| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 25.00 | | | | | $ | 10,000,000 | | |
Sales load (underwriting discounts and commissions)
|
| | | $ | 0.78125 | | | | | $ | 312,500 | | |
Proceeds to us (before expenses)(1)
|
| | | $ | 24.21875 | | | | | $ | 9,687,500 | | |
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Actual
|
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Pro Forma
|
| |
Pro Forma
(as adjusted) |
| |
Pro Forma
(as further adjusted) |
| ||||||||||||
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(Dollars in Thousands)
|
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Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 25,669 | | | | | $ | 33,462 | | | | | $ | 67,038 | | | | | $ | 76,666 | | |
Investments at fair value
|
| | | | 845,799 | | | | | | 845,799 | | | | | | 845,779 | | | | | | 845,779 | | |
Other assets
|
| | | | 51,089 | | | | | | 51,089 | | | | | | 51,089 | | | | | | 51,089 | | |
Total assets
|
| | | $ | 922,557 | | | | | $ | 930,350 | | | | | $ | 963,926 | | | | | $ | 973,554 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | $ | 30,154 | | | | | $ | 30,154 | | | | | $ | 30,154 | | | | | $ | 30,154 | | |
|
| | | | 79,216 | | | | | | 79,216 | | | | | | 79,216 | | | | | | 79,216 | | |
|
| | | | 39,665 | | | | | | 39,665 | | | | | | 39,665 | | | | | | 39,665 | | |
6.50% Series C Term Preferred Stock due 2031, par value $0.001 per share; 20,000,000 shares aggregate preferred stock authorized, 2,172,553 shares issued and outstanding, actual, pro forma, pro forma as adjusted and pro forma as further adjusted
|
| | | | 46,341 | | | | | | 46,341 | | | | | | 46,341 | | | | | | 46,341 | | |
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
(as adjusted) |
| |
Pro Forma
(as further adjusted) |
| ||||||||||||
| | |
(Dollars in Thousands)
|
| |||||||||||||||||||||
8.00% Series F Term Preferred Stock due 2029, par
value $0.001 per share; 20,000,000 shares aggregate preferred stock authorized, no shares issued and outstanding, actual and pro forma; 1,400,000 shares issued and outstanding, pro forma as adjusted; 1,800,000 shares issued and outstanding, pro forma as further adjusted |
| | | | 0 | | | | | | 0 | | | | | | 35,000 | | | | | | 45,000 | | |
Unamortized share issuance premium – 6.50% Series C Term Preferred Stock due 2031
|
| | | | 80 | | | | | | 80 | | | | | | 80 | | | | | | 80 | | |
Other liabilities
|
| | | | 29,167 | | | | | | 29,167 | | | | | | 29,167 | | | | | | 29,167 | | |
Total liabilities
|
| | | $ | 224,623 | | | | | $ | 224,623 | | | | | $ | 259,623 | | | | | $ | 269,623 | | |
Temporary Equity: | | | | | | | | | | | | | | | | | | | | | | | | | |
6.75% Series D Preferred Stock, par value $0.001 per
share; 20,000,000 shares aggregate preferred stock authorized, 1,110,993 shares issued and outstanding, actual; 1,156,395 shares issued and outstanding, pro forma, pro forma (as adjusted) and pro forma (as further adjusted) |
| | | $ | 26,550 | | | | | $ | 27,433 | | | | | $ | 27,433 | | | | | $ | 27,433 | | |
Net Assets applicable to 71,990,607 shares of common stock outstanding, actual; 76,490,656 shares outstanding, pro forma, pro forma (as adjusted) and pro forma (as further adjusted)
|
| | | $ | 671,384 | | | | | $ | 678,294 | | | | | $ | 676,870 | | | | | $ | 676,498 | | |
Net Assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid-in capital
|
| | | $ | 891,731 | | | | | $ | 934,272 | | | | | $ | 934,272 | | | | | $ | 934,272 | | |
Aggregate distributable earnings (losses)
|
| | | | (220,215 | ) | | | | | (255,846 | ) | | | | | (257,270 | ) | | | | | (257,642 | ) | |
Accumulated other comprehensive income (loss)
|
| | | | (132 | ) | | | | | (132 | ) | | | | | (132 | ) | | | | | (132 | ) | |
Total Net Assets
|
| | | $ | 671,384 | | | | | $ | 678,294 | | | | | $ | 676,870 | | | | | $ | 676,498 | | |
|
Underwriter
|
| |
Number of
Shares |
| |||
Ladenburg Thalmann & Co. Inc.
