UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

Form 10-Q
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  
For the Quarterly Period Ended June 30, 2020
or
  
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to

Commission file number: 1-35040

MEDLEY CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)
Delaware 27-4576073
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
   
280 Park Avenue, 6th Floor East, New York, NY 10017 10017
(Address of Principal Executive Offices) (Zip Code)

(212) 759-0777
(Registrant’s Telephone Number, Including Area Code)
 _____________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareMCCThe New York Stock Exchange
6.500% Notes due 2021MCXThe New York Stock Exchange
6.125% Notes due 2023MCVThe New York Stock Exchange

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

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ¨ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨         Accelerated filer ý         Non-accelerated filer ¨      Smaller reporting company ¨        Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ¨ No ý

The Registrant had 2,723,711 shares of common stock, $0.001 par value, outstanding as of August 7, 2020.



MEDLEY CAPITAL CORPORATION

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





Medley Capital Corporation

Consolidated Statements of Assets and Liabilities
 June 30, 2020September 30, 2019
(unaudited)
ASSETS 
Investments at fair value  
Non-controlled/non-affiliated investments (amortized cost of $139,960,645 and $204,736,370, respectively)$116,696,866  $189,895,466  
Affiliated investments (amortized cost of $86,468,874 and $108,310,029, respectively)80,256,929  99,539,605  
Controlled investments (amortized cost of $117,874,821 and $154,601,177, respectively)53,665,259  107,453,927  
Total investments at fair value250,619,054  396,888,998  
Cash and cash equivalents52,203,301  68,245,213  
Restricted cash (see Note 2)—  16,038,690  
Other assets2,041,805  2,973,731  
Interest receivable662,860  1,592,406  
Receivable for dispositions and investments sold1,302,278  419,299  
Fees receivable119,028  108,305  
Total assets$306,948,326  $486,266,642  
LIABILITIES  
Notes payable (net of debt issuance costs of $1,134,394 and $5,274,164, respectively)$150,732,566  $251,731,729  
Accounts payable and accrued expenses4,375,939  11,956,755  
Interest and fees payable801,805  2,904,748  
Management and incentive fees payable (see Note 6)1,317,223  2,231,175  
Administrator expenses payable (see Note 6)265,108  861,785  
Deferred revenue29,006  103,583  
Due to affiliate30,939  44,337  
Deferred tax liability49,694  —  
Total liabilities$157,602,280  $269,834,112  
Guarantees and Commitments (see Note 8)  
NET ASSETS  
Common stock, par value $0.001 per share, 5,000,000 common shares authorized, 2,723,711 and 2,723,711 common shares issued and outstanding, respectively(1)
$2,724  $2,724  
Capital in excess of par value673,584,468  673,584,468  
Total distributable earnings/(loss)(524,241,146) (457,154,662) 
Total net assets149,346,046  216,432,530  
Total liabilities and net assets$306,948,326  $486,266,642  
NET ASSET VALUE PER SHARE(1)
$54.83  $79.46  

(1)Authorized, issued and outstanding common shares and net asset value per share have been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis, as described in Note 1.

