| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 13 | | | |
| | | | | 25 | | | |
| | | | | 26 | | | |
| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 30 | | | |
| | | | | 32 | | | |
| | | | | 1 | | | |
| | | | | 1 | | |
Name | | | Year of Birth | | | Position | |
Ted Goldthorpe | | | 1976 | | | President and Chief Executive Officer | |
Jason Roos | | | 1978 | | | Chief Financial Officer, Treasurer and Secretary | |
Patrick Schafer | | | 1985 | | | Chief Investment Officer | |
Andrew Devine | | | 1978 | | | Chief Compliance Officer | |
Name of Beneficial Owner | | | Number of Shares Beneficially Owned(1) | | | Percentage of Class(2) | | ||||||
Interested Directors | | | | | | | | | | | | | |
Joseph B. Alala, III(3) | | | | | 92,345 | | | | | | 3.4% | | |
M. Hunt Broyhill(4) | | | | | 67,078 | | | | | | 2.5% | | |
Independent Directors | | | | | | | | | | | | | |
R. Charles Moyer | | | | | 1,368 | | | | | | * | | |
H. Paul Chapman | | | | | 1,666 | | | | | | * | | |
Larry W. Carroll(5) | | | | | 54,268 | | | | | | * | | |
Executive Officers | | | | | | | | | | | | | |
Stephen A. Arnall | | | | | 4,729 | | | | | | * | | |
Kevin A. Koonts | | | | | 174 | | | | | | * | | |
Executive Officers and Directors as a Group | | | | | 221,628 | | | | | | 8.2% | | |
Name | | | Fees Earned or Paid in Cash(1) | | | All Other Compensation(2) | | | Total | | |||||||||
Interested Directors | | | | | | | | | | | | | | | | | | | |
Joseph B. Alala, III | | | | | — | | | | | | — | | | | | | — | | |
M. Hunt Broyhill | | | | | — | | | | | | — | | | | | | — | | |
Independent Directors | | | | | | | | | | | | | | | | | | | |
R. Charles Moyer | | | | $ | 125,000 | | | | | | — | | | | | $ | 125,000 | | |
Larry W. Carroll | | | | $ | 125,000 | | | | | | — | | | | | $ | 125,000 | | |
H. Paul Chapman | | | | $ | 130,000 | | | | | | — | | | | | $ | 130,000 | | |
| | | Fiscal Year Ended December 31, 2017 | | | Fiscal Year Ended December 31, 2016 | | ||||||
Audit Fees | | | | $ | 711.8 | | | | | $ | 596.1 | | |
Audit-Related Fees | | | | | — | | | | | | — | | |
Tax Fees | | | | | 67.0 | | | | | | 33.5 | | |
All Other Fees | | | | | — | | | | | | — | | |
Total Fees: | | | | $ | 778.8 | | | | | $ | 629.5 | | |
|
Fiscal Year Ended | | | NAV Per Share(1) | | | Sales Price | | | Premium or (Discount) of High Sales Price to NAV(2) | | | Premium or (Discount) of Low Sales Price to NAV(2) | | | Declared Distributions Per Share(3) | | |||||||||||||||||||||
| High | | | Low | | ||||||||||||||||||||||||||||||||
December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Quarter (February 22, 2018) | | | | $ | * | | | | | $ | * | | | | | $ | * | | | | | | * % | | | | | | * % | | | | | $ | 0.25 | | |
December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | * | | | | | $ | 10.00 | | | | | $ | 7.12 | | | | | | * % | | | | | | * % | | | | | $ | 0.25 | | |
Third Quarter | | | | $ | 14.21 | | | | | $ | 13.57 | | | | | $ | 8.67 | | | | | | (4.7)% | | | | | | (63.9)% | | | | | $ | 0.39 | | |
Second Quarter | | | | $ | 14.97 | | | | | $ | 14.43 | | | | | $ | 12.85 | | | | | | (3.7)% | | | | | | (16.5)% | | | | | $ | 0.39 | | |
First Quarter | | | | $ | 15.71 | | | | | $ | 14.65 | | | | | $ | 13.00 | | | | | | (7.2)% | | | | | | (20.8)% | | | | | $ | 0.39 | | |
December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter | | | | $ | 15.79 | | | | | $ | 13.95 | | | | | $ | 11.51 | | | | | | (11.7)% | | | | | | (27.1)% | | | | | $ | 0.39 | | |
Third Quarter | | | | $ | 15.68 | | | | | $ | 15.80 | | | | | $ | 12.75 | | | | | | 0.77% | | | | | | (18.69)% | | | | | $ | 0.47 | | |
Second Quarter | | | | $ | 16.28 | | | | | $ | 14.20 | | | | | $ | 11.72 | | | | | | (12.78)% | | | | | | (28.01)% | | | | | $ | 0.47 | | |
First Quarter | | | | $ | 16.29 | | | | | $ | 13.18 | | | | | $ | 9.54 | | | | | | (19.09)% | | | | | | (41.44)% | | | | | $ | 0.47 | | |
| | | 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 25% Offering at 100% Discount | | |||||||||||||||||||||||||||||||||||||||
| Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | | Following Sale | | | % Change | | ||||||||||||||||||||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per Share to the Public | | | | | — | | | | | $ | 10.00 | | | | | | — | | | | | $ | 9.47 | | | | | | — | | | | | $ | 8.42 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Net Proceeds per Share to Issuer | | | | | — | | | | | $ | 9.50 | | | | | | — | | | | | $ | 9.00 | | | | | | — | | | | | $ | 8.00 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Decrease to NAV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Shares Outstanding | | | | | 1,000,000 | | | | | | 1,050,000 | | | | | | 5.00% | | | | | | 1,100,000 | | | | | | 10.00% | | | | | | 1,200,000 | | | | | | 20.00% | | | | | | 1,250,000 | | | | | | 25.00% | | |
