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Name
|
| |
Age
|
| |
Background Information
|
|
Theodore L. Koenig | | |
59
|
| | Mr. Koenig has served as our Chairman of the Board and Chief Executive Officer since our formation in February 2011 and as chairman of MC Advisors’ investment committee since our initial public offering in October 2012. Additionally, Mr. Koenig is the Chief Executive Officer and a manager of MC Advisors. Since founding Monroe Capital in 2004, Mr. Koenig has served continuously as its President and Chief Executive Officer. Prior to founding Monroe Capital, Mr. Koenig served as the President and Chief Executive Officer of Hilco Capital LP from 1999 to 2004, where he invested in distressed debt, junior secured debt and unsecured subordinated debt transactions. From 1986 to 1999, Mr. Koenig was a partner with the Chicago-based corporate law firm, Holleb & Coff. Mr. Koenig is a past President of the Indiana University Kelley School of Business Alumni Club of Chicago. He currently serves as director of the Commercial Finance Association and is a member of the Turnaround Management Association and the Association for Corporate Growth. Mr. Koenig also serves on the Dean’s Advisory Council, Kelley School of Business; Board of Overseers, Chicago-Kent School of Law; and as Vice Chairman of the Board of Trustees of Allendale School, a non-profit residential and educational facility for emotionally troubled children in the greater Chicago area. He also holds a certification as a Certified Public Accountant. Mr. Koenig received a bachelor of science in accounting, with high honors, from Indiana University and earned a juris doctor, with honors, from Chicago Kent College of Law. | |
Jeffrey D. Steele | | |
58
|
| | Mr. Steele has served on our Board of Directors since our initial public offering in October 2012. Mr. Steele currently serves as President, Healthcare and Suburban Banking of CIBC US (formerly known as The Private Bank), a commercial bank headquartered in Chicago, where he has worked since 2007. Mr. Steele was a founding member of The Private Bank’s Transitional Management Team, and is currently a member on the bank’s Executive Committee and Loan Committee, where his responsibilities include operations, compliance, bank-wide performance and credit approval. From 1992 to 2007, Mr. Steele worked in various capacities at LaSalle Bank, N.A., including serving as Group Senior Vice President from 2001 to 2007. From 1982 to 1992, he served in a variety of roles at National Boulevard Bank of Chicago, including Vice President and Co-Head of Commercial Banking. Mr. Steele has previously served as a board member of the Better Government Association in Chicago and has taught as a guest lecturer at Indiana University Kelley School of Business and the University of Iowa Tippie College of Business. Mr. Steele received his bachelor of science in finance from Indiana University and completed a graduate program in banking management at the Stonier Graduate School of Banking. | |
Name
|
| |
Age
|
| |
Background Information
|
|
Thomas J. Allison
|
| |
66
|
| | Mr. Allison has served on our Board of Directors and as our audit committee chairperson since April 2013. Mr. Allison is currently a director of Katy Industries, a manufacturer of commercial cleaning solutions and consumer storage products, a director of PTC Alliance Group Holdings, a global manufacturer of steel tubing, and a director of CannaTrac Technology, a logistics company. From May to September 2016, Mr. Allison was a director of Rockpile Energy Services. From April 2015 to August 2016, Mr. Allison was a director of Silver Airways. From June 2014 to February 2015, Mr. Allison was CEO and a director of American Optical Services. From March to November 2014, Mr. Allison was Chairman of the Board and President of Forge Group, Inc., a mining services company. From 2006 until his retirement in 2012, Mr. Allison