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Form 10-Q Garrison Capital Inc. For: Jun 30

August 4, 2015 5:12 PM EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the Quarterly Period Ended June 30, 2015

 

OR

 

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

 

For the transition period from             to            

 

Commission File Number 814-00878

 

Garrison Capital Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   90-0900145

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

1290 Avenue of the Americas, Suite 914

New York, New York 10104

(Address of principal executive offices)

 

(212) 372-9590

(Registrant’s telephone number, including area code)

 

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 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 definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  o   Accelerated filer  x
Non-accelerated filer  o (Do not check if a smaller reporting company)   Smaller reporting company  o

 

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

 

As of August 3, 2015 the Registrant had 16,758,779 shares of common stock, $0.001 par value, outstanding.

 

 
 

Table of Contents

 

 

  Page
Part I. Financial Information    
     
Item 1. Financial Statements 1  
     
Consolidated Statements of Financial Condition as of June 30, 2015 (unaudited) and December 31, 2014 1  
     
Consolidated Schedules of Investments as of June 30, 2015 (unaudited) and December 31, 2014 2  
     
Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2015 and June 30, 2014 14  
     
Consolidated Statements of Changes in Net Assets (unaudited) for the six months ended June 30, 2015 and June 30, 2014 15  
     
Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2015 and June 30, 2014 16  
     
Notes to Consolidated Financial Statements (unaudited) 17  
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 48  
     
Item 3. Quantitative and Qualitative Information About Market Risk 63  
     
Item 4. Controls and Procedures 63  
     
Part II. Other Information    
     
Item 1. Legal Proceedings 64  
     
Item 1A. Risk Factors 64  
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64  
     
Item 3. Defaults Upon Senior Securities 64  
     
Item 4. Mine Safety Disclosures 64  
     
Item 5. Other Information 64  
     
Item 6. Exhibits 64  

 

i
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Statements of Financial Condition

 

 

Part I. Financial Information

 

Item 1. Financial Statements

 

   June 30, 2015  December 31, 2014
   (unaudited)   
Assets          
Cash  $28,126,513   $13,651,269 
Restricted cash   20,616,490    14,260,013 
Due from counterparties   1,781,998    1,615,125 
Investments, at fair value          
Non-control/Non-affiliate investments (amortized cost of $434,196,881 and $467,903,883, respectively)   435,072,183    467,769,463 
Accrued interest receivable   4,406,476    3,506,456 
Deferred debt issuance costs (net of accumulated amortization of $2,539,041 and $2,141,113, respectively)   4,455,182    4,418,235 
Deferred offering costs   439,629    314,018 
Prepaid administrator fee   -    74,455 
Other assets   542,554    232,429 
Total assets  $495,441,025   $505,841,463 
           
Liabilities          
Due to counterparties  $110,409   $109,204 
Incentive fee payable   1,902,919    2,816,310 
Management fee payable   1,983,114    268,098 
Administrator fee payable   336,617    - 
GLC Trust 2013-2 Class A note (Note 7)   22,787,973    30,512,712 
Senior secured revolving note (Note 7)   47,600,000    50,000,000 
Senior secured term notes (Note 7)   159,781,013    159,746,787 
SBIC borrowings   3,500,000    - 
Interest payable   655,446    689,610 
Accrued expenses and other payables   564,069    596,674 
Total liabilities  $239,221,560   $244,739,395 
           
Commitments and contingencies (Note 12)          
           
Net assets          
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 16,758,779 and 16,758,779 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively  $16,759   $16,759 
Paid-in-capital in excess of par   257,740,910    257,740,910 
Under distributed net investment income   3,127,323    - 
Accumulated net realized (loss)/gain from investments   (5,532,215)   3,478,818 
Net unrealized gain/(loss) from investments   866,688    (134,419)
Total net assets   256,219,465    261,102,068 
Total liabilities and net assets  $495,441,025   $505,841,463 
           
Shares of common stock outstanding   16,758,779    16,758,779 
Net asset value per share  $15.29   $15.58 

 

See accompanying notes to consolidated financial statements

 

1
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

June 30, 2015 (unaudited)

 

