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| | | | By order of the Board of Directors, | |
| | | | Aaron D. Peck | |
| | | | Chief Financial Officer, Chief Investment Officer and Corporate Secretary | |
Director/Nominee(1) | | | Age | | | Class | | | Term Expires | | | Audit Committee | | | Nominating & Corporate Governance Committee | | | Compensation Committee | |
Thomas J. Allison* | | | 70 | | | I | | | 2022 | | | Chair | | | | | | ✓ | |
Robert S. Rubin* | | | 65 | | | I | | | 2022 | | | ✓ | | | ✓ | | | Chair | |
Jeffrey A. Golman | | | 66 | | | II | | | 2023 | | | ✓ | | | Chair | | | | |
Jorde M. Nathan | | | 59 | | | II | | | 2023 | | | | | | ✓ | | | ✓ | |
Aaron D. Peck | | | 51 | | | II | | | 2023 | | | | | | | | | | |
Theodore L. Koenig | | | 63 | | | III | | | 2024 | | | | | | | | | | |
Jeffrey D. Steele | | | 62 | | | III | | | 2024 | | | | | | | | | | |
Director/Nominee(1) | | | Age | | | Class | | | Term Expires | | | Audit Committee | | | Nominating & Corporate Governance Committee | | | Compensation Committee | |
Thomas J. Allison | | | 68 | | | I | | | 2022 | | | Chair | | | | | | ✓ | |
Robert S. Rubin | | | 63 | | | I | | | 2022 | | | ✓ | | | ✓ | | | Chair | |
Jeffrey A. Golman* | | | 64 | | | II | | | 2020 | | | ✓ | | | Chair | | | | |
Jorde M. Nathan* | | | 57 | | | II | | | 2020 | | | | | | ✓ | | | ✓ | |
Aaron D. Peck* | | | 49 | | | II | | | 2020 | | | | | | | | | | |
Theodore L. Koenig | | | 61 | | | III | | | 2021 | | | | | | | | | | |
Jeffrey D. Steele | | | 60 | | | III | | | 2021 | | | | | | | | | | |
Name, Address and Age(1) | | | Position(s) Held with MRCC | | | Term of Office and Length of Time Served | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director/ Nominee | | | Other Directorships Held by Director/Nominee During Past 5 Years | |
Independent Directors | | | | | | | | | | | | | | | | |
Thomas J. Allison (70) | | | Director | | | Class I director since 2013; term expires 2022 | | | Principal of Thomas J. Allison & Associates Senior Advisor of Portage Point Partners | | | N/A | | | MCAP Acquisition Corporation Katy Industries | |
Robert S. Rubin (65) | | | Director | | | Class I director since 2012; term expires 2022 | | | Managing Principal of the Diamond Group | | | N/A | | | None. | |
Name, Address and Age(1) | | | Position(s) Held with MRCC | | | Term of Office and Length of Time Served | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director/ Nominee | | | Other Directorships Held by Director/ Nominee During Past 5 Years | |
Independent Directors | | | | | | | | | | | | | | | | |
Jeffrey A. Golman | | | Director | | | Class II director since 2012; term expires | | | Vice Chairman of Mesirow Financial, Inc. | | | N/A | | | None. | |
Jorde M. Nathan | | | Director | | | Class II director since 2013; term expires | | | Retired | | | N/A | | | None. | |
Interested Directors | | | | | | | | | | | | | | | | |
Aaron D. Peck | | | Chief Financial Officer, Chief Investment Officer, Corporate Secretary | | | Class II director since 2012; term expires | | | Chief Financial Officer, Chief Investment Officer, Corporate Secretary of the Company Chief Financial Officer, Chief Investment Officer, Corporate Secretary of Monroe Capital Income Plus Corporation | |||||||
Managing Director, Co-Head Opportunistic Private Credit, Portfolio Manager of Monroe Capital | | | | | |
Name, Address and Age(1) | | | Position(s) Held with MRCC | | | Term of Office and Length of Time Served | | | Principal Occupation(s) During Past 5 Years | | | Number of Portfolios in Fund Complex Overseen by Director/ Nominee | | | Other Directorships Held by Director/ Nominee | |
During Past 5 Years | | |||||||||||||||
Interested Directors | | | | | | | | | | | | | | | | |