served as Executive Vice President and Senior Managing Director of Mesirow Financial Consulting, LLC, a full-service financial and operational advisory consulting firm headquartered in Chicago. At Mesirow, Mr. Allison managed complex turnaround situations and advised on major reorganizations and insolvencies. He also served as CEO, CFO or CRO for several clients. From 2002 to 2006, Mr. Allison served as National Practice Leader of the restructuring practice of Huron Consulting Group. From 1988 to 2002, he served in a variety of roles at Arthur Andersen, LLC, including Partner-in-Charge, Central Region Restructuring Practice. Earlier in his career, Mr. Allison served in various capacities at Coopers & Lybrand, an accounting firm, First National Bank of Chicago and the Chicago Police Department. Mr. Allison has previously served as Chairman of the Association for Certified Turnaround Professionals, Chairman and Director of the Turnaround Management Association, is a Fellow in the American College of Bankruptcy and has taught as a guest lecturer at Northwestern University and DePaul University. Mr. Allison received his bachelor of science in commerce and his master of business administration from DePaul University. | |
Robert S. Rubin | | |
61
|
| | Mr. Rubin has served on our Board of Directors since our initial public offering in October 2012 and is our compensation committee chairperson, a member of our audit committee and a member of our nominating and corporate governance committee. Mr. Rubin is currently managing principal of the Diamond Group, an investment group that operates various companies and partnerships engaged in asset management and real estate investments. Since 1999, Mr. Rubin has been Managing Principal of the Diamond Group and its various affiliates. Mr. Rubin was formerly Vice Chairman of the board of Diamond Bancorp, Inc. in Chicago. From 1997 to 1998, Mr. Rubin founded and ran a boutique derivatives advisory firm called Prospect Park Capital Advisors, and from 1991 to 1997 co-founded and ran Horizon Advisors, a hedge fund and commodity trading advisor. From 1986 to 1991, Mr. Rubin worked at Nomura Securities in the Global Syndicate and New Products Department, where he co-founded and served on the board of Nomura Capital Services Inc., the first Japanese dealer in derivative products. From 1983 to 1986, Mr. Rubin worked at First National Bank of Chicago (now a part of JPMorgan Chase Bank, N.A.). Mr. Rubin currently serves on the board of Aleh Negev, which supports facilities for developmentally disabled children and adults in Israel. Mr. Rubin received his bachelor of arts from Harvard College in 1978 and his master of business administration from the University of Chicago in 1986. | |
Name
|
| |
Age
|
| |
Background Information
|
|
Aaron D. Peck | | |
47
|
| | Mr. Peck has served on our Board of Directors and as a member of MC Advisors’ investment committee since our initial public offering in October 2012. Additionally, Mr. Peck serves as our Chief Financial Officer, Chief Investment Officer and Corporate Secretary. Mr. Peck has been a managing director of Monroe Capital since September 2012, where he is responsible for portfolio management and strategic initiatives and co-leads Monroe Capital’s specialty financing lending practice. From 2002 to 2003 and from 2004 to June 2011, Mr. Peck worked in various capacities at Deerfield Capital Management LLC, including serving as its Co-Chief Investment Officer and as Managing Director of its Middle Market Lending Group. He also helped establish and served as chief portfolio manager for Deerfield Capital Corp. (f/k/a Deerfield Triarc Capital Corp.), a publicly-traded externally-managed specialty finance hybrid mortgage REIT. For Deerfield Capital Corp., Mr. Peck was the primary point of contact for institutional and retail investors, equity research analysts, investment bankers and lenders. Mr. Peck also served