Business Overview

• Value-oriented fundamental credit underwriting approach to debt investments in private middle market companies with the objective to generate current income and preserve capital
• Active coverage and deep relationships with the middle market financial sponsor community to generate proprietary investment opportunities
• Customized financing solutions in collaboration with the sponsor and its issuer clients
• Current focus on senior secured 1^st lien, stretch 1^st lien solutions to companies which generate significant cash flow, across a wide range of primarily non-cyclical industries
• Platform scale with the ability to speak for loan sizes of $100M to $200M

Borrower Profile Characteristics

• Focus on high credit quality borrowers in the upper middle market
• Revenues between $50M and $1.0B
• EBITDA of $15M to $100M
• Resilient cash flows through economic cycles
• Ability to do direct “private equity-style” due diligence
• Owned and supported by private equity sponsors
• Primarily U.S. issuers

Typical Transaction Profile

• Leveraged buyouts, acquisitions, recapitalizations, general refinancing and growth capital

• Solutions focus primarily on Senior secured, floating rate loans

• Maintenance covenants

• Meaningful equity cushion

• Amortization and attractive cash flow sweeps