Theodore L. Koenig | | | Chief Executive Officer and Chairman of the Board(2) | | | Class III director since inception; term expires | | | Founder and Chief Executive Officer of Monroe Capital Chief Executive Officer and Manager of MC Advisors Chairman Chairman and Chief Executive Officer of Monroe Capital Income Plus Corporation | | | 2 | | | MCAP Acquisition Corporation Monroe Capital Income Plus Corporation | |
Jeffrey D. Steele | | | Director(3) | | | Class III director since 2012; term expires | | | President — Specialized Industries of CIBC US | | | N/A | | | None. | |
Monroe Capital Corporation Board Diversity Matrix as of April 8, 2022 | | ||||||||||||||||||||||||
Total Number of Directors | | | 7 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | |
Part II: Demographic Information | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alaskan Native or Native American | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Asian | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hispanic or Latinx | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Native Hawaiian or Pacific Islander | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
White | | | | | — | | | | | | 7 | | | | | | — | | | | | | — | | |
Two or More Races or Ethnicities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
LGBTQ+ | | | | | | | | | | | | | | | | | — | | | | | | | | |
Did Not Disclose Demographic Background | | | | | | | | | | | | | | | | | — | | | | | | | | |
Name | | Fees Earned or Paid in Cash(1) | | Total | | | Fees Earned or Paid in Cash(1) | | Total | | ||||||||||||||||
Independent Directors | | | | | | | | | | | | | | | | | | | | | | | ||||
Thomas J. Allison | | | $ | 43,000 | | | | $ | 43,000 | | | | | $ | 40,000 | | | | $ | 40,000 | | | ||||
Jeffrey A. Golman | | | $ | 33,000 | | | | $ | 33,000 | | | | | $ | 29,000 | | | | $ | 29,000 | | | ||||
Jorde M. Nathan | | | $ | 28,000 | | | | $ | 28,000 | | | | | $ | 25,000 | | | | $ | 25,000 | | | ||||
Robert S. Rubin | | | $ | 26,000 | | | | $ | 26,000 | | | | | $ | 25,000 | | | | $ | 25,000 | | | ||||
Interested Directors | | | | | | | | | | | | | | | | | | | | | | | ||||
Jeffrey D. Steele | | | $ | 26,000 | | | | $ | 26,000 | | | | | $ | 25,000 | | | | $ | 25,000 | | | ||||
Theodore L. Koenig | | | | None | | | | | None | | | | | | None | | | | | None | | | ||||
Aaron D. Peck | | | | None | | | | | None | | | | | | None | | | | | None | | |
Name of Beneficial Owner | | Number of Shares Beneficially Owned(1) | | Percentage of Class | | Dollar Range of Equity Securities Beneficially Owned by our Directors(2)(3) | | Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director in Family of Investment Companies | | | Number of Shares Beneficially Owned(1) | | Percentage of Class | | Dollar Range of Equity Securities Beneficially Owned by our Directors(2)(3) | | Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director in Family of Investment Companies | | ||||||||||||||||||||
Interested Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Theodore L. Koenig | | | | 476,545 | | | | | 2.3% | | | over $100,000 | | over $100,000 | | | | | 591,812 | | | | | 2.7% | | | over $100,000 | | over $100,000 | | ||||||||
Aaron D. Peck | | | | 20,773 | | | | | * | | | over $100,000 | | over $100,000 | | | | | 24,065 | | | | | * | | | over $100,000 | | over $100,000 | | ||||||||
Jeffrey D. Steele | | | | 36,835 | | | | | * | | | over $100,000 | | over $100,000 | | | | | 20,000 | | | | | * | | | over $100,000 | | over $100,000 | | ||||||||
Independent Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Thomas J. Allison | | | | 22,753 | | | | | * | | | over $100,000 | | over $100,000 | | | | | 27,381 | | | | | * | | | over $100,000 | | over $100,000 | | ||||||||
Jeffrey A. Golman | | | | 10,000 | | | | | * | | | $50,001 – $100,000 | | $50,001 – $100,000 | | | | | 12,418 | | | | | * | | | over $100,000 | | over $100,000 | | ||||||||