as a member of Deerfield Capital’s Executive Committee, Investment Committee and Risk Management Committee. From 2003 to 2004, Mr. Peck served as Senior Director of AEG Investors LLC and led the company’s efforts in acquiring distressed middle market loans. From 2001 to 2002, Mr. Peck was a senior research analyst at Black Diamond Capital Management LLC. Prior to that, Mr. Peck worked in leveraged credit at several investment firms including Salomon Smith Barney, Merrill Lynch, ESL Investments and Lehman Brothers. Mr. Peck received his bachelor of science in commerce from the University of Virginia, McIntire School of Commerce and received a master of business administration with honors from The University of Chicago, Graduate School of Business. | |
Name
|
| |
Age
|
| |
Background Information
|
|
Jeffrey A. Golman | | |
62
|
| | Mr. Golman has served on our Board of Directors since our initial public offering in October 2012 and is our nominating and corporate governance committee chairperson and a member on our audit committee. Since 2001, Mr. Golman has served as Vice Chairman and head of Investment Banking of Mesirow Financial, Inc., a diversified financial services firm headquartered in Chicago. Prior to his time with Mesirow Financial, Mr. Golman co-founded GGW Management Partners, LLC, a management-oriented investment group formed in partnership with Madison Dearborn Partners, Willis Stein & Partners and The Pritzker Organization and was Managing Director with Lazard Frères & Co., LLC from 1989 to 1999. From 1981 to 1988, Mr. Golman worked with Salomon Brothers’ Chicago Banking Group, rising to the level of Vice President. Prior to that time, Mr. Golman practiced corporate and tax law in Chicago. Mr. Golman is a director of the Cystic Fibrosis Foundation Leadership Council’s Greater Illinois Chapter. Mr. Golman is also a member of The Economic Club of Chicago, a member of the University of Illinois Foundation and a member of the Development Council of B.U.I.L.D., Inc. (Broader Urban Involvement and Leadership Development), a non-profit organization which helps at-risk youth realize their potential and contributes to the stability, safety and well-being of our communities. Mr. Golman also serves in an advisory position and as a member of the Law Board of Northwestern University School of Law. Mr. Golman received his bachelor of science in accounting from the University of Illinois in Champaign-Urbana and received his juris doctor from Northwestern University. | |
Jorde M. Nathan | | |
55
|
| | Mr. Nathan has served on our Board of Directors and as a member of our nominating and corporate governance committee since April 2013. Mr. Nathan was a Managing Director of Barclays Bank, a major global financial services provider, from 2008 until his retirement in 2012. From 1993 until 2008, Mr. Nathan was employed by Lehman Brothers Inc., and served as a Managing Director of distressed, high yield and leverage loan sales and trading. From 1985 to 1993, Mr. Nathan served in various capacities as a First Scholar at The First National Bank of Chicago, ultimately serving as head of trading for bank loans. Mr. Nathan graduated Phi Beta Kappa with an AB degree in Chinese Language and Economics from Amherst College and earned his master of business administration from the University of Chicago. Mr. Nathan is a member of the national board and serves as chairman of the central region of the Friends of Israel Defense Forces. | |
Name
|
| |
Fees Earned or
Paid in Cash(1) |
| |
Total
|
| ||||||
Independent Directors | | | | | | | | | | | | | |
Thomas J. Allison
|
| | | $ | 41,000 | | | | | $ | 41,000 | | |
Jeffrey A. Golman
|
| | | $ | 31,000 | | | | | $ | 31,000 | | |
Jorde M. Nathan
|
| | | $ | 26,000 | | | | | $ | 26,000 | | |
Robert S. Rubin
|
| | | $ | 25,000 | | | | | $ | 25,000 | | |
Interested Directors | | | | | | | | | | | | | |
Jeffrey D. Steele
|
| | | $ | 25,000 | | | | | $ | 25,000 | | |
