| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 7 | | | |
| | | | | 9 | | | |
| | | | | 11 | | | |
| | | | | 11 | | | |
| | | | | 12 | | | |
| | | | | 13 | | | |
| | | | | 14 | | | |
| | | | | 14 | | | |
| | | | | 14 | | | |
| | | | | 15 | | | |
| | | | | 15 | | | |
| | | | | 16 | | | |
| | | | | 16 | | | |
| | | | | 18 | | | |
| | | | | 19 | | | |
| | | | | 19 | | | |
| | | | | 20 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| | | | | 21 | | | |
| | | | | 22 | | | |
| | | | | 23 | | | |
| | | | | 23 | | | |
| | | | | 24 | | | |
| | | | | 26 | | | |
| | | | | 26 | | | |
| | | | | 26 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 27 | | | |
| | | | | 28 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | |
|
Class I
(To Serve Until the Annual Meeting of Stockholders in 2021) |
| |
Class II
(To Serve Until the Annual Meeting of Stockholders in 2022) |
| |
Class III
(To Serve Until the Annual Meeting of Stockholders in 2023) |
|
|
Richard J. Byrne
|
| |
Edward G. Rendell(2)(3)
|
| |
Ronald J. Kramer(1)(3)
|
|
|
Lee S. Hillman(1)(2)
|
| |
Dennis M. Schaney(2)(3)
|
| |
Leslie D. Michelson(1)(3)
|
|
|
Name, Address and Age(1)
|
| |
Position(s)
Held with the Company |
| |
Term of
Office and Length of Time Served |
| |
Principal
Occupation(s) During Past 5 Years |
| |
Number of
Portfolios in Fund Complex(2) Overseen by Director |
| |
Other Directorships
Held by Director or Nominee for Director During the Past 5 Years |
|
|
Richard J. Byrne (60)(1)
|
| | Chairman, Chief Executive Officer and President | | | Director since November 2016, Term Expires 2021 | | | President of Benefit Street Partners L.L.C. | | | Two | | | Franklin BSP Capital Corporation (“FBCC”), Benefit Street Partners Realty Trust, Broadtree Residential, Inc., Broadstone Real Estate Access Fund, Wynn Resorts, Limited and MFA Financial, Inc. | |
| Lee S. Hillman (65)(1) | | | Independent Director; Audit Committee Chair | | | Director since February 2017, Term Expires 2021 | | | President of Liberation Advisory Group, Chief Executive Officer of Performance Health Systems, LLC | | | Two | | | FBCC, Lawson Products, Inc., HC2 Holdings, Inc., Adelphia Recovery Trust and Broadtree Residential, Inc. | |
|
Name, Address and Age(1)
|
| |
Position(s)
Held with the Company |
| |
Term of
Office and Length of Time Served |
| |
Principal
Occupation(s) During Past 5 Years |
| |
Number of
Portfolios in Fund Complex(2) Overseen by Director |
| |
Other Directorships
Held by Director or Nominee for Director During the Past 5 Years |
|
| Ronald J. Kramer (62)(1) | | | Independent Director; Nominating and Corporate Governance Committee Chair | | | Director since October 2016, Term Expires 2023 | | | Chief Executive Officer of Griffon Corporation | | | Two | | | FBCC, Griffon Corporation | |
|
Leslie D. Michelson (70)(1)
|
| | Lead Independent Director | | | Director since January 2011, Term Expires 2023 | | | Chairman and chief executive officer of Private Health Management | | | Two | | | FBCC | |
|
Edward G. Rendell (77)(1)
|
| |
Compensation Committee Chair
Independent Director
|
| | Director since January 2011, Term Expires 2022 | | | Special Counsel at Ballard Spahr | | | Two | | | FBCC | |
|
Name, Address and Age(1)
|
| |
Position(s)
Held with the Company |
