Table of Contents

 

 

 

FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington D.C.  20549

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended April 30, 2016 or   

 

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 814-00201

 

MVC CAPITAL, INC.

(Exact name of the registrant as specified in its charter)

 

DELAWARE

 

94-3346760

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

287 Bowman Avenue

 

 

2nd Floor

 

 

Purchase, New York

 

10577

(Address of principal
executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  (914) 701-0310

 

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 x No o

 

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

 

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 definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer o Accelerated filer x Non-accelerated filero Smaller reporting companyo

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o No x

 

There were 22,702,821 shares of the registrant’s common stock, $.01 par value, outstanding as of August 26, 2016.

 

 

 



Table of Contents

 

MVC Capital, Inc.

(A Delaware Corporation)

Index

 

 

 

Page

Part I. Consolidated Financial Information

 

 

 

Item 1. Consolidated Financial Statements

 

Consolidated Balance Sheets

 

-                    April 30, 2016 (Unaudited) and October 31, 2015

3

Consolidated Statements of Operations

 

-                    For the Six Month Period November 1, 2015 to April 30, 2016 (Unaudited) and

 

-                    For the Six Month Period November 1, 2014 to April 30, 2015 (Unaudited)

4

Consolidated Statements of Operations

 

-                  For the Quarter February 1, 2016 to April 30, 2016 (Unaudited) and

 

-                    For the Quarter February 1, 2015 to April 30, 2015 (Unaudited)

5

Consolidated Statements of Cash Flows

 

-                    For the Six Month Period November 1, 2015 to April 30, 2016 (Unaudited) and

 

-                    For the Six Month Period November 1, 2014 to April 30, 2015 (Unaudited)

6

Consolidated Statements of Changes in Net Assets

 

-                    For the Six Month Period November 1, 2015 to April 30, 2016 (Unaudited),

 

-                    For the Six Month Period November 1, 2014 to April 30, 2015 (Unaudited) and

 

-                    For the Year ended October 31, 2015

7

Consolidated Selected Per Share Data and Ratios

 

-                    For the Six Month Period November 1, 2015 to April 30, 2016 (Unaudited),

 

-                    For the Six Month Period November 1, 2014 to April 30, 2015 (Unaudited) and

 

-                    For the Year ended October 31, 2015

8

Consolidated Schedules of Investments

 

-                    April 30, 2016 (Unaudited)

9

-                    October 31, 2015

11

Notes to Consolidated Financial Statements

13

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

Item 3. Quantitative and Qualitative Disclosures about Market Risk

70

Item 4. Controls and Procedures

84

 

 

 

Part II. Other Information

85

 

 

Item 1. Legal Proceedings

85

Item 1A. Risk Factors

85

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

85

Item 3. Defaults Upon Senior Securities

85

Item 4. Mine Safety Disclosures

85

Item 5. Other Information

85

Item 6. Exhibits

85

 

 

SIGNATURE

86

 



Table of Contents

 

CONSOLIDATED FINANCIAL STATEMENTS

 

MVC Capital, Inc.

Consolidated Balance Sheets

 

 

 

April 30,

 

October 31,

 

 

 

2016

 

2015

 

 

 

(Unaudited)

 

 

 

ASSETS

Assets

 

 

 

 

 

Cash

 

$

16,235,111

 

$

7,753,901

 

Restricted cash (cost $500,177 and $1,000,034)

 

500,177

 

1,000,034

 

Restricted cash equivalents (cost $0 and $5,503,000)

 

 

5,503,000

 

Cash equivalents (cost $954,288 and $2,557,666)

 

1,454,465

 

2,557,666

 

Investments at fair value

 

 

 

 

 

U.S. Treasury obligations (cost $34,964,816 and $89,820,800)

 

34,960,674

 

89,681,535

 

Non-control/Non-affiliated investments (cost $169,116,504 and $165,626,784)

 

138,629,465

 

131,351,403

 

Affiliate investments (cost $131,351,548 and $121,962,460)

 

169,060,514

 

170,189,927

 

Control investments (cost $89,345,063 and $156,127,715)

 

64,229,831

 

99,334,391

 

Total investments at fair value (cost $424,777,931 and $533,537,759)

 

406,880,484

 

490,557,256

 

Escrow receivables, net of reserves

 

8,870,499

 

292,744

 

Deferred financing fees

 

3,744,574

 

2,467,305

 

Dividends and interest receivables, net of reserves

 

2,019,733

 

4,404,600

 

Fee and other receivables

 

1,426,395

 

1,696,280

 

Prepaid expenses

 

582,047

 

609,517

 

Total assets

 

$

441,713,485

 

$

516,842,303

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities

 

 

 

 

 

Senior notes

 

$

114,408,750

 

$

114,408,750

 

Revolving credit facility

 

35,000,000

 

90,000,000

 

Provision for incentive compensation (Note 11)

 

2,881,818

 

4,976,767

 

Management fee payable

 

1,468,536

 

1,527,930

 

Accrued expenses and liabilities

 

1,016,750

 

622,446

 

Professional fees payable

 

988,487

 

1,820,416

 

Interest payable

 

364,941

 

359,866

 

Portfolio fees payable - Asset Management

 

324,444

 

250,846

 

Consulting fees payable

 

117,721

 

272,880

 

Taxes payable

 

652

 

1,152

 

Bridge loan

 

 

8,000,000

 

Management fee payable - Asset Management

 

 

296,812

 

Liability for share exchange

 

 

228,851

 

 

 

 

 

 

 

Total liabilities

 

156,572,099

 

222,766,716

 

 

 

 

 

 

 

Commitments and Contingencies (Note 9)

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

Common stock, $0.01 par value; 150,000,000 shares authorized; 28,304,448 shares issued and 22,702,821 shares outstanding as of April 30, 2016 and October 31, 2015, respectively

 

283,044

 

283,044

 

Additional paid-in-capital

 

418,298,784

 

418,298,784

 

Accumulated earnings

 

117,764,502

 

102,420,976

 

Dividends paid to stockholders

 

(139,002,143

)

(129,012,902

)

Accumulated net realized (loss) gain

 

(39,354,269

)

2,189

 

Net unrealized depreciation

 

(17,552,326

)

(42,620,298

)

Treasury stock, at cost, 5,601,627 and 5,601,627 shares held, respectively

 

(55,296,206

)

(55,296,206

)

 

 

 

 

 

 

Total shareholders’ equity

 

285,141,386

 

294,075,587

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

441,713,485

 

$

516,842,303

 

 

 

 

 

 

 

Net asset value per share

 

$

12.56

 

$

12.95

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3



Table of Contents

 

MVC Capital, Inc.