Theodore L. Koenig
|
| | | | None | | | | | | None | | |
Aaron D. Peck
|
| | | | 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) |
| ||||||
Interested Directors: | | | | | | | | | | | | | | | | |
Theodore L. Koenig
|
| | | | 330,006 | | | | | | 1.6% | | | |
over $100,000
|
|
Aaron D. Peck
|
| | | | 5,621 | | | | | | * | | | |
$50,001 – $100,000
|
|
Jeffrey D. Steele
|
| | | | 18,000 | | | | | | * | | | |
over $100,000
|
|
Independent Directors: | | | | | | | | | | | | | | | | |
Thomas J. Allison
|
| | | | 11,626 | | | | | | * | | | |
over $100,000
|
|
Jeffrey A. Golman
|
| | | | 2,000 | | | | | | * | | | |
$10,001 – $50,000
|
|
Jorde M. Nathan
|
| | | | 0 | | | | | | n/a | | | |
none
|
|
Robert S. Rubin
|
| | | | 27,220 | | | | | | * | | | |
over $100,000
|
|
All Directors and Executive Officers as a Group (7 Persons)
|
| | | | 394,473 | | | | | | 1.9% | | | |
over $100,000
|
|
| | |
Fiscal Year
Ended December 31, 2016 |
| |
Fiscal Year
Ended December 31, 2017 |
| ||||||
Audit Fees
|
| | | $ | 582,105 | | | | | $ | 632,880 | | |
Audit Related Fees
|
| | | | 35,000 | | | | | | 35,000 | | |
Tax Fees
|
| | | | 14,000 | | | | | | 14,000 | | |
All Other Fees
|
| | | | — | | | | | | — | | |
TOTAL FEES
|
| | | $ | 631,105 | | | | | $ | 681,880 | | |
|
| | |
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
|
| ||||||||||||||||||||||||
Year ending December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Second Quarter (through April 6, 2017)
|
| | | | * | | | | | $ | 12.64 | | | | | $ | 12.31 | | | | | | * | | | | | | * | | |
First Quarter
|
| | | | * | | | | | $ | 14.28 | | | | | $ | 12.20 | | | | | | * | | | | | | * | | |
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% | | |
Year ended December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 14.52 | | | | | $ | 15.63 | | | | | $ | 13.77 | | | | | | 7.6% | | | | | | (5.2)% | | |
Third Quarter
|
| | | $ | 14.42 | | | | | $ | 16.25 | | | | | $ | 14.91 | | | | | | 12.7% | | | | | | 3.4% | | |
Second Quarter
|
| | | $ | 14.50 | | | | | $ | 14.83 | | | | | $ | 13.11 | | | | | | 2.3% | | | | | | (9.6)% | | |
First Quarter
|
| | | $ | 14.45 | | | | | $ | 14.32 | | | | | $ | 10.82 | | | | | | (0.9)% | | | | | | (25.1)% | | |
| | |
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
|
| ||||||||||||||||||||||||
Year ended December 31, 2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 14.19 | | | | | $ | 14.99 | | | | | $ | 12.78 | | | | | | 5.6% | | | | | | (9.9)% | | |
Third Quarter
|
| | | $ | 14.21 | | | | | $ | 15.08 | | | | | $ | 13.60 | | | | | | 6.1% | | | | | | (4.3)% | | |
Second Quarter
|
| | | $ | 14.18 | | | | | $ | 15.25 | | | | | $ | 14.25 | | | | | | 7.5% | | | | | | 0.5% | | |
First Quarter
|
| | | $ | 14.11 | | | | | $ | 15.38 | | | | | $ | 13.91 | | | | | | 9.0% | | | | | | (1.4)% | | |
Year ended December 31, 2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 14.05 | | | | | $ | 14.63 | | | | | $ | 13.00 | | | | | | 4.1% | | | | | | (7.5)% | | |
Third Quarter
|
| | | $ | 13.95 | | | | | $ | 14.00 | | | | | $ | 13.26 | | | | | | 0.4% | | | | | | (4.9)% | | |
Second Quarter
|
| | | $ | 13.93 | | | | | $ | 13.92 | | | | | $ | 12.70 | | | | | | (0.1)% | | | | | | (8.8)% | | |
First Quarter
|
| | | $ | 13.99 | | | | | $ | 13.55 | | | | | $ | 12.19 | | | | | | (3.1)% | | | | | | (12.9)% | | |
Year ended December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 13.92 | | | | | $ | 13.87 | | | | | $ | 11.75 | | | | | | (0.4)% | | | | | | (15.6)% | | |
Third Quarter
|
| | | $ | 14.01 | | | | | $ | 14.99 | | | | | $ | 12.95 | | | | | | 7.0% | | | | | | (7.6)% | | |
Second Quarter
|
| | | $ | 14.78 | | | | | $ | 15.46 | | | | | $ | 14.60 | | | | | | 4.6% | | | | | | (1.2)% | | |
First Quarter
|
| | | $ | 14.78 | | | | | $ | 15.39 | | | | | $ | 14.55 | | | | | | 4.1% | | | | | | (1.6)% | | |
Year ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fourth Quarter(3)
|
