UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended June 30, 2016
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 814-00878
Garrison Capital Inc.
(Exact name of registrant as specified in its charter)
Delaware | 90-0900145 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
1290 Avenue of the Americas, Suite 914
New York, New York 10104
(Address of principal executive offices)
(212) 372-9590
(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 ☒ 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ | Accelerated filer ☒ | |
Non-accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 4, 2016 the Registrant had 16,058,552 shares of common stock, $0.001 par value, outstanding.
Table of Contents
i
Garrison Capital Inc. and Subsidiaries
Consolidated Statements of Financial Condition
($ in thousands, except share and per share amounts)
June 30, 2016 | December 31, 2015 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Cash | $ | 18,143 | $ | 24,985 | ||||
Restricted cash | 7,253 | 11,833 | ||||||
Due from counterparties | 2,283 | 1,564 | ||||||
Investments, at fair value | ||||||||
Non-control/non-affiliate investments (amortized cost of $422,764 and $437,053, respectively) | 400,917 | 415,001 | ||||||
Non-control/affiliate investments (amortized cost of $3,677 and $0, respectively) | 3,677 | — | ||||||
Accrued interest receivable | 4,218 | 5,919 | ||||||
Deferred offering costs | 503 | 503 | ||||||
Other assets | 186 | 496 | ||||||
Total assets | $ | 437,180 | $ | 460,301 | ||||
Liabilities | ||||||||
Due to counterparties | $ | 2,089 | $ | 368 | ||||
Management fee payable | 1,824 | 1,828 | ||||||
Administrator fee payable | 213 | — | ||||||
GLC Trust 2013-2 Class A note (Note 7) | 9,517 | 15,664 | ||||||
Senior secured revolving note (Note 7) | 31,100 | 35,000 | ||||||
Senior secured term notes (Note 7) | 156,686 | 156,439 | ||||||
SBIC borrowings (Note 7) | 25,775 | 18,546 | ||||||
Interest payable | 955 | 807 | ||||||
Accrued expenses and other payables | 834 | 939 | ||||||
Total liabilities | $ | 228,993 | $ | 229,591 | ||||
Commitments and contingencies (Note 12) | ||||||||
Net assets | ||||||||
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 16,758,779 shares issued and 16,091,392 shares outstanding as of June 30, 2016 and 100,000,000 shares authorized,16,758,779 shares issued and 16,507,594 shares outstanding as of December 31, 2015) | $ | 16 | $ | 17 | ||||
Paid-in-capital in excess of par | 249,634 | 254,239 | ||||||
Underdistributed net investment income | 9,056 | 8,782 | ||||||
Accumulated net realized (loss) from investments | (28,685 | ) | (10,275 | ) | ||||
Net unrealized (loss) from investments | (21,834 | ) | (22,053 | ) | ||||
Total net assets | 208,187 | 230,710 | ||||||
Total liabilities and net assets | $ | 437,180 | $ | 460,301 | ||||
Shares of common stock outstanding | 16,091,392 | 16,507,594 | ||||||
Net asset value per share | $ | 12.94 | $ | 13.98 |
See accompanying notes to consolidated financial statements.
1
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
June 30, 2016 (unaudited)
($ in thousands, except share amounts)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments | ||||||||||||||||
Investments - United States | ||||||||||||||||
Common Equity | ||||||||||||||||
Apparel Products | ||||||||||||||||
Everyware Global, Inc., Common* | 242,035 | $ | 2,714 | $ | 1,816 | 0.88 | % | |||||||||
Total Apparel Products | 2,714 | 1,816 | 0.88 | |||||||||||||
Health Services | ||||||||||||||||
Juniper TGX Investment Partners, LLC, Common | 3,146 | 671 | 1,024 | 0.49 | ||||||||||||
Total Health Services | 671 | 1,024 | 0.49 | |||||||||||||
Miscellaneous Manufacturing | ||||||||||||||||
Valterra Products Holdings, LLC, Class A | 185,847 | 186 | 456 | 0.22 | ||||||||||||
Valterra Products Holdings, LLC, Class B | 20,650 | 21 | 51 | 0.02 | ||||||||||||
Total Miscellaneous Manufacturing | 207 | 507 | 0.24 | |||||||||||||
Miscellaneous Retail | ||||||||||||||||
Faraday Holdings, LLC, Common | 2,265 | 110 | 123 | 0.06 | ||||||||||||
Provo Craft Holdings, LLC, Common | 2,436,157 | - | - | - | ||||||||||||
Total Miscellaneous Retail | 110 | 123 | 0.06 | |||||||||||||
Transportation Services | ||||||||||||||||
EZE Trucking, LLC, Common | 2,898 | 268 | - | - | ||||||||||||
Total Transportation Services | 268 | - | - | |||||||||||||
Total Common Equity | $ | 3,970 | $ | 3,470 | 1.67 | % | ||||||||||
Preferred Equity | ||||||||||||||||
Consumer Finance Services | ||||||||||||||||
Prosper Marketplace Series B Preferred Stock(1)(2) | 912,865 | $ | 551 | $ | 2,513 | 1.21 | % | |||||||||
Total Consumer Finance Services | 551 | 2,513 | 1.21 | |||||||||||||
Miscellaneous Services | ||||||||||||||||
SC Academy Holdings, Inc., Preferred Equity | 25,000 | 1,250 | 300 | 0.14 | ||||||||||||
Total Miscellaneous Services | 1,250 | 300 | 0.14 | |||||||||||||
Total Preferred Equity | $ | 1,801 | $ | 2,813 | 1.35 | % | ||||||||||
Debt Investments | ||||||||||||||||
Agricultural Services | ||||||||||||||||
BFN Operations LLC, Term Loan*(3)(4) | ||||||||||||||||
LIBOR ("L") + 10.00% PIK, 1.00% L Floor, 8/31/2016 | 10,997 | $ | 10,339 | $ | - | - | % | |||||||||
BFN Operations LLC, Fourth Amendment Term Loan(3)(4) | ||||||||||||||||
L + 8.00% Cash, 4.00% PIK, 1.00% L Floor, 8/31/2016 | 849 | 849 | - | - | ||||||||||||
Total Agricultural Services | 11,188 | - | - | |||||||||||||
Automotive | ||||||||||||||||
Penda Corporation, Term Loan(3) | ||||||||||||||||
14.00% Cash, 2.75% PIK, 1/26/2019 | 7,561 | 7,493 | 7,561 | 3.63 | ||||||||||||
Total Automotive | 7,493 | 7,561 | 3.63 |
See accompanying notes to consolidated financial statements.
2
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
June 30, 2016 (unaudited)
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Broadcasting & Entertainment | ||||||||||||||||
CF Entertainment Inc. (Entertainment Studios), Term Loan* | ||||||||||||||||
L + 11.00%,1.00% L Floor, 6/26/2020 | 10,084 | $ | 10,020 | $ | 10,020 | 4.82 | % | |||||||||
Sesac Holdco II, LLC, Term Loan (First Lien)* | ||||||||||||||||
L+ 4.25%,1.00% L Floor, 2/8/2019 | 1,095 | 1,093 | 1,092 | 0.52 | ||||||||||||
Total Broadcasting & Entertainment | 11,113 | 11,112 | 5.34 | |||||||||||||
Building & Real Estate | ||||||||||||||||
ShelterLogic Corp., Term Loan* | ||||||||||||||||
L+ 9.50%,1.00% L Floor, 7/30/2019 | 9,980 | 9,857 | 9,779 | 4.70 | ||||||||||||
Total Building & Real Estate | 9,857 | 9,779 | 4.70 | |||||||||||||
Business Services | ||||||||||||||||
Connexity, Inc., Term Loan* | ||||||||||||||||
L+ 10.00%,1.00% L Floor, 2/13/2020 | 9,914 | 9,757 | 9,757 | 4.69 | ||||||||||||
Total Business Services | 9,757 | 9,757 | 4.69 | |||||||||||||
Chemicals | ||||||||||||||||
Aristech Surfaces LLC, Term Loan B* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 10/17/2019 | 9,721 | 9,609 | 9,608 | 4.62 | ||||||||||||
Total Chemicals | 9,609 | 9,608 | 4.62 | |||||||||||||
Communications | ||||||||||||||||
HC Cable OpCo, LLC, Term Loan* | ||||||||||||||||
L+ 8.50%,1.00% L Floor, 7/17/2018 | 10,704 | 10,627 | 10,704 | 5.14 | ||||||||||||
Sirva Worldwide, Loan* | ||||||||||||||||
L+ 6.25%,1.25% L Floor, 3/27/2019 | 7,982 | 7,966 | 7,523 | 3.61 | ||||||||||||
TableTop Media, LLC, Lease** | ||||||||||||||||
10.00%, 10/15/2019 | 5,059 | 5,047 | 5,050 | 2.43 | ||||||||||||
U.S. Telepacific Corp., Term Loan* | ||||||||||||||||
L+ 5.00%,1.00% L Floor, 11/25/2020 | 1,981 | 1,970 | 1,886 | 0.91 | ||||||||||||
Total Communications | 25,610 | 25,163 | 12.09 | |||||||||||||
Computer Programming, Data Processing, & Other Computer Related Services | ||||||||||||||||
Emtec Global Services Holdings, LLC, Term Loan** | ||||||||||||||||
L+ 8.25%, 0.44% L, 11/30/2020 | 2,799 | 2,766 | 2,771 | 1.32 | ||||||||||||
Emtec Global Services Holdings, LLC, Revolver | ||||||||||||||||
L+ 8.25%, 0.46% L, 11/30/2020 | 98 | 93 | 97 | 0.05 | ||||||||||||
Total Computer Programming, Data Processing, & Other Computer Related Services | 2,859 | 2,868 | 1.37 | |||||||||||||
Consumer Finance Services | ||||||||||||||||
Affiliated Wealth Partners Holdings LLC, Term Loan* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 9/15/2020 | 3,829 | 3,781 | 3,782 | 1.82 | ||||||||||||
PlanMember Financial Corporation, Term Loan*(1) | ||||||||||||||||
6.50%,1.50% L Floor, 12/31/2020 | 1,191 | 1,174 | 1,191 | 0.57 | ||||||||||||
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1) | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 9/23/2019 | 8,868 | 8,678 | 8,536 | 4.10 | ||||||||||||
Total Consumer Finance Services | 13,633 | 13,509 | 6.49 | |||||||||||||
Cosmetics/Toiletries | ||||||||||||||||
ActivStyle, Inc., Term Loan** | ||||||||||||||||
L+ 9.00%, 0.69% L, 7/9/2020 | 9,914 | 9,774 | 9,774 | 4.69 | ||||||||||||
Total Cosmetics/Toiletries | 9,774 | 9,774 | 4.69 | |||||||||||||
Electrical Equipment | ||||||||||||||||
AbelConn, LLC (Atrenne Computing), Term Loan* | ||||||||||||||||
L+ 8.50%,1.00% L Floor, 7/17/2019 | 10,000 | 9,878 | 9,900 | 4.76 | ||||||||||||
Otter Products, LLC (OtterBox Holdings, Inc.), Term B Loan* | ||||||||||||||||
L+ 4.75%,1.00% L Floor, 6/3/2020 | 1,888 | 1,852 | 1,605 | 0.77 | ||||||||||||
Total Electrical Equipment | 11,730 | 11,505 | 5.53 | |||||||||||||
Equipment Rental & Leasing, Not Elsewhere Classified | ||||||||||||||||
University Furnishings, L.P., Term Loan B** | ||||||||||||||||
L+ 6.75%, 0.50% L Floor, 12/17/2020 | 7,102 | 6,993 | 6,975 | 3.35 | ||||||||||||
Total Equipment Rental & Leasing, Not Elsewhere Classified | 6,993 | 6,975 | 3.35 | |||||||||||||
Food Stores - Retail | ||||||||||||||||
Specialty Bakers LLC, Term Loan* | ||||||||||||||||
L+ 7.50%,1.00% L Floor, 8/7/2019 | 9,818 | 9,686 | 9,707 | 4.66 | ||||||||||||
Total Food Stores - Retail | 9,686 | 9,707 | 4.66 |
See accompanying notes to consolidated financial statements.
3
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
June 30, 2016 (unaudited)
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Health Services | ||||||||||||||||
Aurora Diagnostics, LLC, Delayed Draw Term Loan* | ||||||||||||||||
L+ 7.13%,1.25% L Floor, 7/31/2019 | 850 | $ | 846 | $ | 846 | 0.41 | % | |||||||||
Aurora Diagnostics, LLC, Delayed Draw Term Loan B* | ||||||||||||||||
L+ 7.13%,1.25% L Floor, 7/31/2019 | 598 | 594 | 594 | 0.29 | ||||||||||||
Aurora Diagnostics, LLC, Term Loan* | ||||||||||||||||
L+ 7.13%,1.25% L Floor, 7/31/2019 | 5,540 | 5,504 | 5,504 | 2.64 | ||||||||||||
Forest Park Medical Center at San Antonio, LLC, Lease(4) | ||||||||||||||||
13.00%, 2/11/2020 | 8,982 | 8,832 | 3,897 | 1.87 | ||||||||||||
Forest Park Medical Center at San Antonio, LLC, Term Loan(4) | ||||||||||||||||
14.00%, on Demand | 1,951 | 1,914 | 847 | 0.41 | ||||||||||||
SCG Capital Corporation (Radiation Therapy), Term Note | ||||||||||||||||
12.00%, 5/1/2017 | 2,282 | 2,282 | 2,282 | 1.10 | ||||||||||||
Theragenics Corporation, Term Loan** | ||||||||||||||||
L+ 12.00%,1.00% L Floor, 12/23/2020 | 6,158 | 6,063 | 6,035 | 2.90 | ||||||||||||
Walnut Hill Physicians' Hospital, LLC, Lease | ||||||||||||||||
12.50%, 4/30/2019 | 6,765 | 6,765 | 6,765 | 3.25 | ||||||||||||
Total Health Services | 32,800 | 26,770 | 12.87 | |||||||||||||
Insurance Agents | ||||||||||||||||
Worley Claims Services, LLC, Term Loan* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 10/31/2020 | 10,343 | 10,281 | 10,268 | 4.93 | ||||||||||||
Total Insurance Agents | 10,281 | 10,268 | 4.93 | |||||||||||||
Metal Mining | ||||||||||||||||
Metal Services LLC (Phoenix), New Term Loans* | ||||||||||||||||
L+ 7.50%,1.00% L Floor, 6/30/2019 | 6,112 | 6,026 | 5,936 | 2.85 | ||||||||||||
Total Metal Mining | 6,026 | 5,936 | 2.85 | |||||||||||||
Miscellaneous Manufacturing | ||||||||||||||||
AP Gaming I, LLC, Term B Loan* | ||||||||||||||||
L+ 8.25%,1.00% L Floor, 12/21/2020 | 10,170 | 10,035 | 9,521 | 4.56 | ||||||||||||
A.S.V., Inc., Term Loan* | ||||||||||||||||
L+ 11.00%, 0.50% L Floor, 12/19/2019 | 7,951 | 7,841 | 7,841 | 3.77 | ||||||||||||
CR Brands, Inc., Term Loan* | ||||||||||||||||
L+ 9.25%,1.00% L Floor, 8/23/2017 | 10,061 | 9,994 | 9,985 | 4.80 | ||||||||||||
Gardner Denver, Inc., Initial Dollar Term Loan* | ||||||||||||||||
L+ 3.25%,1.00% L Floor, 7/30/2020 | 1,985 | 1,882 | 1,823 | 0.88 | ||||||||||||
Kranos Acquisition Corp., Term Loan* | ||||||||||||||||
L+ 10.00%,1.00% L Floor, 6/15/2017 | 8,818 | 8,783 | 8,792 | 4.22 | ||||||||||||
Lexmark Carpet Mills, Inc., Term Loan* | ||||||||||||||||
L+ 10.00%,1.00% L Floor, 12/19/2019 | 9,774 | 9,605 | 9,604 | 4.61 | ||||||||||||
PCCR USA, Inc., Term Loan A* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 12/1/2019 | 6,738 | 6,646 | 6,646 | 3.19 | ||||||||||||
PCCR USA, Inc., Term Loan B* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 12/1/2019 | 1,753 | 1,723 | 1,723 | 0.83 | ||||||||||||
Pelican Products, Inc., Term Loan* | ||||||||||||||||
L+ 4.25%,1.00% L Floor, 4/10/2020 | 1,950 | 1,934 | 1,892 | 0.91 | ||||||||||||
Profusion Industries, LLC, Term Loan* | ||||||||||||||||
L+ 9.00%, 0.50% L Floor, 6/19/2020 | 10,043 | 9,883 | 9,883 | 4.75 | ||||||||||||
Texas Hydraulics Holding, Inc., Term Loan** | ||||||||||||||||
L+ 6.50%, 0.50% L Floor, 2/17/2021 | 8,200 | 8,048 | 8,048 | 3.87 | ||||||||||||
Total Miscellaneous Manufacturing | 76,374 | 75,758 | 36.39 |
See accompanying notes to consolidated financial statements.
4
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
June 30, 2016 (unaudited)
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Miscellaneous Retail | ||||||||||||||||
360 Holdings III Corp., Term Loan* | ||||||||||||||||
L+ 9.00%, 1.00% L Floor, 10/1/2021 | 7,345 | $ | 7,077 | $ | 7,077 | 3.40 | % | |||||||||
Confluence Outdoor, LLC, Term Loan* | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 4/18/2019 | 6,657 | 6,592 | 6,592 | 3.17 | ||||||||||||
Confluence Outdoor, LLC, Delayed Draw Term Loan | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 4/18/2019 | 999 | 989 | 989 | 0.47 | ||||||||||||
HRI Holding Corp. (Houlihans Restaurants), Term Loan* | ||||||||||||||||
L+ 6.25%,1.00% L Floor, 12/17/2020 | 6,800 | 6,673 | 6,675 | 3.21 | ||||||||||||
Interior Specialists, Inc., Term Loan* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 6/30/2020 | 10,144 | 9,982 | 9,982 | 4.79 | ||||||||||||
League Collegiate Holdings, LLC, Term Loan* | ||||||||||||||||
L+ 8.00%, 0.50% L Floor, 6/28/2021 | 7,700 | 7,585 | 7,585 | 3.64 | ||||||||||||
League Collegiate Holdings, LLC, Revolver* | ||||||||||||||||
L+ 8.00%,0.50% L Floor, 6/28/2021 | 154 | 121 | 152 | 0.07 | ||||||||||||
PD Products, LLC, Term Loan* | ||||||||||||||||
L+ 10.50%,1.50% L Floor, 10/4/2018 | 9,379 | 9,295 | 9,378 | 4.50 | ||||||||||||
PD Products, LLC, Revolver | ||||||||||||||||
L+ 10.50%,1.50% L Floor, 10/4/2018 | 180 | 166 | 180 | 0.09 | ||||||||||||
Sears Holdings Corporation, Term Loan* | ||||||||||||||||
L+ 7.50%, 1.00% L Floor, 7/20/2020 | 1,600 | 1,555 | 1,593 | 0.77 | ||||||||||||
Total Miscellaneous Retail | 50,035 | 50,203 | 24.11 | |||||||||||||
Miscellaneous Services | ||||||||||||||||
Simmons Research LLC, Term Loan* | ||||||||||||||||
L+ 10.50%, 0.69% L, 12/11/2020 | 3,860 | 3,791 | 3,791 | 1.82 | ||||||||||||
Sprint Industrial Holdings, LLC, Term Loan (First Lien)* | ||||||||||||||||
L+ 5.75%,1.25% L Floor, 5/14/2019 | 4,799 | 4,781 | 3,527 | 1.69 | ||||||||||||
YourMembership Holding Company, Term Loan A** | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 9/12/2019 | 9,755 | 9,701 | 9,689 | 4.66 | ||||||||||||
Total Miscellaneous Services | 18,273 | 17,007 | 8.17 | |||||||||||||
Oil & Gas | ||||||||||||||||
Badlands Production Company (fka Gasco), Term Loan* | ||||||||||||||||
L+ 17.50%,1.00% L Floor, 5/14/2018 | 10,500 | 10,367 | 9,975 | 4.80 | ||||||||||||
Iracore International Holdings, Inc., Term Loan* | ||||||||||||||||
L+ 9.00%,1.00% L Floor, 7/10/2020 | 8,878 | 8,770 | 8,211 | 3.94 | ||||||||||||
Rooster Energy Ltd., Term Loan*(3) | ||||||||||||||||
L+ 11.50%, Cash, 8.00% PIK, 1.50% L Floor, 6/25/2018 | 5,676 | 5,620 | 5,392 | 2.59 | ||||||||||||
Total Oil & Gas | 24,757 | 23,578 | 11.33 | |||||||||||||
Printing & Publishing | ||||||||||||||||
Dodge Data & Analytics LLC, Term Loan* | ||||||||||||||||
L+ 8.75%,1.00% L Floor, 10/31/2019 | 9,154 | 9,032 | 9,032 | 4.34 | ||||||||||||
Total Printing & Publishing | 9,032 | 9,032 | 4.34 |
See accompanying notes to consolidated financial statements.
5
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
June 30, 2016 (unaudited)
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Specialty Services | ||||||||||||||||
Del Mar Recovery Solutions, Inc., Term Loan** | ||||||||||||||||
L+ 8.50%, 0.50% L Floor, 6/27/2021 | 8,580 | $ | 8,430 | $ | 8,430 | 4.05 | % | |||||||||
Del Mar Recovery Solutions, Inc., Revolver | ||||||||||||||||
L+ 8.50%, 0.50% L Floor, 6/27/2021 | 165 | 142 | 162 | 0.08 | ||||||||||||
Vistronix, LLC, Term Loan* | ||||||||||||||||
L+ 8.50%, 0.50% L Floor, 12/4/2018 | 9,383 | 9,337 | 9,337 | 4.46 | ||||||||||||
Vistronix, LLC, Revolver | ||||||||||||||||
L+ 8.50%, 0.50% L Floor, 12/4/2018 | 875 | 871 | 871 | 0.42 | ||||||||||||
Total Specialty Services | 18,780 | 18,800 | 9.01 | |||||||||||||
Transportation Services | ||||||||||||||||
Fleetgistics Holdings, Inc., Term Loan* | ||||||||||||||||
L+ 6.13%,2.00% L Floor, 12/31/2018 | 964 | 964 | 867 | 0.42 | ||||||||||||
Gruden Acquisition, Inc., Term Loan (First Lien)* | ||||||||||||||||
L+ 4.75%,1.00% L Floor, 8/18/2022 | 1,990 | 1,954 | 1,827 | 0.87 | ||||||||||||
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*(3) | ||||||||||||||||
L+ 5.00% Cash, 8.00% PIK, 1.00% L Floor, 5/31/2018 | 14,915 | 14,807 | 14,160 | 6.80 | ||||||||||||
Raymond Express International, LLC, Term Loan* | ||||||||||||||||
L+ 7.75%,1.75% L Floor, 2/28/2018 | 1,641 | 1,635 | 1,559 | 0.75 | ||||||||||||
Total Transportation Services | 19,360 | 18,413 | 8.84 | |||||||||||||
Total Debt Investments | $ | 405,020 | $ | 383,083 | 184.00 | % | ||||||||||
Financial Assets | ||||||||||||||||
Consumer Finance Services | ||||||||||||||||
GLC Trust 2013-2 Consumer Loan Pool(1)(5) | 11,982 | $ | 11,982 | $ | 11,626 | 5.58 | % | |||||||||
Total Consumer Finance Services | 11,982 | 11,626 | 5.58 | |||||||||||||
Total Financial Assets | $ | 11,982 | $ | 11,626 | 5.58 | % | ||||||||||
Unfunded Commitments | ||||||||||||||||
Communications | ||||||||||||||||
HC Cable OpCo, LLC, Revolver | ||||||||||||||||
0.50%, 7/17/2018 | 955 | $ | - | $ | - | - | % | |||||||||
Total Communications | - | - | - | |||||||||||||
Computer Programming, Data Processing, & Other Computer Related Services | ||||||||||||||||
Emtec Global Services Holdings, LLC, Revolver(6) | ||||||||||||||||
0.00%, 11/30/2020 | 360 | - | (4 | ) | - | |||||||||||
Total Computer Programming, Data Processing, & Other Computer Related Services | - | (4 | ) | - | ||||||||||||
Health Services | ||||||||||||||||
Aurora Diagnostics, LLC, Revolver(6) | ||||||||||||||||
0.38%, 7/31/2019 | 1,020 | (7 | ) | (7 | ) | - | ||||||||||
Total Health Services | (7 | ) | (7 | ) | - | |||||||||||
Miscellaneous Retail | ||||||||||||||||
League Collegiate Holdings, LLC, Revolver(6) | ||||||||||||||||
0.75%, 6/28/2021 | 2,046 | - | (30 | ) | (0.01 | ) | ||||||||||
PD Products, LLC, Revolver | ||||||||||||||||
0.50%, 10/4/2018 | 1,460 | - | - | - | ||||||||||||
Total Miscellaneous Retail | - | (30 | ) | (0.01 | ) |
See accompanying notes to consolidated financial statements.
6
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
June 30, 2016 (unaudited)
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Unfunded Commitments (continued) | ||||||||||||||||
Miscellaneous Services | ||||||||||||||||
Del Mar Recovery Solutions, Inc., Revolver(6) | ||||||||||||||||
0.75%, 6/27/2021 | 1,155 | - | (20 | ) | (0.01 | ) | ||||||||||
YourMembership Holding Company, Revolver(6) | ||||||||||||||||
0.00%, 9/12/2019 | 441 | (2 | ) | (3 | ) | - | ||||||||||
Total Miscellaneous Services | (2 | ) | (23 | ) | (0.01 | ) | ||||||||||
Transportation Services | ||||||||||||||||
Raymond Express International, LLC, Revolver (6) | ||||||||||||||||
0.50%, 2/28/2018 | 215 | - | (11 | ) | (0.01 | ) | ||||||||||
Total Transportation Services | - | (11 | ) | (0.01 | ) | |||||||||||
Total Unfunded Commitments | $ | (9 | ) | $ | (75 | ) | (0.03 | )% | ||||||||
Total Non-Control/Non-Affiliate Investments | $ | 422,764 | $ | 400,917 | 192.57 | % | ||||||||||
Non-Control/Affiliate Investments(8) | ||||||||||||||||
Investments - United States | ||||||||||||||||
Common Equity | ||||||||||||||||
Miscellaneous Services | ||||||||||||||||
Speed Commerce Investment Partners LLC, Class A Unit* | 1,780 | $ | 1,693 | $ | 1,693 | 0.81 | % | |||||||||
Total Miscellaneous Services | 1,693 | 1,693 | 0.81 | |||||||||||||
Total Common Equity | $ | 1,693 | $ | 1,693 | 0.81 | % | ||||||||||
Debt Investments | ||||||||||||||||
Miscellaneous Services | ||||||||||||||||
Speed Commerce Operating Company LLC, Closing Date Term Loan B(3) | ||||||||||||||||
L+ 8.00% Cash, 3.00% PIK, 12/8/2017 | 1,784 | $ | 1,784 | $ | 1,784 | 0.86 | % | |||||||||
Speed Commerce Operating Company LLC, Delayed Draw Term Loan B(3) | ||||||||||||||||
L+ 8.00% Cash, 3.00% PIK, 12/8/2017 | 200 | 200 | 200 | 0.10 | ||||||||||||
Total Miscellaneous Services | 1,984 | 1,984 | 0.96 | |||||||||||||
Total Debt Investments | $ | 1,984 | $ | 1,984 | 0.96 | % | ||||||||||
Unfunded Commitments | ||||||||||||||||
Miscellaneous Services | ||||||||||||||||
Speed Commerce Operating Company LLC, Delayed Draw Term Loan B | ||||||||||||||||
0.00%, 12/8/2017 | 1,016 | $ | - | $ | - | - | % | |||||||||
Total Miscellaneous Services | - | - | - | |||||||||||||
Total Unfunded Commitments | $ | - | $ | - | - | % | ||||||||||
Total Non-Control/Affiliate Investments | $ | 3,677 | $ | 3,677 | 1.77 | % | ||||||||||
Total Investments - United States | $ | 426,441 | $ | 404,594 | 194.34 | % |
_____________
* ** |
Denotes that all or a portion of the investment is held as collateral by the CLO (see Note 7). Denotes that all or a portion of the loan is held by Garrison SBIC. L = London Interbank Offered Rate. P = Prime Rate |
(1) | Not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (“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. |
(2) | Net of incentive fee payable to a third party equal to 20% of any distribution after the Company has received its full net capital investment plus a 12% preferred return in GLC Trust 2013-2 and Prosper Marketplace Series B Preferred Stock. |
(3) | Coupon is payable in cash, and/or payment-in-kind (“PIK”), or a combination thereof. |
(4) | Investment is currently not income producing and placed on non-accrual status. |
(5) | GLC Trust 2013-2 includes 2,077 small balance consumer loans with an average par of $5,769, a weighted average rate of 15.7% and a weighted average maturity of August 2, 2018. See Note 4 for additional information. See Exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 for detail on underlying loans. |
(6) | The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future. |
As required by the 1940 Act, investments are classified by level of control. “Control Investments” are investments in those companies that the Company is deemed to control as defined in the 1940 Act. “Affiliate Investments” are investments in those companies that are affiliated companies, as defined in the 1940 Act, other than Control Investments. “Non-Control/Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments.
Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if it owns more than 25% of the voting securities of such company. The Company is deemed to be an affiliate of a company in which it has invested if it owns 5% or more of the voting securities of such company.
All debt investments were income producing as of June 30, 2016, unless otherwise noted. Common and preferred equity investments are non income-producing unless otherwise noted.
See accompanying notes to consolidated financial statements.
7
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
December 31, 2015
(in thousands, except share amounts)
Security Description | Par / Shares | Cost | Fair Value | % of Net Assets | ||||||||||||
Non-Control/Non-Affiliate Investments | ||||||||||||||||
Investments - United States | ||||||||||||||||
Common Equity | ||||||||||||||||
Apparel Products | ||||||||||||||||
Everyware Global, Inc., Common | 242,035 | $ | 2,714 | $ | 1,815 | 0.78 | % | |||||||||
Total Apparel Products | 2,714 | 1,815 | 0.78 | |||||||||||||
Health Services | ||||||||||||||||
Juniper TGX Investment Partners, LLC, Common | 3,146 | 671 | 1,023 | 0.44 | ||||||||||||
Total Health Services | 671 | 1,023 | 0.44 | |||||||||||||
Miscellaneous Manufacturing | ||||||||||||||||
Valterra Products Holdings, LLC, Class A | 185,847 | 186 | 456 | 0.21 | ||||||||||||
Valterra Products Holdings, LLC, Class B | 20,650 | 21 | 51 | 0.02 | ||||||||||||
Total Miscellaneous Manufacturing | 207 | 507 | 0.23 | |||||||||||||
Miscellaneous Retail | ||||||||||||||||
Faraday Holdings, LLC, Common | 2,265 | 110 | 123 | 0.05 | ||||||||||||
Provo Craft Holdings, LLC, Common | 2,436,157 | - | - | - | ||||||||||||
Total Miscellaneous Retail | 110 | 123 | 0.05 | |||||||||||||
Transportation Services | ||||||||||||||||
EZE Trucking, LLC, Common | 2,898 | 268 | - | - | ||||||||||||
Total Transportation Services | 268 | - | - | |||||||||||||
Total Common Equity | $ | 3,970 | $ | 3,468 | 1.50 | % | ||||||||||
Preferred Equity | ||||||||||||||||
Consumer Finance Services | ||||||||||||||||
Prosper Marketplace Series B Preferred Stock(1)(2) | 182,573 | $ | 551 | $ | 4,236 | 1.84 | % | |||||||||
Total Consumer Finance Services | 551 | 4,236 | 1.84 | |||||||||||||
Miscellaneous Services | ||||||||||||||||
SC Academy Holdings, Inc., Preferred Equity | 25,000 | 1,250 | 1,250 | 0.54 | ||||||||||||
Total Miscellaneous Services | 1,250 | 1,250 | 0.54 | |||||||||||||
Total Preferred Equity | $ | 1,801 | $ | 5,486 | 2.38 | % | ||||||||||
Debt Investments | ||||||||||||||||
Agricultural Services | ||||||||||||||||
BFN Operations LLC , Term Loan*(4) | ||||||||||||||||
LIBOR ("L") + 10.00%,1.00% Floor, 12/29/2017 | 10,500 | 10,339 | 5,040 | 2.18 | % | |||||||||||
Total Agricultural Services | 10,339 | 5,040 | 2.18 | |||||||||||||
Automotive | ||||||||||||||||
Penda Corporation, Term Loan(3) | ||||||||||||||||
14.00% Cash, 2.00% PIK, 1/26/2019 | 7,512 | 7,431 | 7,512 | 3.26 | ||||||||||||
Total Automotive | 7,431 | 7,512 | 3.26 |
8
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
December 31, 2015
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Broadcasting & Entertainment | ||||||||||||||||
CF Entertainment Inc. (Entertainment Studios), Term Loan* | ||||||||||||||||
L + 11.00%,1.00% L Floor, 6/26/2020 | 10,135 | $ | 10,063 | $ | 10,063 | 4.36 | % | |||||||||
Sesac Holdco II, LLC, Term Loan (First Lien)* | ||||||||||||||||
L+ 4.25%,1.00% L Floor, 2/8/2019 | 1,100 | 1,098 | 1,082 | 0.47 | ||||||||||||
Total Broadcasting & Entertainment | 11,161 | 11,145 | 4.83 | |||||||||||||
Building & Real Estate | ||||||||||||||||
ShelterLogic Corp., Term Loan* | ||||||||||||||||
L+ 9.50%,1.00% L Floor, 7/30/2019 | 10,106 | 9,962 | 9,961 | 4.32 | ||||||||||||
Total Building & Real Estate | 9,962 | 9,961 | 4.32 | |||||||||||||
Business Services | ||||||||||||||||
Connexity, Inc., Term Loan* | ||||||||||||||||
L+ 10.00%,1.00% L Floor, 2/13/2020 | 10,171 | 9,989 | 9,988 | 4.33 | ||||||||||||
Total Business Services | 9,989 | 9,988 | 4.33 | |||||||||||||
Chemicals | ||||||||||||||||
Aristech Surfaces LLC, Term Loan B* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 10/17/2019 | 10,238 | 10,102 | 10,101 | 4.38 | ||||||||||||
Total Chemicals | 10,102 | 10,101 | 4.38 | |||||||||||||
Communications | ||||||||||||||||
HC Cable OpCo, LLC, Term Loan* | ||||||||||||||||
L+ 8.50%,1.00% L Floor, 7/17/2018 | 10,760 | 10,665 | 10,760 | 4.66 | ||||||||||||
Sirva Worldwide, Loan* | ||||||||||||||||
L+ 6.25%,1.25% L Floor, 3/27/2019 | 8,090 | 8,069 | 7,807 | 3.38 | ||||||||||||
TableTop Media, LLC, Lease** | ||||||||||||||||
10.00%, 10/15/2019 | 5,729 | 5,716 | 5,718 | 2.48 | ||||||||||||
U.S. Telepacific Corp., Term Loan* | ||||||||||||||||
L+ 5.00%,1.00% L Floor, 11/25/2020 | 1,995 | 1,983 | 1,898 | 0.83 | ||||||||||||
Total Communications | 26,433 | 26,183 | 11.35 | |||||||||||||
Consumer Finance Services | ||||||||||||||||
Affiliated Wealth Partners Holdings LLC, Term Loan* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 9/15/2020 | 4,236 | 4,177 | 4,177 | 1.81 | ||||||||||||
PlanMember Financial Corporation, Term Loan*(1) | ||||||||||||||||
L+ 6.50%,1.50% L Floor, 12/31/2020 | 1,245 | 1,231 | 1,245 | 0.54 | ||||||||||||
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1) | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 9/23/2019 | 3,000 | 2,853 | 2,850 | 1.24 | ||||||||||||
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1) | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 9/23/2019 | 6,627 | 6,584 | 6,296 | 2.73 | ||||||||||||
Total Consumer Finance Services | 14,845 | 14,568 | 6.32 | |||||||||||||
Computer Programming, Data Processing, & Other Computer Related Services | ||||||||||||||||
Emtec Global Services Holdings, LLC, Term Loan** | ||||||||||||||||
L+ 8.25%, 0.25% L Floor 11/30/2020 | 2,834 | 2,797 | 2,797 | 1.21 | ||||||||||||
Emtec Global Services Holdings, LLC, Revolver | ||||||||||||||||
L+ 8.25%, 0.25% L Floor 11/30/2020 | 131 | 131 | 129 | 0.06 | ||||||||||||
Total Computer Programming, Data Processing, & Other Computer Related Services | 2,928 | 2,926 | 1.27 | |||||||||||||
Cosmetics/Toiletries | ||||||||||||||||
ActivStyle, Inc., Term Loan** | ||||||||||||||||
L+ 9.00%, 0.50% L Floor, 7/9/2020 | 10,171 | 10,010 | 10,010 | 4.34 | ||||||||||||
Total Cosmetics/Toiletries | 10,010 | 10,010 | 4.34 | |||||||||||||
Electrical Equipment | ||||||||||||||||
AbelConn, LLC (Atrenne Computing), Term Loan* | ||||||||||||||||
L+ 8.50%,1.00% L Floor, 7/17/2019 | 10,375 | 10,228 | 10,228 | 4.43 | ||||||||||||
Otter Products, LLC (OtterBox Holdings, Inc.), Term B Loan* | ||||||||||||||||
L+ 4.75%,1.00% L Floor, 6/3/2020 | 2,000 | 1,957 | 1,908 | 0.83 | ||||||||||||
Total Electrical Equipment | 12,185 | 12,136 | 5.26 | |||||||||||||
Equipment Rental & Leasing, Not Elsewhere Classified | ||||||||||||||||
University Furnishings, L.P., Term Loan B** | ||||||||||||||||
L+ 6.75%, 0.50% L Floor, 12/17/2020 | 7,102 | 6,985 | 6,961 | 3.02 | ||||||||||||
Total Equipment Rental & Leasing, Not Elsewhere Classified | 6,985 | 6,961 | 3.02 | |||||||||||||
Food Stores - Retail | ||||||||||||||||
Specialty Bakers LLC, Term Loan* | ||||||||||||||||
L+ 7.25%,1.00% L Floor, 8/7/2019 | 9,435 | 9,290 | 9,290 | 4.03 | ||||||||||||
Total Food Stores - Retail | 9,290 | 9,290 | 4.03 |
9
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
December 31, 2015
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Health Services | ||||||||||||||||
Aurora Diagnostics, LLC, Delayed Draw Term Loan | ||||||||||||||||
L+ 7.13%,1.25% L Floor, 7/31/2019 | 850 | $ | 846 | $ | 846 | 0.37 | % | |||||||||
Aurora Diagnostics, LLC, Term Loan* | ||||||||||||||||
L+ 7.13%,1.25% L Floor, 7/31/2019 | 5,574 | 5,532 | 5,532 | 2.40 | ||||||||||||
eResearchTechnology, Inc., Term Loan* | ||||||||||||||||
L+ 4.50%,1.00% L Floor, 5/8/2022 | 1,995 | 1,980 | 1,952 | 0.85 | ||||||||||||
Forest Park Medical Center at Fort Worth, LLC, Lease(4) | ||||||||||||||||
13.00%, 2/11/2020 | 9,246 | 9,114 | 7,397 | 3.21 | ||||||||||||
Forest Park Medical Center at Fort Worth, LLC, Term Loan(4) | ||||||||||||||||
14.00%, on Demand | 344 | 337 | 276 | 0.12 | ||||||||||||
Forest Park Medical Center at San Antonio, LLC, Lease(4) | ||||||||||||||||
13.00%, 2/11/2020 | 8,982 | 8,832 | 5,636 | 2.44 | ||||||||||||
Forest Park Medical Center at San Antonio, LLC, Term Loan(4) | ||||||||||||||||
14.00%, on Demand | 1,951 | 1,914 | 1,224 | 0.53 | ||||||||||||
SCG Capital Corporation (Radiation Therapy), Term Note | ||||||||||||||||
12.00%, 5/1/2017 | 3,656 | 3,656 | 3,656 | 1.58 | ||||||||||||
Theragenics Corporation, Term Loan** | ||||||||||||||||
L+ 12.00%,1.00% L Floor, 12/23/2020 | 6,324 | 6,216 | 6,233 | 2.70 | ||||||||||||
Walnut Hill Physicians' Hospital, LLC, Lease | ||||||||||||||||
12.50%, 4/30/2019 | 7,725 | 7,725 | 7,725 | 3.35 | ||||||||||||
Total Health Services | 46,152 | 40,477 | 17.55 | |||||||||||||
Insurance Agents | ||||||||||||||||
Worley Claims Services, LLC, Term Loan* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 10/31/2020 | 10,395 | 10,325 | 10,311 | 4.47 | ||||||||||||
Total Insurance Agents | 10,325 | 10,311 | 4.47 | |||||||||||||
Metal Mining | ||||||||||||||||
Metal Services LLC (Phoenix), New Term Loans* | ||||||||||||||||
L+ 5.00%,1.00% L Floor, 6/30/2017 | 1,995 | 1,946 | 1,761 | 0.76 | ||||||||||||
Total Metal Mining | 1,946 | 1,761 | 0.76 | |||||||||||||
Miscellaneous Manufacturing | ||||||||||||||||
AP Gaming I, LLC, Term B Loan* | ||||||||||||||||
L+ 8.25%,1.00% L Floor, 12/21/2020 | 10,222 | 10,071 | 9,826 | 4.26 | ||||||||||||
A.S.V., Inc., Term Loan* | ||||||||||||||||
L+ 9.50%,1.00% L Floor, 12/19/2019 | 9,138 | 8,993 | 8,993 | 3.90 | ||||||||||||
CR Brands, Inc., Term Loan* | ||||||||||||||||
L+ 9.25%,1.00% L Floor, 8/23/2017 | 10,500 | 10,398 | 10,386 | 4.50 | ||||||||||||
Gardner Denver, Inc., Initial Dollar Term Loan* | ||||||||||||||||
L+ 3.25%,1.00% L Floor, 7/30/2020 | 1,995 | 1,879 | 1,797 | 0.78 | ||||||||||||
Kranos Acquisition Corp., Term Loan*(3) | ||||||||||||||||
L+ 10.00% Cash,1.00% L Floor, 6/15/2017 | 9,338 | 9,282 | 9,295 | 4.03 | ||||||||||||
Lexmark Carpet Mills, Inc., Term Loan* | ||||||||||||||||
L+ 10.00%,1.00% L Floor, 12/19/2019 | 10,500 | 10,292 | 10,292 | 4.46 | ||||||||||||
Pelican Products, Inc., Term Loan* | ||||||||||||||||
L+ 4.25%,1.00% L Floor, 4/10/2020 | 1,995 | 1,976 | 1,955 | 0.85 | ||||||||||||
PCCR USA, Inc., Term Loan A* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 12/1/2019 | 6,825 | 6,718 | 6,718 | 2.91 | ||||||||||||
PCCR USA, Inc., Term Loan B* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 12/1/2019 | 3,413 | 3,346 | 3,346 | 1.45 | ||||||||||||
Profusion Industries, LLC, Term Loan* | ||||||||||||||||
L+ 9.00%,0.50% L Floor, 6/19/2020 | 10,300 | 10,116 | 10,116 | 4.38 | ||||||||||||
Total Miscellaneous Manufacturing | 73,071 | 72,724 | 31.52 |
See accompanying notes to consolidated financial statements.
10
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
December 31, 2015
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Miscellaneous Retail | ||||||||||||||||
360 Holdings III Corp., Term Loan* | ||||||||||||||||
Prime Rate ("P") + 8.00%, 3.50% P, 10/1/2021 | 7,382 | $ | 7,088 | $ | 7,087 | 3.07 | % | |||||||||
Confluence Outdoor, LLC, Term Loan* | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 4/18/2019 | 6,657 | 6,580 | 6,580 | 2.85 | ||||||||||||
Confluence Outdoor, LLC, Delayed Draw Term Loan | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 4/18/2019 | 999 | 987 | 987 | 0.43 | ||||||||||||
Interior Specialists, Inc., Term Loan* | ||||||||||||||||
L+ 8.00%,1.00% L Floor, 6/30/2020 | 10,248 | 10,064 | 10,064 | 4.37 | ||||||||||||
PD Products, LLC, Term Loan*(3) | ||||||||||||||||
L+ 10.50%,1.50% L Floor, 10/4/2018 | 9,644 | 9,540 | 9,644 | 4.18 | ||||||||||||
PD Products, LLC, Revolver | ||||||||||||||||
L+ 10.50%,1.50% L Floor, 10/4/2018 | 673 | 673 | 673 | 0.29 | ||||||||||||
Total Miscellaneous Retail | 34,932 | 35,035 | 15.19 | |||||||||||||
Miscellaneous Services | ||||||||||||||||
Simmons Research LLC, Term Loan* | ||||||||||||||||
L+ 10.50%, 0.56% L, 12/11/2020 | 3,959 | 3,880 | 3,880 | 1.68 | ||||||||||||
Speed Commerce, Inc., Term Loan*(4) | ||||||||||||||||
P+ 13.00%,3.50% P, 11/21/2019 | 13,226 | 13,063 | 3,254 | 1.41 | ||||||||||||
Sprint Industrial Holdings, LLC, Term Loan (First Lien)* | ||||||||||||||||
L+ 5.75%,1.25% L Floor, 5/14/2019 | 4,824 | 4,802 | 4,028 | 1.75 | ||||||||||||
YourMembership Holding Company, Term Loan A** | ||||||||||||||||
L+ 7.00%,1.00% L Floor, 9/12/2019 | 10,056 | 9,992 | 9,978 | 4.32 | ||||||||||||
Total Miscellaneous Services | 31,737 | 21,140 | 9.16 | |||||||||||||
Nonferrous Metal/Minerals | ||||||||||||||||
NN, Inc., Initial Term Loan* | ||||||||||||||||
L+ 4.75%,1.00% L Floor, 10/19/2022 | 1,995 | 1,976 | 1,968 | 0.85 | ||||||||||||
Total Nonferrous Metal/Minerals | 1,976 | 1,968 | 0.85 | |||||||||||||
Oil & Gas | ||||||||||||||||
Badlands Production Company (fka Gasco) , Term Loan* | ||||||||||||||||
L+ 12.50%,1.00% L Floor, 5/14/2018 | 10,500 | 10,332 | 9,975 | 4.32 | ||||||||||||
Rooster Energy Ltd., Term Loan* | ||||||||||||||||
L+ 11.50%,1.50% L Floor, 6/25/2018 | 5,938 | 5,863 | 5,641 | 2.44 | ||||||||||||
Iracore International Holdings, Inc., Term Loan* | ||||||||||||||||
L+ 9.00%,1.00% L Floor, 7/10/2020 | 8,878 | 8,757 | 8,433 | 3.66 | ||||||||||||
Total Oil & Gas | 24,952 | 24,049 | 10.42 | |||||||||||||
Printing & Publishing | ||||||||||||||||
Dodge Data & Analytics LLC, Term Loan* | ||||||||||||||||
L+ 8.75%,1.00% L Floor, 10/31/2019 | 9,286 | 9,143 | 9,143 | 3.96 | ||||||||||||
Total Printing & Publishing | 9,143 | 9,143 | 3.96 | |||||||||||||
Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers | ||||||||||||||||
Builders FirstSource, Inc., Initial Term Loan* | ||||||||||||||||
L+ 5.00%,1.00% L Floor, 7/31/2022 | 1,995 | 1,986 | 1,967 | 0.85 | ||||||||||||
Total Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers | 1,986 | 1,967 | 0.85 |
See accompanying notes to consolidated financial statements.
11
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
December 31, 2015
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Debt Investments (continued) | ||||||||||||||||
Specialty Services | ||||||||||||||||
Vencore, Inc. (fka The SI Organization, Inc.), Initial Term Loan (First Lien)* | ||||||||||||||||
L+ 4.75%,1.00% L Floor, 11/23/2019 | 1,995 | $ | 1,995 | $ | 1,982 | 0.86 | % | |||||||||
Vistronix, LLC, Term Loan* | ||||||||||||||||
L+ 8.50%, 0.50% L Floor, 12/4/2018 | 9,510 | 9,453 | 9,453 | 4.09 | ||||||||||||
Vistronix, LLC, Revolver | ||||||||||||||||
L+ 8.50%, 0.50% L Floor, 12/4/2018 | 560 | 560 | 557 | 0.24 | ||||||||||||
USAGM Holdco, LLC, Initial Term Loan (First Lien)* | ||||||||||||||||
L+ 3.75%,1.00% L Floor, 7/28/2022 | 2,000 | 1,951 | 1,908 | 0.83 | ||||||||||||
Total Specialty Services | 13,959 | 13,900 | 6.02 | |||||||||||||
Stone, Clay, Glass, & Concrete Products | ||||||||||||||||
Stardust Finance Holdings, Inc., Term Loan* | ||||||||||||||||
L+ 5.50%,1.00% L Floor, 3/13/2022 | 1,995 | 1,973 | 1,928 | 0.84 | ||||||||||||
Total Stone, Clay, Glass, & Concrete Products | 1,973 | 1,928 | 0.84 | |||||||||||||
Transportation Services | ||||||||||||||||
Gruden Acquisition, Inc., Term Loan (First Lien)* | ||||||||||||||||
L+ 4.75%,1.00% L Floor, 8/18/2022 | 2,000 | 1,961 | 1,908 | 0.83 | ||||||||||||
Fleetgistics Holdings, Inc., Term Loan* | ||||||||||||||||
L+ 6.13%,2.00% L Floor, 12/31/2018 | 1,002 | 1,002 | 902 | 0.39 | ||||||||||||
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*(3) | ||||||||||||||||
L+ 3.00% Cash, 10.00% PIK, 1.00% L Floor, 5/31/2018 | 14,322 | 14,205 | 13,606 | 5.89 | ||||||||||||
Raymond Express International, LLC, Term Loan* | ||||||||||||||||
L+ 7.75%,1.75% L Floor, 2/28/2018 | 1,695 | 1,687 | 1,695 | 0.73 | ||||||||||||
Total Transportation Services | 18,855 | 18,111 | 7.84 | |||||||||||||
Total Debt Investments | $ | 412,667 | $ | 388,335 | 168.32 | % | ||||||||||
Financial Assets | ||||||||||||||||
Consumer Finance Services | ||||||||||||||||
GLC Trust 2013-2 Consumer Loan Pool(1)(5) | 18,688 | $ | 18,688 | $ | 17,754 | 7.70 | % | |||||||||
Total Consumer Finance Services | 18,688 | 17,754 | 7.70 | |||||||||||||
Total Financial Assets | $ | 18,688 | $ | 17,754 | 7.70 | % | ||||||||||
Unfunded Commitments | ||||||||||||||||
Communications | ||||||||||||||||
HC Cable OpCo, LLC, Revolver(6) | ||||||||||||||||
0.50%, 7/17/2018 | 955 | $ | (8 | ) | $ | - | - | % | ||||||||
Total Communications | (8 | ) | - | - | ||||||||||||
Computer Programming, Data Processing, & Other Computer Related Services | ||||||||||||||||
Emtec Global Services Holdings, LLC, Revolver(6) | ||||||||||||||||
0.00%, 11/30/2020 | 327 | (6 | ) | (5 | ) | - | ||||||||||
Emtec Global Services Holdings, LLC, Delayed Draw Term Loan(6) | ||||||||||||||||
0.00%, 11/30/2020 | 271 | (4 | ) | (4 | ) | - | ||||||||||
Total Computer Programming, Data Processing, & Other Computer Related Services | (10 | ) | (9 | ) | - | |||||||||||
Health Services | ||||||||||||||||
Aurora Diagnostics, LLC, Delayed Draw Term Loan B(6) | ||||||||||||||||
2.25%, 7/31/2019 | 2,393 | (20 | ) | (20 | ) | (0.01 | ) | |||||||||
Aurora Diagnostics, LLC, Revolver(6) | ||||||||||||||||
0.38%, 7/31/2019 | 1,020 | (8 | ) | (8 | ) | - | ||||||||||
Total Health Services | (28 | ) | (28 | ) | (0.01 | ) | ||||||||||
Miscellaneous Retail | ||||||||||||||||
PD Products, LLC, Revolver(6) | ||||||||||||||||
0.50%, 10/4/2018 | 968 | (18 | ) | - | (0.01 | ) | ||||||||||
Total Miscellaneous Retail | (18 | ) | - | (0.01 | ) |
See accompanying notes to consolidated financial statements.