Jorde M. Nathan | | | | 20,000 | | | | | * | | | over $100,000 | | over $100,000 | | | | | 20,000 | | | | | * | | | over $100,000 | | over $100,000 | | ||||||||
Robert S. Rubin | | | | 42,485 | | | | | * | | | over $100,000 | | over $100,000 | | | | | 53,901 | | | | | * | | | over $100,000 | | over $100,000 | | ||||||||
All Directors and Executive Officers as a Group (7 Persons) | | | | 629,391 | | | | | 3.1% | | | over $100,000 | | over $100,000 | | | | | 749,576 | | | | | 3.5% | | | over $100,000 | | over $100,000 | |
| | Fiscal Year Ended December 31, 2018 | | Fiscal Year Ended December 31, 2019 | | | Fiscal Year Ended December 31, 2020 | | Fiscal Year Ended December 31, 2021 | | ||||||||||||||||
Audit Fees | | | $ | 661,401 | | | | $ | 644,185 | | | | | $ | 568,946 | | | | $ | 614,552 | | | ||||
Audit Related Fees | | | | 34,000 | | | | | 35,000 | | | |||||||||||||||
Audit-Related Fees | | | | 35,000 | | | | | 38,535 | | | |||||||||||||||
Tax Fees | | | | 14,000 | | | | | 14,000 | | | | | | 14,000 | | | | | 15,750 | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
TOTAL FEES | | | $ | 709,401 | | | | $ | 693,185 | | | | | $ | 617,946 | | | | $ | 668,837 | | |
| | | NAV(1) | | | Closing Sales Price | | | Premium (Discount) of High Sales Price to NAV(2) | | Premium (Discount) of Low Sales Price to NAV(2) | | | | NAV(1) | | | Closing Sales Price | | | Premium (Discount) of High Sales Price to NAV(2) | | Premium (Discount) of Low Sales Price to NAV(2) | | ||||||||||||||||||||||||||||||||||||||
| | High | | Low | | | High | | Low | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ending December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Year ending December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Second Quarter (through April 6, 2022) | | | | * | | | | $ | 10.93 | | | | $ | 10.59 | | | | | * | | | | | * | | | ||||||||||||||||||||||||||||||||||||
First Quarter | | | | * | | | | $ | 11.31 | | | | $ | 10.42 | | | | | * | | | | | * | | | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Fourth Quarter | | | $ | 11.51 | | | | $ | 11.82 | | | | $ | 10.15 | | | | | 2.7% | | | | | (11.8)% | | | ||||||||||||||||||||||||||||||||||||
Third Quarter | | | $ | 11.45 | | | | $ | 11.13 | | | | $ | 10.14 | | | | | (2.8)% | | | | | (11.4)% | | | ||||||||||||||||||||||||||||||||||||
Second Quarter | | | $ | 11.36 | | | | $ | 11.50 | | | | $ | 10.17 | | | | | 1.2% | | | | | (10.5)% | | | ||||||||||||||||||||||||||||||||||||
First Quarter | | | $ | 11.08 | | | | $ | 10.15 | | | | $ | 8.08 | | | | | (8.4)% | | | | | (27.1)% | | | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Fourth Quarter | | | $ | 11.00 | | | | $ | 9.40 | | | | $ | 6.45 | | | | | (14.5)% | | | | | (41.4)% | | | ||||||||||||||||||||||||||||||||||||
Third Quarter | | | $ | 10.83 | | | | $ | 7.61 | | | | $ | 6.17 | | | | | (29.7)% | | | | | (43.0)% | | | ||||||||||||||||||||||||||||||||||||
Second Quarter | | | $ | 10.37 | | | | $ | 8.81 | | | | $ | 6.01 | | | | | (15.0)% | | | | | (42.0)% | | | ||||||||||||||||||||||||||||||||||||
First Quarter | | | | * | | | | $ | 12.07 | | | | $ | 4.90 | | | | | * | | | | | * | | | | | $ | 10.04 | | | | $ | 12.07 | | | | $ | 4.90 | | | | | 20.2% | | | | | (51.2)% | | | ||||||||||
Year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Fourth Quarter | | | $ | 12.20 | | | | $ | 11.86 | | | | $ | 10.09 | | | | | (2.8)% | | | | | (17.3)% | | | | | $ | 12.20 | | | | $ | 11.86 | | | | $ | 10.09 | | | | | (2.8)% | | | | | (17.3)% | | | ||||||||||
Third Quarter | | | $ | 12.34 | | | | $ | 11.83 | | | | $ | 9.99 | | | | | (4.1)% | | | | | (19.0)% | | | | | $ | 12.34 | | | | $ | 11.83 | | | | $ | 9.99 | | | | | (4.1)% | | | | | (19.0)% | | | ||||||||||