NAV per Share | | | | $ | 10.00 | | | | | $ | 9.98 | | | | | | (0.20)% | | | | | $ | 9.91 | | | | | | (0.90)% | | | | | $ | 9.67 | | | | | | (3.30)% | | | | | $ | 8.00 | | | | | | (20.00)% | | |
Dilution to Stockholder | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Held by Stockholder A | | | | | 10,000 | | | | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | |
Percentage Held by Stockholder A | | | | | 1.00% | | | | | | 0.95% | | | | | | (4.76)% | | | | | | 0.91% | | | | | | (9.09)% | | | | | | 0.83% | | | | | | (16.67)% | | | | | | 0.80% | | | | | | (20.00)% | | |
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total NAV Held by Stockholder A | | | | $ | 100,000 | | | | | $ | 99,800 | | | | | | (0.20)% | | | | | $ | 99,100 | | | | | | (0.90)% | | | | | $ | 96,700 | | | | | | (3.30)% | | | | | $ | 80,020 | | | | | | (19.98)% | | |
Total Investment by Stockholder A(1) | | | | $ | 100,000 | | | | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | | | | | — | | |
Total Dilution to Stockholder A(2) | | | | | — | | | | | $ | (200) | | | | | | — | | | | | $ | (900) | | | | | | — | | | | | $ | (3,300) | | | | | | — | | | | | $ | (19,980) | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per Share held by Stockholder A | | | | | — | | | | | $ | 9.98 | | | | | | — | | | | | $ | 9.91 | | | | | | — | | | | | $ | 9.67 | | | | | | — | | | | | $ | 8.00 | | | | | | — | | |
Investment per Share held by Stockholder A(3) | | | | $ | 10.00 | | | | | $ | 10.00 | | | | | | — | | | | | $ | 10.00 | | | | | | — | | | | | $ | 10.00 | | | | | | — | | | | | $ | 10.00 | | | | | | — | | |
Dilution per Share held by Stockholder A(4) | | | | | — | | | | | $ | (0.02) | | | | | | — | | | | | $ | (0.09) | | | | | | — | | | | | $ | (0.33) | | | | | | — | | | | | $ | (2.00) | | | | | | — | | |
Percentage Dilution to Stockholder A(5) | | | | | — | | | | | | — | | | | | | (0.20)% | | | | | | — | | | | | | (0.90)% | | | | | | — | | | | | | (3.30)% | | | | | | — | | | | | | (19.98)% | | |
| | | Income Related Incentive Fee Accrued Before Application of Deferral Mechanism | | | Capital Gains Related Incentive Fee Accrued Before Application of Deferral Mechanism Incentive Fee Calculations | | | Incentive Fee Calculations | | | Incentive Fees Paid and Deferred | |
Year 1 | | | $8 million ($40 million multiplied by 20%) | | | None | | | $8 million | | | Year 1$8.0 million ($40.0 None$8.0 million Incentive fees of $8.08 million paid; million multiplied no incentive fees deferred by 20%) | |
Year 2 | | | $8 million ($40 million multiplied by 20%) | | | $6 million (20% of $30 million) | | | $14 million | | | Incentive fees of $14 million paid; no incentive fees deferred | |
Year 3 | | | $8 million ($40 million multiplied by 20%) | | | None | | | $7 million (20% of the sum of (a) our pre-Incentive Fee net investment income, (b) our net unrealized appreciation or depreciation during such period and (c) our net realized capital gains or losses during Year3) | | | Incentive fees of $7 million paid; $8 million of incentive fees accrued but payment restricted to $7 million; $1 million of incentive fees deferred | |
Year 2 | | | $8.0 million ($40.0 $6.0 million (20% of $30.0 million) million multiplied by 20%) | | | $14.0 million | | | | | | Incentive fees of $14.0 million paid; no incentive fees deferred | |
Year 4 | | | Year 4$8.0 million ($40.0million multiplied by 20%)$8 million | | | $0.2 million (20% of cumulative net capital gains of $31.0 million | | | $8.2 million | | | $8.2 million Incentive fees of $9.2 million paid ($8.2 million of | |
| | | Income Related Incentive Fee Accrued Before Application of Deferral Mechanism | | | Capital Gains Related Incentive Fee Accrued Before Application of Deferral Mechanism Incentive Fee Calculations | | | Incentive Fee Calculations | | | Incentive Fees Paid and Deferred | |
| | | ($40 million multiplied by 20%) | | | ($36.0 million cumulative realized capital gains less $5.0 million cumulative unrealized capital depreciation) less $6.0 million of capital gains fee paid in Year 2) | | | | | | incentive fees accrued in Year 4 plus $1.0 million of deferred incentive fees); no incentive fees deferred | |
Year 3 | | | $8.0 million ($40.0 million multiplied by 20%) | | | None (20% of cumulative net capital gains of $25.0 million ($30.0 million in cumulative realized gains less $5.0 million in cumulative unrealized capital depreciation) less $6.0 million of capital gains fee paid in Year 2) | | | $7.0 million (20% of the sum of (a) our pre-incentive fee net investment income, (b) our net unrealized appreciation or depreciation during such period and (c) our net realized capital gains or losses during Year 3) | | | Incentive fees of $7.0 million paid; $8.0 million of incentive fees accrued but payment restricted to $7.0 million; $1.0 million of incentive fees deferred | |