See accompanying notes to consolidated financial statements.
F-1


Medley Capital Corporation

Consolidated Statements of Operations
 For the three months ended June 30For the nine months ended June 30
 2020201920202019
(unaudited)(unaudited)(unaudited)(unaudited)
INVESTMENT INCOME
Interest from investments  
Non-controlled/non-affiliated investments:  
Cash$1,961,009  $5,663,055  $7,499,171  $21,250,292  
Payment-in-kind138,018  306,022  465,339  1,484,205  
Affiliated investments:  
Cash291,569  495,962  691,010  1,707,679  
Payment-in-kind487,065  668,601  2,141,327  2,284,966  
Controlled investments:  
Cash—  85,759  84,505  249,217  
Payment-in-kind—  819,580  500,767  2,608,437  
Total interest income2,877,661  8,038,979  11,382,119  29,584,796  
Dividend income1,225,000  2,012,500  4,725,000  6,104,027  
Interest from cash and cash equivalents4,319  139,981  376,747  512,510  
Fee income (see Note 9)202,122  1,202,563  617,654  1,981,400  
Total investment income4,309,102  11,394,023  17,101,520  38,182,733  
EXPENSES    
Base management fees (see Note 6)1,317,223  2,688,946  4,966,728  8,958,472  
Incentive fees (see Note 6)—  —  —  —  
Interest and financing expenses2,736,136  6,833,680  12,312,183  18,741,485  
General and administrative540,066  1,161,988  3,140,305  4,646,854  
Administrator expenses (see Note 6)614,535  762,428  1,742,419  2,462,204  
Insurance333,816  127,446  988,394  363,623  
Directors fees347,500  419,725  960,000  1,088,575  
Professional fees, net (see Note 8)(511,519) 3,222,912  (4,796,964) 14,580,192  
Expenses before expense support reimbursement and management and incentive fee waivers5,377,757  15,217,125  19,313,065  50,841,405  
Expense support reimbursement (see Note 6)(349,427) —  (349,427) —  
Management fee waiver (see Note 6)—  —  —  —  
Incentive fee waiver (see Note 6)—  —  —  —  
Total expenses net of expense support reimbursement and management and incentive fee waivers5,028,330  15,217,125  18,963,638  50,841,405  
NET INVESTMENT INCOME/(LOSS)(719,228) (3,823,102) (1,862,118) (12,658,672) 
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS    
Net realized gain/(loss) from investments
Non-controlled/non-affiliated investments(532,253) (8,962,845) (690,167) (24,762,224) 
Affiliated investments—  —  —  —  
Controlled investments(37,389,588) —  (39,076,425) (51,538,556) 
Net realized gain/(loss) from investments(37,921,841) (8,962,845) (39,766,592) (76,300,780) 
Net unrealized appreciation/(depreciation) on investments
Non-controlled/non-affiliated investments7,379,695  5,159,471  (8,422,875) 25,323,391  
Affiliated investments8,137,213  (653,138) 2,558,480  (6,126,691) 
Controlled investments31,389,160  (20,155,432) (17,062,311) 6,764,059  
Net unrealized appreciation/(depreciation) on investments46,906,068  (15,649,099) (22,926,706) 25,960,759  
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments35,970  —  (49,694) —  
Loss on extinguishment of debt (see Note 5)(697,191) (1,805,802) (2,481,374) (1,928,773) 
Net realized and unrealized gain/(loss) on investments8,323,006  (26,417,746) (65,224,366) (52,268,794) 
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$7,603,778  $(30,240,848) $(67,086,484) $(64,927,466) 
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE(1)
$2.79  $(11.10) $(24.63) $(23.84) 
WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME/(LOSS) PER COMMON SHARE(1)
$(0.26) $(1.40) $(0.68) $(4.65) 
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (SEE NOTE 11)(1)
2,723,711  2,723,711  2,723,711  2,723,711  
DIVIDENDS DECLARED PER COMMON SHARE(2)
$—  $—  $—  $3.00  
F-2


 
(1)Basic and diluted shares has been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis, as described in Note 1.
(2)Dividends declared per common share has been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis, as described in Note 1.

See accompanying notes to consolidated financial statements.
F-3




Medley Capital Corporation

Consolidated Statements of Changes in Net Assets
(unaudited)
Common StockTotal Distributable Earnings/(Loss)Total Net Assets
Shares(1)
Par AmountCapital in Excess of Par Value
Balance at March 31, 20192,723,711  $2,724  $698,638,520  $(420,320,268) $278,320,976  
OPERATIONS
Net investment income/(loss)—  —  —  (3,823,102) (3,823,102) 
Net realized gain/(loss) from investments—  —  —  (8,962,845) (8,962,845) 
Net unrealized appreciation/(depreciation) on investments—  —  —  (15,649,099) (15,649,099) 
Net loss on extinguishment of debt—  —  —  (1,805,802) (1,805,802) 
SHAREHOLDER DISTRIBUTIONS
Distributions from earnings—  —  —  —  —  
Total increase/(decrease) in net assets—  —  —  (30,240,848) (30,240,848) 
Balance at June 30, 20192,723,711  $2,724  $698,638,520  $(450,561,116) $248,080,128  
Balance at March 31, 20202,723,711  $2,724  $673,584,468  $(531,844,924) $141,742,268  
OPERATIONS
Net investment income/(loss)—  —  —  (719,228) (719,228) 
Net realized gain/(loss) from investments—  —  —  (37,921,841) (37,921,841) 
Net unrealized appreciation/(depreciation) on investments—  —  —  46,906,068  46,906,068  
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments—  —  —  35,970  35,970  
Net loss on extinguishment of debt—  —  —  (697,191) (697,191) 
Total increase/(decrease) in net assets—  —  —  7,603,778  7,603,778  
Balance at June 30, 20202,723,711  $2,724  $673,584,468  $(524,241,146) $149,346,046  
 
 
(1)Shares of Common Stock have been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis, as described in Note 1.

See accompanying notes to consolidated financial statements.