| |
Term of
Office and Length of Time Served |
| |
Principal
Occupation(s) During Past 5 Years |
| |
Number of
Portfolios in Fund Complex(2) Overseen by Director |
| |
Other Directorships
Held by Director or Nominee for Director During the Past 5 Years |
|
|
Dennis M. Schaney (64)(1)
|
| | Independent Director | | | Director since February 2017, Term Expires 2022 | | | Retired | | | Two | | | FBCC | |
Name
|
| |
Aggregate
compensation from the Company |
| |
Pension or
retirement benefits accrued as part of our expense(1) |
| |
Total paid
to director from the Company |
| |
Total paid
to director from the Fund Complex |
| ||||||||||||
Richard J. Byrne(2)
|
| | | | None | | | | | | None | | | | | | None | | | | | | None | | |
Lee S. Hillman
|
| | | $ | 203,000 | | | | | | None | | | | | $ | 203,000 | | | | | $ | 203,000 | | |
Dennis M. Schaney
|
| | | $ | 177,500 | | | | | | None | | | | | $ | 177,500 | | | | | $ | 177,500 | | |
Ronald J. Kramer
|
| | | $ | 194,000 | | | | | | None | | | | | $ | 194,000 | | | | | $ | 194,000 | | |
Leslie D. Michelson
|
| | | $ | 209,000 | | | | | | None | | | | | $ | 209,000 | | | | | $ | 209,000 | | |
Edward G. Rendell
|
| | | $ | 190,000 | | | | | | None | | | | | $ | 190,000 | | | | | $ | 190,000 | | |
Beneficial Owner(1)
|
| |
Number of
Shares Beneficially Owned |
| |
Percentage(2)
|
| ||||||
Interested Directors: | | | | | | | | | | | | | |
Richard J. Byrne
|
| | | | 202,517 | | | | | | * | | |
Independent Directors: | | | | | | | | | | | | | |
Lee S. Hillman
|
| | | | — | | | | | | — | | |
Ronald J. Kramer
|
| | | | — | | | | | | — | | |
Leslie D. Michelson
|
| | | | 13,718 | | | | | | * | | |
Edward G. Rendell
|
| | | | — | | | | | | — | | |
Dennis M. Schaney
|
| | | | — | | | | | | — | | |
Officers (that are not directors): | | | | | | | | | | | | | |
Nina K. Baryski
|
| | | | — | | | | | | — | | |
Leeor P. Avigdor
|
| | | | — | | | | | | — | | |
Guy F. Talarico
|
| | | | — | | | | | | — | | |
All directors and executive officers as a group (9 persons)
|
| | | | 216,235 | | | | | | * | | |
Director of the Company
|
| |
Dollar Range of the Common
Stock of the Company |
| |
Aggregate Dollar Range of the
Common Stock of the Fund Complex(1) |
|
Interested Directors: | | | | | | | |
Richard J. Byrne
|
| |
Over $100,000
|
| |
Over $100,000
|
|
Independent Directors: | | | | | | | |
Lee S. Hillman
|
| |
None
|
| |
None
|
|
Ronald J. Kramer
|
| |
None
|
| |
None
|
|
Leslie D. Michelson
|
| |
$50,001 – $100,000
|
| |
$50,001 – $100,000
|
|
Edward G. Rendell
|
| |
None
|
| |
None
|
|
Dennis M. Schaney
|
| |
None
|
| |
None
|
|
| | | | | | | | |
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 25% Discount |
| |
Example 5 25%
Offering At 100% Discount |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Prior to Sale
Below NAV |
| |
Following
Sale |
| |
% Change
|
| |
Following
Sale |
| |
% Change
|
| |
Following Sale
|
| |
% Change
|
| |
Following
Sale |
| |
% Change
|
| |
Following
Sale |
| |
% Change
|
| |||||||||||||||||||||||||||||||||
Offering Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Price per Share to Public
|
| | | | — | | | | | $ | 10.00 | | | | | | — | | | | | $ | 9.47 | | | | | | — | | | | | $ | 8.42 | | | | | | — | | | | | $ | 7.89 | | | | | | — | | | | | $ | — | | | | | | — | | |