Consolidated Statements of Operations

(Unaudited)

 

 

 

For the Six Month Period

 

For the Six Month Period

 

 

 

November 1, 2015 to

 

November 1, 2014 to

 

 

 

April 30, 2016

 

April 30, 2015

 

 

 

 

 

 

 

Operating Income:

 

 

 

 

 

Dividend income

 

 

 

 

 

Non-control/Non-affiliated investments

 

$

284

 

$

445

 

Affiliate investments

 

10,000,000

 

 

Control investments

 

97,101

 

 

 

Total dividend income

 

10,097,385

 

445

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

Non-control/Non-affiliated investments

 

5,960,781

 

6,139,784

 

Affiliate investments

 

1,135,384

 

644,948

 

Control investments

 

162,790

 

171,414

 

Total interest income

 

7,258,955

 

6,956,146

 

 

 

 

 

 

 

Payment-in-kind/Deferred interest income

 

 

 

 

 

Non-control/Non-affiliated investments

 

2,694,080

 

1,979,617

 

Affiliate investments

 

258,261

 

61,896

 

Control investments

 

77,690

 

77,265

 

Total payment-in-kind/Deferred interest income

 

3,030,031

 

2,118,778

 

 

 

 

 

 

 

Fee income

 

 

 

 

 

Non-control/Non-affiliated investments

 

66,805

 

 

Affiliate investments

 

364,000

 

362,666

 

Control investments

 

2,381,250

 

161,501

 

Total fee income

 

2,812,055

 

524,167

 

 

 

 

 

 

 

Fee income - Asset Management 1

 

 

 

 

 

Portfolio fees

 

497,823

 

521,100

 

Management fees

 

248,935

 

8,684

 

Total fee income - Asset Management

 

746,758

 

529,784

 

 

 

 

 

 

 

Total operating income

 

23,945,184

 

10,129,320

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

Interest and other borrowing costs

 

5,126,214

 

5,070,830

 

Management fee

 

3,937,338

 

4,045,747

 

Legal fees

 

583,056

 

817,000

 

Consulting fees

 

579,202

 

226,902

 

Portfolio fees - Asset Management 1

 

373,367

 

390,825

 

Other expenses

 

243,107

 

463,899

 

Directors’ fees

 

215,000

 

210,000

 

Management fee - Asset Management 1

 

186,701

 

(2,402

)

Insurance

 

152,217

 

171,840

 

Audit & tax preparation fees

 

135,600

 

338,000

 

Administration

 

111,041

 

120,873

 

Public relations fees

 

92,000

 

92,000

 

Printing and postage

 

20,221

 

44,911

 

Net incentive compensation (Note 11)

 

(1,094,949

)

(5,581,800

)

 

 

 

 

 

 

Total operating expenses

 

10,660,115

 

6,408,625

 

 

 

 

 

 

 

Less: Voluntary expense waiver by Adviser 2

 

(75,000

)

(75,000

)

Less: Voluntary management fee waiver by Adviser 3

 

(984,335

)

 

Less: Voluntary incentive fee waiver by Adviser 4

 

(1,000,000

)

 

 

 

 

 

 

 

Total waivers

 

(2,059,335

)

(75,000

)

 

 

 

 

 

 

Net operating income before taxes

 

15,344,404

 

3,795,695

 

 

 

 

 

 

 

Tax Expenses:

 

 

 

 

 

Current tax expense

 

878

 

878

 

 

 

 

 

 

 

Total tax expense

 

878

 

878

 

 

 

 

 

 

 

Net operating income

 

15,343,526

 

3,794,817

 

 

 

 

 

 

 

Net Realized and Unrealized (Loss) Gain on Investments:

 

 

 

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments

 

 

 

 

 

U.S. Treasury obligations

 

(90,427

)

44,433

 

Non-control/Non-affiliated investments

 

(7,636,535

)

(2,165,378

)

Affiliate investments

 

(46,414

)

 

Control investments

 

(31,583,082

)

 

 

 

 

 

 

 

Total net realized loss on investments

 

(39,356,458

)

(2,120,945

)

 

 

 

 

 

 

Net unrealized appreciation (depreciation) on investments

 

25,067,972

 

(23,229,991

)

 

 

 

 

 

 

Net realized and unrealized loss on investments

 

(14,288,486

)

(25,350,936

)

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

1,055,040

 

$

(21,556,119

)

 

 

 

 

 

 

Net increase (decrease) in net assets per share resulting from operations

 

$

0.05

 

$

(0.95

)

 

 

 

 

 

 

Dividends declared per share

 

$

0.440

 

$

0.270

 

 

 

 

 

 

 

Weighted average number of shares outstanding5

 

22,702,821

 

22,702,821

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 


1 These items are related to the management of the MVC Private Equity Fund, L.P. (“PE Fund”).  Please see Note 10 “Management” for more information.