F-4







Medley Capital Corporation

Consolidated Statements of Changes in Net Assets
(unaudited) (continued)
Common StockTotal Distributable Earnings/(Loss)Total Net Assets
Shares(1)
Par AmountCapital in Excess of Par Value
Balance at September 30, 20182,723,711  $2,724  $698,638,520  $(377,462,517) $321,178,727  
OPERATIONS
Net investment income/(loss)—  —  —  (12,658,672) (12,658,672) 
Net realized gain/(loss) from investments—  —  —  (76,300,780) (76,300,780) 
Net unrealized appreciation/(depreciation) on investments—  —  —  25,960,759  25,960,759  
Net loss on extinguishment of debt—  —  —  (1,928,773) (1,928,773) 
SHAREHOLDER DISTRIBUTIONS
Distributions from earnings—  —  —  (8,171,133) (8,171,133) 
Total increase/(decrease) in net assets—  —  —  (73,098,599) (73,098,599) 
Balance at June 30, 20192,723,711  $2,724  $698,638,520  $(450,561,116) $248,080,128  
Balance at September 30, 20192,723,711  $2,724  $673,584,468  $(457,154,662) $216,432,530  
OPERATIONS
Net investment income/(loss)—  —  —  (1,862,118) (1,862,118) 
Net realized gain/(loss) from investments—  —  —  (39,766,592) (39,766,592) 
Net unrealized appreciation/(depreciation) on investments—  —  —  (22,926,706) (22,926,706) 
Change in provision for deferred taxes on unrealized (appreciation)/depreciation on investments—  —  —  (49,694) (49,694) 
Net loss on extinguishment of debt—  —  —  (2,481,374) (2,481,374) 
Total increase/(decrease) in net assets—  —  —  (67,086,484) (67,086,484) 
Balance at June 30, 20202,723,711  $2,724  $673,584,468  $(524,241,146) $149,346,046  
 
(1)Shares of Common Stock have been adjusted for the periods shown to reflect the one-for-twenty reverse stock split effected on July 24, 2020 on a retroactive basis, as described in Note 1.

See accompanying notes to consolidated financial statements.




















F-5


Medley Capital Corporation

Consolidated Statements of Cash Flows
 For the nine months ended June 30
 20202019
(unaudited)(unaudited)
Cash flows from operating activities  
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS$(67,086,484) $(64,927,466) 
ADJUSTMENTS TO RECONCILE NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:
Investment increases due to payment-in-kind interest(3,539,584) (7,510,243) 
Net amortization of premium/(discount) on investments(91,980) (254,750) 
Amortization of debt issuance costs2,642,386  1,989,860  
Net realized (gain)/loss from investments39,766,592  76,300,780  
Net deferred income taxes49,694  —  
Net unrealized (appreciation)/depreciation on investments22,926,706  (25,960,759) 
Proceeds from sale and settlements of investments103,367,413  196,207,945  
Purchases, originations and participations(16,159,203) (59,132,412) 
Loss on extinguishment of debt2,481,374  1,928,773  
(Increase)/decrease in operating assets:
Other assets931,926  (1,183,192) 
Interest receivable929,546  2,929,704  
Receivable for dispositions and investments sold(882,979) (101,014) 
Fees receivable(10,723) 24,180  
Increase/(decrease) in operating liabilities:
Accounts payable and accrued expenses(7,580,816) 9,023,022  
Interest and fees payable(2,102,943) 1,087,978  
Management and incentive fees payable, net(913,952) (658,728) 
Administrator expenses payable(596,677) (46,118) 
Deferred revenue(74,577) (112,999) 
Due to affiliate(13,398) 3,736  
NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES74,042,321  129,608,297  
Cash flows from financing activities
Paydowns on debt(106,122,923) (147,999,337) 
Debt issuance costs paid—  (14,361) 
Payments of cash dividends—  (8,171,133) 
Offering costs paid—  354,753  
NET CASH PROVIDED/(USED) BY FINANCING ACTIVITIES(106,122,923) (155,830,078) 
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS(32,080,602) (26,221,781) 
CASH, RESTRICTED CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD84,283,903  75,665,981  
CASH, RESTRICTED CASH AND CASH EQUIVALENTS, END OF PERIOD$52,203,301  $49,444,200  
Supplemental Information:  
Interest paid during the period$11,772,739  $15,663,647  
Supplemental non-cash information:
Payment-in-kind interest income$3,107,433  $6,377,608  
Net amortization of premium/(discount) on investments$91,980  $254,750  
Amortization of debt issuance costs$(2,642,386) $(1,989,860) 
Non-cash purchase of investments$—  $19,192,916  
Reconciliation to the Consolidated Statement of Assets and LiabilitiesJune 30, 2020September 30, 2019
(unaudited)
Cash and cash equivalents$52,203,301  $68,245,213  
Restricted cash—  16,038,690  
Total cash and cash equivalents and restricted cash$52,203,301  $84,283,903  

