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Cash Flow Lending

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
Customized financing solutions in collaboration with the sponsor and its issuer clients
Current focus on senior secured 1st lien loans 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

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

Portfolio Snapshot As of September 30, 2018
Investment Portfolio:	$372 million
# of Issuers:	47 issuers
Average Position Size:	$7.9 million
% of Investments Secured:	100%
% of Investments Floating:	100%
Weighted Average Asset-level Yield:	7.8%⁽¹⁾

(1) Represents the weighted average of each individual loan's yield to maturity based on fair market value at 9/30/2018.

Portfolio Highlights
Portfolio Composition
Investment Strategies
     Cash Flow Lending
     Asset-Based Lending
          Healthcare Specialized ABL
          Traditional ABL