39 | 74 | 74 | ||||||||||||
| Expenses before incentive fee waiver | 6,430 | 5,359 | 12,402 | 11,111 | ||||||||||||
| Incentive fee waiver | (250 | ) | - | (250 | ) | - | ||||||||||
| Total expenses, net of incentive fee waiver | 6,180 | 5,359 | 12,152 | 11,111 | ||||||||||||
| Net investment income | 6,088 | 5,759 | 12,122 | 11,546 | ||||||||||||
| Net gain (loss) on investments, secured borrowings and foreign currency borrowings: | ||||||||||||||||
| Net realized gain (loss): | ||||||||||||||||
| Non-controlled/non-affiliate company investments | 2,161 | - | 2,328 | 587 | ||||||||||||
| Secured borrowings | 66 | - | 66 | - | ||||||||||||
| Net realized gain (loss) | 2,227 | - | 2,394 | 587 | ||||||||||||
| Net change in unrealized gain (loss): | ||||||||||||||||
| Non-controlled/non-affiliate company investments | 497 | (261 | ) | 689 | (1,120 | ) | ||||||||||
| Non-controlled affiliate company investments | (7,192 | ) | 1,368 | (9,356 | ) | 3,196 | ||||||||||
| Controlled affiliate company investments | (575 | ) | (1,648 | ) | (2,234 | ) | (1,075 | ) | ||||||||
| Secured borrowings | (5 | ) | 59 | (6 | ) | 87 | ||||||||||
| Foreign currency borrowings | (16 | ) | - | (16 | ) | - | ||||||||||
| Net change in unrealized gain (loss) | (7,291 | ) | (482 | ) | (10,923 | ) | 1,088 | |||||||||
| Net gain (loss) on investments, secured borrowings and foreign currency borrowings | (5,064 | ) | (482 | ) | (8,529 | ) | 1,675 | |||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 1,024 | $ | 5,277 | $ | 3,593 | $ | 13,221 | ||||||||
| Per common share data: | ||||||||||||||||
| Net investment income per share - basic and diluted | $ | 0.35 | $ | 0.44 | $ | 0.71 | $ | 0.89 | ||||||||
| Net increase in net assets resulting from operations per share - basic and diluted | $ | 0.06 | $ | 0.41 | $ | 0.21 | $ | 1.02 | ||||||||
| Weighted average common shares outstanding - basic and diluted | 17,369 | 13,008 | 16,984 | 13,008 | ||||||||||||
See Notes to Consolidated Financial Statements.
| 4 |
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(unaudited)
(in thousands)
| Common Stock | Capital
in | Undistributed
net in excess of net | Accumulated
net realized gain (loss) on investments and | Accumulated
net | ||||||||||||||||||||||||
| Number
of shares | Par
value | of
par | investment
| secured borrowings | currency
borrowings | Total net assets | ||||||||||||||||||||||
| Balances at December 31, 2015 | 13,008 | $ | 13 | $ | 184,419 | $ | 1,692 | $ | - | $ | (1,589 | ) | $ | 184,535 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | - | - | - | 11,546 | 587 | 1,088 | 13,221 | |||||||||||||||||||||
| Distributions to stockholders: | ||||||||||||||||||||||||||||
| Distributions from net investment income | - | - | - | (9,106 | ) | - | - | (9,106 | ) | |||||||||||||||||||
| Balances at June 30, 2016 | 13,008 | $ | 13 | $ | 184,419 | $ | 4,132 | $ | 587 | $ | (501 | ) | $ | 188,650 | ||||||||||||||
| Balances at December 31, 2016 | 16,582 | $ | 17 | $ | 233,526 | $ | 7,037 | $ | 587 | $ | (317 | ) | $ | 240,850 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | - | - | - | 12,122 | 2,394 | (10,923 | ) | 3,593 | ||||||||||||||||||||
| Issuance of common stock, net of offering and underwriting costs | 3,624 | 3 | 52,218 | - | - | - | 52,221 | |||||||||||||||||||||
| Distributions to stockholders: | ||||||||||||||||||||||||||||
| Stock issued in connection with dividend reinvestment plan | 34 | - | 525 | (525 | ) | - | - | - | ||||||||||||||||||||
| Distributions from net investment income | - | - | - | (12,356 | ) | - | - | (12,356 | ) | |||||||||||||||||||
| Balances at June 30, 2017 | 20,240 | $ | 20 | $ | 286,269 | $ | 6,278 | $ | 2,981 | $ | (11,240 | ) | $ | 284,308 | ||||||||||||||
See Notes to Consolidated Financial Statements.
| 5 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
| Six months ended June 30, | ||||||||
| 2017 | 2016 | |||||||
| Cash flows from operating activities: | ||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 3,593 | $ | 13,221 | ||||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||
| Net change in unrealized (gain) loss on investments | 10,901 | (1,001 | ) | |||||
| Net change in unrealized (gain) loss on secured borrowings | 6 | (87 | ) | |||||
| Net change in unrealized (gain) loss on foreign currency borrowings | 16 | - | ||||||
| Net realized (gain) loss on investments | (2,328 | ) | (587 | ) | ||||
| Net realized (gain) loss on secured borrowings | (66 | ) | - | |||||
| Payment-in-kind interest income | (1,018 | ) | (830 | ) | ||||
| Net accretion of discounts and amortization of premiums | (746 | ) | (754 | ) | ||||
| Proceeds from principal payments and sales of investments | 75,460 | 47,383 | ||||||
| Purchases of investments | (114,898 | ) | (45,928 | ) | ||||
| Amortization of deferred financing costs | 486 | 381 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Interest receivable | (919 | ) | (435 | ) | ||||
| Other assets | (2 | ) | 168 | |||||
| Payable for open trades | - | (5,297 | ) | |||||
| Interest payable | 135 | (43 | ) | |||||
| Management fees payable | 154 | 1 | ||||||
| Incentive fees payable | (12 | ) | 303 | |||||
| Accounts payable and accrued expenses | (203 | ) | 67 | |||||
| Directors’ fees payable | - | (74 | ) | |||||
| Net cash provided by (used in) operating activities | (29,441 | ) | 6,488 | |||||
| Cash flows from financing activities: | ||||||||
| Borrowings on revolving credit facility | 68,329 | 24,000 | ||||||
| Repayments of revolving credit facility | (103,500 | ) | (20,500 | ) | ||||
| SBA debentures borrowings | 34,100 | - | ||||||
| Payments of deferred financing costs | (1,182 | ) | (849 | ) | ||||
| Repayments on secured borrowings | (1,254 | ) | (277 | ) | ||||
| Proceeds from shares sold, net of offering and underwriting costs | 52,221 | - | ||||||
| Stockholder distributions paid, net of stock issued under the dividend reinvestment plan of $525 and $0, respectively | (12,356 | ) | (9,106 | ) | ||||
| Net cash provided by (used in) financing activities | 36,358 | (6,732 | ) | |||||
| Net increase (decrease) in Cash and Restricted Cash | 6,917 | (244 | ) | |||||
| Cash and Restricted Cash, beginning of period (1) | 8,331 | 13,866 | ||||||
| Cash and Restricted Cash, end of period (2) | $ | 15,248 | $ | 13,622 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash interest paid during the period | $ | 3,473 | $ | 2,974 | ||||
| Cash paid for excise taxes during the period | $ | 495 | $ | 167 | ||||
| (1) | Represents cash and restricted cash of $5,958 and $2,373, respectively, from the consolidated statement of assets and liabilities as of December 31, 2016. Represents cash and restricted cash of $5,278 and $8,588, respectively, from the consolidated statement of assets and liabilities as of December 31, 2015. | |
| (2) | Represents cash and restricted cash of $9,904 and $5,344, respectively, from the consolidated statement of assets and liabilities as of June 30, 2017. Represents cash and restricted cash of $5,483 and $8,139, respectively, from the consolidated statement of assets and liabilities as of June 30, 2016. |
See Notes to Consolidated Financial Statements.