See accompanying notes to consolidated financial statements.
F-6


Medley Capital Corporation

Consolidated Schedule of Investments

June 30, 2020
(unaudited)
Company(1)
IndustryType of InvestmentMaturity
Par Amount(2)
Cost(3)
Fair Value(6)
% of
Net Assets(4)
Non-Controlled/Non-Affiliated Investments:
     
Alpine SG, LLCHigh Tech Industries
Senior Secured First Lien Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)
11/16/2022$4,715,809  $4,715,809  $4,459,269  3.0 %
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)
11/16/20222,277,293  2,277,293  2,153,408  1.4 %
Revolving Credit Facility (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)(15)
11/16/20221,000,000  1,000,000  996,500  0.7 %
7,993,102  7,993,102  7,609,177  
American Dental Partners, Inc.Healthcare & Pharmaceuticals
Senior Secured Second Lien Term Loan (LIBOR + 8.50% Cash, 1.00% LIBOR Floor)(13)
9/25/20234,387,500  4,387,500  3,290,625  2.2 %
4,387,500  4,387,500  3,290,625  
Autosplice, Inc.High Tech Industries
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)(13)
12/17/202112,780,349  12,780,349  12,009,694  8.0 %
12,780,349  12,780,349  12,009,694  
Avantor, Inc.(10)
Wholesale
Equity - 764,040 Common Units(16)
—  13,370,700  12,458,382  8.3 %
—  13,370,700  12,458,382  
Be Green Packaging, LLCContainers, Packaging & GlassEquity - 417 Common Units—  416,250  —  0.0 %
—  416,250  —  
Black Angus Steakhouses, LLCHotel, Gaming & Leisure
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(13)
12/31/2020625,000  625,000  625,000  0.4 %
Senior Secured First Lien Term Loan (LIBOR + 9.00% PIK, 1.00% LIBOR Floor)(9)(13)
12/31/20208,201,220  7,767,533  5,863,872  3.9 %
8,826,220  8,392,533  6,488,872  
CPI International, Inc.Aerospace & Defense
Senior Secured Second Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor)(12)
7/28/20252,608,688  2,599,447  2,165,211  1.5 %
2,608,688  2,599,447  2,165,211  
Crow Precision Components, LLCAerospace & DefenseEquity - 350 Common Units—  700,000  723,132  0.5 %
—  700,000  723,132  
CT Technologies Intermediate Holdings, Inc.(11)
Healthcare & Pharmaceuticals
Senior Secured Second Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)
12/1/20227,500,000  7,500,000  6,677,250  4.5 %
7,500,000  7,500,000  6,677,250  
DataOnline Corp.(7)
High Tech Industries
Senior Secured First Lien Term Loan (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)
11/13/20254,975,000  4,975,000  4,756,100  3.2 %
Revolving Credit Facility (LIBOR + 5.75% Cash, 1.00% LIBOR Floor)(13)(15)
11/13/2025535,714  535,714  504,286  0.3 %
5,510,714  5,510,714  5,260,386  
Dream Finders Homes, LLCConstruction & BuildingPreferred Equity (8.00% PIK)4,441,903  4,441,903  3,495,778  2.3 %
4,441,903  4,441,903  3,495,778  
F-7