12
Garrison Capital Inc. and Subsidiaries
Consolidated Schedule of Investments
December 31, 2015
(in thousands)
% of Net | ||||||||||||||||
Security Description | Par / Shares | Cost | Fair Value | Assets | ||||||||||||
Non-Control/Non-Affiliate Investments (continued) | ||||||||||||||||
Investments - United States (continued) | ||||||||||||||||
Unfunded Commitments (continued) | ||||||||||||||||
Miscellaneous Services | ||||||||||||||||
YourMembership Holding Company, Revolver(6) | ||||||||||||||||
L + 0.00%, 9/12/2019 | 441 | $ | (3 | ) | $ | (3 | ) | - | % | |||||||
Total Miscellaneous Services | (3 | ) | (3 | ) | - | |||||||||||
Specialty Services | ||||||||||||||||
Vistronix, LLC, Revolver(6) | ||||||||||||||||
0.50%, 12/4/2018 | 315 | (5 | ) | (2 | ) | - | ||||||||||
Total Specialty Services | (5 | ) | (2 | ) | - | |||||||||||
Transportation Services | ||||||||||||||||
Raymond Express International, LLC, Revolver | ||||||||||||||||
0.50%, 2/28/2018 | 215 | (1 | ) | - | - | |||||||||||
Total Transportation Services | (1 | ) | - | - | ||||||||||||
Total Unfunded Commitments | $ | (73 | ) | $ | (42 | ) | (0.02 | )% | ||||||||
Total Non-Control/Non-Affiliate Investments | $ | 437,053 | $ | 415,001 | 179.88 | % |
_____________
* ** |
Denotes that all or a portion of the investment is held as collateral by the CLO (see Note 7). Denotes that all or a portion of the loan is held by Garrison SBIC. L = London Interbank Offered Rate. P = Prime Rate |
(1) | Not a qualifying asset 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. |
(2) | Net of incentive fee payable to a third party equal to 20% of any distribution after the Company has received its full net capital investment plus a 12% preferred return in GLC Trust 2013-2 and Prosper Marketplace Series B Preferred Stock. |
(3) | Coupon is payable in cash, and/or payment-in-kind (“PIK”), or a combination thereof. |
(4) | Investment is currently not income producing and placed on non-accrual status. |
(5) | GLC Trust 2013-2 includes 2,637 small balance consumer loans with an average par of $7,087, a weighted average rate of 15.6% and a weighted average maturity of May 8, 2018. See Note 4 for additional information. See Exhibit 99.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for detail on underlying loans. |
(6) | The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future. |
All debt investments were income producing as of December 31, 2015, unless otherwise noted. Common and preferred equity investments are non-income producing unless otherwise noted.
See accompanying notes to consolidated financial statements.
13
Garrison Capital Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
($ in thousands, except share and per share amounts)
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | |||||||||||||
Investment income | ||||||||||||||||
Interest income | ||||||||||||||||
Non-control/non-affiliate investments | $ | 10,974 | $ | 12,277 | $ | 21,849 | $ | 25,235 | ||||||||
Other income | 163 | 875 | 344 | 1,396 | ||||||||||||
Total investment income | 11,137 | 13,152 | 22,193 | 26,631 | ||||||||||||
Expenses | ||||||||||||||||
Interest expense | 2,078 | 1,816 | 4,086 | 3,666 | ||||||||||||
Management fee | 1,824 | 1,983 | 3,674 | 3,973 | ||||||||||||
Incentive fee | - | 1,017 | - | 1,712 | ||||||||||||
Professional fees | 336 | 299 | 722 | 615 | ||||||||||||
Directors' fees | 107 | 101 | 214 | 208 | ||||||||||||
Administrator expenses | 445 | 272 | 714 | 513 | ||||||||||||
Other expenses | 547 | 531 | 1,071 | 1,083 | ||||||||||||
Total expenses | 5,337 | 6,019 | 10,481 | 11,770 | ||||||||||||
Net investment income before excise taxes | 5,800 | 7,133 | 11,712 | 14,861 | ||||||||||||
Excise tax (expense) | (50 | ) | 43 | (100 | ) | (3 | ) | |||||||||
Net investment income | 5,750 | 7,176 | 11,612 | 14,858 | ||||||||||||
Realized and unrealized (loss)/gain on investments | ||||||||||||||||
Net realized (loss) from investments | ||||||||||||||||
Non-control/non-affiliate investments | (18,315 | ) | (8,521 | ) | (18,410 | ) | (9,011 | ) | ||||||||
Net change in unrealized gain from investments | ||||||||||||||||
Non-control/non-affiliate investments | 8,681 | 5,221 | 219 | 1,001 | ||||||||||||
Net realized and unrealized (loss) on investments | (9,634 | ) | (3,300 | ) | (18,191 | ) | (8,010 | ) | ||||||||
Net (decrease)/increase in net assets resulting from operations | $ | (3,884 | ) | $ | 3,876 | $ | (6,579 | ) | $ | 6,848 | ||||||
Net investment income per common share | $ | 0.36 | $ | 0.43 | $ | 0.71 | $ | 0.89 | ||||||||
Net (decrease)/increase in net assets resulting from operations per common share | $ | (0.24 | ) | $ | 0.23 | $ | (0.40 | ) | $ | 0.41 | ||||||
Basic weighted average common shares outstanding | 16,173,091 | 16,758,779 | 16,246,272 | 16,758,779 | ||||||||||||
Dividends and distributions declared per common share(1) | $ | 0.35 | $ | 0.35 | $ | 0.70 | $ | 0.70 |
____________
(1) | Calculated using basic weighted average common shares outstanding. |
See accompanying notes to consolidated financial statements.
14
Garrison Capital Inc. and Subsidiaries
Consolidated Statements of Changes in Net Assets (unaudited)
($ in thousands, except share and per share amounts)
Six Months Ended | Six Months Ended | |||||||
June 30, 2016 | June 30, 2015 | |||||||
(Decrease)/increase in net assets from operations: | ||||||||
Net investment income | $ | 11,612 | $ | 14,858 | ||||
Net realized (loss) from investments | (18,410 | ) | (9,011 | ) | ||||
Net change in unrealized gain on investments | 219 | 1,001 | ||||||
Net (decrease)/increase in net assets from operations | (6,579 | ) | 6,848 | |||||
Dividends and distributions to stockholders: | ||||||||
From net investment income | (11,340 | ) | (11,732 | ) | ||||
Total dividends and distributions to stockholders(1) | (11,340 | ) | (11,732 | ) | ||||
Common share transactions | ||||||||
Repurchase of common stock (see Note 13) | (4,604 | ) | - | |||||
Net (decrease) in net assets from common share transactions | (4,604 | ) | - | |||||
Total (decrease) in net assets | (22,523 | ) | (4,884 | ) | ||||
Net assets at beginning of period | 230,710 | 261,103 | ||||||
Net assets at end of period | $ | 208,187 | $ | 256,219 | ||||
Net asset value per common share | $ | 12.94 | $ | 15.29 | ||||
Common shares outstanding at end of period | 16,091,392 | 16,758,779 | ||||||
Underdistributed net investment income included in net assets | $ | 9,056 | $ | 3,127 |
____________
(1) | Dividends from net investment income are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. |
See accompanying notes to consolidated financial statements.
15
Garrison Capital Inc. and Subsidiaries
Consolidated Statements of Cash Flows (unaudited)
($ in thousands, except share and per share amounts)
Six Months Ended | Six Months Ended | |||||||
June 30, 2016 | June 30, 2015 | |||||||
Cash flows from operating activities | ||||||||
Net (decrease)/increase in net assets resulting from operations | $ | (6,579 | ) | $ | 6,848 | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by/(used in) operating activities: | ||||||||
Net accretion of discounts on investments | (724 | ) | (831 | ) | ||||
Net realized loss from investments | 18,410 | 9,011 | ||||||
Amortization of discount on senior secured notes payable | 107 | 158 | ||||||
Amortization of deferred debt issuance costs | 409 | 398 | ||||||
Net change in unrealized (gain) on investments | (219 | ) | (1,001 | ) | ||||
Payment-in-kind interest | (929 | ) | (1,211 | ) | ||||
Purchases of investments | (61,829 | ) | (88,573 | ) | ||||
Paydowns of investments | 28,716 | 111,932 | ||||||
Sales of investments | 26,983 | 3,371 | ||||||
Changes in operating assets and liabilities: | ||||||||
Decrease/(increase) in cash, restricted | 4,580 | (6,356 | ) | |||||
(Increase) in due from counterparties | (719 | ) | (167 | ) | ||||
Decrease/(increase) in accrued interest receivable | 1,701 | (900 | ) | |||||
(Increase) in deferred offering costs | - | (126 | ) | |||||
Decrease in prepaid administrator fee | - | 74 | ||||||
Decrease/(increase) in other assets | 214 | (310 | ) | |||||
Increase in due to counterparties | 1,721 | 1 | ||||||
Increase in payables to affiliates | 210 | 1,138 | ||||||
Increase/(decrease) in interest payable on notes payable | 147 | (34 | ) | |||||
(Decrease) in accrued expenses and other payables | (105 | ) | (32 | ) | ||||
Net cash provided by operating activities | 12,094 | 33,390 | ||||||
Cash flows from financing activities | ||||||||
Repurchase of common stock | (4,604 | ) | - | |||||
Distributions paid to stockholders | (11,340 | ) | (11,731 | ) | ||||
Payments for financing costs | (178 | ) | (435 | ) | ||||
(Repayment) of senior secured revolving notes | (3,900 | ) | (2,400 | ) | ||||
Repayment of GLC Trust 2013-2 Class A notes | (6,274 | ) | (7,848 | ) | ||||
Proceeds from Garrison SBIC borrowings | 7,360 | 3,500 | ||||||
Net cash (used in) financing activities | (18,936 | ) | (18,914 | ) | ||||
Net (decrease)/increase in cash | (6,842 | ) | 14,476 | |||||
Cash at beginning of period | 24,985 | 13,651 | ||||||
Cash at end of period | $ | 18,143 | $ | 28,127 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest expense | $ | 3,348 | $ | 3,145 | ||||
Supplemental disclosure of non-cash activities | ||||||||
Restructuring of portfolio investment | $ | 840 | $ | 2,735 |
See accompanying notes to consolidated financial statements.
16
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
1. Organization
Garrison Capital Inc. (“GARS” and, collectively with its subsidiaries, the “Company”, “we” or “our”) is a Delaware corporation and is an externally managed, closed-end, non-diversified management investment company that has filed an election to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, GARS has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for the period beginning October 9, 2012 and intends to qualify annually thereafter.
GARS priced its initial public offering (“IPO”) on March 26, 2013, which closed on April 2, 2013, selling 6,133,334 shares, including 800,000 shares issued pursuant to the underwriters’ exercise of the over-allotment option, at a public offering price of $15.00 per share. Concurrent with the closing of the IPO, the Company’s directors, officers, employees and an affiliate of Garrison Capital Advisers LLC, a Delaware limited liability company (the “Investment Adviser”), purchased an additional 126,901 shares through a private placement transaction (the “Concurrent Private Placement”) exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), at a price of $15.00 per share. GARS’ shares trade on the NASDAQ Global Select Market, or NASDAQ, under the symbol “GARS”.
Our investment objective is to generate current income and capital appreciation by making investments generally in the range of $5.0 million to $25.0 million primarily in debt securities and loans of U.S. based middle-market companies, which we define as those having annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of between $5.0 million and $30.0 million. Our goal is to generate attractive risk-adjusted returns by assembling a broad portfolio of investments.
We invest or provide direct lending primarily in (1) first lien senior secured loans, (2) second lien senior secured loans, (3) “one-stop” senior secured or “unitranche” loans, (4) subordinated or mezzanine loans, (5) unsecured consumer loans and (6) to a lesser extent, selected equity co-investments in middle-market companies. We use the term “one-stop” or “unitranche” to refer to a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans. We use the term “mezzanine” to refer to a loan that ranks senior only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness.
The Company’s business and affairs are managed and controlled by the Company’s board of directors (the “Board”), of which a majority of the members are independent of the Company and the Investment Adviser and its affiliates.
17
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
1. Organization – (continued)
On May 17, 2013, GARS formed GLC Trust 2013-2, a Delaware statutory trust (“GLC Trust 2013-2”). This entity is a wholly owned subsidiary of GARS created for the purpose of investing in a portfolio of small balance consumer loans. GLC Trust 2013-2 is 100% owned by GARS. GLC Trust 2013-2 closed on a $10.0 million revolving facility with Capital One Bank, N.A. on December 6, 2013 (“GLC Trust 2013-2 Revolver”). The GLC Trust 2013-2 Revolver included an accordion feature, such that GLC Trust 2013-2 was permitted to increase the total commitment up to $15.0 million under the terms of the loan agreement. GARS exercised this option on December 20, 2013.
On July 11, 2014, GARS increased the GLC Trust 2013-2 Revolver total commitment by $15.0 million, for a total commitment of $30.0 million. On July 18, 2014, GARS completed a $39.2 million term debt securitization (the “GLC Trust 2013-2 Securitization” and the notes offered thereby, the “GLC Trust 2013-2 Notes”) collateralized by the GLC Trust 2013-2 consumer loan portfolio, to refinance the GLC Trust 2013-2 Revolver (see Note 7).
On September 25, 2013, Garrison Funding 2013-2 Ltd. (“GF 2013-2”) completed a $350.0 million collateralized loan obligation (the “CLO”) through a private placement, the proceeds of which were utilized, along with cash on hand, to refinance the existing Credit Facility (see Note 7). Immediately following the completion of the CLO, Garrison Funding 2013-2 Manager LLC (“GF 2013-2 Manager”) owned 100% of the Subordinated Notes (as defined below). GF 2013-2 Manager serves as collateral manager to GF 2013-2 and has entered into a sub-collateral management agreement with the Investment Adviser.
On August 15, 2013, Walnut Hill II LLC was formed for the purpose of holding a first lien equipment loan. Walnut Hill II LLC is 100% owned by GARS.
On May 29, 2014, Garrison Capital SBIC LP (“Garrison SBIC”), which has an investment objective substantially similar to GARS, was formed in accordance with small business investment company (“SBIC”) regulations to acquire up to $150.0 million in financing. Garrison SBIC received a license from the U.S Small Business Administration (the “SBA”) on May 26, 2015. Garrison SBIC is 100% owned by GARS.
On July 7, 2014, Forest Park II LLC was formed for the purpose of holding first lien equipment loans. Forest Park II LLC is 100% owned by GARS.
GARS will periodically form limited liability companies for the purpose of holding minority equity investments (the “GARS Equity Holdings Entities”). GARS intends to form a new GARS Equity Holding Entity for each minority equity investment in order to provide specific tax treatment for individual investments. The GARS Equity Holdings Entities are 100% owned by GARS.
American Stock Transfer & Trust Company, LLC (“AST”) serves as the transfer and dividend paying agent and registrar to GARS.
18
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
1. Organization – (continued)
GARS entered into a custody agreement, which was effective as of October 9, 2012 (the “Custody Agreement”), with Deutsche Bank Trust Company Americas (the “Custodian”) to act as custodian for GARS. The Custodian is also the trustee of GF 2013-2 and the custodian for Garrison SBIC.
GARS entered into an administration agreement, which was effective as of October 9, 2012 (the “Administration Agreement”), with Garrison Capital Administrator LLC, a Delaware limited liability company (the “GARS Administrator”).
GARS entered into an investment advisory agreement with the Investment Adviser, which was effective as of October 9, 2012 and subsequently amended and restated on May 6, 2014 (the “Investment Advisory Agreement”). A new Investment Advisory Agreement was approved by the Company’s stockholders on May 1, 2015.
The Investment Adviser is responsible for sourcing potential investments, conducting research and diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring our investments and portfolio companies on an ongoing basis subject to the supervision of the Board. The Investment Adviser was organized in November 2010 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser is an affiliate of Garrison Investment Group LP (the “Investment Manager”), which is also the investment manager of various stockholders of the Company.
GLC Trust 2013-2 has entered into agreements with Prosper Funding LLC, GARS Administrator, U.S. Bank National Association, Wilmington Trust, National Association and Manufacturers and Traders Trust Company to act as servicer, securities administrator, indenture trustee and custodian, respectively, for GLC Trust 2013-2.
2. Significant Accounting Policies and Recent Updates
Basis of Presentation
The Company is an investment company as defined in the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation including the retrospective reclassification of deferred debt issuance costs to be presented as a liability, netted against the carrying amount of the corresponding debt liability. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related management’s discussion and analysis of financial condition and results of operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission (the “SEC”).
Basis for Consolidation
The consolidated financial statements include the accounts of GARS and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The accounts of the subsidiaries are prepared for the same reporting period as GARS using consistent accounting policies. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC Topic 946, the Company is precluded from consolidating any entity other than another investment company.
The Company generally consolidates any investment company when it owns 100% of its partners’ or members’ capital or equity units. ASC Topic 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries.
GF 2013-2 Manager owns a 100% interest in GF 2013-2, which is an investment company for accounting purposes, and also provides collateral management services solely to GF 2013-2. As such, GARS has consolidated the accounts of these entities into these consolidated financial statements. As a result of this consolidation, the amounts outstanding under the CLO are treated as the Company’s indebtedness.
19
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
The GARS Equity Holdings Entities, Walnut Hill II LLC, Forest Park II LLC, Garrison SBIC and GLC Trust 2013-2 are 100% owned investment companies for accounting purposes. As such, GARS has consolidated the accounts of these entities into these consolidated financial statements. As a result of this consolidation, indebtedness of Garrison SBIC and the amounts outstanding under the GLC Trust 2013-2 Notes are treated as the Company’s indebtedness.
Investment Classification
As required by the 1940 Act, investments are classified by level of control. “Control Investments” are investments in those companies that the Company is deemed to control as defined in the 1940 Act. “Affiliate Investments” are investments in those companies that are affiliated companies, as defined in the 1940 Act, other than Control Investments. “Non-Control/Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments.
Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if it owns more than 25% of the voting securities of such company. The Company is deemed to be an affiliate of a company in which it has invested if it owns 5% or more of the voting securities of such company.
As of June 30, 2016, $400.9 million of the Company’s investments were Non-Control/Non-Affiliate Investments and $3.7 million were Non-Control/Affiliate Investments. As of December 31, 2015, all of the Company’s investments were Non-Control/Non-Affiliate Investments.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements, including the estimated fair values of investments and the amount of income and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
As of June 30, 2016 and December 31, 2015, cash held in designated bank accounts with the Custodian was $11.8 million and $23.4 million, respectively. As of June 30, 2016 and December 31, 2015, cash held in designated bank accounts with other major financial institutions was $6.3 million and $1.6 million, respectively. At times, these balances may exceed federally insured limits and this potentially subjects the Company to a concentration of credit risk. The Company believes it is not exposed to any significant credit risk associated with its cash custodian.
The Company defines cash equivalents as highly liquid financial instruments with original maturities of three months or less, including those held in overnight sweep bank deposit accounts. As of June 30, 2016 and December 31, 2015, the Company held no cash equivalents.
Cash and Cash Equivalents, Restricted
Restricted cash as of June 30, 2016 and December 31, 2015 included cash of $6.2 million and $10.4 million, respectively, held by GF 2013-2 in designated bank accounts with the Custodian. GF 2013-2 is required to use a portion of these amounts to pay interest expense, reduce borrowings at the end of the investment period and to pay other amounts in accordance with the terms of the indenture of the CLO. Funds held by GF 2013-2 are not available for general use by the Company.
Restricted cash as of June 30, 2016 and December 31, 2015 also included cash of $1.1 million and $1.4 million, respectively, held by GLC Trust 2013-2 in designated restricted bank accounts. GLC Trust 2013-2 is required to use a portion of these amounts to make principal payments and pay interest expense in accordance with the terms of the indenture governing the GLC Trust 2013-2 Notes.
As of both June 30, 2016 and December 31, 2015, the Company held no restricted cash equivalents.
20
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
Investment Transactions and Related Investment Income and Expense
The Company records its investment transactions on a trade date basis, which is the date when management has determined that all material legal terms have been contractually defined for the transactions. These transactions could possibly settle on a subsequent date depending on the transaction type. All related revenue and expenses attributable to these transactions are reflected on the consolidated statements of operations commencing on the trade date unless otherwise specified by the transaction documents. Realized gains and losses on investment transactions are recorded using the specific identification method.
The Company accrues interest income if it expects that ultimately it will be able to collect such income. Generally, when a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, the Investment Adviser will place the loan on non-accrual status and will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest.
The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan which is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables. For the three and six months ended June 30, 2016, the Company recognized $0.3 million and $0.7 million in charge offs in realized losses from investments for consumer loans held by GLC Trust 2013-2, respectively. The Company had three investments that were on non-accrual status as of June 30, 2016 and four investments that were on non-accrual status as of December 31, 2015.
Any original issue discounts, as well as any other purchase discounts or premiums on debt investments, are accreted or amortized and included in interest income over the maturity periods of the investments. If a loan is placed on non-accrual status, the Company will cease recognizing amortization of original issue discount and purchase discount until all principal and interest is current through payment or until a restructuring occurs, such that the income is deemed to be collectible.
Dividend income on preferred equity securities is recorded as investment income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.
Interest Expense
Interest expense is recorded on an accrual basis and is adjusted for amortization of deferred debt issuance costs and any original issue discount.
Expenses
Expenses related to, but not limited to, ratings fees, due diligence, valuation expenses and independent collateral appraisals may arise when the Company makes certain investments. These expenses are recognized as incurred in the consolidated statements of operations within other expenses.
21
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
Loan Origination, Facility, Commitment and Amendment Fees
The Company may receive loan origination, prepayment, facility, commitment, forbearance and amendment fees in addition to interest income during the life of the investment. The Company may receive origination fees upon the origination of an investment.
Origination fees received by the Company are initially deferred and reduced from the cost basis of the investment and subsequently accreted into interest income over the remaining stated term of the loan.
Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Facility fees, sometimes referred to as asset management fees, are accrued as a percentage periodic fee on the base amount (either the funded facility amount or the committed principal amount). Commitment fees are based upon the undrawn portion committed by the Company and are accrued over the life of the loan.
Amendment and forbearance fees are paid in connection with loan amendments and waivers and are recognized upon completion of the amendments or waivers, generally when such fees are receivable. Any such fees are recorded and classified as other income and included in investment income on the consolidated statements of operations. As these fees are paid and recognized in connection with specific loan amendments or forbearance, they are typically non-recurring in nature.
Valuation of Investments
The Company values its investments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (formerly FASB Statement No. 157, “ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about assets and liabilities measured at fair value.
ASC 820’s definition of fair value focuses on exit price in the principal, or most advantageous, market and prioritizes the use of market-based inputs over entity-specific inputs within a measurement of fair value.
The Company’s portfolio consists of primarily debt investments and unsecured consumer loans. The fair value of the Company’s investments is initially determined by investment professionals of the Investment Adviser and ultimately determined by the Board on a quarterly basis. In valuing the Company’s debt investments, the Investment Adviser generally uses various approaches, including proprietary models that consider the analyses of independent valuation agents as well as credit risk, liquidity, market credit spreads, other applicable factors for similar transactions, bid quotations obtained from other financial institutions that trade in similar investments or based on bid prices provided by independent third party pricing services.
The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the Company’s debt investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors.
In valuing the Company’s unsecured consumer loans, the Investment Adviser generally uses a discounted cash flow methodology based upon a set of assumptions. The primary assumptions used to value the unsecured consumer loans include prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rate.
The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the Company’s consumer loan investments generally include, as appropriate, prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rates.
The Board has retained several independent valuation firms to review the valuation of each portfolio investment that does not have a readily available market quotation at least once during each 12-month period. To the extent a security is reviewed in a particular quarter, it is reviewed and valued by only one service provider.
However, the Board does not intend to have de minimis investments of less than 0.5% of the Company’s total assets (up to an aggregate of 10.0% of the Company’s total assets) independently reviewed.
The Board is responsible for determining the fair value of the Company’s assets in good faith using a documented valuation policy and consistently applied valuation process.
22
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
Due to the nature of the Company’s strategy, the Company’s portfolio is primarily comprised of relatively illiquid investments that are privately held. Inputs into the determination of fair value of the Company’s portfolio investments require significant management judgment or estimation. This means that the Company’s portfolio valuations are based on unobservable inputs and the Investment Adviser’s own assumptions about how market participants would price the asset or liability in question. Valuations of privately held investments are inherently uncertain and they may fluctuate over short periods of time and may be based on estimates. The determination of fair value by the Board may differ materially from the values that would have been used if a ready market for these investments existed.
The valuation process is conducted at the end of each fiscal quarter, with a portion of the Company’s valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter. When an external event with respect to one of the Company’s portfolio companies, such as a purchase transaction, public offering or subsequent equity sale occurs, we expect to use the pricing indicated by the external event to corroborate our valuation.
With respect to investments for which market quotations are not readily available, our Board will undertake a multi-step valuation process each quarter, as described below:
• | The Company’s valuation process begins with each portfolio company or investment being initially valued by investment professionals of the Investment Adviser responsible for credit monitoring. |
• | Preliminary valuation conclusions are then documented and discussed with our senior management and the Investment Adviser. |
• | The valuation committee of the Board reviews these preliminary valuations. |
• | At least once annually, the valuation for each portfolio investment that does not have a readily available quotation is reviewed by an independent valuation firm, subject to the de minimis exception described above. |
• | The Board discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith. |
Net assets could be materially affected if the determinations regarding the fair value of the investments were materially higher or lower than the values that are ultimately realized upon the disposal of such investments.
Deferred Financing Costs
Financing costs incurred in connection with the execution of the CLO, SBIC borrowings and GLC Trust Securitization are included as a reduction in the net book value of the related liability on our consolidated statement of financial condition. These costs are amortized as interest expense over the life of the related obligations.
Offering Costs
Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity or debt offerings and are charged against proceeds from the offerings when received. As of both June 30, 2016 and December 31, 2015, $0.5 million of expenses associated with the shelf registration statement initially filed with the SEC on April 3, 2014 (“Registration Statement”) were deferred and included in deferred offering costs. These amounts will be charged against proceeds from future offerings of securities when received.
Share Repurchase
Share repurchase transactions are recorded on a trade date basis, which is the date when management has determined that all material legal terms have been contractually defined for the transactions. The aggregate cost of common stock repurchased, including any direct transaction costs, is recorded as a reduction of the par and paid-in-capital in excess of par value accounts, respectively.
Dividends and Distributions
Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.
23
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
The Company adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if the Board declares a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, which may be newly issued shares or shares acquired by AST through open-market purchases, rather than receiving the cash distribution. As of June 30, 2016, no new shares have been issued under the dividend reinvestment plan.
No action is required on the part of a registered stockholder to have its cash dividend or other distribution reinvested in shares of our common stock. A registered stockholder may elect to receive an entire distribution in cash by notifying AST in writing so that such notice is received by AST no later than the record date for distributions to stockholders.
Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends and other distributions in cash by notifying their broker or other financial intermediary of their election.
Income Taxes
As discussed in Note 1, for tax purposes, GARS has elected to be treated as a RIC under Subchapter M of the Code and intends to qualify each taxable year for such treatment. In addition, GF 2013-2, GF 2013-2 Manager, the GARS Equity Holdings Entities, Walnut Hill II LLC and Forest Park II LLC are disregarded entities for tax purposes. GLC Trust 2013-2 is a grantor trust for U.S. taxable income purposes, whereby the income reverts to GARS, accordingly, no provision for federal income tax was made in the consolidated financial statements for the three and six months ended June 30, 2016 or the year ended December 31, 2015.
Each taxable year, GARS intends to comply with all RIC qualification provisions contained in the Code including certain source-of-income and asset diversification requirements, as well as distribution requirements to our stockholders equal to at least 90% of “investment company taxable income”. “Investment company taxable income” is generally defined as net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. As a RIC, GARS generally does not have to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that it distributes to its stockholders in a timely manner.
24
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
However, GARS is subject to U.S. federal income taxes at regular corporate tax rates on any net ordinary income or net capital gain not distributed to its stockholders assuming at least 90% of its investment company taxable income is distributed timely.
Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.
For the three and six months ended June 30, 2016, there was $50,000 and $0.1 million of U.S. federal excise tax expense recorded. For the three ended June 30, 2015, the Company reversed previously accrued U.S. federal excise tax in the amount of $(42,957). In addition, GARS has certain wholly owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which holds a portion of one or more of our portfolio investments that are listed on the consolidated schedule of investments. The Taxable Subsidiaries are consolidated for financial reporting purposes in accordance with U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is, among other things, to permit GARS to hold certain interests in portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross income for federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of investment income, it could jeopardize GARS ability to qualify as a RIC and therefore cause GARS to incur significant amounts of corporate-level U.S. federal income taxes. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, however, the income from such interests is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping GARS preserve its RIC status and resultant tax advantages. The Taxable Subsidiaries are not consolidated for U.S. federal income tax purposes and may generate income tax expense as a result of their ownership of the portfolio companies.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with U.S. GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent differences have no impact on net assets. The below were reclassifications made due to permanent differences for the tax year ended December 31, 2015:
($ in thousands) | December 31, 2015 | |||
Accumulated net investment income | $ | 2,259 | ||
Accumulated net realized (loss) on investments | (2,069 | ) | ||
Paid - in capital | (190 | ) |
The permanent book-to-tax differences arose primarily due to the tax classification of dividend distributions, tax basis differences on realized investments, tax characterization of certain realized losses and the accrual of nondeductible U.S. federal excise tax.
Taxable income differs from the net increase (decrease) in net assets resulting from operations primarily due to the exclusion of unrealized gain (loss) on investments from taxable income until they are realized, book-to-tax temporary differences related to the deductibility of accrued Incentive Fees payable to the Investment Adviser attributable to unrealized gain (loss) on investments, book-to-tax temporary differences on taxable income inclusions of investment income earned on certain securities that was accrued for tax but not for U.S. GAAP, and book-to-tax temporary differences related to net capital loss carryforwards and utilization of net capital gain loss carryforwards from prior years.
25
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
The following table reconciles net increase in net assets resulting from operations to taxable income for tax year ended December 31, 2015:
($ in thousands) | December 31, 2015 | |||
Net (decrease) in net assets resulting from operations | $ | (3,660 | ) | |
Net change in unrealized loss from investments | 21,919 | |||
Net capital loss carryforward | 10,275 | |||
Permanent book-to-tax differences | 190 | |||
Temporary book-to-tax differences | (2,169 | ) | ||
Taxable income before deductions for distribution | $ | 26,555 |
As of December 31, 2015, the accumulated earnings/(deficit) on a tax basis was:
($ in thousands) | December 31, 2015 | |||
Undistributed ordinary income | $ | 8,782 | ||
Accumulated capital gain and other gains/(losses) | (10,275 | ) | ||
Unrealized (losses) on investments | (22,053 | ) | ||
Total accumulated (deficit) | $ | (23,546 | ) |
The tax character of all distributions paid for the year ended December 31, 2015 was classified as ordinary income.
As of December 31, 2015 the components of the $(22.1) million of accumulated losses were the same on a tax basis and under U.S. GAAP.
As of December 31, 2015, the federal income tax basis of investments was $437.1 million resulting in net unrealized loss of $(22.1) million.
Under U.S. GAAP the Company is required to determine whether a tax position of the Company is more likely-than-not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that could negatively impact the Company’s net assets.
The Company has concluded that it was not necessary to record a liability for any such tax positions as of June 30, 2016 and December 31, 2015. However, the Company’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including ongoing analyses of, and changes to, tax laws, regulations and interpretations thereof.
26
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
2. Significant Accounting Policies and Recent Updates – (continued)
The Company’s activities from commencement of operations remain subject to examination by U.S. federal, state, and local tax authorities. No interest expense or penalties have been assessed as of June 30, 2016 and December 31, 2015.
If the Company were required to recognize interest and penalties, if any, related to unrecognized tax benefits this would be recognized as income tax expense in the consolidated statement of operations.
As of December 31, 2015, the Company had net long term capital loss carryforwards of $10.3 million.
Recent Accounting Pronouncements
In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 changes how entities account for and measure the fair value of certain equity investments and updates the presentation and disclosure of certain financial assets and liabilities. This new guidance is effective for annual and interim periods beginning on or after December 15, 2017 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact ASU 2016-01 will have on the Company’s consolidated financial position and disclosures.
3. Investments
The Company’s investments include debt investments (both funded and unfunded, “Debt Investments”), preferred and minority equity investments (“Equity”) of diversified companies and a portfolio of unsecured small balance consumer loans (“Financial Assets”). These financial instruments may be purchased indirectly through an interest in a limited partnership or a limited liability company.
27
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
3. Investments – (continued)
Certain of the risks of investing in the financial instruments of a borrower or a company experiencing various forms of financial, operational, legal, and/or other distress or impairment, including companies involved in bankruptcy or other reorganization or liquidation proceedings, and those which might become involved in such proceedings, are discussed herein. Through investing in these assets, the Company is exposed to credit risk relating to whether the borrower will meet its obligation to pay when it comes due until the investments are sold or mature. Any investment in a distressed company may involve special risks.
The Company’s transactions in Debt Investments are normally secured financings that are collateralized by physical assets and/or the enterprise value of the borrower. This collateral, and the Company’s rights to this collateral, are different depending on the specific transaction and are defined by the legal documents agreed to in the transaction.
The terms of the Debt Investments may provide for the Company to extend to a borrower additional credit or provide funding for any unfunded portion of such Debt Investments at the request of the borrower. This exposes the Company to potential liabilities that are not reflected on the consolidated statements of financial condition. As of June 30, 2016 and December 31, 2015, the Company had $8.7 million and $6.9 million of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. The negative fair value is the result of the unfunded commitments being valued below par. These amounts may or may not be funded to the borrowing party now or in the future.
There is no central clearinghouse for the Company’s Debt Investments, Equity or Financial Assets, nor is there a central depository for custody of any such interests. The processes by which these interests are cleared, settled and held in custody are individually negotiated between the parties to the transaction. This subjects the Company to operational risk to the extent that there are delays and failures in these processes. The Custodian maintains records of the investments owned by the Company.
4. Fair Value of Financial Instruments
The fair value of the Company’s assets and liabilities which qualify as financial instruments approximate the carrying amounts presented in the consolidated statements of financial condition.
U.S. GAAP requires enhanced disclosures about investments that are measured and reported on a fair value basis. Under U.S. GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Further, the guidance distinguishes between inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). Various inputs are used in determining the values of the Company’s investments and these inputs are categorized as of each valuation date.
The inputs are summarized in three broad levels listed below:
• | Level 1 — quoted unadjusted prices in active markets for identical investments as of the reporting date. |
• | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.). |
• | Level 3 — significant unobservable inputs (including the reporting entity’s own assumptions about the assumptions market participants would use in determining the fair values of investments or indicative bid prices from unaffiliated market makers or independent third party pricing services). |
28
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
4. Fair Value of Financial Instruments – (continued)
Fair value of publicly traded instruments is generally based on quoted market prices. Fair value of non-publicly traded instruments, and of publicly traded instruments for which quoted market prices are not readily available, may be determined based on other relevant factors, including bid quotations from unaffiliated market makers or independent third-party pricing services, the price activity of comparable instruments and valuation pricing models.
For those investments valued using quotations, the bid price is generally used, unless the Company determines that it is not representative of an exit price. To the extent observable market data is available, such information may be the result of consensus pricing information or broker quotes. Due to the fact that the significant inputs used by the contributors of the consensus pricing source or the broker are unobservable and evidence with respect to trading levels is not available, any investments valued using indicative bid prices from unaffiliated market makers and independent third-party pricing services have been classified within Level 3.
Investments classified as Level 3 may be fair valued using the income and market approaches, using a market yield valuation methodology or enterprise value methodology.
Factors that could affect fair value measurements of debt investments using the above referenced approaches include assumed growth rates, capitalization rates, discount rates, loan-to-value ratios, liquidation value, relative capital structure priority, market comparables, compliance with applicable loan, covenant and interest coverage performance, book value, market derived multiples, reserve valuation, assessment of credit ratings of an underlying borrower, review of ongoing performance, review of financial projections as compared to actual performance, review of interest rate and yield risk.
Factors that could affect fair value measurements of consumer loans using the above referenced approaches include prepayment rates, default rates, review of financial projections as compared to actual performance and discount rates.
Such factors may be given different weighting depending on management’s assessment of the underlying investment, and management may analyze apparently comparable investments in different ways. The Company has used, and intends to continue to use, independent valuation firms to provide additional corroboration for estimating the fair values of investments. Valuations performed by the independent valuation firms may utilize proprietary models and inputs. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
All of the Company’s investments (other than cash and cash equivalents) are classified as Level 3 under ASC 820.
29
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
4. Fair Value of Financial Instruments – (continued)
The following tables summarize the valuation of the Company’s investments measured at fair value based on the fair value hierarchy detailed above as of June 30, 2016 and December 31, 2015:
As of June 30, 2016 | ||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Senior Secured (1)(2) | $ | - | $ | - | $ | 377,431 | $ | 377,431 | ||||||||
Mezzanine | - | - | 7,561 | 7,561 | ||||||||||||
Preferred Equity Investments | - | - | 2,813 | 2,813 | ||||||||||||
Common Equity Investments | - | - | 5,163 | 5,163 | ||||||||||||
Financial Assets | - | - | 11,626 | 11,626 | ||||||||||||
$ | - | $ | - | $ | 404,594 | $ | 404,594 |
______________
(1) | Includes unfunded commitments with a fair value of $(0.1) million. | |
(2) | Included in senior secured loans are loans structured as first lien, last out loans. These loans may in certain cases be subordinated in payment priority to other senior secured lenders. |
As of December 31, 2015 | ||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Senior Secured (1)(2) | $ | - | $ | - | $ | 380,780 | $ | 380,780 | ||||||||
Mezzanine | - | - | 7,512 | 7,512 | ||||||||||||
Preferred Equity Investments | - | - | 5,487 | 5,487 | ||||||||||||
Common Equity Investments | - | - | 3,468 | 3,468 | ||||||||||||
Financial Assets | - | - | 17,754 | 17,754 | ||||||||||||
$ | - | $ | - | $ | 415,001 | $ | 415,001 |
______________
(1) | Includes unfunded commitments with a fair value of $(0.1) million. | |
(2) | Included in senior secured loans are loans structured as first lien, last out loans. These loans may in certain cases be subordinated in payment priority to other senior secured lenders. |
The net change in unrealized gain attributable to the Company’s Level 3 assets for the six months ended June 30, 2016 included in the net change in unrealized gain from on investments in the Company’s consolidated statement of operations was $0.2 million. The net change in unrealized gain attributable to the Company’s Level 3 assets for the six months ended June 30, 2015 included in the net change in unrealized gain from investments in the Company’s consolidated statement of operations was $1.0 million.
30
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
4. Fair Value of Financial Instruments – (continued)
The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2016:
Six Months Ended June 30, 2016 | ||||||||||||||||||||||||
Senior Secured | Mezzanine | Preferred Equity | Common Equity | Financial | ||||||||||||||||||||
Investments | Investments | Investments | Investments | Assets | Total | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
Fair value, beginning of period | $ | 380,780 | $ | 7,512 | $ | 5,487 | $ | 3,468 | $ | 17,754 | $ | 415,001 | ||||||||||||
Total net realized and unrealized (loss)/gain on investments | (15,930 | ) | (14 | ) | (2,674 | ) | 298 | (72 | ) | (18,392 | ) | |||||||||||||
Total net accretion of discounts on investments | 710 | 14 | - | - | - | 724 | ||||||||||||||||||
Purchases/issuances(1) | 61,018 | 49 | - | 1,693 | - | 62,760 | ||||||||||||||||||
Sales | (26,983 | ) | - | - | - | - | (26,983 | ) | ||||||||||||||||
Paydowns(1) | (22,164 | ) | - | - | (296 | ) | (6,056 | ) | (28,516 | ) | ||||||||||||||
Fair value, end of period | $ | 377,431 | $ | 7,561 | $ | 2,813 | $ | 5,163 | $ | 11,626 | $ | 404,594 | ||||||||||||
Net change in unrealized (loss)/ gain from investments in our Consolidated Statement of Operations attributable to our Level 3 assets still held at the reporting date | $ | (9,409 | ) | $ | (14 | ) | $ | (2,674 | ) | $ | - | $ | 579 | $ | (11,518 | ) |
______________
(1) | Includes non-cash restructuring of portfolio investments of $0.8 million. There were no transfers of investments between levels for the six months ended June 30, 2016. |
The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2015:
Six Months Ended June 30, 2015 | ||||||||||||||||||||||||||||||||
Senior Secured | Second Lien | Mezzanine | Subordinated | Preferred Equity | Common Equity | Financial | ||||||||||||||||||||||||||
Investments | Investments | Investments | Investments | Investments | Investments | Assets | Total | |||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 399,188 | $ | 13,652 | $ | 7,361 | $ | 4,067 | $ | 5,791 | $ | 1,380 | $ | 36,330 | $ | 467,769 | ||||||||||||||||
Total net realized and unrealized (loss)/gain on investments | (7,603 | ) | 284 | (13 | ) | - | 721 | 39 | (1,358 | ) | (7,930 | ) | ||||||||||||||||||||
Total net accretion of discounts on investments | 787 | 31 | 13 | - | - | - | - | 831 | ||||||||||||||||||||||||
Purchases/issuances(1) | 89,622 | - | 74 | - | - | 2,825 | - | 92,521 | ||||||||||||||||||||||||
Sales | 127 | (3,498 | ) | - | - | - | - | - | (3,371 | ) | ||||||||||||||||||||||
Paydowns(1) | (95,855 | ) | (10,470 | ) | - | - | - | - | (8,425 | ) | (114,750 | ) | ||||||||||||||||||||
Fair value, end of period | $ | 386,266 | $ | (1 | ) | $ | 7,435 | $ | 4,067 | $ | 6,512 | $ | 4,244 | $ | 26,547 | $ | 435,070 | |||||||||||||||
Net change in unrealized (loss)/ gain from investments in our Consolidated Statement of Operations attributable to our Level 3 assets still held at the reporting date | $ | (2,899 | ) | $ | - | $ | (13 | ) | $ | - | $ | 722 | $ | 39 | $ | (24 | ) | $ | (2,175 | ) |
______________
(1) | Includes non-cash restructuring of portfolio investments of $2.7 million. There were no transfers of investments between levels for the six months ended June 30, 2015. |
31
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
4. Fair Value of Financial Instruments – (continued)
The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at June 30, 2016:
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value at | Valuation | Unobservable | Range | Weighted | ||||||||||||||||
June 30, 2016 | Technique | Input | Low | High | Average | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Senior Secured Investments (1) | 377,431 | Comparable yield approach | Market rate (2) | 5.4 | % | 25.4 | % | 10.5 | % | |||||||||||
Market comparable companies | EBITDA multiple (5) | 2.5 | x | 11.8 | x | 6.0 | x | |||||||||||||
Mezzanine Investments | 7,561 | Comparable yield approach | Market rate (2) | 16.7 | % | 16.7 | % | 16.7 | % | |||||||||||
Market comparable companies | EBITDA multiple (5) | 6.1 | x | 6.1 | x | 6.1 | x | |||||||||||||
Equity Investments (3) | 7,976 | Market comparable companies | EBITDA multiple (5) | 4.0 | x | 8.0 | x | 4.8 | x | |||||||||||
Market comparable companies | Origination fees multiple | 4.7 | x | 4.7 | x | 4.7 | x | |||||||||||||
Financial Assets (4) | 11,626 | Discounted cash flows | Interest rate | 6.3 | % | 31.3 | % | 15.7 | % | |||||||||||
Conditional prepayment rate ("CPR") | 18.5 | % | 83.6 | % | 32.7 | % | ||||||||||||||
Constant default rate ("CDR") | 8.4 | % | 40.8 | % | 18.3 | % | ||||||||||||||
Default rate multiplier | 0.9 | x | 0.9 | x | 0.9 | x | ||||||||||||||
Discount rate | 7.3 | % | 7.3 | % | 7.3 | % | ||||||||||||||
Total | $ | 404,594 |
____________
(1) | Includes total unfunded commitments of $(0.1) million. | |
(2) | Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations. | |
(3) | Includes preferred and common equity. | |
(4) | Financial Assets are valued by the level of risk associated with the underlying loan measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrowers credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of June 30, 2016, 21.1%, 33.6%, 34.1%, 8.1%, 3.0%, and 0.1%, of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See Exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 for detail on the underlying loans. | |
(5) | Excludes non-operating portfolio companies, which we define as those loans collateralized by proved developed producing, or PDP, value or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of June 30, 2016, $31.9 million of par value and $31.1 million of fair value was excluded. |
32
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at December 31, 2015:
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
Fair Value at | Valuation | Unobservable | Range | Weighted | ||||||||||||||||
December 31, 2015 | Technique | Input | Low | High | Average | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Senior Secured Investments (1) | 380,780 | Comparable yield approach | Market rate (2) | 5.6 | % | 21.2 | % | 9.7 | % | |||||||||||
Market comparable companies | EBITDA multiple (5) | 1.9 | x | 11.3 | x | 5.5 | x | |||||||||||||
Mezzanine Investments | 7,512 | Comparable yield approach | Market rate (2) | 16.0 | % | 16.0 | % | 16.0 | % | |||||||||||
Market comparable companies | EBITDA multiple (5) | 5.0 | x | 5.0 | x | 5.0 | x | |||||||||||||
Equity Investments (3) | 8,955 | Market comparable companies | EBITDA multiple (5) | 4.3 | x | 8.0 | x | 6.0 | x | |||||||||||
Market comparable companies | Origination fees multiple | 8.8 | x | 8.8 | x | 8.8 | x | |||||||||||||
Financial Assets (4) | 17,754 | Discounted cash flows | Interest rate | 6.3 | % | 31.3 | % | 15.6 | % | |||||||||||
CPR | 18.5 | % | 83.6 | % | 36.9 | % | ||||||||||||||
CDR | 8.4 | % | 40.8 | % | 18.1 | % | ||||||||||||||
Default rate multiplier | 1.3 | x | 1.3 | x | 1.3 | x | ||||||||||||||
Discount rate | 7.3 | % | 7.3 | % | 7.3 | % | ||||||||||||||
Total | $ | 415,001 |
__________
(1) | Includes total unfunded commitments of $(0.1) million. | |
(2) | Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations. | |
(3) | Includes preferred and common equity. | |
(4) | Financial Assets are valued by the level of risk associated with the underlying loan measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrowers credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of December 31, 2015, 24.2%, 33.1%, 31.9%, 7.5%, 3.1%, and 0.2%, of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See Exhibit 99.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 for detail on the underlying loans. | |
(5) | Excludes non-operating portfolio companies, which we define as those loans collateralized by proved developed producing, or PDP, value or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of December 31, 2015, $33.5 million of par value and $32.7 million of fair value was excluded. |
33
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
4. Fair Value of Financial Instruments – (continued)
Significant unobservable inputs used in the fair value measurement of the Company’s Debt Investments include indicative bid quotations obtained from independent third party pricing services (“consensus pricing”), multiples of market comparable companies, and relative comparable yields.
Significant decreases (increases) in consensus pricing or market comparables could result in significantly lower (higher) fair value measurements. Significant increases (decreases) in comparable yields could result in significantly lower (higher) fair value measurements. Generally, a change in the assumption used for relative comparable yields is accompanied by a directionally opposite change in the assumptions used for pricing.
Significant unobservable inputs used in the fair value measurement of the Company’s Equity Investments include market comparables. Significant decreases (increases) in market comparables could result in significantly lower (higher) fair value measurements.
Significant unobservable inputs used in the fair value measurement of the Company Financial Assets include interest rate, prepayment rate, unit loss rate, default rate multiplier and discount rate.
Significant decreases (increases) in interest rates or prepayment rates could result in significantly lower (higher) fair value measurements. Significant increases (decreases) in unit loss rates, default rate multiplier or discount rates could result in significantly lower (higher) fair value measurements.
The composition of the Company’s portfolio by industry at cost and fair value as of June 30, 2016 was as follows:
Industry | Cost of Investments | Fair Value of Investments | ||||||||||||||
($ in thousands) | ||||||||||||||||
Miscellaneous Manufacturing | $ | 76,581 | 18.0 | % | $ | 76,265 | 18.9 | % | ||||||||
Miscellaneous Retail | 50,145 | 11.8 | 50,296 | 12.5 | ||||||||||||
Health Services | 33,464 | 7.8 | 27,787 | 7.0 | ||||||||||||
Consumer Finance Services | 26,166 | 6.1 | 27,648 | 6.9 | ||||||||||||
Communications | 25,610 | 6.0 | 25,163 | 6.2 | ||||||||||||
Oil & Gas | 24,757 | 5.8 | 23,578 | 5.8 | ||||||||||||
Miscellaneous Services | 23,198 | 5.4 | 20,961 | 5.2 | ||||||||||||
Transportation Services | 19,628 | 4.6 | 18,402 | 4.5 | ||||||||||||
Specialty Services | 18,780 | 4.4 | 18,800 | 4.6 | ||||||||||||
Electrical Equipment | 11,730 | 2.8 | 11,505 | 2.8 | ||||||||||||
Agricultural Services | 11,188 | 2.6 | - | - | ||||||||||||
Broadcasting & Entertainment | 11,113 | 2.6 | 11,112 | 2.7 | ||||||||||||
Insurance Agents | 10,281 | 2.4 | 10,268 | 2.5 | ||||||||||||
Building & Real Estate | 9,857 | 2.3 | 9,779 | 2.4 | ||||||||||||
Cosmetics/Toiletries | 9,774 | 2.3 | 9,774 | 2.4 | ||||||||||||
Business Services | 9,757 | 2.3 | 9,757 | 2.4 | ||||||||||||
Food Stores - Retail | 9,686 | 2.3 | 9,707 | 2.4 | ||||||||||||
Chemicals | 9,609 | 2.3 | 9,608 | 2.4 | ||||||||||||
Printing & Publishing | 9,032 | 2.1 | 9,032 | 2.2 | ||||||||||||
Automotive | 7,493 | 1.8 | 7,561 | 1.9 | ||||||||||||
Equipment Rental & Leasing, Not Elsewhere Classified | 6,993 | 1.6 | 6,975 | 1.7 | ||||||||||||
Metal Mining | 6,026 | 1.4 | 5,936 | 1.5 | ||||||||||||
Computer Programming, Data Processing, & Other Computer Related Services | 2,859 | 0.7 | 2,864 | 0.7 | ||||||||||||
Apparel Products | 2,714 | 0.6 | 1,816 | 0.4 | ||||||||||||
$ | 426,441 | 100.0 | % | $ | 404,594 | 100.0 | % |
Refer to the consolidated schedule of investments for detailed disaggregation of the Company’s investments.
34
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
4. Fair Value of Financial Instruments – (continued)
The composition of the Company’s portfolio by industry at cost and fair value as of December 31, 2015 was as follows:
Industry | Cost of Investments | Fair Value of Investments | ||||||||||||||
($ in thousands) | ||||||||||||||||
Miscellaneous Manufacturing | $ | 73,278 | 16.6 | % | $ | 73,229 | 17.7 | % | ||||||||
Health Services | 46,794 | 10.7 | 41,472 | 10.0 | ||||||||||||
Miscellaneous Retail | 35,024 | 8.0 | 35,158 | 8.5 | ||||||||||||
Consumer Finance Services | 34,083 | 7.8 | 36,558 | 8.8 | ||||||||||||
Miscellaneous Services | 32,985 | 7.5 | 22,386 | 5.4 | ||||||||||||
Communications | 26,424 | 6.0 | 26,182 | 6.3 | ||||||||||||
Oil & Gas | 24,952 | 5.7 | 24,049 | 5.8 | ||||||||||||
Transportation Services | 19,125 | 4.4 | 18,111 | 4.4 | ||||||||||||
Specialty Services | 13,954 | 3.2 | 13,898 | 3.3 | ||||||||||||
Electrical Equipment | 12,185 | 2.8 | 12,136 | 2.9 | ||||||||||||
Broadcasting & Entertainment | 11,160 | 2.6 | 11,146 | 2.7 | ||||||||||||
Agricultural Services | 10,339 | 2.4 | 5,040 | 1.2 | ||||||||||||
Insurance Agents | 10,325 | 2.4 | 10,311 | 2.5 | ||||||||||||
Chemicals | 10,102 | 2.3 | 10,102 | 2.4 | ||||||||||||
Cosmetics/Toiletries | 10,010 | 2.3 | 10,010 | 2.4 | ||||||||||||
Business Services | 9,989 | 2.3 | 9,988 | 2.4 | ||||||||||||
Building & Real Estate | 9,962 | 2.3 | 9,962 | 2.4 | ||||||||||||
Food Stores - Retail | 9,290 | 2.1 | 9,290 | 2.2 | ||||||||||||
Printing & Publishing | 9,143 | 2.1 | 9,143 | 2.2 | ||||||||||||
Automotive | 7,431 | 1.7 | 7,512 | 1.8 | ||||||||||||
Equipment Rental & Leasing, Not Elsewhere Classified | 6,985 | 1.6 | 6,961 | 1.7 | ||||||||||||
Computer Programming, Data Processing, & Other Computer Related Services | 2,918 | 0.7 | 2,918 | 0.7 | ||||||||||||
Apparel Products | 2,714 | 0.6 | 1,815 | 0.4 | ||||||||||||
Retail-Building Materials, Hardware, Garden Supply & Mobile Home Dealers | 1,986 | 0.5 | 1,967 | 0.5 | ||||||||||||
Nonferrous metal/minerals | 1,976 | 0.5 | 1,968 | 0.5 | ||||||||||||
Stone, Clay, Glass, & Concrete Products | 1,973 | 0.5 | 1,928 | 0.5 | ||||||||||||
Metal Mining | 1,946 | 0.4 | 1,761 | 0.4 | ||||||||||||
$ | 437,053 | 100.0 | % | $ | 415,001 | 100.0 | % |
Refer to the consolidated schedule of investments for detailed disaggregation of the Company’s investments.
5. Indemnifications
In the normal course of business, the Company enters into certain contracts that provide a variety of indemnifications. The Company’s maximum exposure under these indemnifications is unknown. However, no liabilities have arisen under these indemnifications in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Company does not consider it necessary to record a liability for any indemnifications under U.S. GAAP.
6. Due To and Due From Counterparties
The Company executes investment transactions with agents, brokers, investment companies, agent banks and other financial institutions. Due to and due from counterparties include amounts related to unsettled purchase and sale transactions of investments, unsettled purchases of common stock and principal paydowns receivable from the borrowers.