| 6 |
CONSOLIDATED SCHEDULE OF INVESTMENTS
(unaudited)
June 30, 2017
(in thousands, except for shares and units)
| Portfolio Company (a) | Industry | Spread
Above Index (b) |
Interest
Rate |
Maturity | Principal | Amortized
Cost |
Fair
Value (c) |
%
of Net Assets (d) |
||||||||||||||||||||
| Senior Secured Loans | ||||||||||||||||||||||||||||
| AdTheorent, Inc. | Media: Advertising, Printing & Publishing | L+8.50% | 9.55 | % | 12/22/2021 | 4,969 | $ | 4,877 | $ | 5,013 | 1.8 | % | ||||||||||||||||
| AdTheorent, Inc. (Revolver) (e) | Media: Advertising, Printing & Publishing | L+8.50% | 9.55 | % | 12/22/2021 | 515 | 232 | 232 | 0.1 | % | ||||||||||||||||||
| All Holding Company, LLC (f) | Beverage, Food & Tobacco | L+7.00% | 8.23 | % | 11/15/2021 | 5,397 | 5,304 | 5,505 | 1.9 | % | ||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+8.00% | 9.50 | % | 7/22/2019 | 7,667 | 7,570 | 7,743 | 2.7 | % | ||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+12.50% | 9.50% Cash/ 4.50% PIK |
7/22/2019 | 4,314 | 4,266 | 4,357 | 1.5 | % | |||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+12.50% | 9.50% Cash/ 4.50% PIK |
n/a | (h) | 530 | 522 | 530 | 0.2 | % | ||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+8.00% | 9.50 | % | 7/22/2019 | 444 | 432 | 449 | 0.2 | % | ||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+12.50% | 9.50% Cash/ 4.50% PIK |
7/22/2019 | 223 | 217 | 225 | 0.1 | % | |||||||||||||||||||
| American Community Homes, Inc. (Delayed Draw)(e) (g) (l) | Banking, Finance, Insurance & Real Estate | L+8.00% | 9.50 | % | 7/22/2019 | 444 | — | — | 0.0 | % | ||||||||||||||||||
| American Community Homes, Inc. (Delayed Draw)(e) (g) (l) | Banking, Finance, Insurance & Real Estate | L+12.50% | 9.50% Cash/ 4.50% PIK |
7/22/2019 | 222 | — | — | 0.0 | % | |||||||||||||||||||
| Answers Finance, LLC | High Tech Industries | L+5.00% | 6.23 | % | 4/15/2021 | 254 | 252 | 250 | 0.1 | % | ||||||||||||||||||
| APCO Worldwide, Inc. | Services: Business | L+8.00% | 9.23 | % | 6/30/2022 | 5,000 | 4,900 | 4,900 | 1.7 | % | ||||||||||||||||||
| Bartlett Reserve Durham, LLC (j) | Banking, Finance, Insurance & Real Estate | L+9.00% | 10.16 | % | 6/1/2018 | 6,468 | 6,355 | 6,346 | 2.2 | % | ||||||||||||||||||
| BC Equity Ventures LLC | Hotels, Gaming & Leisure | L+6.50% | 7.73 | % | 8/31/2022 | 2,599 | 2,552 | 2,625 | 0.9 | % | ||||||||||||||||||
| BCC Software, LLC (f) | High Tech Industries | L+8.00% | 9.23 | % | 6/20/2019 | 3,163 | 3,129 | 3,163 | 1.1 | % | ||||||||||||||||||
| BCC Software, LLC (Revolver) (e) | High Tech Industries | L+8.00% | 9.23 | % | 6/20/2019 | 469 | — | — | 0.0 | % | ||||||||||||||||||
| Beaver-Visitec International Holdings, Inc. | Healthcare & Pharmaceuticals | L+5.00% | 6.30 | % | 8/19/2023 | 4,962 | 4,918 | 4,963 | 1.7 | % | ||||||||||||||||||
| Bluestem Brands, Inc. | Consumer Goods: Non-Durable | L+7.50% | 8.73 | % | 11/6/2020 | 2,678 | 2,659 | 1,905 | 0.7 | % | ||||||||||||||||||
| Cali Bamboo, LLC | Construction & Building | L+8.50% | 9.73 | % | 7/10/2020 | 5,346 | 5,283 | 5,346 | 1.9 | % | ||||||||||||||||||
| Cali Bamboo, LLC (Revolver) (e) | Construction & Building | L+8.50% | 9.73 | % | 7/10/2020 | 1,624 | 1,212 | 1,212 | 0.4 | % | ||||||||||||||||||
| California Pizza Kitchen, Inc. | Beverage, Food & Tobacco | L+6.00% | 7.30 | % | 8/23/2022 | 6,947 | 6,878 | 6,958 | 2.4 | % | ||||||||||||||||||
| Corbett Technology Solutions, Inc. (f) | High Tech Industries | L+7.00% | 8.23 | % | 11/7/2021 | 4,388 | 4,329 | 4,475 | 1.6 | % | ||||||||||||||||||
| Corbett Technology Solutions, Inc. (Revolver) (e) | High Tech Industries | L+7.00% | 8.23 | % | 11/7/2021 | 867 | — | — | 0.0 | % | ||||||||||||||||||
| Cornerstone Detention Products, Inc. (k) | Construction & Building | L+10.50% | 10.73% Cash/ 1.00% PIK |
4/8/2019 | 3,569 | 3,541 | 3,490 | 1.2 | % | |||||||||||||||||||
| Cornerstone Detention Products, Inc. (Revolver) (e) | Construction & Building | L+9.50% | 10.73 | % | 4/8/2019 | 400 | — | — | 0.0 | % | ||||||||||||||||||
| CRCI Holdings, Inc. | Utilities: Electric | L+5.50% | 6.80 | % | 8/31/2023 | 2,814 | 2,788 | 2,835 | 1.0 | % | ||||||||||||||||||
| Cyalume Technologies Holdings, Inc. (f) | Aerospace & Defense | L+9.00% | 10.23 | % | 5/18/2020 | 3,929 | 3,860 | 4,046 | 1.4 | % | ||||||||||||||||||
| Cyalume Technologies Holdings, Inc. | Aerospace & Defense | L+9.00% | 10.23 | % | 5/18/2020 | 350 | 350 | 361 | 0.1 | % | ||||||||||||||||||
| Cyalume Technologies Holdings, Inc. (Revolver)(e) | Aerospace & Defense | L+9.00% | 10.23 | % | 5/18/2020 | 1,528 | — | — | 0.0 | % | ||||||||||||||||||
| Destination Media, Inc. (f) | Media: Advertising, Printing & Publishing | L+6.50% | 7.73 | % | 4/7/2022 | 7,950 | 7,835 | 7,942 | 2.8 | % | ||||||||||||||||||
| Destination Media, Inc. (Revolver) (e) | Media: Advertising, Printing & Publishing | L+6.50% | 7.73 | % | 4/7/2022 | 542 | — | — | 0.0 | % | ||||||||||||||||||
| Diesel Direct Holdings, Inc. (f) | Energy: Oil & Gas | L+7.00% | 8.23 | % | 2/17/2020 | 5,087 | 5,087 | 5,138 | 1.8 | % | ||||||||||||||||||
| EB Employee Solutions, LLC (f) | Services: Business | L+8.50% | 10.00 | % | 2/28/2019 | 3,244 | 3,208 | 3,138 | 1.1 | % | ||||||||||||||||||
| Echelon Funding I, LLC (Delayed Draw) (e) (j) (l) | Banking, Finance, Insurance & Real Estate | L+10.25% | 11.30 | % | 2/24/2021 | 15,000 | 14,981 | 15,187 | 5.3 | % | ||||||||||||||||||
| Edge Systems Holdings Corp. | Healthcare & Pharmaceuticals | L+8.00% | 9.23 | % | 12/1/2021 | 3,453 | 3,391 | 3,503 | 1.2 | % | ||||||||||||||||||
| Edge Systems Holdings Corp. (Revolver) (e) | Healthcare & Pharmaceuticals | L+8.00% | 9.23 | % | 12/1/2021 | 260 | — | — | 0.0 | % | ||||||||||||||||||
| Energy Services Group, LLC | High Tech Industries | L+9.82% | 10.99 | % | 5/4/2022 | 4,620 | 4,563 | 4,638 | 1.6 | % | ||||||||||||||||||
| Energy Services Group, LLC (j) (m) | High Tech Industries | L+9.82% | 10.82 | % | 5/4/2022 | 2,405 | 2,358 | 2,410 | 0.8 | % | ||||||||||||||||||
| Energy Services Group, LLC (Delayed Draw)(e) (l) | High Tech Industries | L+9.82% | 11.00 | % | 5/4/2022 | 1,313 | 1,096 | 1,117 | 0.4 | % | ||||||||||||||||||
| Familia Dental Group Holdings, LLC (f) | Healthcare & Pharmaceuticals | L+8.00% | 9.23 | % | 4/8/2021 | 5,328 | 5,259 | 5,371 | 1.9 | % | ||||||||||||||||||
| Familia Dental Group Holdings, LLC | Healthcare & Pharmaceuticals | L+8.00% | 9.23 | % | 4/8/2021 | 512 | 512 | 516 | 0.2 | % | ||||||||||||||||||
| Familia Dental Group Holdings, LLC (Revolver) (e) | Healthcare & Pharmaceuticals | L+8.00% | 9.23 | % | 4/8/2021 | 573 | 229 | 229 | 0.1 | % | ||||||||||||||||||
| Forman Mills, Inc. (f) | Retail | L+7.50% | 8.73 | % | 10/4/2021 | 8,500 | 8,351 | 8,398 | 3.0 | % | ||||||||||||||||||
| InMobi Pte, Ltd. (Delayed Draw) (e) (j) (l) (n) | Media: Advertising, Printing & Publishing | L+10.17% | 11.36 | % | 9/1/2018 | 10,000 | 6,667 | 6,860 | 2.4 | % | ||||||||||||||||||
| Jerry Lee Radio, LLC | Media: Broadcasting & Subscription | L+9.50% | 10.73 | % | 12/17/2020 | 12,417 | 12,185 | 12,665 | 4.5 | % | ||||||||||||||||||
| Landpoint, LLC | Energy: Oil & Gas | L+12.75% | 12.00% Cash/ 2.25% PIK |
(o) | 12/20/2019 | 2,462 | 2,440 | 2,393 | 0.9 | % | ||||||||||||||||||
| Landpoint, LLC (Revolver) (e) | Energy: Oil & Gas | L+10.50% | 12.00 | % | 12/20/2019 | 313 | — | — | 0.0 | % | ||||||||||||||||||
| L.A.R.K. Industries, Inc. | Construction & Building | L+8.50% | 9.55 | % | 9/3/2019 | 8,274 | 8,158 | 8,295 | 2.9 | % | ||||||||||||||||||
| Liftforward SPV II, LLC (e) (j) | Banking, Finance, Insurance & Real Estate | L+10.75% | 11.98 | % | 11/10/2020 | 10,000 | 5,209 | 5,349 | 1.9 | % | ||||||||||||||||||
See Notes to Consolidated Financial Statements.