Second Quarter | | | $ | 12.52 | | | | $ | 12.47 | | | | $ | 11.29 | | | | | (0.4)% | | | | | (9.8)% | | | | | $ | 12.52 | | | | $ | 12.47 | | | | $ | 11.29 | | | | | (0.4)% | | | | | (9.8)% | | | ||||||||||
First Quarter | | | $ | 12.67 | | | | $ | 13.25 | | | | $ | 9.58 | | | | | 4.6% | | | | | (24.4)% | | | | | $ | 12.67 | | | | $ | 13.25 | | | | $ | 9.58 | | | | | 4.6% | | | | | (24.4)% | | | ||||||||||
Year ended December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Fourth Quarter | | | $ | 12.66 | | | | $ | 13.56 | | | | $ | 9.16 | | | | | 7.1% | | | | | (27.6)% | | | ||||||||||||||||||||||||||||||||||||
Third Quarter | | | $ | 12.95 | | | | $ | 14.00 | | | | $ | 13.22 | | | | | 8.1% | | | | | 2.1% | | | ||||||||||||||||||||||||||||||||||||
Second Quarter | | | $ | 13.35 | | | | $ | 14.52 | | | | $ | 12.31 | | | | | 8.8% | | | | | (7.8)% | | | ||||||||||||||||||||||||||||||||||||
First Quarter | | | $ | 13.49 | | | | $ | 14.28 | | | | $ | 12.20 | | | | | 5.9% | | | | | (9.6)% | | | ||||||||||||||||||||||||||||||||||||
Year ended December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Fourth Quarter | | | $ | 13.77 | | | | $ | 14.70 | | | | $ | 13.75 | | | | | 6.8% | | | | | (0.1)% | | | ||||||||||||||||||||||||||||||||||||
Third Quarter | | | $ | 14.01 | | | | $ | 15.22 | | | | $ | 13.50 | | | | | 8.6% | | | | | (3.6)% | | | ||||||||||||||||||||||||||||||||||||
Second Quarter | | | $ | 14.05 | | | | $ | 16.14 | | | | $ | 14.92 | | | | | 14.9% | | | | | 6.2% | | | ||||||||||||||||||||||||||||||||||||
First Quarter | | | $ | 14.34 | | | | $ | 16.09 | | | | $ | 15.18 | | | | | 12.2% | | | | | 5.9% | | |
| | | Prior to Sale Below NAV | | | Example 1 5% Offering at 5% Discount | | | Example 2 10% Offering at 10% Discount | | | Example 3 20% Offering at 20% Discount | | | Example 4 33% Offering at 100% Discount | | |||||||||||||||||||||||||||||||||||||||
| | | Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | ||||||||||||||||||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per share to public | | | | | — | | | | | $ | 11.63 | | | | | | — | | | | | $ | 11.02 | | | | | | — | | | | | $ | 9.79 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Net proceeds per share to issuer | | | | | — | | | | | $ | 11.05 | | | | | | — | | | | | $ | 10.47 | | | | | | — | | | | | $ | 9.30 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Decrease to NAV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shares outstanding | | | | | 21,500,000 | | | | | | 22,575,000 | | | | | | 5.00% | | | | | | 23,650,000 | | | | | | 10.00% | | | | | | 25,800,000 | | | | | | 20.00% | | | | | | 28,595,000 | | | | | | 33.00% | | |
NAV per share | | | | $ | 11.63 | | | | | $ | 11.60 | | | | | | -0.24% | | | | | $ | 11.52 | | | | | | -0.91% | | | | | $ | 11.24 | | | | | | -3.33% | | | | | $ | 8.75 | | | | | | -24.79% | | |
Dilution to Stockholder | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares held by Stockholder A | | | | | 21,500 | | | | | | 21,500 | | | | | | — | | | | | | 21,500 | | | | | | — | | | | | | 21,500 | | | | | | — | | | | | | 21,500 | | | | | | — | | |
Percentage held by Stockholder A | | | | | 0.10% | | | | | | 0.10% | | | | | | -4.76% | | | | | | 0.09% | | | | | | -9.09% | | | | | | 0.08% | | | | | | -16.67% | | | | | | 0.08% | | | | | | -24.81% | | |
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total NAV held by Stockholder A | | | | $ | 250,000 | | | | | $ | 249,405 | | | | | | -0.24% | | | | | $ | 247,727 | | | | | | -0.91% | | | | | $ | 241,667 | | | | | | -3.33% | | | | | $ | 188,023 | | | | | | -24.79% | | |
Total investment by Stockholder A (assumed to be $11.63 per share) | | | | $ | 250,000 | | | | | $ | 250,000 | | | | | | — | | | | | $ | 250,000 | | | | | | — | | | | | $ | 250,000 | | | | | | — | | | | | $ | 250,000 | | | | | | — | | |