 

2 Reflects the six month portion of the TTG Advisers’ voluntary waiver of $150,000 of expenses for the 2016 and 2015 fiscal years, that the Company would otherwise be obligated to reimburse TTG Advisers under the Advisory Agreement (the “Voluntary Waiver”).  Please see Note 10 “Management” for more information.

 

3 Reflects TTG Advisers’ voluntary waiver of 0.50% of the management fee for the six months ended April 30, 2016.  Please see Note 10 “Management” for more information.

 

4 Reflects TTG Advisers’ voluntary waiver of the incentive fee associated with pre-incentive fee net operating income for the six months ended April 30, 2016.  Please see Note 10 “Management” for more information.

 

5 Please see Note 13 “Dividends and Distributions to Shareholders and Share Repurchase Program” for more information.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4



Table of Contents

 

MVC Capital, Inc.

Consolidated Statements of Operations

(Unaudited)

 

 

 

For the Quarter

 

For the Quarter

 

 

 

February 1, 2016 to

 

February 1, 2015 to

 

 

 

April 30, 2016

 

April 30, 2015

 

Operating Income:

 

 

 

 

 

Dividend income

 

 

 

 

 

Non-control/Non-affiliated investments

 

$

 

$

185

 

Affiliate investments

 

10,000,000

 

 

Total dividend income

 

10,000,000

 

185

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

Non-control/Non-affiliated investments

 

2,971,995

 

3,172,113

 

Affiliate investments

 

562,011

 

317,519

 

Control investments

 

83,091

 

84,286

 

Total interest income

 

3,617,097

 

3,573,918

 

 

 

 

 

 

 

Payment-in-kind/Deferred interest income

 

 

 

 

 

Non-control/Non-affiliated investments

 

1,434,660

 

1,145,893

 

Affiliate investments

 

167,964

 

30,591

 

Control investments

 

38,418

 

37,993

 

Total payment-in-kind/Deferred interest income

 

1,641,042

 

1,214,477

 

 

 

 

 

 

 

Fee income

 

 

 

 

 

Non-control/Non-affiliated investments

 

14,546

 

 

Affiliate investments

 

182,500

 

179,666

 

Control investments

 

37,500

 

80,751

 

Total fee income

 

234,546

 

260,417

 

 

 

 

 

 

 

Fee income - Asset Management 1

 

 

 

 

 

Portfolio fees

 

248,415

 

249,625

 

Management fees

 

114,573

 

(24,945

)

Total fee income - Asset Management

 

362,988

 

224,680

 

 

 

 

 

 

 

Total operating income

 

15,855,673

 

5,273,677

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

Interest and other borrowing costs

 

2,497,428

 

2,615,820

 

Management fee

 

1,958,047

 

2,065,942

 

Net incentive compensation (Note 11)

 

1,135,039

 

(3,462,232

)

Legal fees

 

419,056

 

408,000

 

Consulting fees

 

356,851

 

111,051

 

Portfolio fees - Asset Management 1

 

186,311

 

187,219

 

Other expenses

 

120,922

 

313,827

 

Directors’ fees

 

105,000

 

105,000

 

Management fee - Asset Management 1

 

85,929

 

(18,709

)

Insurance

 

72,300

 

85,920

 

Administration

 

49,723

 

59,260

 

Public relations fees

 

44,000

 

45,500

 

Printing and postage

 

5,527

 

22,480

 

Audit & tax preparation fees

 

 

176,000

 

 

 

 

 

 

 

Total operating expenses

 

7,036,133

 

2,715,078

 

 

 

 

 

 

 

Less: Voluntary expense waiver by Adviser 2

 

(37,500

)

(37,500

)

Less: Voluntary management fee waiver by Adviser 3

 

(489,512

)

 

Less: Voluntary incentive fee waiver by Adviser 4

 

(1,000,000

)

 

 

 

 

 

 

 

Total waivers

 

(1,527,012

)

(37,500

)

 

 

 

 

 

 

Net operating income before taxes

 

10,346,552

 

2,596,099

 

 

 

 

 

 

 

Tax Expenses:

 

 

 

 

 

Current tax expense

 

439

 

439

 

 

 

 

 

 

 

Total tax expense

 

439

 

439

 

 

 

 

 

 

 

Net operating income

 

10,346,113

 

2,595,660

 

 

 

 

 

 

 

Net Realized and Unrealized Gain (Loss) on Investments:

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

 

 

 

U.S. Treasury obligations

 

 

182,187

 

Non-control/Non-affiliated investments

 

 

(2,165,378

)

Affiliate investments

 

24,854

 

 

Control investments

 

177,205

 

 

 

 

 

 

 

 

Total net realized gain (loss) on investments

 

202,059

 

(1,983,191

)

 

 

 

 

 

 

Net unrealized depreciation on investments

 

(4,501,823

)

(12,425,387

)

 

 

 

 

 

 

Net realized and unrealized loss on investments

 

(4,299,764

)

(14,408,578

)

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

6,046,349

 

$

(11,812,918

)

 

 

 

 

 

 

Net increase (decrease) in net assets per share resulting from operations

 

$

0.26

 

$

(0.52

)

 

 

 

 

 

 

Dividends declared per share

 

$

0.135

 

$

0.135

 

 

 

 

 

 

 

Weighted average number of shares outstanding5

 

22,702,821

 

22,702,821

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 


1 These items are related to the management of the MVC Private Equity Fund, L.P. (“PE Fund”).  Please see Note 10 “Management” for more information.

 

Reflects the quarterly portion of the TTG Advisers’ voluntary waiver of $150,000 of expenses for the 2016 and 2015 fiscal years, that the Company would otherwise be obligated to reimburse TTG Advisers under the Advisory Agreement (the “Voluntary Waiver”).  Please see Note 10 “Management” for more information.

 

Reflects TTG Advisers’ voluntary waiver of 0.50% of the management fee for the fiscal quarter ended April 30, 2016.  Please see Note 10 “Management” for more information.