| 7 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
June 30, 2017
(in thousands, except for shares and units)
| Portfolio Company (a) | Industry | Spread
Above Index (b) |
Interest
Rate |
Maturity | Principal | Amortized
Cost |
Fair
Value (c) |
%
of Net Assets (d) |
||||||||||||||||||||
| Luxury Optical Holdings Co. | Retail | L+11.50% | 9.23%
Cash/ 3.50% PIK |
9/12/2019 | 4,084 | $ | 4,045 | $ | 3,854 | 1.4 | % | |||||||||||||||||
| Luxury Optical Holdings Co. (Revolver) (e) | Retail | L+8.00% | 9.23 | % | 9/12/2019 | 273 | 123 | 116 | 0.0 | % | ||||||||||||||||||
| Madison Logic, Inc. (f) | Services: Business | L+8.00% | 9.23 | % | 11/30/2021 | 10,369 | 10,180 | 10,535 | 3.7 | % | ||||||||||||||||||
| Madison Logic, Inc. (Delayed Draw) (e) (l) | Services: Business | L+8.00% | 9.23 | % | 11/30/2021 | 4,818 | — | — | 0.0 | % | ||||||||||||||||||
| Madison Logic, Inc. (Revolver) (e) | Services: Business | L+8.00% | 9.23 | % | 11/30/2021 | 988 | — | — | 0.0 | % | ||||||||||||||||||
| MFG Chemical, LLC (f) | Chemicals, Plastics, & Rubber | L+6.00% | 7.23 | % | 6/23/2022 | 8,855 | 8,723 | 8,723 | 3.1 | % | ||||||||||||||||||
| MFG Chemical, LLC (Revolver) (e) | Chemicals, Plastics, & Rubber | L+6.00% | 7.23 | % | 6/23/2022 | 1,780 | 831 | 818 | 0.3 | % | ||||||||||||||||||
| Mid-West Wholesale Hardware Co. (f) | Wholesale | L+7.50% | 8.73 | % | 2/9/2022 | 11,940 | 11,716 | 11,845 | 4.2 | % | ||||||||||||||||||
| Mid-West Wholesale Hardware Co. (Revolver) (e) | Wholesale | L+7.50% | 8.73 | % | 2/9/2022 | 4,421 | 1,453 | 1,442 | 0.5 | % | ||||||||||||||||||
| Miles Partnership LLC | Hotels, Gaming & Leisure | L+11.00% | 10.30% Cash/ 2.00% PIK |
3/24/2021 | 5,926 | 5,880 | 5,943 | 2.1 | % | |||||||||||||||||||
| Miles Partnership LLC (Delayed Draw) (e) (l) | Hotels, Gaming & Leisure | L+11.00% | 10.30% Cash/ 2.00% PIK |
3/24/2021 | 1,418 | 1,071 | 1,073 | 0.4 | % | |||||||||||||||||||
| Miles Partnership LLC (Revolver) (e) | Hotels, Gaming & Leisure | L+11.00% | 10.30% Cash/ 2.00% PIK |
3/24/2021 | 320 | — | — | 0.0 | % | |||||||||||||||||||
| Newforma, Inc. (f) | High Tech Industries | L+7.50% | 8.73 | % | 6/30/2022 | 15,000 | 14,775 | 14,775 | 5.2 | % | ||||||||||||||||||
| Newforma, Inc. (Revolver) (e) | High Tech Industries | L+7.50% | 8.73 | % | 6/30/2022 | 1,250 | — | — | 0.0 | % | ||||||||||||||||||
| O'Brien Industrial Holdings, LLC | Metals & Mining | L+7.75% | 8.98 | % | 5/13/2019 | 5,286 | 5,232 | 5,392 | 1.9 | % | ||||||||||||||||||
| Peerless Network, Inc. (f) | Telecommunications | L+9.25% | 9.55% Cash/ 0.75% PIK |
(p) | 12/11/2020 | 3,500 | 3,437 | 3,514 | 1.2 | % | ||||||||||||||||||
| PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | Services: Consumer | L+5.50% | 6.80 | % | 7/1/2020 | 4,560 | 4,494 | 4,585 | 1.6 | % | ||||||||||||||||||
| PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | Services: Consumer | L+11.50% | 12.80 | % | 7/1/2020 | 4,780 | 4,707 | 4,765 | 1.7 | % | ||||||||||||||||||
| PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver) (e) | Services: Consumer | L+8.50% | 9.50 | % | 8/11/2017 | 236 | — | — | 0.0 | % | ||||||||||||||||||
| Precision Toxicology, LLC (f) | Healthcare & Pharmaceuticals | L+10.00% | 9.73% Cash/ 1.50% PIK |
3/24/2020 | 3,724 | 3,683 | 3,717 | 1.3 | % | |||||||||||||||||||
| Priority Ambulance, LLC (f) | Healthcare & Pharmaceuticals | L+7.00% | 8.30 | % | 4/12/2022 | 7,000 | 6,865 | 7,025 | 2.5 | % | ||||||||||||||||||
| Priority Ambulance, LLC (Revolver) (e) | Healthcare & Pharmaceuticals | L+7.00% | 8.30 | % | 4/12/2022 | 3,345 | — | — | 0.0 | % | ||||||||||||||||||
| Q-Tragon Holdings, LLC (f) | Services: Business | L+7.00% | 8.23 | % | 5/2/2022 | 4,000 | 3,943 | 4,008 | 1.4 | % | ||||||||||||||||||
| Q-Tragon Holdings, LLC (Revolver) (e) | Services: Business | L+7.00% | 8.23 | % | 5/2/2022 | 308 | 62 | 62 | 0.0 | % | ||||||||||||||||||
| Repay Holdings, LLC | Banking, Finance, Insurance & Real Estate | L+7.75% | 8.98 | % | 9/1/2021 | 11,700 | 11,524 | 11,799 | 4.2 | % | ||||||||||||||||||
| Repay Holdings, LLC (Revolver) (e) | Banking, Finance, Insurance & Real Estate | L+7.75% | 8.98 | % | 9/1/2021 | 1,200 | — | — | 0.0 | % | ||||||||||||||||||
| Rockdale Blackhawk, LLC (g) | Healthcare & Pharmaceuticals | L+11.00% | 12.23 | % | 3/31/2020 | 10,923 | 10,251 | 10,802 | 3.8 | % | ||||||||||||||||||
| Rockdale Blackhawk, LLC (Capex) (g) | Healthcare & Pharmaceuticals | L+11.00% | 12.23 | % | 3/31/2020 | 549 | 549 | 543 | 0.2 | % | ||||||||||||||||||