Net Proceeds per Share to Issuer
|
| | | | — | | | | | $ | 9.50 | | | | | | — | | | | | $ | 9.00 | | | | | | — | | | | | $ | 8.00 | | | | | | — | | | | | $ | 7.50 | | | | | | — | | | | | $ | — | | | | | | — | | |
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 | | | | | | | | | | | | | | | | | | | | |
NAV per Share
|
| | | $ | 10.00 | | | | | $ | 9.98 | | | | | | (0.24)% | | | | | $ | 9.91 | | | | | | (0.91)% | | | | | $ | 9.67 | | | | | | (3.33)% | | | | | $ | 9.50 | | | | | | (5.00)% | | | | | $ | 8.00 | | | | | | (20.00)% | | |
Dilution to Stockholder
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares Held by Stockholder A
|
| | | | 10,000 | | | | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | |
Percentage Held by Stockholder A
|
| | | | 1.0% | | | | | | 0.95% | | | | | | (4.76)% | | | | | | 0.91% | | | | | | (9.09)% | | | | | | 0.83% | | | | | | (16.67)% | | | | | | 0.80% | | | | | | (20.00)% | | | | | | 0.80% | | | | | | (20.00)% | | |
Total Asset Values | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total NAV Held by Stockholder A
|
| | | $ | 100,000 | | | | | $ | 99,762 | | | | | | (0.24)% | | | | | $ | 99,091 | | | | | | (0.91)% | | | | | $ | 96,667 | | | | | | (3.33)% | | | | | $ | 95,000 | | | | | | (5.00)% | | | | | $ | 80,000 | | | | | | (20.00)% | | |
Total Investment by Stockholder A (Assumed to be $10.00 per Share)
|
| | | $ | 100,000 | | | | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | | | | | — | | |
Total Dilution to Stockholder A (Total NAV Less Total Investment)
|
| | | | — | | | | | $ | (238) | | | | | | — | | | | | $ | (909) | | | | | | — | | | | | $ | (3,333) | | | | | | — | | | | | $ | (5,000) | | | | | | — | | | | | $ | (20,000) | | | | | | — | | |
Per Share Amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NAV per Share Held by Stockholder A
|
| | | | — | | | | | $ | 9.98 | | | | | | — | | | | | $ | 9.91 | | | | | | — | | | | | $ | 9.67 | | | | | | — | | | | | $ | 9.50 | | | | | | — | | | | | $ | 8.00 | | | | | | — | | |
Investment per Share
Held by Stockholder A (Assumed to be $10.00 per Share on Shares Held Prior to Sale) |
| | | $ | 10.00 | | | | | $ | 10.00 | | | | | | — | | | | | $ | 10.00 | | | | | | — | | | | | $ | 10.00 | | | | | | — | | | | | $ | 10.00 | | | | | | — | | | | | $ | 10.00 | | | | | | — | | |
Dilution per Share
Held by Stockholder A (NAV per Share Less Investment per Share) |
| | | | — | | | | | $ | (0.02) | | | | | | — | | | | | $ | (0.09) | | | | | | — | | | | | $ | (0.33) | | | | | | — | | | | | $ | (0.50) | | | | | | — | | | | | $ | (2.00) | | | | | | — | | |
Percentage Dilution
to Stockholder A (Dilution per Share Divided by Investment per Share) |
| | | | — | | | | | | — | | | | | | (0.24)% | | | | | | — | | | | | | (0.91)% | | | | | | — | | | | | | (3.33)% | | | | | | — | | | | | | (5.00)% | | | | | | — | | | | | | (20.00)% | | |
| | |
Fiscal Year
Ended December 31, 2019 |
| |
Fiscal Year
Ended December 31, 2020 |
| ||||||
Audit Fees
|
| | | $ | 1,460,000 | | | | | $ | 1,240,000 | | |
Audit Related Fees
|
| | | $ | 0 | | | | | $ | 0 | | |
Tax Fees
|
| | | $ | 0 | | | | | $ | 0 | | |
All Other Fees
|
| | | $ | 0 | | | | | $ | 0 | | |
Total Ernst & Young LLP Fees:
|
| | | $ | 1,460,000 | | | | | $ | 1,240,000 | | |