| | | $ | 14.54 | | | | | $ | 15.30 | | | | | $ | 14.59 | | | | | | 5.2% | | | | | | 0.3% | | |
| | |
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
|
| | | | — | | | | | $ | 13.95 | | | | | | — | | | | | $ | 13.22 | | | | | | — | | | | | $ | 11.75 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Net proceeds per share to issuer
|
| | | | — | | | | | $ | 13.25 | | | | | | — | | | | | $ | 12.56 | | | | | | — | | | | | $ | 11.16 | | | | | | — | | | | | $ | 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
|
| | | $ | 13.95 | | | | | $ | 13.92 | | | | | | -0.24% | | | | | $ | 13.82 | | | | | | -0.91% | | | | | $ | 13.49 | | | | | | -3.33% | | | | | $ | 10.49 | | | | | | -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
|
| | | $ | 279,000 | | | | | $ | 278,336 | | | | | | -0.24% | | | | | $ | 276,464 | | | | | | -0.91% | | | | | $ | 269,700 | | | | | | -3.33% | | | | | $ | 209,824 | | | | | | -24.79% | | |
Total investment by Stockholder A (assumed to be $13.95 per share)
|
| | | $ | 279,000 | | | | | $ | 279,000 | | | | | | — | | | | | $ | 279,000 | | | | | | — | | | | | $ | 279,000 | | | | | | — | | | | | $ | 279,000 | | | | | | — | | |
Total dilution to Stockholder A (total NAV less total investment)
|
| | | | — | | | | | $ | -664 | | | | | | — | | | | | $ | -2,536 | | | | | | — | | | | | $ | -9,300 | | | | | | — | | | | | $ | -69,176 | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per share held by Stockholder A
|
| | | $ | 13.95 | | | | | $ | 13.92 | | | | | | — | | | | | $ | 13.82 | | | | | | — | | | | | $ | 13.49 | | | | | | — | | | | | $ | 10.49 | | | | | | — | | |
Investment per share held by Stockholder A (assumed to be $13.95 per share on shares held prior to sale)
|
| | | $ | 13.95 | | | | | $ | 13.95 | | | | | | — | | | | | $ | 13.95 | | | | | | — | | | | | $ | 13.95 | | | | | | — | | | | | $ | 13.95 | | | | | | — | | |
Dilution per share held by Stockholder
A (NAV per share less investment per share) |
| | | | — | | | | | $ | -0.03 | | | | | | — | | | | | $ | -0.13 | | | | | | — | | | | | $ | -0.47 | | | | | | — | | | | | $ | -3.46 | | | | | | — | | |
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 |
| |
50% Participation
|
| |
150% Participation
|
| |||||||||||||||||||||
| | |
Following
Sale |
| |
%
Change |
| |
Following
Sale |
| |
%
Change |
| ||||||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per share to public
|
| | | | — | | | | | $ | 11.75 | | | | | | — | | | | | $ | 11.75 | | | | | | — | | |
Net proceeds per share to issuer
|
| | | | — | | | | | $ | 11.16 | | | | | | — | | | | | $ | 11.16 | | | | | | — | | |
Decrease/Increase to NAV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shares outstanding
|
| | | | 20,000,000 | | | | | | 24,000,000 | | | | | | 20.00% | | | | | | 24,000,000 | | | | | | 20.00% | | |
NAV per share
|
| | | $ | 13.95 | | | | | $ | 13.49 | | | | | | -3.33% | | | | | $ | 13.49 | | | | | | -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
|
| | | $ | 279,000 | | | | | $ | 296,670 | | | | | | 6.33% | | | | | $ | 350,610 | | | | | | 25.67% | | |
Total investment by Stockholder A (assumed to be $13.95 per share on shares held prior to sale)
|
| | | $ | 279,000 | | | | | $ | 302,495 | | | | | | 8.42% | | | | | $ | 349,484 | | | | | | 25.26% | | |
Total (dilution)/accretion to Stockholder A (total NAV less total investment)
|
| | | | — | | | | | $ | -5,825 | | | | | | — | | | | | $ | 1,126 | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per share held by Stockholder A
|
| | | $ | 13.95 | | | | | $ | 13.49 | | | | | | — | | | | | $ | 13.49 | | | | | | — | | |
Investment per share held by Stockholder A (assumed to be $13.95 per share on shares held prior to sale)
|
| | | $ | 13.95 | | | | | $ | 13.75 | | | | | | -1.44% | | | | | $ | 13.44 | | | | | | -3.64% | | |
(Dilution)/accretion per share held by Stockholder A (NAV per share less investment per share)
|
| | | | — | | | | | $ | -0.26 | | | | | | — | | | | | $ | 0.04 | | | | | | — | | |