|
| | | | 400,000 | | |
Total
|
| | | | 400,000 | | |
|
Per Share
|
| | | $ | 0.78125 | | |
|
Total
|
| | | $ | 312,500 | | |
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Assumed Return on Our Portfolio (Net of Expenses) | | | -10% | | | | -5% | | | 0% | | | 5% | | | 10% | | ||||||||||||||
Corresponding Return to Common Stockholder(1) | | | | | -17.40 | % | | | | | -10.17 | | % | | | | -2.94 | | % | | | | 4.29 | | % | | | | 11.51 | | % |
| | | | | | | | | Closing Sales Price | | | Premium (Discount) of High Sales Price to NAV(2) | | | Premium (Discount) of Low Sales Price to NAV(2) | | | Distributions Declared(3) | | ||||||||||||||||||
Period | | | NAV(1) | | | High | | | Low | | |||||||||||||||||||||||||||
Fiscal year ending December 31, 2021(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First quarter | | | | $ | 12.02 | | | | | $ | 11.98 | | | | | $ | 10.12 | | | | | | (0.3)% | | | | | | (15.8)% | | | | | $ | 0.24 | | |
Second quarter | | | | $ | 12.97 | | | | | $ | 14.40 | | | | | $ | 12.15 | | | | | | 11.0% | | | | | | (6.3)% | | | | | $ | 0.30 | | |
Third quarter | | | | $ | 13.98 | | | | | $ | 14.40 | | | | | $ | 12.73 | | | | | | 3.0% | | | | | | (8.9)% | | | | | $ | 0.36 | | |
Fourth quarter | | | | $ | 13.39 | | | | | $ | 15.49 | | | | | $ | 13.70 | | | | | | 15.7% | | | | | | 2.3% | | | | | $ | 0.86 | | |
| | | | | | | | | Closing Sales Price | | | Premium (Discount) of High Sales Price to NAV(2) | | | Premium (Discount) of Low Sales Price to NAV(2) | | | Distributions Declared(3) | | ||||||||||||||||||
Period | | | NAV(1) | | | High | | | Low | | |||||||||||||||||||||||||||
Fiscal year ending December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First quarter | | | | $ | 12.64 | | | | | $ | 14.27 | | | | | $ | 12.98 | | | | | | 12.9% | | | | | | 2.7% | | | | | $ | 0.42 | | |
Second quarter | | | | $ | 10.08 | | | | | $ | 13.30 | | | | | $ | 11.41 | | | | | | 31.9% | | | | | | 13.2% | | | | | $ | 0.42 | | |
Third quarter | | | | $ | 10.23 | | | | | $ | 12.22 | | | | | $ | 10.60 | | | | | | 19.5% | | | | | | 3.6% | | | | | $ | 0.67 | | |
Fourth quarter | | | | $ | 9.07 | | | | | $ | 11.69 | | | | | $ | 10.08 | | | | | | 28.9% | | | | | | 11.1% | | | | | $ | 0.92 | | |
Fiscal year ending December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First quarter | | | | $ | 9.10 | | | | | $ | 11.70 | | | | | $ | 10.16 | | | | | | 28.6% | | | | | | 11.6% | | | | | $ | 0.48 | | |
| | | Registered Investment Companies | | | Other Pooled Investment Vehicle | | | Other Accounts | | |||||||||||||||||||||||||||
Portfolio Manager | | | Number of Accounts | | | Total Assets (in millions) | | | Number of Accounts | | | Total Assets (in millions)(1) | | | Number of Accounts | | | Total Assets (in millions) | | ||||||||||||||||||