Amounts due to counterparties were $2.1 million and $0.4 million as of June 30, 2016 and December 31, 2015, respectively. Amounts due from counterparties were $2.3 million and $1.6 million as of June 30, 2016 and December 31, 2015, respectively.
7. Financing
As of June 30, 2016, the total carrying value of the Company’s aggregate debt outstanding was $223.1 million with a weighted average effective interest rate of 3.39%. The Company’s debt outstanding as of June 30, 2016 was comprised of notes issued by GF 2013-2 and GLC Trust 2013-2 as well as Garrison SBIC borrowings.
35
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
7. Financing – (continued)
The table below provides details of our outstanding debt as of June 30, 2016:
Amortized | Outstanding | |||||||||||||
June 30, 2016 | Carrying Value | Principal at Par | Interest Rate | Rating(2) | Stated Maturity | |||||||||
($ in thousands) | ||||||||||||||
Senior Secured Notes: | ||||||||||||||
Class A-1R Notes | $ | 31,100 | $ | 31,100 | LIBOR + 1.90% (1) | AAA(sf) | 9/25/2023 | |||||||
Class A-1T Notes | 108,431 | 111,175 | LIBOR + 1.80% | AAA(sf) | 9/25/2023 | |||||||||
Class A-2 Notes | 23,698 | 24,150 | LIBOR + 3.40% | AA(sf) | 9/25/2023 | |||||||||
Class B Notes | 24,557 | 25,025 | LIBOR + 4.65% | A (sf) | 9/25/2023 | |||||||||
Garrison SBIC Borrowings: | ||||||||||||||
SBIC 2016-10 A | 12,291 | 12,700 | 3.25% (3) | N/A | 3/1/2026 | |||||||||
SBIC 2015-10 B | 13,484 | 14,000 | 3.57% (3) | N/A | 9/1/2025 | |||||||||
GLC Trust 2013-2 Notes: | ||||||||||||||
Class A Notes | 9,517 | 9,703 | 3.00% | N/A | 7/15/2021 | |||||||||
$ | 223,078 | $ | 227,853 |
______________
(1) | May bear interest at either the CP Rate (as defined in the indenture governing the CLO) or the London Interbank Offered Rate (“LIBOR”). |
(2) | Represents an S&P rating as of the closing of the CLO. |
(3) | Represents the stated interest rate and annual charge of our SBA-guaranteed debentures. |
The table below provides details of our outstanding debt as of December 31, 2015:
Amortized | Outstanding | ||||||||||||||
December 31, 2015 | Carrying Value | Principal at Par | Interest Rate | Rating(2) | Stated Maturity | ||||||||||
($ in thousands) | |||||||||||||||
Senior Secured Notes: | |||||||||||||||
Class A-1R Notes | $ | 35,000 | $ | 35,000 | LIBOR + 1.90% (1) | AAA(sf) | 9/25/2023 | ||||||||
Class A-1T Notes | 108,248 | 111,175 | LIBOR + 1.80% | AAA(sf) | 9/25/2023 | ||||||||||
Class A-2 Notes | 23,667 | 24,150 | LIBOR + 3.40% | AA(sf) | 9/25/2023 | ||||||||||
Class B Notes | 24,524 | 25,025 | LIBOR + 4.65% | A (sf) | 9/25/2023 | ||||||||||
Garrison SBIC Borrowings: | |||||||||||||||
SBIC Borrowings | 18,546 | 19,340 | 3.57% (3) | N/A | 9/1/2025 | (4) | |||||||||
GLC Trust 2013-2 Notes: | |||||||||||||||
Class A Notes | 15,664 | 15,978 | 3.00% | N/A | 7/15/2021 | ||||||||||
$ | 225,649 | $ | 230,668 |
______________
(1) | May bear interest at either the CP Rate (as defined in the indenture governing the CLO) or LIBOR. |
(2) | Represents an S&P rating as of the closing of the CLO. |
(3) | Represents the stated interest rate and annual charge of our SBA-guaranteed debentures. The current balance includes interim financings of $5.3 million outstanding as of December 31, 2015. These interim financings have an interest rate of LIBOR + 1.04% and a maturity date of March 23, 2016, upon which they were pooled into the SBA-guaranteed debentures. |
(4) | Represents maturity date of our SBA-guaranteed debentures. The maturity date of our interim financings was March 23, 2016. |
In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing (other than the SBA debentures of Garrison SBIC, as permitted by exemptive relief the Company has been granted by the SEC). As of June 30, 2016 and December 31, 2015, the Company’s asset coverage for borrowed amounts was 203.2% and 208.8%, respectively.
In accordance with the FASB issued ASU 2015-03, Interest – Imputation of Interest (Topic 835), deferred debt issuance costs were retrospectively adjusted for December 31, 2015 to be reflected as a liability, net of the carrying amount of the debt liabilities. As of December 31, 2015, these deferred debt issuance costs were reflected as an asset. As a result, total assets and total liabilities as of December 31, 2015 have both decreased by $4.3 million.
36
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
7. Financing – (continued)
The table below shows the weighted average interest rates and weighted average effective interest rates, inclusive of deferred debt issuance costs, of our debt as of June 30, 2016 and December 31, 2015:
June 30, 2016 | December 31, 2015 | |||||||
Senior Secured Revolving Notes: | ||||||||
Weighted average interest rate | 2.52 | % | 2.40 | % | ||||
Weighted average effective interest rate(1) | 2.56 | 2.48 | ||||||
Senior Secured Term Notes: | ||||||||
Weighted average interest rate | 3.10 | 2.86 | ||||||
Weighted average effective interest rate(1) | 3.47 | 3.26 | ||||||
GLC Trust 2013-2 Class A Notes: | ||||||||
Weighted average interest rate | 3.00 | 3.00 | ||||||
Weighted average effective interest rate(1) | 3.38 | 3.09 | ||||||
SBIC Borrowings: | ||||||||
Weighted average interest rate | 3.42 | 3.02 | ||||||
Weighted average effective interest rate(1) | 3.82 | 3.97 | ||||||
Total | ||||||||
Total weighted average interest rate | 3.06 | 2.81 | ||||||
Total weighted average effective interest rate(1) | 3.39 | 3.20 |
__________
(1) | Includes the effects of deferred debt issuance costs. |
Senior Secured Notes
On September 25, 2013, GF 2013-2 completed the CLO through a private placement of (1) $50.0 million of Class A-1R revolving notes (“Class A-1R Notes”); (2) $111.2 million of Class A-1T notes (“Class A-1T Notes”); (3) $24.2 million of Class A-2 notes (“Class A-2 Notes” and collectively with the Class A-1R Notes and the Class A-1T Notes, the “Class A Notes”); (4) $25.0 million of Class B notes (“Class B Notes”); (5) $13.7 million of Class C notes (“Class C Notes”), which bear interest at three-month LIBOR plus 5.50% (collectively, the Class A Notes, Class B Notes and Class C Notes are referred to as the “Secured Notes”); and (6) $126.0 million of subordinated notes (“Subordinated Notes”), which do not have a stated interest rate (collectively, the Secured Notes and the Subordinated Notes are referred to as the “GF 2013-2 Notes”).We utilized the proceeds of the GF 2013-2 Notes, along with cash on hand, to refinance the existing Credit Facility. All of the GF 2013-2 Notes are scheduled to mature on September 25, 2023. As of June 30, 2016, GARS had retained 100% of the Class C Notes, which are eliminated in consolidation. The Subordinated Notes represent the residual interest in GF 2013-2. Immediately following the completion of the CLO, GF 2013-2 Manager owned 100% of the Subordinated Notes, which are eliminated in consolidation.
37
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
7. Financing – (continued)
At June 30, 2016, $18.9 million of the Class A-1R Notes were undrawn. As of December 31, 2015, $15.0 million of the Class A-1R Notes undrawn. The Class A-1R Notes bear a 1.00% annual fee on undrawn amounts. The fair value of the GF 2013-2 Notes approximated its carrying value on the consolidated statements of financial condition as of June 30, 2016 and December 31, 2015, respectively.
The ability of GF 2013-2 to draw under the Class A-1R Notes terminates on September 25, 2016, which is also the end of the extended reinvestment period. The Secured Notes are secured by all of the assets held by GF 2013-2.
The indenture governing the notes issued as part of the CLO provides that, to the extent cash is available from cash collections, the holders of the GF 2013-2 Notes are to receive quarterly interest payments on the 20th day or, if not a business day, the next succeeding business day of February, May, August and November of each year until the stated maturity.
Under the documents governing the CLO, there are two coverage tests applicable to the Secured Notes. The first test compares the amount of interest received on the collateral loans held by GF 2013-2 to the amount of interest payable on the Secured Notes under the CLO in respect of the amounts drawn and certain expenses. To meet this first test, at any time, the aggregate amount of interest received on the collateral loans must equal, after the payment of certain fees and expenses, at least 135.0% of the aggregate amount of interest payable on the Class A Notes, 125.0% of the interest payable on the Class A Notes and Class B Notes, taken together, and 115% of the interest payable on the Class A Notes, Class B Notes and Class C Notes, taken together.
The second test compares the aggregate principal amount of the collateral loans, as calculated in accordance with the indenture, to the aggregate outstanding principal amount of the Secured Notes in respect of the amounts drawn. To meet this second test at any time, the aggregate principal amount of the collateral loans must equal at least 173.4% of the aggregate outstanding principal amount of the Class A Notes, 156.1% of the aggregate principal amount of the Class A Notes and Class B Notes, taken together, and 148.1% of the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes, taken together.
If the coverage tests are not satisfied with respect to a quarterly payment date, GF 2013-2 will be required to apply available amounts to the repayment of interest on and principal of the GF 2013-2 Notes to the extent necessary to satisfy the applicable coverage tests and, as a result, there may be reduced funds available for GF 2013-2 to make additional investments or to make distributions on the Company’s equity interests in GF 2013-2. Additionally, compliance is measured on each day collateral loans are purchased, originated or sold and in connection with monthly reporting to the note holders.
Furthermore, if under the second coverage test the aggregate principal amount of the collateral loans equals 125.0% or less of the aggregate outstanding principal amount on the Class A-1T Notes and Class A-1R Notes, taken together, and remains so for ten business days, an event of default will be deemed to have occurred. As of June 30, 2016 and December 31, 2015, the trustee for the CLO has asserted that all of the coverage tests were met.
Garrison SBIC Borrowings
As discussed in Note 1, Garrison SBIC received a license to operate as an SBIC from the SBA on May 26, 2015. The SBIC license allows Garrison SBIC to obtain SBA-guaranteed debentures in an amount equal to twice its equity capitalization up to $150.0 million of leverage, subject to the issuance of a capital commitment by the SBA and other customary procedures. On June 16, 2015, the SBA issued Garrison SBIC a commitment to provide $35.0 million of leverage.
38
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
7. Financing – (continued)
The SBA issues SBA-guaranteed debentures bi-annually on pooling dates in March and September of each year. These debentures are non-recourse, interest only debentures with a 10 year stated maturity, but may be prepaid at any time without penalty. The interest rate of the debentures is fixed at the time of issuance and is based on a coupon rate over the ten year treasury rate at the time of issuance. Interest on the debentures is payable on a semi-annual basis. The SBA issues interim financings to SBICs on non-pooling dates that carry a lower interest rate than the debentures and mature on the next pooling date.
The SBA, as a creditor, will have a superior claim to Garrison SBIC’s assets over the Company’s stockholders if Garrison SBIC were to be liquidated, or if the SBA exercises its remedies under the SBA-guaranteed debentures issued by Garrison SBIC upon an event of default.
As of June 30, 2016, Garrison SBIC had regulatory capital of $35.0 million and total SBIC borrowings outstanding of $26.7 million. The SBIC borrowings were comprised of $14.0 million and $12.7 million of SBA guaranteed debentures that mature on September 1, 2025 and March 1, 2026, respectively. The fair value of the SBIC borrowings approximated its carrying value on the consolidated statements of financial condition as of June 30, 2016 and December 31, 2015. As of June 30, 2016, the Company had $8.3 million of available SBIC leverage capacity.
GLC Trust 2013-2 Notes
On July 18, 2014, GARS completed the “GLC Trust 2013-2 Securitization”. The notes offered in the GLC Trust 2013-2 Securitization were issued by GLC Trust 2013-2 and consisted of $36.9 million of Class A Notes (“GLC Trust 2013-2 Class A Notes”) and $2.3 million of Class B Notes (“GLC Trust 2013-2 Class B Notes”, and collectively with the GLC Trust 2013-2 Class A Notes, the “GLC Trust 2013-2 Notes”). As of June 30, 2016, GARS has retained all of the GLC Trust 2013-2 Class B Notes, which are eliminated in consolidation.
The GLC Trust 2013-2 Class A Notes bear interest at 3.00% per annum and are scheduled to mature on July 15, 2021. The proceeds of the GLC Trust 2013-2 Notes were used to refinance the GLC Trust 2013-2 Revolver, which was fully paid down and terminated concurrent with the issuance of the GLC Trust 2013-2 Notes.
The fair value of the GLC Trust 2013-2 Notes approximated the carrying value on the consolidated statements of financial condition as of June 30, 2016 and December 31, 2015, respectively.
The indenture governing the GLC Trust 2013-2 Notes provides that, to the extent cash is available from cash collections, the holders of the GLC Trust 2013-2 Notes are to receive monthly interest and principal payments on the 15th day or, if not a business day, the next succeeding business day, commencing in August 2014, until the stated maturity.
Under the indenture governing the GLC Trust 2013-2 Notes, there are two applicable monthly tests. The first test compares the principal balance of the underlying loans to the principal balance of the GLC Trust 2013-2 Notes. To meet this first test, the aggregate principal balance of the underlying loans less the aggregate principal balance of the GLC Trust 2013-2 Notes must equal, at least, the greater of (1) 13.00% of the aggregate principal balance of the underlying loans as of the end of the prior month and (2) 5.25% of the loan pool balance as of July 11, 2014.
The second test compares the ratio of the dollar amount of cumulative defaults to the original principal balance of the underlying loans as of July 11, 2014 (“Cumulative Default Ratio”) to the Cumulative Default Ratio trigger level, as stated in the indenture. To meet this second test, the Cumulative Default Ratio must not exceed the Cumulative Default Ratio trigger level.
If these tests are not satisfied with respect to a monthly payment date and are not cured within 45 days, an event of default will be deemed to have occurred and the GLC Trust 2013-2 Notes will become immediately due and payable, in accordance with the terms of the indenture. As of June 30, 2016, all of the coverage tests were met.
39
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
7. Financing – (continued)
Deferred Debt Issuance Costs and other Fees
Fees paid as part of the execution of the Credit Facility, the refinance of the Credit Facility and the execution of the CLO in the amount of $6.2 million consisted of facility fees of $4.3 million and other costs of $1.9 million, which included rating agency fees and legal fees. Fees paid as part of the execution of the GLC Trust 2013-2 Securitization in the amount of $0.4 million consisted of legal and other fees. For the six months ended June 30, 2016, we paid total fees of $0.2 million on our SBIC borrowings. Fees paid as part of the execution of our SBIC borrowings include a 1.00% commitment fee on our $35.0 million commitment, 2.00% leverage fees and 0.43% of other fees on amounts drawn. These costs are included in deferred debt issuance costs on the consolidated statements of financial condition and will be amortized over the stated maturity of the respective loans, with $4.2 million and $4.4 million of deferred debt issuance costs remaining as of June 30, 2016 and December 31, 2015, respectively.
8. Related Party Transactions
Investment Advisory Agreement
GARS entered into the Investment Advisory Agreement with the Investment Adviser, which was effective as of October 9, 2012 and subsequently amended and restated on May 6, 2014. A new Investment Advisory Agreement was approved by the Company’s stockholders on May 1, 2015. Under the Investment Advisory Agreement, the Investment Adviser is entitled to a base management fee for its services calculated at an annual rate of 1.75% of gross assets, excluding cash and cash equivalents, and cash and cash equivalents, restricted, but including assets purchased with borrowed funds. For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within 270 days of purchase.
Management Fees
The following table details our management fee expenses for the three and six months ended June 30, 2016, and June 30, 2015:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
($ in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Management fees | ||||||||||||||||
Management fees | $ | 1,824 | $ | 1,983 | $ | 3,674 | $ | 3,973 | ||||||||
Total management fees | $ | 1,824 | $ | 1,983 | $ | 3,674 | $ | 3,973 |
Management fees of $1.8 million were payable as of both June 30, 2016 and December 31, 2015, and are included in management fee payable on the consolidated statements of financial condition.
Incentive Fee Overview
Under the Investment Advisory Agreement, the Investment Adviser is entitled to an incentive fee consisting of two components and a cap and deferral mechanism. The two components are independent of each other, and may result in one component being payable even if the other is not.
The first component, which is income-based and payable quarterly in arrears, equals 20% of the amount, if any, that the Company’s pre-incentive fee net investment income exceeds a 2.00% quarterly (8.00% annualized) hurdle rate (the “Hurdle Rate”), subject to a “catch-up” provision measured at the end of each calendar quarter.
The operation of the first component of the incentive fee for each quarter is as follows:
• | no incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Rate; |
• | 100% of the Company’s pre-incentive fee net investment income with respect to that portion of the Company’s pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.50% in any calendar quarter (10.00% annualized). We refer to this portion of the Company’s pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 2.50%) as the “catch-up”. The effect of the “catch-up” provision is that, if the Company’s pre-incentive fee net investment income exceeds 2.50% in any calendar quarter, the Investment Adviser will receive 20% of such pre-incentive fee net investment income as if the Hurdle Rate did not apply; and |
• | 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.50% in any calendar quarter (10.00% annualized) (once the Hurdle Rate is reached and the catch-up is achieved). |
The portion of such incentive fee that is attributable to deferred interest (such as PIK interest or original issue discount) will be paid to the Investment Adviser, together with any other interest accrued on the loan from the date of deferral to the date of payment, only if and to the extent the Company actually receives such interest in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write-off or similar treatment of the investment giving rise to any deferred interest accrual. Any reversal of such amounts would reduce net income for the quarter by the net amount of the reversal (after taking into account the reversal of incentive fees payable) and would result in a reduction and possible elimination of the incentive fees for such quarter. For the avoidance of doubt, no incentive fee will be paid to the Investment Adviser on amounts accrued and not paid in respect of deferred interest.
The second component, which is capital gains-based, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date) and equals 20% of the Company’s cumulative aggregate realized capital gains through the end of such year, computed net of the Company’s aggregate cumulative realized capital losses and aggregate cumulative unrealized capital loss through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees and subject to the Incentive Fee Cap and Deferral Mechanism described below. The capital-gains component of the incentive fee excludes any portion of realized gains (losses) that are associated with the reversal of any portion of unrealized gain/(loss) attributable to periods prior to April 1, 2013. The capital gains component of the incentive fee is not subject to any minimum return to stockholders.
40
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
8. Related Party Transactions – (continued)
Under U.S. GAAP, we are required to accrue a capital gains incentive fee based upon the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital gain and loss on investments held at the end of each period. If such amount is positive at the end of a period, then the Company will record a capital gains incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gains related incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such period.
The Investment Advisory Agreement does not permit unrealized capital gains for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital gains, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement (as described above).
Incentive Fee Cap and Deferral Mechanism
We have structured the calculation of these incentive fees to include a fee limitation such that no incentive fee will be paid to our Investment Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to our Investment Adviser for the period that includes such fiscal quarter and the 11 full preceding fiscal quarters (the “Incentive Fee Look-back Period”) would exceed 20.0% of our Cumulative Pre-incentive Fee Net Return during the applicable Incentive Fee Look-back Period. The Incentive Fee Look-back Period commenced on April 1, 2013. Prior to April 1, 2016, the Incentive Fee Look-back Period consisted of fewer than 12 full fiscal quarters.
Cumulative Pre-Incentive Fee Net Return refers to the sum of (a) Pre-Incentive Fee Net Investment Income for each period during the Incentive Fee Look-back Period and (b) the sum of cumulative realized capital gains, cumulative realized capital losses, cumulative unrealized capital depreciation and cumulative unrealized capital appreciation during the applicable Incentive Fee Look-back Period.
The following table provides a breakdown of our incentive fees for the three and six months ended June 30, 2016 and June 30, 2015:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
($ in thousands) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Incentive fees | ||||||||||||||||
Income-based incentive fees | $ | 1,151 | $ | 1,639 | $ | 2,323 | $ | 3,314 | ||||||||
Capital gains-based incentive fees(1) | - | (622 | ) | - | (1,602 | ) | ||||||||||
Incentive fees subject to cap & deferral mechanism(2) | (1,151 | ) | - | (2,323 | ) | - | ||||||||||
Total incentive fees | $ | - | $ | 1,017 | $ | - | $ | 1,712 |
__________
(1) | Capital Gains-Based Incentive Fee included the reversal of $(0.6) million and $(0.8) million of incentive fees on unrealized capital gains/(losses) as calculated under U.S. GAAP for the three and six months June 30, 2015, respectively.
| |
(2) | As of June 30, 2016, the Investment Adviser had calculated an aggregate of $15.6 million (net of $0.3 million waiver) of income-based incentive fees since July 1, 2013, of which $10.6 million had been paid as of June 30, 2016. However, our cumulative Pre-Incentive Fee Net Return has been decreased by the aggregate cumulative net realized and unrealized capital losses, as calculated under U.S. GAAP, experienced through the Incentive Fee Look-back Period. As a result, as of June 30, 2016, aggregate incentive fees payable to the Investment Adviser during the Incentive Fee Look-back Period were capped by the Incentive Fee Cap and Deferral Mechanism at $7.6 million (i.e., 20% of our Cumulative Pre-Incentive Fee Net Return, net of waived fees, during the Incentive Fee Look-back Period).
Due to the fact that there is no clawback of amounts previously paid to the Investment Adviser in accordance with the Investment Advisory Agreement, the Company has not recorded a receivable for the $3.0 million difference between amounts paid under the Investment Advisory Agreement in prior quarters and the Incentive Fee Cap based on the Company’s Cumulative Pre-Incentive Fee Net Return as of June 30, 2016.
The $3.0 million difference may be used to reduce future amounts earned by the Investment Adviser. However, as noted above, no incentive fee will be paid to the Investment Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to our Investment Adviser for the Incentive Fee Look-back Period would exceed 20% of our Cumulative Pre-Incentive Fee Net Return during the applicable Incentive Fee Look-back Period. To the extent unrealized capital losses incurred as of June 30, 2016 are reversed within the applicable Incentive Fee Look-back Period, the corresponding increase in our Cumulative Pre-Incentive Fee Net Return may result in the Investment Adviser earning and being paid up to $5.2 million of income based incentive fees which are currently subject to the Incentive Fee Cap.
As of June 30, 2016, the Incentive Fee Look-back Period is in effect through June 30, 2019 and realized and unrealized capital gains and losses and pre-incentive net investment income earned through June 30, 2016 will cease to impact the Incentive Fee Cap and Deferral after this date.
The Investment Adviser did not earn any aggregate incentive fees for the three and six months ended June 30, 2016. The Investment Adviser earned aggregate incentive fees of $1.0 million and $1.7 million for the three and six months ended June 30, 2015. No incentive fees were payable on the consolidated statements of financial condition as of June 30, 2016 and December 31, 2015, respectively. |
41
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
8. Related Party Transactions – (continued)
Administration Agreement
As discussed in Note 1, GARS entered into the Administration Agreement with GARS Administrator. Under the Administration Agreement, the GARS Administrator provides the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the GARS Administrator, subject to review by the Board, from time to time determines to be necessary or useful to perform its obligations under the Administration Agreement. The GARS Administrator is responsible for the financial and other records that the Company is required to maintain and prepares reports to stockholders, and reports and other materials filed with the SEC. The GARS Administrator provides on the Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. No managerial assistance was provided to any portfolio companies for the six months ended June 30, 2016 and June 30, 2015.
In addition, the GARS Administrator assists the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and the printing and dissemination of reports to stockholders of the Company, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company reimburses the GARS Administrator for the costs and expenses incurred by the GARS Administrator in performing its obligations and providing personnel and facilities as described.
GLC Trust 2013-2 entered into the GLC Trust 2013-2 Administration Agreement with GARS Administrator. Fees incurred under this agreement are included in total administrator expenses presented on the consolidated statement of operations.
Administrator charges for the three and six months ended June 30, 2016 were $0.4 million and $0.7 million, respectively. Administrator charges for the three and six months ended June 30, 2015 were $0.3 million and $0.5 million, respectively. No charges were waived by the GARS Administrator for the three and six months ended June 30, 2016 and June 30, 2015. Administration fees of $0.2 million were payable to the GARS Administrator as of June 30, 2016. No administration fees were payable to the GARS Administrator as of December 31, 2015.
42
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
8. Related Party Transactions – (continued)
Directors’ Fees
The Company’s independent directors each receive an annual fee of $75,000. They also receive $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting and receive $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting.
In addition, the chairman of the audit committee receives an annual fee of $10,000, the chairman of the valuation committee receives an annual fee of $10,000 and each chairman of any other committee receives an annual fee of $5,000 for their additional services in these capacities (all such fees and reimbursements collectively, “Directors’ Fees”). No compensation is paid to directors who are not independent of the Company and the Investment Adviser.
For the three and six months ended June 30, 2016, independent directors earned Directors’ Fees of $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2015, independent directors earned Directors’ Fees of $0.1 million and $0.2 million, respectively. No Directors’ Fees were payable as of June 30, 2016 and December 31, 2015.
Affiliated Stockholders
GSOF LLC, GSOF 2014 LLC, GSOF-SP LLC, GSOF-SP 2014 LLC, GSOF-SP II LLC, GSOF-SP 2014 II LLC, GSOF-SP DB LLC (subsidiaries of Garrison Special Opportunities Fund LP), GSOIF Corporate Loan Pools Ltd. (a subsidiary of Garrison Special Opportunities Institutional Fund LP), GCOH SubCo 2014-1 LLC (a subsidiary of Garrison Credit Opportunities Holdings L.P.), GCOH SubCo 2014-2 LLC (a subsidiary of Garrison Credit Opportunities Holdings L.P.), Garrison Capital Fairchild I Ltd. (a subsidiary of Fairchild Offshore Fund L.P.), Garrison Capital Fairchild II Ltd. (a subsidiary of Fairchild Offshore Fund II L.P.) and Garrison Capital Adviser Holdings MM LLC (collectively, the “Garrison Funds”) are all entities that are owned by funds that are managed by the Investment Manager.
As of December 31, 2014, the Garrison Funds owned an aggregate of 2,024,372, or 12.1%, of the total outstanding common shares of GARS, and the officers and directors of the Company directly owned an aggregate of 73,032, or 0.4%, of the total outstanding common shares of GARS. On March 19, 2015, GSOF LLC, GSOF-SP LLC, GSOF-SP II LLC, GSOF-SP DB LLC, GSOIF Corporate Loan Pools Ltd., and GCOH SubCo 2014-1 LLC. (collectively, the “Garrison Offering Funds”) sold an aggregate 884,990 shares of GARS common stock in a secondary offering. In connection with this sale, the Garrison Offering Funds agreed to reimburse the Company for certain fees and expenses in the amount of $18,654 incurred in connection with the filing of the Company’s Registration Statement. On March 23, 2015, the Garrison Offering Funds sold an aggregate of 125,000 shares of GARS common stock in a private offering. On May 8, 2015, Garrison Capital Fairchild I Ltd. and Garrison Capital Fairchild II Ltd sold an aggregate 200,000 shares of GARS common stock in a secondary offering.
On August 10, 2015 GSOF 2014 LLC, GSOF-SP 2014 LLC, GSOF-SP 2014 II LLC and GCOH SubCo 2014-2 LLC distributed an aggregate of 24,472 shares to certain officers and members of senior management of the Company. As of December 31, 2015, Garrison Capital Fairchild I Ltd., Garrison Capital Fairchild II Ltd. and Garrison Capital Adviser Holdings MM LLC owned an aggregate of 789,910, or 4.8%, of the total outstanding shares of GARS common stock. The officers and directors of the Company owned an aggregate of 119,921, or 0.7%, of the total outstanding shares of GARS common stock.
As of June 30, 2016, Garrison Capital Fairchild I Ltd., Garrison Capital Fairchild II Ltd. and Garrison Capital Adviser Holdings MM LLC owned an aggregate of 789,910, or 4.9%, of the total outstanding shares of GARS common stock, the officers and directors of the Company directly owned an aggregate of 177,374, or 1.1%, of the total outstanding shares of GARS common stock, and the Garrison Offering Funds held zero shares of common stock.
43
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
8. Related Party Transactions – (continued)
Other
Garrison Loan Agency Services LLC acts as the administrative and collateral agent for certain loans held by the Company. No fees were paid by the Company to Garrison Loan Agency Services LLC during the three and six months ended June 30, 2016 and June 30, 2015.
The Company may invest alongside other clients of the Investment Manager and their affiliates in certain circumstances where doing so is consistent with applicable law, SEC staff interpretations and the terms of our exemptive relief.
For certain other expenses, the GARS Administrator facilitates payments by GARS to third parties through the Investment Adviser or other affiliate. Other than the amount of expenses paid to third parties no additional charges or fees are assessed by the GARS Administrator, Investment Advisor or other affiliate.
9. Financial Highlights
The following table represents financial highlights for the Company for the six months ended June 30, 2016 and June 30, 2015:
Per share data | Six Months Ended June 30, 2016 |
Six Months Ended June 30, 2015 | ||||||
($ in thousands, except share and per share amounts) | ||||||||
Net asset value per common share at beginning of period | $ | 13.98 | $ | 15.58 | ||||
Increase in net assets from operations: | ||||||||
Net investment income | 0.71 | 0.89 | ||||||
Net realized (loss)/gain on investments | (1.14 | ) | (0.54 | ) | ||||
Net unrealized gain on investments | 0.03 | 0.06 | ||||||
Net (decrease)/increase in net assets from operations | (0.40 | ) | 0.41 | |||||
Stockholder transactions | ||||||||
Repurchase of common stock | 0.06 | - | ||||||
Distributions from net investment income | (0.70 | ) | (0.70 | ) | ||||
Total stockholder transactions | (0.64 | ) | (0.70 | ) | ||||
Net asset value per common share at end of period | 12.94 | 15.29 | ||||||
Per share market value at beginning of period | $ | 12.17 | $ | 14.44 | ||||
Per share market value at end of period | 10.06 | 14.99 | ||||||
Total book return (1) | (2.36 | )% | 2.63 | % | ||||
Total market return (2) | (11.55 | )% | 8.70 | % | ||||
Common shares outstanding at beginning of period | 16,507,594 | 16,758,779 | ||||||
Common shares outstanding at end of period | 16,091,392 | 16,758,779 | ||||||
Weighted average common shares outstanding | 16,246,272 | 16,758,779 | ||||||
Net assets at beginning of period | $ | 230,710 | $ | 261,103 | ||||
Net assets at end of period | $ | 208,187 | $ | 256,219 | ||||
Average net assets (3) | $ | 222,900 | $ | 261,645 | ||||
Ratio of net investment income to average net assets (4) | 10.47 | % | 10.75 | % | ||||
Ratio of net expenses to average net assets (4) | 9.45 | % | 9.61 | % | ||||
Ratio of portfolio turnover to average investments at fair value (5) | 13.47 | % | 19.78 | % | ||||
Asset coverage ratio (6) | 203.20 | % | 210.55 | % | ||||
Average outstanding debt (7) | $ | 230,055 | $ | 234,880 | ||||
Average debt per common share | $ | 14.30 | $ | 14.02 |
_________
(1) | Total book return equals the net increase of ending net asset value from operations plus the effect of repurchases of common stock over the net asset value per common share at the beginning of the period. |
(2) | Based upon the change in market price per share during the period and takes into account distributions, if any, reinvested in accordance with our dividend reinvestment plan. |
(3) | Calculated utilizing monthly net assets. |
(4) | During the six months ended June 30, 2016, $2.3 million of Income-based incentive fees were capped as a result of the Incentive Fee Cap and Deferral Mechanism. Had these incentive fees been earned, the ratio of net investment income to average net assets and the ratio of net expenses to average net assets would have been 8.38% and 11.53%, respectively. |
(5) | Calculated based on monthly average investments at fair value. |
(6) | In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. Based on the exemptive relief received from the SEC, our SBIC Borrowings are excluded from the Company’s asset coverage test calculation. |
(7) | Calculated based on monthly debt outstanding. |
44
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
10. Earnings per Share
The following table sets forth the computation of the net increase in net assets per share resulting from operations, pursuant to FASB ASC 260, Earnings per Share, for the six months ended June 30, 2016 and June 30, 2015:
Six Months Ended | Six Months Ended | |||||||
($ in thousands, except per share data) | June 30, 2016 | June 30, 2015 | ||||||
Net (decrease)/increase in net asset resulting from operations | $ | (6,579 | ) | $ | 6,848 | |||
Basic weighted average shares outstanding | 16,246,272 | 16,758,779 | ||||||
Basic (loss)/earnings per share | $ | (0.40 | ) | $ | 0.41 |
11. Dividends and Distributions
The Company’s dividends and distributions are recorded on the ex-dividend date. The following table reflects the cash distributions, including dividends and returns of capital per share, declared on common stock for the six months ended June 30, 2016 and June 30, 2015:
Record Dates | Board Approval Date | Payment Date | Distribution Declared | Distribution Declared per Share | ||||||||
Six months ended June 30, 2016 (1) | ($ in thousands) | |||||||||||
June 10, 2016 | May 2, 2016 | June 24, 2016 | $ | 5,655 | $ | 0.35 | ||||||
March 8, 2016 | February 24, 2016 | March 28, 2016 | 5,685 | 0.35 | ||||||||
$ | 11,340 | $ | 0.70 |
__________
(1) | Does not include any return of capital for tax purposes. |
Record Dates | Board Approval Date | Payment Date | Distribution Declared | Distribution Declared per Share | ||||||||
Six months ended June 30, 2015 (1) | ($ in thousands) | |||||||||||
June 12, 2015 | April 30, 2015 | June 26, 2015 | $ | 5,866 | $ | 0.35 | ||||||
March 20, 2015 | March 3, 2015 | March 27, 2015 | 5,866 | 0.35 | ||||||||
$ | 11,732 | $ | 0.70 |
__________
(1) | Does not include any return of capital for tax purposes. |
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.
45
Garrison Capital Inc. and Subsidiaries
Notes to Consolidated Financial Statements (unaudited)
June 30, 2016
12. Commitments and Contingencies
The Company had outstanding commitments to fund investments totaling $8.7 million and $6.9 million under various undrawn revolvers and other credit facilities as of June 30, 2016 and December 31, 2015, respectively.
In the ordinary course of business, the Company may be named as a defendant or a plaintiff in various lawsuits and other legal proceedings. Such proceedings include actions brought against the Company and others with respect to transactions to which the Company may have been a party. The outcomes of such lawsuits are uncertain and, based on these lawsuits, the values of the investments to which they relate could decrease. Management does not believe that as a result of litigation there would be any material impact on the consolidated financial condition of the Company. The Company has had no outstanding litigation proceedings brought against it since the commencement of operations on December 17, 2010.
13. Stock Repurchase Program
On October 5, 2015, GARS adopted a share repurchase plan that provides for repurchase of up to $10.0 million of its common stock at prices below GARS' net asset value per share as reported in its most recent financial statements. Under the repurchase program, GARS may, but is not obligated to, repurchase shares of its outstanding common stock in the open market or in privately negotiated transactions from time to time. Any repurchases by GARS will comply with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and any applicable requirements of the 1940 Act. Unless extended by the Board, the repurchase program will terminate on the earlier of October 5, 2016 or the repurchase of $10.0 million of GARS' common stock. The Board may amend this program, solely in its discretion, at any time prior to its termination. GARS' net asset value per share was increased by approximately $0.10 as a result of the aggregate share repurchases.
Six Months Ended | Year Ended | |||||||
($ in thousands, except per share data) | June 30, 2016 | December 31, 2015 | ||||||
Dollar amount repurchased | $ | 4,604 | $ | 3,314 | ||||
Shares repurchased | 416,202 | 251,185 | ||||||
Average price per share | $ | 11.06 | $ | 13.19 | ||||
Net asset per share increase | $ | 0.06 | $ | 0.03 | ||||
Weighted average discount to net asset value | (20.19 | )% | (11.67 | )% |
14. Transactions with Non-control/Affiliate Investments
As required by the 1940 Act, investments are classified by level of control. “Control Investments” are investments in those companies that the Company is deemed to control as defined in the 1940 Act. “Affiliate Investments” are investments in those companies that are affiliated companies, as defined in the 1940 Act, other than Control Investments. “Non-Control/Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments.
Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if it owns more than 25% of the voting securities of such company. The Company is deemed to be an affiliate of a company in which it has invested if it owns 5% or more of the voting securities of such company.
Six Months Ended June 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company | Fair value at December 31, 2015 | Purchases (cost) | Redemptions (cost) | Sales (cost) | Transfer in (out) (cost) | Discount accretion | Net unrealized gains / (losses) | Fair value at June 30, 2016 | Net realized gains / (losses) | Interest and fee income | Dividend income | |||||||||||||||||||||||||||||||||
Non-control/affiliate investments | ||||||||||||||||||||||||||||||||||||||||||||
Speed Commerce Operating Company LLC(1) | $ | - | $ | 1,984 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 1,984 | $ | - | $ | - | $ | - | ||||||||||||||||||||||
Speed Commerce Investment Partners LLC | - | 1,693 | - | - | - | - | - | 1,693 | - | - | - | |||||||||||||||||||||||||||||||||
Total non-control/affiliate investments | $ | - | $ | 3,677 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 3,677 | $ | - | $ | - | $ | - |
__________
(1) | Comprised of two investments, including the Closing Date Term Loan and Delayed Draw Term Loan with both a cost and fair value of $1.8 million and $0.2 million, respectively. |
15. Subsequent Events
On August 5, 2016, GARS entered into a new investment advisory agreement, which has the same material terms as the Investment Advisory Agreement, in connection with changes in the ownership of the Investment Adviser and certain of its affiliates which resulted in the assignment of the Investment Advisory Agreement and its termination under the 1940 Act. The new investment advisory agreement was previously approved by the Board and the Company’s stockholders in accordance with the requirements of the 1940 Act.
On August 2, 2016, the Board approved a distribution in the amount of $5.6 million, or $0.35 a share, which will be paid on September 23, 2016 to stockholders of record as of September 9, 2016.
These consolidated financial statements were approved by the Board and were available for issuance on August 9, 2016. Subsequent events have been evaluated through this date. No material subsequent events other than as disclosed above have occurred through this date.
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Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. References to "we," "us," "our" and "Garrison Capital" refer to Garrison Capital Inc. and its consolidated subsidiaries.
Forward-Looking Statements
Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:
• | our future operating results; |
• | changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes to the value of our assets; |
• | our business prospects and the prospects of our current and prospective portfolio companies; |
• | the impact of investments that we expect to make; |
• | the impact of increased competition; |
• | our contractual arrangements and relationships with third parties; |
• | the dependence of our future success on the general economy, including general economic trends, and its impact on the industries in which we invest; |
• | the ability of our prospective portfolio companies to achieve their objectives; |
• | the relative and absolute performance of Garrison Capital Advisers LLC, or the Investment Adviser, including in identifying suitable investments for us; |
• | our expected financings and investments; |
• | the adequacy of our cash resources and working capital; |
• | our ability to make distributions to our stockholders; | |
• | the effects of applicable legislation and regulations and changes thereto; |
• | the timing of cash flows, if any, from the operations of our prospective portfolio companies; and |
• | the impact of future acquisitions and divestitures. |
We use words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “will,” “should,” “could,” “can,” “would,” “believe,” “estimate,” “anticipate,” “predict,” “potential” and similar words to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.
We have based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements and future results could differ materially from historical performance. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission, or the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should understand that, under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in connection with this Quarterly Report on Form 10-Q or any periodic reports we file under the Exchange Act.
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Overview
We are an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code, and intend to qualify annually for such treatment. Our shares are currently listed on The NASDAQ Global Select Market under the symbol “GARS”.
Our investment objective is to generate current income and capital appreciation by making investments generally in the range of $5.0 million to $25.0 million primarily in debt securities and loans of U.S. based middle-market companies, which we define as those having annual earnings before interest, taxes, depreciation and amortization, or EBITDA, of between $5.0 million and $30.0 million. Our goal is to generate attractive risk-adjusted returns by assembling a broad portfolio of investments.
We invest primarily in (1) first lien senior secured loans, (2) second lien senior secured loans, (3) “one-stop” senior secured or “unitranche” loans, (4) subordinated or mezzanine loans, (5) unsecured consumer loans and (6) to a lesser extent, selected equity co-investments in middle-market companies. We use the term “one-stop” or “unitranche” to refer to a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans. We use the term “mezzanine” to refer to a loan that ranks senior only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness.
We believe that the middle market offers attractive risk-adjusted returns for debt investors. Historically, we believe there has been a persistent scarcity of available capital relative to demand, which, from a lender’s perspective, has generally resulted in more favorable transaction structures, including enhanced covenant protection and increased pricing relative to larger companies. We further believe that the turmoil in the markets has exacerbated this scarcity of capital, as many traditional lenders to middle-market companies have exited the business or focused their attention on larger borrowers. In addition, we believe that middle-market companies traditionally have exhibited lower default rates and improved recoveries compared to larger borrowers and typically offer greater access to key senior managers, which we believe further enhances the attractiveness of lending to this market segment and facilitates due diligence investigations and regular monitoring.
Our investment activities are managed by our Investment Adviser. Our six member investment committee is comprised of Joseph Tansey, Brian Chase, Mitch Drucker, Susan George, Robert Chimenti and Joshua Brandt. Our Investment Adviser is responsible for sourcing potential investments, conducting research and diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. Under an investment advisory agreement, or the Investment Advisory Agreement, with the Investment Adviser, we pay the Investment Adviser a base management fee and an incentive fee for its services. Garrison Capital Administrator LLC, or the Administrator, provides certain administrative services and facilities necessary for us to operate, including office facilities and equipment and clerical, bookkeeping and record-keeping services, pursuant to an administration agreement, or the Administration Agreement. The Administrator oversees our financial reporting and prepares our reports to stockholders and reports required to be filed with the SEC.
The Administrator also manages the determination and publication of our net asset value and the preparation and filing of our tax returns and generally monitors the payment of our expenses and the performance of administrative and professional services rendered to us by others. The Administrator may retain third parties to assist in providing administrative services to us. To the extent that the Administrator outsources any of its functions, we pay the fees associated with such functions on a direct basis without any profit to the Administrator.
As of June 30, 2016, we held investments in 59 portfolio companies with a fair value of $404.6 million, including investments in 47 portfolio companies held through the collateralized loan obligation, or the CLO. The investments held by the CLO as of June 30, 2016 consisted of senior secured loans fair valued at $299.8 million and related indebtedness of $191.0 million. The loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $313.7 million as of June 30, 2016. As of June 30, 2016, our portfolio had an average investment size of approximately $6.0 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 34 months. Weighted average yield is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.
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As of December 31, 2015, we held investments in 67 portfolio companies with a fair value of $415.0 million, including investments in 50 portfolio companies held through the CLO. The investments held by the CLO as of December 31, 2015 consisted of senior secured loans fair valued at $306.6 million and related indebtedness of $194.8 million. As of that date, the loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $323.5 million. As of December 31, 2015, our portfolio had an average investment size of approximately $6.2 million, a weighted average yield on debt investments of 10.8% and a weighted average contractual maturity of 44 months.
Revenues
We generate revenue in the form of interest earned on the debt investments that we hold and capital gains and distributions, if any, on the warrants or other equity interests that we may acquire in portfolio companies. Our debt investments, whether in the form of senior secured, unitranche or mezzanine loans, typically have a term of one to six years and bear interest at a fixed or floating rate. Interest is generally payable quarterly or semiannually, with the amortization of principal generally being deferred for several years from the date of the initial investment. In some cases, loans may have a payment-in-kind feature. The principal amount of the debt securities and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and possibly consulting fees. Loan origination fees, original issue discount and market discount are recorded as a reduction of par value, and we then accrete such amounts into interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts.
Expenses
Our primary operating expenses include the payment of (1) the base management fee and incentive fee to the Investment Adviser under the Investment Advisory Agreement; (2) the allocable portion of overhead to the Administrator under the Administration Agreement; (3) the interest expense on our outstanding debt, if any; and (4) our other operating costs, as detailed below. We bear all other costs and expenses of our operations and transactions, including:
• | our organization; |
• | calculating our net asset value and net asset value per share (including the cost and expenses of any independent valuation firms); |
• | fees and expenses, including travel expenses, incurred by the Investment Adviser or payable to third parties in performing due diligence on prospective portfolio companies, monitoring our investments and, if necessary, enforcing our rights; |
• | offerings of our common stock and other securities; |
• | distributions on our shares; |
• | transfer agent and custody fees and expenses; |
• | amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments; |
• | brokerage fees and commissions; |
• | registration fees; |
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• | listing fees; |
• | taxes; |
• | independent director fees and expenses; |
• | costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; |
• | the costs of any reports, proxy statements or other notices to our stockholders, including printing costs; |
• | costs of holding stockholder meetings; |
• | our fidelity bond; |
• | directors and officers/errors and omissions liability insurance and any other insurance premiums; |
• | litigation, indemnification and other non-recurring or extraordinary expenses; |
• | direct costs and expenses of administration and operation, including audit and legal costs; |
• | fees and expenses associated with marketing efforts; |
• | dues, fees and charges of any trade association of which we are a member; and |
• | all other expenses reasonably incurred by us or the Administrator in connection with administering our business, including rent and our allocable portion of the costs and expenses of our chief compliance officer, chief financial officer and their respective staffs. |
During periods of asset growth, we expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets and increase during periods of asset declines.
Recent Developments
On August 5, 2016, GARS entered into a new investment advisory agreement, which has the same material terms as the Investment Advisory Agreement, in connection with changes in the ownership of the Investment Adviser and certain of its affiliates which resulted in the assignment of the Investment Advisory Agreement and its termination under the 1940 Act. The new investment advisory agreement was previously approved by the Board and the Company’s stockholders in accordance with the requirements of the 1940 Act.
On August 2, 2016, our board of directors, or the Board, approved a distribution in the amount of $5.6 million, or $0.35 a share, which will be paid on September 23, 2016 to stockholders of record as of September 9, 2016.
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Consolidated Results of Operations
The results of operations described below may not be indicative of the results we report in future periods. Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized gains and losses. As a result, quarterly comparisons of net income may not be meaningful.
Consolidated operating results for the three and six months ended June 30, 2016 and June 30, 2015 are as follows:
Three Months Ended | Three Months Ended | Three Months | Six Months Ended | Six Months Ended | Six Months | |||||||||||||||||||
($ in thousands, except per share data) | June 30, 2016 | June 30, 2015 | Variance | June 30, 2016 | June 30, 2015 | Variance | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||
Total investment income | $ | 11,137 | $ | 13,152 | $ | (2,015 | ) | $ | 22,193 | $ | 26,631 | $ | (4,438 | ) | ||||||||||
Total expenses, including excise tax | 5,387 | 5,976 | (589 | ) | 10,581 | 11,773 | (1,192 | ) | ||||||||||||||||
Net investment income | 5,750 | 7,176 | (1,426 | ) | 11,612 | 14,858 | (3,246 | ) | ||||||||||||||||
Net realized (loss) on investments | (18,315 | ) | (8,521 | ) | (9,794 | ) | (18,410 | ) | (9,011 | ) | (9,399 | ) | ||||||||||||
Net change in unrealized gain on investments | 8,681 | 5,221 | 3,460 | 219 | 1,001 | (782 | ) | |||||||||||||||||
Net (decrease)/increase in net assets resulting from operations | (3,884 | ) | 3,876 | (7,760 | ) | (6,579 | ) | 6,848 | (13,427 | ) | ||||||||||||||
Net investment income per share | 0.36 | 0.43 | (0.07 | ) | 0.71 | 0.89 | (0.18 | ) | ||||||||||||||||
Net realized/unrealized (loss) from investments per share | (0.60 | ) | (0.20 | ) | (0.40 | ) | (1.11 | ) | (0.48 | ) | (0.63 | ) | ||||||||||||
Net (loss)/earnings per share | (0.24 | ) | 0.23 | (0.47 | ) | (0.40 | ) | 0.41 | (0.81 | ) | ||||||||||||||
Net asset value per share | 12.94 | 15.29 | (2.35 | ) | 12.94 | 15.29 | (2.35 | ) |
Net Investment Income
Net investment income for the three and six months ended June 30, 2016 was $5.8 million and $11.6 million, respectively. Net investment income for the three and six months ended June 30, 2015 was $7.2 million and $14.9 million, respectively.
Net investment income decreased by $(1.4) million for the three months ended June 30, 2016 from the three months ended June 30, 2015 and decreased by $(3.3) million for the six months ended June 30, 2016 from the six months ended June 30, 2015, as described below under “Investment Income” and “Expenses.”
Investment Income
Investment income for the three and six months ended June 30, 2016 was $11.1 million and $22.2 million, respectively. Investment income for the three and six months ended June 30, 2015 was $13.1 million and $26.6 million, respectively.
Investment income decreased by ($2.0) million for the three months ended June 30, 2016 from the three months ended June 30, 2015 due to a decrease in interest income in the amount of $(1.3) million and a decrease in other income of $(0.7) million. The decrease in interest income was largely driven by our non-performing assets and lower investment balances during the three months ended June 30, 2016 as compared to June 30, 2015. The decrease in other income was primarily driven by lower loan amendment and prepayment fees recognized during the three months ended June 30, 2016.
Investment income decreased by $(4.4) million for the six months ended June 30, 2016 from the six months ended June 30, 2015 due to a decrease in interest income in the amount of $(3.3) million and a decrease in other income of $(1.1) million. The decrease in interest income was largely driven by our non-performing assets and lower investment balances during the six months ended June 30, 2016 as compared to six months ended June 30, 2015. The decrease in other income was primarily driven by lower loan amendment and prepayment fees received during the six months ended June 30, 2016.
Expenses
Total expenses for the three and six months ended June 30, 2016 were $5.4 million and $10.6 million, respectively. Total expenses for the three and six months ended June 30, 2015 were $6.0 million and $11.8 million, respectively.
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The following table summarizes our expenses for the three and six months ended June 30, 2016 and June 30, 2015:
Three Months Ended | Three Months Ended | Three Months | Six Months Ended | Six Months Ended | Six Months | |||||||||||||||||||
($ in thousands) | June 30, 2016 | June 30, 2015 | Variance | June 30, 2016 | June 30, 2015 | Variance | ||||||||||||||||||
Interest | $ | 2,078 | $ | 1,816 | $ | 262 | $ | 4,086 | $ | 3,666 | $ | 420 | ||||||||||||
Management fees | 1,824 | 1,983 | (159 | ) | 3,674 | 3,973 | (299 | ) | ||||||||||||||||
Incentive fees | - | 1,017 | (1,017 | ) | - | 1,712 | (1,712 | ) | ||||||||||||||||
Professional fees | 336 | 299 | 37 | 722 | 615 | 107 | ||||||||||||||||||
Directors fees | 107 | 101 | 6 | 214 | 208 | 6 | ||||||||||||||||||
Administrator expenses | 445 | 272 | 173 | 714 | 513 | 201 | ||||||||||||||||||
Other expenses | 597 | 488 | 109 | 1,171 | 1,086 | 85 | ||||||||||||||||||
Total expenses | $ | 5,387 | $ | 5,976 | $ | (589 | ) | $ | 10,581 | $ | 11,773 | $ | (1,192 | ) |
Interest expense increased $0.3 million and $0.4 million for the three and six months ended June 30, 2016, respectively, from the three and six months ended June 30, 2015, primarily due to an increase in the average effective interest rate on debt outstanding. As of June 30, 2016 and June 30, 2015, the weighted average effective interest rate for total debt outstanding was 3.39% and 2.97%, respectively.
Management fees decreased by $(0.2) and $(0.3) million for the three and six months ended June 30, 2016, respectively, from the three and six months ended June 30, 2015, primarily due to lower average gross asset balances.
Incentive fees decreased by $(1.0) million and $(1.7) million for the three and six months ended June 30, 2016, respectively, from the three and six months ended June 30, 2015. The decrease in incentive fees during the three and six months ending June 30, 2016 was a result of the reversal of Income-based incentive fees that were subject to the Incentive Fee Cap and Deferral Mechanism. These reversals were driven by realized and unrealized losses on investments. Refer to Note 8 of our consolidated financial statements for additional discussion of our incentive fee.
Professional fees increased by $0.1 million for the six months ended June 30, 2016, from the six months ended June 30, 2015 primarily driven by higher audit and consulting fees.
Administrator expenses increased by $0.2 million for the three and six months ended June 30, 2016, from the three and six months ended June 30, 2015 primarily driven by higher overhead costs.
Other expenses increased by $0.1 million for the three and six months ended June 30, 2016, from the three and six months ended June 30, 2015 primarily due to higher excise tax expense recorded.
Net Realized (Loss)/Gain and Unrealized (Loss)/Gain on Investments
For the three and six months ended June 30, 2016 we realized a net loss on investments of $(18.3) million and $(18.4) million, respectively.
Net realized losses for the three months ended June 30, 2016 were primarily driven by a $(12.6) million loss on Speed Commerce, Inc., a $(5.8) million loss on Forest Park Medical Center at Fort Worth and $(0.3) of realized losses in the GLC Trust 2013-2’s consumer loan portfolio. This was partially offset by a $0.3 million gain on Ellman International, Inc. and $0.1 million of gains from the partial and full repayment and sales of other portfolio investments.