            % of Net
Security Description  Par / Shares  Cost  Fair Value  Assets
Non-Control/Non-Affiliate Investments            
Investments - United States            
Common Equity                    
Apparel Products                    
         Everyware Global, Inc., Common*   242,035   $2,714,175   $2,714,175    1.06%
         Total Apparel Products        2,714,175    2,714,175    1.06 
Health Services                    
         Juniper TGX Investment Partners, LLC, Common   3,146    670,623    966,288    0.38 
         Total Health Services        670,623    966,288    0.38 
Miscellaneous Manufacturing                    
         Valterra Products Holdings, LLC, Common Class A   185,847    185,847    407,005    0.16 
         Valterra Products Holdings, LLC, Common Class B   20,650    20,650    45,223    0.02 
         Total Miscellaneous Manufacturing        206,497    452,228    0.18 
Miscellaneous Retail                    
         Faraday Holdings, LLC, Common   2,265    110,409    110,409    0.04 
         Provo Craft Holdings, LLC, Common   1,110    -    -    - 
         Total Miscellaneous Retail        110,409    110,409    0.04 
Transportation Services                    
         EZE Trucking, LLC, Common   2,898    267,801    -    - 
         Total Transportation Services        267,801    -    - 
Total Common Equity       $3,969,505   $4,243,100    1.66%
Preferred Equity                    
Consumer Finance Services                    
         Prosper Marketplace Series B Preferred Stock(1)(2)   261,912   $789,962   $6,512,540    2.54%
         Total Consumer Finance Services        789,962    6,512,540    2.54 
Total Preferred Equity       $789,962   $6,512,540    2.54%
Debt Investments                    
Agricultural Services                    
         BFN Operations LLC , Term Loan*                    
                  Libor ("L") + 10.00%, 1.00% L Floor, 5/15/2020   10,500,000   $10,294,615   $10,294,500    4.02%
         Total Agricultural Services        10,294,615    10,294,500    4.02 
Apparel Products                    
         Joe's Jeans Inc., Term Loan*                    
                  L+ 12.75%, 1.25% L Floor, 9/30/2018   10,486,963    10,350,621    10,350,506    4.04 
         Total Apparel Products        10,350,621    10,350,506    4.04 
Automotive                    
         CTC Casting Technologies, Inc. (Compass), Loan*                    
                 L+ 6.75%, 0.75% L Floor, 3/28/2019   9,887,500    9,813,533    9,813,479    3.83 
         Penda Corporation, Term Loan(3)                    
                  14.00% Cash, 2.00% PIK, 1/26/2019   7,435,543    7,342,070    7,435,543    2.90 
         Total Automotive        17,155,603    17,249,022    6.73 

 

See accompanying notes to consolidated financial statements.


 

2
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

June 30, 2015 (unaudited)

 

            % of Net
Security Description  Par / Shares  Cost  Fair Value  Assets
Non-Control/Non-Affiliate Investments (continued)            
Investments - United States (continued)            
Debt Investments (continued)                    
Broadcasting & Entertainment                    
         CF Entertainment Inc. (Entertainment Studios), Term Loan*                    
                  L+ 7.50%,1.00% L Floor, 6/26/2019   9,885,640   $9,806,815   $9,806,718    3.83%
         Total Broadcasting & Entertainment        9,806,815    9,806,718    3.83 
Building & Real Estate                    
         ShelterLogic Corp., Term Loan*                    
                  L+ 9.50%, 1.00% L Floor, 7/30/2019   10,303,125    10,134,980    10,134,867    3.96 
         Total Building & Real Estate        10,134,980    10,134,867    3.96 
Chemicals                    
         Aristech Surfaces LLC, Term Loan B*                    
                  L+ 8.00%, 1.00% L Floor, 10/17/2019   10,368,750    10,212,835    10,212,736    3.99 
         Galata Chemicals, LLC, Term Loan*                    
                  L+ 8.00%, 1.00% L Floor, 2/28/2019   3,000,000    2,955,276    3,000,000    1.17 
         Total Chemicals        13,168,111    13,212,736    5.16 
Communications                    
         HC Cable OpCo, LLC, Term Loan*                    
                  L+ 8.50%, 1.00% L Floor, 7/17/2018   10,816,614    10,701,339    10,816,614    4.22 
         Sirva Worldwide, Loan*                    
                  L+ 6.25%, 1.25% L Floor, 3/27/2019   8,090,146    8,065,957    8,110,371    3.17 
         TableTop Media, LLC, Lease**                    
                  10.00%, 6/18/2017   1,092,700    1,092,700    1,077,221    0.42 
         Total Communications        19,859,996    20,004,206    7.81 
Consumer Finance Services                    
         PlanMember Financial Corporation, Term Loan*(1)                    
                  L+ 8.50%, 1.50% L Floor, 2/14/2018   1,282,705    1,264,841    1,282,705    0.50 
         Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(1)                    
                  L+ 7.00%, 1.00% L Floor, 9/23/2019   6,877,596    6,819,531    6,899,122    2.69 
         Total Consumer Finance Services        8,084,372    8,181,827    3.19 
Electrical Equipment                    
         AbelConn, LLC (Atrenne Computing), Term Loan A*                    
                  L+ 8.50%, 1.00% L Floor, 7/17/2019   10,470,334    10,300,951    10,300,836    4.02 
         Total Electrical Equipment        10,300,951    10,300,836    4.02 
Food Stores - Retail                    
         Specialty Bakers LLC, Term Loan*                    
                  L+ 7.25%, 1.00% L Floor, 8/7/2019   9,434,982    9,269,876    9,269,766    3.62 
         Sqwincher Corporation (The), Term Loan*                    
                  L+ 10.00%,1.50% L Floor, 8/3/2016   9,061,400    9,007,183    9,152,138    3.57 
         Total Food Stores - Retail        18,277,059    18,421,904    7.19 

 

See accompanying notes to consolidated financial statements.