| Rockdale Blackhawk, LLC (Revolver) (g) | Healthcare & Pharmaceuticals | L+11.00% | 12.23 | % | 3/31/2020 | 1,849 | 1,849 | 1,825 | 0.6 | % | ||||||||||||||||||
| Rocket Dog Brands, LLC (g) | Consumer Goods: Non-Durable | n/a | 12.00% PIK | (i) | 8/29/2019 | 1,157 | 1,157 | 243 | 0.1 | % | ||||||||||||||||||
| Rocket Dog Brands, LLC (g) | Consumer Goods: Non-Durable | n/a | 15.00% PIK | (i) | 8/29/2019 | 422 | 416 | — | 0.0 | % | ||||||||||||||||||
| Rocket Dog Brands, LLC (g) | Consumer Goods: Non-Durable | n/a | 17.00% PIK | (i) | 9/30/2017 | 235 | 235 | 176 | 0.1 | % | ||||||||||||||||||
| SHI Holdings, Inc. (f) (g) | Healthcare & Pharmaceuticals | L+9.75% | 10.98 | % | 7/10/2019 | 2,625 | 2,600 | 2,625 | 0.9 | % | ||||||||||||||||||
| SHI Holdings, Inc. (Revolver) (e) (g) | Healthcare & Pharmaceuticals | L+9.75% | 10.98 | % | 7/10/2019 | 2,045 | 1,913 | 1,926 | 0.7 | % | ||||||||||||||||||
| Solaray, LLC | Consumer Goods: Non-Durable | L+6.50% | 7.72 | % | 9/9/2023 | 3,272 | 3,242 | 3,256 | 1.2 | % | ||||||||||||||||||
| Solaray, LLC (Delayed Draw) (e) (l) | Consumer Goods: Non-Durable | L+6.50% | 7.79 | % | 9/9/2023 | 703 | 506 | 504 | 0.2 | % | ||||||||||||||||||
| Summit Container Corporation (f) (g) | Containers, Packaging & Glass | L+12.00% | 12.00% Cash/ 2.00% PIK |
1/6/2019 | 3,557 | 3,529 | 3,397 | 1.2 | % | |||||||||||||||||||
| Synergy Environmental Corporation (f) | Environmental Industries | L+8.00% | 9.23 | % | 4/29/2021 | 3,091 | 3,029 | 3,126 | 1.1 | % | ||||||||||||||||||
| Synergy Environmental Corporation (f) | Environmental Industries | L+8.00% | 9.23 | % | 4/29/2021 | 517 | 506 | 523 | 0.2 | % | ||||||||||||||||||
| Synergy Environmental Corporation (Delayed Draw) (e) (l) | Environmental Industries | L+8.00% | 9.23 | % | 4/29/2018 | 1,342 | — | — | 0.0 | % | ||||||||||||||||||
| Synergy Environmental Corporation (Revolver) (e) | Environmental Industries | L+8.00% | 9.23 | % | 4/29/2021 | 671 | 47 | 47 | 0.0 | % | ||||||||||||||||||
| The Worth Collection, Ltd. (f) | Retail | L+8.50% | 9.73 | % | 9/29/2021 | 10,725 | 10,537 | 10,553 | 3.7 | % | ||||||||||||||||||
| TPP Operating, Inc. (q) | Retail | L+6.00% | 7.50% PIK | (i) | 11/8/2018 | 9,370 | 9,330 | 300 | 0.1 | % | ||||||||||||||||||
| TPP Operating, Inc. (q) | Retail | L+6.00% | 7.50 | %(i) | 11/8/2018 | 5,324 | 5,324 | 4,589 | 1.6 | % | ||||||||||||||||||
| TPP Operating, Inc. (q) | Retail | L+9.61% | 11.11 | %(i) | 11/8/2018 | 4,583 | 4,583 | 4,583 | 1.6 | % | ||||||||||||||||||
| TRG, LLC | Hotels, Gaming & Leisure | L+14.10% | 8.55% Cash/ 6.60% PIK |
(r) | 3/31/2021 | 11,850 | 11,818 | 11,963 | 4.2 | % | ||||||||||||||||||
| TRG, LLC (CapEx) (e) | Hotels, Gaming & Leisure | L+9.50% | 8.55% Cash/ 2.00% PIK |
3/31/2021 | 1,619 | 953 | 963 | 0.3 | % | |||||||||||||||||||
| TRG, LLC (Revolver) | Hotels, Gaming & Leisure | L+9.50% | 10.55 | % | 3/31/2021 | 131 | 131 | 131 | 0.0 | % | ||||||||||||||||||
| Vacation Innovations, LLC (s) | Hotels, Gaming & Leisure | L+8.79% | 8.23% Cash/ 1.79% PIK |
(t) | 8/20/2020 | 10,029 | 9,887 | 10,094 | 3.6 | % | ||||||||||||||||||
| Vacation Innovations, LLC (Delayed Draw) (e) (l) | Hotels, Gaming & Leisure | L+7.50% | 8.23% Cash/ 0.50% PIK |
8/20/2020 | 2,037 | — | — | 0.0 | % | |||||||||||||||||||
| Vacation Innovations, LLC (Revolver) (e) | Hotels, Gaming & Leisure | L+7.50% | 8.23% Cash/ 0.50% PIK |
8/20/2020 | 342 | — | — | 0.0 | % | |||||||||||||||||||
| Yandy Holding, LLC | Retail | L+9.00% | 10.23 | % | 9/30/2019 | 5,368 | 5,327 | 5,253 | 1.8 | % | ||||||||||||||||||
| Yandy Holding, LLC (Revolver) (e) | Retail | L+9.00% | 10.23 | % | 9/30/2019 | 907 | — | — | 0.0 | % | ||||||||||||||||||
| Total Senior Secured Loans | 400,657 | 358,418 | 351,491 | 123.6 | % | |||||||||||||||||||||||
| Unitranche Loans | ||||||||||||||||||||||||||||
| Collaborative Neuroscience Network, LLC | Healthcare & Pharmaceuticals | L+11.50% | 13.00 | % | 12/27/2017 | 6,120 | 6,069 | 5,820 | 2.0 | % | ||||||||||||||||||
| Collaborative Neuroscience Network, LLC | Healthcare & Pharmaceuticals | n/a | 12.00% Cash/ 3.00% PIK |
n/a | (h) | 290 | 290 | 290 | 0.1 | % | ||||||||||||||||||
| Collaborative Neuroscience Network, LLC (Revolver) | Healthcare & Pharmaceuticals | L+10.00% | 11.23 | % | 12/27/2017 | 200 | 190 | 195 | 0.1 | % | ||||||||||||||||||
See Notes to Consolidated Financial Statements.