Net realized losses for the six months ended June 30, 2016 were primarily driven by a $(12.6) million loss on Speed Commerce, Inc., a $(5.8) million loss on Forest Park Medical Center at Fort Worth and $(0.7) of realized losses in the GLC Trust 2013-2’s consumer loan portfolio. This was partially offset by a $0.3 million gain on Ellman International, Inc. and $0.4 million of gains from the partial and full repayment and sales of other portfolio investments.
For the three and six months ended June 30, 2015 we realized a net loss on investments of $(8.5) million and $(9.0) million, respectively.
Net realized losses for the three months ended June 30, 2015 were primarily driven by a $(4.4) million loss incurred from the early full repayment of Midwest Technical Institute, Inc., a $(4.1) million loss incurred from the significant restructuring of Anchor Hocking, LLC and $(0.6) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio, offset by $0.6 million of realized gains on the early full repayment of eight portfolio investments, the sale of one portfolio investment and other partial repayments.
Net realized losses for the six months ended June 30, 2015 were primarily driven by a $(4.4) million loss incurred from the early full repayment of Midwest Technical Institute, Inc., a $(4.1) million loss incurred from the significant restructuring of Anchor Hocking, LLC and $(1.3) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio, offset by $0.8 million of realized gains on the early full repayment of eleven portfolio investments, the sale of one portfolio investment and other partial repayments.
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For the three and six months ended June 30, 2016, the net change in unrealized gain on investments was $8.7 million and $0.2 million, respectively.
The net change in unrealized gain for the three months ended June 30, 2016 was primarily driven by the reversal of prior period unrealized losses on the Speed Commerce, Inc and Forest Park Medical Center at Fort Worth investments in the amounts of $11.1 million and $5.3 million, respectively. In addition, we recognized positive fair value adjustments of $0.6 million and $0.5 million on our syndicated credits and on our GLC Trust 2013-2’s consumer loan portfolio, respectively. This was offset by $(7.1) million of negative credit-related adjustments on our investments in BFN Operations LLC, SC Academy Holdings, Inc., and Forest Park Medical Center at San Antonio and a $(1.7) million of negative market-related markdown on our preferred equity investment in Prosper Marketplace.
The net change in unrealized gain for the six months ended June 30, 2016 was primarily driven by the reversal of prior period unrealized losses on the Speed Commerce, Inc and Forest Park Medical Center at Fort Worth investments in the amounts of $9.8 million and $1.7 million, respectively. This was offset by a $(9.0) million of negative credit-related adjustments on our investments in BFN Operations LLC, SC Academy Holdings, Inc., and Forest Park Medical Center at San Antonio and a net $(2.3) million of negative market-related adjustments. These market-related adjustments were primarily driven by our preferred equity investment in Prosper Marketplace and our syndicated loan credits.
For the three and six months ended June 30, 2015 the net change in unrealized gain on investments was $5.2 million and $1.0 million, respectively.
The net change in unrealized gain for the three months ended June 30, 2015 was driven primarily by the reversal of prior period unrealized losses in the amount of $6.5 million offset by $(1.3) million of unrealized losses in the value of the remaining portfolio. Reversal of prior period unrealized losses were as a result of the early full repayment of two portfolio investments in the amount of $3.2 million and the significant restructuring of one portfolio investment in the amount of $3.3 million. Decreases in the value of the remaining portfolio were primarily as a result of the negative credit related adjustment of one portfolio investment in the amount of $(1.1) million and $(0.2) million of losses in the market value of the remaining portfolio.
The net change in unrealized gain for the six months ended June 30, 2015 was driven primarily by the reversal of prior period unrealized losses in the amount of $3.2 million offset by $(2.2) million of unrealized losses in the value of the remaining portfolio. Reversal of prior period unrealized losses were as a result of the early full repayment of one portfolio investment in the amount of $1.0 million and the significant restructuring of one portfolio investment in the amount of $2.7 million offset by repayments of $(0.5) million. Decreases in the value of the remaining portfolio were primarily as a result of the negative credit related adjustment of two portfolio investments in the amount of $(2.8) million offset by $0.6 million of gains in the market value of the remaining portfolio.
Net Increase/(Decrease) in Net Assets from Operations
We had a net asset value per common share outstanding on June 30, 2016 of $12.94. We had a net asset value per common share outstanding on December 31, 2015 of $13.98.
Based on 16,246,272 basic weighted average shares outstanding, the net decrease in net assets from operations per share for the six months ended June 30, 2016 was $(0.40).
Based on 16,758,779 basic weighted average shares outstanding, the net increase in net assets from operations per share for the six months ended June 30, 2015 was $0.41.
Liquidity and Capital Resources
As a business development company, we distribute substantially all of our net income to our stockholders and will have an ongoing need to raise additional capital for investment purposes. We generate cash primarily from offerings of our securities, the CLO, as described below, Garrison Capital SBIC LP, or Garrison SBIC, other borrowings we may incur, and cash flows from operations, including interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.
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As of June 30, 2016 and December 31, 2015, we had cash of $18.1 million and $25.0 million, respectively. Also, as of June 30, 2016 and December 31, 2015, we had restricted cash of $7.3 million and $11.8 million, respectively.
In addition to proceeds from public and private offerings of securities, our CLO and our GLC Trust 2013-2 Notes, as of June 30, 2016 we have identified eight portfolio companies with a total par value of $25.0 million and a fair value of $23.6 million which we have defined as transitory and consist of investments below the low end of our portfolio yield target of 9.0%. We view these investments as an additional source of liquidity to meet our investment objectives.
Our primary use of funds from operations includes investments in portfolio companies, cash distributions to holders of our common stock, payments of interest on our debt, and payments of fees and other operating expenses we incur. We believe that our existing cash and cash equivalents, available borrowings and our transitory portfolio as of June 30, 2016 will be sufficient to fund our anticipated funding requirements through at least June 30, 2017.
On February 24, 2016 the Board approved a distribution in the amount of $5.8 million, or $0.35 a share, which was paid on March 28, 2016 to stockholders of record as of March 8, 2016. On May 2, 2016 the Board approved a distribution in the amount of $5.7 million, or $0.35 a share, which was paid on June 24, 2016 to stockholders of record as of June 10, 2016.
During the six months ended June 30, 2016, cash decreased by $(6.8) million as a result of net cash used by financing activities in the amount of $(18.9) million offset by net cash provided by operating activities of $12.1 million.
During the six months ended June 30, 2016, cash provided by operating activities resulted mainly from net investment income in the amount of $5.8 million, repayments and sales of investments in the amount of $28.7 million and $27.0 million, respectively, offset by purchases of investments of $(61.8) million, and realized losses from investments in the amount of $(18.4) million. Net cash used in financing activities resulted from cash distributions in the amount of $(11.3) million, repurchases of common stock in the amount of $(4.6) million, repayment of the GLC Trust 2013-2 Class A notes in the amount of $(6.3) million and debt issuance costs of $(0.2) million, repayment of the senior secured revolving notes in the amount of $(3.9) million, offset by proceeds from the Garrison SBIC borrowings in the amount of $7.4 million.
During the six months ended June 30, 2015, cash increased by $14.5 million as a result of net cash provided by operating activities of $33.4 million offset by net cash used in financing activities in the amount of $(18.9) million.
During the six months ended June 30, 2015, cash provided by operating activities resulted mainly from $14.9 million of net investment income and $26.7 million of net repayments and sales of investments. This was offset by a $(6.4) million change in restricted cash. Net cash used in financing activities resulted from $(11.7) million in cash distributions, $(7.8) million in repayments of the GLC Trust 2013-2 Class A notes and $(2.4) million in repayments of the CLO revolving notes, offset by proceeds from Garrison SBIC borrowing in the amount of $3.5 million.
As of June 30, 2016 and December 31, 2015, we had $8.7 million and $6.9 million, respectively, of unfunded commitments with a fair value of $(0.1) million and $(0.1) million, respectively. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 2016 and December 31, 2015, respectively, subject to the terms of each loan’s respective credit agreement.
Subject to leverage and borrowing base restrictions, as of June 30, 2016, we had approximately $18.9 million available for additional borrowings under the CLO and $8.3 million of available small business investment company, or SBIC, leverage. As of December 31, 2015, we had approximately $15.0 million available for additional borrowings under the CLO and $15.7 million of available SBIC leverage.
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Portfolio Composition and Select Portfolio Information
As of June 30, 2016, we held investments in 59 portfolio companies with a fair value of $404.6 million. As of June 30, 2016, our portfolio had an average investment size of approximately $6.0 million, a weighted average yield on debt investments of 11.2% and a weighted average contractual maturity of 34 months.
The following table shows select information of our portfolio for the periods from June 30, 2015 to June 30, 2016.
June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
Portfolio characteristics ($ in thousands, % based on market value)* | 2016 | 2016 | 2015 | 2015 | 2015 | |||||||||||||||
Total Market Value | $ | 404,594 | $ | 405,554 | $ | 415,001 | $ | 407,757 | $ | 435,072 | ||||||||||
Number of portfolio companies | 59 | 63 | 65 | 50 | 52 | |||||||||||||||
Average investment size (1) | $ | 5,977 | $ | 6,188 | $ | 6,240 | $ | 7,794 | $ | 7,361 | ||||||||||
Weighted average yield (2) | 11.2 | % | 11.2 | % | 10.8 | % | 10.9 | % | 11.0 | % | ||||||||||
Weighted average price (1) | 96.1 | 90.9 | 92.9 | 97.3 | 97.1 | |||||||||||||||
First lien | 93.2 | % | 92.4 | % | 91.8 | % | 90.6 | % | 88.8 | % | ||||||||||
Second lien & mezzanine/subordinated | 1.9 | % | 1.9 | % | 1.8 | % | 1.8 | % | 2.6 | % | ||||||||||
Consumer loans | 2.9 | % | 3.5 | % | 4.2 | % | 5.4 | % | 6.1 | % | ||||||||||
Equity & other | 2.0 | % | 2.2 | % | 2.2 | % | 2.2 | % | 2.5 | % | ||||||||||
Core(3) | 94.1 | % | 94.6 | % | 91.2 | % | 96.9 | % | 97.1 | % | ||||||||||
Transitory(3) | 5.9 | % | 5.4 | % | 8.8 | % | 3.1 | % | 2.9 | % | ||||||||||
Originated (4) | 57.8 | % | 57.5 | % | 56.4 | % | 61.1 | % | 55.3 | % | ||||||||||
Club (5) | 26.3 | % | 27.3 | % | 26.1 | % | 27.6 | % | 28.7 | % | ||||||||||
Purchased | 15.9 | % | 15.2 | % | 17.5 | % | 11.3 | % | 16.0 | % | ||||||||||
Fixed (1) | 5.3 | % | 5.9 | % | 6.8 | % | 8.0 | % | 9.0 | % | ||||||||||
Floating (1) | 94.7 | % | 94.1 | % | 93.2 | % | 92.0 | % | 91.0 | % | ||||||||||
Performing (1) | 98.8 | % | 95.9 | % | 94.1 | % | 95.6 | % | 99.0 | % | ||||||||||
Non-accrual (1) | 1.2 | % | 4.1 | % | 5.9 | % | 4.4 | % | 1.0 | % | ||||||||||
Weighted average debt/EBITDA (1) (2) (6) | 3.7 | x | 3.7 | x | 3.6 | x | 3.7 | x | 3.7 | x | ||||||||||
Weighted average risk rating (1) | 2.52 | 2.66 | 2.66 | 2.66 | 2.51 |
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* Table excludes positions with a market value of zero.
(1) | Excludes consumer loans and equity investments. |
(2) | Excludes investments with a risk rating of four, unfunded revolvers and equity investments. | |
(3) | The period ended March 31, 2016 includes the transfer of one portfolio company, total par of $4.8 million, to core from transitory, based on the current yield. |
(4) | Originated positions include investments where we have sourced and led the execution of the deal. |
(5) | Club positions include investments where we provided direct lending to a borrower with one or two other lenders but did not lead the deal. |
(6) | Excludes non-operating portfolio companies, which we define as those investments collateralized by real estate, proved developed producing value, or PDP, or other hard assets. PDPs are proven revenues that can be produced with existing wells. As of June 30, 2016, $31.9 million of par value and $31.1 million of market value was excluded. |
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Ongoing Monitoring
We view active portfolio monitoring as a vital part of the investment process. Our Investment Adviser monitors the financial trends of each portfolio company to determine if it is meeting its respective business plan and to assess the appropriate course of action for each company.
Our Investment Adviser uses several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:
• | assessment of success in adhering to portfolio company’s business plan and compliance with covenants; |
• | periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; |
• | comparisons to other portfolio companies in the industry, if any; |
• | attendance at and participation in board meetings; and |
• | review of monthly and quarterly financial statements and financial projections for portfolio companies. |
Our Investment Adviser assigns an internal rating for each of our portfolio companies. The rating scale is a numeric scale of 1 to 4 based on the credit attributes and prospects of the portfolio company’s business. In general, we use the ratings as follows:
• | a rating of 1 denotes a high quality investment with no loss of principal expected; |
• | a rating of 2 denotes a moderate to high quality investment with no loss of principal expected; |
• | a rating of 3 denotes a moderate quality investment with market rates of expected loss of principal and potential non-compliance with financial covenants; and |
• | a rating of 4 denotes a low quality investment with an expected loss of principal. In the case of risk grade 4 loans, our Investment Adviser will assign a recovery value to the loan. |
The following table shows the distribution of our investments on the 1 to 4 investment risk scale at fair value, excluding our interest in GLC Trust 2013-2 and equity investments as of June 30, 2016 and December 31, 2015:
As of June 30, 2016 | As of December 31, 2015 | |||||||||||||||
($ in thousands) | Investments at Fair Value |
Percentage of Total Investments |
Investments at Fair Value |
Percentage of Total Investments | ||||||||||||
Risk Rating 1 | $ | 28,116 | 7.3 | % | $ | 20,455 | 5.3 | % | ||||||||
Risk Rating 2 | 140,791 | 36.6 | 139,048 | 35.8 | ||||||||||||
Risk Rating 3 | 211,342 | 54.9 | 205,995 | 53.0 | ||||||||||||
Risk Rating 4 | 4,744 | 1.2 | 22,826 | 5.9 | ||||||||||||
$ | 384,993 | 100.0 | % | $ | 388,324 | 100.0 | % |
The weighted average risk rating of the portfolio was 2.52 and 2.66 as of June 30, 2016 and December 31, 2015, respectively.
Inflation
Inflation has not had a significant effect on our results of operations in any of the reporting periods presented in our financial statements. However, from time to time, inflation may impact the operating results of our portfolio companies.
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Off-Balance Sheet Arrangements
We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2016 and December 31, 2015, we had $8.7 million and $6.9 million of outstanding commitments to fund such investments, respectively.
Contractual Obligations
A summary of our significant contractual payment obligations as of June 30, 2016 is as follows:
Payments Due by Period | ||||||||||||||||||||
Less Than | 1 - 3 | 3 - 5 | More Than | |||||||||||||||||
($ in thousands) | 1 Year | Years | Years | 5 Years | Total | |||||||||||||||
CLO Facility II | $ | - | $ | - | $ | - | $ | 191,450 | $ | 191,450 | ||||||||||
GLC Trust 2013-2 Class A Notes | - | - | - | 9,703 | 9,703 | |||||||||||||||
SBIC Borrowings | - | - | - | 26,700 | 26,700 | |||||||||||||||
Total contractual obligations | $ | - | $ | - | $ | - | $ | 227,853 | $ | 227,853 |
We have certain contracts under which we have material future commitments. Under the Investment Advisory Agreement, the Investment Adviser provides us with investment advisory and management services. We have agreed to pay for these services (1) a base management fee equal to a percentage of the average adjusted value of our gross assets and (2) an incentive fee based on our performance.
We entered into the Administration Agreement on October 9, 2012 with the Administrator. Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, provides us clerical, bookkeeping and record keeping services and provides us with other administrative services necessary to conduct our day-to-day operations.
If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and our Administration Agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.
Both the Investment Advisory Agreement and the Administration Agreement may be terminated by either party without penalty upon no fewer than 60 days’ written notice to the other.
Critical Accounting Policies
The preparation of our financial statements in accordance with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. We have identified the following as critical accounting policies.
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Basis for Consolidation
Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in Topic 946, Financial Services-Investment Companies, or ASC Topic 946, we are precluded from consolidating any entity other than another investment company. We generally consolidate any investment company when we own 100% of its partners’ or members’ capital or equity units. ASC Topic 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. Garrison Funding 2013-2 Manager owns a 100% equity interest in the CLO, which is an investment company for accounting purposes, and also provides collateral management services solely to the CLO. As such, we have consolidated the accounts of these entities into our financial statements. Our blocker subsidiaries, Walnut Hill II LLC, Forest Park II LLC, GLC Trust 2013-2 and Garrison SBIC are 100% owned investment companies. As such, we have consolidated the accounts of these entities into our financial statements. As a result of this consolidation, the amount outstanding under the CLO and the GLC Trust 2013-2 Notes are treated as our indebtedness.
Valuation of Portfolio Investments
We value our investments in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification Topic 820 Fair Value Measurements and Disclosures (formerly FASB Statement No. 157), or ASC Topic 820. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about assets and liabilities measured at fair value. ASC Topic 820’s definition of fair value focuses on exit price in the principal, or most advantageous, market and prioritizes the use of market-based inputs over entity-specific inputs within a measurement of fair value. ASC Topic 820 classifies the inputs used to measure these fair values into the following hierarchy:
Level 1 — | quoted unadjusted prices in active markets for identical investments as of the reporting date. |
Level 2 — | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.). |
Level 3 — | significant unobservable inputs (including the Investment Adviser’s own assumptions about the assumptions market participants would use in determining the fair values of investments). |
The valuation process is conducted at the end of each fiscal quarter, with a portion of our valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter.
Our portfolio consists of primarily debt investments and unsecured consumer loans. The fair value of our investments is initially determined by investment professionals of our Investment Adviser and ultimately determined by the Board on a quarterly basis.
In valuing our debt investments, the Investment Adviser generally uses various approaches, including proprietary models that consider the analyses of independent valuation agents as well as credit risk, liquidity, market credit spreads, other applicable factors for similar transactions, bid quotations obtained from other financial institutions that trade in similar investments or based on bid prices provided by independent third party pricing services.
The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the our debt investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors.
In valuing our unsecured consumer loans, the Investment Adviser generally uses a discounted cash flow methodology based upon a set of assumptions. The primary assumptions used to value the unsecured consumer loans include prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rate.
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The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the our consumer loan investments generally include, as appropriate, prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rates.
Our Board has retained several independent valuation firms to review the valuation of each portfolio investment that does not have a readily available market quotation at least once during each 12-month period. To the extent a security is reviewed in a particular quarter, it is reviewed and valued by only one service provider. However, our Board does not intend to have de minimis investments of less than 0.5% of our total assets (up to an aggregate of 10% of our total assets) independently reviewed. Our Board is ultimately and solely responsible for determining the fair value of our assets using a documented valuation policy and consistently applied valuation process.
Due to the nature of our strategy, our portfolio includes relatively illiquid investments that are privately held. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. This means that our portfolio valuations are based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Valuations of privately held investments are inherently uncertain and they may fluctuate over short periods of time and may be based on estimates. The determination of fair value by our Board may differ materially from the values that would have been used if a ready market for these investments existed. Our net asset value could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realized upon the disposal of such investments.
The valuation process is conducted at the end of each fiscal quarter, with a portion of our valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter. When an external event with respect to one of our portfolio companies, such as a purchase transaction, public offering or subsequent equity sale, occurs, we expect to use the pricing indicated by the external event to corroborate our valuation.
With respect to investments for which market quotations are not readily available, our Board will undertake a multi-step valuation process each quarter, as described below:
• | Our quarterly valuation process begins with each portfolio company or investment being initially valued by investment professionals of our Investment Adviser responsible for credit monitoring. |
• | Preliminary valuation conclusions are then documented and discussed with our senior management and our Investment Adviser. |
• | The valuation committee of the Board reviews these preliminary valuations. |
• | At least once annually, the valuation for each portfolio investment that does not have a readily available quotation is reviewed by an independent valuation firm, subject to the de minimis exception above. |
• | The Board discusses valuations and determines the fair value of each investment in our portfolio in good faith. |
Net assets could be materially affected if the determinations regarding the fair value of the investments were materially higher or lower than the values that are ultimately realized upon the disposal of such investments.
Investment Transactions and Related Investment Income and Expense
We record our investment transactions on a trade date basis, which is the date when we have determined that all material terms have been defined for the transactions. These transactions could possibly settle on a subsequent date depending on the transaction type. All related revenue and expenses attributable to these transactions are reflected on the consolidated statements of operations commencing on the trade date unless otherwise specified by the transaction documents. Realized gains and losses on investment transactions are recorded using the specific identification method.
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We accrue interest income if we expect that ultimately we will be able to collect it. Generally, when an interest default occurs on a loan in our portfolio, or if our management otherwise believes that the issuer of the loan will not be able to service the loan and other obligations, we will place the loan on non-accrual status and will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, we remain contractually entitled to this interest. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan which is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables. We had three investments on non-accrual status as of June 30, 2016 and four investments on non-accrual as of December 31, 2015.
Any original issue discounts, as well as any other purchase discounts or premiums on debt investments, are accreted or amortized and included in interest income over the maturity periods of the investments.
Interest Expense
Interest expense is recorded on an accrual basis and is adjusted for amortization of deferred debt issuance costs.
Other Expenses
Certain expenses related to, but not limited to, rating fees, due diligence, valuation expenses and independent collateral appraisals may arise when we make certain investments. These expenses are recognized in the consolidated statement of operations within ratings fees and other expenses as they are incurred.
Loan Origination, Facility, Commitment and Amendment Fees
We may receive loan origination, prepayment, facility, commitment, forbearance and amendment fees in addition to interest income during the life of the investment. We may receive origination fees upon the origination of an investment.
Origination fees received by us are initially deferred and reduced from the cost basis of the investment and subsequently accreted into interest income over the remaining stated term of the loan.
Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Facility fees, sometimes referred to as asset management fees, are accrued as a percentage periodic fee on the base amount (either the funded facility amount or the committed principal amount). Commitment fees are based upon the undrawn portion committed by us and are accrued over the life of the loan.
Amendment and forbearance fees are paid in connection with loan amendments and waivers and are recognized upon completion of the amendments or waivers, generally when such fees are receivable. Any such fees are recorded and classified as other income and included in investment income on the consolidated statements of operations. As these fees are paid and recognized in connection with specific loan amendments or forbearance, they are typically non-recurring in nature.
Share Repurchase
Share repurchase transactions are recorded on a trade date basis, which is the date when management has determined that all material legal terms have been contractually defined for the transactions. The aggregate cost of common stock repurchased, including any direct transaction costs, is recorded as a reduction of the par and paid-in-capital in excess of par value accounts, respectively.
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Distributions
Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by our Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although we may decide to retain such capital gains for investment.
We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if our Board declares a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution.
No action is required on the part of a registered stockholder to have their cash dividend or other distribution reinvested in shares of our common stock. A registered stockholder may elect to receive an entire distribution in cash by notifying American Stock Transfer & Trust Company, LLC, the plan administrator and our transfer agent and registrar, in writing so that such notice is received by the plan administrator no later than the record date for distributions to stockholders. The plan administrator will set up an account for shares acquired through the plan for each stockholder who has not elected to receive dividends or other distributions in cash and hold such shares in non-certificated form. Upon request by a stockholder participating in the plan, received in writing not less than 10 days prior to the record date, the plan administrator will, instead of crediting shares to the participant’s account, issue a certificate registered in the participant’s name for the number of whole shares of our common stock and a check for any fractional share. The plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds of the sale of any fractional share of common stock.
Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends and other distributions in cash by notifying their broker or other financial intermediary of their election.
Income Tax
As a business development company, we elected to be treated as a RIC under Subchapter M of the Code, and intend to qualify annually for such treatment.
We intend to comply with all RIC qualification provisions contained in the Code including certain source-of-income and asset diversification requirements as well as the annual distribution requirements, which require us to distribute to our stockholders an amount generally equal to at least 90% of “investment company taxable income.” “Investment company taxable income” is generally defined to include net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. As a RIC, we do not have to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that we distribute to our stockholders in a timely manner. However, we are subject to U.S. federal income taxes at regular corporate tax rates on any net ordinary income or net capital gain not distributed to our stockholders assuming we meet the annual distribution requirement.
Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. We would then pay a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended June 30, 2016, $50,000 and $0.1 million was recorded for U.S. federal excise tax, respectively. For the three months ended June 30, 2015, the Company reversed previously accrued U.S. federal excise tax in the amount of $(42,957).
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Item 3: Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. During the period covered by our financial statements, the majority of the loans in our portfolio had floating interest rates, and we expect that our loans in the future will also have floating interest rates. These loans usually have floating interest rates based on the London Interbank Offer Rate, or LIBOR, and typically have interest rate re-set provisions that adjust applicable LIBOR under such loans to current market rates on a regular basis. In addition, the CLO has a floating interest rate provision based on a cost of funds that approximates LIBOR and we expect that any other credit facilities into which we enter in the future may have floating interest rate provisions.
Assuming that the interim and unaudited consolidated statement of financial condition as of June 30, 2016 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Increase | Net increase/ | |||||||||||
in | (Decrease)/increase | (decrease) in | ||||||||||
Change in interest rates | interest income | in interest expense | investment income | |||||||||
($ in thousands) | ||||||||||||
Down 25 basis points | $ | (44 | ) | $ | (441 | ) | $ | 397 | ||||
Up 50 basis points | 745 | 957 | (212 | ) | ||||||||
Up 100 basis points | 2,487 | 1,915 | 572 | |||||||||
Up 200 basis points | 6,163 | 3,829 | 2,334 | |||||||||
Up 300 basis points | 9,844 | 5,744 | 4,100 |
Although management believes that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit markets, the size, credit quality or composition of the assets in our portfolio and other business developments, including indebtedness under the CLO or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we cannot assure you that actual results would not differ materially from the statement above.
We may in the future hedge against currency and interest rate fluctuations by using standard hedging instruments such as futures, forward contracts, currency options and interest rate swaps, caps, collars and floors, and the collateral manager may engage in similar hedging activities with respect to the obligations of the CLO, to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in currency exchange and interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates. We, our Investment Adviser and the collateral manager have not hedged any of the obligations of the CLO.
Item 4: Controls and Procedures
As of the end of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
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We, the Investment Adviser, the Administrator and our wholly-owned subsidiaries are not currently subject to any material legal proceedings.
In addition to other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our Annual Report on Form 10-K filed with the SEC on March 2, 2016, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information regarding our purchases of our common stock for each month in the three month period ended June 30, 2016:
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
($ in thousands, except share and per share amounts) | ||||||||||||||||
As of March 31, 2016 | $ | 3,546 | ||||||||||||||
April 1, 2016 through April 30, 2016 | 41,222 | $ | 10.59 | 41,222 | 3,109 | |||||||||||
May 1, 2016 through May 31, 2016 | 37,123 | 10.34 | 78,345 | 2,726 | ||||||||||||
June 1, 2016 through June 30, 2016 | 65,077 | 9.89 | 143,422 | 2,082 | ||||||||||||
143,422 | $ | 10.20 | 143,422 | $ | 2,082 |
__________
(1) | On October 5, 2015, we announced a share repurchase plan which allows us to repurchase up to $10.0 million of our outstanding common stock. Unless extended by the Board, the repurchase program will expire on the earlier of October 5, 2016 and the repurchase of $10.0 million of common stock. |
Item 3: Defaults Upon Senior Securities
None.
Item 4: Mine Safety Disclosures
Not applicable.
None.
EXHIBIT INDEX
Number | Description | |
10.1* | Third Amended and Restated Investment Advisory Agreement dated as of August 5, 2016, by and between the Registrant and Garrison Capital Advisers LLC. | |
31.1* | Certifications by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | Certifications by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2* | Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
99.1* | GLC Trust 2013-2 Consumer Loan Pool Schedule of Investments. |
* | Filed herewith. |
63
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Garrison Capital Inc. | ||
Dated: August 9, 2016 |
By /s/ Joseph Tansey
Joseph Tansey Chief Executive Officer (Principal Executive Officer)
| |
Dated: August 9, 2016 |
By /s/ Brian Chase
Brian Chase Chief Financial Officer (Principal Financial and Accounting Officer)
|
64
EXHIBIT 10.1
Third AMENDED AND RESTATED INVESTMENT ADVISORY aGREEMENT
by and BETWEEN
Garrison capital Inc.
AND
garrison capital advisers LLC
This Third Amended and Restated Investment Advisory Agreement made this 5th day of August 2016 (this “Agreement”), by and between GARRISON CAPITAL INC., a Delaware corporation (the “Corporation”), and GARRISON CAPITAL ADVISERS LLC, a Delaware limited liability company (the “Adviser”).
WHEREAS, the Corporation operates as a closed-end, non-diversified management investment company;
WHEREAS, the Corporation has elected to be treated as a business development company under the Investment Company Act of 1940, as amended (the “Investment Company Act”);
WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”);
WHEREAS, the Corporation and the Adviser are party to that certain second amended and restated investment advisory agreement dated May 6, 2014 by and between the Corporation and the Adviser (the “Prior Agreement”); and
WHEREAS, the Corporation and the Adviser desire to amend and restate the Prior Agreement to set forth the terms and conditions for the continued provision by the Adviser of investment advisory services to the Corporation, and the stockholders of the Corporation approved this Agreement at a meeting held on May 1, 2015.
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:
1. Duties of the Adviser.
(a) The Corporation hereby employs the Adviser to act as the investment adviser to the Corporation and to manage the investment and reinvestment of the assets of the Corporation, subject to the supervision of the board of directors of the Corporation (the “Board of Directors”), for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the Corporation’s filings with the Securities and Exchange Commission, as the same may be amended from time to time, (ii) in accordance with the Investment Company Act, the Investment Advisers Act and all other applicable federal and state law and (iii) in accordance with the Corporation’s certificate of incorporation and bylaws, each as amended from time to time.
Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Corporation, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Corporation (including performing due diligence on prospective portfolio companies); (iii) execute, close, service and monitor the Corporation’s investments; (iv) determine the securities and other assets that the Corporation will purchase, retain or sell; and (v) provide the Corporation with such other investment advisory, research and related services as the Corporation may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Corporation to effectuate its investment decisions for the Corporation, including the execution and delivery of all documents relating to the Corporation’s investments and the placing of orders for other purchase or sale transactions on behalf of the Corporation.
In the event that the Corporation determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Corporation’s behalf, subject to the oversight and approval of the Board of Directors.
If it is necessary for the Adviser to make investments on behalf of the Corporation through a subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle and to make such investments through such subsidiary or special purpose vehicle in accordance with the Investment Company Act.
(b) The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the amounts of compensation provided herein.
(c) Subject to the requirements of the Investment Company Act, the Adviser is hereby authorized, but not required, to enter into one or more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Corporation’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Corporation, subject in all cases to the oversight of the Adviser and the Corporation. The Adviser, and not the Corporation, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act, the Investment Advisers Act and other applicable federal and state law.
(d) For all purposes herein provided, the Adviser shall be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Corporation in any way or otherwise be deemed an agent of the Corporation.
2 |
(e) The Adviser shall keep and preserve, in the manner and for the period that would be applicable to investment companies registered under the Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Corporation, shall specifically maintain all books and records with respect to the Corporation’s portfolio transactions and shall render to the Board of Directors such periodic and special reports as the Board of Directors may reasonably request. The Adviser agrees that all records that it maintains for the Corporation are the property of the Corporation and shall surrender promptly to the Corporation any such records upon the Corporation’s request, provided that the Adviser may retain a copy of such records.
2. Corporation’s Responsibilities and Expenses Payable by the Corporation. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Corporation.
The Corporation shall bear all other costs and expenses of its operations and transactions, including those relating to: (a) organization; (b) calculating the Corporation’s net asset value (including the cost and expenses of any independent valuation firm); (c) fees and expenses, including travel expenses, incurred by the Adviser or payable to third parties in performing due diligence on prospective portfolio companies, monitoring the Corporation’s investments and, if necessary, enforcing the Corporation’s rights; (d) interest payable on debt, if any, incurred to finance the Corporation’s investments; (e) costs of offerings of the Corporation’s common stock and other securities; (f) the base management fee and any incentive fee; (g) distributions on the Corporation’s common stock; (h) administration fees payable to the Garrison Capital Administrator LLC (the “Administrator”) under the administration agreement dated as of October 9, 2012 (as amended from time to time, the “Administration Agreement”); (i) transfer agent and custody fees and expenses; (j) the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it; (k) amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments; (l) brokerage fees and commissions; (m) registration fees; (n) listing fees; (o) taxes; (p) independent director fees and expenses; (q) costs associated with the Corporation’s reporting and compliance obligations under the Investment Company Act and applicable U.S. federal and state securities laws; (r) the costs of any reports, proxy statements or other notices to the Corporation’s stockholders, including printing costs; (s) costs of holding stockholder meetings; (t) the Corporation’s fidelity bond; (u) directors and officers/errors and omissions liability insurance, and any other insurance premiums; (v) litigation, indemnification and other non-recurring or extraordinary expenses; (w) direct costs and expenses of administration and operation, including audit and legal costs; (x) fees and expenses associated with marketing efforts; (y) dues, fees and charges of any trade association of which the Corporation is a member; and (z) all other expenses reasonably incurred by the Corporation or the Administrator in connection with administering the Corporation’s business, such as the allocable portion of overhead under the Administration Agreement, including rent and the Corporation’s allocable portion of the costs and expenses of its chief compliance officer, chief financial officer and their respective staffs.
3 |
3. Compensation of the Adviser. The Corporation agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”), each as hereinafter set forth. The Corporation shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or adopt a deferred compensation plan pursuant to which it may elect to defer all or a portion of its fees hereunder for a specified period of time.
(a) The Base Management Fee shall be calculated at an annual rate equal to 1.75% of the gross assets of the Corporation, excluding cash and cash equivalents but including assets purchased with borrowed funds. For services rendered under this Agreement, the Base Management Fee shall be payable quarterly in arrears. The Base Management Fee shall be calculated based on the average carrying value of the gross assets of the Corporation at the end of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. The Base Management Fee for any partial month or quarter shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month or quarter relative to the total number of days in such month or quarter). For purposes of this Agreement, cash equivalents shall mean U.S. government securities and commercial paper instruments maturing within 270 days of the date of purchase of such instrument by the Corporation. Notwithstanding anything herein to the contrary, to the extent that the Adviser or an affiliate of the Adviser provides investment advisory, collateral management or other similar services to a subsidiary of the Corporation, the Base Management Fee shall be reduced by an amount equal to the product of (a) the total fees paid to the Adviser by such subsidiary for such services and (b) the percentage of such subsidiary’s total equity that is owned, directly or indirectly, by the Corporation.
(b) The Incentive Fee, which is subject to the Incentive Fee Cap and Deferral Mechanism (as defined under Section 3(c) below), shall consist of two parts, as follows:
(i) | One part will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter, subject to the Incentive Fee Cap and Deferral Mechanism. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, distribution income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees and fees for providing significant managerial assistance or other fees that the Corporation receives from portfolio companies) accrued during the calendar quarter, minus the Corporation’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments payment-in-kind interest and zero coupon securities), accrued income that the Corporation has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. |
4 |
Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Corporation’s net assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 2.00% per quarter (8.00% annualized). The Corporation will pay the Adviser an Incentive Fee with respect to the Corporation’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows; (1) no Incentive Fee in any calendar quarter in which the Corporation’s Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate; (2) 100% of the Corporation’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.50% in any calendar quarter; and (3) 20% of the amount of the Corporation’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.50% in any calendar quarter.
The portion of such Incentive Fee that is attributable to deferred interest (such as payment-in-kind interest or original issue discount) will be paid to the Adviser, together with any other interest accrued on the loan from the date of deferral to the date of payment, only if and to the extent the Corporation actually receives such interest in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write-off or similar treatment of the investment giving rise to any deferred interest accrual.
These calculations will be appropriately pro rated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.
(ii) | The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement as set forth below), commencing on December 31, 2013, and will equal 20.0% of the Corporation’s cumulative aggregate realized capital gains from April 1, 2013 through the end of that calendar year, computed net of the Corporation’s aggregate cumulative realized capital losses and the Corporation’s aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees and subject to the Incentive Fee Cap and Deferral Mechanism. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee. |
5 |
The Corporation shall accrue the Capital Gains Fee if, on a cumulative basis, the sum of net realized gains/(losses) plus net unrealized appreciation/ (depreciation) is positive. The Capital Gains Fee excludes any portion of realized gains/(losses) that are associated with the reversal of any portion of unrealized appreciation/depreciation attributable to periods prior to April 1, 2013.
(c) No Incentive Fee shall be paid to the Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to the Adviser for the period that includes the such quarter and the 11 full preceding fiscal quarters (the “Incentive Fee Look-back Period”) would exceed 20.0% of the Corporation’s Cumulative Pre-Incentive Fee Net Return (as defined below) during the Incentive Fee Look-back Period. Each quarterly Incentive Fee is subject to a cap (the “Incentive Fee Cap”) and a deferral mechanism through which the Adviser may recoup a portion of such deferred incentive fees (collectively, the “Incentive Fee Cap and Deferral Mechanism”). The Incentive Fee Look-back Period will commence on April 1, 2013 and may be a total of less than 12 full fiscal quarters. The “Incentive Fee Cap” is equal to (a) 20.0% of Cumulative Pre-Incentive Fee Net Return during the Incentive Fee Look-back Period less (b) cumulative incentive fees of any kind paid to the Adviser during the Incentive Fee Look-back Period. To the extent the Incentive Fee Cap is zero or a negative value in any quarter, the Corporation shall pay no Incentive Fee to the Adviser in that quarter. To the extent that the payment of Incentive Fees is limited by the Incentive Fee Cap, the payment of such fees shall be deferred and paid in subsequent quarters up to three years after their date of deferment, subject to applicable limitations included herein. The Corporation shall only pay Incentive Fees to the extent allowed by the Incentive Fee Cap and Deferral Mechanism. “Cumulative Pre-Incentive Fee Net Return” during any Incentive Fee Look-back Period means the sum of (a) Pre-Incentive Fee Net Investment Income for each quarter during the Incentive Fee Look-back Period and (b) the sum of cumulative realized capital gains, cumulative realized capital losses, cumulative unrealized capital depreciation and cumulative unrealized capital appreciation during the applicable Incentive Fee Look-back Period.
4. Covenants of the Adviser. The Adviser hereby covenants that it is registered as an investment adviser under the Investment Advisers Act. The Adviser hereby agrees that its activities shall at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.
5. Excess Brokerage Commissions. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Corporation to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that the amount of such commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Corporation’s portfolio, and constitutes the best net result for the Corporation.
6 |
6. Proxy Voting. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Corporation in the best interest of the Corporation and in accordance with the Adviser’s proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Corporation has been provided with a copy of the Adviser’s proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Corporation. The Adviser shall be responsible for reporting the Corporation’s proxy voting activities, as required, through periodic filings on Form N-PX.
7. Limitations on the Employment of the Adviser. The services of the Adviser to the Corporation are not, and shall not be, exclusive. The Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Corporation; provided that its services to the Corporation hereunder are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the portfolio companies of the Corporation, subject at all times to applicable law). So long as this Agreement or any extension, renewal or amendment hereof remains in effect, the Adviser shall be the only investment adviser for the Corporation, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and stockholders of the Corporation are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Corporation as stockholders or otherwise.
7 |
Subject to any restrictions prescribed by law, by the provisions of the Code of Ethics of the Corporation and the Adviser and by the Adviser’s Allocation Policy, the Adviser and its members, officers, employees and agents shall be free from time to time to acquire, possess, manage and dispose of securities or other investment assets for their own accounts, for the accounts of their family members, for the account of any entity in which they have a beneficial interest or for the accounts of others for whom they may provide investment advisory, brokerage or other services (collectively, “Managed Accounts”), in transactions that may or may not correspond with transactions effected or positions held by the Corporation or to give advice and take action with respect to Managed Accounts that differs from advice given to, or action taken on behalf of, the Corporation; provided that the Adviser allocates investment opportunities to the Corporation, over a period of time on a fair and equitable basis compared to investment opportunities extended to other Managed Accounts. The Adviser is not, and shall not be, obligated to initiate the purchase or sale for the Corporation of any security that the Adviser and its members, officers, employees or agents may purchase or sell for its or their own accounts or for the account of any other client if, in the opinion of the Adviser, such transaction or investment appears unsuitable or undesirable for the Corporation. Moreover, it is understood that when the Adviser determines that it would be appropriate for the Corporation and one or more Managed Accounts to participate in the same investment opportunity, the Adviser shall seek to execute orders for the Corporation and for such Managed Account(s) on a basis that the Adviser considers to be fair and equitable over time. In such situations, the Adviser may (but is not required to) place orders for the Corporation and each Managed Account simultaneously or on an aggregated basis. If all such orders are not filled at the same price, the Adviser may cause the Corporation and each Managed Account to pay or receive the average of the prices at which the orders were filled for the Corporation and all relevant Managed Accounts on each applicable day. If all such orders cannot be fully executed under prevailing market conditions, the Adviser may allocate the investment opportunities among participating accounts in a manner that the Adviser considers equitable, taking into account, among other things, the size of each account, the size of the order placed for each account and any other factors that the Adviser deems relevant.
8. Responsibility of Dual Directors, Officers and/or Employees. If any person who is a manager, member, partner, officer or employee of the Adviser or the Administrator is or becomes a director, officer and/or employee of the Corporation and acts as such in any business of the Corporation, then such manager, member, partner, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Corporation and not as a manager, member, partner, officer and/or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.
8 |
9. Limitation of Liability of the Adviser; Indemnification. The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including its managing member and the Administrator) shall not be liable to the Corporation for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation, except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Corporation shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its managing member and the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Corporation or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation. Notwithstanding the preceding sentence of this Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the Securities and Exchange Commission or its staff thereunder).
10. Effectiveness, Duration and Termination of Agreement. This Agreement shall become effective as of the first date above written. This Agreement shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Corporation’s Board of Directors, or by the vote of a majority of the outstanding voting securities of the Corporation and (b) the vote of a majority of the Corporation’s Directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act.
This Agreement may be terminated at any time, without the payment of any penalty, upon not less than 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Corporation, or by the vote of the Corporation’s Directors or by the Adviser.
This Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.
11. Notices. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.
9 |
12. Amendments. This Agreement may be amended by mutual consent, but the consent of the Corporation must be obtained in conformity with the requirements of the Investment Company Act.
13. Entire Agreement; Governing Law. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.
* * * *
10 |
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.