 

3
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

June 30, 2015 (unaudited)

 

            % of Net
Security Description  Par / Shares  Cost  Fair Value  Assets
Non-Control/Non-Affiliate Investments (continued)                    
Investments - United States (continued)                    
Debt Investments (continued)                    
Health Services                    
         Aurora Diagnostics, LLC, Delayed Draw Term Loan                    
                  L+ 7.13%, 1.25% L Floor, 7/31/2019   849,760   $845,049   $845,049    0.33%
         Aurora Diagnostics, LLC, Term Loan*                    
                  L+ 7.13%, 1.25% L Floor, 7/31/2019   5,608,414    5,559,312    5,559,279    2.17 
         Forest Park Medical Center at Fort Worth, LLC, Lease                    
                 13.00%, 2/11/2020   9,246,161    9,096,888    8,321,545    3.25 
         Forest Park Medical Center at Fort Worth, LLC, Term Loan                    
                  14.00%, on Demand   344,377    336,597    309,939    0.12 
         Forest Park Medical Center at San Antonio, LLC, Lease                    
                 13.00%, 2/11/2020   8,981,658    8,828,364    7,185,326    2.80 
         Forest Park Medical Center at San Antonio, LLC, Term Loan                    
                  14.00%, on Demand   1,951,092    1,913,152    1,560,873    0.61 
         SCG Capital Corporation (Radiation Therapy), Term Note                    
                 12.00%, 5/1/2017   4,951,316    4,951,316    4,951,316    1.93 
         Theragenics Corporation, Term Loan**                    
                  L+ 12.00%, 1.00% L Floor, 2/26/2020   6,490,572    6,369,381    6,369,310    2.49 
         Walnut Hill Physicians' Hospital, LLC, Lease                    
                 12.50%, 4/16/2020   8,327,248    8,327,248    8,327,248    3.25 
         Total Health Services        46,227,307    43,429,885    16.95 
Insurance Agents                    
         Worley Claims Services, LLC, Term Loan*                    
                  L+ 8.00%, 1.00% L Floor, 10/31/2020   10,447,500    10,354,607    10,354,559    4.04 
         Total Insurance Agents        10,354,607    10,354,559    4.04 
Miscellaneous Manufacturing                    
         AP Gaming I, LLC, Term B Loan*                    
                  L+ 8.25%, 1.00% L Floor, 12/20/2020   10,273,924    10,106,123    10,206,527    3.98 
         A.S.V., Inc., Term Loan*                    
                  L+ 9.50%, 1.00% L Floor, 12/19/2019   9,375,391    9,207,804    9,207,704    3.59 
         CR Brands, Inc., Term Loan*                    
                  L+ 9.25%, 1.00% L Floor, 8/23/2017   10,500,000    10,342,558    10,342,442    4.04 
         Kranos Acquisition Corp., Term Loan*(3)                    
                  L+ 11.00% Cash, 1.00% PIK, 1.00% L Floor, 6/15/2017   10,074,511    9,996,758    10,012,488    3.91 
         Lexmark Carpet Mills, Inc., Term Loan*                    
                  L+ 10.00%, 1.00% L Floor, 12/19/2019   10,500,000    10,265,389    10,265,245    4.01 
         NPI Holding Corp. (Nudo Products, Inc.), Term Loan*,**                    
                  L+ 9.75%, 1.00% L Floor, 1/13/2020   10,500,000    10,309,436    10,309,321    4.01 
         Nursery Supplies, Inc., Term Loan*                    
                  L+ 7.50%,1.00% L Floor, 6/13/2018   10,348,120    10,317,574    10,348,120    4.04 
         PCCR USA, Inc., Term Loan A*                    
                  L+ 8.00%, 1.00% L Floor, 12/1/2019   6,912,500    6,790,701    6,790,626    2.65 
         PCCR USA, Inc., Term Loan B*                    
                  L+ 8.00%, 1.00% L Floor, 12/1/2019   3,456,250    3,380,126    3,380,079    1.32 
         Profusion Industries, LLC, Term Loan*                    
                  L+ 9.00%, 0.50% L Floor, 6/19/2020   10,300,000    10,095,353    10,094,000    3.94 
         Total Miscellaneous Manufacturing        90,811,822    90,956,552    35.49 

 

See accompanying notes to consolidated financial statements.

4
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

June 30, 2015 (unaudited)

 