 

4 Reflects TTG Advisers’ voluntary waiver of the incentive fee associated with pre-incentive fee net operating income for the fiscal quarter ended April 30, 2016.  Please see Note 10 “Management” for more information.

 

5 Please see Note 13 “Dividends and Distributions to Shareholders and Share Repurchase Program” for more information.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5



Table of Contents

 

MVC Capital, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the Six Month Period

 

For the Six Month Period

 

 

 

November 1, 2015 to

 

November 1, 2014 to

 

 

 

April 30, 2016

 

April 30, 2015

 

Cash flows from Operating Activities:

 

 

 

 

 

Net decrease (increase) in net assets resulting from operations

 

$

1,055,040

 

$

(21,556,119

)

Adjustments to reconcile net decrease (increase) in net assets resulting from operations to net cash used in operating activities:

 

 

 

 

 

Net realized loss

 

39,356,458

 

2,120,945

 

Net change in unrealized (appreciation) depreciation

 

(25,067,972

)

23,229,991

 

Amortization of discounts and fees

 

(398

)

(67,281

)

Increase in accrued payment-in-kind dividends and interest

 

(4,832,830

)

(938,784

)

Amortization of deferred financing fees

 

514,789

 

159,990

 

Changes in operating assets and liabilities:

 

 

 

 

 

Restricted cash

 

499,857

 

 

Restricted cash equivalents

 

5,503,000

 

 

Dividends, interest and fees receivable

 

2,384,867

 

(1,558,849

)

Fee and other receivables

 

269,885

 

658,447

 

U.S. Treasury obligations receivables

 

 

(95,061,588

)

Escrow receivables, net of reserves

 

(8,577,755

)

 

Prepaid expenses

 

27,470

 

36,942

 

Incentive compensation (Note 11)

 

(2,094,949

)

(5,581,800

)

Other liabilities

 

(1,099,668

)

(189,522

)

Purchases of equity investments

 

(1,992,242

)

 

Purchases of debt instruments

 

(25,973,805

)

(39,851,907

)

Purchases of U.S. Treasury Obligations

 

(84,895,819

)

(194,199,016

)

Proceeds from equity investments

 

36,621,814

 

388,406

 

Proceeds from debt instruments

 

10,799,150

 

28,630,651

 

Sales/maturities of U.S. Treasury Obligations

 

139,662,416

 

294,244,212

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

82,159,308

 

(9,535,282

)

 

 

 

 

 

 

Cash flows from Financing Activities:

 

 

 

 

 

Borrowings from revolving credit facility

 

99,300,000

 

195,000,000

 

Repayments from revolving credit facility

 

(154,300,000

)

(200,000,000

)

Borrowings from bridge loan

 

 

15,882,481

 

Repayments from bridge loan

 

(8,000,000

)

(3,500,000

)

Share exchange

 

 

(3,714

)

Financing fees paid

 

(1,792,058

)

 

Distributions paid to shareholders

 

(9,989,241

)

(6,129,762

)

 

 

 

 

 

 

Net cash (used in ) provided by financing activities

 

(74,781,299

)

1,249,005

 

 

 

 

 

 

 

Net change in cash and cash equivalents for the period

 

7,378,009

 

(8,286,277

)

 

 

 

 

 

 

Unrestricted and restricted cash and cash equivalents, beginning of period

 

$

10,311,567

 

$

23,437,964

 

 

 

 

 

 

 

Unrestricted and restricted cash and cash equivalents, end of period

 

$

17,689,576

 

$

15,151,687

 

 

During the six month period ended April 30, 2016 and 2015 MVC Capital, Inc. paid $4,315,163 and $4,557,783 in interest expense, respectively.

 

During the six month period ended April 30, 2016 and 2015 MVC Capital, Inc. paid $641 and $1,420 in income taxes, respectively.

 

Non-cash activity:

 

During the six month period ended April 30, 2016 and 2015, the Company recorded payment in-kind dividend and interest of $4,832,830 and $938,784, respectively. This amount was added to the principal balance of the investments and recorded as dividend/interest income.

 

On April 20, 2015, Biovation Acquisition Corp., a newly formed entity by the Company, credit purchased the assets of Biovation Holdings, Inc. in exchange for the majority of the economic ownership.  The company received 90 shares of Class B non-voting common stock of Biovation Acquisition Corp.

 

On December 24, 2015, as part of Inland’s restructuring, the Company received a $6.0 million senior secured loan from MVC Environmental, Inc. and received 950 common shares in MVC Environmental, Inc.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6



Table of Contents

 

MVC Capital, Inc.

Consolidated Statements of Changes in Net Assets

 

 

 

For the Six Month Period

 

For the Six Month Period

 

 

 

 

 

November 1, 2015 to

 

November 1, 2014 to

 

For the Year Ended

 

 

 

April 30, 2016

 

April 30, 2015

 

October 31, 2015

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

Operations:

 

 

 

 

 

 

 

Net operating income

 

$

15,343,526

 

$

3,794,817

 

$

9,296,816

 

Net realized (loss) gain on investments

 

(39,356,458

)

(2,120,945

)

3,700,260

 

Net change in unrealized appreciation (depreciation) on investments

 

25,067,972

 

(23,229,991

)

(50,557,496

)

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets from operations

 

1,055,040

 

(21,556,119

)

(37,560,420

)

 

 

 

 

 

 

 

 

Shareholder Distributions from:

 

 

 

 

 

 

 

Income

 

(9,989,241

)

(3,794,817

)

(9,296,816

)

Realized gain

 

 

 

(2,962,708

)

Return of capital

 

 

(2,334,945

)

 

 

 

 

 

 

 

 

 

Net decrease in net assets from shareholder distributions

 

(9,989,241

)

(6,129,762

)

(12,259,524

)