GARRISON CAPITAL Inc. | ||||
By: | /s/ Joseph Tansey | |||
Name: Joseph Tansey | ||||
Title: Chief Executive Officer | ||||
GARRISON CAPITAL ADVISERS LLC | |||
By: Garrison Capital Advisers MM LLC, | |||
its managing member | |||
By: | /s/ Michael Butler | ||
Name: Michael Butler | |||
Title: Authorized Signatory | |||
[Signature Page to Third Amended and Restated Investment Advisory Agreement]
11
EXHIBIT 31.1
CERTIFICATION PURSUANT TO SECTION 302
CHIEF EXECUTIVE OFFICER CERTIFICATION
I, Joseph Tansey, Chief Executive Officer of Garrison Capital Inc., certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of Garrison Capital Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 9, 2016
By: | /s/ Joseph Tansey | |
Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION PURSUANT TO SECTION 302
CHIEF FINANCIAL OFFICER CERTIFICATION
I, Brian Chase, Chief Financial Officer of Garrison Capital Inc., certify that:
1. | I have reviewed this Quarterly Report on Form 10-Q of Garrison Capital Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: August 9, 2016
By: | /s/ Brian Chase | |
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
In connection with this Report on Form 10-Q for the quarterly period ended June 30, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Joseph Tansey, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
/s/ Joseph Tansey |
Joseph Tansey
Chief Executive Officer
August 9, 2016
Exhibit 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)
In connection with this Report on Form 10-Q for the quarterly period ended June 30, 2016 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Brian Chase, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
/s/ Brian Chase |
Brian Chase
Chief Financial Officer
August 9, 2016
Exhibit 99.1
Garrison Capital Inc. and Subsidiaries
GLC Trust 2013-2-Schedule of Investments
June 30, 2016
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1 | 5/22/2018 | 14.74% | 1,737 | 1,737 | 1,735 | ||
Loan ID 2 | 5/22/2018 | 10.99% | 923 | 922 | 900 | ||
Loan ID 3 | 5/24/2018 | 9.49% | 11,001 | 11,000 | 10,739 | ||
Loan ID 4 | 5/24/2018 | 13.34% | 4,637 | 4,636 | 4,526 | ||
Loan ID 5 | 5/24/2018 | 25.79% | 6,459 | 6,458 | 6,098 | ||
Loan ID 6 | 5/28/2018 | 13.34% | 209 | 208 | 203 | ||
Loan ID 7 | 5/22/2018 | 10.49% | 11,161 | 11,160 | 10,895 | ||
Loan ID 8 | 5/29/2018 | 19.84% | 7,572 | 7,571 | 7,285 | ||
Loan ID 9 | 5/29/2018 | 29.16% | 2,232 | 2,231 | 2,135 | ||
Loan ID 10 | 5/29/2018 | 20.99% | 5,097 | 5,096 | 4,903 | ||
Loan ID 11 | 5/29/2018 | 9.99% | 8,062 | 8,061 | 7,870 | ||
Loan ID 12 | 5/22/2018 | 12.19% | 11,418 | 11,417 | 11,146 | ||
Loan ID 13 | 5/29/2018 | 23.59% | 5,252 | 5,251 | 4,959 | ||
Loan ID 14 | 5/29/2018 | 12.19% | 4,567 | 4,566 | 4,458 | ||
Loan ID 15 | 5/30/2018 | 13.34% | 1,855 | 1,854 | 1,810 | ||
Loan ID 16 | 5/30/2018 | 29.16% | 2,231 | 2,230 | 2,134 | ||
Loan ID 17 | 5/24/2018 | 15.79% | 11,962 | 11,961 | 11,765 | ||
Loan ID 18 | 5/24/2018 | 30.96% | 2,274 | 2,273 | 2,175 | ||
Loan ID 19 | 5/24/2018 | 16.49% | 7,241 | 7,240 | 7,121 | ||
Loan ID 20 | 5/24/2018 | 18.19% | 7,395 | 7,394 | 7,273 | ||
Loan ID 21 | 5/24/2018 | 15.19% | 5,698 | 5,697 | 5,604 | ||
Loan ID 22 | 5/24/2018 | 13.34% | 6,955 | 6,954 | 6,789 | ||
Loan ID 23 | 5/24/2018 | 25.06% | 5,339 | 5,338 | 5,041 | ||
Loan ID 24 | 5/24/2018 | 15.79% | 16,747 | 16,746 | 16,471 | ||
Loan ID 25 | 6/3/2018 | 21.39% | 4,235 | 4,234 | 4,074 | ||
Loan ID 26 | 5/24/2018 | 22.09% | 7,745 | 7,744 | 7,451 | ||
Loan ID 27 | 6/3/2018 | 16.49% | 5,500 | 5,499 | 5,409 | ||
Loan ID 28 | 5/28/2018 | 30.96% | 2,182 | 2,181 | 2,087 | ||
Loan ID 29 | 6/3/2018 | 15.19% | 5,660 | 5,659 | 5,566 | ||
Loan ID 30 | 5/28/2018 | 16.99% | 4,857 | 4,856 | 4,776 | ||
Loan ID 31 | 5/28/2018 | 9.99% | 7,759 | 7,758 | 7,574 | ||
Loan ID 32 | 5/28/2018 | 19.84% | 720 | 719 | 692 | ||
Loan ID 33 | 5/28/2018 | 18.19% | 7,395 | 7,394 | 7,273 | ||
Loan ID 34 | 5/28/2018 | 21.79% | 9,777 | 9,776 | 9,406 | ||
Loan ID 35 | 5/28/2018 | 19.14% | 5,236 | 5,235 | 5,037 | ||
Loan ID 36 | 6/4/2018 | 21.79% | 3,740 | 3,739 | 3,598 | ||
Loan ID 37 | 5/28/2018 | 23.59% | 4,728 | 4,728 | 4,465 | ||
Loan ID 38 | 5/28/2018 | 19.84% | 10,057 | 10,057 | 9,677 | ||
Loan ID 39 | 5/29/2018 | 12.19% | 6,889 | 6,889 | 6,726 | ||
Loan ID 40 | 5/29/2018 | 15.19% | 1,187 | 1,187 | 1,168 | ||
Loan ID 41 | 5/29/2018 | 16.49% | 3,138 | 3,138 | 3,087 | ||
Loan ID 42 | 5/29/2016 | 24.92% | 462 | 462 | 441 | ||
Loan ID 43 | 5/29/2018 | 17.69% | 9,798 | 9,798 | 9,637 | ||
Loan ID 44 | 5/29/2018 | 21.39% | 4,743 | 4,743 | 4,564 | ||
Loan ID 45 | 6/5/2018 | 20.59% | 5,246 | 5,246 | 5,048 | ||
Loan ID 46 | 6/5/2018 | 18.19% | 3,996 | 3,996 | 3,930 | ||
Loan ID 47 | 5/29/2018 | 19.14% | 3,241 | 3,241 | 3,118 | ||
Loan ID 48 | 5/30/2018 | 16.99% | 1,943 | 1,943 | 1,911 | ||
Loan ID 49 | 5/30/2018 | 29.69% | 1,122 | 1,122 | 1,074 | ||
Loan ID 50 | 5/30/2018 | 16.49% | 7,240 | 7,240 | 7,121 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 51 | 5/30/2018 | 13.34% | 4,636 | 4,636 | 4,526 | ||
Loan ID 52 | 5/31/2018 | 13.34% | 9,266 | 9,266 | 9,046 | ||
Loan ID 53 | 6/3/2018 | 15.19% | 4,921 | 4,921 | 4,840 | ||
Loan ID 54 | 6/3/2018 | 12.19% | 4,740 | 4,740 | 4,628 | ||
Loan ID 55 | 5/31/2018 | 21.79% | 2,569 | 2,569 | 2,472 | ||
Loan ID 56 | 6/3/2018 | 10.49% | 6,027 | 6,027 | 5,884 | ||
Loan ID 57 | 5/31/2018 | 11.69% | 11,334 | 11,334 | 11,065 | ||
Loan ID 58 | 5/31/2018 | 10.99% | 11,229 | 11,229 | 10,963 | ||
Loan ID 59 | 6/7/2018 | 18.19% | 12,756 | 12,756 | 12,547 | ||
Loan ID 60 | 6/7/2018 | 19.14% | 1,786 | 1,786 | 1,718 | ||
Loan ID 61 | 6/3/2018 | 14.19% | 7,778 | 7,778 | 7,650 | ||
Loan ID 62 | 6/3/2018 | 16.49% | 7,500 | 7,500 | 7,377 | ||
Loan ID 63 | 6/3/2018 | 29.16% | 2,299 | 2,299 | 2,200 | ||
Loan ID 64 | 6/3/2018 | 18.19% | 5,102 | 5,102 | 5,018 | ||
Loan ID 65 | 6/3/2018 | 18.19% | 10,205 | 10,205 | 10,038 | ||
Loan ID 66 | 6/3/2016 | 31.34% | 542 | 542 | 511 | ||
Loan ID 67 | 6/3/2018 | 21.39% | 13,234 | 13,234 | 12,733 | ||
Loan ID 68 | 6/3/2018 | 15.79% | 4,958 | 4,958 | 4,877 | ||
Loan ID 69 | 6/3/2018 | 29.69% | 2,312 | 2,312 | 2,212 | ||
Loan ID 70 | 6/3/2018 | 12.19% | 11,871 | 11,871 | 11,590 | ||
Loan ID 71 | 6/3/2018 | 23.59% | 4,627 | 4,627 | 4,369 | ||
Loan ID 72 | 6/3/2018 | 18.19% | 5,102 | 5,102 | 5,018 | ||
Loan ID 73 | 6/4/2018 | 19.14% | 5,159 | 5,159 | 4,964 | ||
Loan ID 74 | 6/4/2018 | 14.74% | 3,181 | 3,181 | 3,129 | ||
Loan ID 75 | 6/10/2018 | 16.99% | 5,030 | 5,030 | 4,948 | ||
Loan ID 76 | 6/5/2018 | 14.19% | 4,861 | 4,861 | 4,781 | ||
Loan ID 77 | 6/5/2018 | 13.34% | 7,214 | 7,214 | 7,043 | ||
Loan ID 78 | 6/11/2018 | 15.19% | 1,230 | 1,230 | 1,210 | ||
Loan ID 79 | 6/11/2018 | 15.79% | 7,437 | 7,437 | 7,315 | ||
Loan ID 80 | 6/13/2018 | 19.84% | 3,909 | 3,909 | 3,761 | ||
Loan ID 81 | 6/13/2018 | 9.49% | 9,151 | 9,151 | 8,934 | ||
Loan ID 82 | 6/13/2018 | 12.19% | 7,110 | 7,110 | 6,941 | ||
Loan ID 83 | 6/14/2018 | 21.79% | 3,722 | 3,722 | 3,581 | ||
Loan ID 84 | 6/7/2018 | 24.32% | 8,200 | 8,200 | 7,743 | ||
Loan ID 85 | 6/7/2018 | 15.79% | 7,654 | 7,654 | 7,529 | ||
Loan ID 86 | 6/10/2018 | 14.19% | 5,591 | 5,591 | 5,499 | ||
Loan ID 87 | 6/11/2018 | 25.79% | 2,221 | 2,221 | 2,097 | ||
Loan ID 88 | 6/11/2018 | 27.36% | 5,644 | 5,644 | 5,330 | ||
Loan ID 89 | 6/18/2018 | 12.69% | 12,402 | 12,402 | 12,108 | ||
Loan ID 90 | 6/11/2018 | 14.74% | 27 | 27 | 27 | ||
Loan ID 91 | 6/11/2018 | 27.36% | 8,467 | 8,467 | 7,995 | ||
Loan ID 92 | 6/19/2018 | 18.19% | 5,103 | 5,103 | 5,019 | ||
Loan ID 93 | 6/19/2018 | 9.49% | 6,864 | 6,864 | 6,701 | ||
Loan ID 94 | 6/19/2016 | 16.39% | 22 | 22 | 21 | ||
Loan ID 95 | 6/14/2018 | 14.74% | 17,130 | 17,130 | 16,849 | ||
Loan ID 96 | 6/21/2018 | 12.19% | 1,896 | 1,896 | 1,851 | ||
Loan ID 97 | 6/18/2018 | 20.59% | 5,246 | 5,246 | 5,048 | ||
Loan ID 98 | 6/18/2018 | 19.84% | 9,572 | 9,572 | 9,210 | ||
Loan ID 99 | 6/19/2018 | 20.99% | 2,635 | 2,635 | 2,535 | ||
Loan ID 100 | 6/19/2018 | 30.32% | 2,326 | 2,326 | 2,226 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 101 | 6/19/2018 | 17.69% | 8,781 | 8,781 | 8,637 | ||
Loan ID 102 | 6/20/2016 | 20.49% | 26 | 26 | 25 | ||
Loan ID 103 | 6/21/2018 | 18.74% | 3,595 | 3,595 | 3,459 | ||
Loan ID 104 | 6/20/2018 | 18.19% | 7,654 | 7,654 | 7,529 | ||
Loan ID 105 | 6/26/2018 | 14.74% | 8,000 | 8,000 | 7,869 | ||
Loan ID 106 | 6/27/2018 | 16.99% | 7,545 | 7,545 | 7,421 | ||
Loan ID 107 | 6/21/2016 | 17.34% | 550 | 550 | 528 | ||
Loan ID 108 | 6/21/2018 | 13.34% | 7,716 | 7,716 | 7,533 | ||
Loan ID 109 | 6/28/2018 | 10.99% | 4,667 | 4,667 | 4,556 | ||
Loan ID 110 | 6/26/2018 | 15.19% | 4,921 | 4,921 | 4,840 | ||
Loan ID 111 | 6/27/2018 | 20.24% | 5,225 | 5,225 | 5,027 | ||
Loan ID 112 | 6/27/2016 | 19.79% | 246 | 246 | 236 | ||
Loan ID 113 | 6/26/2018 | 16.49% | 7,500 | 7,500 | 7,377 | ||
Loan ID 114 | 6/27/2018 | 24.32% | 1,958 | 1,958 | 1,849 | ||
Loan ID 115 | 6/27/2018 | 16.99% | 12,576 | 12,576 | 12,370 | ||
Loan ID 116 | 6/27/2018 | 18.19% | 2,551 | 2,551 | 2,509 | ||
Loan ID 117 | 6/27/2016 | 28.59% | 1,450 | 1,450 | 1,381 | ||
Loan ID 118 | 7/5/2018 | 22.84% | 3,336 | 3,336 | 3,210 | ||
Loan ID 119 | 6/27/2018 | 12.19% | 7,109 | 7,109 | 6,940 | ||
Loan ID 120 | 6/28/2018 | 10.49% | 8,113 | 8,113 | 7,921 | ||
Loan ID 121 | 7/9/2018 | 30.96% | 2,414 | 2,414 | 2,310 | ||
Loan ID 122 | 6/28/2016 | 18.99% | 538 | 538 | 516 | ||
Loan ID 123 | 7/9/2018 | 16.49% | 3,625 | 3,625 | 3,566 | ||
Loan ID 124 | 7/9/2018 | 25.06% | 2,653 | 2,653 | 2,505 | ||
Loan ID 125 | 7/10/2018 | 26.72% | 2,156 | 2,156 | 2,036 | ||
Loan ID 126 | 7/10/2018 | 20.24% | 8,107 | 8,107 | 7,800 | ||
Loan ID 127 | 7/12/2016 | 20.99% | 303 | 303 | 291 | ||
Loan ID 128 | 7/9/2016 | 27.12% | 82 | 82 | 78 | ||
Loan ID 129 | 7/10/2018 | 23.19% | 4,476 | 4,476 | 4,307 | ||
Loan ID 130 | 7/10/2018 | 14.74% | 12,678 | 12,678 | 12,470 | ||
Loan ID 131 | 7/10/2018 | 14.74% | 7,608 | 7,608 | 7,483 | ||
Loan ID 132 | 7/10/2018 | 19.14% | 5,338 | 5,338 | 5,136 | ||
Loan ID 133 | 7/15/2016 | 14.59% | 346 | 346 | 335 | ||
Loan ID 134 | 7/10/2018 | 12.19% | 6,881 | 6,881 | 6,718 | ||
Loan ID 135 | 7/9/2016 | 16.79% | 125 | 125 | 121 | ||
Loan ID 136 | 7/11/2016 | 23.46% | 315 | 315 | 301 | ||
Loan ID 137 | 7/16/2018 | 12.19% | 7,373 | 7,373 | 7,198 | ||
Loan ID 138 | 7/10/2016 | 11.53% | 99 | 99 | 97 | ||
Loan ID 139 | 7/10/2018 | 23.59% | 3,924 | 3,924 | 3,705 | ||
Loan ID 140 | 7/15/2016 | 21.24% | 380 | 380 | 365 | ||
Loan ID 141 | 7/10/2018 | 10.99% | 7,263 | 7,263 | 7,091 | ||
Loan ID 142 | 7/10/2018 | 23.59% | 5,605 | 5,605 | 5,293 | ||
Loan ID 143 | 7/11/2018 | 15.79% | 7,703 | 7,703 | 7,577 | ||
Loan ID 144 | 7/11/2016 | 18.99% | 147 | 147 | 141 | ||
Loan ID 145 | 7/16/2018 | 18.19% | 10,562 | 10,562 | 10,389 | ||
Loan ID 146 | 7/11/2018 | 16.99% | 4,948 | 4,948 | 4,867 | ||
Loan ID 147 | 7/11/2018 | 24.32% | 5,648 | 5,648 | 5,333 | ||
Loan ID 148 | 7/18/2018 | 20.24% | 8,108 | 8,108 | 7,801 | ||
Loan ID 149 | 7/16/2018 | 25.79% | 3,211 | 3,211 | 3,032 | ||
Loan ID 150 | 7/16/2018 | 14.74% | 16,228 | 16,228 | 15,962 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 151 | 7/16/2018 | 22.09% | 2,758 | 2,758 | 2,654 | ||
Loan ID 152 | 7/18/2016 | 27.86% | 123 | 123 | 117 | ||
Loan ID 153 | 7/18/2016 | 24.19% | 390 | 390 | 372 | ||
Loan ID 154 | 7/12/2018 | 14.74% | 10,143 | 10,143 | 9,977 | ||
Loan ID 155 | 7/15/2018 | 15.19% | 12,747 | 12,747 | 12,538 | ||
Loan ID 156 | 7/19/2018 | 28.62% | 2,362 | 2,362 | 2,260 | ||
Loan ID 157 | 7/18/2018 | 14.19% | 5,105 | 5,105 | 5,021 | ||
Loan ID 158 | 7/22/2018 | 10.49% | 7,217 | 7,217 | 7,046 | ||
Loan ID 159 | 7/19/2016 | 20.99% | 75 | 75 | 72 | ||
Loan ID 160 | 7/24/2016 | 19.79% | 147 | 147 | 141 | ||
Loan ID 161 | 7/18/2018 | 15.19% | 7,648 | 7,648 | 7,523 | ||
Loan ID 162 | 7/22/2018 | 17.69% | 1,936 | 1,936 | 1,904 | ||
Loan ID 163 | 7/19/2018 | 28.62% | 1,770 | 1,770 | 1,694 | ||
Loan ID 164 | 7/23/2016 | 12.49% | 66 | 66 | 65 | ||
Loan ID 165 | 7/19/2018 | 18.19% | 5,281 | 5,281 | 5,194 | ||
Loan ID 166 | 7/25/2016 | 16.39% | 141 | 141 | 136 | ||
Loan ID 167 | 7/22/2018 | 15.19% | 4,079 | 4,079 | 4,012 | ||
Loan ID 168 | 7/24/2018 | 19.84% | 4,323 | 4,323 | 4,160 | ||
Loan ID 169 | 7/23/2018 | 18.74% | 5,846 | 5,846 | 5,625 | ||
Loan ID 170 | 7/24/2016 | 27.86% | 191 | 191 | 182 | ||
Loan ID 171 | 8/1/2016 | 15.59% | 309 | 309 | 299 | ||
Loan ID 172 | 8/1/2018 | 14.74% | 13,100 | 13,100 | 12,885 | ||
Loan ID 173 | 8/2/2018 | 15.19% | 10,535 | 10,535 | 10,362 | ||
Loan ID 174 | 8/2/2018 | 18.19% | 9,173 | 9,173 | 9,023 | ||
Loan ID 175 | 7/31/2016 | 16.79% | 353 | 353 | 341 | ||
Loan ID 176 | 8/2/2016 | 21.99% | 149 | 149 | 142 | ||
Loan ID 177 | 8/1/2018 | 9.99% | 6,929 | 6,929 | 6,765 | ||
Loan ID 178 | 7/30/2016 | 15.59% | 123 | 123 | 119 | ||
Loan ID 179 | 8/5/2016 | 17.34% | 176 | 176 | 169 | ||
Loan ID 180 | 8/1/2016 | 12.99% | 997 | 997 | 980 | ||
Loan ID 181 | 8/1/2018 | 22.84% | 5,725 | 5,725 | 5,508 | ||
Loan ID 182 | 8/1/2016 | 12.49% | 726 | 726 | 714 | ||
Loan ID 183 | 8/1/2018 | 12.19% | 6,864 | 6,864 | 6,701 | ||
Loan ID 184 | 8/2/2018 | 11.69% | 5,054 | 5,054 | 4,934 | ||
Loan ID 185 | 8/1/2016 | 12.49% | 759 | 759 | 746 | ||
Loan ID 186 | 8/1/2018 | 22.84% | 8,588 | 8,588 | 8,263 | ||
Loan ID 187 | 8/8/2016 | 24.92% | 155 | 155 | 148 | ||
Loan ID 188 | 8/2/2018 | 16.49% | 8,019 | 8,019 | 7,888 | ||
Loan ID 189 | 8/5/2018 | 25.06% | 2,604 | 2,604 | 2,459 | ||
Loan ID 190 | 8/2/2016 | 27.86% | 160 | 160 | 152 | ||
Loan ID 191 | 8/5/2018 | 14.19% | 18,223 | 18,223 | 17,924 | ||
Loan ID 192 | 8/5/2016 | 12.99% | 664 | 664 | 653 | ||
Loan ID 193 | 8/5/2018 | 13.34% | 7,732 | 7,732 | 7,549 | ||
Loan ID 194 | 8/5/2018 | 10.49% | 4,980 | 4,980 | 4,862 | ||
Loan ID 195 | 8/6/2018 | 10.99% | 2,015 | 2,015 | 1,967 | ||
Loan ID 196 | 8/7/2018 | 10.99% | 5,011 | 5,011 | 4,892 | ||
Loan ID 197 | 8/6/2018 | 21.39% | 3,948 | 3,948 | 3,799 | ||
Loan ID 198 | 8/7/2016 | 23.46% | 1,488 | 1,488 | 1,420 | ||
Loan ID 199 | 8/13/2016 | 21.24% | 1,869 | 1,869 | 1,794 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 200 | 8/7/2018 | 19.84% | 8,322 | 8,322 | 8,007 | ||
Loan ID 201 | 8/16/2016 | 27.12% | 318 | 318 | 303 | ||
Loan ID 202 | 8/16/2016 | 24.19% | 307 | 307 | 293 | ||
Loan ID 203 | 8/19/2018 | 12.69% | 12,788 | 12,788 | 12,485 | ||
Loan ID 204 | 8/19/2018 | 15.79% | 8,959 | 8,959 | 8,812 | ||
Loan ID 205 | 8/19/2016 | 15.59% | 688 | 688 | 666 | ||
Loan ID 206 | 8/19/2016 | 16.79% | 140 | 140 | 135 | ||
Loan ID 207 | 8/19/2018 | 15.79% | 8,003 | 8,003 | 7,872 | ||
Loan ID 208 | 8/20/2018 | 12.69% | 6,649 | 6,649 | 6,491 | ||
Loan ID 209 | 8/20/2018 | 15.79% | 7,956 | 7,956 | 7,826 | ||
Loan ID 210 | 8/21/2016 | 10.34% | 962 | 962 | 946 | ||
Loan ID 211 | 8/16/2018 | 23.59% | 5,770 | 5,770 | 5,449 | ||
Loan ID 212 | 8/21/2018 | 21.39% | 7,614 | 7,614 | 7,326 | ||
Loan ID 213 | 8/19/2018 | 25.06% | 5,320 | 5,320 | 5,024 | ||
Loan ID 214 | 8/19/2016 | 16.39% | 834 | 834 | 807 | ||
Loan ID 215 | 8/19/2018 | 13.34% | 5,155 | 5,155 | 5,033 | ||
Loan ID 216 | 8/16/2018 | 14.19% | 7,810 | 7,810 | 7,682 | ||
Loan ID 217 | 8/19/2018 | 24.32% | 1,893 | 1,893 | 1,788 | ||
Loan ID 218 | 8/19/2018 | 17.69% | 9,318 | 9,318 | 9,165 | ||
Loan ID 219 | 8/21/2016 | 14.59% | 1,697 | 1,697 | 1,642 | ||
Loan ID 220 | 8/19/2016 | 14.59% | 407 | 407 | 394 | ||
Loan ID 221 | 8/23/2018 | 9.99% | 7,424 | 7,424 | 7,248 | ||
Loan ID 222 | 8/21/2016 | 15.59% | 1,375 | 1,375 | 1,330 | ||
Loan ID 223 | 8/26/2018 | 29.16% | 2,495 | 2,495 | 2,387 | ||
Loan ID 224 | 8/22/2016 | 24.92% | 310 | 310 | 296 | ||
Loan ID 225 | 8/29/2018 | 15.19% | 6,329 | 6,329 | 6,225 | ||
Loan ID 226 | 8/30/2016 | 12.49% | 330 | 330 | 324 | ||
Loan ID 227 | 8/30/2016 | 23.46% | 303 | 303 | 289 | ||
Loan ID 228 | 8/23/2018 | 20.24% | 5,902 | 5,902 | 5,679 | ||
Loan ID 229 | 8/30/2016 | 10.89% | 968 | 968 | 952 | ||
Loan ID 230 | 8/30/2018 | 17.69% | 5,418 | 5,418 | 5,329 | ||
Loan ID 231 | 8/30/2016 | 23.46% | 667 | 667 | 637 | ||
Loan ID 232 | 8/28/2018 | 16.99% | 5,377 | 5,377 | 5,289 | ||
Loan ID 233 | 9/3/2018 | 23.59% | 2,373 | 2,373 | 2,241 | ||
Loan ID 234 | 9/4/2018 | 22.84% | 7,654 | 7,654 | 7,365 | ||
Loan ID 235 | 8/29/2016 | 14.14% | 1,349 | 1,349 | 1,305 | ||
Loan ID 236 | 9/4/2016 | 18.99% | 1,302 | 1,302 | 1,250 | ||
Loan ID 237 | 9/4/2018 | 12.69% | 8,980 | 8,980 | 8,767 | ||
Loan ID 238 | 8/30/2016 | 21.99% | 298 | 298 | 284 | ||
Loan ID 239 | 8/30/2018 | 19.84% | 8,320 | 8,320 | 8,005 | ||
Loan ID 240 | 8/30/2016 | 17.74% | 847 | 847 | 813 | ||
Loan ID 241 | 8/30/2018 | 17.69% | 15,205 | 15,205 | 14,956 | ||
Loan ID 242 | 8/30/2016 | 19.79% | 290 | 290 | 278 | ||
Loan ID 243 | 8/28/2018 | 22.59% | 14,694 | 14,694 | 14,138 | ||
Loan ID 244 | 9/3/2018 | 25.06% | 1,203 | 1,203 | 1,136 | ||
Loan ID 245 | 8/29/2016 | 20.19% | 1,134 | 1,134 | 1,088 | ||
Loan ID 246 | 9/4/2016 | 22.72% | 1,111 | 1,111 | 1,061 | ||
Loan ID 247 | 8/29/2016 | 12.49% | 1,781 | 1,781 | 1,751 | ||
Loan ID 248 | 8/30/2018 | 13.34% | 12,885 | 12,885 | 12,580 | ||
Loan ID 249 | 8/30/2016 | 18.99% | 287 | 287 | 275 | ||
Loan ID 250 | 8/30/2018 | 10.49% | 7,470 | 7,470 | 7,293 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 251 | 8/30/2016 | 10.34% | 385 | 385 | 379 | ||
Loan ID 252 | 8/30/2016 | 21.99% | 470 | 470 | 449 | ||
Loan ID 253 | 9/6/2018 | 22.09% | 7,684 | 7,684 | 7,393 | ||
Loan ID 254 | 8/30/2016 | 27.86% | 320 | 320 | 305 | ||
Loan ID 255 | 9/13/2018 | 16.95% | 5,541 | 5,541 | 5,331 | ||
Loan ID 256 | 9/5/2018 | 13.34% | 7,983 | 7,983 | 7,794 | ||
Loan ID 257 | 9/17/2018 | 23.79% | 1,189 | 1,189 | 1,123 | ||
Loan ID 258 | 9/13/2018 | 29.69% | 2,511 | 2,511 | 2,403 | ||
Loan ID 259 | 9/16/2018 | 17.30% | 8,349 | 8,349 | 8,033 | ||
Loan ID 260 | 9/17/2018 | 19.80% | 11,438 | 11,438 | 11,005 | ||
Loan ID 261 | 9/19/2016 | 19.50% | 535 | 535 | 513 | ||
Loan ID 262 | 9/12/2016 | 13.99% | 2,500 | 2,500 | 2,418 | ||
Loan ID 263 | 9/12/2018 | 19.14% | 2,268 | 2,268 | 2,182 | ||
Loan ID 264 | 9/19/2016 | 15.50% | 1,529 | 1,529 | 1,479 | ||
Loan ID 265 | 9/20/2016 | 12.99% | 988 | 988 | 971 | ||
Loan ID 266 | 9/20/2018 | 16.95% | 11,080 | 11,080 | 10,661 | ||
Loan ID 267 | 9/16/2016 | 19.15% | 373 | 373 | 358 | ||
Loan ID 268 | 9/20/2016 | 20.15% | 1,613 | 1,613 | 1,548 | ||
Loan ID 269 | 9/16/2018 | 17.30% | 7,785 | 7,785 | 7,491 | ||
Loan ID 270 | 9/16/2018 | 13.99% | 5,093 | 5,093 | 5,009 | ||
Loan ID 271 | 9/16/2018 | 19.50% | 5,692 | 5,692 | 5,477 | ||
Loan ID 272 | 9/23/2016 | 23.10% | 552 | 552 | 527 | ||
Loan ID 273 | 9/23/2016 | 11.99% | 744 | 744 | 731 | ||
Loan ID 274 | 9/17/2016 | 16.60% | 1,343 | 1,343 | 1,289 | ||
Loan ID 275 | 9/17/2016 | 29.25% | 359 | 359 | 342 | ||
Loan ID 276 | 9/17/2018 | 13.49% | 6,930 | 6,930 | 6,816 | ||
Loan ID 277 | 9/24/2016 | 11.59% | 388 | 388 | 381 | ||
Loan ID 278 | 9/18/2018 | 25.49% | 6,041 | 6,041 | 5,780 | ||
Loan ID 279 | 9/19/2018 | 20.45% | 5,173 | 5,173 | 4,977 | ||
Loan ID 280 | 9/24/2018 | 15.85% | 4,379 | 4,379 | 4,307 | ||
Loan ID 281 | 9/19/2016 | 18.64% | 440 | 440 | 422 | ||
Loan ID 282 | 9/19/2016 | 11.59% | 291 | 291 | 286 | ||
Loan ID 283 | 9/20/2016 | 26.29% | 316 | 316 | 301 | ||
Loan ID 284 | 9/25/2016 | 14.85% | 1,516 | 1,516 | 1,467 | ||
Loan ID 285 | 9/23/2018 | 20.85% | 5,762 | 5,762 | 5,441 | ||
Loan ID 286 | 9/20/2018 | 22.25% | 5,585 | 5,585 | 5,274 | ||
Loan ID 287 | 9/20/2018 | 27.69% | 2,466 | 2,466 | 2,360 | ||
Loan ID 288 | 9/24/2016 | 12.49% | 981 | 981 | 964 | ||
Loan ID 289 | 9/20/2018 | 17.30% | 1,160 | 1,160 | 1,116 | ||
Loan ID 290 | 9/23/2018 | 16.20% | 3,293 | 3,293 | 3,239 | ||
Loan ID 291 | 9/26/2018 | 20.45% | 3,621 | 3,621 | 3,484 | ||
Loan ID 292 | 9/25/2016 | 15.20% | 507 | 507 | 490 | ||
Loan ID 293 | 9/27/2018 | 25.49% | 6,040 | 6,040 | 5,779 | ||
Loan ID 294 | 9/27/2018 | 19.80% | 8,812 | 8,812 | 8,479 | ||
Loan ID 295 | 9/27/2016 | 31.34% | 838 | 838 | 791 | ||
Loan ID 296 | 9/27/2018 | 28.49% | 2,484 | 2,484 | 2,377 | ||
Loan ID 297 | 9/27/2018 | 15.50% | 10,905 | 10,905 | 10,726 | ||
Loan ID 298 | 9/27/2016 | 9.49% | 655 | 655 | 644 | ||
Loan ID 299 | 9/24/2018 | 16.60% | 8,017 | 8,017 | 7,714 | ||
Loan ID 300 | 9/27/2018 | 17.30% | 2,780 | 2,780 | 2,675 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 301 | 9/27/2018 | 24.69% | 5,994 | 5,994 | 5,660 | ||
Loan ID 302 | 9/30/2016 | 26.99% | 466 | 466 | 444 | ||
Loan ID 303 | 9/26/2016 | 16.95% | 1,556 | 1,556 | 1,493 | ||
Loan ID 304 | 9/26/2018 | 20.45% | 4,598 | 4,598 | 4,424 | ||
Loan ID 305 | 9/26/2016 | 16.60% | 826 | 826 | 793 | ||
Loan ID 306 | 9/30/2016 | 23.79% | 590 | 590 | 563 | ||
Loan ID 307 | 9/25/2018 | 23.10% | 4,970 | 4,970 | 4,693 | ||
Loan ID 308 | 9/26/2018 | 24.69% | 922 | 922 | 871 | ||
Loan ID 309 | 9/30/2016 | 29.99% | 241 | 241 | 227 | ||
Loan ID 310 | 9/30/2018 | 16.95% | 2,216 | 2,216 | 2,132 | ||
Loan ID 311 | 10/1/2016 | 22.25% | 1,099 | 1,099 | 1,049 | ||
Loan ID 312 | 10/1/2018 | 11.59% | 8,078 | 8,078 | 7,887 | ||
Loan ID 313 | 10/1/2018 | 16.60% | 5,690 | 5,690 | 5,475 | ||
Loan ID 314 | 9/27/2016 | 11.99% | 1,951 | 1,951 | 1,918 | ||
Loan ID 315 | 9/26/2016 | 20.45% | 433 | 433 | 416 | ||
Loan ID 316 | 9/27/2016 | 15.50% | 1,528 | 1,528 | 1,478 | ||
Loan ID 317 | 9/27/2016 | 27.69% | 1,943 | 1,943 | 1,850 | ||
Loan ID 318 | 9/27/2016 | 29.99% | 483 | 483 | 456 | ||
Loan ID 319 | 9/30/2016 | 31.34% | 488 | 488 | 460 | ||
Loan ID 320 | 9/30/2018 | 19.50% | 149 | 149 | 143 | ||
Loan ID 321 | 10/2/2018 | 12.99% | 5,471 | 5,471 | 5,341 | ||
Loan ID 322 | 9/26/2018 | 18.70% | 1,926 | 1,926 | 1,853 | ||
Loan ID 323 | 9/30/2016 | 26.99% | 486 | 486 | 463 | ||
Loan ID 324 | 9/27/2016 | 10.99% | 1,445 | 1,445 | 1,421 | ||
Loan ID 325 | 9/30/2018 | 18.40% | 14,064 | 14,064 | 13,532 | ||
Loan ID 326 | 10/2/2018 | 24.69% | 6,165 | 6,165 | 5,822 | ||
Loan ID 327 | 9/27/2016 | 11.99% | 2,926 | 2,926 | 2,877 | ||
Loan ID 328 | 9/27/2016 | 19.80% | 966 | 966 | 927 | ||
Loan ID 329 | 9/30/2016 | 19.15% | 1,596 | 1,596 | 1,532 | ||
Loan ID 330 | 10/1/2016 | 22.25% | 1,466 | 1,466 | 1,399 | ||
Loan ID 331 | 9/27/2016 | 15.85% | 1,535 | 1,535 | 1,485 | ||
Loan ID 332 | 9/27/2018 | 20.45% | 5,710 | 5,710 | 5,494 | ||
Loan ID 333 | 9/27/2018 | 16.60% | 10,305 | 10,305 | 9,915 | ||
Loan ID 334 | 10/3/2018 | 19.50% | 8,793 | 8,793 | 8,460 | ||
Loan ID 335 | 9/30/2016 | 22.25% | 331 | 331 | 316 | ||
Loan ID 336 | 9/30/2018 | 12.99% | 3,975 | 3,975 | 3,881 | ||
Loan ID 337 | 9/30/2016 | 20.85% | 1,085 | 1,085 | 1,036 | ||
Loan ID 338 | 10/1/2018 | 18.40% | 2,319 | 2,319 | 2,231 | ||
Loan ID 339 | 9/30/2016 | 13.49% | 993 | 993 | 961 | ||
Loan ID 340 | 9/30/2016 | 10.50% | 2,870 | 2,870 | 2,822 | ||
Loan ID 341 | 10/2/2018 | 17.30% | 7,451 | 7,451 | 7,169 | ||
Loan ID 342 | 10/3/2016 | 17.30% | 968 | 968 | 929 | ||
Loan ID 343 | 10/8/2016 | 16.60% | 2,057 | 2,057 | 1,974 | ||
Loan ID 344 | 10/8/2018 | 12.99% | 3,009 | 3,009 | 2,938 | ||
Loan ID 345 | 10/8/2016 | 27.69% | 1,559 | 1,559 | 1,484 | ||
Loan ID 346 | 10/9/2018 | 29.25% | 3,211 | 3,211 | 3,072 | ||
Loan ID 347 | 10/4/2016 | 26.99% | 281 | 281 | 268 | ||
Loan ID 348 | 10/10/2018 | 23.10% | 2,429 | 2,429 | 2,294 | ||
Loan ID 349 | 10/10/2018 | 18.00% | 8,654 | 8,654 | 8,327 | ||
Loan ID 350 | 10/10/2016 | 12.49% | 913 | 913 | 898 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 351 | 10/4/2016 | 22.25% | 3,875 | 3,875 | 3,699 | ||
Loan ID 352 | 10/4/2016 | 17.60% | 666 | 666 | 639 | ||
Loan ID 353 | 10/8/2018 | 17.60% | 2,141 | 2,141 | 2,060 | ||
Loan ID 354 | 10/10/2016 | 15.20% | 1,349 | 1,349 | 1,305 | ||
Loan ID 355 | 10/10/2016 | 23.10% | 646 | 646 | 617 | ||
Loan ID 356 | 10/8/2016 | 15.85% | 1,359 | 1,359 | 1,315 | ||
Loan ID 357 | 10/8/2018 | 15.20% | 5,605 | 5,605 | 5,513 | ||
Loan ID 358 | 10/10/2018 | 27.69% | 6,335 | 6,335 | 6,061 | ||
Loan ID 359 | 10/7/2016 | 20.15% | 2,145 | 2,145 | 2,059 | ||
Loan ID 360 | 10/8/2016 | 26.99% | 619 | 619 | 589 | ||
Loan ID 361 | 10/11/2016 | 18.40% | 1,389 | 1,389 | 1,333 | ||
Loan ID 362 | 10/9/2018 | 22.25% | 6,024 | 6,024 | 5,688 | ||
Loan ID 363 | 10/8/2016 | 29.99% | 320 | 320 | 302 | ||
Loan ID 364 | 10/8/2016 | 23.10% | 385 | 385 | 368 | ||
Loan ID 365 | 10/8/2018 | 20.15% | 8,862 | 8,862 | 8,527 | ||
Loan ID 366 | 10/10/2016 | 22.25% | 586 | 586 | 559 | ||
Loan ID 367 | 10/8/2016 | 19.80% | 3,161 | 3,161 | 3,034 | ||
Loan ID 368 | 10/16/2018 | 12.99% | 9,848 | 9,848 | 9,615 | ||
Loan ID 369 | 10/16/2018 | 20.15% | 5,864 | 5,864 | 5,642 | ||
Loan ID 370 | 10/15/2016 | 16.20% | 1,365 | 1,365 | 1,320 | ||
Loan ID 371 | 10/15/2016 | 31.34% | 432 | 432 | 408 | ||
Loan ID 372 | 10/16/2018 | 18.70% | 8,722 | 8,722 | 8,392 | ||
Loan ID 373 | 10/15/2018 | 23.10% | 1,518 | 1,518 | 1,433 | ||
Loan ID 374 | 10/17/2016 | 14.40% | 2,003 | 2,003 | 1,938 | ||
Loan ID 375 | 10/17/2018 | 23.10% | 1,822 | 1,822 | 1,721 | ||
Loan ID 376 | 10/17/2018 | 11.59% | 8,078 | 8,078 | 7,887 | ||
Loan ID 377 | 10/17/2016 | 12.99% | 656 | 656 | 645 | ||
Loan ID 378 | 10/17/2018 | 16.20% | 6,515 | 6,515 | 6,408 | ||
Loan ID 379 | 10/17/2018 | 18.40% | 8,696 | 8,696 | 8,367 | ||
Loan ID 380 | 10/16/2016 | 9.49% | 1,005 | 1,005 | 988 | ||
Loan ID 381 | 10/17/2016 | 9.90% | 1,074 | 1,074 | 1,056 | ||
Loan ID 382 | 10/18/2018 | 17.60% | 11,499 | 11,499 | 11,064 | ||
Loan ID 383 | 10/18/2016 | 19.15% | 2,121 | 2,121 | 2,036 | ||
Loan ID 384 | 10/18/2016 | 21.55% | 1,454 | 1,454 | 1,388 | ||
Loan ID 385 | 10/18/2018 | 19.50% | 3,803 | 3,803 | 3,659 | ||
Loan ID 386 | 10/16/2018 | 24.69% | 2,468 | 2,468 | 2,331 | ||
Loan ID 387 | 10/16/2018 | 11.59% | 10,770 | 10,770 | 10,515 | ||
Loan ID 388 | 10/16/2018 | 19.15% | 2,375 | 2,375 | 2,285 | ||
Loan ID 389 | 10/22/2018 | 16.20% | 5,666 | 5,666 | 5,573 | ||
Loan ID 390 | 10/18/2016 | 18.00% | 2,092 | 2,092 | 2,008 | ||
Loan ID 391 | 10/18/2018 | 20.45% | 4,735 | 4,735 | 4,556 | ||
Loan ID 392 | 10/17/2016 | 13.49% | 660 | 660 | 638 | ||
Loan ID 393 | 10/23/2018 | 11.99% | 10,819 | 10,819 | 10,563 | ||
Loan ID 394 | 10/17/2018 | 18.40% | 8,696 | 8,696 | 8,367 | ||
Loan ID 395 | 10/17/2018 | 20.45% | 14,796 | 14,796 | 14,236 | ||
Loan ID 396 | 10/17/2018 | 12.99% | 6,565 | 6,565 | 6,409 | ||
Loan ID 397 | 10/22/2016 | 12.99% | 7 | 7 | 7 | ||
Loan ID 398 | 10/22/2016 | 20.85% | 1,442 | 1,442 | 1,377 | ||
Loan ID 399 | 10/22/2016 | 18.40% | 3,503 | 3,503 | 3,362 | ||
Loan ID 400 | 10/18/2018 | 17.30% | 8,612 | 8,612 | 8,286 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 401 | 10/18/2016 | 16.60% | 2,743 | 2,743 | 2,632 | ||
Loan ID 402 | 10/18/2018 | 20.15% | 6,837 | 6,837 | 6,578 | ||
Loan ID 403 | 10/24/2018 | 20.85% | 6,052 | 6,052 | 5,715 | ||
Loan ID 404 | 10/28/2018 | 23.79% | 4,279 | 4,279 | 4,041 | ||
Loan ID 405 | 10/29/2018 | 23.79% | 2,445 | 2,445 | 2,309 | ||
Loan ID 406 | 10/22/2016 | 20.45% | 431 | 431 | 414 | ||
Loan ID 407 | 10/22/2018 | 18.40% | 8,696 | 8,696 | 8,367 | ||
Loan ID 408 | 10/29/2016 | 10.50% | 1,145 | 1,145 | 1,126 | ||
Loan ID 409 | 10/29/2018 | 20.15% | 6,196 | 6,196 | 5,962 | ||
Loan ID 410 | 10/28/2018 | 16.20% | 14,165 | 14,165 | 13,933 | ||
Loan ID 411 | 10/28/2016 | 13.99% | 1,993 | 1,993 | 1,928 | ||
Loan ID 412 | 10/28/2016 | 20.45% | 588 | 588 | 564 | ||
Loan ID 413 | 10/28/2016 | 9.49% | 1,257 | 1,257 | 1,236 | ||
Loan ID 414 | 10/28/2016 | 19.50% | 1,845 | 1,845 | 1,771 | ||
Loan ID 415 | 10/29/2016 | 13.99% | 1,793 | 1,793 | 1,734 | ||
Loan ID 416 | 11/1/2016 | 24.69% | 1,921 | 1,921 | 1,834 | ||
Loan ID 417 | 10/29/2016 | 19.15% | 565 | 565 | 542 | ||
Loan ID 418 | 11/1/2016 | 26.29% | 756 | 756 | 720 | ||
Loan ID 419 | 11/4/2016 | 26.99% | 761 | 761 | 725 | ||
Loan ID 420 | 10/31/2016 | 20.45% | 572 | 572 | 549 | ||
Loan ID 421 | 10/28/2016 | 13.99% | 532 | 532 | 515 | ||
Loan ID 422 | 10/29/2016 | 29.25% | 332 | 332 | 316 | ||
Loan ID 423 | 11/1/2016 | 10.50% | 1,127 | 1,127 | 1,108 | ||
Loan ID 424 | 10/29/2016 | 12.99% | 2,625 | 2,625 | 2,581 | ||
Loan ID 425 | 10/30/2016 | 16.20% | 546 | 546 | 528 | ||
Loan ID 426 | 11/4/2018 | 16.60% | 14,818 | 14,818 | 14,258 | ||
Loan ID 427 | 11/4/2018 | 14.85% | 8,620 | 8,620 | 8,479 | ||
Loan ID 428 | 10/30/2018 | 19.15% | 5,841 | 5,841 | 5,620 | ||
Loan ID 429 | 11/5/2018 | 18.70% | 8,962 | 8,962 | 8,623 | ||
Loan ID 430 | 10/31/2018 | 26.99% | 6,285 | 6,285 | 6,014 | ||
Loan ID 431 | 10/31/2016 | 19.15% | 2,195 | 2,195 | 2,107 | ||
Loan ID 432 | 11/6/2018 | 23.79% | 10,233 | 10,233 | 9,663 | ||
Loan ID 433 | 11/8/2016 | 29.25% | 1,949 | 1,949 | 1,856 | ||
Loan ID 434 | 11/8/2016 | 19.50% | 2,632 | 2,632 | 2,526 | ||
Loan ID 435 | 11/4/2018 | 23.79% | 4,388 | 4,388 | 4,144 | ||
Loan ID 436 | 11/12/2016 | 11.59% | 4,784 | 4,784 | 4,703 | ||
Loan ID 437 | 11/4/2016 | 16.60% | 3,396 | 3,396 | 3,259 | ||
Loan ID 438 | 11/12/2016 | 19.15% | 1,615 | 1,615 | 1,550 | ||
Loan ID 439 | 11/12/2016 | 29.25% | 779 | 779 | 742 | ||
Loan ID 440 | 11/13/2018 | 16.60% | 5,851 | 5,851 | 5,630 | ||
Loan ID 441 | 11/6/2016 | 12.49% | 3,805 | 3,805 | 3,741 | ||
Loan ID 442 | 11/6/2016 | 20.15% | 1,154 | 1,154 | 1,107 | ||
Loan ID 443 | 11/12/2016 | 14.85% | 4,161 | 4,161 | 4,025 | ||
Loan ID 444 | 11/12/2016 | 20.45% | 621 | 621 | 596 | ||
Loan ID 445 | 11/13/2018 | 17.30% | 8,249 | 8,249 | 7,937 | ||
Loan ID 446 | 11/14/2018 | 16.20% | 14,581 | 14,581 | 14,342 | ||
Loan ID 447 | 11/7/2016 | 18.70% | 1,672 | 1,672 | 1,605 | ||
Loan ID 448 | 11/7/2016 | 29.25% | 779 | 779 | 742 | ||
Loan ID 449 | 11/7/2016 | 16.95% | 2,557 | 2,557 | 2,454 | ||
Loan ID 450 | 11/13/2016 | 18.00% | 2,588 | 2,588 | 2,484 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 451 | 11/8/2018 | 20.45% | 3,646 | 3,646 | 3,508 | ||
Loan ID 452 | 11/15/2016 | 9.90% | 2,356 | 2,356 | 2,316 | ||
Loan ID 453 | 11/15/2016 | 24.69% | 929 | 929 | 887 | ||
Loan ID 454 | 11/14/2018 | 17.60% | 5,910 | 5,910 | 5,686 | ||
Loan ID 455 | 11/18/2016 | 14.85% | 2,429 | 2,429 | 2,350 | ||
Loan ID 456 | 11/12/2016 | 29.25% | 1,949 | 1,949 | 1,856 | ||
Loan ID 457 | 11/12/2016 | 13.99% | 1,318 | 1,318 | 1,275 | ||
Loan ID 458 | 11/18/2016 | 10.99% | 595 | 595 | 585 | ||
Loan ID 459 | 11/12/2018 | 15.50% | 8,678 | 8,678 | 8,536 | ||
Loan ID 460 | 11/12/2016 | 16.20% | 1,194 | 1,194 | 1,155 | ||
Loan ID 461 | 11/18/2016 | 9.90% | 2,356 | 2,356 | 2,316 | ||
Loan ID 462 | 11/12/2018 | 14.85% | 5,746 | 5,746 | 5,652 | ||
Loan ID 463 | 11/12/2016 | 11.99% | 1,774 | 1,774 | 1,744 | ||
Loan ID 464 | 11/13/2016 | 17.60% | 688 | 688 | 660 | ||
Loan ID 465 | 11/13/2016 | 29.25% | 390 | 390 | 371 | ||
Loan ID 466 | 11/13/2016 | 16.20% | 2,113 | 2,113 | 2,044 | ||
Loan ID 467 | 11/13/2018 | 12.49% | 10,085 | 10,085 | 9,846 | ||
Loan ID 468 | 11/13/2018 | 13.99% | 8,376 | 8,376 | 8,239 | ||
Loan ID 469 | 11/13/2018 | 13.99% | 18,085 | 18,085 | 17,788 | ||
Loan ID 470 | 11/13/2016 | 14.40% | 2,318 | 2,318 | 2,242 | ||
Loan ID 471 | 11/15/2016 | 10.99% | 2,386 | 2,386 | 2,346 | ||
Loan ID 472 | 11/15/2016 | 10.99% | 155 | 155 | 152 | ||
Loan ID 473 | 11/19/2018 | 14.85% | 5,747 | 5,747 | 5,653 | ||
Loan ID 474 | 11/20/2018 | 20.85% | 2,440 | 2,440 | 2,304 | ||
Loan ID 475 | 11/20/2018 | 18.70% | 8,962 | 8,962 | 8,623 | ||
Loan ID 476 | 11/14/2018 | 20.85% | 6,100 | 6,100 | 5,760 | ||
Loan ID 477 | 11/22/2016 | 17.60% | 1,718 | 1,718 | 1,649 | ||
Loan ID 478 | 11/20/2018 | 12.49% | 4,483 | 4,483 | 4,377 | ||
Loan ID 479 | 11/20/2018 | 23.79% | 9,309 | 9,309 | 8,790 | ||
Loan ID 480 | 11/15/2016 | 16.20% | 1,690 | 1,690 | 1,635 | ||
Loan ID 481 | 11/26/2016 | 13.99% | 1,648 | 1,648 | 1,594 | ||
Loan ID 482 | 11/25/2018 | 17.60% | 8,865 | 8,865 | 8,530 | ||
Loan ID 483 | 11/25/2018 | 10.99% | 3,285 | 3,285 | 3,207 | ||
Loan ID 484 | 11/25/2018 | 15.50% | 7,521 | 7,521 | 7,398 | ||
Loan ID 485 | 11/26/2016 | 10.50% | 1,186 | 1,186 | 1,166 | ||
Loan ID 486 | 11/26/2016 | 9.49% | 5,469 | 5,469 | 5,377 | ||
Loan ID 487 | 11/26/2016 | 17.25% | 2,566 | 2,566 | 2,463 | ||
Loan ID 488 | 11/26/2018 | 16.60% | 3,826 | 3,826 | 3,681 | ||
Loan ID 489 | 11/27/2016 | 10.50% | 2,372 | 2,372 | 2,332 | ||
Loan ID 490 | 11/27/2016 | 12.49% | 1,134 | 1,134 | 1,115 | ||
Loan ID 491 | 11/27/2016 | 16.20% | 2,029 | 2,029 | 1,947 | ||
Loan ID 492 | 11/29/2018 | 16.85% | 8,798 | 8,798 | 8,465 | ||
Loan ID 493 | 11/29/2016 | 13.14% | 2,726 | 2,726 | 2,637 | ||
Loan ID 494 | 11/29/2018 | 14.65% | 11,468 | 11,468 | 11,280 | ||
Loan ID 495 | 11/26/2018 | 18.40% | 8,936 | 8,936 | 8,598 | ||
Loan ID 496 | 11/26/2018 | 13.14% | 7,337 | 7,337 | 7,217 | ||
Loan ID 497 | 12/2/2016 | 15.35% | 800 | 800 | 774 | ||
Loan ID 498 | 11/26/2016 | 14.00% | 1,978 | 1,978 | 1,913 | ||
Loan ID 499 | 12/3/2016 | 8.79% | 1,854 | 1,854 | 1,823 | ||
Loan ID 500 | 11/26/2018 | 18.40% | 8,936 | 8,936 | 8,598 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 501 | 12/3/2018 | 20.10% | 9,332 | 9,332 | 8,812 | ||
Loan ID 502 | 12/4/2018 | 19.40% | 9,271 | 9,271 | 8,920 | ||
Loan ID 503 | 11/27/2016 | 11.89% | 4,020 | 4,020 | 3,952 | ||
Loan ID 504 | 11/26/2016 | 10.99% | 3,182 | 3,182 | 3,128 | ||
Loan ID 505 | 11/26/2018 | 16.20% | 8,740 | 8,740 | 8,409 | ||
Loan ID 506 | 11/26/2016 | 13.49% | 3,277 | 3,277 | 3,170 | ||
Loan ID 507 | 11/29/2018 | 19.70% | 7,860 | 7,860 | 7,563 | ||
Loan ID 508 | 12/4/2016 | 14.65% | 2,976 | 2,976 | 2,879 | ||