Thomas P. Majewski | | | | | 2 | | | | | $ | 163.0 | | | | | | 10 | | | | | $ | 2,652.4 | | | | | | 55 | | | | | $ | 4,617.9 | | |
Daniel W. Ko | | | | | 2 | | | | | $ | 163.0 | | | | | | 10 | | | | | $ | 2,652.4 | | | | | | 55 | | | | | $ | 4,617.9 | | |
Daniel M. Spinner | | | | | 2 | | | | | $ | 163.0 | | | | | | 10 | | | | | $ | 2,652.4 | | | | | | 55 | | | | | $ | 4,617.9 | | |
Name of Portfolio Manager | | | Dollar Range of Equity Securities in the Company(1) | | |||
Thomas P. Majewski | | | | $ | 100,001 – $500,000 | | |
Daniel M. Spinner | | | | $ | 100,001 – $500,000 | | |
Daniel W. Ko | | | | $ | 100,001 – $500,000 | | |
| Audit | | | Nominating | |
| Scott W. Appleby | | | Scott W. Appleby, Chair | |
| Kevin F. McDonald | | | Kevin F. McDonald | |
| Paul E. Tramontano | | | Paul E. Tramontano | |
| Jeffrey L. Weiss, Chair | | | Jeffrey L. Weiss | |
Name of Director | | | Dollar Range of Equity Securities in the Company(1) | | | Aggregate Dollar Range of Equity Securities in the Fund Complex(1) | | ||||||
Interested Directors | | | | | | | | | | | | | |
Thomas P. Majewski | | | | Over$ | 100,000 | | | | | Over$ | 100,000 | | |
James R. Matthews | | | | | — | | | | | | — | | |
Independent Directors | | | | | | | | | | | | | |
Scott W. Appleby | | | | Over$ | 100,000 | | | | | Over$ | 100,000 | | |
Kevin F. McDonald | | | | Over$ | 100,000 | | | | | Over$ | 100,000 | | |
Paul E. Tramontano | | | | Over$ | 100,000 | | | | | Over$ | 100,000 | | |
Jeffrey L. Weiss | | | | Over$ | 100,000 | | | | | Over$ | 100,000 | | |
| (1) Title of Class | | | (2) Amount Authorized | | | (3) Amount Held by Us or for Our Account | | | (4) Amount Outstanding Exclusive of Amounts Shown Under (3) | | |||
| Common stock, par value $0.001 per share | | | 100,000,000 shares | | | | | — | | | | 60,662,524 shares | |
| Series C Term Preferred stock, par value $0.001 per share | | | 3,100,000 shares | | | | | — | | | | 2,172,553 shares | |
| Series D Preferred stock, par value $0.001 per share | | | 3,500,000 shares | | | | | — | | | | 1,093,245 shares | |
| 2028 Notes | | | $69,000,000 | | | | | — | | | | $32,423,800 | |
| 2029 Notes | | | $100,000,000 | | | | | — | | | | $93,250,000 | |
| 2031 Notes | | | $44,850,000 | | | | | — | | | | $44,850,000 | |
Common Stock Beneficially Owned(1) Immediately Prior to Offering | Preferred Stock Beneficially Owned(1) Immediately Prior to Offering | Shares of Common Stock Offered | Common Stock Beneficially Owned(1) Following the Offering | ||||||||||||||||||||||||||||||||||||||||
Name and Address | Number | % | Number | % | Number | % | |||||||||||||||||||||||||||||||||||||
Trident Capital IX, L.P.(2) | 5,822,728 | 9.7 | % | — | — | 5,822,728 | — | — |