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

Provision for share exchange

 

 

(3,714

)

(7,427

)

 

 

 

 

 

 

 

 

Net decrease in net assets from capital share transactions

 

 

(3,714

)

(7,427

)

 

 

 

 

 

 

 

 

Total decrease in net assets

 

(8,934,201

)

(27,689,595

)

(49,827,371

)

 

 

 

 

 

 

 

 

Net assets, beginning of period/year

 

294,075,587

 

343,902,958

 

343,902,958

 

 

 

 

 

 

 

 

 

Net assets, end of period/year

 

$

285,141,386

 

$

316,213,363

 

$

294,075,587

 

 

 

 

 

 

 

 

 

Common shares outstanding, end of period/year

 

22,702,821

 

22,702,821

 

22,702,821

 

 

 

 

 

 

 

 

 

Undistributed net operating income

 

$

5,354,285

 

$

 

$

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

7



Table of Contents

 

MVC Capital, Inc.

Consolidated Selected Per Share Data and Ratios

 

 

 

For the Six Month Period

 

For the Six Month Period

 

For the

 

 

 

November 1, 2015 to

 

November 1, 2014 to

 

Year Ended

 

 

 

April 30, 2016

 

April 30, 2015

 

October 31, 2015

 

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period/year

 

$

12.95

 

$

15.15

 

$

15.15

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

Net operating income

 

0.68

 

0.17

 

0.41

 

Net realized and unrealized loss on investments

 

(0.63

)

(1.12

)

(2.07

)

 

 

 

 

 

 

 

 

Net income (loss) from investment operations

 

0.05

 

(0.95

)

(1.66

)

 

 

 

 

 

 

 

 

Less distributions from:

 

 

 

 

 

 

 

Income

 

(0.44

)

(0.17

)

(0.41

)

Realized gain

 

 

 

(0.13

)

Return of capital

 

 

(0.10

)

 

 

 

 

 

 

 

 

 

Total distributions

 

(0.44

)

(0.27

)

(0.54

)

 

 

 

 

 

 

 

 

Net asset value, end of period/year

 

$

12.56

 

$

13.93

 

$

12.95

 

 

 

 

 

 

 

 

 

Market value, end of period/year

 

$

7.43

 

$

9.70

 

$

8.32

 

 

 

 

 

 

 

 

 

Market discount

 

(40.84

)%

(30.37

)%

(35.75

)%

 

 

 

 

 

 

 

 

Total Return - At NAV (a)

 

0.44

%(d)

(6.30

)%(d)

(11.08

)%

 

 

 

 

 

 

 

 

Total Return - At Market (a)

 

(5.33

)%(d)

(11.49

)%(d)

(21.85

)%

 

 

 

 

 

 

 

 

Ratios and Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover ratio

 

8.70

%(d)

6.54

%(d)

15.19

%

 

 

 

 

 

 

 

 

Net assets, end of period/year (in thousands)

 

$

285,142

 

$

316,213

 

$

294,076

 

 

 

 

 

 

 

 

 

Ratios to average net assets:

 

 

 

 

 

 

 

Expenses including tax expense

 

6.02

%(c)

3.87

%(c)

4.54

%

Expenses excluding tax expense

 

6.02

%(c)

3.87

%(c)

4.54

%

 

 

 

 

 

 

 

 

Net operating income before tax expense

 

10.75

%(c)

2.32

%(c)

2.93

%

Net operating income after tax expense

 

10.75

%(c)

2.32

%(c)

2.93

%

 

 

 

 

 

 

 

 

Ratios to average net assets excluding waivers:

 

 

 

 

 

 

 

Expenses including tax expense

 

7.47

%(c)

3.91

%(c)

4.59

%

Expenses excluding tax expense

 

7.47

%(c)

3.91

%(c)

4.59

%

 

 

 

 

 

 

 

 

Net operating income before tax expense

 

9.31

%(c)

2.27

%(c)

2.89

%

Net operating income after tax expense

 

9.31

%(c)

2.27

%(c)

2.89

%

 


(a) Total annual return is historical and assumes changes in share price, reinvestments of all dividends and distributions, and no sales charge for the period/year.

 

(b) Supplemental Ratio information

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to average net assets: (b)

 

 

 

 

 

 

 

Expenses excluding incentive compensation

 

6.79

%(c)

7.28

%(c)

7.62

%

Expenses excluding incentive compensation, interest and other borrowing costs

 

3.20

%(c)

4.18

%(c)

4.39

%

 

 

 

 

 

 

 

 

Net operating income (loss) before incentive compensation

 

9.98

%(c)

(1.09

)%(c)

(0.15

)%

Net operating income before incentive compensation, interest and other borrowing costs

 

13.57

%(c)

2.01

%(c)

3.08

%

 

 

 

 

 

 

 

 

Ratios to average net assets excluding waivers: (b)

 

 

 

 

 

 

 

Expenses excluding incentive compensation

 

8.24

%(c)

7.32

%(c)

7.67

%

Expenses excluding incentive compensation, interest and other borrowing costs

 

4.65

%(c)

4.22

%(c)

4.44

%

 

 

 

 

 

 

 

 

Net operating income (loss) before incentive compensation

 

8.54

%(c)

(1.14

)%(c)

(0.19

)%

Net operating income before incentive compensation, interest and other borrowing costs

 

12.13

%(c)

1.96

%(c)

3.04

%

 

(c) Annualized.

 

 

 

 

 

 

 

(d) Non- Annualized.

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

8



Table of Contents

 

MVC Capital, Inc.

Consolidated Schedule of Investments

April 30, 2016

(Unaudited)

 

Company

 

Industry

 

Investment

 

Principal

 

Cost

 

Fair Value/Market Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliated investments- 48.62% (a, c, f, g)

 

 

 

 

 

 

 

 

 

 

 

Actelis Networks, Inc.