Company(1)
IndustryType of InvestmentMaturity
Par Amount(2)
Cost(3)
Fair Value(6)
% of
Net Assets(4)
Footprint Acquisition, LLCServices:  BusinessPreferred Equity (8.75% PIK)3,884,252  3,884,252  3,884,252  2.6 %
Equity - 150 Common Units—  —  1,960,830  1.3 %
3,884,252  3,884,252  5,845,082  
Global Accessories Group, LLC(11)
Consumer goods:  Non-durableEquity - 3.8% Membership Interest—  151,337  —  0.0 %
—  151,337  —  
The Imagine Group, LLCMedia: Advertising, Printing & Publishing
Senior Secured Second Lien Term Loan (LIBOR + 8.75% Cash, 1.00% LIBOR Floor)(9)(12)
6/21/20233,000,000  2,783,988  204,000  0.1 %
3,000,000  2,783,988  204,000  
Impact Group, LLCServices:  Business
Senior Secured First Lien Term Loan (LIBOR + 7.37% Cash, 1.00% LIBOR Floor)(13)
6/27/20233,228,629  3,228,629  2,821,821  1.9 %
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 7.37% Cash, 1.00% LIBOR Floor)(13)
6/27/20239,355,044  9,355,044  8,176,309  5.5 %
12,583,673  12,583,673  10,998,130  
InterFlex Acquisition Company, LLCContainers, Packaging & Glass
Senior Secured First Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)
8/18/202212,696,675  12,696,675  11,998,358  8.0 %
12,696,675  12,696,675  11,998,358  
Lighting Science Group CorporationContainers, Packaging & Glass
Warrants - 0.56% of Outstanding Equity(17)
2/19/2024—  955,680  —  0.0 %
—  955,680  —  
Manna Pro Products, LLCConsumer goods:  Non-durable
Senior Secured First Lien Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(12)
12/8/20235,357,411  5,357,411  4,997,929  3.4 %
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(12)
12/8/20231,087,967  1,087,967  1,014,964  0.7 %
6,445,378  6,445,378  6,012,893  
Point.360Services:  Business
Senior Secured First Lien Term Loan (LIBOR + 6.00% PIK)(9)(14)
7/8/20202,720,424  2,103,712  182,268  0.1 %
2,720,424  2,103,712  182,268  
RateGain Technologies, Inc.Hotel, Gaming & Leisure
Unsecured Debt(18)
7/31/2020704,106  704,106  352,053  0.2 %
Unsecured Debt(18)
7/31/2021761,905  761,905  380,952  0.3 %
1,466,011  1,466,011  733,005  
Redwood Services Group, LLC(7)
Services:  Business
Revolving Credit Facility (LIBOR + 6.00% Cash, 1.00% LIBOR Floor)(13)(15)
6/6/20231,225,000  1,225,000  1,063,475  0.7 %
1,225,000  1,225,000  1,063,475  
Sendero Drilling Company, LLCEnergy:  Oil & Gas
Unsecured Debt (8.00% Cash)(9)
8/31/2021531,250  519,282  —  0.0 %
531,250  519,282  —  
Seotowncenter, Inc.Services:  BusinessEquity - 3,434,169.6 Common Units—  566,475  686,834  0.5 %
—  566,475  686,834  
F-8


Company(1)
IndustryType of InvestmentMaturity
Par Amount(2)
Cost(3)
Fair Value(6)
% of
Net Assets(4)
SFP Holding, Inc.Construction & Building
Senior Secured First Lien Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)(13)
9/1/20224,787,867  4,787,867  4,680,140  3.1 %
Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)(13)
9/1/20221,857,200  1,857,200  1,815,413  1.2 %
Equity - 94,393.87 Common Units in CI (Summit) Investment Holdings LLC—  1,067,547  657,579  0.4 %
6,645,067  7,712,614  7,153,132  
Ship Supply Acquisition CorporationServices:  Business
Senior Secured First Lien Term Loan (LIBOR + 8.00% Cash, 1.00% LIBOR Floor)(9)(13)
7/31/20207,369,067  7,175,125  —  0.0 %
7,369,067  7,175,125  —  
SMART Financial Operations, LLCRetailEquity - 700,000 Class A Preferred Units—  700,000  343,000  0.2 %
—  700,000  343,000  
Stancor, Inc.Services:  BusinessEquity - 263,814.43 Class A Units—  263,814  150,374  0.1 %
—  263,814  150,374  
Starfish Holdco, LLCHigh Tech Industries
Senior Secured Second Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor)(12)
8/18/20251,000,000  989,107  902,100  0.6 %
1,000,000  989,107  902,100  
URT Acquisition Holdings CorporationServices:  BusinessUnsecured Debt (10.00% PIK)6/23/20212,504,795  2,504,795  2,504,795  1.7 %
2,504,795  2,504,795  2,504,795  
Velocity Pooling Vehicle, LLCAutomotive
Senior Secured First Lien Term Loan (LIBOR + 11.00% PIK, 1.00% LIBOR Floor)(13)(20)
4/28/2023984,256  915,932  738,192  0.5 %
Equity - 5,441 Class A Units—  302,464  —  0.0 %
Warrants - 0.65% of Outstanding Equity3/30/2028—  361,667  —  0.0 %
984,256  1,580,063  738,192  
Walker Edison Furniture Company LLCConsumer goods:  Durable
Senior Secured First Lien Term Loan (LIBOR + 6.25% Cash, 1.00% LIBOR Floor)(13)
9/26/20243,542,883