            % of Net
Security Description  Par / Shares  Cost  Fair Value  Assets
Non-Control/Non-Affiliate Investments (continued)                    
Investments - United States (continued)                    
Debt Investments (continued)                    
Miscellaneous Retail                    
         Confluence Outdoor, LLC, Term Loan*                    
                  L+ 7.00%, 1.00% L Floor, 4/18/2019   6,656,997   $6,568,507   $6,568,443    2.56%
         Confluence Outdoor, LLC, Delayed Draw Term Loan                    
                  L+ 7.00%, 1.00% L Floor, 4/18/2019   998,549    998,549    985,267    0.38 
         Interior Specialists, Inc., Term Loan*                    
                  L+ 8.00%, 1.00% L Floor, 6/30/2020   10,300,000    10,094,113    10,094,000    3.94 
         PD Products, LLC, Term Loan*(3)                    
                  L+ 10.50% Cash, 2.50% PIK,1.50% L Floor, 10/4/2018   9,893,800    9,767,078    9,893,800    3.87 
         PD Products, LLC, Revolver(3)                    
                  L+ 10.50% Cash, 2.50% PIK, 1.50% L Floor, 10/4/2018   818,909    818,909    818,909    0.32 
         Total Miscellaneous Retail        28,247,156    28,360,419    11.07 
Miscellaneous Services                    
         NAP Asset Holdings Ltd., Canadian Term Loan*                    
                  L+ 7.00%,1.00% L Floor, 3/22/2018   2,405,936    2,392,673    2,405,936    0.94 
         NAP Asset Holdings Ltd., Term Loan*                    
                  L+ 7.00%,1.00% L Floor, 3/22/2018   5,384,713    5,355,030    5,384,713    2.10 
         SC Academy Holdings, Inc., Term Loan(4)                    
                  L+ 14.00%, 7/16/2016   7,760,599    5,587,631    4,066,554    1.59 
         Speed Commerce, Inc., Term Loan*(3)                    
                  L+ 11.00% PIK, 1.00% L Floor, 11/21/2019   10,825,450    10,642,238    10,663,068    4.17 
         Sprint Industrial Holdings, LLC, Term Loan (First Lien)*                    
                  L+ 5.75%, 1.25% L Floor, 5/14/2019   4,848,387    4,823,829    4,290,822    1.67 
         YourMembership Holding Company, Term Loan A**                    
                  L+ 7.00%, 1.00% L Floor, 9/12/2019   10,326,744    10,253,587    10,235,957    3.99 
         Total Miscellaneous Services        39,054,988    37,047,050    14.46 
Oil & Gas                    
         Badlands Production Company (fka Gasco), Term Loan*                    
                  L+ 12.50%, 1.00% L Floor, 5/14/2018   10,500,000    10,310,712    10,310,045    4.02 
         Rooster Energy Ltd., Term Loan*                    
                  L+ 11.50%, 1.50% L Floor, 6/25/2018   5,937,705    5,849,127    5,848,640    2.28 
         Total Oil & Gas        16,159,839    16,158,685    6.30 
Printing & Publishing                    
         Dodge Data & Analytics LLC, Term Loan*                    
                  L+ 8.75%, 1.00% L Floor, 10/31/2019   9,381,056    9,217,957    9,217,854    3.60 
         Total Printing & Publishing        9,217,957    9,217,854    3.60 
Restaurants                    
         Ted's Cafe Escondido Holdings, Inc., Term Loan A*                    
                  L+ 8.00%, 1.50% L Floor, 12/31/2018   6,650,000    6,650,000    6,650,000    2.59 
         Ted's Cafe Escondido Holdings, Inc., Revolver                    
                  L+ 8.00%, 1.50% L Floor, 12/31/2018   300,000    300,000    300,000    0.12 
         Ted's Cafe Escondido Holdings, Inc., Delayed Draw Term Loan B                    
                  L+ 8.00%, 1.50% L Floor, 12/31/2018   1,000,000    1,000,000    1,000,000    0.39 
         Total Restaurants        7,950,000    7,950,000    3.10 

 

See accompanying notes to consolidated financial statements.

 

5
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

June 30, 2015 (unaudited)

 

            % of Net
Security Description  Par / Shares  Cost  Fair Value  Assets
Non-Control/Non-Affiliate Investments (continued)                    
Investments - United States (continued)                    
Debt Investments (continued)                    
Specialty Services                    
         Vistronix, LLC, Term Loan*                    
                  L+ 8.00%, 0.50% L Floor, 12/4/2018   9,762,157   $9,694,519   $9,694,465    3.78%
         Vistronix, LLC, Revolver                    
                  L+ 8.00%, 0.50% L Floor, 12/4/2018   350,000    350,000    347,573    0.14 
         Total Specialty Services        10,044,519    10,042,038    3.92 
Transportation Services                    
         Fleetgistics Holdings, Inc., Term Loan*                    
                  L+ 6.13%, 2.00% L Floor, 12/31/2018   1,020,745    1,020,745    918,670    0.36 
         MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*(3)                    
                  L+ 3.00% Cash, 10.00% PIK, 1.00% L Floor, 5/31/2018   13,661,423    13,512,565    12,978,351    5.07 
         Raymond Express International, LLC, Term Loan*                    
                  L+ 7.75%, 1.75% L Floor, 2/28/2018   2,466,210    2,452,759    2,466,210    0.96 
         Total Transportation Services        16,986,069    16,363,231    6.39 
Total Debt Investments       $402,487,387   $397,837,395    155.27%
Financial Assets                    
Consumer Finance Services                    
GLC Trust 2013-2 Consumer Loan Pool(1)(5)   27,083,106   $27,083,106   $26,547,436    10.36%
         Total Consumer Finance Services        27,083,106    26,547,436    10.36 
Total Financial Assets       $27,083,106   $26,547,436    10.36%
Total Non-Control/Non-Affiliate Investments       $434,329,959   $435,140,471    169.83%
Unfunded Obligations                    
Communications                    
         HC Cable OpCo, LLC, Revolver                    
                 0.50%,  7/17/2018   954,784   $(10,175)  $-    -%
         TableTop Media, LLC, Lease**                    
                 0.00%,  6/18/2017   5,127,178    (15,436)   -    - 
         Total Communications        (25,611)   -    - 
Health Services                    
         Aurora Diagnostics, LLC, Delayed Draw Term Loan B(6)                    
                 0.00%, 7/31/2019   2,392,923    (22,682)   (20,840)   (0.01)
         Aurora Diagnostics, LLC, Revolver(6)                    
                 0.38%, 7/31/2019   1,019,712    (8,928)   (8,934)   (0.01)
         Total Health Services        (31,610)   (29,774)   (0.02)
Miscellaneous Retail                    
         Confluence Outdoor, LLC, Delayed Draw Term Loan(6)                    
                 2.00%, 4/18/2019   2,329,949    (44,244)   (30,994)   (0.01)
         PD Products, LLC, Revolver(3)                    
                 0.50%, 10/4/2018   821,716    (21,251)   -    - 
         Total Miscellaneous Retail        (65,495)   (30,994)   (0.01)