 

Technology Investment

 

Preferred Stock (150,602 shares) (d, i)

 

 

 

$

5,000,003

 

 

Agri-Carriers Group, Inc.

 

Transportation

 

Senior Subordinated Debt 12.0000% Cash, 3.0000% Deferred, 07/20/2017 (l)

 

$

11,774,486

 

13,004,084

 

$

12,970,209

 

Biogenic Reagents

 

Renewable Energy

 

Senior Note 12.0000% Cash, 4.0000% PIK, 07/21/2018 (b, l)

 

5,574,648

 

5,574,648

 

5,559,301

 

 

 

 

 

Senior Convertible Note 12.0000% Cash, 4.0000% PIK, 07/21/2018 (b, l)

 

5,017,183

 

5,017,183

 

5,039,888

 

 

 

 

 

Senior Note 12.0000% Cash, 4.0000% PIK, 05/31/2016 (b, l)

 

4,250,291

 

4,250,291

 

4,250,291

 

 

 

 

 

Senior Subordinated Debt 12.0000% Cash, 4.0000% PIK, 05/31/2016 (b, l)

 

1,030,188

 

1,030,188

 

1,030,188

 

 

 

 

 

Warrants (d)

 

2

 

620,077

 

1,548,652

 

 

 

 

 

 

 

 

 

16,492,387

 

17,428,320

 

Biovation Acquisition Co.

 

Manufacturer of Laminate Material and Composites

 

Common Stock (90 shares) (d)

 

 

 

784,622

 

425,773

 

Custom Alloy Corporation

 

Manufacturer of Pipe Fittings and Forgings

 

Second Lien Loan 4.5000% Cash, 5.5000% PIK, 04/30/2020 (b, l)

 

24,105,530

 

24,105,530

 

20,570,594

 

 

 

 

 

Unsecured Subordinated Loan 12.0000% Cash, 03/31/2018 (l)

 

3,000,000

 

3,000,000

 

2,510,862

 

 

 

 

 

 

 

 

 

27,105,530

 

23,081,456

 

Dukane IAS, LLC

 

Welding Equipment Manufacturer

 

Second Lien Note 10.5000% Cash, 2.5000% PIK, 11/16/2020 (b, l)

 

7,021,389

 

7,021,389

 

7,021,389

 

FOLIOfn, Inc.

 

Technology Investment - Financial Services

 

Preferred Stock (5,802,259 shares) (d, i)

 

 

 

15,000,000

 

5,376,200

 

G3K Display, Inc.

 

Retail Store Fixtures

 

Senior Lien Loan 13.0000% Cash, 04/11/2019 (h)

 

5,625,000

 

5,625,000

 

 

 

 

 

 

Warrants (d)

 

1

 

 

 

 

 

 

 

 

 

 

 

5,625,000

 

 

Initials, Inc.

 

Consumer Products

 

Senior Subordinated Debt 12.0000% Cash, 3.0000% PIK, 06/22/2020 (b, l)

 

4,750,000

 

4,750,000

 

4,752,095

 

Legal Solutions Holdings, Inc.

 

Business Services

 

Senior Subordinated Debt 12.0000% Cash, 2.0000% Deferred, 09/12/2018 (l)

 

10,205,000

 

10,686,603

 

10,274,894

 

MainStream Data, Inc.

 

Technology Investment

 

Common Stock (5,786 shares) (d, i)

 

 

 

3,750,000

 

 

Morey’s Seafood International, LLC

 

Food Services

 

Second Lien Loan 6.0000% Cash, 9.0000% PIK, 08/12/2018 (b, l)

 

16,785,792

 

16,785,792

 

14,014,284

 

NPWT Corporation

 

Medical Device Manufacturer

 

Series B Common Stock (281 shares) (d)

 

 

 

1,231,638

 

2,000

 

 

 

 

 

Series A Convertible Preferred Stock (5,000 shares) (d)

 

 

 

 

40,000

 

 

 

 

 

 

 

 

 

1,231,638

 

42,000

 

Pride Engineering, LLC

 

Manufacturer of Equipment Components

 

Second Lien Note 12.0000% Cash, 05/08/2021 (l)

 

5,135,000

 

5,135,000

 

5,135,000

 

Quantum Plastics, LLC

 

Manufacturer of Plastic Parts

 

Senior Subordinated Debt 12.0000% Cash, 03/10/2021 (l)

 

10,000,000

 

9,618,119

 

9,618,119

 

 

 

 

 

Warrants (d)

 

1

 

392,792

 

392,792

 

 

 

 

 

 

 

 

 

10,010,911

 

10,010,911

 

RX Innovation, Inc.

 

Software

 

Senior Subordinated Debt 12.0000% Cash, 4.0000% Deferred, 03/01/2017 (l)

 

10,300,000

 

11,745,545

 

11,971,934

 

Thunderdome Restaurants, LLC

 

Restaurants

 

Second Lien Loan, 12.0000% Cash, 06/10/2020 (l)

 

3,000,000

 

3,000,000

 

3,000,000

 

U.S. Spray Drying Holding Company

 

Specialty Chemicals

 

Class B Common Stock (784 shares) (d)

 

 

 

5,488,000

 

6,625,000

 

 

 

 

 

Secured Loan 12.0000% Cash, 05/02/2019 (l)

 

1,500,000

 

1,500,000

 

1,500,000

 

 

 

 

 

 

 

 

 

6,988,000

 

8,125,000

 

United States Technologies, Inc.

 

Electronics Manufacturing and Repair

 

Senior Lien Loan 10.5000% Cash, 07/17/2020 (l)

 

5,000,000

 

5,000,000

 

5,000,000

 

Sub Total Non-control/Non-affiliated investments

 

 

 

 

 

 

 

169,116,504

 

138,629,465

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate investments - 59.29% (a, c, f, g)

 

 

 

 

 

 

 

 

 

 

 

Advantage Insurance Holdings LTD

 

Insurance

 

Preferred Stock (750,000 shares) (d, e)

 

 

 

7,500,000

 

7,948,363

 

Centile Holdings B.V.