| 8 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
(unaudited)
June 30, 2017
(in thousands, except for shares and units)
| Portfolio Company (a) | Industry | Spread
Above Index (b) |
Interest
Rate |
Maturity | Principal | Amortized Cost |
Fair Value (c) |
%
of Net Assets (d) |
||||||||||||||||||||
| Fabco Automotive Corporation | Automotive | L+4.50% | 5.73 | % | 4/3/2019 | 3,538 | $ | 1,852 | $ | 3,430 | 1.2 | % | ||||||||||||||||
| Fabco Automotive Corporation | Automotive | L+11.25% | 8.23% Cash/ 4.25% PIK |
4/3/2019 | 8,774 | 8,747 | 2,817 | 1.0 | % | |||||||||||||||||||
| Fabco Automotive Corporation (Revolver) (e) | Automotive | L+4.00% | 5.23 | % | 4/3/2019 | 2,234 | 2,199 | 2,199 | 0.8 | % | ||||||||||||||||||
| Gracelock Industries, LLC | Wholesale | L+13.74% | 11.00% Cash/ 4.24% PIK |
(u) | 5/7/2019 | 4,721 | 4,664 | 4,730 | 1.7 | % | ||||||||||||||||||
| Incipio Technologies, Inc. (v) | Consumer Goods: Non-Durable | L+7.50% | 8.73 | % | 12/26/2019 | 13,916 | 13,712 | 13,651 | 4.8 | % | ||||||||||||||||||
| Playtime, LLC | Hotels, Gaming & Leisure | L+7.50% | 9.00 | % | 12/31/2021 | 4,484 | 4,475 | 4,170 | 1.4 | % | ||||||||||||||||||
| Total Unitranche Loans | 44,277 | 42,198 | 37,302 | 13.1 | % | |||||||||||||||||||||||
| Junior Secured Loans | ||||||||||||||||||||||||||||
| AIM Aerospace, Inc. | Aerospace & Defense | L+9.00% | 10.17 | % | 8/2/2022 | 5,000 | 4,938 | 4,973 | 1.7 | % | ||||||||||||||||||
| Answers Finance, LLC | High Tech Industries | P+7.90% | 9.00 | % | 9/15/2021 | 396 | 381 | 388 | 0.1 | % | ||||||||||||||||||
| Confie Seguros Holdings II Co. | Banking, Finance, Insurance & Real Estate | L+9.75% | 11.05 | % | 5/8/2019 | 8,594 | 8,285 | 8,479 | 3.0 | % | ||||||||||||||||||
| CSM Bakery Supplies LLC | Beverage, Food & Tobacco | L+7.75% | 8.90 | % | 7/3/2021 | 5,792 | 5,792 | 5,054 | 1.8 | % | ||||||||||||||||||
| Education Corporation of America | Services: Consumer | L+11.00% | 12.30 | % | 9/30/2017 | 625 | 617 | 625 | 0.2 | % | ||||||||||||||||||
| Mergermarket USA, Inc. | Media: Broadcasting & Subscription | L+6.50% | 7.58 | % | 12/19/2021 | 4,500 | 4,409 | 4,500 | 1.6 | % | ||||||||||||||||||
| Micro Holdings Corp. | High Tech Industries | L+7.50% | 8.73 | % | 7/8/2022 | 5,590 | 5,485 | 5,672 | 2.0 | % | ||||||||||||||||||
| Pre-Paid Legal Services, Inc. (Legal Shield) | Services: Consumer | L+9.00% | 10.25 | % | 7/1/2020 | 3,000 | 3,000 | 3,024 | 1.1 | % | ||||||||||||||||||
| Rocket Dog Brands, LLC (g) | Consumer Goods: Non-Durable | n/a | 15.00% PIK | (i) | 5/1/2020 | 2,011 | 2,011 | — | 0.0 | % | ||||||||||||||||||
| SCP TPZ Acquisition, Inc. | Media: Diversified & Production | L+8.25% | 9.47 | % | 5/29/2022 | 5,000 | 4,942 | 4,994 | 1.8 | % | ||||||||||||||||||
| Total Junior Secured Loans | 40,508 | 39,860 | 37,709 | 13.3 | % | |||||||||||||||||||||||
| Equity Securities | ||||||||||||||||||||||||||||
| AdTheorent, Inc. (128,866 units) (w) | Media: Advertising, Printing & Publishing | — | — | (x) | — | — | 129 | 173 | 0.1 | % | ||||||||||||||||||
| American Community Homes, Inc. (warrant to purchase up to 9.0% of the equity) (g) | Banking, Finance, Insurance & Real Estate | — | — | (x) | 10/9/2024 | — | — | 1,271 | 0.5 | % | ||||||||||||||||||
| Answers Finance, LLC (76,539 shares of common stock) (w) | Services: Business | — | (x) | — | — | 2,413 | 1,180 | 0.4 | % | |||||||||||||||||||
| Collaborative
Neuroscience Network, LLC (warrant to purchase up to 4 LLC units) (w) |
Healthcare & Pharmaceuticals | — | — | (x) | 12/27/2022 | — | — | — | 0.0 | % | ||||||||||||||||||
| Cyalume
Technologies Holdings, Inc.- Series D Preferred Stock (3.06 shares) (w) |
Aerospace & Defense | — | — | (x) | — | — | — | 615 | 0.2 | % | ||||||||||||||||||
| Education
Corporation of America - Series G Preferred Stock (8,333 shares) (w) |
Services: Consumer | n/a | 12.00 | % | — | — | 8,125 | 8,283 | 2.9 | % | ||||||||||||||||||
| Fabco Automotive Corporation (warrant to purchase up to 1.87% of the equity) (w) | Automotive | — | — | (x) | — | — | — | — | 0.0 | % | ||||||||||||||||||
| InMobi
Pte, Ltd. (represents the right to purchase 2.80% of the equity) (j) (n) (w) |
Media: Advertising, Printing & Publishing | — | — | (x) | 9/18/2025 | — | — | 215 | 0.1 | % | ||||||||||||||||||
| O'Brien Industrial Holdings, LLC (warrants to purchase up to 2.44% of certain affiliated entities of the company) (w) | Metals & Mining | — | — | (x) | 5/13/2024 | — | — | — | 0.0 | % | ||||||||||||||||||
| Playtime, LLC - Preferred Units (8,665 units) (w) | Hotels, Gaming & Leisure | — | — | (x) | — | — | 200 | 15 | 0.0 | % | ||||||||||||||||||
| Rockdale Blackhawk, LLC - LLC Units (11.56% of the LLC interest) (g) | Healthcare & Pharmaceuticals | — | — | — | — | 1,093 | 6,533 | 2.3 | % | |||||||||||||||||||
| Rocket Dog Brands, LLC - Common Units (75,502 units) (g) | Consumer Goods: Non-Durable | — | — | (x) | — | — | — | — | 0.0 | % | ||||||||||||||||||
| Rocket Dog Brands, LLC - Preferred Units (10 units) (g) | Consumer Goods: Non-Durable | — | 15.00% PIK | (y) | — | — | 967 | — | 0.0 | % | ||||||||||||||||||
| SHI Holdings, Inc. (24 shares of common stock) (g) | Healthcare & Pharmaceuticals | — | — | (x) | — | — | 27 | 589 | 0.2 | % | ||||||||||||||||||
| Summit
Container Corporation (warrant to purchase up to 19.50% of the equity) (g) |
Containers, Packaging & Glass | — | — | (x) | 1/6/2024 | — | — | 56 | 0.0 | % | ||||||||||||||||||
| The
Tie Bar Operating Company, LLC - Class A Preferred Units (1,275 units) (w) |
Retail | — | — | — | — | 86 | 117 | 0.0 | % | |||||||||||||||||||
| The
Tie Bar Operating Company, LLC - Class B Preferred Units (1,275 units) (w) |
Retail | — | — | — | — | 1 | — | 0.0 | % | |||||||||||||||||||
| TPP Acquisition, Inc. (829 shares of common stock) (q) | Retail | — | — | (x) | — | — | — | 0.0 | % | |||||||||||||||||||
| TPP Operating, Inc. (40 shares of common stock) (q) | Retail | — | — | (x) | — | — | 3,255 | — | 0.0 | % | ||||||||||||||||||
| Total Equity Securities | 16,296 | 19,047 | 6.7 | % | ||||||||||||||||||||||||
| TOTAL INVESTMENTS | $ | 456,772 | $ | 445,549 | 156.7 | % | ||||||||||||||||||||||
See Notes to Consolidated Financial Statements.