Loan ID 509 | 11/27/2016 | 15.00% | 2,501 | 2,501 | 2,419 | ||
Loan ID 510 | 12/4/2018 | 15.35% | 11,291 | 11,291 | 11,106 | ||
Loan ID 511 | 11/27/2018 | 16.20% | 9,001 | 9,001 | 8,661 | ||
Loan ID 512 | 11/27/2016 | 11.99% | 1,610 | 1,610 | 1,583 | ||
Loan ID 513 | 11/29/2016 | 10.99% | 1,591 | 1,591 | 1,564 | ||
Loan ID 514 | 11/27/2016 | 10.99% | 2,386 | 2,386 | 2,346 | ||
Loan ID 515 | 11/27/2016 | 11.89% | 2,412 | 2,412 | 2,371 | ||
Loan ID 516 | 11/29/2016 | 16.20% | 1,183 | 1,183 | 1,135 | ||
Loan ID 517 | 12/5/2016 | 18.40% | 1,265 | 1,265 | 1,214 | ||
Loan ID 518 | 12/5/2016 | 22.35% | 972 | 972 | 928 | ||
Loan ID 519 | 11/27/2016 | 10.50% | 633 | 633 | 622 | ||
Loan ID 520 | 12/5/2018 | 14.35% | 20,590 | 20,590 | 20,252 | ||
Loan ID 521 | 11/27/2016 | 17.95% | 1,725 | 1,725 | 1,655 | ||
Loan ID 522 | 12/2/2018 | 13.55% | 5,835 | 5,835 | 5,739 | ||
Loan ID 523 | 12/5/2016 | 13.55% | 1,665 | 1,665 | 1,611 | ||
Loan ID 524 | 11/29/2016 | 11.89% | 2,411 | 2,411 | 2,370 | ||
Loan ID 525 | 12/3/2018 | 19.40% | 15,452 | 15,452 | 14,868 | ||
Loan ID 526 | 12/3/2016 | 19.70% | 839 | 839 | 805 | ||
Loan ID 527 | 12/4/2018 | 17.25% | 9,084 | 9,084 | 8,740 | ||
Loan ID 528 | 12/6/2018 | 16.20% | 4,195 | 4,195 | 4,036 | ||
Loan ID 529 | 12/4/2018 | 16.20% | 5,993 | 5,993 | 5,766 | ||
Loan ID 530 | 12/4/2016 | 10.99% | 4,756 | 4,756 | 4,676 | ||
Loan ID 531 | 12/4/2018 | 15.35% | 20,799 | 20,799 | 20,458 | ||
Loan ID 532 | 12/2/2018 | 14.35% | 6,177 | 6,177 | 6,076 | ||
Loan ID 533 | 12/2/2016 | 14.00% | 6,418 | 6,418 | 6,208 | ||
Loan ID 534 | 12/4/2016 | 16.85% | 829 | 829 | 796 | ||
Loan ID 535 | 12/6/2018 | 19.70% | 9,326 | 9,326 | 8,973 | ||
Loan ID 536 | 12/9/2018 | 22.35% | 1,270 | 1,270 | 1,199 | ||
Loan ID 537 | 12/5/2018 | 11.39% | 9,697 | 9,697 | 9,467 | ||
Loan ID 538 | 12/5/2016 | 14.35% | 2,966 | 2,966 | 2,869 | ||
Loan ID 539 | 12/3/2016 | 12.49% | 531 | 531 | 522 | ||
Loan ID 540 | 12/9/2018 | 13.14% | 11,620 | 11,620 | 11,429 | ||
Loan ID 541 | 12/4/2018 | 16.55% | 9,060 | 9,060 | 8,717 | ||
Loan ID 542 | 12/5/2016 | 19.80% | 232 | 232 | 223 | ||
Loan ID 543 | 12/5/2016 | 12.74% | 6,794 | 6,794 | 6,572 | ||
Loan ID 544 | 12/4/2018 | 16.55% | 9,021 | 9,021 | 8,680 | ||
Loan ID 545 | 12/5/2016 | 13.14% | 1,986 | 1,986 | 1,921 | ||
Loan ID 546 | 12/10/2018 | 14.65% | 8,851 | 8,851 | 8,706 | ||
Loan ID 547 | 12/4/2018 | 19.70% | 16 | 16 | 15 | ||
Loan ID 548 | 12/10/2016 | 10.39% | 378 | 378 | 372 | ||
Loan ID 549 | 12/4/2016 | 19.05% | 3,125 | 3,125 | 2,999 | ||
Loan ID 550 | 12/6/2016 | 11.39% | 1,911 | 1,911 | 1,879 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 551 | 12/6/2016 | 19.40% | 4,182 | 4,182 | 4,013 | ||
Loan ID 552 | 12/5/2018 | 22.35% | 2,540 | 2,540 | 2,399 | ||
Loan ID 553 | 12/5/2018 | 15.35% | 14,857 | 14,857 | 14,613 | ||
Loan ID 554 | 12/11/2016 | 26.24% | 902 | 902 | 859 | ||
Loan ID 555 | 12/11/2016 | 13.14% | 2,925 | 2,925 | 2,830 | ||
Loan ID 556 | 12/9/2018 | 16.20% | 8,990 | 8,990 | 8,650 | ||
Loan ID 557 | 12/11/2016 | 10.39% | 2,173 | 2,173 | 2,136 | ||
Loan ID 558 | 12/11/2016 | 20.10% | 1,686 | 1,686 | 1,609 | ||
Loan ID 559 | 12/12/2018 | 19.40% | 6,181 | 6,181 | 5,947 | ||
Loan ID 560 | 12/6/2018 | 15.35% | 14,857 | 14,857 | 14,613 | ||
Loan ID 561 | 12/6/2016 | 10.39% | 2,645 | 2,645 | 2,600 | ||
Loan ID 562 | 12/6/2016 | 15.85% | 1,005 | 1,005 | 964 | ||
Loan ID 563 | 12/6/2016 | 22.35% | 2,159 | 2,159 | 2,061 | ||
Loan ID 564 | 12/10/2018 | 18.40% | 6,122 | 6,122 | 5,890 | ||
Loan ID 565 | 12/10/2016 | 10.99% | 1,712 | 1,712 | 1,683 | ||
Loan ID 566 | 12/9/2018 | 11.89% | 11,469 | 11,469 | 11,197 | ||
Loan ID 567 | 12/10/2018 | 21.50% | 6,302 | 6,302 | 5,951 | ||
Loan ID 568 | 12/9/2016 | 11.39% | 3,787 | 3,787 | 3,723 | ||
Loan ID 569 | 12/11/2018 | 15.85% | 6,868 | 6,868 | 6,608 | ||
Loan ID 570 | 12/13/2018 | 22.35% | 6,351 | 6,351 | 5,997 | ||
Loan ID 571 | 12/16/2016 | 11.89% | 3,798 | 3,798 | 3,734 | ||
Loan ID 572 | 12/10/2018 | 13.14% | 14,742 | 14,742 | 14,500 | ||
Loan ID 573 | 12/10/2018 | 13.55% | 14,587 | 14,587 | 14,348 | ||
Loan ID 574 | 12/17/2016 | 11.89% | 3,845 | 3,845 | 3,780 | ||
Loan ID 575 | 12/17/2018 | 12.74% | 5,786 | 5,786 | 5,691 | ||
Loan ID 576 | 12/10/2016 | 16.85% | 3,050 | 3,050 | 2,927 | ||
Loan ID 577 | 12/11/2016 | 28.50% | 1,381 | 1,381 | 1,315 | ||
Loan ID 578 | 12/17/2018 | 19.70% | 9,298 | 9,298 | 8,946 | ||
Loan ID 579 | 12/13/2016 | 14.65% | 942 | 942 | 911 | ||
Loan ID 580 | 12/12/2018 | 9.90% | 8,982 | 8,982 | 8,769 | ||
Loan ID 581 | 12/13/2016 | 12.74% | 679 | 679 | 657 | ||
Loan ID 582 | 12/13/2018 | 18.40% | 9,207 | 9,207 | 8,859 | ||
Loan ID 583 | 12/16/2018 | 12.39% | 2,882 | 2,882 | 2,814 | ||
Loan ID 584 | 12/16/2018 | 18.00% | 8,539 | 8,539 | 8,216 | ||
Loan ID 585 | 12/16/2016 | 11.39% | 3,345 | 3,345 | 3,289 | ||
Loan ID 586 | 12/19/2018 | 16.85% | 6,032 | 6,032 | 5,804 | ||
Loan ID 587 | 12/19/2018 | 19.05% | 9,241 | 9,241 | 8,892 | ||
Loan ID 588 | 12/19/2018 | 12.39% | 2,883 | 2,883 | 2,815 | ||
Loan ID 589 | 12/16/2016 | 24.74% | 886 | 886 | 844 | ||
Loan ID 590 | 12/16/2016 | 20.80% | 1,168 | 1,168 | 1,115 | ||
Loan ID 591 | 12/16/2016 | 19.70% | 486 | 486 | 466 | ||
Loan ID 592 | 12/17/2018 | 11.39% | 57 | 57 | 56 | ||
Loan ID 593 | 12/16/2016 | 9.90% | 3,757 | 3,757 | 3,694 | ||
Loan ID 594 | 12/16/2018 | 23.04% | 9,585 | 9,585 | 9,051 | ||
Loan ID 595 | 12/18/2018 | 12.39% | 10,954 | 10,954 | 10,694 | ||
Loan ID 596 | 12/18/2016 | 12.39% | 2,900 | 2,900 | 2,851 | ||
Loan ID 597 | 12/17/2018 | 15.00% | 15,436 | 15,436 | 15,183 | ||
Loan ID 598 | 12/18/2018 | 17.95% | 9,589 | 9,589 | 9,226 | ||
Loan ID 599 | 12/23/2016 | 16.85% | 2,033 | 2,033 | 1,951 | ||
Loan ID 600 | 12/17/2016 | 19.70% | 2,098 | 2,098 | 2,013 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 601 | 12/19/2018 | 16.55% | 9,021 | 9,021 | 8,680 | ||
Loan ID 602 | 12/19/2016 | 18.75% | 3,115 | 3,115 | 2,989 | ||
Loan ID 603 | 12/24/2016 | 12.74% | 44 | 44 | 43 | ||
Loan ID 604 | 12/17/2016 | 9.30% | 931 | 931 | 915 | ||
Loan ID 605 | 12/19/2016 | 28.50% | 921 | 921 | 877 | ||
Loan ID 606 | 12/24/2016 | 10.99% | 3,425 | 3,425 | 3,367 | ||
Loan ID 607 | 12/18/2018 | 23.94% | 6,441 | 6,441 | 6,082 | ||
Loan ID 608 | 12/20/2018 | 15.00% | 14,804 | 14,804 | 14,561 | ||
Loan ID 609 | 12/20/2016 | 14.65% | 1,349 | 1,349 | 1,305 | ||
Loan ID 610 | 12/20/2016 | 18.40% | 827 | 827 | 794 | ||
Loan ID 611 | 12/20/2018 | 17.65% | 10,571 | 10,571 | 10,171 | ||
Loan ID 612 | 12/26/2018 | 17.95% | 9,145 | 9,145 | 8,799 | ||
Loan ID 613 | 12/18/2016 | 16.85% | 2,056 | 2,056 | 1,973 | ||
Loan ID 614 | 12/19/2018 | 15.35% | 8,914 | 8,914 | 8,768 | ||
Loan ID 615 | 12/20/2018 | 18.40% | 9,184 | 9,184 | 8,837 | ||
Loan ID 616 | 12/19/2016 | 26.94% | 946 | 946 | 901 | ||
Loan ID 617 | 12/19/2018 | 12.74% | 8,679 | 8,679 | 8,537 | ||
Loan ID 618 | 12/27/2016 | 14.65% | 992 | 992 | 960 | ||
Loan ID 619 | 12/23/2018 | 19.70% | 6,198 | 6,198 | 5,964 | ||
Loan ID 620 | 12/24/2018 | 15.85% | 14,931 | 14,931 | 14,366 | ||
Loan ID 621 | 12/20/2018 | 19.40% | 15,494 | 15,494 | 14,908 | ||
Loan ID 622 | 12/30/2016 | 11.39% | 972 | 972 | 956 | ||
Loan ID 623 | 12/30/2016 | 17.65% | 2,050 | 2,050 | 1,967 | ||
Loan ID 624 | 12/30/2016 | 25.54% | 892 | 892 | 849 | ||
Loan ID 625 | 12/30/2018 | 21.50% | 4,716 | 4,716 | 4,453 | ||
Loan ID 626 | 12/23/2018 | 16.55% | 9,021 | 9,021 | 8,680 | ||
Loan ID 627 | 12/31/2018 | 10.99% | 5,677 | 5,677 | 5,542 | ||
Loan ID 628 | 12/23/2016 | 12.39% | 967 | 967 | 951 | ||
Loan ID 629 | 12/31/2016 | 14.65% | 2,970 | 2,970 | 2,873 | ||
Loan ID 630 | 12/23/2016 | 6.29% | 1,800 | 1,800 | 1,773 | ||
Loan ID 631 | 12/31/2018 | 17.95% | 12,181 | 12,181 | 11,720 | ||
Loan ID 632 | 12/31/2016 | 9.30% | 932 | 932 | 916 | ||
Loan ID 633 | 12/24/2016 | 9.90% | 2,818 | 2,818 | 2,771 | ||
Loan ID 634 | 12/24/2018 | 19.70% | 6,198 | 6,198 | 5,964 | ||
Loan ID 635 | 12/31/2018 | 15.35% | 8,907 | 8,907 | 8,761 | ||
Loan ID 636 | 12/27/2016 | 23.04% | 870 | 870 | 830 | ||
Loan ID 637 | 12/31/2016 | 11.89% | 4,259 | 4,259 | 4,187 | ||
Loan ID 638 | 12/31/2016 | 12.39% | 1,919 | 1,919 | 1,887 | ||
Loan ID 639 | 12/31/2018 | 13.55% | 5,831 | 5,831 | 5,735 | ||
Loan ID 640 | 1/2/2017 | 26.94% | 1,043 | 1,043 | 993 | ||
Loan ID 641 | 12/30/2018 | 16.55% | 5,998 | 5,998 | 5,771 | ||
Loan ID 642 | 12/30/2016 | 8.79% | 2,781 | 2,781 | 2,734 | ||
Loan ID 643 | 12/24/2016 | 9.30% | 5,596 | 5,596 | 5,502 | ||
Loan ID 644 | 1/2/2019 | 14.00% | 12,042 | 12,042 | 11,845 | ||
Loan ID 645 | 12/26/2018 | 16.20% | 15,514 | 15,514 | 14,927 | ||
Loan ID 646 | 1/2/2019 | 12.39% | 3,374 | 3,374 | 3,294 | ||
Loan ID 647 | 12/26/2018 | 19.05% | 9,296 | 9,296 | 8,944 | ||
Loan ID 648 | 1/2/2019 | 19.70% | 6,352 | 6,352 | 6,112 | ||
Loan ID 649 | 12/30/2016 | 20.80% | 2,122 | 2,122 | 2,026 | ||
Loan ID 650 | 12/30/2016 | 8.79% | 1,298 | 1,298 | 1,276 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 651 | 1/3/2017 | 13.55% | 2,270 | 2,270 | 2,196 | ||
Loan ID 652 | 12/31/2016 | 10.99% | 760 | 760 | 747 | ||
Loan ID 653 | 12/31/2016 | 15.85% | 3,010 | 3,010 | 2,889 | ||
Loan ID 654 | 1/3/2017 | 10.99% | 2,802 | 2,802 | 2,755 | ||
Loan ID 655 | 12/31/2018 | 14.00% | 15,981 | 15,981 | 15,719 | ||
Loan ID 656 | 1/3/2019 | 18.75% | 15,759 | 15,759 | 15,163 | ||
Loan ID 657 | 12/31/2016 | 13.55% | 780 | 780 | 755 | ||
Loan ID 658 | 1/6/2017 | 11.39% | 4,434 | 4,434 | 4,359 | ||
Loan ID 659 | 12/31/2016 | 11.39% | 1,107 | 1,107 | 1,088 | ||
Loan ID 660 | 12/31/2016 | 8.79% | 2,315 | 2,315 | 2,276 | ||
Loan ID 661 | 12/31/2016 | 14.00% | 2,949 | 2,949 | 2,853 | ||
Loan ID 662 | 12/31/2016 | 10.99% | 5,225 | 5,225 | 5,137 | ||
Loan ID 663 | 1/6/2019 | 19.40% | 8,009 | 8,009 | 7,706 | ||
Loan ID 664 | 1/2/2019 | 17.95% | 6,250 | 6,250 | 6,014 | ||
Loan ID 665 | 1/2/2019 | 16.85% | 9,282 | 9,282 | 8,931 | ||
Loan ID 666 | 1/6/2017 | 6.59% | 1,786 | 1,786 | 1,760 | ||
Loan ID 667 | 1/6/2017 | 12.74% | 4,725 | 4,725 | 4,571 | ||
Loan ID 668 | 1/2/2019 | 24.74% | 5,810 | 5,810 | 5,559 | ||
Loan ID 669 | 1/2/2019 | 16.55% | 5,554 | 5,554 | 5,344 | ||
Loan ID 670 | 1/2/2019 | 12.39% | 16,970 | 16,970 | 16,568 | ||
Loan ID 671 | 1/7/2017 | 16.20% | 1,518 | 1,518 | 1,457 | ||
Loan ID 672 | 1/2/2017 | 9.90% | 2,181 | 2,181 | 2,144 | ||
Loan ID 673 | 1/2/2017 | 9.30% | 3,249 | 3,249 | 3,194 | ||
Loan ID 674 | 1/2/2017 | 14.65% | 3,446 | 3,446 | 3,334 | ||
Loan ID 675 | 1/2/2019 | 15.35% | 9,172 | 9,172 | 9,022 | ||
Loan ID 676 | 1/2/2017 | 19.05% | 1,805 | 1,805 | 1,732 | ||
Loan ID 677 | 1/7/2017 | 15.85% | 2,419 | 2,419 | 2,321 | ||
Loan ID 678 | 12/31/2018 | 15.85% | 5,968 | 5,968 | 5,742 | ||
Loan ID 679 | 12/31/2016 | 26.24% | 1,568 | 1,568 | 1,493 | ||
Loan ID 680 | 1/3/2017 | 15.85% | 3,490 | 3,490 | 3,349 | ||
Loan ID 681 | 12/31/2018 | 13.55% | 13,120 | 13,120 | 12,905 | ||
Loan ID 682 | 1/2/2019 | 18.75% | 6,298 | 6,298 | 6,060 | ||
Loan ID 683 | 1/3/2019 | 20.80% | 9,684 | 9,684 | 9,145 | ||
Loan ID 684 | 1/3/2019 | 24.74% | 6,633 | 6,633 | 6,347 | ||
Loan ID 685 | 1/6/2017 | 14.00% | 799 | 799 | 773 | ||
Loan ID 686 | 1/2/2017 | 11.39% | 776 | 776 | 763 | ||
Loan ID 687 | 1/6/2017 | 15.85% | 1,163 | 1,163 | 1,116 | ||
Loan ID 688 | 1/2/2019 | 18.75% | 6,298 | 6,298 | 6,060 | ||
Loan ID 689 | 1/9/2019 | 18.40% | 9,417 | 9,417 | 9,061 | ||
Loan ID 690 | 1/6/2019 | 12.74% | 14,866 | 14,866 | 14,622 | ||
Loan ID 691 | 1/3/2019 | 16.20% | 12,301 | 12,301 | 11,836 | ||
Loan ID 692 | 1/7/2019 | 12.74% | 7,730 | 7,730 | 7,603 | ||
Loan ID 693 | 1/7/2017 | 27.74% | 2,627 | 2,627 | 2,501 | ||
Loan ID 694 | 1/3/2017 | 26.94% | 1,090 | 1,090 | 1,038 | ||
Loan ID 695 | 1/7/2019 | 23.94% | 10,041 | 10,041 | 9,482 | ||
Loan ID 696 | 1/6/2019 | 14.65% | 15,149 | 15,149 | 14,901 | ||
Loan ID 697 | 1/6/2017 | 30.59% | 1,080 | 1,080 | 1,019 | ||
Loan ID 698 | 1/8/2019 | 16.55% | 4,628 | 4,628 | 4,453 | ||
Loan ID 699 | 1/6/2017 | 10.39% | 2,075 | 2,075 | 2,040 | ||
Loan ID 700 | 1/7/2017 | 16.85% | 2,396 | 2,396 | 2,299 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 701 | 1/7/2017 | 9.30% | 1,083 | 1,083 | 1,065 | ||
Loan ID 702 | 1/7/2017 | 12.39% | 2,614 | 2,614 | 2,570 | ||
Loan ID 703 | 1/7/2017 | 22.35% | 3,754 | 3,754 | 3,584 | ||
Loan ID 704 | 1/8/2017 | 17.95% | 952 | 952 | 914 | ||
Loan ID 705 | 1/7/2017 | 17.95% | 2,379 | 2,379 | 2,283 | ||
Loan ID 706 | 1/7/2017 | 16.20% | 3,504 | 3,504 | 3,363 | ||
Loan ID 707 | 1/13/2017 | 15.00% | 5,765 | 5,765 | 5,577 | ||
Loan ID 708 | 1/8/2017 | 28.50% | 1,058 | 1,058 | 1,007 | ||
Loan ID 709 | 1/14/2017 | 11.89% | 5,573 | 5,573 | 5,479 | ||
Loan ID 710 | 1/8/2019 | 15.85% | 5,210 | 5,210 | 5,013 | ||
Loan ID 711 | 1/14/2019 | 15.35% | 4,881 | 4,881 | 4,801 | ||
Loan ID 712 | 1/9/2019 | 16.85% | 6,173 | 6,173 | 5,940 | ||
Loan ID 713 | 1/14/2017 | 15.85% | 387 | 387 | 371 | ||
Loan ID 714 | 1/15/2019 | 14.00% | 6,180 | 6,180 | 6,079 | ||
Loan ID 715 | 1/16/2019 | 16.85% | 3,094 | 3,094 | 2,977 | ||
Loan ID 716 | 1/14/2019 | 16.20% | 15,442 | 15,442 | 14,858 | ||
Loan ID 717 | 1/15/2017 | 22.35% | 2,475 | 2,475 | 2,363 | ||
Loan ID 718 | 1/16/2017 | 11.39% | 2,987 | 2,987 | 2,937 | ||
Loan ID 719 | 1/15/2019 | 17.65% | 8,731 | 8,731 | 8,401 | ||
Loan ID 720 | 1/14/2019 | 14.00% | 2,107 | 2,107 | 2,072 | ||
Loan ID 721 | 1/15/2017 | 12.39% | 897 | 897 | 882 | ||
Loan ID 722 | 1/14/2019 | 18.75% | 9,447 | 9,447 | 9,090 | ||
Loan ID 723 | 1/15/2017 | 11.39% | 1,441 | 1,441 | 1,417 | ||
Loan ID 724 | 1/15/2019 | 19.05% | 9,473 | 9,473 | 9,115 | ||
Loan ID 725 | 1/14/2017 | 16.85% | 1,411 | 1,411 | 1,354 | ||
Loan ID 726 | 1/14/2019 | 11.39% | 7,625 | 7,625 | 7,444 | ||
Loan ID 727 | 1/16/2017 | 8.79% | 646 | 646 | 635 | ||
Loan ID 728 | 1/14/2017 | 15.85% | 3,568 | 3,568 | 3,424 | ||
Loan ID 729 | 1/16/2017 | 13.55% | 1,766 | 1,766 | 1,708 | ||
Loan ID 730 | 1/15/2019 | 13.14% | 5,369 | 5,369 | 5,281 | ||
Loan ID 731 | 1/17/2019 | 17.25% | 9,316 | 9,316 | 8,964 | ||
Loan ID 732 | 1/22/2019 | 16.85% | 2,475 | 2,475 | 2,381 | ||
Loan ID 733 | 1/22/2017 | 16.20% | 3,504 | 3,504 | 3,363 | ||
Loan ID 734 | 1/22/2017 | 8.79% | 2,046 | 2,046 | 2,012 | ||
Loan ID 735 | 1/22/2019 | 22.35% | 6,734 | 6,734 | 6,359 | ||
Loan ID 736 | 1/22/2017 | 8.79% | 1,615 | 1,615 | 1,588 | ||
Loan ID 737 | 1/16/2017 | 9.30% | 2,599 | 2,599 | 2,555 | ||
Loan ID 738 | 1/21/2017 | 18.40% | 2,869 | 2,869 | 2,753 | ||
Loan ID 739 | 1/21/2019 | 19.70% | 6,507 | 6,507 | 6,261 | ||
Loan ID 740 | 1/22/2017 | 14.00% | 3,435 | 3,435 | 3,323 | ||
Loan ID 741 | 1/22/2017 | 11.89% | 4,088 | 4,088 | 4,019 | ||
Loan ID 742 | 1/23/2019 | 15.35% | 6,101 | 6,101 | 6,001 | ||
Loan ID 743 | 1/17/2017 | 15.00% | 5,765 | 5,765 | 5,577 | ||
Loan ID 744 | 1/21/2017 | 16.20% | 2,336 | 2,336 | 2,242 | ||
Loan ID 745 | 1/23/2017 | 18.75% | 3,599 | 3,599 | 3,454 | ||
Loan ID 746 | 1/24/2019 | 14.35% | 9,063 | 9,063 | 8,914 | ||
Loan ID 747 | 1/22/2017 | 20.80% | 3,719 | 3,719 | 3,550 | ||
Loan ID 748 | 1/24/2017 | 10.99% | 2,870 | 2,870 | 2,822 | ||
Loan ID 749 | 1/22/2017 | 8.79% | 2,783 | 2,783 | 2,736 | ||
Loan ID 750 | 1/22/2017 | 8.79% | 861 | 861 | 846 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 751 | 1/22/2017 | 8.79% | 3,231 | 3,231 | 3,177 | ||
Loan ID 752 | 1/23/2017 | 10.99% | 3,311 | 3,311 | 3,255 | ||
Loan ID 753 | 1/22/2019 | 23.04% | 1,996 | 1,996 | 1,885 | ||
Loan ID 754 | 1/27/2017 | 14.35% | 1,580 | 1,580 | 1,528 | ||
Loan ID 755 | 1/24/2017 | 10.39% | 1,096 | 1,096 | 1,078 | ||
Loan ID 756 | 1/24/2019 | 9.90% | 8,664 | 8,664 | 8,459 | ||
Loan ID 757 | 1/28/2017 | 12.39% | 2,017 | 2,017 | 1,983 | ||
Loan ID 758 | 1/28/2017 | 15.85% | 987 | 987 | 947 | ||
Loan ID 759 | 1/28/2017 | 9.30% | 2,166 | 2,166 | 2,130 | ||
Loan ID 760 | 1/24/2017 | 29.24% | 1,066 | 1,066 | 1,006 | ||
Loan ID 761 | 1/28/2017 | 18.40% | 1,912 | 1,912 | 1,835 | ||
Loan ID 762 | 1/24/2017 | 11.39% | 7,760 | 7,760 | 7,629 | ||
Loan ID 763 | 1/28/2019 | 12.74% | 8,923 | 8,923 | 8,777 | ||
Loan ID 764 | 1/29/2017 | 16.55% | 2,831 | 2,831 | 2,717 | ||
Loan ID 765 | 1/29/2017 | 15.85% | 931 | 931 | 893 | ||
Loan ID 766 | 1/28/2017 | 28.50% | 2,381 | 2,381 | 2,267 | ||
Loan ID 767 | 1/27/2019 | 14.35% | 8,459 | 8,459 | 8,320 | ||
Loan ID 768 | 1/29/2019 | 11.39% | 11,731 | 11,731 | 11,453 | ||
Loan ID 769 | 1/29/2017 | 10.99% | 1,604 | 1,604 | 1,577 | ||
Loan ID 770 | 1/29/2019 | 15.00% | 9,120 | 9,120 | 8,970 | ||
Loan ID 771 | 1/30/2017 | 21.50% | 2,467 | 2,467 | 2,355 | ||
Loan ID 772 | 1/28/2019 | 17.65% | 9,694 | 9,694 | 9,327 | ||
Loan ID 773 | 1/28/2017 | 12.74% | 2,025 | 2,025 | 1,959 | ||
Loan ID 774 | 1/28/2017 | 12.74% | 305 | 305 | 295 | ||
Loan ID 775 | 1/28/2017 | 11.39% | 1,374 | 1,374 | 1,351 | ||
Loan ID 776 | 1/29/2019 | 26.94% | 2,647 | 2,647 | 2,533 | ||
Loan ID 777 | 1/31/2019 | 19.40% | 7,595 | 7,595 | 7,308 | ||
Loan ID 778 | 1/30/2017 | 15.85% | 782 | 782 | 750 | ||
Loan ID 779 | 2/7/2017 | 11.39% | 3,817 | 3,817 | 3,753 | ||
Loan ID 780 | 2/3/2017 | 12.74% | 3,834 | 3,834 | 3,709 | ||
Loan ID 781 | 2/6/2017 | 11.39% | 959 | 959 | 943 | ||
Loan ID 782 | 2/10/2019 | 16.85% | 6,343 | 6,343 | 6,103 | ||
Loan ID 783 | 2/10/2017 | 9.90% | 864 | 864 | 849 | ||
Loan ID 784 | 2/7/2017 | 11.39% | 1,260 | 1,260 | 1,239 | ||
Loan ID 785 | 2/11/2017 | 12.39% | 764 | 764 | 751 | ||
Loan ID 786 | 2/13/2017 | 15.35% | 3,939 | 3,939 | 3,810 | ||
Loan ID 787 | 2/7/2019 | 17.65% | 9,583 | 9,583 | 9,221 | ||
Loan ID 788 | 2/11/2019 | 15.85% | 9,428 | 9,428 | 9,071 | ||
Loan ID 789 | 2/7/2019 | 15.00% | 6,237 | 6,237 | 6,135 | ||
Loan ID 790 | 2/11/2017 | 19.05% | 494 | 494 | 474 | ||
Loan ID 791 | 2/11/2019 | 17.25% | 8,528 | 8,528 | 8,205 | ||
Loan ID 792 | 2/7/2019 | 16.85% | 12,686 | 12,686 | 12,206 | ||
Loan ID 793 | 2/12/2017 | 28.50% | 366 | 366 | 349 | ||
Loan ID 794 | 2/10/2019 | 11.89% | 8,906 | 8,906 | 8,695 | ||
Loan ID 795 | 2/12/2017 | 18.75% | 4,076 | 4,076 | 3,912 | ||
Loan ID 796 | 2/18/2017 | 14.65% | 1,890 | 1,890 | 1,828 | ||
Loan ID 797 | 2/18/2017 | 20.10% | 4,131 | 4,131 | 3,943 | ||
Loan ID 798 | 2/13/2017 | 9.30% | 6,161 | 6,161 | 6,057 | ||
Loan ID 799 | 2/11/2017 | 9.90% | 992 | 992 | 975 | ||
Loan ID 800 | 2/19/2017 | 9.90% | 3,225 | 3,225 | 3,171 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 801 | 2/19/2017 | 11.89% | 3,800 | 3,800 | 3,736 | ||
Loan ID 802 | 2/12/2019 | 14.00% | 439 | 439 | 432 | ||
Loan ID 803 | 2/19/2019 | 12.74% | 6,105 | 6,105 | 6,005 | ||
Loan ID 804 | 2/12/2019 | 23.94% | 10,103 | 10,103 | 9,540 | ||
Loan ID 805 | 2/18/2017 | 13.55% | 1,804 | 1,804 | 1,745 | ||
Loan ID 806 | 2/18/2017 | 12.39% | 7,640 | 7,640 | 7,511 | ||
Loan ID 807 | 2/18/2019 | 24.74% | 5,289 | 5,289 | 5,061 | ||
Loan ID 808 | 2/20/2017 | 15.85% | 1,056 | 1,056 | 1,013 | ||
Loan ID 809 | 2/18/2017 | 19.05% | 954 | 954 | 916 | ||
Loan ID 810 | 2/18/2019 | 16.55% | 4,428 | 4,428 | 4,261 | ||
Loan ID 811 | 2/20/2017 | 14.35% | 3,898 | 3,898 | 3,771 | ||
Loan ID 812 | 2/14/2017 | 28.50% | 3,047 | 3,047 | 2,901 | ||
Loan ID 813 | 2/19/2017 | 15.85% | 6,598 | 6,598 | 6,332 | ||
Loan ID 814 | 2/19/2017 | 8.79% | 2,451 | 2,451 | 2,410 | ||
Loan ID 815 | 2/21/2017 | 17.95% | 2,291 | 2,291 | 2,199 | ||
Loan ID 816 | 2/18/2017 | 8.79% | 3,677 | 3,677 | 3,615 | ||
Loan ID 817 | 2/18/2017 | 10.39% | 4,239 | 4,239 | 4,168 | ||
Loan ID 818 | 2/19/2017 | 14.00% | 3,885 | 3,885 | 3,758 | ||
Loan ID 819 | 2/18/2017 | 16.20% | 1,189 | 1,189 | 1,141 | ||
Loan ID 820 | 2/19/2017 | 16.55% | 3,987 | 3,987 | 3,826 | ||
Loan ID 821 | 2/25/2019 | 20.30% | 2,517 | 2,517 | 2,377 | ||
Loan ID 822 | 2/25/2017 | 10.89% | 1,504 | 1,504 | 1,479 | ||
Loan ID 823 | 2/25/2017 | 11.39% | 8,820 | 8,820 | 8,671 | ||
Loan ID 824 | 2/20/2017 | 12.39% | 6,366 | 6,366 | 6,259 | ||
Loan ID 825 | 2/25/2017 | 18.55% | 2,712 | 2,712 | 2,603 | ||
Loan ID 826 | 2/25/2017 | 10.39% | 2,493 | 2,493 | 2,451 | ||
Loan ID 827 | 2/19/2019 | 19.05% | 9,701 | 9,701 | 9,334 | ||
Loan ID 828 | 2/21/2019 | 23.94% | 5,573 | 5,573 | 5,263 | ||
Loan ID 829 | 2/21/2019 | 14.65% | 6,216 | 6,216 | 6,114 | ||
Loan ID 830 | 2/21/2017 | 19.05% | 1,090 | 1,090 | 1,046 | ||
Loan ID 831 | 2/26/2017 | 12.64% | 3,830 | 3,830 | 3,705 | ||
Loan ID 832 | 2/20/2017 | 13.14% | 1,043 | 1,043 | 1,009 | ||
Loan ID 833 | 2/24/2017 | 10.39% | 3,740 | 3,740 | 3,677 | ||
Loan ID 834 | 2/25/2017 | 9.90% | 8,681 | 8,681 | 8,535 | ||
Loan ID 835 | 2/20/2017 | 13.14% | 3,850 | 3,850 | 3,724 | ||
Loan ID 836 | 2/20/2017 | 8.79% | 6,128 | 6,128 | 6,025 | ||
Loan ID 837 | 2/27/2017 | 13.05% | 2,565 | 2,565 | 2,481 | ||
Loan ID 838 | 2/21/2017 | 8.79% | 3,677 | 3,677 | 3,615 | ||
Loan ID 839 | 2/26/2019 | 19.70% | 9,755 | 9,755 | 9,386 | ||
Loan ID 840 | 2/26/2017 | 19.05% | 1,238 | 1,238 | 1,188 | ||
Loan ID 841 | 2/24/2019 | 14.35% | 9,298 | 9,298 | 9,146 | ||
Loan ID 842 | 2/28/2019 | 10.29% | 7,748 | 7,748 | 7,564 | ||
Loan ID 843 | 2/28/2019 | 13.85% | 8,036 | 8,036 | 7,904 | ||
Loan ID 844 | 2/25/2017 | 11.89% | 3,293 | 3,293 | 3,238 | ||
Loan ID 845 | 2/27/2017 | 26.24% | 2,920 | 2,920 | 2,780 | ||
Loan ID 846 | 2/27/2017 | 14.65% | 3,911 | 3,911 | 3,783 | ||
Loan ID 847 | 2/25/2019 | 15.85% | 9,428 | 9,428 | 9,071 | ||
Loan ID 848 | 2/25/2019 | 13.14% | 7,783 | 7,783 | 7,655 | ||
Loan ID 849 | 2/25/2019 | 16.05% | 4,660 | 4,660 | 4,484 | ||
Loan ID 850 | 2/28/2019 | 19.60% | 6,498 | 6,498 | 6,136 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 851 | 2/25/2019 | 14.65% | 9,324 | 9,324 | 9,171 | ||
Loan ID 852 | 2/28/2019 | 13.85% | 2,591 | 2,591 | 2,549 | ||
Loan ID 853 | 2/25/2017 | 29.24% | 1,201 | 1,201 | 1,133 | ||
Loan ID 854 | 3/3/2017 | 17.15% | 1,243 | 1,243 | 1,193 | ||
Loan ID 855 | 2/28/2017 | 10.29% | 2,391 | 2,391 | 2,351 | ||
Loan ID 856 | 2/26/2019 | 10.89% | 8,994 | 8,994 | 8,781 | ||
Loan ID 857 | 2/26/2019 | 12.24% | 9,113 | 9,113 | 8,964 | ||
Loan ID 858 | 3/4/2019 | 17.15% | 9,799 | 9,799 | 9,428 | ||
Loan ID 859 | 2/28/2019 | 16.05% | 9,446 | 9,446 | 9,089 | ||
Loan ID 860 | 2/26/2019 | 14.65% | 10,878 | 10,878 | 10,700 | ||
Loan ID 861 | 3/5/2019 | 15.70% | 9,668 | 9,668 | 9,302 | ||
Loan ID 862 | 3/5/2017 | 10.29% | 840 | 840 | 826 | ||
Loan ID 863 | 3/5/2017 | 10.29% | 1,416 | 1,416 | 1,392 | ||
Loan ID 864 | 3/6/2019 | 13.50% | 7,585 | 7,585 | 7,461 | ||
Loan ID 865 | 2/28/2017 | 17.25% | 1,071 | 1,071 | 1,028 | ||
Loan ID 866 | 3/5/2019 | 16.75% | 16,275 | 16,275 | 15,659 | ||
Loan ID 867 | 3/5/2019 | 13.50% | 12,641 | 12,641 | 12,434 | ||
Loan ID 868 | 3/5/2019 | 20.30% | 8,725 | 8,725 | 8,239 | ||
Loan ID 869 | 3/5/2017 | 9.80% | 5,562 | 5,562 | 5,468 | ||
Loan ID 870 | 3/3/2017 | 13.55% | 7,242 | 7,242 | 7,006 | ||
Loan ID 871 | 3/5/2017 | 11.19% | 4,239 | 4,239 | 4,168 | ||
Loan ID 872 | 3/6/2019 | 24.24% | 3,811 | 3,811 | 3,646 | ||
Loan ID 873 | 3/7/2019 | 17.45% | 14,121 | 14,121 | 13,587 | ||
Loan ID 874 | 3/4/2019 | 26.44% | 7,047 | 7,047 | 6,743 | ||
Loan ID 875 | 3/10/2017 | 18.55% | 2,134 | 2,134 | 2,048 | ||
Loan ID 876 | 3/10/2017 | 12.64% | 2,295 | 2,295 | 2,220 | ||
Loan ID 877 | 3/5/2017 | 12.64% | 4,304 | 4,304 | 4,163 | ||
Loan ID 878 | 3/5/2017 | 13.50% | 2,895 | 2,895 | 2,800 | ||
Loan ID 879 | 3/7/2019 | 17.45% | 16,375 | 16,375 | 15,756 | ||
Loan ID 880 | 3/5/2019 | 15.35% | 9,643 | 9,643 | 9,278 | ||
Loan ID 881 | 3/10/2017 | 21.00% | 3,156 | 3,156 | 3,013 | ||
Loan ID 882 | 3/5/2017 | 12.24% | 1,143 | 1,143 | 1,106 | ||
Loan ID 883 | 3/10/2019 | 15.70% | 9,674 | 9,674 | 9,308 | ||
Loan ID 884 | 3/10/2017 | 20.30% | 1,242 | 1,242 | 1,186 | ||
Loan ID 885 | 3/10/2017 | 8.74% | 6,058 | 6,058 | 5,956 | ||
Loan ID 886 | 3/5/2019 | 18.90% | 9,949 | 9,949 | 9,573 | ||
Loan ID 887 | 3/10/2017 | 13.50% | 1,158 | 1,158 | 1,120 | ||
Loan ID 888 | 3/11/2017 | 25.74% | 3,300 | 3,300 | 3,142 | ||
Loan ID 889 | 3/11/2019 | 20.30% | 6,712 | 6,712 | 6,338 | ||
Loan ID 890 | 3/11/2017 | 11.19% | 5,652 | 5,652 | 5,557 | ||
Loan ID 891 | 3/11/2019 | 19.20% | 7,006 | 7,006 | 6,741 | ||
Loan ID 892 | 3/11/2019 | 14.15% | 12,718 | 12,718 | 12,509 | ||
Loan ID 893 | 3/11/2017 | 12.24% | 1,528 | 1,528 | 1,478 | ||
Loan ID 894 | 3/11/2017 | 11.59% | 4,258 | 4,258 | 4,186 | ||
Loan ID 895 | 3/11/2019 | 17.15% | 7,881 | 7,881 | 7,583 | ||
Loan ID 896 | 3/6/2019 | 17.45% | 16,375 | 16,375 | 15,756 | ||
Loan ID 897 | 3/6/2017 | 28.00% | 3,340 | 3,340 | 3,180 | ||
Loan ID 898 | 3/7/2017 | 28.00% | 668 | 668 | 636 | ||
Loan ID 899 | 3/11/2019 | 16.05% | 16,132 | 16,132 | 15,522 | ||
Loan ID 900 | 3/12/2017 | 10.29% | 2,799 | 2,799 | 2,752 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 901 | 3/12/2017 | 12.64% | 2,869 | 2,869 | 2,775 | ||
Loan ID 902 | 3/12/2019 | 13.85% | 22,194 | 22,194 | 21,830 | ||
Loan ID 903 | 3/7/2017 | 13.85% | 1,162 | 1,162 | 1,124 | ||
Loan ID 904 | 3/7/2017 | 13.05% | 2,450 | 2,450 | 2,370 | ||
Loan ID 905 | 3/7/2019 | 18.90% | 9,949 | 9,949 | 9,573 | ||
Loan ID 906 | 3/12/2019 | 22.54% | 10,254 | 10,254 | 9,683 | ||
Loan ID 907 | 3/13/2017 | 10.29% | 6,999 | 6,999 | 6,881 | ||
Loan ID 908 | 3/10/2017 | 15.35% | 1,988 | 1,988 | 1,908 | ||
Loan ID 909 | 3/13/2019 | 19.60% | 2,745 | 2,745 | 2,592 | ||
Loan ID 910 | 3/13/2017 | 11.99% | 2,565 | 2,565 | 2,522 | ||
Loan ID 911 | 3/10/2019 | 12.39% | 2,518 | 2,518 | 2,458 | ||
Loan ID 912 | 3/10/2017 | 9.80% | 6,962 | 6,962 | 6,845 | ||
Loan ID 913 | 3/11/2019 | 16.05% | 9,704 | 9,704 | 9,337 | ||
Loan ID 914 | 3/13/2017 | 8.74% | 5,232 | 5,232 | 5,144 | ||
Loan ID 915 | 3/13/2019 | 13.05% | 10,140 | 10,140 | 9,974 | ||
Loan ID 916 | 3/11/2017 | 14.50% | 4,590 | 4,590 | 4,440 | ||
Loan ID 917 | 3/14/2017 | 14.15% | 2,186 | 2,186 | 2,115 | ||
Loan ID 918 | 3/11/2019 | 12.64% | 9,405 | 9,405 | 9,251 | ||
Loan ID 919 | 3/11/2019 | 17.90% | 9,940 | 9,940 | 9,564 | ||
Loan ID 920 | 3/11/2017 | 11.19% | 9,892 | 9,892 | 9,725 | ||
Loan ID 921 | 3/11/2017 | 9.80% | 2,506 | 2,506 | 2,464 | ||
Loan ID 922 | 3/14/2017 | 10.29% | 1,491 | 1,491 | 1,466 | ||
Loan ID 923 | 3/14/2019 | 11.59% | 12,415 | 12,415 | 12,121 | ||
Loan ID 924 | 3/14/2019 | 15.35% | 3,886 | 3,886 | 3,739 | ||
Loan ID 925 | 3/17/2017 | 10.29% | 3,359 | 3,359 | 3,302 | ||
Loan ID 926 | 3/14/2019 | 16.75% | 9,765 | 9,765 | 9,396 | ||
Loan ID 927 | 3/12/2019 | 12.24% | 9,369 | 9,369 | 9,215 | ||
Loan ID 928 | 3/12/2019 | 13.85% | 8,244 | 8,244 | 8,109 | ||
Loan ID 929 | 3/14/2017 | 26.44% | 1,316 | 1,316 | 1,253 | ||
Loan ID 930 | 3/13/2017 | 11.99% | 4,275 | 4,275 | 4,203 | ||
Loan ID 931 | 3/18/2019 | 11.59% | 11,843 | 11,843 | 11,562 | ||
Loan ID 932 | 3/13/2017 | 12.24% | 4,286 | 4,286 | 4,146 | ||
Loan ID 933 | 3/18/2017 | 12.24% | 7,138 | 7,138 | 6,905 | ||
Loan ID 934 | 3/17/2017 | 22.54% | 3,171 | 3,171 | 3,027 | ||
Loan ID 935 | 3/18/2017 | 10.29% | 5,866 | 5,866 | 5,767 | ||
Loan ID 936 | 3/18/2017 | 15.35% | 2,951 | 2,951 | 2,832 | ||
Loan ID 937 | 3/18/2017 | 9.80% | 4,178 | 4,178 | 4,108 | ||
Loan ID 938 | 3/13/2017 | 19.60% | 4,006 | 4,006 | 3,824 | ||
Loan ID 939 | 3/14/2019 | 14.50% | 3,190 | 3,190 | 3,138 | ||
Loan ID 940 | 3/19/2017 | 12.24% | 1,715 | 1,715 | 1,659 | ||
Loan ID 941 | 3/19/2019 | 13.85% | 7,610 | 7,610 | 7,485 | ||
Loan ID 942 | 3/19/2019 | 13.05% | 12,589 | 12,589 | 12,383 | ||
Loan ID 943 | 3/19/2017 | 16.35% | 3,097 | 3,097 | 2,972 | ||
Loan ID 944 | 3/17/2019 | 25.74% | 6,309 | 6,309 | 6,037 | ||
Loan ID 945 | 3/17/2017 | 28.00% | 1,994 | 1,994 | 1,899 | ||
Loan ID 946 | 3/19/2017 | 9.80% | 4,178 | 4,178 | 4,108 | ||
Loan ID 947 | 3/19/2019 | 17.90% | 9,864 | 9,864 | 9,491 | ||
Loan ID 948 | 3/19/2017 | 11.99% | 3,097 | 3,097 | 3,045 | ||
Loan ID 949 | 3/17/2019 | 16.35% | 7,784 | 7,784 | 7,490 | ||
Loan ID 950 | 3/20/2017 | 8.74% | 4,130 | 4,130 | 4,060 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 951 | 3/19/2019 | 11.59% | 9,312 | 9,312 | 9,091 | ||
Loan ID 952 | 3/19/2017 | 9.20% | 9,685 | 9,685 | 9,522 | ||
Loan ID 953 | 3/19/2019 | 17.15% | 9,473 | 9,473 | 9,115 | ||
Loan ID 954 | 3/18/2017 | 12.64% | 1,316 | 1,316 | 1,273 | ||
Loan ID 955 | 3/20/2017 | 14.15% | 4,372 | 4,372 | 4,229 | ||
Loan ID 956 | 3/20/2017 | 14.15% | 7,310 | 7,310 | 7,071 | ||
Loan ID 957 | 3/19/2019 | 16.35% | 4,865 | 4,865 | 4,681 | ||
Loan ID 958 | 3/18/2019 | 15.70% | 7,403 | 7,403 | 7,123 | ||
Loan ID 959 | 3/21/2017 | 11.99% | 1,425 | 1,425 | 1,401 | ||
Loan ID 960 | 3/21/2017 | 11.99% | 4,313 | 4,313 | 4,240 | ||
Loan ID 961 | 3/20/2019 | 15.35% | 9,643 | 9,643 | 9,278 | ||
Loan ID 962 | 3/19/2019 | 11.59% | 4,966 | 4,966 | 4,848 | ||
Loan ID 963 | 3/20/2017 | 11.59% | 1,987 | 1,987 | 1,954 | ||
Loan ID 964 | 3/19/2017 | 15.35% | 4,427 | 4,427 | 4,249 | ||
Loan ID 965 | 3/19/2017 | 13.50% | 2,896 | 2,896 | 2,801 | ||
Loan ID 966 | 3/21/2017 | 12.24% | 2,000 | 2,000 | 1,935 | ||
Loan ID 967 | 3/19/2017 | 8.74% | 4,131 | 4,131 | 4,061 | ||
Loan ID 968 | 3/19/2017 | 8.74% | 5,882 | 5,882 | 5,783 | ||
Loan ID 969 | 3/19/2017 | 14.50% | 3,511 | 3,511 | 3,396 | ||
Loan ID 970 | 3/25/2019 | 18.90% | 9,949 | 9,949 | 9,573 | ||
Loan ID 971 | 3/20/2019 | 14.50% | 9,569 | 9,569 | 9,412 | ||
Loan ID 972 | 3/25/2017 | 19.20% | 1,318 | 1,318 | 1,265 | ||
Loan ID 973 | 3/25/2017 | 11.99% | 5,148 | 5,148 | 5,061 | ||
Loan ID 974 | 3/25/2019 | 11.99% | 12,463 | 12,463 | 12,168 | ||
Loan ID 975 | 3/25/2017 | 9.20% | 2,075 | 2,075 | 2,040 | ||
Loan ID 976 | 3/24/2017 | 18.25% | 4,558 | 4,558 | 4,374 | ||
Loan ID 977 | 3/21/2017 | 9.80% | 3,529 | 3,529 | 3,470 | ||
Loan ID 978 | 3/25/2017 | 25.74% | 2,288 | 2,288 | 2,179 | ||
Loan ID 979 | 3/25/2017 | 12.64% | 8,592 | 8,592 | 8,312 | ||
Loan ID 980 | 3/25/2017 | 22.54% | 1,268 | 1,268 | 1,210 | ||
Loan ID 981 | 3/25/2017 | 17.90% | 3,544 | 3,544 | 3,401 | ||
Loan ID 982 | 3/26/2019 | 13.85% | 15,853 | 15,853 | 15,593 | ||
Loan ID 983 | 3/26/2019 | 13.85% | 9,512 | 9,512 | 9,356 | ||
Loan ID 984 | 3/24/2019 | 13.50% | 9,481 | 9,481 | 9,326 | ||
Loan ID 985 | 3/26/2019 | 15.35% | 16,072 | 16,072 | 15,464 | ||
Loan ID 986 | 3/26/2019 | 12.24% | 22,647 | 22,647 | 22,276 | ||
Loan ID 987 | 3/24/2019 | 21.85% | 6,798 | 6,798 | 6,419 | ||
Loan ID 988 | 3/26/2017 | 8.74% | 5,507 | 5,507 | 5,414 | ||
Loan ID 989 | 3/27/2017 | 16.75% | 604 | 604 | 580 | ||
Loan ID 990 | 3/26/2017 | 14.50% | 4,388 | 4,388 | 4,245 | ||
Loan ID 991 | 3/25/2017 | 15.35% | 2,210 | 2,210 | 2,121 | ||
Loan ID 992 | 3/27/2019 | 13.50% | 12,641 | 12,641 | 12,434 | ||
Loan ID 993 | 3/27/2019 | 11.99% | 12,463 | 12,463 | 12,168 | ||
Loan ID 994 | 3/26/2017 | 16.35% | 1,341 | 1,341 | 1,287 | ||
Loan ID 995 | 3/25/2017 | 19.20% | 3,068 | 3,068 | 2,944 | ||
Loan ID 996 | 3/27/2019 | 21.85% | 6,798 | 6,798 | 6,419 | ||
Loan ID 997 | 3/25/2019 | 13.05% | 3,165 | 3,165 | 3,113 | ||
Loan ID 998 | 3/27/2017 | 19.20% | 4,602 | 4,602 | 4,417 | ||
Loan ID 999 | 3/28/2019 | 14.50% | 15,820 | 15,820 | 15,561 | ||
Loan ID 1000 | 3/27/2017 | 18.55% | 7,620 | 7,620 | 7,313 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1001 | 3/27/2017 | 14.15% | 1,749 | 1,749 | 1,692 | ||
Loan ID 1002 | 3/27/2017 | 13.50% | 3,764 | 3,764 | 3,641 | ||
Loan ID 1003 | 3/28/2019 | 16.75% | 9,765 | 9,765 | 9,396 | ||
Loan ID 1004 | 3/26/2017 | 28.00% | 3,988 | 3,988 | 3,797 | ||
Loan ID 1005 | 3/28/2017 | 15.35% | 2,509 | 2,509 | 2,408 | ||
Loan ID 1006 | 3/27/2019 | 16.35% | 4,216 | 4,216 | 4,057 | ||
Loan ID 1007 | 3/28/2019 | 14.85% | 9,600 | 9,600 | 9,443 | ||
Loan ID 1008 | 3/26/2019 | 23.44% | 6,885 | 6,885 | 6,502 | ||
Loan ID 1009 | 3/28/2019 | 15.35% | 6,429 | 6,429 | 6,186 | ||
Loan ID 1010 | 3/26/2017 | 22.54% | 1,268 | 1,268 | 1,210 | ||
Loan ID 1011 | 3/31/2017 | 16.05% | 3,562 | 3,562 | 3,418 | ||
Loan ID 1012 | 3/31/2019 | 10.89% | 12,326 | 12,326 | 12,034 | ||
Loan ID 1013 | 3/27/2017 | 11.19% | 4,239 | 4,239 | 4,168 | ||
Loan ID 1014 | 3/27/2017 | 18.25% | 1,860 | 1,860 | 1,785 | ||
Loan ID 1015 | 3/27/2017 | 23.44% | 3,577 | 3,577 | 3,415 | ||
Loan ID 1016 | 3/31/2019 | 17.45% | 6,872 | 6,872 | 6,612 | ||
Loan ID 1017 | 4/1/2017 | 16.35% | 1,337 | 1,337 | 1,283 | ||
Loan ID 1018 | 4/1/2019 | 14.85% | 9,829 | 9,829 | 9,668 | ||
Loan ID 1019 | 4/1/2019 | 18.90% | 9,153 | 9,153 | 8,807 | ||
Loan ID 1020 | 4/1/2019 | 14.50% | 13,102 | 13,102 | 12,887 | ||
Loan ID 1021 | 3/31/2017 | 11.19% | 4,236 | 4,236 | 4,165 | ||
Loan ID 1022 | 4/1/2019 | 14.15% | 13,025 | 13,025 | 12,811 | ||
Loan ID 1023 | 4/1/2017 | 13.85% | 3,848 | 3,848 | 3,722 | ||
Loan ID 1024 | 4/1/2017 | 17.15% | 4,968 | 4,968 | 4,768 | ||
Loan ID 1025 | 4/2/2019 | 14.50% | 12,805 | 12,805 | 12,595 | ||
Loan ID 1026 | 4/1/2019 | 19.60% | 2,312 | 2,312 | 2,183 | ||
Loan ID 1027 | 4/1/2017 | 25.74% | 2,152 | 2,152 | 2,049 | ||
Loan ID 1028 | 4/1/2019 | 19.20% | 10,196 | 10,196 | 9,810 | ||
Loan ID 1029 | 4/2/2017 | 14.50% | 4,842 | 4,842 | 4,684 | ||
Loan ID 1030 | 4/1/2017 | 9.20% | 7,653 | 7,653 | 7,524 | ||
Loan ID 1031 | 3/28/2019 | 12.64% | 19,437 | 19,437 | 19,118 | ||
Loan ID 1032 | 4/2/2017 | 12.24% | 852 | 852 | 824 | ||
Loan ID 1033 | 4/2/2019 | 13.85% | 6,112 | 6,112 | 6,012 | ||
Loan ID 1034 | 4/2/2017 | 15.70% | 751 | 751 | 721 | ||
Loan ID 1035 | 4/2/2019 | 19.20% | 13,594 | 13,594 | 13,080 | ||
Loan ID 1036 | 4/2/2017 | 8.74% | 3,047 | 3,047 | 2,996 | ||
Loan ID 1037 | 4/2/2017 | 10.89% | 4,671 | 4,671 | 4,592 | ||
Loan ID 1038 | 4/2/2017 | 11.59% | 7,840 | 7,840 | 7,708 | ||
Loan ID 1039 | 4/1/2017 | 12.64% | 3,803 | 3,803 | 3,679 | ||