Total dilution to Stockholder A (total NAV less total investment) | | | | | — | | | | | $ | -595 | | | | | | — | | | | | $ | -2,273 | | | | | | — | | | | | $ | -8,333 | | | | | | — | | | | | $ | -61,977 | | | | | | — | | |
| | | Prior to Sale Below NAV | | | Example 1 5% Offering at 5% Discount | | | Example 2 10% Offering at 10% Discount | | | Example 3 20% Offering at 20% Discount | | | Example 4 33% Offering at 100% Discount | | |||||||||||||||||||||||||||||||||||||||
| | | Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | ||||||||||||||||||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per share to public | | | | | — | | | | | $ | 12.45 | | | | | | — | | | | | $ | 11.79 | | | | | | — | | | | | $ | 10.48 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Net proceeds per share to issuer | | | | | — | | | | | $ | 11.83 | | | | | | — | | | | | $ | 11.21 | | | | | | — | | | | | $ | 9.96 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Decrease to NAV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shares outstanding | | | | | 20,000,000 | | | | | | 21,000,000 | | | | | | 5.00% | | | | | | 22,000,000 | | | | | | 10.00% | | | | | | 24,000,000 | | | | | | 20.00% | | | | | | 26,600,000 | | | | | | 33.00% | | |
NAV per share | | | | $ | 12.45 | | | | | $ | 12.42 | | | | | | -0.24% | | | | | $ | 12.34 | | | | | | -0.91% | | | | | $ | 12.04 | | | | | | -3.33% | | | | | $ | 9.36 | | | | | | -24.79% | | |
Dilution to Stockholder | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares held by Stockholder A | | | | | 20,000 | | | | | | 20,000 | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | 20,000 | | | | | | — | | |
Percentage held by Stockholder A | | | | | 0.10% | | | | | | 0.10% | | | | | | -4.76% | | | | | | 0.09% | | | | | | -9.09% | | | | | | 0.08% | | | | | | -16.67% | | | | | | 0.08% | | | | | | -24.81% | | |
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total NAV held by Stockholder A | | | | $ | 249,000 | | | | | $ | 248,407 | | | | | | -0.24% | | | | | $ | 246,736 | | | | | | -0.91% | | | | | $ | 240,700 | | | | | | -3.33% | | | | | $ | 187,268 | | | | | | -24.79% | | |
Total investment by Stockholder A (assumed to be $12.45 per share) | | | | $ | 249,000 | | | | | $ | 249,000 | | | | | | — | | | | | $ | 249,000 | | | | | | — | | | | | $ | 249,000 | | | | | | — | | | | | $ | 249,000 | | | | | | — | | |
Total dilution to Stockholder A (total NAV less total investment) | | | | | — | | | | | $ | -593 | | | | | | — | | | | | $ | -2,264 | | | | | | — | | | | | $ | -8,300 | | | | | | — | | | | | $ | -61,732 | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per share held by Stockholder A | | | | $ | 12.45 | | | | | $ | 12.42 | | | | | | — | | | | | $ | 12.34 | | | | | | — | | | | | $ | 12.04 | | | | | | — | | | | | $ | 9.36 | | | | | | — | | |
Investment per share held by Stockholder A (assumed to be $12.45 per share on shares held prior to sale) | | | | $ | 12.45 | | | | | $ | 12.45 | | | | | | — | | | | | $ | 12.45 | | | | | | — | | | | | $ | 12.45 | | | | | | — | | | | | $ | 12.45 | | | | | | — | | |
Dilution per share held by Stockholder A (NAV per share less investment per share) | | | | | — | | | | | $ | -0.03 | | | | | | — | | | | | $ | -0.11 | | | | | | — | | | | | $ | -0.41 | | | | | | — | | | | | $ | -3.09 | | | | | | — | | |
Percentage dilution to Stockholder A (dilution per share divided by investment per share) | | | | | — | | | | | | — | | | | | | -0.24% | | | | | | — | | | | | | -0.91% | | | | | | — | | | | | | -3.33% | | | | | | — | | | | | | -24.79% | | |
| | | Prior to Sale Below NAV | | | Example 1 5% Offering at 5% Discount | | | Example 2 10% Offering at 10% Discount | | | Example 3 20% Offering at 20% Discount | | | Example 4 33% Offering at 100% Discount | | |||||||||||||||||||||||||||||||||||||||
| | | Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | ||||||||||||||||||||||||||||||
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per share held by Stockholder A | | | | $ | 11.63 | | | | | $ | 11.60 | | | | | | — | | | | | $ | 11.52 | | | | | | — | | | | | $ | 11.24 | | | | | | — | | | | | $ | 8.75 | | | | | | — | | |
Investment per share held by Stockholder A (assumed to be $11.63 per share on shares held prior to sale) | | | | $ | 11.63 | | | | | $ | 11.63 | | | | | | — | | | | | $ | 11.63 | | | | | | — | | | | | $ | 11.63 | | | | | | — | | | | | $ | 11.63 | | | | | | — | | |
Dilution per share held by Stockholder A (NAV per share less investment per share) | | | | | — | | | | | $ | -0.03 | | | | | | — | | | | | $ | -0.11 | | | | | | — | | | | | $ | -0.39 | | | | | | — | | | | | $ | -2.88 | | | | | | — | | |
Percentage dilution to Stockholder A (dilution per share divided by investment per share) | | | | | — | | | | | | — | | | | | | -0.24% | | | | | | — | | | | | | -0.91% | | | | | | — | | | | | | -3.33% | | | | | | — | | | | | | -24.79% | | |
| | | | | | | | | 50% Participation | | | 150% Participation | | ||||||||||||||||||
| | | Prior to Sale Below NAV | | | Following Sale | | | % Change | | | Following Sale | �� | | % Change | | |||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per share to public | | | | | — | | | | | $ | 10.48 | | | | | | — | | | | | $ | 10.48 | | | | | | — | | |
Net proceeds per share to issuer | | | | | — | | | | | $ | 9.96 | | | | | | — | | | | | $ | 9.96 | | | | | | — | | |
Decrease/Increase to NAV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shares outstanding | | | | | 20,000,000 | | | | | | 24,000,000 | | | | | | 20.00% | | | | | | 24,000,000 | | | | | | 20.00% | | |
NAV per share | | | | $ | 12.45 | | | | | $ | 12.04 | | | | | | -3.33% | | | | | $ | 12.04 | | | | | | -3.33% | | |
(Dilution)/Accretion to Participating Stockholder A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares held by Stockholder A | | | | | 20,000 | | | | | | 22,000 | | | | | | 10.00% | | | | | | 26,000 | | | | | | 30.00% | | |
Percentage held by Stockholder A | | | | | 0.10% | | | | | | 0.09% | | | | | | -8.33% | | | | | | 0.11% | | | | | | 8.33% | | |
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total NAV held by Stockholder A | | | | $ | 249,000 | | | | | $ | 264,770 | | | | | | 6.33% | | | | | $ | 312,910 | | | | | | 25.67% | | |
Total investment by Stockholder A (assumed to be $12.45 per share on shares held prior to sale) | | | | $ | 249,000 | | | | | $ | 269,968 | | | | | | 8.42% | | | | | $ | 311,905 | | | | | | 25.26% | | |
Total (dilution)/accretion to Stockholder A (total NAV less total investment) | | | | | — | | | | | $ | -5,198 | | | | | | — | | | | | $ | 1,005 | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per share held by Stockholder A | | | | $ | 12.45 | | | | | $ | 12.04 | | | | | | — | | | | | $ | 12.04 | | | | | | — | | |
Investment per share held by Stockholder A (assumed to be $12.45 per share on shares held prior to sale) | | | | $ | 12.45 | | | | | $ | 12.27 | | | | | | -1.44% | | | | | $ | 12.00 | | | | | | -3.64% | | |
(Dilution)/accretion per share held by Stockholder A (NAV per share less investment per share) | | | | | — | | | | | $ | -0.24 | | | | | | — | | | | | $ | 0.04 | | | | | | — | | |
Percentage (dilution)/accretion to Stockholder A (dilution/accretion per share divided by investment per share) | | | | | — | | | | | | — | | | | | | -1.93% | | | | | | — | | | | | | 0.32% | | |
| | | | | | | | | 50% Participation | | | 150% Participation | | ||||||||||||||||||
| | | Prior to Sale Below NAV | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | |||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per share to public | | | | | — | | | | | $ | 9.79 | | | | | | — | | | | | $ | 9.79 | | | | | | — | | |