| 9 |
| (a) | All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All investments are non-controlled/non-affiliate company investments, unless otherwise noted. All of our investments are issued by U.S. portfolio companies unless otherwise noted. |
| (b) | The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime Rate (“Prime” or “P”) which reset daily, monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over LIBOR or Prime and the current contractual interest rate in effect at June 30, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. |
| (c) | Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith by our board of directors as required by the Investment Company Act of 1940. (See Note 4 in the accompanying notes to the consolidated financial statements.) |
| (d) | Percentages are based on net assets of $284,308 as of June 30, 2017. |
| (e) | All or a portion of this commitment was unfunded at June 30, 2017. As such, interest is earned only on the funded portion of this commitment. |
| (f) | All of this loan is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility. |
| (g) | As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns five percent or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control). |
| (h) | This is a demand note with no stated maturity. |
| (i) | This position was on non-accrual status as of June 30, 2017, meaning that the Company has ceased accruing interest income on the position. See Note 2 in the accompanying notes to the consolidated financial statements for additional information on the Company's accounting policies. |
| (j) | This investment is treated as a non-qualifying investment under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2017, non-qualifying assets totaled 7.83% of the Company’s total assets. |
| (k) | A portion of this loan (principal of $2,141) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility. |
| (l) | This delayed draw loan requires that certain financial covenants be met by the portfolio company prior to any fundings. |
| (m) | This term loan is denominated in Great Britain pounds and is translated into U.S. dollars as of the valuation date. |
| (n) | InMobi Pte, Ltd is an international company headquartered in California. |
| (o) | The PIK portion of the interest rate for Landpoint, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 2.25% per annum. |
| (p) | The PIK portion of the interest rate for Peerless Network, Inc. is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 0.75% per annum. |
| (q) | As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% in company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control. |
| (r) | A portion of the PIK interest rate for TRG, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 4.60% per annum. |
| (s) | A portion of this loan (principal of $4,429) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility. |
| (t) | The PIK portion of the interest rate for Vacation Innovations, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 1.29% per annum. |
| (u) | The PIK portion of the interest rate for Gracelock Industries, LLC is structured as a fee paid upon the termination of the commitment. The fee currently accrues at 4.24% per annum. |
| (v) | A portion of this loan (principal of $5,102) is held in the Company’s wholly-owned subsidiary, Monroe Capital Corporation SBIC, LP and is therefore not collateral to the Company’s revolving credit facility. |
| (w) | Represents less than 5% ownership of the portfolio company’s voting securities. |
| (x) | Represents a non-income producing security. |
| (y) | This position includes a PIK dividend and is currently on non-accrual status. |
n/a - not applicable
See Notes to Consolidated Financial Statements.
| 10 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2016
(in thousands, except for shares and units)
| Portfolio Company (a) | Industry | Spread Above Index (b) |
Interest Rate |
Maturity | Principal | Amortized Cost |
Fair Value (c) |
%
of Net Assets (d) | ||||||||||||||||||||||||
| Senior Secured Loans | ||||||||||||||||||||||||||||||||
| 360 Holdings III Corp. | Consumer Goods: Non-Durable | L+9.00 | % | 10.00 | % | 10/1/2021 | 5,925 | $ | 5,718 | $ | 5,718 | 2.4 | % | |||||||||||||||||||
| AdTheorent, Inc. (Revolver) (e) | Media: Advertising, Printing & Publishing | L+8.50 | % | 9.26 | % | 12/22/2021 | 515 | 77 | 77 | 0.0 | % | |||||||||||||||||||||
| AdTheorent, Inc. | Media: Advertising, Printing & Publishing | L+8.50 | % | 9.26 | % | 12/22/2021 | 5,000 | 4,908 | 4,900 | 2.0 | % | |||||||||||||||||||||
| All Holding Company, LLC (f) | Beverage, Food & Tobacco | L+7.00 | % | 7.76 | % | 11/15/2021 | 5,466 | 5,363 | 5,493 | 2.3 | % | |||||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+8.00 | % | 9.50 | % | 7/22/2019 | 7,667 | 7,550 | 7,816 | 3.3 | % | |||||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+12.50 | % | 9.50%
Cash/ 4.50% PIK |
7/22/2019 | 4,217 | 4,158 | 4,301 | 1.8 | % | ||||||||||||||||||||||
| American Community Homes, Inc. (g) | Banking, Finance, Insurance & Real Estate | L+12.50 | % | 9.50%
Cash/ 4.50% PIK |
n/a | (h) | 518 | 508 | 518 | 0.2 | % | |||||||||||||||||||||
| Answers Corporation | High Tech Industries | P+6.25 | % | 10.00 | %(i) | 10/1/2021 | 2,903 | 2,819 | 1,495 | 0.6 | % | |||||||||||||||||||||
| BC Equity Ventures LLC | Hotels, Gaming & Leisure | L+6.50 | % | 7.50 | % | 8/31/2022 | 2,612 | 2,562 | 2,635 | 1.1 | % | |||||||||||||||||||||
| BC Equity Ventures LLC | Hotels, Gaming & Leisure | L+6.50 | % | 7.50 | % | 8/31/2022 | 375 | 372 | 373 | 0.2 | % | |||||||||||||||||||||
| BCC Software, LLC (f) | High Tech Industries | L+8.00 | % | 9.00 | % | 6/20/2019 | 2,204 | 2,186 | 2,203 | 0.9 | % | |||||||||||||||||||||
| BCC Software, LLC (Revolver) (e) | High Tech Industries | L+8.00 | % | 9.00 | % | 6/20/2019 | 469 | — | — | 0.0 | % | |||||||||||||||||||||
| Beaver-Visitec International Holdings, Inc. | Healthcare & Pharmaceuticals | L+5.00 | % | 6.00 | % | 8/19/2023 | 4,988 | 4,939 | 4,988 | 2.1 | % | |||||||||||||||||||||
| Bluestem Brands, Inc. | Consumer Goods: Non-Durable | L+7.50 | % | 8.50 | % | 11/6/2020 | 2,758 | 2,737 | 2,404 | 1.0 | % | |||||||||||||||||||||
| Cali Bamboo, LLC | Construction & Building | L+8.50 | % | 9.26 | % | 7/10/2020 | 5,423 | 5,350 | 5,531 | 2.3 | % | |||||||||||||||||||||
| Cali Bamboo, LLC (Revolver) (e) | Construction & Building | L+8.50 | % | 9.26 | % | 7/10/2020 | 1,624 | 65 | 65 | 0.0 | % | |||||||||||||||||||||
| California Pizza Kitchen, Inc. | Beverage, Food & Tobacco | L+6.00 | % | 7.00 | % | 8/23/2022 | 6,983 | 6,913 | 6,966 | 2.9 | % | |||||||||||||||||||||