 

Software

 

Common Equity Interest (d, e)

 

 

 

3,524,376

 

5,446,000

 

JSC Tekers Holdings

 

Real Estate Management

 

Common Stock (3,201 shares) (d, e)

 

 

 

4,500

 

 

 

 

 

 

Preferred Stock (9,159,085 shares) (d, e)

 

 

 

11,810,188

 

4,881,000

 

 

 

 

 

 

 

 

 

11,814,688

 

4,881,000

 

MVC Environmental, Inc.

 

Environmental Services

 

Senior Secured Loan 9.0000% PIK, 12/22/2020 (b, l)

 

6,146,466

 

6,146,466

 

6,146,466

 

 

 

 

 

Common Stock (950 shares) (d)

 

 

 

3,081,000

 

3,043,000

 

 

 

 

 

 

 

 

 

9,227,466

 

9,189,466

 

Security Holdings B.V.

 

Electrical Engineering

 

Common Equity Interest (d, e)

 

 

 

52,846,140

 

41,571,000

 

SGDA Europe B.V.

 

Environmental Services

 

Common Equity Interest (d, e)

 

 

 

28,544,800

 

2,863,000

 

U.S. Gas & Electric, Inc.

 

Energy Services

 

Second Lien Loan, 13.0000% Cash, 07/01/2019 (l)

 

7,500,000

 

7,500,000

 

7,500,000

 

 

 

 

 

Unsecured Loan 10.0000% Cash, 4.0000% PIK , 07/01/2018 (b, l)

 

3,232,168

 

3,232,168

 

3,232,168

 

 

 

 

 

Convertible Series I Preferred Stock (32,200 shares) (d, k, n)

 

 

 

500,000

 

79,767,607

 

 

 

 

 

Convertible Series J Preferred Stock (8,216 shares) (d, n)

 

 

 

 

 

 

 

 

 

 

 

 

 

11,232,168

 

90,499,775

 

Vestal Manufacturing Enterprises, Inc.

 

Iron Foundries

 

Senior Subordinated Debt 12.0000% Cash, 3.0000% PIK , 11/28/2021 (b, l)

 

6,411,910

 

6,411,910

 

6,411,910

 

 

 

 

 

Common Stock (5,610 shares) (d)

 

 

 

250,000

 

250,000

 

 

 

 

 

Warrants (d)

 

5,303

 

 

 

 

 

 

 

 

 

 

 

6,661,910

 

6,661,910

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub Total Affiliate investments

 

 

 

 

 

 

 

131,351,548

 

169,060,514

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

9



Table of Contents

 

MVC Capital, Inc.

Consolidated Schedule of Investments - (Continued)

April 30, 2016

(Unaudited)

 

Company

 

Industry

 

Investment

 

Principal

 

Cost

 

Fair Value/Market Value

 

Control investments - 22.52% (c, f, g)

 

 

 

 

 

 

 

 

 

 

 

Equus Total Return, Inc.

 

Registered Investment Company

 

Common Stock (4,444,644 shares) (d, l)

 

 

 

$

10,030,272

 

$

7,911,466

 

MVC Automotive Group GmbH

 

Automotive Dealerships

 

Common Equity Interest (a, d, e)

 

 

 

50,057,288

 

14,518,000

 

MVC Private Equity Fund LP

 

Private Equity

 

Limited Partnership Interest (a, d, j, l)

 

 

 

13,838,539

 

23,609,117

 

 

 

 

 

General Partnership Interest (a, d, j, l)

 

 

 

353,024

 

592,967

 

 

 

 

 

 

 

 

 

14,191,563

 

24,202,084

 

RuMe Inc.

 

Consumer Products

 

Common Stock (5,297,548 shares) (a, d)

 

 

 

924,475

 

780,000

 

 

 

 

 

Series C Preferred Stock (23,896,634 shares) (a, d)

 

 

 

3,410,694

 

6,895,000

 

 

 

 

 

Series B-1 Preferred Stock (4,999,076 shares) (a, d)

 

 

 

999,815

 

2,175,000

 

 

 

 

 

 

 

 

 

5,334,984

 

9,850,000

 

SIA Tekers Invest

 

Port Facilities

 

Common Stock (68,800 shares) (a, d, e)

 

 

 

2,300,000

 

41,000

 

Turf Products, LLC

 

Distributor - Landscaping and

 

Senior Subordinated Debt 7.0000% Cash, 4.0000% PIK, 11/01/2018 (a, b, l)

 

$

3,895,262

 

3,895,262

 

3,743,648

 

 

 

Irrigation Equipment

 

Limited Liability Company Interest (a, d)

 

 

 

3,535,694

 

3,991,794

 

 

 

 

 

Guarantee (a, d)

 

1

 

 

(28,161

)

 

 

 

 

Warrants (a, d)

 

150

 

 

 

 

 

 

 

 

 

 

 

7,430,956

 

7,707,281

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub Total Control investments

 

 

 

 

 

 

 

89,345,063

 

64,229,831

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PORTFOLIO INVESTMENTS - 130.43% (f)

 

 

 

 

 

 

 

$

389,813,115

 

$

371,919,810

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury obligations - 12.26% (f, g)

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Obligations

 

U.S. Government Securities

 

1.2500% Cash, 03/31/2021 (m)

 

$

35,014,000

 

$

34,964,816

 

$

34,960,674

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub Total U.S. Treasury obligations

 

 

 

 

 

 

 

$

34,964,816

 

$

34,960,674

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and restricted cash equivalents - 0.51% (f, g)

 

 

 

 

 

 

 

 

 

Fidelity Institutional Government Money Market Fund

 

Money Market Fund

 

Beneficial Shares (1,454,465 shares)

 

 

 

1,454,465

 

1,454,465

 

Total Cash equivalents and restricted cash equivalents

 

 

 

 

 

 

 

1,454,465

 

1,454,465

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT ASSETS - 143.20% (f)

 

 

 

 

 

 

 

$

426,232,396

 

$

408,334,949

 

 


(a) These securities are restricted from public sale without prior registration under the Securities Act of 1933.  The Company negotiates certain aspects of the method and timing of the disposition of these investments, including registration, rights and related costs.