Percentage (dilution)/accretion to Stockholder A (dilution/accretion per share divided by investment per share)
|
| | | | — | | | | | | — | | | | | | -1.93% | | | | | | — | | | | | | 0.32% | | |
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Prior to
Sale Below NAV |
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Example 1
5% Offering at 5% Discount |
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Example 2
10% Offering at 10% Discount |
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Example 3
20% Offering at 20% Discount |
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Example 4
33% Offering at 100% Discount |
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Following
Sale |
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%
Change |
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Following
Sale |
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%
Change |
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Following
Sale |
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%
Change |
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Following
Sale |
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%
Change |
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Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per share to public
|
| | | | — | | | | | $ | 13.95 | | | | | | — | | | | | $ | 13.22 | | | | | | — | | | | | $ | 11.75 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
Net proceeds per share to issuer
|
| | | | — | | | | | $ | 13.25 | | | | | | — | | | | | $ | 12.56 | | | | | | — | | | | | $ | 11.16 | | | | | | — | | | | | $ | 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% | | |
NAV per share
|
| | | $ | 13.95 | | | | | $ | 13.92 | | | | | | -0.24% | | | | | $ | 13.82 | | | | | | -0.91% | | | | | $ | 13.49 | | | | | | -3.33% | | | | | $ | 10.49 | | | | | | -24.79% | | |
Dilution/Accretion to New Investor A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares held by New Investor A
|
| | | | — | | | | | | 10,000 | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | 40,000 | | | | | | — | | | | | | 66,000 | | | | | | — | | |
Percentage held by New Investor A
|
| | | | — | | | | | | 0.05% | | | | | | — | | | | | | 0.09% | | | | | | — | | | | | | 0.17% | | | | | | — | | | | | | 0.25% | | | | | | — | | |
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total NAV held by New Investor A
|
| | | | — | | | | | $ | 139,168 | | | | | | — | | | | | $ | 276,464 | | | | | | — | | | | | $ | 539,400 | | | | | | — | | | | | $ | 692,419 | | | | | | — | | |
Total investment by New Investor A
|
| | | | — | | | | | $ | 139,500 | | | | | | — | | | | | $ | 264,316 | | | | | | — | | | | | $ | 469,895 | | | | | | — | | | | | $ | 695 | | | | | | — | | |
Total (dilution)/accretion to New Investor A (total NAV less total investment)
|
| | | | — | | | | | $ | -332 | | | | | | — | | | | | $ | 12,148 | | | | | | — | | | | | $ | 69,505 | | | | | | — | | | | | $ | 691,725 | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per share held by New Investor A
|
| | | | — | | | | | $ | 13.92 | | | | | | — | | | | | $ | 13.82 | | | | | | — | | | | | $ | 13.49 | | | | | | — | | | | | $ | 10.49 | | | | | | — | | |
Investment per share held by New Investor A
|
| | | | — | | | | | $ | 13.95 | | | | | | — | | | | | $ | 13.22 | | | | | | — | | | | | $ | 11.75 | | | | | | — | | | | | $ | 0.01 | | | | | | — | | |
(Dilution)/accretion per share held by
New Investor A (NAV per share less investment per share) |
| | | | — | | | | | $ | -0.03 | | | | | | — | | | | | $ | 0.61 | | | | | | — | | | | | $ | 1.74 | | | | | | — | | | | | $ | 10.48 | | | | | | — | | |
Percentage (dilution)/accretion to New
Investor A (dilution per share divided by investment per share) |
| | | | — | | | | | | — | | | | | | -0.24% | | | | | | — | | | | | | 4.60% | | | | | | — | | | | | | 14.79% | | | | | | — | | | | | | 99,566.43% | | |