| Corbett Technology Solutions, Inc. (f) | High Tech Industries | L+7.00 | % | 7.76 | % | 11/7/2021 | 4,500 | 4,434 | 4,511 | 1.9 | % | |||||||||||||||||||||
| Corbett
Technology Solutions, Inc. (Revolver) (e) |
High Tech Industries | L+7.00 | % | 7.76 | % | 11/7/2021 | 867 | — | — | 0.0 | % | |||||||||||||||||||||
| Cornerstone Detention Products, Inc. (j) | Construction & Building | L+10.50 | % | 10.50%
Cash/ 1.00% PIK |
4/8/2019 | 3,784 | 3,747 | 3,599 | 1.5 | % | ||||||||||||||||||||||
| Cornerstone Detention Products, Inc. (Revolver) (e) | Construction & Building | L+9.50 | % | 10.50 | % | 4/8/2019 | 400 | — | — | 0.0 | % | |||||||||||||||||||||
| CRCI Holdings, Inc. | Utilities: Electric | L+5.50 | % | 6.50 | % | 8/31/2023 | 2,993 | 2,964 | 2,999 | 1.3 | % | |||||||||||||||||||||
| Cyalume Technologies Holdings, Inc. (f) | Aerospace & Defense | L+9.00 | % | 10.00 | % | 5/18/2020 | 4,291 | 4,204 | 4,462 | 1.9 | % | |||||||||||||||||||||
| Cyalume
Technologies Holdings, Inc. (Delayed Draw) |
Aerospace & Defense | L+9.00 | % | 10.00 | % | 5/18/2020 | 387 | 387 | 402 | 0.2 | % | |||||||||||||||||||||
| Cyalume Technologies Holdings, Inc. (Revolver) (e) | Aerospace & Defense | L+9.00 | % | 10.00 | % | 5/18/2020 | 1,528 | — | — | 0.0 | % | |||||||||||||||||||||
| Diesel Direct Holdings, Inc. (f) | Energy: Oil & Gas | L+7.00 | % | 7.76 | % | 2/17/2020 | 5,225 | 5,217 | 5,277 | 2.2 | % | |||||||||||||||||||||
| EB Employee Solutions, LLC (f) | Services: Business | L+8.50 | % | 10.00 | % | 2/28/2019 | 3,370 | 3,324 | 3,263 | 1.4 | % | |||||||||||||||||||||
| Edge Systems Holdings Corporation | Healthcare & Pharmaceuticals | L+8.00 | % | 9.00 | % | 11/29/2021 | 3,740 | 3,667 | 3,665 | 1.5 | % | |||||||||||||||||||||
| Edge Systems Holdings Corporation (Revolver) (e) | Healthcare & Pharmaceuticals | L+8.00 | % | 9.00 | % | 11/29/2021 | 260 | — | — | 0.0 | % | |||||||||||||||||||||
| Familia Dental Group Holdings, LLC (f) | Healthcare & Pharmaceuticals | L+8.00 | % | 8.76 | % | 4/8/2021 | 5,397 | 5,327 | 5,480 | 2.3 | % | |||||||||||||||||||||
| Familia
Dental Group Holdings, LLC (Delayed Draw) |
Healthcare & Pharmaceuticals | L+8.00 | % | 8.76 | % | 4/8/2021 | 519 | 519 | 527 | 0.2 | % | |||||||||||||||||||||
| Familia Dental Group Holdings, LLC (Revolver) (e) | Healthcare & Pharmaceuticals | L+8.00 | % | 8.76 | % | 4/8/2021 | 573 | 57 | 57 | 0.0 | % | |||||||||||||||||||||
| Forman Mills, Inc. (f) | Retail | L+7.50 | % | 8.50 | % | 10/4/2021 | 8,500 | 8,337 | 8,470 | 3.5 | % | |||||||||||||||||||||
| G&M Opco LLC (f) | Construction & Building | L+7.50 | % | 8.26 | % | 6/23/2020 | 3,006 | 2,951 | 3,066 | 1.3 | % | |||||||||||||||||||||
| InMobi Pte, Ltd. (Delayed Draw) (e) (k) (l) | Media: Advertising, Printing & Publishing | L+10.17 | % | 10.98 | % | 9/1/2018 | 10,000 | 6,667 | 6,587 | 2.7 | % | |||||||||||||||||||||
| Inteva Products, LLC | Automotive | L+8.50 | % | 9.75 | % | 9/8/2021 | 1,978 | 1,967 | 1,998 | 0.8 | % | |||||||||||||||||||||
| Jerry Lee Radio, LLC | Media: Broadcasting & Subscription | L+9.50 | % | 10.26 | % | 12/17/2020 | 13,407 | 13,127 | 13,675 | 5.7 | % | |||||||||||||||||||||
| Landpoint, LLC | Energy: Oil & Gas | L+12.75 | % | 12.00%
Cash/ 2.25% PIK |
(m) | 12/20/2019 | 2,632 | 2,602 | 2,526 | 1.1 | % | |||||||||||||||||||||
| Landpoint, LLC (Revolver) (e) | Energy: Oil & Gas | L+10.50 | % | 12.00 | % | 12/20/2019 | 313 | — | — | 0.0 | % | |||||||||||||||||||||
| L.A.R.K. Industries, Inc. | Construction & Building | L+7.00 | % | 8.00 | % | 9/3/2019 | 6,257 | 6,169 | 6,341 | 2.6 | % | |||||||||||||||||||||
| Liftforward SPV II, LLC (e) (l) | Banking, Finance, Insurance, & Real Estate | L+10.75 | % | 11.51 | % | 11/10/2020 | 10,000 | 254 | 254 | 0.1 | % | |||||||||||||||||||||
| Luxury Optical Holdings Co. | Retail | L+11.50 | % | 9.00%
Cash/ 3.50% PIK |
9/12/2019 | 4,012 | 3,965 | 3,948 | 1.6 | % | ||||||||||||||||||||||
See Notes to Consolidated Financial Statements.
| 11 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for shares and units)
| Portfolio Company (a) | Industry | Spread Above Index (b) |
Interest Rate |
Maturity | Principal | Amortized Cost |
Fair Value (c) |
%
of Net Assets (d) | ||||||||||||||||||||||||
| Luxury Optical Holdings Co. (Revolver) (e) | Retail | L+8.00 | % | 9.00% Cash | 9/12/2019 | 273 | $ | — | $ | — | 0.0 | % | ||||||||||||||||||||
| Madison Logic, Inc. (f) | Services: Business | L+8.00 | % | 8.76 | % | 11/30/2021 | 10,500 | 10,291 | 10,610 | 4.4 | % | |||||||||||||||||||||
| Madison Logic, Inc. (Delayed Draw) (e) (k) | Services: Business | L+8.00 | % | 8.76 | % | 11/30/2021 | 4,818 | — | — | 0.0 | % | |||||||||||||||||||||
| Madison Logic, Inc. (Revolver) (e) | Services: Business | L+8.00 | % | 8.76 | % | 11/30/2021 | 988 | — | — | 0.0 | % | |||||||||||||||||||||
| Miles Media Group LLC | Hotels, Gaming & Leisure | L+11.00 | % | 10.00%
Cash/ 2.00% PIK |
3/24/2021 | 6,110 | 6,052 | 6,119 | 2.5 | % | ||||||||||||||||||||||
| Miles Media Group LLC (Delayed Draw) (e) (k) | Hotels, Gaming & Leisure | L+11.00 | % | 10.00%
Cash/ 2.00% PIK |
3/24/2021 | 1,455 | — | — | 0.0 | % | ||||||||||||||||||||||
| Miles Media Group LLC (Revolver) (e) | Hotels, Gaming & Leisure | L+11.00 | % | 10.00%
Cash/ 2.00% PIK |
3/24/2021 | 320 | — | — | 0.0 | % | ||||||||||||||||||||||
| O’Brien Industrial Holdings, LLC | Metals & Mining | L+7.75 | % | 8.75 | % | 5/13/2019 | 5,286 | 5,219 | 5,268 | 2.2 | % | |||||||||||||||||||||
| Peerless Network, Inc. (f) | Telecommunications | L+8.50 | % | 9.18%
Cash/ 0.75% PIK |
(n) | 12/11/2020 | 3,500 | 3,431 | 3,430 | 1.4 | % | |||||||||||||||||||||
| PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | Services: Consumer | L+5.50 | % | 6.50 | % | 7/1/2020 | 4,698 | 4,619 | 4,693 | 1.9 | % | |||||||||||||||||||||
| PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) | Services: Consumer | L+11.50 | % | 12.50 | % | 7/1/2020 | 4,849 | 4,765 | 4,805 | 2.0 | % | |||||||||||||||||||||
| PeopleConnect Intermediate, LLC (formerly Intelius, Inc.) (Revolver) (e) | Services: Consumer | L+8.50 | % | 9.50 | % | 8/11/2017 | 236 | — | — | 0.0 | % | |||||||||||||||||||||
| Precision Toxicology, LLC (f) | Healthcare & Pharmaceuticals | L+11.50 | % | 10.26%
Cash/ 2.00% PIK |
3/24/2020 | 4,242 | 4,186 | 4,244 | 1.8 | % | ||||||||||||||||||||||
| Repay Holdings, LLC | Banking, Finance, Insurance & Real Estate | L+9.00 | % | 9.76 | % | 9/1/2021 | 12,000 | 11,802 | 11,934 | 5.0 | % | |||||||||||||||||||||