  

See accompanying notes to consolidated financial statements

6
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

June 30, 2015 (unaudited)

 

 

            % of Net
Security Description  Par / Shares  Cost  Fair Value  Assets
Non-Control/Non-Affiliate Investments (continued)                    
Investments - United States (continued)                    
Unfunded Obligations (continued)                    
Miscellaneous Services                    
         YourMembership Holding Company, Revolver(6)                    
                 0.00%, 9/12/2019   441,314   $(3,126)  $(3,880)   - %
         Total Miscellaneous Services        (3,126)   (3,880)   - 
Restaurants                    
         Ted's Cafe Escondido Holdings, Inc., Revolver                    
                 0.50%, 12/31/2018   200,000    -    -    - 
         Ted's Cafe Escondido Holdings, Inc., Delayed Draw Term Loan B                    
                 1.00%, 12/31/2018   500,000    -    -    - 
         Total Restaurants        -    -    - 
Specialty Services                    
         Vistronix, LLC, Revolver(6)                    
                 0.50%, 12/4/2018   525,000    (6,063)   (3,640)   - 
         Total Specialty Services        (6,063)   (3,640)   - 
Transportation Services                    
         Raymond Express International, LLC, Revolver                    
                 0.50%, 2/28/2018   215,101    (1,173)   -    - 
         Total Transportation Services        (1,173)   -    - 
Total Unfunded Obligations       $(133,078)  $(68,288)   (0.03)%
Total Investments - United States       $434,196,881   $435,072,183    169.80 %

 

_____________

 

*Denotes that all or a portion of the investment is held as collateral by the collateralized loan obligation (the “CLO”) (see Note 7).
**Denotes that all or a portion of the loan is held by Garrison SBIC.
L = London Interbank Offered Rate.
(1)Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.
(2)Net of incentive fee payable to a third party equal to 20% of any distribution after the Company has received its full net capital investment plus a 12% preferred return in GLC Trust 2013-2 and Prosper Marketplace Series B Preferred Stock.
(3)Coupon is payable in cash, and/or payment-in-kind (“PIK”), or a combination thereof.
(4)Investment is currently in default, not income producing and placed on non-accrual status.
(5)GLC Trust 2013-2 includes 3,163 small balance consumer loans with an average par of $8,562, a weighted average rate of 15.6% and a weighted average maturity of March 17, 2018. See Note 4 for additional information. See exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 for detail on underlying loans.
(6)The negative fair value is the result of the unfunded commitment being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future.

 

All debt investments were income producing as of June 30, 2015, unless otherwise noted. Common and preferred equity investments are non income-producing unless otherwise noted.

 

See accompanying notes to consolidated financial statements.

7
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

December 31, 2014

 

Security Description  Par/Shares  Cost  Fair Value  % of Net
Assets
Non-Control/Non-Affiliate Investments            
Investments – United States            
Common Equity            
Apparel Products            
Everyware Global, Inc., Warrant*   82,843   $-   $-    -%
Total Apparel Products        -    -      
Health Services                    
Juniper TGX Investment Partners, LLC, Common   3,146    670,623    966,288    0.37 
Total Health Services        670,623    966,288    0.37 
Miscellaneous Manufacturing                    
Valterra Products Holdings, LLC, Common Class A   185,847    185,847    371,910    0.14 
Valterra Products Holdings, LLC, Common Class B   20,650    20,650    41,323    0.02 
Total Miscellaneous Manufacturing        206,497    413,233    0.16 
Miscellaneous Retail                    
Provo Craft Holdings, LLC, Common   1,110    -    -    - 
Total Miscellaneous Retail        -    -    - 
Transportation Services                    
EZE Trucking, LLC, Common   2,898    267,801    -    - 
Total Transportation Services        267,801    -    - 
Total Common Equity       $1,144,921   $1,379,521    0.53%
Preferred Equity                    
Consumer Finance Services                    
Prosper Marketplace Series B Preferred Stock(4)(7)   261,912   $789,962   $5,791,276    2.22%
Total Consumer Finance Services        789,962    5,791,276    2.22 
Total Preferred Equity       $789,962   $5,791,276    2.22%

 

Debt Investments            
Apparel Products            
Joe's Jeans Inc., Term Loan*
Libor (“L”) + 12.75%, 1.25% L Floor, 9/30/2018
   10,486,963   $10,329,830   $10,329,715    3.96%
Total Apparel Products        10,329,830    10,329,715    3.96 
Automotive                    
CTC Casting Technologies, Inc. (Compass), Loan*
L+ 6.75%, 0.75% L Floor, 3/28/2019
   10,150,000    10,064,008    10,063,953    3.85 
Penda Corporation, Term Loan(5)
L+ 12.00% Cash, 2.00% PIK, 1/26/2019
   7,361,334    7,254,936    7,361,334    2.82 
Total Automotive        17,318,944    17,425,287    6.67 
Broadcasting & Entertainment                    
CF Entertainment Inc. (Entertainment Studios), Term Loan*
L+ 7.50%, 1.00% L Floor, 6/26/2019
   9,935,568    9,846,496    9,846,420    3.77 
Total Broadcasting & Entertainment        9,846,496    9,846,420    3.77 
Building & Real Estate                    
ShelterLogic Corp., Term Loan*
L+ 8.50%, 1.00% L Floor, 7/30/2019
   10,368,750    10,178,978    10,178,864    3.90 
Total Building & Real Estate        10,178,978    10,178,864    3.90 
Chemicals                    
Aristech Surfaces LLC, Term Loan B*
L+ 8.00%, 1.00% L Floor, 10/17/2019
   10,500,000    10,323,898    10,323,797    3.96 
Galata Chemicals, LLC, Term Loan*
L+ 8.00%, 1.00% L Floor, 2/28/2019
   8,750,000    8,601,908    8,750,000    3.35 
Total Chemicals        18,925,806    19,073,797    7.31 

 

See accompanying notes to consolidated financial statements.