Net proceeds per share to issuer | | | | | — | | | | | $ | 9.30 | | | | | | — | | | | | $ | 9.30 | | | | | | — | | |
Decrease/Increase to NAV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shares outstanding | | | | | 21,500,000 | | | | | | 25,800,000 | | | | | | 20.00% | | | | | | 25,800,000 | | | | | | 20.00% | | |
NAV per share | | | | $ | 11.63 | | | | | $ | 11.24 | | | | | | -3.33% | | | | | $ | 11.24 | | | | | | -3.33% | | |
(Dilution)/Accretion to Participating Stockholder A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares held by Stockholder A | | | | | 21,500 | | | | | | 23,650 | | | | | | 10.00% | | | | | | 27,950 | | | | | | 30.00% | | |
Percentage held by Stockholder A | | | | | 0.10% | | | | | | 0.09% | | | | | | -8.33% | | | | | | 0.11% | | | | | | 8.33% | | |
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total NAV held by Stockholder A | | | | $ | 250,000 | | | | | $ | 265,833 | | | | | | 6.33% | | | | | $ | 314,167 | | | | | | 25.67% | | |
Total investment by Stockholder A (assumed to be $11.63 per share on shares held prior to sale) | | | | $ | 250,000 | | | | | $ | 271,053 | | | | | | 8.42% | | | | | $ | 313,158 | | | | | | 25.26% | | |
Total (dilution)/accretion to Stockholder A (total NAV less total investment) | | | | | — | | | | | $ | -5,219 | | | | | | — | | | | | $ | 1,009 | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per share held by Stockholder A | | | | $ | 11.63 | | | | | $ | 11.24 | | | | | | — | | | | | $ | 11.24 | | | | | | — | | |
Investment per share held by Stockholder A (assumed to be $11.63 per share on shares held prior to sale) | | | | $ | 11.63 | | | | | $ | 11.46 | | | | | | -1.44% | | | | | $ | 11.20 | | | | | | -3.64% | | |
(Dilution)/accretion per share held by Stockholder A (NAV per share less investment per share) | | | | | — | | | | | $ | -0.22 | | | | | | — | | | | | $ | 0.04 | | | | | | — | | |
Percentage (dilution)/accretion to Stockholder A (dilution/accretion per share divided by investment per share) | | | | | — | | | | | | — | | | | | | -1.93% | | | | | | — | | | | | | 0.32% | | |
| | | Prior to Sale Below NAV | | | Example 1 5% Offering at 5% Discount | | Example 2 10% Offering at 10% Discount | | Example 3 20% Offering at 20% Discount | | Example 4 33% Offering at 100% Discount | | | | Prior to Sale Below NAV | | | Example 1 5% Offering at 5% Discount | | Example 2 10% Offering at 10% Discount | | Example 3 20% Offering at 20% Discount | | Example 4 33% Offering at 100% Discount | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Following Sale | | % Change | | Following Sale | | % Change | | Following Sale | | % Change | | Following Sale | | % Change | | | Following Sale | | % Change | | Following Sale | | % Change | | Following Sale | | % Change | | Following Sale | | % Change | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Price per share to public | | | | — | | | | $ | 12.45 | | | | | — | | | | $ | 11.79 | | | | | — | | | | $ | 10.48 | | | | | — | | | | $ | 0.01 | | | | | — | | | | | | — | | | | $ | 11.63 | | | | | — | | | | $ | 11.02 | | | | | — | | | | $ | 9.79 | | | | | — | | | | $ | 0.01 | | | | | — | | | ||||||||||||||||||
Net proceeds per share to issuer | | | | — | | | | $ | 11.83 | | | | | — | | | | $ | 11.21 | | | | | — | | | | $ | 9.96 | | | | | — | | | | $ | 0.01 | | | | | — | | | | | | — | | | | $ | 11.05 | | | | | — | | | | $ | 10.47 | | | | | — | | | | $ | 9.30 | | | | | — | | | | $ | 0.01 | | | | | — | | | ||||||||||||||||||
Decrease/Increase to NAV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Total shares outstanding | | | | 20,000,000 | | | | | 21,000,000 | | | | | 5.00% | | | | | 22,000,000 | | | | | 10.00% | | | | | 24,000,000 | | | | | 20.00% | | | | | 26,600,000 | | | | | 33.00% | | | | | | 21,500,000 | | | | | 22,575,000 | | | | | 5.00% | | | | | 23,650,000 | | | | | 10.00% | | | | | 25,800,000 | | | | | 20.00% | | | | | 28,595,000 | | | | | 33.00% | | | ||||||||||||||||||