| Repay Holdings, LLC (Revolver) (e) | Banking, Finance, Insurance & Real Estate | L+9.00 | % | 9.76 | % | 9/1/2021 | 1,200 | — | — | 0.0 | % | |||||||||||||||||||||
| Rockdale Blackhawk, LLC (g) | Healthcare & Pharmaceuticals | L+11.00 | % | 12.00 | % | 3/31/2020 | 10,923 | 10,155 | 10,933 | 4.5 | % | |||||||||||||||||||||
| Rockdale Blackhawk, LLC (Revolver) (e) (g) | Healthcare & Pharmaceuticals | L+11.00 | % | 12.00 | % | 3/31/2020 | 1,849 | 924 | 924 | 0.4 | % | |||||||||||||||||||||
| Rockdale Blackhawk, LLC (Capex) (g) | Healthcare & Pharmaceuticals | L+11.00 | % | 12.00 | % | 3/31/2020 | 565 | 565 | 565 | 0.2 | % | |||||||||||||||||||||
| Rocket Dog Brands, LLC (g) | Consumer Goods: Non-Durable | n/a | 12.00% PIK | 8/29/2019 | 1,124 | 1,125 | 464 | 0.2 | % | |||||||||||||||||||||||
| Rocket Dog Brands, LLC (g) | Consumer Goods: Non-Durable | n/a | 15.00% PIK | 8/29/2019 | 407 | 402 | 365 | 0.2 | % | |||||||||||||||||||||||
| Rocket Dog Brands, LLC (g) | Consumer Goods: Non-Durable | n/a | 17.00% PIK | 3/31/2017 | 225 | 225 | 225 | 0.1 | % | |||||||||||||||||||||||
| SHI Holdings, Inc. (f) (g) | Healthcare & Pharmaceuticals | L+9.25 | % | 10.01 | % | 7/10/2019 | 2,625 | 2,592 | 2,625 | 1.1 | % | |||||||||||||||||||||
| SHI Holdings, Inc. (Revolver) (e) (g) | Healthcare & Pharmaceuticals | L+9.25 | % | 10.01 | % | 7/10/2019 | 1,773 | 1,188 | 1,203 | 0.5 | % | |||||||||||||||||||||
| Shields Land Company of Georgia, LLC (l) | Banking, Finance, Insurance & Real Estate | L+9.50 | % | 10.15 | % | 12/28/2017 | 2,450 | 2,425 | 2,445 | 1.0 | % | |||||||||||||||||||||
| Solaray, LLC | Consumer Goods: Non-Durable | L+6.50 | % | 7.50 | % | 9/9/2023 | 3,297 | 3,265 | 3,280 | 1.4 | % | |||||||||||||||||||||
| Solaray, LLC (Delayed Draw) (e) (k) | Consumer Goods: Non-Durable | L+6.50 | % | 7.50 | % | 9/9/2023 | 703 | — | — | 0.0 | % | |||||||||||||||||||||
| SNI Companies (o) | Services: Business | L+8.00 | % | 9.00 | % | 12/31/2018 | 5,357 | 5,299 | 5,378 | 2.2 | % | |||||||||||||||||||||
| SNI Companies (Revolver) (e) | Services: Business | L+8.00 | % | 9.00 | % | 12/31/2018 | 1,250 | 313 | 313 | 0.1 | % | |||||||||||||||||||||
| Summit Container Corporation (f) (g) | Containers, Packaging & Glass | L+12.00 | % | 12.00%
Cash/ 2.00% PIK |
1/6/2019 | 3,624 | 3,582 | 3,550 | 1.5 | % | ||||||||||||||||||||||
| Synergy Environmental Corporation (f) | Environmental Industries | L+8.00 | % | 8.76 | % | 4/29/2021 | 3,130 | 3,068 | 3,148 | 1.3 | % | |||||||||||||||||||||
| Synergy Environmental Corporation (f) | Environmental Industries | L+8.00 | % | 8.76 | % | 4/29/2021 | 523 | 513 | 526 | 0.2 | % | |||||||||||||||||||||
| Synergy Environmental Corporation (Delayed Draw) (e) (k) | Environmental Industries | L+8.00 | % | 8.76 | % | 4/29/2018 | 1,342 | — | — | 0.0 | % | |||||||||||||||||||||
| Synergy Environmental Corporation (Revolver) (e) | Environmental Industries | L+8.00 | % | 8.76 | % | 4/29/2021 | 671 | 94 | 94 | 0.0 | % | |||||||||||||||||||||
| Tectum Holdings, Inc. | Automotive | L+4.75 | % | 5.75 | % | 8/24/2023 | 1,995 | 1,976 | 2,025 | 0.8 | % | |||||||||||||||||||||
| The Worth Collection, Ltd. (f) | Retail | L+8.50 | % | 9.26 | % | 9/29/2021 | 11,000 | 10,789 | 11,132 | 4.6 | % | |||||||||||||||||||||
| TPP Operating, Inc. (p) | Retail | L+6.00 | % | 7.50 | %(i) | 11/8/2018 | 9,370 | 9,330 | 1,799 | 0.7 | % | |||||||||||||||||||||
| TPP Operating, Inc. (p) | Retail | L+6.00 | % | 7.50 | %(i) | 11/8/2018 | 4,344 | 4,344 | 4,344 | 1.8 | % | |||||||||||||||||||||
| TPP Operating, Inc. (p) | Retail | L+9.61 | % | 11.11 | %(i) | 11/8/2018 | 2,756 | 2,756 | 2,756 | 1.1 | % | |||||||||||||||||||||
| TRG, LLC | Hotels, Gaming & Leisure | L+13.80 | % | 8.12%
Cash/ 6.30% PIK |
(q) | 3/31/2021 | 11,876 | 11,837 | 11,960 | 5.0 | % | |||||||||||||||||||||
| TRG, LLC (Revolver) | Hotels, Gaming & Leisure | L+9.50 | % | 10.12 | % | 3/31/2021 | 131 | 131 | 131 | 0.1 | % | |||||||||||||||||||||
| TRG, LLC (CapEx) (e) | Hotels, Gaming & Leisure | L+9.50 | % | 8.12%
Cash/ 2.00% PIK |
3/31/2021 | 1,609 | 943 | 946 | 0.4 | % | ||||||||||||||||||||||
| Vacation Innovations, LLC (r) | Hotels, Gaming & Leisure | L+9.40 | % | 7.76%
Cash/ 2.42% PIK |
(s) | 8/20/2020 | 10,553 | 10,382 | 10,848 | 4.5 | % | |||||||||||||||||||||
| Vacation Innovations, LLC (Revolver) (e) | Hotels, Gaming & Leisure | L+8.50 | % | 7.76%
Cash/ 1.50% PIK |
8/20/2020 | 342 | — | — | 0.0 | % | ||||||||||||||||||||||
See Notes to Consolidated Financial Statements.
| 12 |
MONROE CAPITAL CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS – (continued)
December 31, 2016
(in thousands, except for shares and units)
| Portfolio Company (a) | Industry | Spread Above Index (b) |
Interest Rate |
Maturity | Principal | Amortized Cost |
Fair Value (c) |
%
of Net Assets (d) | ||||||||||||||||||||||||
| Vacation Innovations, LLC (Delayed Draw) (e) (k) | Hotels, Gaming & Leisure | L+8.50 | % | 7.76%
Cash/ 1.50% PIK |
8/20/2020 | 2,037 | $ | — | $ | — | 0.0 | % | ||||||||||||||||||||
| Yandy Holding, LLC | Retail | L+9.00 | % | 10.00 | % | 9/30/2019 | 5,677 | 5,625 | 5,581 | 2.3 | % | |||||||||||||||||||||
| Yandy Holding, LLC (Revolver) (e) | Retail | L+9.00 | % | 10.00 | % | 9/30/2019 | 907 | — | — | 0.0 | % | |||||||||||||||||||||
| Total Senior Secured Loans | 322,496 | 280,324 | 275,253 | 114.3 | % | |||||||||||||||||||||||||||
| Unitranche Loans | ||||||||||||||||||||||||||||||||
| Collaborative Neuroscience Network, LLC (t) | Healthcare & Pharmaceuticals | L+11.50 | % | 13.00 | % | 12/27/2017 | 6,120 | 6,059 | 5,814 | 2.4 | % | |||||||||||||||||||||
| Collaborative Neuroscience Network, LLC | Healthcare & Pharmaceuticals | n/a | 12.00%
Cash/ 3.00% PIK |
12/27/2017 | 286 | 286 | 286 | 0.1 | % | |||||||||||||||||||||||
| Fabco Automotive Corporation | Automotive | L+11.25 | % | 8.00%
Cash/ 4.25% PIK |
4/3/2019 | 8,587 | 8,553 | 3,491 | 1.4 | % | ||||||||||||||||||||||
| Gracelock Industries, LLC | Wholesale | L+13.74 | % | 11.00%
Cash/ 4.24% PIK |
(u) | 5/7/2019 | 4,888 | 4,816 | 4,500 | 1.9 | % | |||||||||||||||||||||
| Incipio Technologies, Inc. (v) | Consumer Goods: Non-Durable | L+6.00 | % | 7.00 | % | 12/26/2019 | 14,291 | 14,045 | 14,219 | 5.9 | % | |||||||||||||||||||||
| MooreCo, Inc. | Consumer Goods: Durable | L+14.50 | % | 13.50%
Cash/ 2.50% PIK |
12/27/2017 | 3,620 | 3,600 | 3,620 | 1.5 | % | ||||||||||||||||||||||
| Output Services Group, Inc. | Services: Business | L+9.00 | % | 9.50%
Cash/ 1.00% PIK |
12/17/2020 | 6,500 | 6,432 | 6,520 | 2.7 | % | ||||||||||||||||||||||
| Output Services Group, Inc. | Services: Business | L+9.00 | % | 9.50%
Cash/ 1.00% PIK |
||||||||||||||||||||||||||||