Loan ID 1040 | 4/1/2017 | 18.55% | 3,356 | 3,356 | 3,221 | ||
Loan ID 1041 | 4/2/2017 | 8.74% | 3,315 | 3,315 | 3,259 | ||
Loan ID 1042 | 4/1/2019 | 13.05% | 22,573 | 22,573 | 22,203 | ||
Loan ID 1043 | 4/1/2019 | 18.25% | 6,744 | 6,744 | 6,489 | ||
Loan ID 1044 | 4/2/2017 | 8.74% | 3,047 | 3,047 | 2,996 | ||
Loan ID 1045 | 4/1/2019 | 15.70% | 13,202 | 13,202 | 12,703 | ||
Loan ID 1046 | 4/1/2017 | 16.35% | 3,944 | 3,944 | 3,785 | ||
Loan ID 1047 | 4/3/2019 | 28.00% | 2,944 | 2,944 | 2,817 | ||
Loan ID 1048 | 4/3/2019 | 16.75% | 16,651 | 16,651 | 16,021 | ||
Loan ID 1049 | 4/3/2017 | 12.24% | 3,157 | 3,157 | 3,054 | ||
Loan ID 1050 | 4/2/2019 | 18.90% | 16,951 | 16,951 | 16,310 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1051 | 4/3/2019 | 22.54% | 6,978 | 6,978 | 6,589 | ||
Loan ID 1052 | 4/2/2019 | 18.90% | 2,712 | 2,712 | 2,609 | ||
Loan ID 1053 | 4/3/2017 | 16.35% | 1,203 | 1,203 | 1,155 | ||
Loan ID 1054 | 4/3/2019 | 13.05% | 6,449 | 6,449 | 6,343 | ||
Loan ID 1055 | 4/3/2017 | 15.35% | 7,323 | 7,323 | 7,028 | ||
Loan ID 1056 | 4/3/2017 | 9.80% | 4,620 | 4,620 | 4,542 | ||
Loan ID 1057 | 4/2/2019 | 15.70% | 16,503 | 16,503 | 15,879 | ||
Loan ID 1058 | 3/31/2019 | 14.85% | 9,593 | 9,593 | 9,436 | ||
Loan ID 1059 | 4/3/2017 | 15.35% | 1,437 | 1,437 | 1,379 | ||
Loan ID 1060 | 3/31/2017 | 11.19% | 2,824 | 2,824 | 2,776 | ||
Loan ID 1061 | 4/3/2019 | 12.64% | 13,776 | 13,776 | 13,550 | ||
Loan ID 1062 | 4/2/2017 | 14.15% | 8,041 | 8,041 | 7,779 | ||
Loan ID 1063 | 4/2/2017 | 12.24% | 2,278 | 2,278 | 2,204 | ||
Loan ID 1064 | 4/3/2017 | 8.74% | 1,218 | 1,218 | 1,197 | ||
Loan ID 1065 | 4/3/2017 | 8.74% | 6,093 | 6,093 | 5,990 | ||
Loan ID 1066 | 4/2/2019 | 11.59% | 5,728 | 5,728 | 5,592 | ||
Loan ID 1067 | 3/31/2017 | 9.80% | 5,009 | 5,009 | 4,925 | ||
Loan ID 1068 | 4/3/2019 | 21.85% | 6,960 | 6,960 | 6,572 | ||
Loan ID 1069 | 4/2/2019 | 12.24% | 1,281 | 1,281 | 1,260 | ||
Loan ID 1070 | 4/3/2017 | 14.85% | 1,295 | 1,295 | 1,253 | ||
Loan ID 1071 | 4/2/2017 | 16.05% | 3,880 | 3,880 | 3,724 | ||
Loan ID 1072 | 4/2/2017 | 14.50% | 3,246 | 3,246 | 3,140 | ||
Loan ID 1073 | 4/3/2017 | 23.44% | 1,230 | 1,230 | 1,174 | ||
Loan ID 1074 | 4/3/2017 | 11.19% | 3,123 | 3,123 | 3,070 | ||
Loan ID 1075 | 4/3/2019 | 19.20% | 4,758 | 4,758 | 4,578 | ||
Loan ID 1076 | 4/3/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1077 | 4/2/2017 | 16.35% | 1,643 | 1,643 | 1,577 | ||
Loan ID 1078 | 4/2/2019 | 17.45% | 11,389 | 11,389 | 10,958 | ||
Loan ID 1079 | 4/3/2017 | 28.00% | 1,464 | 1,464 | 1,394 | ||
Loan ID 1080 | 4/2/2017 | 8.74% | 1,523 | 1,523 | 1,497 | ||
Loan ID 1081 | 4/3/2019 | 11.19% | 13,617 | 13,617 | 13,294 | ||
Loan ID 1082 | 4/3/2017 | 13.85% | 4,811 | 4,811 | 4,654 | ||
Loan ID 1083 | 4/3/2019 | 16.05% | 10,456 | 10,456 | 10,061 | ||
Loan ID 1084 | 4/4/2017 | 11.99% | 3,148 | 3,148 | 3,095 | ||
Loan ID 1085 | 4/3/2017 | 13.85% | 8,018 | 8,018 | 7,756 | ||
Loan ID 1086 | 3/31/2019 | 25.74% | 7,000 | 7,000 | 6,698 | ||
Loan ID 1087 | 4/3/2019 | 21.85% | 6,894 | 6,894 | 6,510 | ||
Loan ID 1088 | 4/4/2017 | 15.35% | 3,255 | 3,255 | 3,124 | ||
Loan ID 1089 | 4/4/2019 | 17.15% | 10,055 | 10,055 | 9,675 | ||
Loan ID 1090 | 4/3/2017 | 13.50% | 4,092 | 4,092 | 3,958 | ||
Loan ID 1091 | 4/4/2019 | 18.25% | 10,117 | 10,117 | 9,734 | ||
Loan ID 1092 | 4/4/2017 | 19.60% | 2,542 | 2,542 | 2,427 | ||
Loan ID 1093 | 4/4/2017 | 11.99% | 4,751 | 4,751 | 4,671 | ||
Loan ID 1094 | 4/3/2017 | 28.00% | 732 | 732 | 697 | ||
Loan ID 1095 | 4/4/2017 | 16.75% | 5,608 | 5,608 | 5,382 | ||
Loan ID 1096 | 4/3/2017 | 8.74% | 3,047 | 3,047 | 2,996 | ||
Loan ID 1097 | 4/1/2017 | 23.44% | 1,475 | 1,475 | 1,408 | ||
Loan ID 1098 | 4/1/2019 | 19.20% | 16,993 | 16,993 | 16,350 | ||
Loan ID 1099 | 4/3/2017 | 13.05% | 4,773 | 4,773 | 4,617 | ||
Loan ID 1100 | 4/3/2019 | 17.90% | 10,087 | 10,087 | 9,706 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1101 | 4/4/2019 | 18.25% | 4,384 | 4,384 | 4,218 | ||
Loan ID 1102 | 4/1/2017 | 14.15% | 1,126 | 1,126 | 1,089 | ||
Loan ID 1103 | 4/1/2019 | 18.90% | 16,951 | 16,951 | 16,310 | ||
Loan ID 1104 | 4/3/2017 | 11.59% | 7,840 | 7,840 | 7,708 | ||
Loan ID 1105 | 4/3/2019 | 12.24% | 10,884 | 10,884 | 10,706 | ||
Loan ID 1106 | 4/4/2017 | 8.74% | 4,875 | 4,875 | 4,793 | ||
Loan ID 1107 | 4/4/2017 | 15.35% | 2,929 | 2,929 | 2,811 | ||
Loan ID 1108 | 4/1/2019 | 10.29% | 12,576 | 12,576 | 12,278 | ||
Loan ID 1109 | 4/4/2019 | 15.35% | 16,453 | 16,453 | 15,831 | ||
Loan ID 1110 | 4/3/2017 | 12.64% | 4,753 | 4,753 | 4,598 | ||
Loan ID 1111 | 4/7/2017 | 10.89% | 4,671 | 4,671 | 4,592 | ||
Loan ID 1112 | 4/1/2019 | 23.44% | 7,027 | 7,027 | 6,636 | ||
Loan ID 1113 | 4/7/2019 | 26.44% | 7,183 | 7,183 | 6,873 | ||
Loan ID 1114 | 4/7/2019 | 11.59% | 324 | 324 | 316 | ||
Loan ID 1115 | 4/3/2019 | 27.24% | 7,249 | 7,249 | 6,936 | ||
Loan ID 1116 | 4/3/2017 | 24.24% | 2,477 | 2,477 | 2,359 | ||
Loan ID 1117 | 4/1/2019 | 11.19% | 12,682 | 12,682 | 12,381 | ||
Loan ID 1118 | 4/7/2017 | 21.00% | 3,435 | 3,435 | 3,279 | ||
Loan ID 1119 | 4/3/2019 | 12.24% | 22,408 | 22,408 | 22,041 | ||
Loan ID 1120 | 4/2/2017 | 10.29% | 2,012 | 2,012 | 1,978 | ||
Loan ID 1121 | 4/3/2019 | 13.50% | 10,010 | 10,010 | 9,846 | ||
Loan ID 1122 | 4/3/2019 | 14.15% | 6,513 | 6,513 | 6,406 | ||
Loan ID 1123 | 4/7/2019 | 19.20% | 4,418 | 4,418 | 4,251 | ||
Loan ID 1124 | 4/7/2019 | 11.59% | 10,183 | 10,183 | 9,942 | ||
Loan ID 1125 | 4/4/2017 | 28.74% | 1,481 | 1,481 | 1,397 | ||
Loan ID 1126 | 4/2/2019 | 17.15% | 10,044 | 10,044 | 9,664 | ||
Loan ID 1127 | 4/7/2017 | 12.24% | 2,157 | 2,157 | 2,087 | ||
Loan ID 1128 | 4/7/2017 | 18.25% | 2,678 | 2,678 | 2,570 | ||
Loan ID 1129 | 4/4/2019 | 15.70% | 16,503 | 16,503 | 15,879 | ||
Loan ID 1130 | 4/2/2017 | 19.60% | 5,085 | 5,085 | 4,854 | ||
Loan ID 1131 | 4/7/2019 | 24.24% | 4,003 | 4,003 | 3,830 | ||
Loan ID 1132 | 4/2/2019 | 13.50% | 22,647 | 22,647 | 22,276 | ||
Loan ID 1133 | 4/4/2017 | 9.20% | 3,061 | 3,061 | 3,009 | ||
Loan ID 1134 | 4/7/2019 | 22.54% | 10,468 | 10,468 | 9,885 | ||
Loan ID 1135 | 4/7/2019 | 12.64% | 4,819 | 4,819 | 4,740 | ||
Loan ID 1136 | 4/7/2019 | 26.44% | 7,183 | 7,183 | 6,873 | ||
Loan ID 1137 | 4/4/2019 | 14.85% | 16,382 | 16,382 | 16,113 | ||
Loan ID 1138 | 4/4/2017 | 11.59% | 2,509 | 2,509 | 2,467 | ||
Loan ID 1139 | 4/4/2017 | 12.24% | 3,480 | 3,480 | 3,366 | ||
Loan ID 1140 | 4/4/2019 | 16.05% | 9,931 | 9,931 | 9,555 | ||
Loan ID 1141 | 4/7/2017 | 15.70% | 1,045 | 1,045 | 1,003 | ||
Loan ID 1142 | 4/2/2019 | 24.24% | 7,069 | 7,069 | 6,764 | ||
Loan ID 1143 | 4/4/2017 | 14.50% | 4,842 | 4,842 | 4,684 | ||
Loan ID 1144 | 4/2/2019 | 18.25% | 2,698 | 2,698 | 2,596 | ||
Loan ID 1145 | 4/4/2019 | 15.70% | 8,686 | 8,686 | 8,358 | ||
Loan ID 1146 | 4/2/2019 | 10.29% | 4,402 | 4,402 | 4,298 | ||
Loan ID 1147 | 4/7/2019 | 14.85% | 1,523 | 1,523 | 1,498 | ||
Loan ID 1148 | 4/4/2017 | 12.64% | 1,901 | 1,901 | 1,839 | ||
Loan ID 1149 | 4/7/2019 | 18.25% | 16,861 | 16,861 | 16,223 | ||
Loan ID 1150 | 4/8/2017 | 20.30% | 3,412 | 3,412 | 3,257 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1151 | 4/2/2017 | 23.44% | 3,513 | 3,513 | 3,353 | ||
Loan ID 1152 | 4/8/2017 | 13.05% | 1,591 | 1,591 | 1,539 | ||
Loan ID 1153 | 4/8/2017 | 19.60% | 5,085 | 5,085 | 4,854 | ||
Loan ID 1154 | 4/4/2019 | 11.99% | 7,346 | 7,346 | 7,172 | ||
Loan ID 1155 | 4/4/2017 | 20.30% | 2,940 | 2,940 | 2,806 | ||
Loan ID 1156 | 4/8/2017 | 8.74% | 3,960 | 3,960 | 3,893 | ||
Loan ID 1157 | 4/4/2019 | 17.15% | 3,508 | 3,508 | 3,375 | ||
Loan ID 1158 | 4/2/2019 | 16.35% | 9,957 | 9,957 | 9,580 | ||
Loan ID 1159 | 4/8/2017 | 15.70% | 653 | 653 | 627 | ||
Loan ID 1160 | 4/8/2017 | 13.05% | 2,000 | 2,000 | 1,935 | ||
Loan ID 1161 | 4/2/2017 | 25.74% | 1,435 | 1,435 | 1,366 | ||
Loan ID 1162 | 4/4/2017 | 14.15% | 4,825 | 4,825 | 4,667 | ||
Loan ID 1163 | 4/8/2017 | 13.05% | 3,182 | 3,182 | 3,078 | ||
Loan ID 1164 | 4/8/2019 | 21.00% | 6,896 | 6,896 | 6,512 | ||
Loan ID 1165 | 4/8/2017 | 16.35% | 1,315 | 1,315 | 1,262 | ||
Loan ID 1166 | 4/7/2019 | 19.20% | 4,078 | 4,078 | 3,924 | ||
Loan ID 1167 | 4/8/2017 | 12.24% | 4,245 | 4,245 | 4,106 | ||
Loan ID 1168 | 4/8/2019 | 17.15% | 16,707 | 16,707 | 16,075 | ||
Loan ID 1169 | 4/3/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1170 | 4/7/2019 | 18.90% | 4,834 | 4,834 | 4,651 | ||
Loan ID 1171 | 4/8/2017 | 18.55% | 1,569 | 1,569 | 1,506 | ||
Loan ID 1172 | 4/3/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1173 | 4/8/2019 | 11.99% | 15,969 | 15,969 | 15,590 | ||
Loan ID 1174 | 4/8/2017 | 17.45% | 1,328 | 1,328 | 1,274 | ||
Loan ID 1175 | 4/8/2017 | 14.15% | 4,840 | 4,840 | 4,682 | ||
Loan ID 1176 | 4/7/2017 | 11.19% | 4,685 | 4,685 | 4,606 | ||
Loan ID 1177 | 4/8/2019 | 21.00% | 2,758 | 2,758 | 2,604 | ||
Loan ID 1178 | 4/7/2019 | 17.15% | 6,349 | 6,349 | 6,109 | ||
Loan ID 1179 | 4/8/2019 | 13.05% | 19,348 | 19,348 | 19,031 | ||
Loan ID 1180 | 4/7/2017 | 9.20% | 10,713 | 10,713 | 10,533 | ||
Loan ID 1181 | 4/8/2019 | 14.50% | 9,799 | 9,799 | 9,638 | ||
Loan ID 1182 | 4/3/2017 | 17.15% | 5,502 | 5,502 | 5,280 | ||
Loan ID 1183 | 4/8/2017 | 11.59% | 1,568 | 1,568 | 1,542 | ||
Loan ID 1184 | 4/8/2017 | 22.54% | 1,394 | 1,394 | 1,331 | ||
Loan ID 1185 | 4/3/2019 | 21.85% | 4,165 | 4,165 | 3,933 | ||
Loan ID 1186 | 4/7/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1187 | 4/3/2019 | 18.25% | 6,744 | 6,744 | 6,489 | ||
Loan ID 1188 | 4/3/2017 | 9.20% | 1,224 | 1,224 | 1,203 | ||
Loan ID 1189 | 4/3/2017 | 18.55% | 2,074 | 2,074 | 1,990 | ||
Loan ID 1190 | 4/7/2019 | 13.85% | 8,265 | 8,265 | 8,129 | ||
Loan ID 1191 | 4/8/2019 | 18.55% | 16,927 | 16,927 | 16,287 | ||
Loan ID 1192 | 4/7/2017 | 9.20% | 3,022 | 3,022 | 2,971 | ||
Loan ID 1193 | 4/7/2019 | 20.30% | 6,904 | 6,904 | 6,519 | ||
Loan ID 1194 | 4/8/2017 | 21.00% | 2,404 | 2,404 | 2,295 | ||
Loan ID 1195 | 4/3/2017 | 23.44% | 1,230 | 1,230 | 1,174 | ||
Loan ID 1196 | 4/3/2019 | 11.19% | 12,702 | 12,702 | 12,401 | ||
Loan ID 1197 | 4/7/2019 | 16.35% | 1,659 | 1,659 | 1,596 | ||
Loan ID 1198 | 4/3/2017 | 8.74% | 2,742 | 2,742 | 2,696 | ||
Loan ID 1199 | 4/7/2017 | 28.00% | 2,584 | 2,584 | 2,461 | ||
Loan ID 1200 | 4/9/2017 | 11.99% | 9,483 | 9,483 | 9,323 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1201 | 4/9/2017 | 9.20% | 918 | 918 | 903 | ||
Loan ID 1202 | 4/7/2019 | 14.15% | 9,769 | 9,769 | 9,609 | ||
Loan ID 1203 | 4/9/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1204 | 4/8/2017 | 10.29% | 4,643 | 4,643 | 4,565 | ||
Loan ID 1205 | 4/8/2017 | 13.05% | 1,018 | 1,018 | 985 | ||
Loan ID 1206 | 4/9/2019 | 16.05% | 16,552 | 16,552 | 15,926 | ||
Loan ID 1207 | 4/8/2019 | 13.85% | 4,547 | 4,547 | 4,472 | ||
Loan ID 1208 | 4/8/2017 | 17.90% | 1,334 | 1,334 | 1,280 | ||
Loan ID 1209 | 4/3/2017 | 17.90% | 2,001 | 2,001 | 1,920 | ||
Loan ID 1210 | 4/8/2017 | 12.64% | 4,753 | 4,753 | 4,598 | ||
Loan ID 1211 | 4/9/2017 | 14.15% | 2,573 | 2,573 | 2,489 | ||
Loan ID 1212 | 4/3/2019 | 17.15% | 2,673 | 2,673 | 2,572 | ||
Loan ID 1213 | 4/8/2019 | 13.85% | 8,444 | 8,444 | 8,306 | ||
Loan ID 1214 | 4/4/2019 | 14.15% | 7,815 | 7,815 | 7,687 | ||
Loan ID 1215 | 4/4/2017 | 21.00% | 3,435 | 3,435 | 3,279 | ||
Loan ID 1216 | 4/8/2017 | 22.54% | 2,462 | 2,462 | 2,350 | ||
Loan ID 1217 | 4/4/2017 | 15.35% | 2,278 | 2,278 | 2,186 | ||
Loan ID 1218 | 4/8/2019 | 12.24% | 22,408 | 22,408 | 22,041 | ||
Loan ID 1219 | 4/4/2017 | 11.99% | 4,723 | 4,723 | 4,643 | ||
Loan ID 1220 | 4/8/2019 | 21.00% | 6,682 | 6,682 | 6,310 | ||
Loan ID 1221 | 4/8/2017 | 12.24% | 1,105 | 1,105 | 1,069 | ||
Loan ID 1222 | 4/8/2017 | 16.75% | 1,232 | 1,232 | 1,182 | ||
Loan ID 1223 | 4/9/2017 | 9.20% | 10,713 | 10,713 | 10,533 | ||
Loan ID 1224 | 4/9/2017 | 13.05% | 7,955 | 7,955 | 7,695 | ||
Loan ID 1225 | 4/8/2019 | 17.90% | 6,725 | 6,725 | 6,471 | ||
Loan ID 1226 | 4/9/2019 | 15.70% | 6,267 | 6,267 | 6,030 | ||
Loan ID 1227 | 4/8/2019 | 15.35% | 16,453 | 16,453 | 15,831 | ||
Loan ID 1228 | 4/9/2017 | 12.24% | 3,156 | 3,156 | 3,053 | ||
Loan ID 1229 | 4/4/2019 | 17.90% | 10,028 | 10,028 | 9,649 | ||
Loan ID 1230 | 4/8/2017 | 18.25% | 5,020 | 5,020 | 4,818 | ||
Loan ID 1231 | 4/9/2019 | 13.85% | 16,238 | 16,238 | 15,972 | ||
Loan ID 1232 | 4/4/2017 | 14.50% | 2,259 | 2,259 | 2,185 | ||
Loan ID 1233 | 4/8/2017 | 17.90% | 3,336 | 3,336 | 3,202 | ||
Loan ID 1234 | 4/8/2019 | 16.35% | 9,957 | 9,957 | 9,580 | ||
Loan ID 1235 | 4/9/2019 | 16.05% | 9,931 | 9,931 | 9,555 | ||
Loan ID 1236 | 4/9/2019 | 20.30% | 6,857 | 6,857 | 6,475 | ||
Loan ID 1237 | 4/9/2017 | 18.55% | 982 | 982 | 942 | ||
Loan ID 1238 | 4/8/2019 | 17.45% | 6,700 | 6,700 | 6,447 | ||
Loan ID 1239 | 4/8/2017 | 13.05% | 2,227 | 2,227 | 2,154 | ||
Loan ID 1240 | 4/4/2019 | 18.25% | 18,201 | 18,201 | 17,513 | ||
Loan ID 1241 | 4/8/2017 | 26.44% | 2,874 | 2,874 | 2,737 | ||
Loan ID 1242 | 4/4/2017 | 13.50% | 959 | 959 | 928 | ||
Loan ID 1243 | 4/8/2019 | 17.45% | 17,021 | 17,021 | 16,377 | ||
Loan ID 1244 | 4/10/2017 | 9.20% | 2,099 | 2,099 | 2,064 | ||
Loan ID 1245 | 4/8/2019 | 18.90% | 10,297 | 10,297 | 9,908 | ||
Loan ID 1246 | 4/10/2019 | 18.25% | 5 | 5 | 5 | ||
Loan ID 1247 | 4/10/2017 | 9.80% | 3,990 | 3,990 | 3,923 | ||
Loan ID 1248 | 4/4/2019 | 13.05% | 7,417 | 7,417 | 7,295 | ||
Loan ID 1249 | 4/4/2017 | 11.99% | 787 | 787 | 774 | ||
Loan ID 1250 | 4/8/2019 | 19.60% | 6,819 | 6,819 | 6,439 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1251 | 4/4/2017 | 13.50% | 3,675 | 3,675 | 3,555 | ||
Loan ID 1252 | 4/8/2019 | 13.05% | 3,116 | 3,116 | 3,065 | ||
Loan ID 1253 | 4/10/2019 | 13.50% | 22,669 | 22,669 | 22,297 | ||
Loan ID 1254 | 4/9/2017 | 15.70% | 1,633 | 1,633 | 1,567 | ||
Loan ID 1255 | 4/4/2019 | 11.19% | 9,511 | 9,511 | 9,286 | ||
Loan ID 1256 | 4/10/2017 | 10.89% | 4,102 | 4,102 | 4,033 | ||
Loan ID 1257 | 4/10/2019 | 12.64% | 16,841 | 16,841 | 16,565 | ||
Loan ID 1258 | 4/10/2017 | 12.64% | 7,922 | 7,922 | 7,663 | ||
Loan ID 1259 | 4/10/2017 | 15.70% | 1,633 | 1,633 | 1,567 | ||
Loan ID 1260 | 4/7/2017 | 21.85% | 936 | 936 | 893 | ||
Loan ID 1261 | 4/10/2019 | 13.05% | 9,674 | 9,674 | 9,515 | ||
Loan ID 1262 | 4/10/2019 | 16.75% | 6,668 | 6,668 | 6,416 | ||
Loan ID 1263 | 4/7/2019 | 19.20% | 10,195 | 10,195 | 9,809 | ||
Loan ID 1264 | 4/7/2019 | 19.60% | 10,317 | 10,317 | 9,742 | ||
Loan ID 1265 | 4/9/2019 | 18.90% | 8,815 | 8,815 | 8,482 | ||
Loan ID 1266 | 4/10/2017 | 9.20% | 4,592 | 4,592 | 4,515 | ||
Loan ID 1267 | 4/7/2017 | 17.90% | 2,835 | 2,835 | 2,721 | ||
Loan ID 1268 | 4/7/2019 | 12.24% | 22,408 | 22,408 | 22,041 | ||
Loan ID 1269 | 4/7/2017 | 11.99% | 6,297 | 6,297 | 6,191 | ||
Loan ID 1270 | 4/9/2017 | 25.74% | 3,587 | 3,587 | 3,416 | ||
Loan ID 1271 | 4/9/2017 | 20.30% | 5,044 | 5,044 | 4,815 | ||
Loan ID 1272 | 4/7/2017 | 30.09% | 1,491 | 1,491 | 1,407 | ||
Loan ID 1273 | 4/10/2019 | 19.20% | 6,784 | 6,784 | 6,527 | ||
Loan ID 1274 | 4/7/2019 | 10.89% | 12,425 | 12,425 | 12,130 | ||
Loan ID 1275 | 4/7/2019 | 11.19% | 4,122 | 4,122 | 4,024 | ||
Loan ID 1276 | 4/9/2017 | 13.85% | 2,886 | 2,886 | 2,792 | ||
Loan ID 1277 | 4/9/2017 | 11.19% | 4,685 | 4,685 | 4,606 | ||
Loan ID 1278 | 4/7/2017 | 8.74% | 1,218 | 1,218 | 1,197 | ||
Loan ID 1279 | 4/10/2019 | 16.05% | 6,545 | 6,545 | 6,297 | ||
Loan ID 1280 | 4/10/2017 | 12.24% | 4,738 | 4,738 | 4,583 | ||
Loan ID 1281 | 4/7/2017 | 10.29% | 6,174 | 6,174 | 6,070 | ||
Loan ID 1282 | 4/9/2019 | 14.15% | 16,281 | 16,281 | 16,014 | ||
Loan ID 1283 | 4/9/2017 | 14.15% | 3,377 | 3,377 | 3,267 | ||
Loan ID 1284 | 4/10/2019 | 14.50% | 6,525 | 6,525 | 6,418 | ||
Loan ID 1285 | 4/7/2017 | 30.09% | 1,491 | 1,491 | 1,407 | ||
Loan ID 1286 | 4/9/2017 | 20.30% | 2,902 | 2,902 | 2,770 | ||
Loan ID 1287 | 4/9/2019 | 13.50% | 7,770 | 7,770 | 7,643 | ||
Loan ID 1288 | 4/8/2017 | 22.54% | 3,484 | 3,484 | 3,326 | ||
Loan ID 1289 | 4/8/2017 | 14.85% | 4,858 | 4,858 | 4,699 | ||
Loan ID 1290 | 4/9/2017 | 17.45% | 996 | 996 | 956 | ||
Loan ID 1291 | 4/11/2017 | 13.05% | 1,273 | 1,273 | 1,231 | ||
Loan ID 1292 | 4/9/2019 | 18.25% | 10,117 | 10,117 | 9,734 | ||
Loan ID 1293 | 4/11/2017 | 19.20% | 3,377 | 3,377 | 3,241 | ||
Loan ID 1294 | 4/9/2017 | 14.15% | 3,216 | 3,216 | 3,111 | ||
Loan ID 1295 | 4/11/2017 | 17.90% | 3,336 | 3,336 | 3,202 | ||
Loan ID 1296 | 4/10/2017 | 16.35% | 2,955 | 2,955 | 2,836 | ||
Loan ID 1297 | 4/8/2019 | 21.85% | 6,247 | 6,247 | 5,899 | ||
Loan ID 1298 | 4/11/2017 | 16.35% | 1,315 | 1,315 | 1,262 | ||
Loan ID 1299 | 4/10/2019 | 15.35% | 9,872 | 9,872 | 9,499 | ||
Loan ID 1300 | 4/10/2019 | 17.15% | 3,341 | 3,341 | 3,215 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1301 | 4/11/2017 | 13.05% | 1,432 | 1,432 | 1,385 | ||
Loan ID 1302 | 4/10/2017 | 8.74% | 7,617 | 7,617 | 7,489 | ||
Loan ID 1303 | 4/11/2017 | 11.19% | 1,562 | 1,562 | 1,536 | ||
Loan ID 1304 | 4/10/2019 | 16.35% | 5,974 | 5,974 | 5,748 | ||
Loan ID 1305 | 4/10/2019 | 17.90% | 10,128 | 10,128 | 9,745 | ||
Loan ID 1306 | 4/10/2019 | 15.70% | 3,961 | 3,961 | 3,811 | ||
Loan ID 1307 | 4/11/2017 | 17.90% | 5,004 | 5,004 | 4,802 | ||
Loan ID 1308 | 4/11/2019 | 15.35% | 6,581 | 6,581 | 6,332 | ||
Loan ID 1309 | 4/8/2019 | 10.29% | 11,319 | 11,319 | 11,051 | ||
Loan ID 1310 | 4/10/2017 | 13.05% | 3,182 | 3,182 | 3,078 | ||
Loan ID 1311 | 4/10/2019 | 24.24% | 7,069 | 7,069 | 6,764 | ||
Loan ID 1312 | 4/11/2019 | 17.15% | 2,673 | 2,673 | 2,572 | ||
Loan ID 1313 | 4/10/2017 | 10.89% | 4,671 | 4,671 | 4,592 | ||
Loan ID 1314 | 4/10/2019 | 14.50% | 15,025 | 15,025 | 14,779 | ||
Loan ID 1315 | 4/11/2017 | 11.59% | 4,704 | 4,704 | 4,625 | ||
Loan ID 1316 | 4/10/2019 | 14.15% | 16,281 | 16,281 | 16,014 | ||
Loan ID 1317 | 4/11/2017 | 9.20% | 6,122 | 6,122 | 6,019 | ||
Loan ID 1318 | 4/8/2017 | 16.35% | 3,286 | 3,286 | 3,154 | ||
Loan ID 1319 | 4/10/2019 | 13.85% | 13,007 | 13,007 | 12,794 | ||
Loan ID 1320 | 4/11/2017 | 23.44% | 1,584 | 1,584 | 1,512 | ||
Loan ID 1321 | 4/8/2019 | 18.55% | 13,961 | 13,961 | 13,433 | ||
Loan ID 1322 | 4/8/2017 | 19.20% | 5,066 | 5,066 | 4,862 | ||
Loan ID 1323 | 4/10/2019 | 17.15% | 3,676 | 3,676 | 3,537 | ||
Loan ID 1324 | 4/8/2017 | 16.35% | 3,122 | 3,122 | 2,996 | ||
Loan ID 1325 | 4/11/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1326 | 4/8/2019 | 15.70% | 17,197 | 17,197 | 16,547 | ||
Loan ID 1327 | 4/8/2017 | 11.59% | 4,704 | 4,704 | 4,625 | ||
Loan ID 1328 | 4/11/2017 | 11.19% | 2,624 | 2,624 | 2,580 | ||
Loan ID 1329 | 4/10/2017 | 9.20% | 4,592 | 4,592 | 4,515 | ||
Loan ID 1330 | 4/10/2019 | 10.89% | 6,323 | 6,323 | 6,173 | ||
Loan ID 1331 | 4/8/2017 | 11.19% | 2,342 | 2,342 | 2,303 | ||
Loan ID 1332 | 4/11/2019 | 15.35% | 9,872 | 9,872 | 9,499 | ||
Loan ID 1333 | 4/8/2017 | 9.20% | 796 | 796 | 783 | ||
Loan ID 1334 | 4/11/2017 | 26.44% | 1,783 | 1,783 | 1,698 | ||
Loan ID 1335 | 4/11/2017 | 17.90% | 5,004 | 5,004 | 4,802 | ||
Loan ID 1336 | 4/10/2019 | 12.64% | 9,639 | 9,639 | 9,481 | ||
Loan ID 1337 | 4/8/2019 | 16.75% | 10,046 | 10,046 | 9,666 | ||
Loan ID 1338 | 4/10/2017 | 12.24% | 2,367 | 2,367 | 2,290 | ||
Loan ID 1339 | 4/10/2019 | 26.44% | 5,388 | 5,388 | 5,155 | ||
Loan ID 1340 | 4/8/2019 | 24.24% | 7,069 | 7,069 | 6,764 | ||
Loan ID 1341 | 4/10/2017 | 28.00% | 1,464 | 1,464 | 1,394 | ||
Loan ID 1342 | 4/14/2017 | 15.35% | 4,882 | 4,882 | 4,685 | ||
Loan ID 1343 | 4/14/2017 | 11.19% | 3,807 | 3,807 | 3,743 | ||
Loan ID 1344 | 4/8/2017 | 12.24% | 3,156 | 3,156 | 3,053 | ||
Loan ID 1345 | 4/14/2019 | 14.50% | 9,800 | 9,800 | 9,639 | ||
Loan ID 1346 | 4/9/2017 | 16.75% | 990 | 990 | 950 | ||
Loan ID 1347 | 4/10/2017 | 15.35% | 4,882 | 4,882 | 4,685 | ||
Loan ID 1348 | 4/9/2017 | 26.44% | 1,571 | 1,571 | 1,496 | ||
Loan ID 1349 | 4/9/2017 | 10.29% | 4,643 | 4,643 | 4,565 | ||
Loan ID 1350 | 4/14/2017 | 11.99% | 1,259 | 1,259 | 1,238 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1351 | 4/10/2019 | 10.89% | 9,485 | 9,485 | 9,260 | ||
Loan ID 1352 | 4/14/2017 | 17.45% | 8,303 | 8,303 | 7,968 | ||
Loan ID 1353 | 4/9/2017 | 11.59% | 1,432 | 1,432 | 1,408 | ||
Loan ID 1354 | 4/10/2019 | 21.85% | 6,941 | 6,941 | 6,554 | ||
Loan ID 1355 | 4/10/2017 | 17.45% | 530 | 530 | 509 | ||
Loan ID 1356 | 4/9/2019 | 18.25% | 10,117 | 10,117 | 9,734 | ||
Loan ID 1357 | 4/11/2017 | 9.80% | 4,620 | 4,620 | 4,542 | ||
Loan ID 1358 | 4/14/2019 | 11.99% | 6,707 | 6,707 | 6,548 | ||
Loan ID 1359 | 4/11/2019 | 17.90% | 13,483 | 13,483 | 12,973 | ||
Loan ID 1360 | 4/14/2019 | 14.85% | 10,511 | 10,511 | 10,339 | ||
Loan ID 1361 | 4/14/2019 | 15.35% | 9,892 | 9,892 | 9,518 | ||
Loan ID 1362 | 4/11/2019 | 17.45% | 10,720 | 10,720 | 10,315 | ||
Loan ID 1363 | 4/11/2019 | 14.85% | 4,587 | 4,587 | 4,512 | ||
Loan ID 1364 | 4/14/2019 | 21.00% | 6,896 | 6,896 | 6,512 | ||
Loan ID 1365 | 4/14/2017 | 23.44% | 1,728 | 1,728 | 1,650 | ||
Loan ID 1366 | 4/9/2017 | 12.24% | 2,367 | 2,367 | 2,290 | ||
Loan ID 1367 | 4/11/2017 | 12.24% | 3,109 | 3,109 | 3,008 | ||
Loan ID 1368 | 4/11/2019 | 18.55% | 16,902 | 16,902 | 16,263 | ||
Loan ID 1369 | 4/9/2017 | 17.15% | 4,968 | 4,968 | 4,768 | ||
Loan ID 1370 | 4/11/2017 | 18.90% | 3,368 | 3,368 | 3,232 | ||
Loan ID 1371 | 4/14/2017 | 16.35% | 1,150 | 1,150 | 1,104 | ||
Loan ID 1372 | 4/11/2017 | 10.29% | 2,910 | 2,910 | 2,861 | ||
Loan ID 1373 | 4/9/2017 | 12.24% | 4,734 | 4,734 | 4,579 | ||
Loan ID 1374 | 4/11/2017 | 28.00% | 1,464 | 1,464 | 1,394 | ||
Loan ID 1375 | 4/11/2017 | 21.00% | 1,374 | 1,374 | 1,312 | ||
Loan ID 1376 | 4/9/2019 | 15.35% | 6,864 | 6,864 | 6,604 | ||
Loan ID 1377 | 4/9/2017 | 10.29% | 3,070 | 3,070 | 3,018 | ||
Loan ID 1378 | 4/11/2019 | 14.15% | 16,338 | 16,338 | 16,070 | ||
Loan ID 1379 | 4/9/2017 | 16.05% | 1,311 | 1,311 | 1,258 | ||
Loan ID 1380 | 4/9/2017 | 10.89% | 10,087 | 10,087 | 9,917 | ||
Loan ID 1381 | 4/15/2017 | 24.24% | 3,905 | 3,905 | 3,718 | ||
Loan ID 1382 | 4/9/2017 | 12.24% | 3,787 | 3,787 | 3,663 | ||
Loan ID 1383 | 4/15/2017 | 17.45% | 1,220 | 1,220 | 1,171 | ||
Loan ID 1384 | 4/9/2017 | 20.30% | 4,712 | 4,712 | 4,498 | ||
Loan ID 1385 | 4/11/2017 | 9.20% | 2,449 | 2,449 | 2,408 | ||
Loan ID 1386 | 4/9/2019 | 15.35% | 15,137 | 15,137 | 14,565 | ||
Loan ID 1387 | 4/15/2017 | 19.60% | 5,085 | 5,085 | 4,854 | ||
Loan ID 1388 | 4/9/2019 | 19.60% | 6,819 | 6,819 | 6,439 | ||
Loan ID 1389 | 4/9/2017 | 9.20% | 2,449 | 2,449 | 2,408 | ||
Loan ID 1390 | 4/11/2017 | 13.85% | 1,315 | 1,315 | 1,272 | ||
Loan ID 1391 | 4/11/2019 | 24.24% | 7,069 | 7,069 | 6,764 | ||
Loan ID 1392 | 4/15/2019 | 15.70% | 9,902 | 9,902 | 9,528 | ||
Loan ID 1393 | 4/11/2019 | 17.90% | 13,450 | 13,450 | 12,941 | ||
Loan ID 1394 | 4/11/2019 | 12.64% | 8,996 | 8,996 | 8,848 | ||
Loan ID 1395 | 4/11/2019 | 19.20% | 6,117 | 6,117 | 5,886 | ||
Loan ID 1396 | 4/15/2019 | 13.05% | 16,123 | 16,123 | 15,859 | ||
Loan ID 1397 | 4/10/2019 | 16.05% | 4,635 | 4,635 | 4,460 | ||
Loan ID 1398 | 4/11/2019 | 12.24% | 16,006 | 16,006 | 15,744 | ||
Loan ID 1399 | 4/15/2017 | 9.20% | 4,592 | 4,592 | 4,515 | ||
Loan ID 1400 | 4/15/2017 | 13.05% | 3,433 | 3,433 | 3,321 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1401 | 4/15/2019 | 14.85% | 16,382 | 16,382 | 16,113 | ||
Loan ID 1402 | 4/15/2019 | 24.24% | 7,069 | 7,069 | 6,764 | ||
Loan ID 1403 | 4/10/2017 | 15.70% | 3,282 | 3,282 | 3,150 | ||
Loan ID 1404 | 4/10/2017 | 24.24% | 1,062 | 1,062 | 1,011 | ||
Loan ID 1405 | 4/14/2019 | 19.20% | 10,195 | 10,195 | 9,809 | ||
Loan ID 1406 | 4/14/2017 | 18.55% | 2,756 | 2,756 | 2,645 | ||
Loan ID 1407 | 4/15/2019 | 13.85% | 4,871 | 4,871 | 4,791 | ||
Loan ID 1408 | 4/10/2019 | 17.45% | 10,049 | 10,049 | 9,669 | ||
Loan ID 1409 | 4/14/2019 | 16.05% | 9,931 | 9,931 | 9,555 | ||
Loan ID 1410 | 4/15/2017 | 15.35% | 1,953 | 1,953 | 1,874 | ||
Loan ID 1411 | 4/10/2019 | 14.85% | 16,382 | 16,382 | 16,113 | ||
Loan ID 1412 | 4/14/2017 | 10.29% | 2,805 | 2,805 | 2,758 | ||
Loan ID 1413 | 4/15/2019 | 13.05% | 9,674 | 9,674 | 9,515 | ||
Loan ID 1414 | 4/15/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1415 | 4/15/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1416 | 4/10/2019 | 14.85% | 16,382 | 16,382 | 16,113 | ||
Loan ID 1417 | 4/14/2017 | 9.80% | 4,620 | 4,620 | 4,542 | ||
Loan ID 1418 | 4/14/2017 | 13.05% | 3,341 | 3,341 | 3,232 | ||
Loan ID 1419 | 4/14/2019 | 20.30% | 10,287 | 10,287 | 9,714 | ||
Loan ID 1420 | 4/14/2017 | 9.80% | 4,004 | 4,004 | 3,937 | ||
Loan ID 1421 | 4/14/2017 | 17.45% | 38 | 38 | 36 | ||
Loan ID 1422 | 4/10/2019 | 16.05% | 9,931 | 9,931 | 9,555 | ||
Loan ID 1423 | 4/15/2017 | 14.85% | 6,477 | 6,477 | 6,266 | ||
Loan ID 1424 | 4/14/2017 | 11.19% | 10,931 | 10,931 | 10,747 | ||
Loan ID 1425 | 4/15/2019 | 13.50% | 6,475 | 6,475 | 6,369 | ||
Loan ID 1426 | 4/14/2019 | 18.90% | 9,492 | 9,492 | 9,133 | ||
Loan ID 1427 | 4/15/2019 | 13.05% | 16,123 | 16,123 | 15,859 | ||
Loan ID 1428 | 4/14/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1429 | 4/10/2019 | 11.59% | 11,456 | 11,456 | 11,184 | ||
Loan ID 1430 | 4/14/2017 | 14.15% | 4,825 | 4,825 | 4,667 | ||
Loan ID 1431 | 4/14/2017 | 10.29% | 6,190 | 6,190 | 6,086 | ||
Loan ID 1432 | 4/10/2017 | 12.24% | 4,734 | 4,734 | 4,579 | ||
Loan ID 1433 | 4/14/2017 | 25.74% | 3,587 | 3,587 | 3,416 | ||
Loan ID 1434 | 4/15/2017 | 16.75% | 2,474 | 2,474 | 2,374 | ||
Loan ID 1435 | 4/10/2017 | 14.15% | 709 | 709 | 686 | ||
Loan ID 1436 | 4/15/2017 | 16.05% | 4,915 | 4,915 | 4,717 | ||
Loan ID 1437 | 4/14/2019 | 12.64% | 9,638 | 9,638 | 9,480 | ||
Loan ID 1438 | 4/14/2019 | 14.15% | 16,281 | 16,281 | 16,014 | ||
Loan ID 1439 | 4/15/2019 | 13.85% | 9,745 | 9,745 | 9,585 | ||
Loan ID 1440 | 4/15/2017 | 10.89% | 3,737 | 3,737 | 3,674 | ||
Loan ID 1441 | 4/15/2017 | 9.20% | 1,898 | 1,898 | 1,866 | ||
Loan ID 1442 | 4/14/2017 | 21.85% | 4,155 | 4,155 | 3,966 | ||
Loan ID 1443 | 4/16/2019 | 14.50% | 16,331 | 16,331 | 16,063 | ||
Loan ID 1444 | 4/10/2017 | 13.05% | 4,773 | 4,773 | 4,617 | ||
Loan ID 1445 | 4/14/2017 | 14.50% | 4,842 | 4,842 | 4,684 | ||
Loan ID 1446 | 4/10/2017 | 17.90% | 1,920 | 1,920 | 1,843 | ||
Loan ID 1447 | 4/14/2019 | 14.85% | 6,553 | 6,553 | 6,446 | ||
Loan ID 1448 | 4/16/2017 | 11.99% | 2,991 | 2,991 | 2,941 | ||
Loan ID 1449 | 4/10/2017 | 11.99% | 4,723 | 4,723 | 4,643 | ||
Loan ID 1450 | 4/14/2019 | 13.85% | 12,991 | 12,991 | 12,778 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1451 | 4/16/2017 | 16.35% | 4,929 | 4,929 | 4,730 | ||
Loan ID 1452 | 4/16/2017 | 9.80% | 616 | 616 | 606 | ||
Loan ID 1453 | 4/16/2017 | 15.35% | 2,694 | 2,694 | 2,585 | ||
Loan ID 1454 | 4/10/2017 | 11.59% | 3,136 | 3,136 | 3,083 | ||
Loan ID 1455 | 4/14/2017 | 21.00% | 1,374 | 1,374 | 1,312 | ||
Loan ID 1456 | 4/16/2019 | 12.24% | 22,408 | 22,408 | 22,041 | ||
Loan ID 1457 | 4/10/2017 | 25.74% | 3,414 | 3,414 | 3,251 | ||
Loan ID 1458 | 4/15/2019 | 15.70% | 3,961 | 3,961 | 3,811 | ||
Loan ID 1459 | 4/10/2017 | 11.19% | 5,643 | 5,643 | 5,548 | ||
Loan ID 1460 | 4/16/2017 | 16.75% | 3,035 | 3,035 | 2,913 | ||
Loan ID 1461 | 4/15/2017 | 17.15% | 910 | 910 | 873 | ||
Loan ID 1462 | 4/15/2017 | 15.70% | 1,962 | 1,962 | 1,883 | ||
Loan ID 1463 | 4/16/2017 | 28.00% | 3,660 | 3,660 | 3,485 | ||
Loan ID 1464 | 4/15/2017 | 22.54% | 1,219 | 1,219 | 1,164 | ||
Loan ID 1465 | 4/16/2019 | 15.35% | 9,872 | 9,872 | 9,499 | ||
Loan ID 1466 | 4/11/2019 | 18.25% | 16,861 | 16,861 | 16,223 | ||
Loan ID 1467 | 4/15/2017 | 16.05% | 1,474 | 1,474 | 1,415 | ||
Loan ID 1468 | 4/11/2019 | 14.15% | 9,769 | 9,769 | 9,609 | ||
Loan ID 1469 | 4/15/2017 | 23.44% | 1,054 | 1,054 | 1,006 | ||
Loan ID 1470 | 4/16/2019 | 16.05% | 9,982 | 9,982 | 9,604 | ||
Loan ID 1471 | 4/11/2017 | 17.45% | 3,155 | 3,155 | 3,028 | ||
Loan ID 1472 | 4/16/2017 | 11.19% | 5,310 | 5,310 | 5,221 | ||
Loan ID 1473 | 4/15/2019 | 18.25% | 6,744 | 6,744 | 6,489 | ||
Loan ID 1474 | 4/11/2019 | 14.15% | 13,025 | 13,025 | 12,811 | ||
Loan ID 1475 | 4/11/2019 | 18.55% | 2,705 | 2,705 | 2,603 | ||
Loan ID 1476 | 4/11/2017 | 11.19% | 7,808 | 7,808 | 7,676 | ||
Loan ID 1477 | 4/15/2017 | 11.99% | 787 | 787 | 774 | ||
Loan ID 1478 | 4/16/2019 | 11.59% | 12,729 | 12,729 | 12,427 | ||
Loan ID 1479 | 4/16/2017 | 13.50% | 4,794 | 4,794 | 4,638 | ||
Loan ID 1480 | 4/16/2019 | 12.64% | 22,489 | 22,489 | 22,120 | ||
Loan ID 1481 | 4/16/2019 | 14.85% | 3,932 | 3,932 | 3,868 | ||
Loan ID 1482 | 4/11/2017 | 9.80% | 6,159 | 6,159 | 6,055 | ||
Loan ID 1483 | 4/11/2019 | 14.15% | 13,025 | 13,025 | 12,811 | ||
Loan ID 1484 | 4/15/2019 | 14.85% | 1,442 | 1,442 | 1,418 | ||
Loan ID 1485 | 4/11/2019 | 16.75% | 9,990 | 9,990 | 9,612 | ||
Loan ID 1486 | 4/15/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1487 | 4/15/2017 | 13.85% | 8,018 | 8,018 | 7,756 | ||
Loan ID 1488 | 4/11/2017 | 18.90% | 5,053 | 5,053 | 4,849 | ||
Loan ID 1489 | 4/15/2017 | 9.80% | 4,620 | 4,620 | 4,542 | ||
Loan ID 1490 | 4/16/2019 | 16.75% | 9,990 | 9,990 | 9,612 | ||
Loan ID 1491 | 4/16/2017 | 22.54% | 3,484 | 3,484 | 3,326 | ||
Loan ID 1492 | 4/15/2019 | 21.85% | 7,085 | 7,085 | 6,690 | ||
Loan ID 1493 | 4/16/2019 | 16.05% | 6,576 | 6,576 | 6,327 | ||
Loan ID 1494 | 4/11/2019 | 18.25% | 10,215 | 10,215 | 9,829 | ||
Loan ID 1495 | 4/16/2019 | 19.20% | 6,797 | 6,797 | 6,540 | ||
Loan ID 1496 | 4/15/2019 | 13.50% | 16,188 | 16,188 | 15,923 | ||
Loan ID 1497 | 4/16/2017 | 25.74% | 1,435 | 1,435 | 1,366 | ||
Loan ID 1498 | 4/11/2019 | 14.50% | 3,920 | 3,920 | 3,856 | ||
Loan ID 1499 | 4/15/2017 | 19.20% | 1,351 | 1,351 | 1,297 | ||
Loan ID 1500 | 4/15/2019 | 16.35% | 3,317 | 3,317 | 3,192 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1501 | 4/11/2017 | 12.64% | 4,753 | 4,753 | 4,598 | ||
Loan ID 1502 | 4/16/2019 | 19.60% | 10,232 | 10,232 | 9,662 | ||
Loan ID 1503 | 4/16/2019 | 25.74% | 2,144 | 2,144 | 2,051 | ||
Loan ID 1504 | 4/15/2019 | 15.35% | 7,568 | 7,568 | 7,282 | ||
Loan ID 1505 | 4/16/2019 | 12.24% | 9,603 | 9,603 | 9,446 | ||
Loan ID 1506 | 4/15/2019 | 15.35% | 2,632 | 2,632 | 2,532 | ||
Loan ID 1507 | 4/11/2017 | 16.35% | 5,207 | 5,207 | 4,997 | ||
Loan ID 1508 | 4/11/2019 | 18.25% | 6,763 | 6,763 | 6,507 | ||
Loan ID 1509 | 4/15/2017 | 13.50% | 7,018 | 7,018 | 6,789 | ||
Loan ID 1510 | 4/15/2017 | 14.50% | 7,278 | 7,278 | 7,040 | ||
Loan ID 1511 | 4/11/2017 | 16.75% | 2,639 | 2,639 | 2,533 | ||
Loan ID 1512 | 4/16/2019 | 17.45% | 7,705 | 7,705 | 7,414 | ||
Loan ID 1513 | 4/15/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1514 | 4/11/2019 | 18.55% | 2,705 | 2,705 | 2,603 | ||
Loan ID 1515 | 4/16/2017 | 9.20% | 6,122 | 6,122 | 6,019 | ||
Loan ID 1516 | 4/11/2017 | 10.89% | 2,802 | 2,802 | 2,755 | ||
Loan ID 1517 | 4/11/2017 | 13.50% | 2,557 | 2,557 | 2,474 | ||
Loan ID 1518 | 4/15/2017 | 23.44% | 4,567 | 4,567 | 4,360 | ||
Loan ID 1519 | 4/15/2017 | 18.90% | 4,041 | 4,041 | 3,878 | ||
Loan ID 1520 | 4/15/2019 | 14.15% | 8,466 | 8,466 | 8,327 | ||
Loan ID 1521 | 4/15/2019 | 17.90% | 13,450 | 13,450 | 12,941 | ||
Loan ID 1522 | 4/14/2017 | 16.35% | 3,286 | 3,286 | 3,154 | ||
Loan ID 1523 | 4/17/2019 | 23.44% | 7,026 | 7,026 | 6,635 | ||
Loan ID 1524 | 4/17/2017 | 11.59% | 4,704 | 4,704 | 4,625 | ||
Loan ID 1525 | 4/14/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1526 | 4/14/2017 | 12.24% | 4,751 | 4,751 | 4,596 | ||
Loan ID 1527 | 4/17/2017 | 11.19% | 3,197 | 3,197 | 3,143 | ||
Loan ID 1528 | 4/14/2017 | 22.54% | 1,219 | 1,219 | 1,164 | ||
Loan ID 1529 | 4/15/2017 | 28.74% | 1,474 | 1,474 | 1,391 | ||
Loan ID 1530 | 4/17/2019 | 14.50% | 16,331 | 16,331 | 16,063 | ||
Loan ID 1531 | 4/14/2019 | 17.90% | 10,087 | 10,087 | 9,706 | ||
Loan ID 1532 | 4/14/2017 | 25.74% | 1,435 | 1,435 | 1,366 | ||
Loan ID 1533 | 4/16/2019 | 17.90% | 6,430 | 6,430 | 6,187 | ||
Loan ID 1534 | 4/17/2019 | 13.85% | 5,196 | 5,196 | 5,111 | ||
Loan ID 1535 | 4/16/2019 | 12.24% | 8,323 | 8,323 | 8,187 | ||
Loan ID 1536 | 4/16/2017 | 17.15% | 4,968 | 4,968 | 4,768 | ||
Loan ID 1537 | 4/14/2019 | 16.75% | 9,990 | 9,990 | 9,612 | ||
Loan ID 1538 | 4/14/2019 | 13.85% | 22,734 | 22,734 | 22,361 | ||
Loan ID 1539 | 4/17/2017 | 10.89% | 4,671 | 4,671 | 4,592 | ||
Loan ID 1540 | 4/16/2017 | 15.35% | 3,223 | 3,223 | 3,093 | ||
Loan ID 1541 | 4/17/2019 | 18.25% | 10,117 | 10,117 | 9,734 | ||
Loan ID 1542 | 4/14/2017 | 16.05% | 4,915 | 4,915 | 4,717 | ||
Loan ID 1543 | 4/14/2017 | 12.24% | 4,734 | 4,734 | 4,579 | ||
Loan ID 1544 | 4/17/2019 | 22.54% | 10,588 | 10,588 | 9,998 | ||
Loan ID 1545 | 4/16/2019 | 16.05% | 9,871 | 9,871 | 9,498 | ||
Loan ID 1546 | 4/16/2017 | 28.00% | 2,562 | 2,562 | 2,440 | ||
Loan ID 1547 | 4/17/2017 | 15.70% | 8,186 | 8,186 | 7,856 | ||
Loan ID 1548 | 4/17/2017 | 26.44% | 1,444 | 1,444 | 1,375 | ||
Loan ID 1549 | 4/16/2017 | 15.35% | 3,255 | 3,255 | 3,124 | ||
Loan ID 1550 | 4/17/2019 | 22.54% | 6,978 | 6,978 | 6,589 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1551 | 4/14/2017 | 25.74% | 1,435 | 1,435 | 1,366 | ||
Loan ID 1552 | 4/16/2017 | 12.24% | 294 | 294 | 284 | ||
Loan ID 1553 | 4/17/2019 | 17.15% | 8,019 | 8,019 | 7,716 | ||
Loan ID 1554 | 4/14/2019 | 21.85% | 6,941 | 6,941 | 6,554 | ||
Loan ID 1555 | 4/16/2019 | 13.50% | 20,196 | 20,196 | 19,865 | ||
Loan ID 1556 | 4/17/2019 | 12.24% | 22,408 | 22,408 | 22,041 | ||
Loan ID 1557 | 4/14/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1558 | 4/16/2019 | 17.90% | 13,450 | 13,450 | 12,941 | ||
Loan ID 1559 | 4/14/2019 | 13.50% | 9,713 | 9,713 | 9,554 | ||
Loan ID 1560 | 4/17/2017 | 12.64% | 6,450 | 6,450 | 6,239 | ||