 

(b) These securities accrue a portion of their interest/dividends in “payment in kind” interest/dividends which is capitalized to the investment.

 

(c) All of the Company’s equity and debt investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, except MVC Automotive Group GmbH, Security Holdings B.V., SGDA Europe B.V., SIA Tekers Invest, JSC Tekers Holdings, Centile Holdings B.V., Equus Total Return, Inc., MVC Private Equity Fund L.P., and Advantage Insurance LTD. The Company makes available significant managerial assistance to all of the portfolio companies in which it has invested.

 

(d) Non-income producing assets.

 

(e) The principal operations of these portfolio companies are located in Europe and Cayman Islands and represents approximately 27% of the net assets.  The remaining portfolio companies are located in North America, which represents approximately 103% of the net assets.

 

(f) Percentages are based on net assets of $285,141,825 as of April 30, 2016.

 

(g) See Note 3 for further information regarding “Investment Classification.”

 

(h) All or a portion of the accrued interest on these securities have been reserved .

 

(i) Legacy Investments.

 

(j) MVC Private Equity Fund, LP is a private equity fund focused on control equity investments in the lower middle market.  The fund currently holds five investments, four located in the United States and one in Gibraltar, the investments are in the energy, services, contract manufacturing, and industrial sectors.  The Company’s proportional share of the AccuMed Corp. preferred stock, Plymouth Rock Energy membership interest and loan and the Gibdock Limited equity interest is $6,466,956, $7,595,073 and $5,356,116, respectively.

 

(k) Upon a liquidity event, the Company may receive additional ownership in U.S. Gas & Electric, Inc.

 

(l) All or a portion of these securities may serve as collateral for the Santander Credit Facility.

 

(m) All or a portion of these securities may serve as collateral for the BB&T Credit Facility.

 

(n) All or a portion of these securities may serve as collateral for the Macquarie Energy trade supple credit facility

 

PIK - Payment-in-kind

 

- Denotes zero cost or fair value.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

10



Table of Contents

 

MVC Capital, Inc.

Consolidated Schedule of Investments

October 31, 2015

 

Company

 

Industry

 

Investment

 

Principal

 

Cost

 

Fair Value/Market Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-control/Non-affiliated investments- 44.67% (a, c, f, g)

 

 

 

 

 

 

 

 

 

Actelis Networks, Inc.

 

Technology Investment

 

Preferred Stock (150,602 shares) (d, i)

 

 

 

$

5,000,003

 

 

Agri-Carriers Group, Inc.

 

Transportation

 

Senior Subordinated Debt 12.0000% Cash, 3.0000% Deferred, 07/20/2017 (l, m)

 

$

11,774,486

 

11,787,114

 

$

11,774,486

 

Biogenic Reagents

 

Renewable energy

 

Senior Note 12.0000% Cash, 4.0000% PIK, 07/21/2018 (b, l)

 

5,463,002

 

5,463,002

 

5,463,002

 

 

 

 

 

Senior Convertible Note 12.0000% Cash, 4.0000% PIK, 07/21/2018 (b, l)

 

4,916,702

 

4,916,702

 

4,983,082

 

 

 

 

 

Senior Note 12.0000% Cash, 4.0000% PIK, 02/29/2016 (b, l)

 

4,165,169

 

4,165,169

 

4,165,169

 

 

 

 

 

Senior Subordinated Debt 12.0000% Cash, 4.0000% PIK, 02/29/2016 (b, l)

 

1,009,556

 

1,009,556

 

1,009,556

 

 

 

 

 

Warrants (d)

 

2

 

620,077

 

1,660,689

 

 

 

 

 

 

 

 

 

16,174,506

 

17,281,498

 

Biovation Acquisition Co.

 

Manufacturer of Laminate Material and Composites

 

Common Stock (90 shares) (d)

 

 

 

784,622

 

555,869

 

Biovation Holdings, Inc.

 

Manufacturer of Laminate Material and Composites

 

Bridge Loan 6.0000% Cash, 6.0000% PIK, 10/31/2014 (b, h)

 

1,079,325

 

1,079,325

 

 

 

 

 

 

Warrants (d)

 

3

 

397,677

 

 

 

 

 

 

 

 

 

 

1,477,002

 

 

Custom Alloy Corporation

 

Manufacturer of Pipe Fittings and Forgings

 

Second Lien Loan 7.3000% Cash, 3.7000% PIK, 04/30/2020 (b, l)

 

23,791,903

 

23,791,903

 

23,638,469

 

 

 

 

 

Unsecured Subordinated Loan 12.0000% Cash, 09/04/2016 (l)

 

3,000,000

 

3,000,000

 

3,000,000

 

 

 

 

 

 

 

 

 

26,791,903

 

26,638,469

 

FOLIOfn, Inc.

 

Technology Investment - Financial Services

 

Preferred Stock (5,802,259 shares) (d, i)

 

 

 

15,000,000

 

5,596,000

 

G3K Display, Inc.

 

Retail Store Fixtures

 

Senior Lien Loan 13.0000% Cash, 04/11/2019 (h)

 

5,625,000

 

5,625,000

 

 

 

 

 

 

Warrants (d)

 

1