 

8
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

December 31, 2014

 

 

Security Description  Par  Cost  Fair Value  % of Net
Assets
Non-Control/Non-Affiliate Investments – (continued)                    
Investments – United States – (continued)                    
Debt Investments – (continued)                    
Communications                    
HC Cable OpCo, LLC, Term Loan*
L+ 8.50%, 1.00% L Floor, 7/17/2018
   10,873,005   $10,738,269   $10,900,188    4.17%
Sirva Worldwide, Loan*
L+ 6.25%, 1.25% L Floor, 3/27/2019
   4,912,500    4,843,331    4,863,375    1.86 
Total Communications        15,581,600    15,763,563    6.03 
Consumer Finance Services                    
PlanMember Financial Corporation, Term Loan*(4)
L+ 8.50%, 1.50% L Floor, 2/14/2018
   1,411,295    1,388,053    1,411,295    0.54 
Project Sunshine IV Pty Ltd (Sensis), New Term Loans*(4)
L+ 7.00%, 1.00% L Floor, 9/23/2019
   9,185,514    9,098,879    9,047,731    3.47 
Total Consumer Finance Services        10,486,932    10,459,026    4.01 
Electrical Equipment                    
AbelConn, LLC (SIE Computing), Term Loan A*
L+ 8.50%, 1.00% L Floor, 7/17/2019
   10,500,000    10,309,321    10,309,206    3.95 
AbelConn, LLC (SIE Computing), Term Loan B
L+ 2.50%, 1.00% L Floor, 7/17/2019
   70,659    69,376    69,375    0.03 
Total Electrical Equipment        10,378,697    10,378,581    3.98 
Food Stores – Retail                    
Specialty Bakers LLC, Term Loan*
L+ 7.25%, 1.00% L Floor, 8/7/2019
   9,486,220    9,300,160    9,300,049    3,56 
Sqwincher Corporation (The), Term Loan*
L+ 10.00%, 1.50% L Floor, 8/3/2016
   9,336,400    9,255,951    9,336,400    3.58 
Total Food Stores – Retail        18,556,111    18,636,449    7.14 
Health Services                    
Aurora Diagnostics, LLC, Delayed Draw Term Loan
L+ 7.00%, 1.25% L Floor, 7/31/2019
   329,707   329,707   327,620    0.13
Aurora Diagnostics, LLC, Term Loan*
L+ 7.00%, 1.25% L Floor, 7/31/2019
   5,608,414    5,553,351    5,553,318    2.13 
Forest Park Medical Center at Fort Worth, LLC, Term Loan
L+ 14.00%, 7/16/2019
   9,590,539    9,436,062    9,436,062    3.61 
Forest Park Medical Center at San Antonio, LLC, Term Loan
L+ 14.00%, 7/16/2019
   11,409,461    11,225,686    11,225,686    4.29 
Virtual Radiologic Corporation, Term Loan B*
L+ 5.50%, 1.75% L Floor, 12/22/2016
   4,825,000    4,807,913    3,860,000    1.48 
SCG Capital Corporation (Radiation Therapy), Term Note
L+ 12.00%, 5/1/2017
   6,171,317    6,171,317    6,171,317    2.36 
Walnut Hill Physicians' Hospital, LLC, Acquistion Loan
12.50%, on Demand
   1,528,977    1,528,977    1,528,977    0.59 
Walnut Hill Physicians' Hospital, LLC, Term Loan
12.50%, 4/1/2019
   7,481,576    7,481,576    7,481,576    2.87 
Total Health Services        46,534,589    45,584,556    17.46 
Insurance Agents                    
Affirmative Insurance Holdings, Inc., Term Loan*
L+ 9.25%, 1.25% L Floor, 3/30/2016
   5,733,823    5,587,414    5,590,478    2.14 
Worley Claims Services, LLC, Term Loan*
L+ 8.00%, 1.00% L Floor, 10/31/2020
   10,500,000    10,397,970    10,397,922    3.98 
Total Insurance Agents        15,985,384    15,988,400    6.12 

 

See accompanying notes to consolidated financial statements.