NAV per share | | | $ | 12.45 | | | | $ | 12.42 | | | | | -0.24% | | | | $ | 12.34 | | | | | -0.91% | | | | $ | 12.04 | | | | | -3.33% | | | | $ | 9.36 | | | | | -24.79% | | | | | $ | 11.63 | | | | $ | 11.60 | | | | | -0.24% | | | | $ | 11.52 | | | | | -0.91% | | | | $ | 11.24 | | | | | -3.33% | | | | $ | 8.75 | | | | | -24.79% | | | ||||||||||||||||||
Dilution/Accretion to New Investor A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Shares held by New Investor A | | | | — | | | | | 10,000 | | | | | — | | | | | 20,000 | | | | | — | | | | | 40,000 | | | | | — | | | | | 66,000 | | | | | — | | | | | | — | | | | | 10,750 | | | | | — | | | | | 21,500 | | | | | — | | | | | 43,000 | | | | | — | | | | | 70,950 | | | | | — | | | ||||||||||||||||||
Percentage held by New Investor A | | | | — | | | | | 0.05% | | | | | — | | | | | 0.09% | | | | | — | | | | | 0.17% | | | | | — | | | | | 0.25% | | | | | — | | | | | | — | | | | | 0.05% | | | | | — | | | | | 0.09% | | | | | — | | | | | 0.17% | | | | | — | | | | | 0.25% | | | | | — | | | ||||||||||||||||||
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
Total NAV held by New Investor A | | | | — | | | | $ | 124,204 | | | | | — | | | | $ | 246,736 | | | | | — | | | | $ | 481,400 | | | | | — | | | | $ | 617,983 | | | | | — | | | | | | — | | | | $ | 124,702 | | | | | — | | | | $ | 247,727 | | | | | — | | | | $ | 483,333 | | | | | — | | | | $ | 620,477 | | | | | — | | | ||||||||||||||||||
Total investment by New Investor A | | | | — | | | | $ | 124,500 | | | | | — | | | | $ | 235,895 | | | | | — | | | | $ | 419,368 | | | | | — | | | | $ | 695 | | | | | — | | | | | | — | | | | $ | 125,000 | | | | | — | | | | $ | 236,842 | | | | | — | | | | $ | 421,053 | | | | | — | | | | $ | 747 | | | | | — | | | ||||||||||||||||||
Total (dilution)/accretion to New Investor A (total NAV less total investment) | | | | — | | | | $ | -296 | | | | | — | | | | $ | 10,842 | | | | | — | | | | $ | 62,032 | | | | | — | | | | $ | 617,289 | | | | | — | | | | | | — | | | | $ | -298 | | | | | — | | | | $ | 10,885 | | | | | — | | | | $ | 62,281 | | | | | — | | | | $ | 619,730 | | | | | — | | | ||||||||||||||||||
Per Share Amounts | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||
NAV per share held by New Investor A | | | | — | | | | $ | 12.42 | | | | | — | | | | $ | 12.34 | | | | | — | | | | $ | 12.04 | | | | | — | | | | $ | 9.36 | | | | | — | | | | | | — | | | | $ | 11.60 | | | | | — | | | | $ | 11.52 | | | | | — | | | | $ | 11.24 | | | | | — | | | | $ | 8.75 | | | | | — | | | ||||||||||||||||||
Investment per share held by New Investor A | | | | — | | | | $ | 12.45 | | | | | — | | | | $ | 11.79 | | | | | — | | | | $ | 10.48 | | | | | — | | | | $ | 0.01 | | | | | — | | | | | | — | | | | $ | 11.63 | | | | | — | | | | $ | 11.02 | | | | | — | | | | $ | 9.79 | | | | | — | | | | $ | 0.01 | | | | | — | | | ||||||||||||||||||
(Dilution)/accretion per share held by New Investor A (NAV per share less investment per share) | | | | — | | | | $ | -0.03 | | | | | — | | | | $ | 0.54 | | | | | — | | | | $ | 1.55 | | | | | — | | | | $ | 9.35 | | | | | — | | | | | | — | | | | $ | -0.03 | | | | | — | | | | $ | 0.51 | | | | | — | | | | $ | 1.45 | | | | | — | | | | $ | 8.73 | | | | | — | | | ||||||||||||||||||
Percentage (dilution)/accretion to New Investor A (dilution per share divided by investment per share) | | | | — | | | | | — | | | | | -0.24% | | | | | — | | | | | 4.60% | | | | | — | | | | | 14.79% | | | | | — | | | | | 88,852.14% | | | | | | — | | | | | — | | | | | -0.24% | | | | | — | | | | | 4.60% | | | | | — | | | | | 14.79% | | | | | — | | | | | 82,980.05% | | |