Loan ID 1561 | 4/14/2019 | 11.99% | 8,338 | 8,338 | 8,140 | ||
Loan ID 1562 | 4/17/2017 | 19.20% | 5,066 | 5,066 | 4,862 | ||
Loan ID 1563 | 4/14/2017 | 19.20% | 5,089 | 5,089 | 4,884 | ||
Loan ID 1564 | 4/17/2017 | 16.35% | 690 | 690 | 662 | ||
Loan ID 1565 | 4/17/2019 | 17.45% | 16,728 | 16,728 | 16,095 | ||
Loan ID 1566 | 4/14/2019 | 18.25% | 10,117 | 10,117 | 9,734 | ||
Loan ID 1567 | 4/15/2019 | 20.30% | 6,172 | 6,172 | 5,828 | ||
Loan ID 1568 | 4/15/2019 | 13.50% | 6,475 | 6,475 | 6,369 | ||
Loan ID 1569 | 4/17/2019 | 19.20% | 6,797 | 6,797 | 6,540 | ||
Loan ID 1570 | 4/15/2019 | 11.59% | 9,546 | 9,546 | 9,320 | ||
Loan ID 1571 | 4/17/2019 | 13.05% | 22,572 | 22,572 | 22,202 | ||
Loan ID 1572 | 4/17/2017 | 9.80% | 4,620 | 4,620 | 4,542 | ||
Loan ID 1573 | 4/16/2017 | 9.80% | 4,620 | 4,620 | 4,542 | ||
Loan ID 1574 | 4/17/2017 | 18.55% | 9,751 | 9,751 | 9,358 | ||
Loan ID 1575 | 4/17/2019 | 17.45% | 13,399 | 13,399 | 12,892 | ||
Loan ID 1576 | 4/17/2017 | 15.35% | 2,288 | 2,288 | 2,196 | ||
Loan ID 1577 | 4/15/2017 | 23.44% | 1,356 | 1,356 | 1,294 | ||
Loan ID 1578 | 4/15/2017 | 9.80% | 308 | 308 | 303 | ||
Loan ID 1579 | 4/17/2017 | 16.35% | 1,307 | 1,307 | 1,254 | ||
Loan ID 1580 | 4/15/2017 | 20.30% | 3,318 | 3,318 | 3,167 | ||
Loan ID 1581 | 4/15/2019 | 16.05% | 6,621 | 6,621 | 6,371 | ||
Loan ID 1582 | 4/15/2019 | 14.85% | 9,842 | 9,842 | 9,681 | ||
Loan ID 1583 | 4/17/2019 | 14.15% | 13,025 | 13,025 | 12,811 | ||
Loan ID 1584 | 4/17/2017 | 16.35% | 4,929 | 4,929 | 4,730 | ||
Loan ID 1585 | 4/17/2019 | 16.05% | 5,959 | 5,959 | 5,734 | ||
Loan ID 1586 | 4/18/2017 | 15.70% | 3,102 | 3,102 | 2,977 | ||
Loan ID 1587 | 4/18/2017 | 28.00% | 1,464 | 1,464 | 1,394 | ||
Loan ID 1588 | 4/15/2019 | 19.20% | 7,817 | 7,817 | 7,521 | ||
Loan ID 1589 | 4/15/2017 | 18.25% | 1,339 | 1,339 | 1,285 | ||
Loan ID 1590 | 4/18/2017 | 14.15% | 1,145 | 1,145 | 1,108 | ||
Loan ID 1591 | 4/15/2019 | 16.75% | 11,989 | 11,989 | 11,536 | ||
Loan ID 1592 | 4/18/2017 | 9.20% | 2,831 | 2,831 | 2,783 | ||
Loan ID 1593 | 4/17/2019 | 14.85% | 16,086 | 16,086 | 15,822 | ||
Loan ID 1594 | 4/18/2017 | 11.59% | 2,509 | 2,509 | 2,467 | ||
Loan ID 1595 | 4/17/2019 | 10.89% | 12,312 | 12,312 | 12,020 | ||
Loan ID 1596 | 4/18/2017 | 13.50% | 6,316 | 6,316 | 6,110 | ||
Loan ID 1597 | 4/15/2019 | 14.85% | 6,553 | 6,553 | 6,446 | ||
Loan ID 1598 | 4/17/2017 | 12.64% | 7,922 | 7,922 | 7,663 | ||
Loan ID 1599 | 4/17/2019 | 26.44% | 7,183 | 7,183 | 6,873 | ||
Loan ID 1600 | 4/18/2017 | 9.20% | 4,285 | 4,285 | 4,213 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1601 | 4/17/2019 | 15.35% | 9,872 | 9,872 | 9,499 | ||
Loan ID 1602 | 4/18/2019 | 19.60% | 9,547 | 9,547 | 9,015 | ||
Loan ID 1603 | 4/18/2019 | 22.54% | 6,281 | 6,281 | 5,931 | ||
Loan ID 1604 | 4/15/2019 | 13.85% | 16,238 | 16,238 | 15,972 | ||
Loan ID 1605 | 4/15/2017 | 11.59% | 4,704 | 4,704 | 4,625 | ||
Loan ID 1606 | 4/15/2017 | 12.24% | 1,105 | 1,105 | 1,069 | ||
Loan ID 1607 | 4/17/2017 | 10.89% | 7,784 | 7,784 | 7,653 | ||
Loan ID 1608 | 4/17/2017 | 17.15% | 3,312 | 3,312 | 3,179 | ||
Loan ID 1609 | 4/15/2017 | 9.80% | 1,386 | 1,386 | 1,363 | ||
Loan ID 1610 | 4/18/2019 | 16.75% | 7,960 | 7,960 | 7,659 | ||
Loan ID 1611 | 4/18/2019 | 11.59% | 12,729 | 12,729 | 12,427 | ||
Loan ID 1612 | 4/15/2017 | 14.15% | 3,860 | 3,860 | 3,734 | ||
Loan ID 1613 | 4/17/2017 | 16.35% | 8,216 | 8,216 | 7,885 | ||
Loan ID 1614 | 4/17/2019 | 25.04% | 2,133 | 2,133 | 2,041 | ||
Loan ID 1615 | 4/15/2017 | 14.85% | 3,239 | 3,239 | 3,133 | ||
Loan ID 1616 | 4/17/2017 | 19.60% | 4,223 | 4,223 | 4,031 | ||
Loan ID 1617 | 4/15/2017 | 12.24% | 947 | 947 | 916 | ||
Loan ID 1618 | 4/18/2019 | 11.19% | 8,243 | 8,243 | 8,048 | ||
Loan ID 1619 | 4/17/2019 | 18.25% | 9,592 | 9,592 | 9,229 | ||
Loan ID 1620 | 4/15/2019 | 16.05% | 9,949 | 9,949 | 9,573 | ||
Loan ID 1621 | 4/18/2019 | 20.30% | 3,429 | 3,429 | 3,238 | ||
Loan ID 1622 | 4/18/2019 | 15.35% | 16,453 | 16,453 | 15,831 | ||
Loan ID 1623 | 4/18/2019 | 13.85% | 3,897 | 3,897 | 3,833 | ||
Loan ID 1624 | 4/15/2019 | 23.44% | 7,026 | 7,026 | 6,635 | ||
Loan ID 1625 | 4/18/2019 | 11.59% | 5,636 | 5,636 | 5,502 | ||
Loan ID 1626 | 4/15/2019 | 21.85% | 6,247 | 6,247 | 5,899 | ||
Loan ID 1627 | 4/17/2017 | 10.29% | 2,631 | 2,631 | 2,587 | ||
Loan ID 1628 | 4/15/2017 | 16.75% | 1,814 | 1,814 | 1,741 | ||
Loan ID 1629 | 4/17/2017 | 14.15% | 6,433 | 6,433 | 6,223 | ||
Loan ID 1630 | 4/18/2017 | 16.05% | 4,915 | 4,915 | 4,717 | ||
Loan ID 1631 | 4/17/2017 | 17.45% | 7,455 | 7,455 | 7,155 | ||
Loan ID 1632 | 4/17/2017 | 17.90% | 3,336 | 3,336 | 3,202 | ||
Loan ID 1633 | 4/18/2017 | 19.60% | 2,795 | 2,795 | 2,668 | ||
Loan ID 1634 | 4/18/2017 | 14.50% | 3,228 | 3,228 | 3,123 | ||
Loan ID 1635 | 4/16/2019 | 21.85% | 7,254 | 7,254 | 6,850 | ||
Loan ID 1636 | 4/18/2019 | 13.85% | 8,444 | 8,444 | 8,306 | ||
Loan ID 1637 | 4/16/2017 | 12.64% | 11,091 | 11,091 | 10,729 | ||
Loan ID 1638 | 4/17/2019 | 20.30% | 2,743 | 2,743 | 2,590 | ||
Loan ID 1639 | 4/18/2017 | 12.64% | 1,109 | 1,109 | 1,073 | ||
Loan ID 1640 | 4/16/2019 | 17.15% | 6,683 | 6,683 | 6,430 | ||
Loan ID 1641 | 4/16/2017 | 24.24% | 3,539 | 3,539 | 3,370 | ||
Loan ID 1642 | 4/18/2019 | 20.30% | 6,858 | 6,858 | 6,476 | ||
Loan ID 1643 | 4/18/2017 | 8.74% | 1,828 | 1,828 | 1,797 | ||
Loan ID 1644 | 4/18/2019 | 15.35% | 4,119 | 4,119 | 3,963 | ||
Loan ID 1645 | 4/17/2019 | 14.50% | 1,960 | 1,960 | 1,928 | ||
Loan ID 1646 | 4/16/2017 | 25.74% | 3,587 | 3,587 | 3,416 | ||
Loan ID 1647 | 4/18/2017 | 15.70% | 1,306 | 1,306 | 1,253 | ||
Loan ID 1648 | 4/21/2019 | 11.99% | 9,641 | 9,641 | 9,412 | ||
Loan ID 1649 | 4/16/2017 | 13.50% | 1,494 | 1,494 | 1,445 | ||
Loan ID 1650 | 4/21/2019 | 14.15% | 6,740 | 6,740 | 6,629 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1651 | 4/18/2019 | 13.50% | 9,713 | 9,713 | 9,554 | ||
Loan ID 1652 | 4/21/2017 | 14.15% | 5,970 | 5,970 | 5,775 | ||
Loan ID 1653 | 4/21/2019 | 21.85% | 6,247 | 6,247 | 5,899 | ||
Loan ID 1654 | 4/21/2019 | 13.50% | 16,163 | 16,163 | 15,898 | ||
Loan ID 1655 | 4/21/2017 | 18.55% | 3,356 | 3,356 | 3,221 | ||
Loan ID 1656 | 4/18/2017 | 22.54% | 3,485 | 3,485 | 3,327 | ||
Loan ID 1657 | 4/16/2019 | 16.05% | 16,552 | 16,552 | 15,926 | ||
Loan ID 1658 | 4/16/2017 | 13.85% | 6,437 | 6,437 | 6,227 | ||
Loan ID 1659 | 4/18/2019 | 11.19% | 11,097 | 11,097 | 10,834 | ||
Loan ID 1660 | 4/21/2017 | 27.24% | 1,819 | 1,819 | 1,732 | ||
Loan ID 1661 | 4/21/2017 | 11.59% | 4,704 | 4,704 | 4,625 | ||
Loan ID 1662 | 4/21/2017 | 23.44% | 3,523 | 3,523 | 3,363 | ||
Loan ID 1663 | 4/18/2017 | 20.30% | 683 | 683 | 652 | ||
Loan ID 1664 | 4/21/2017 | 14.15% | 1,287 | 1,287 | 1,245 | ||
Loan ID 1665 | 4/16/2019 | 13.85% | 9,743 | 9,743 | 9,583 | ||
Loan ID 1666 | 4/18/2017 | 17.45% | 1,328 | 1,328 | 1,274 | ||
Loan ID 1667 | 4/18/2019 | 18.90% | 6,442 | 6,442 | 6,198 | ||
Loan ID 1668 | 4/18/2017 | 11.59% | 10,976 | 10,976 | 10,791 | ||
Loan ID 1669 | 4/16/2019 | 20.30% | 6,171 | 6,171 | 5,827 | ||
Loan ID 1670 | 4/18/2019 | 15.35% | 8,556 | 8,556 | 8,232 | ||
Loan ID 1671 | 4/21/2017 | 14.15% | 3,331 | 3,331 | 3,222 | ||
Loan ID 1672 | 4/16/2019 | 17.15% | 9,654 | 9,654 | 9,289 | ||
Loan ID 1673 | 4/18/2017 | 9.20% | 9,183 | 9,183 | 9,028 | ||
Loan ID 1674 | 4/18/2019 | 17.90% | 12,105 | 12,105 | 11,647 | ||
Loan ID 1675 | 4/16/2017 | 28.00% | 1,609 | 1,609 | 1,532 | ||
Loan ID 1676 | 4/21/2019 | 17.15% | 2,673 | 2,673 | 2,572 | ||
Loan ID 1677 | 4/18/2019 | 14.15% | 16,282 | 16,282 | 16,015 | ||
Loan ID 1678 | 4/21/2019 | 17.15% | 3,294 | 3,294 | 3,169 | ||
Loan ID 1679 | 4/21/2017 | 11.59% | 3,136 | 3,136 | 3,083 | ||
Loan ID 1680 | 4/18/2017 | 23.44% | 2,635 | 2,635 | 2,515 | ||
Loan ID 1681 | 4/18/2017 | 15.70% | 1,306 | 1,306 | 1,253 | ||
Loan ID 1682 | 4/21/2017 | 17.45% | 3,321 | 3,321 | 3,187 | ||
Loan ID 1683 | 4/16/2017 | 13.05% | 4,773 | 4,773 | 4,617 | ||
Loan ID 1684 | 4/18/2017 | 18.55% | 3,356 | 3,356 | 3,221 | ||
Loan ID 1685 | 4/21/2019 | 14.15% | 9,769 | 9,769 | 9,609 | ||
Loan ID 1686 | 4/21/2019 | 9.80% | 12,518 | 12,518 | 12,221 | ||
Loan ID 1687 | 4/21/2017 | 18.55% | 7,216 | 7,216 | 6,925 | ||
Loan ID 1688 | 4/18/2019 | 10.89% | 10,750 | 10,750 | 10,495 | ||
Loan ID 1689 | 4/21/2019 | 13.85% | 19,924 | 19,924 | 19,597 | ||
Loan ID 1690 | 4/21/2019 | 10.89% | 3,160 | 3,160 | 3,085 | ||
Loan ID 1691 | 4/18/2017 | 18.55% | 3,357 | 3,357 | 3,222 | ||
Loan ID 1692 | 4/17/2017 | 11.99% | 3,148 | 3,148 | 3,095 | ||
Loan ID 1693 | 4/17/2017 | 13.05% | 4,772 | 4,772 | 4,616 | ||
Loan ID 1694 | 4/18/2017 | 10.89% | 7,784 | 7,784 | 7,653 | ||
Loan ID 1695 | 4/18/2019 | 22.54% | 10,468 | 10,468 | 9,885 | ||
Loan ID 1696 | 4/21/2019 | 14.50% | 6,533 | 6,533 | 6,426 | ||
Loan ID 1697 | 4/21/2017 | 13.05% | 3,500 | 3,500 | 3,386 | ||
Loan ID 1698 | 4/21/2019 | 12.64% | 8,353 | 8,353 | 8,216 | ||
Loan ID 1699 | 4/17/2019 | 14.15% | 9,769 | 9,769 | 9,609 | ||
Loan ID 1700 | 4/17/2017 | 16.35% | 3,286 | 3,286 | 3,154 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1701 | 4/21/2019 | 18.25% | 10,117 | 10,117 | 9,734 | ||
Loan ID 1702 | 4/17/2019 | 13.05% | 20,960 | 20,960 | 20,616 | ||
Loan ID 1703 | 4/18/2019 | 12.24% | 12,805 | 12,805 | 12,595 | ||
Loan ID 1704 | 4/18/2017 | 9.80% | 3,080 | 3,080 | 3,028 | ||
Loan ID 1705 | 4/17/2017 | 22.54% | 1,045 | 1,045 | 998 | ||
Loan ID 1706 | 4/17/2017 | 8.74% | 2,133 | 2,133 | 2,097 | ||
Loan ID 1707 | 4/22/2017 | 13.85% | 5,962 | 5,962 | 5,767 | ||
Loan ID 1708 | 4/21/2019 | 19.20% | 6,797 | 6,797 | 6,540 | ||
Loan ID 1709 | 4/17/2019 | 21.00% | 10,343 | 10,343 | 9,767 | ||
Loan ID 1710 | 4/22/2017 | 11.59% | 3,136 | 3,136 | 3,083 | ||
Loan ID 1711 | 4/22/2019 | 13.05% | 16,139 | 16,139 | 15,874 | ||
Loan ID 1712 | 4/17/2017 | 12.24% | 3,156 | 3,156 | 3,053 | ||
Loan ID 1713 | 4/17/2017 | 10.29% | 4,333 | 4,333 | 4,260 | ||
Loan ID 1714 | 4/21/2019 | 14.15% | 16,281 | 16,281 | 16,014 | ||
Loan ID 1715 | 4/17/2017 | 14.15% | 1,228 | 1,228 | 1,188 | ||
Loan ID 1716 | 4/22/2017 | 14.15% | 3,128 | 3,128 | 3,026 | ||
Loan ID 1717 | 4/22/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1718 | 4/21/2019 | 17.90% | 10,087 | 10,087 | 9,706 | ||
Loan ID 1719 | 4/22/2017 | 8.74% | 3,046 | 3,046 | 2,995 | ||
Loan ID 1720 | 4/21/2017 | 17.15% | 3,312 | 3,312 | 3,179 | ||
Loan ID 1721 | 4/21/2017 | 13.05% | 1,591 | 1,591 | 1,539 | ||
Loan ID 1722 | 4/22/2017 | 26.44% | 1,444 | 1,444 | 1,375 | ||
Loan ID 1723 | 4/17/2017 | 13.85% | 5,773 | 5,773 | 5,585 | ||
Loan ID 1724 | 4/21/2019 | 11.99% | 6,388 | 6,388 | 6,237 | ||
Loan ID 1725 | 4/22/2019 | 18.25% | 5,395 | 5,395 | 5,191 | ||
Loan ID 1726 | 4/21/2019 | 19.20% | 8,836 | 8,836 | 8,502 | ||
Loan ID 1727 | 4/21/2019 | 17.15% | 6,682 | 6,682 | 6,429 | ||
Loan ID 1728 | 4/22/2019 | 14.50% | 22,864 | 22,864 | 22,489 | ||
Loan ID 1729 | 4/17/2019 | 18.55% | 10,142 | 10,142 | 9,758 | ||
Loan ID 1730 | 4/17/2019 | 21.00% | 3,586 | 3,586 | 3,386 | ||
Loan ID 1731 | 4/22/2019 | 14.85% | 16,382 | 16,382 | 16,113 | ||
Loan ID 1732 | 4/21/2017 | 19.60% | 2,203 | 2,203 | 2,103 | ||
Loan ID 1733 | 4/21/2019 | 17.90% | 4,035 | 4,035 | 3,882 | ||
Loan ID 1734 | 4/21/2019 | 11.19% | 12,682 | 12,682 | 12,381 | ||
Loan ID 1735 | 4/18/2019 | 13.85% | 4,547 | 4,547 | 4,472 | ||
Loan ID 1736 | 4/22/2017 | 11.19% | 3,123 | 3,123 | 3,070 | ||
Loan ID 1737 | 4/21/2017 | 10.89% | 3,114 | 3,114 | 3,062 | ||
Loan ID 1738 | 4/18/2019 | 10.89% | 12,647 | 12,647 | 12,347 | ||
Loan ID 1739 | 4/22/2019 | 17.15% | 10,024 | 10,024 | 9,645 | ||
Loan ID 1740 | 4/18/2017 | 14.85% | 2,591 | 2,591 | 2,506 | ||
Loan ID 1741 | 4/22/2017 | 23.44% | 2,635 | 2,635 | 2,515 | ||
Loan ID 1742 | 4/18/2017 | 14.15% | 287 | 287 | 278 | ||
Loan ID 1743 | 4/23/2017 | 10.89% | 4,671 | 4,671 | 4,592 | ||
Loan ID 1744 | 4/23/2017 | 10.89% | 6,265 | 6,265 | 6,159 | ||
Loan ID 1745 | 4/22/2019 | 16.05% | 9,931 | 9,931 | 9,555 | ||
Loan ID 1746 | 4/18/2019 | 18.90% | 5,780 | 5,780 | 5,561 | ||
Loan ID 1747 | 4/23/2017 | 13.05% | 2,227 | 2,227 | 2,154 | ||
Loan ID 1748 | 4/18/2017 | 21.85% | 3,462 | 3,462 | 3,305 | ||
Loan ID 1749 | 4/23/2017 | 19.60% | 982 | 982 | 937 | ||
Loan ID 1750 | 4/23/2017 | 24.24% | 1,415 | 1,415 | 1,347 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1751 | 4/22/2017 | 17.45% | 1,162 | 1,162 | 1,115 | ||
Loan ID 1752 | 4/22/2017 | 11.19% | 3,530 | 3,530 | 3,471 | ||
Loan ID 1753 | 4/22/2019 | 18.90% | 9,768 | 9,768 | 9,399 | ||
Loan ID 1754 | 4/23/2017 | 12.64% | 4,120 | 4,120 | 3,986 | ||
Loan ID 1755 | 4/23/2017 | 12.24% | 4,734 | 4,734 | 4,579 | ||
Loan ID 1756 | 4/23/2017 | 13.05% | 1,272 | 1,272 | 1,230 | ||
Loan ID 1757 | 4/22/2017 | 18.90% | 3,368 | 3,368 | 3,232 | ||
Loan ID 1758 | 4/18/2019 | 11.59% | 12,729 | 12,729 | 12,427 | ||
Loan ID 1759 | 4/23/2019 | 14.85% | 9,829 | 9,829 | 9,668 | ||
Loan ID 1760 | 4/22/2017 | 9.80% | 2,479 | 2,479 | 2,437 | ||
Loan ID 1761 | 4/23/2019 | 14.15% | 2,605 | 2,605 | 2,562 | ||
Loan ID 1762 | 4/22/2019 | 13.05% | 7,739 | 7,739 | 7,612 | ||
Loan ID 1763 | 4/18/2017 | 8.74% | 3,656 | 3,656 | 3,594 | ||
Loan ID 1764 | 4/23/2017 | 28.74% | 713 | 713 | 673 | ||
Loan ID 1765 | 4/23/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1766 | 4/18/2019 | 18.55% | 1,508 | 1,508 | 1,451 | ||
Loan ID 1767 | 4/18/2019 | 14.85% | 9,829 | 9,829 | 9,668 | ||
Loan ID 1768 | 4/18/2017 | 11.19% | 6,247 | 6,247 | 6,142 | ||
Loan ID 1769 | 4/18/2017 | 11.59% | 3,136 | 3,136 | 3,083 | ||
Loan ID 1770 | 4/23/2017 | 16.75% | 6,598 | 6,598 | 6,332 | ||
Loan ID 1771 | 4/22/2019 | 16.35% | 9,957 | 9,957 | 9,580 | ||
Loan ID 1772 | 4/23/2017 | 12.24% | 3,787 | 3,787 | 3,663 | ||
Loan ID 1773 | 4/18/2017 | 23.44% | 1,405 | 1,405 | 1,341 | ||
Loan ID 1774 | 4/22/2017 | 19.20% | 5,066 | 5,066 | 4,862 | ||
Loan ID 1775 | 4/23/2017 | 28.00% | 1,464 | 1,464 | 1,394 | ||
Loan ID 1776 | 4/22/2017 | 10.29% | 6,190 | 6,190 | 6,086 | ||
Loan ID 1777 | 4/18/2017 | 12.24% | 3,472 | 3,472 | 3,359 | ||
Loan ID 1778 | 4/18/2019 | 14.85% | 12,018 | 12,018 | 11,821 | ||
Loan ID 1779 | 4/22/2017 | 13.85% | 3,207 | 3,207 | 3,102 | ||
Loan ID 1780 | 4/23/2017 | 9.20% | 10,713 | 10,713 | 10,533 | ||
Loan ID 1781 | 4/22/2019 | 14.15% | 4,884 | 4,884 | 4,804 | ||
Loan ID 1782 | 4/18/2019 | 13.85% | 9,764 | 9,764 | 9,604 | ||
Loan ID 1783 | 4/22/2019 | 14.15% | 8,466 | 8,466 | 8,327 | ||
Loan ID 1784 | 4/18/2017 | 11.19% | 6,247 | 6,247 | 6,142 | ||
Loan ID 1785 | 4/22/2017 | 28.00% | 3,660 | 3,660 | 3,485 | ||
Loan ID 1786 | 4/23/2019 | 11.19% | 9,511 | 9,511 | 9,286 | ||
Loan ID 1787 | 4/23/2019 | 22.54% | 7,024 | 7,024 | 6,633 | ||
Loan ID 1788 | 4/22/2019 | 21.85% | 6,941 | 6,941 | 6,554 | ||
Loan ID 1789 | 4/18/2017 | 10.89% | 2,277 | 2,277 | 2,239 | ||
Loan ID 1790 | 4/18/2017 | 20.30% | 4,018 | 4,018 | 3,836 | ||
Loan ID 1791 | 4/22/2017 | 30.09% | 1,491 | 1,491 | 1,407 | ||
Loan ID 1792 | 4/23/2019 | 18.25% | 10,117 | 10,117 | 9,734 | ||
Loan ID 1793 | 4/21/2017 | 22.54% | 1,313 | 1,313 | 1,253 | ||
Loan ID 1794 | 4/23/2017 | 11.19% | 3,592 | 3,592 | 3,531 | ||
Loan ID 1795 | 4/22/2017 | 11.99% | 3,148 | 3,148 | 3,095 | ||
Loan ID 1796 | 4/21/2019 | 17.15% | 9,360 | 9,360 | 9,006 | ||
Loan ID 1797 | 4/23/2017 | 10.89% | 1,245 | 1,245 | 1,224 | ||
Loan ID 1798 | 4/23/2017 | 15.35% | 2,929 | 2,929 | 2,811 | ||
Loan ID 1799 | 4/23/2019 | 14.15% | 16,281 | 16,281 | 16,014 | ||
Loan ID 1800 | 4/21/2017 | 11.99% | 1,889 | 1,889 | 1,857 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1801 | 4/22/2017 | 10.29% | 1,238 | 1,238 | 1,217 | ||
Loan ID 1802 | 4/23/2017 | 10.29% | 3,559 | 3,559 | 3,499 | ||
Loan ID 1803 | 4/21/2017 | 12.24% | 3,156 | 3,156 | 3,053 | ||
Loan ID 1804 | 4/21/2017 | 11.99% | 7,871 | 7,871 | 7,738 | ||
Loan ID 1805 | 4/23/2017 | 11.59% | 4,704 | 4,704 | 4,625 | ||
Loan ID 1806 | 4/23/2017 | 9.80% | 5,852 | 5,852 | 5,753 | ||
Loan ID 1807 | 4/23/2017 | 13.85% | 3,848 | 3,848 | 3,722 | ||
Loan ID 1808 | 4/23/2017 | 13.05% | 5,727 | 5,727 | 5,540 | ||
Loan ID 1809 | 4/23/2019 | 14.85% | 2,743 | 2,743 | 2,698 | ||
Loan ID 1810 | 4/23/2019 | 15.35% | 16,453 | 16,453 | 15,831 | ||
Loan ID 1811 | 4/21/2019 | 12.64% | 6,426 | 6,426 | 6,321 | ||
Loan ID 1812 | 4/23/2019 | 15.35% | 10,303 | 10,303 | 9,913 | ||
Loan ID 1813 | 4/21/2017 | 21.00% | 1,030 | 1,030 | 983 | ||
Loan ID 1814 | 4/23/2017 | 16.35% | 4,929 | 4,929 | 4,730 | ||
Loan ID 1815 | 4/23/2017 | 9.20% | 5,510 | 5,510 | 5,417 | ||
Loan ID 1816 | 4/23/2019 | 9.80% | 12,518 | 12,518 | 12,221 | ||
Loan ID 1817 | 4/23/2017 | 8.74% | 3,808 | 3,808 | 3,744 | ||
Loan ID 1818 | 4/21/2019 | 21.00% | 5,886 | 5,886 | 5,558 | ||
Loan ID 1819 | 4/24/2017 | 22.54% | 1,644 | 1,644 | 1,569 | ||
Loan ID 1820 | 4/24/2019 | 12.64% | 9,638 | 9,638 | 9,480 | ||
Loan ID 1821 | 4/23/2017 | 30.09% | 932 | 932 | 879 | ||
Loan ID 1822 | 4/24/2017 | 15.70% | 1,470 | 1,470 | 1,411 | ||
Loan ID 1823 | 4/24/2019 | 14.50% | 7,839 | 7,839 | 7,710 | ||
Loan ID 1824 | 4/23/2019 | 11.99% | 15,969 | 15,969 | 15,590 | ||
Loan ID 1825 | 4/21/2017 | 18.25% | 6,694 | 6,694 | 6,424 | ||
Loan ID 1826 | 4/21/2019 | 17.15% | 16,707 | 16,707 | 16,075 | ||
Loan ID 1827 | 4/24/2019 | 15.70% | 13,202 | 13,202 | 12,703 | ||
Loan ID 1828 | 4/23/2017 | 26.44% | 1,437 | 1,437 | 1,368 | ||
Loan ID 1829 | 4/21/2017 | 11.99% | 4,723 | 4,723 | 4,643 | ||
Loan ID 1830 | 4/23/2017 | 19.20% | 1,350 | 1,350 | 1,296 | ||
Loan ID 1831 | 4/24/2017 | 11.99% | 3,143 | 3,143 | 3,090 | ||
Loan ID 1832 | 4/23/2017 | 14.15% | 4,825 | 4,825 | 4,667 | ||
Loan ID 1833 | 4/24/2017 | 14.15% | 1,930 | 1,930 | 1,867 | ||
Loan ID 1834 | 4/21/2017 | 11.99% | 8,658 | 8,658 | 8,512 | ||
Loan ID 1835 | 4/24/2017 | 18.90% | 3,368 | 3,368 | 3,232 | ||
Loan ID 1836 | 4/21/2017 | 12.24% | 3,156 | 3,156 | 3,053 | ||
Loan ID 1837 | 4/24/2017 | 10.89% | 4,303 | 4,303 | 4,231 | ||
Loan ID 1838 | 4/24/2019 | 12.64% | 19,276 | 19,276 | 18,960 | ||
Loan ID 1839 | 4/24/2019 | 27.24% | 5,833 | 5,833 | 5,581 | ||
Loan ID 1840 | 4/23/2017 | 29.50% | 1,484 | 1,484 | 1,400 | ||
Loan ID 1841 | 4/23/2019 | 18.90% | 7,368 | 7,368 | 7,089 | ||
Loan ID 1842 | 4/22/2017 | 21.00% | 3,435 | 3,435 | 3,279 | ||
Loan ID 1843 | 4/22/2017 | 23.44% | 1,405 | 1,405 | 1,341 | ||
Loan ID 1844 | 4/24/2019 | 19.20% | 5,437 | 5,437 | 5,231 | ||
Loan ID 1845 | 4/24/2019 | 23.44% | 4,918 | 4,918 | 4,644 | ||
Loan ID 1846 | 4/24/2017 | 16.75% | 4,948 | 4,948 | 4,749 | ||
Loan ID 1847 | 4/24/2017 | 13.85% | 4,811 | 4,811 | 4,654 | ||
Loan ID 1848 | 4/23/2017 | 25.74% | 3,587 | 3,587 | 3,416 | ||
Loan ID 1849 | 4/23/2017 | 9.20% | 4,591 | 4,591 | 4,514 | ||
Loan ID 1850 | 4/22/2019 | 16.35% | 9,957 | 9,957 | 9,580 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1851 | 4/24/2019 | 20.30% | 6,857 | 6,857 | 6,475 | ||
Loan ID 1852 | 4/23/2017 | 14.50% | 4,842 | 4,842 | 4,684 | ||
Loan ID 1853 | 4/22/2019 | 17.15% | 16,707 | 16,707 | 16,075 | ||
Loan ID 1854 | 4/23/2017 | 11.99% | 3,148 | 3,148 | 3,095 | ||
Loan ID 1855 | 4/22/2019 | 18.25% | 10,134 | 10,134 | 9,751 | ||
Loan ID 1856 | 4/24/2017 | 10.89% | 7,784 | 7,784 | 7,653 | ||
Loan ID 1857 | 4/22/2017 | 27.24% | 3,636 | 3,636 | 3,462 | ||
Loan ID 1858 | 4/24/2017 | 9.80% | 6,159 | 6,159 | 6,055 | ||
Loan ID 1859 | 4/22/2019 | 18.55% | 6,761 | 6,761 | 6,505 | ||
Loan ID 1860 | 4/24/2017 | 15.35% | 1,953 | 1,953 | 1,874 | ||
Loan ID 1861 | 4/22/2017 | 14.50% | 1,614 | 1,614 | 1,561 | ||
Loan ID 1862 | 4/22/2017 | 22.54% | 1,394 | 1,394 | 1,331 | ||
Loan ID 1863 | 4/22/2019 | 25.74% | 3,114 | 3,114 | 2,980 | ||
Loan ID 1864 | 4/23/2017 | 12.64% | 2,489 | 2,489 | 2,408 | ||
Loan ID 1865 | 4/24/2017 | 9.80% | 6,186 | 6,186 | 6,082 | ||
Loan ID 1866 | 4/24/2017 | 18.55% | 1,678 | 1,678 | 1,610 | ||
Loan ID 1867 | 4/24/2019 | 25.04% | 7,078 | 7,078 | 6,772 | ||
Loan ID 1868 | 4/24/2017 | 10.29% | 4,643 | 4,643 | 4,565 | ||
Loan ID 1869 | 4/24/2019 | 11.59% | 9,419 | 9,419 | 9,196 | ||
Loan ID 1870 | 4/24/2017 | 13.85% | 4,811 | 4,811 | 4,654 | ||
Loan ID 1871 | 4/24/2019 | 11.59% | 6,364 | 6,364 | 6,213 | ||
Loan ID 1872 | 4/24/2017 | 9.20% | 1,531 | 1,531 | 1,505 | ||
Loan ID 1873 | 4/22/2019 | 13.50% | 20,720 | 20,720 | 20,380 | ||
Loan ID 1874 | 4/24/2017 | 11.19% | 2,934 | 2,934 | 2,885 | ||
Loan ID 1875 | 4/25/2017 | 13.05% | 5,568 | 5,568 | 5,386 | ||
Loan ID 1876 | 4/24/2017 | 14.85% | 1,619 | 1,619 | 1,566 | ||
Loan ID 1877 | 4/25/2019 | 15.70% | 10,807 | 10,807 | 10,398 | ||
Loan ID 1878 | 4/22/2017 | 12.24% | 11,047 | 11,047 | 10,686 | ||
Loan ID 1879 | 4/24/2017 | 13.50% | 3,543 | 3,543 | 3,427 | ||
Loan ID 1880 | 4/25/2019 | 17.90% | 10,760 | 10,760 | 10,353 | ||
Loan ID 1881 | 4/24/2019 | 11.59% | 11,138 | 11,138 | 10,874 | ||
Loan ID 1882 | 4/22/2017 | 8.74% | 6,093 | 6,093 | 5,990 | ||
Loan ID 1883 | 4/22/2019 | 23.44% | 14,074 | 14,074 | 13,290 | ||
Loan ID 1884 | 4/25/2019 | 18.90% | 16,951 | 16,951 | 16,310 | ||
Loan ID 1885 | 4/24/2017 | 12.24% | 1,578 | 1,578 | 1,526 | ||
Loan ID 1886 | 4/22/2017 | 18.25% | 3,347 | 3,347 | 3,212 | ||
Loan ID 1887 | 4/24/2019 | 16.35% | 8,837 | 8,837 | 8,503 | ||
Loan ID 1888 | 4/22/2019 | 9.80% | 9,693 | 9,693 | 9,463 | ||
Loan ID 1889 | 4/23/2017 | 11.59% | 2,768 | 2,768 | 2,721 | ||
Loan ID 1890 | 4/25/2019 | 17.45% | 14,823 | 14,823 | 14,262 | ||
Loan ID 1891 | 4/24/2019 | 17.45% | 16,749 | 16,749 | 16,116 | ||
Loan ID 1892 | 4/25/2017 | 12.64% | 1,585 | 1,585 | 1,533 | ||
Loan ID 1893 | 4/23/2017 | 10.29% | 3,088 | 3,088 | 3,036 | ||
Loan ID 1894 | 4/24/2017 | 8.74% | 3,656 | 3,656 | 3,594 | ||
Loan ID 1895 | 4/24/2017 | 14.85% | 4,858 | 4,858 | 4,699 | ||
Loan ID 1896 | 4/23/2019 | 13.50% | 22,663 | 22,663 | 22,291 | ||
Loan ID 1897 | 4/23/2017 | 10.29% | 929 | 929 | 913 | ||
Loan ID 1898 | 4/23/2017 | 21.85% | 1,385 | 1,385 | 1,322 | ||
Loan ID 1899 | 4/24/2017 | 14.85% | 9,716 | 9,716 | 9,399 | ||
Loan ID 1900 | 4/23/2019 | 18.55% | 5,341 | 5,341 | 5,139 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1901 | 4/23/2017 | 13.05% | 3,182 | 3,182 | 3,078 | ||
Loan ID 1902 | 4/23/2019 | 18.90% | 8,495 | 8,495 | 8,174 | ||
Loan ID 1903 | 4/24/2019 | 14.15% | 3,907 | 3,907 | 3,843 | ||
Loan ID 1904 | 4/24/2017 | 14.85% | 810 | 810 | 784 | ||
Loan ID 1905 | 4/24/2017 | 9.80% | 9,239 | 9,239 | 9,083 | ||
Loan ID 1906 | 4/24/2019 | 12.64% | 8,959 | 8,959 | 8,812 | ||
Loan ID 1907 | 4/24/2019 | 21.00% | 11,722 | 11,722 | 11,069 | ||
Loan ID 1908 | 4/24/2017 | 14.50% | 968 | 968 | 936 | ||
Loan ID 1909 | 4/24/2019 | 14.15% | 22,794 | 22,794 | 22,420 | ||
Loan ID 1910 | 4/25/2017 | 9.20% | 4,592 | 4,592 | 4,515 | ||
Loan ID 1911 | 4/23/2017 | 9.20% | 4,046 | 4,046 | 3,978 | ||
Loan ID 1912 | 4/24/2017 | 19.20% | 979 | 979 | 940 | ||
Loan ID 1913 | 4/24/2017 | 13.50% | 2,237 | 2,237 | 2,164 | ||
Loan ID 1914 | 4/25/2017 | 8.74% | 4,570 | 4,570 | 4,493 | ||
Loan ID 1915 | 4/24/2017 | 11.59% | 5,017 | 5,017 | 4,932 | ||
Loan ID 1916 | 4/25/2019 | 17.90% | 7,796 | 7,796 | 7,501 | ||
Loan ID 1917 | 4/25/2017 | 14.85% | 2,488 | 2,488 | 2,407 | ||
Loan ID 1918 | 4/25/2019 | 13.50% | 22,663 | 22,663 | 22,291 | ||
Loan ID 1919 | 4/23/2017 | 15.70% | 1,460 | 1,460 | 1,401 | ||
Loan ID 1920 | 4/25/2019 | 19.20% | 8,835 | 8,835 | 8,501 | ||
Loan ID 1921 | 4/25/2017 | 10.29% | 4,952 | 4,952 | 4,869 | ||
Loan ID 1922 | 4/28/2017 | 28.00% | 732 | 732 | 697 | ||
Loan ID 1923 | 4/28/2017 | 22.54% | 1,394 | 1,394 | 1,331 | ||
Loan ID 1924 | 4/23/2017 | 10.89% | 1,868 | 1,868 | 1,837 | ||
Loan ID 1925 | 4/23/2017 | 24.24% | 2,123 | 2,123 | 2,022 | ||
Loan ID 1926 | 4/25/2019 | 18.55% | 16,857 | 16,857 | 16,219 | ||
Loan ID 1927 | 4/23/2017 | 18.55% | 1,705 | 1,705 | 1,636 | ||
Loan ID 1928 | 4/28/2017 | 11.99% | 2 | 2 | 2 | ||
Loan ID 1929 | 4/25/2017 | 11.99% | 1,259 | 1,259 | 1,238 | ||
Loan ID 1930 | 4/28/2017 | 17.90% | 5,004 | 5,004 | 4,802 | ||
Loan ID 1931 | 4/28/2019 | 16.05% | 9,931 | 9,931 | 9,555 | ||
Loan ID 1932 | 4/23/2017 | 22.54% | 1,394 | 1,394 | 1,331 | ||
Loan ID 1933 | 4/25/2019 | 14.85% | 7,862 | 7,862 | 7,733 | ||
Loan ID 1934 | 4/28/2017 | 13.50% | 799 | 799 | 773 | ||
Loan ID 1935 | 4/25/2017 | 21.00% | 8,587 | 8,587 | 8,197 | ||
Loan ID 1936 | 4/28/2019 | 15.35% | 7,897 | 7,897 | 7,598 | ||
Loan ID 1937 | 4/23/2017 | 16.35% | 2,958 | 2,958 | 2,839 | ||
Loan ID 1938 | 4/23/2017 | 19.60% | 3,390 | 3,390 | 3,236 | ||
Loan ID 1939 | 4/25/2019 | 15.70% | 16,503 | 16,503 | 15,879 | ||
Loan ID 1940 | 4/28/2019 | 13.85% | 9,718 | 9,718 | 9,559 | ||
Loan ID 1941 | 4/23/2017 | 14.15% | 8,041 | 8,041 | 7,779 | ||
Loan ID 1942 | 4/28/2017 | 14.15% | 7,076 | 7,076 | 6,845 | ||
Loan ID 1943 | 4/23/2017 | 10.89% | 7,784 | 7,784 | 7,653 | ||
Loan ID 1944 | 4/28/2017 | 8.74% | 3,047 | 3,047 | 2,996 | ||
Loan ID 1945 | 4/28/2017 | 8.74% | 1,523 | 1,523 | 1,497 | ||
Loan ID 1946 | 4/25/2017 | 19.20% | 530 | 530 | 509 | ||
Loan ID 1947 | 4/23/2019 | 15.70% | 16,503 | 16,503 | 15,879 | ||
Loan ID 1948 | 4/28/2017 | 12.64% | 7,607 | 7,607 | 7,359 | ||
Loan ID 1949 | 4/23/2019 | 13.05% | 9,674 | 9,674 | 9,515 | ||
Loan ID 1950 | 4/23/2019 | 14.15% | 20,189 | 20,189 | 19,858 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 1951 | 4/23/2019 | 21.85% | 17,245 | 17,245 | 16,284 | ||
Loan ID 1952 | 4/23/2019 | 15.70% | 19,803 | 19,803 | 19,054 | ||
Loan ID 1953 | 4/28/2019 | 9.80% | 9,886 | 9,886 | 9,652 | ||
Loan ID 1954 | 4/23/2017 | 27.24% | 3,636 | 3,636 | 3,462 | ||
Loan ID 1955 | 4/23/2019 | 18.55% | 10,142 | 10,142 | 9,758 | ||
Loan ID 1956 | 4/25/2017 | 27.24% | 3,636 | 3,636 | 3,462 | ||
Loan ID 1957 | 4/23/2017 | 15.70% | 3,266 | 3,266 | 3,134 | ||
Loan ID 1958 | 4/25/2019 | 17.45% | 20,099 | 20,099 | 19,339 | ||
Loan ID 1959 | 4/28/2017 | 10.89% | 9,337 | 9,337 | 9,180 | ||
Loan ID 1960 | 4/25/2019 | 16.05% | 6,621 | 6,621 | 6,371 | ||
Loan ID 1961 | 4/28/2017 | 10.89% | 12,017 | 12,017 | 11,815 | ||
Loan ID 1962 | 4/23/2017 | 20.30% | 947 | 947 | 904 | ||
Loan ID 1963 | 4/28/2019 | 17.90% | 5,380 | 5,380 | 5,177 | ||
Loan ID 1964 | 4/25/2017 | 10.89% | 6,228 | 6,228 | 6,123 | ||
Loan ID 1965 | 4/28/2019 | 28.00% | 3,138 | 3,138 | 3,003 | ||
Loan ID 1966 | 4/25/2017 | 17.45% | 3,321 | 3,321 | 3,187 | ||
Loan ID 1967 | 4/25/2019 | 18.90% | 10,171 | 10,171 | 9,786 | ||
Loan ID 1968 | 4/24/2019 | 16.75% | 11,560 | 11,560 | 11,123 | ||
Loan ID 1969 | 4/24/2017 | 21.00% | 5,617 | 5,617 | 5,362 | ||
Loan ID 1970 | 4/24/2017 | 10.29% | 5,571 | 5,571 | 5,477 | ||
Loan ID 1971 | 4/24/2019 | 13.05% | 2,580 | 2,580 | 2,538 | ||
Loan ID 1972 | 4/28/2019 | 11.99% | 19,163 | 19,163 | 18,709 | ||
Loan ID 1973 | 4/25/2017 | 19.60% | 8,526 | 8,526 | 8,139 | ||
Loan ID 1974 | 4/25/2017 | 8.74% | 5,093 | 5,093 | 5,007 | ||
Loan ID 1975 | 4/25/2019 | 13.85% | 19,486 | 19,486 | 19,166 | ||
Loan ID 1976 | 4/25/2019 | 15.70% | 13,202 | 13,202 | 12,703 | ||
Loan ID 1977 | 4/24/2019 | 15.70% | 9,902 | 9,902 | 9,528 | ||
Loan ID 1978 | 4/28/2019 | 14.50% | 9,799 | 9,799 | 9,638 | ||
Loan ID 1979 | 4/24/2017 | 10.29% | 7,670 | 7,670 | 7,541 | ||
Loan ID 1980 | 4/24/2017 | 19.20% | 3,583 | 3,583 | 3,439 | ||
Loan ID 1981 | 4/24/2017 | 18.25% | 2,678 | 2,678 | 2,570 | ||
Loan ID 1982 | 4/28/2017 | 12.24% | 11,047 | 11,047 | 10,686 | ||
Loan ID 1983 | 4/28/2017 | 24.24% | 1,415 | 1,415 | 1,347 | ||
Loan ID 1984 | 4/24/2019 | 22.54% | 17,446 | 17,446 | 16,474 | ||
Loan ID 1985 | 4/28/2017 | 10.89% | 9,342 | 9,342 | 9,185 | ||
Loan ID 1986 | 4/28/2019 | 21.00% | 5,861 | 5,861 | 5,535 | ||
Loan ID 1987 | 4/24/2019 | 11.99% | 19,163 | 19,163 | 18,709 | ||
Loan ID 1988 | 4/24/2017 | 10.29% | 7,738 | 7,738 | 7,608 | ||
Loan ID 1989 | 4/24/2017 | 22.54% | 3,328 | 3,328 | 3,177 | ||
Loan ID 1990 | 4/28/2017 | 17.15% | 1,325 | 1,325 | 1,272 | ||
Loan ID 1991 | 4/24/2017 | 10.89% | 2,493 | 2,493 | 2,451 | ||
Loan ID 1992 | 4/28/2019 | 12.24% | 6,402 | 6,402 | 6,297 | ||
Loan ID 1993 | 4/28/2019 | 12.64% | 16,064 | 16,064 | 15,801 | ||
Loan ID 1994 | 4/29/2017 | 9.20% | 2,419 | 2,419 | 2,378 | ||
Loan ID 1995 | 4/28/2019 | 13.50% | 20,720 | 20,720 | 20,380 | ||
Loan ID 1996 | 4/28/2017 | 10.89% | 10,922 | 10,922 | 10,738 | ||
Loan ID 1997 | 4/28/2017 | 10.89% | 6,228 | 6,228 | 6,123 | ||
Loan ID 1998 | 4/28/2017 | 13.05% | 4,136 | 4,136 | 4,001 | ||
Loan ID 1999 | 4/29/2017 | 11.59% | 4,671 | 4,671 | 4,592 | ||
Loan ID 2000 | 4/24/2019 | 9.80% | 12,517 | 12,517 | 12,220 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 2001 | 4/24/2019 | 15.70% | 11,882 | 11,882 | 11,433 | ||
Loan ID 2002 | 4/24/2019 | 19.60% | 6,820 | 6,820 | 6,440 | ||
Loan ID 2003 | 4/24/2017 | 15.35% | 2,604 | 2,604 | 2,499 | ||
Loan ID 2004 | 4/28/2017 | 19.20% | 5,066 | 5,066 | 4,862 | ||
Loan ID 2005 | 4/25/2017 | 18.55% | 3,356 | 3,356 | 3,221 | ||
Loan ID 2006 | 4/28/2019 | 14.15% | 12,906 | 12,906 | 12,694 | ||
Loan ID 2007 | 4/25/2017 | 11.99% | 6,297 | 6,297 | 6,191 | ||
Loan ID 2008 | 4/25/2019 | 14.85% | 9,829 | 9,829 | 9,668 | ||
Loan ID 2009 | 4/29/2017 | 11.19% | 5,622 | 5,622 | 5,527 | ||
Loan ID 2010 | 4/25/2019 | 14.15% | 13,025 | 13,025 | 12,811 | ||
Loan ID 2011 | 4/25/2019 | 11.99% | 12,775 | 12,775 | 12,472 | ||
Loan ID 2012 | 4/25/2019 | 14.15% | 14,342 | 14,342 | 14,107 | ||
Loan ID 2013 | 4/25/2017 | 11.99% | 4,723 | 4,723 | 4,643 | ||
Loan ID 2014 | 4/28/2019 | 13.85% | 7,564 | 7,564 | 7,440 | ||
Loan ID 2015 | 4/29/2019 | 14.15% | 11,722 | 11,722 | 11,530 | ||
Loan ID 2016 | 4/25/2019 | 23.44% | 14,053 | 14,053 | 13,270 | ||
Loan ID 2017 | 4/25/2019 | 13.85% | 8,769 | 8,769 | 8,625 | ||
Loan ID 2018 | 4/29/2017 | 14.50% | 5,337 | 5,337 | 5,163 | ||
Loan ID 2019 | 4/29/2019 | 17.45% | 15,074 | 15,074 | 14,504 | ||
Loan ID 2020 | 4/25/2019 | 14.15% | 20,840 | 20,840 | 20,498 | ||
Loan ID 2021 | 4/29/2017 | 11.59% | 10,967 | 10,967 | 10,782 | ||
Loan ID 2022 | 4/30/2017 | 11.19% | 3,123 | 3,123 | 3,070 | ||
Loan ID 2023 | 4/30/2017 | 8.74% | 3,046 | 3,046 | 2,995 | ||
Loan ID 2024 | 4/30/2019 | 13.05% | 16,122 | 16,122 | 15,858 | ||
Loan ID 2025 | 4/29/2017 | 8.74% | 7,313 | 7,313 | 7,190 | ||
Loan ID 2026 | 4/30/2017 | 14.85% | 3,821 | 3,821 | 3,696 | ||
Loan ID 2027 | 4/28/2019 | 14.15% | 9,769 | 9,769 | 9,609 | ||
Loan ID 2028 | 4/30/2017 | 11.59% | 7,839 | 7,839 | 7,707 | ||
Loan ID 2029 | 4/29/2019 | 27.24% | 7,224 | 7,224 | 6,912 | ||
Loan ID 2030 | 4/30/2017 | 20.30% | 1,554 | 1,554 | 1,483 | ||
Loan ID 2031 | 4/28/2019 | 13.85% | 16,238 | 16,238 | 15,972 | ||
Loan ID 2032 | 4/30/2017 | 11.59% | 1,254 | 1,254 | 1,233 | ||
Loan ID 2033 | 4/30/2017 | 10.29% | 1,238 | 1,238 | 1,217 | ||
Loan ID 2034 | 4/28/2017 | 14.85% | 4,858 | 4,858 | 4,699 | ||
Loan ID 2035 | 4/28/2019 | 11.19% | 7,990 | 7,990 | 7,801 | ||
Loan ID 2036 | 4/28/2017 | 11.99% | 6,297 | 6,297 | 6,191 | ||
Loan ID 2037 | 4/30/2019 | 17.45% | 13,399 | 13,399 | 12,892 | ||
Loan ID 2038 | 4/28/2017 | 22.54% | 1,394 | 1,394 | 1,331 | ||
Loan ID 2039 | 4/30/2017 | 9.80% | 2,771 | 2,771 | 2,724 | ||
Loan ID 2040 | 4/28/2017 | 10.89% | 9,964 | 9,964 | 9,796 | ||
Loan ID 2041 | 5/1/2017 | 11.59% | 3,435 | 3,435 | 3,377 | ||
Loan ID 2042 | 5/1/2019 | 15.35% | 16,844 | 16,844 | 16,207 | ||
Loan ID 2043 | 4/29/2019 | 17.15% | 16,707 | 16,707 | 16,075 | ||
Loan ID 2044 | 4/29/2019 | 11.59% | 10,819 | 10,819 | 10,563 | ||
Loan ID 2045 | 4/29/2019 | 13.05% | 16,122 | 16,122 | 15,858 | ||
Loan ID 2046 | 4/30/2019 | 13.85% | 16,238 | 16,238 | 15,972 | ||
Loan ID 2047 | 4/29/2017 | 9.80% | 7,184 | 7,184 | 7,063 | ||
Loan ID 2048 | 4/30/2017 | 23.44% | 3,532 | 3,532 | 3,372 | ||
Loan ID 2049 | 5/1/2017 | 11.99% | 3,448 | 3,448 | 3,390 | ||
Loan ID 2050 | 4/29/2019 | 19.60% | 10,228 | 10,228 | 9,658 |
Loan ID | Maturity | Interest Rate | Par | Cost | Fair Value | ||
Loan ID 2051 | 5/1/2019 | 19.60% | 17,429 | 17,429 | 16,458 | ||
Loan ID 2052 | 4/29/2017 | 14.50% | 8,038 | 8,038 | 7,776 | ||
Loan ID 2053 | 5/1/2019 | 15.70% | 16,969 | 16,969 | 16,327 | ||
Loan ID 2054 | 4/29/2017 | 11.19% | 10,931 | 10,931 | 10,747 | ||
Loan ID 2055 | 5/2/2019 | 18.90% | 10,400 | 10,400 | 10,007 | ||
Loan ID 2056 | 4/29/2019 | 17.15% | 20,048 | 20,048 | 19,290 | ||
Loan ID 2057 | 4/29/2019 | 13.05% | 7,739 | 7,739 | 7,612 | ||
Loan ID 2058 | 5/2/2019 | 23.44% | 4,562 | 4,562 | 4,308 | ||
Loan ID 2059 | 4/30/2017 | 11.59% | 4,703 | 4,703 | 4,624 | ||
Loan ID 2060 | 4/30/2017 | 10.89% | 2,838 | 2,838 | 2,790 | ||
Loan ID 2061 | 4/30/2019 | 18.25% | 6,214 | 6,214 | 5,979 | ||
Loan ID 2062 | 4/30/2017 | 16.05% | 4,914 | 4,914 | 4,716 | ||
Loan ID 2063 | 4/30/2019 | 16.35% | 9,974 | 9,974 | 9,597 | ||
Loan ID 2064 | 4/30/2019 | 26.44% | 7,183 | 7,183 | 6,873 | ||
Loan ID 2065 | 4/30/2019 | 13.85% | 12,665 | 12,665 | 12,457 | ||
Loan ID 2066 | 4/30/2019 | 17.15% | 10,913 | 10,913 | 10,500 | ||
Loan ID 2067 | 5/1/2017 | 16.05% | 2,698 | 2,698 | 2,589 | ||
Loan ID 2068 | 5/1/2017 | 8.74% | 6,698 | 6,698 | 6,585 | ||
Loan ID 2069 | 5/1/2019 | 19.20% | 4,377 | 4,377 | 4,211 | ||
Loan ID 2070 | 5/6/2017 | 13.85% | 5,265 | 5,265 | 5,093 | ||
Loan ID 2071 | 5/6/2019 | 13.50% | 6,958 | 6,958 | 6,844 | ||
Loan ID 2072 | 5/1/2017 | 17.90% | 5,469 | 5,469 | 5,249 | ||
Loan ID 2073 | 5/2/2017 | 9.80% | 1,978 | 1,978 | 1,945 | ||
Loan ID 2074 | 5/2/2017 | 12.24% | 3,456 | 3,456 | 3,343 | ||
Loan ID 2075 | 5/2/2017 | 12.24% | 2,420 | 2,420 | 2,341 | ||
Loan ID 2076 | 5/5/2017 | 8.74% | 4,008 | 4,008 | 3,940 | ||
Loan ID 2077 | 5/7/2019 | 18.55% | 17,286 | 17,286 | 16,632 | ||
11,982,239 | 11,982,239 | 11,626,367 |