 

9
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

December 31, 2014

 

 

Security Description  Par  Cost  Fair Value  % of Net
Assets
Non-Control/Non-Affiliate Investments – (continued)                    
Investments – United States – (continued)                    
Debt Investments – (continued)                    
Miscellaneous Manufacturing                    
Anchor Hocking, LLC (EveryWare Global), Initial Term Loan*(5)
L+ 6.50% Cash, 1.75% PIK, 1.25% L Floor, 5/21/2020
   6,946,532   $6,855,500   $4,098,454    1.57%
AP Gaming I, LLC, Term B Loan*
L+ 8.25%, 1.00% L Floor, 12/20/2020
   4,950,000    4,823,494    4,925,250    1.89 
A.S.V., Inc., Term Loan*
L+ 9.50%, 1.00% L Floor, 12/19/2019
   9,494,066    9,305,537    9,305,435    3.56 
CR Brands, Inc., Term Loan*
L+ 7.25%, 1.00% L Floor, 3/31/2019
   10,500,000    10,321,742    10,321,627    3.95 
Frontier Spinning Mills, Inc., Term Loan*
L+ 6.50%, 1.00% L Floor, 12/19/2018
   4,810,127    4,789,569    4,786,076    1.83 
Kranos Acquisition Corp., Term Loan*(5)
L+ 11.00% Cash, 1.00% PIK, 1.00% L Floor, 6/15/2017
   10,157,739    10,059,658    10,079,394    3.86 
Lexmark Carpet Mills, Inc., Term Loan*
L+ 10.00%, 1.00% L Floor, 12/19/2019
   10,500,000    10,239,369    10,239,225    3.92 
Nursery Supplies, Inc., Term Loan*
L+ 7.50%, 1.00% L Floor, 6/13/2018
   10,794,375    10,757,162    10,842,876    4.15 
PCCR USA, Inc., Term Loan A*
L+ 8.00%, 1.00% L Floor, 12/1/2019
   7,000,000    6,862,828    6,862,751    2.63 
PCCR USA, Inc., Term Loan B*
L+ 8.00%, 1.00% L Floor, 12/1/2019
   3,500,000    3,414,267    3,414,219    1.31 
Valterra Products Holdings, LLC, Term Loan*
L+ 9.00%, 1.00% L Floor, 5/31/2018
   8,408,789    8,294,032    8,528,016    3.27 
Total Miscellaneous Manufacturing       85,723,158    83,403,323    31.94 
Miscellaneous Retail                    
Confluence Outdoor, LLC, Term Loan*
L+ 7.00%, 1.00% L Floor, 4/18/2019
   6,656,997    6,556,959    6,556,896    2.51 
Confluence Outdoor, LLC, Delayed Draw Term Loan
L+ 7.00%, 1.00% L Floor, 4/18/2019
   998,550    998,550    948,499    0.36 
PD Products, LLC, Term Loan*
L+ 10.50%, 1.50% L Floor, 10/4/2018
   9,969,032    9,819,062    9,969,032    3.82 
PD Products, LLC, Revolver
L+ 10.50%, 1.50% L Floor, 10/4/2018
   803,873    803,873    803,873    0.31 
PSP Group, LLC, Term Loan*
L+ 4.75%, 1.50% L Floor, 9/13/2016
   4,360,206    4,340,698    4,273,002    1.64 
Total Miscellaneous Retail       22,519,142    22,551,302    8.64 

 

See accompanying notes to consolidated financial statements.

 

10
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

December 31, 2014

 

Security Description  Par  Cost  Fair Value  % of Net
Assets
Non-Control/Non-Affiliate Investments – (continued)                    
Investments – United States – (continued)                    
Debt Investments – (continued)                    
Miscellaneous Services                    
Academi Holdings LLC, Second Lien Term Loan*
L+ 10.00%, 1.00% L Floor, 7/25/2020
   10,000,000   $9,814,683   $9,814,592    3.76%
Dorsey School of Business Holdings, Inc., Term Loan*
L+ 8.00%, 1.50% L Floor, 6/28/2018
   4,500,000    4,500,000    4,500,000    1.72 
Global Traffic Technologies, LLC, Term Loan A*
L+ 5.25%, 1.25% L Floor, 6/30/2015
   380,563    363,395    380,563    0.15 
Global Traffic Technologies, LLC, Term Loan B*
L+ 5.25%, 1.25% L Floor, 6/30/2015
   3,560,206    3,550,659    3,560,206    1.36 
Midwest Technical Institute, Inc., Term Loan A*
L+ 10.00%, 1.50% L Floor, 10/4/2017
   7,145,870    7,145,870    7,145,870    2.74 
Midwest Technical Institute, Inc., Revolver
L+ 10.00%, 1.50% L Floor, 10/4/2017
   998,550    998,550    998,550    0.38 
NAP Asset Holdings Ltd., Canadian Term Loan*
L+ 7.00%, 1.00% L Floor, 3/22/2018
   2,485,508    2,469,314    2,485,508    0.95 
NAP Asset Holdings Ltd., Term Loan*
L+ 7.00%, 1.00% L Floor, 3/22/2018
   5,562,803    5,526,560    5,562,803    2.13 
SC Academy Holdings, Inc., Term Loan(3)
14.00%, 7/16/2016
   7,760,599    5,587,631    4,066,554    1.56 
Speed Commerce, Inc., Term Loan*
L+ 7.50%, 1.00% L Floor, 11/21/2019
   10,500,000    10,296,113    10,342,500    3.96 
Sprint Industrial Holdings, LLC, Term Loan (First Lien)*
L+ 5.75%, 1.25% L Floor, 5/14/2019
   4,873,123    4,845,239    4,605,101    1.76 
Tecta America Corp., Term Loan*
L+ 4.00%, 1.00% L Floor, 7/1/2018
   4,039,525    3,873,166    3,837,548    1.47 
YourMembership Holding Company, Term Loan A**
L+ 7.00%, 1.00% L Floor, 9/12/2019
   8,504,666    8,421,130    8,421,081    3.23 
Total Miscellaneous Services        67,392,310    65,720,876    25.17 
Printing & Publishing                    
Dodge Data & Analytics LLC, Term Loan*
L+ 8.75%, 1.00% L Floor, 10/31/2019
   10,500,000    10,296,573    10,296,458    3.94 
Total Printing & Publishing        10,296,573    10,296,458    3.94 
Oil & Gas                    
Gasco Production Company, Term Loan*
L+ 8.50%, 1.00% L Floor, 8/18/2017
   9,985,495    9,766,635    9,766,407    3.74 
Total Oil & Gas        9,766,635    9,766,407    3.74 

 

See accompanying notes to consolidated financial statements.

 

11
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

December 31, 2014

 

 

Security Description  Par  Cost  Fair Value  % of Net
Assets
Non-Control/Non-Affiliate Investments – (continued)                    
Investments – United States – (continued)                    
Debt Investments – (continued)                    
Restaurants                    
Rita's Water Ice Franchise Company, LLC, Term Loan B*
L+ 12.50%, 1.50% L Floor, 11/30/2016
   4,687,500   $4,687,500   $4,687,500    1.80%
Ted's Cafe Escondido Holdings, Inc., Term Loan A*
L+ 8.00%, 1.50% L Floor, 12/31/2018
   6,825,000    6,825,000    6,825,000    2.61 
Ted's Cafe Escondido Holdings, Inc., Revolver
L+ 8.00%, 1.50% L Floor, 12/31/2018
   100,000    100,000    100,000    0.04 
Total Restaurants        11,612,500    11,612,500    4.45 
Specialty Services                    
Vistronix, LLC, Term Loan*
L+ 8.00%, 0.50% L Floor, 12/4/2018
   10,014,814    9,935,393    9,935,338    3.81 
Total Specialty Services        9,935,393    9,935,338    3.81 
Transportation Services                    
EZE Trucking, LLC, Term Loan*(5)
L+ 10.75% Cash, 1.00% PIK, 0.25% L Floor, 7/31/2018
   10,499,014    10,230,145    10,604,004    4.06 
Fleetgistics Holdings, Inc., Term Loan*
L+ 6.13%, 2.00% L Floor, 12/31/2018
   1,020,745    1,020,745    918,670    0.35 
MXD Group, Inc. (fka Exel Direct Inc.), Term Loan*
L+ 13.00%, 1.00% L Floor, 5/31/2018
   13,212,500    13,029,870    12,155,500    4.66 
Raymond Express International, LLC, Term Loan*
L+ 7.75%, 1.75% L Floor, 2/28/2018
   3,896,631    3,871,427    3,946,433    1.51 
Total Transportation Services        28,152,187    27,624,607    10.58 
Total Debt Investments       $429,521,265   $424,575,469    162.62%

 

Financial Assets            
Consumer Finance Services            
GLC Trust 2013-2 Consumer Loan Portfolio(1)(4)(6)   36,842,119   $36,842,119   $36,329,807    13.91%
Total Consumer Finance Services        36,842,119    36,329,807    13.91 
Total Financial Assets       $36,842,119   $36,329,807    13.91%
Total Non-Control/Non-Affiliate Investments       $468,298,267   $468,076,073    179.28%
Unfunded Obligations                    
Communications                    
HC Cable OpCo, LLC, Revolver
0.50%, 7/17/2018
   489,362   $(6,064)  $-    -%
Total Communications        (6,064)   -    - 
Health Services                    
Aurora Diagnostics, LLC, Delayed Draw Term Loan(2)
0.00%, 7/31/2019
   520,053    (5,280)   (3,291)   - 
Aurora Diagnostics, LLC, Revolver(2)
0.38%, 7/31/2019
   1,019,712    (10,012)   (10,017)   (0.01)
Total Health Services        (15,292)   (13,308)   (0.01)
Miscellaneous Manufacturing                    
Valterra Products Holdings, LLC, Revolver
0.50%, 5/31/2018
   1,588,437    (21,678)   22,522    0.01 
Total Miscellaneous Manufacturing        (21,678)   22,522    0.01 
Miscellaneous Retail                    
Confluence Outdoor, LLC, Delayed Draw Term Loan
2.00%, 4/18/2019
   2,329,949    (50,019)   -    - 
PD Products, LLC, Revolver
0.50%, 10/4/2018
   836,752    (24,654)   -    - 
Total Miscellaneous Retail        (74,673)   -    - 
Miscellaneous Services                    
Dorsey School of Business Holdings, Inc., Revolver
0.50%, 6/28/2018
   1,000,000    -    -    - 
Global Traffic Technologies, LLC, Revolver
0.50%, 6/30/2015
   1,458,439    (3,911)   -    - 
Tecta America Corp., Revolver(2)
0.50%, 7/1/2018
   6,268,988    (258,853)   (313,449)   (0.12)
YourMembership Holding Company, Revolver(2)**
0.00%, 9/12/2019
   355,844    (3,495)   (3,497)   - 
Total Miscellaneous Services       $(266,259)  $(316,946)   (0.12)%

 

See accompanying notes to consolidated financial statements.

 

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Garrison Capital Inc. and Subsidiaries

 

Consolidated Schedule of Investments

 

December 31, 2014

 

Security Description  Par  Cost  Fair Value  % of Net
Assets
Non-Control/Non-Affiliate Investments – (continued)                    
Investments – United States – (continued)                    
Unfunded Obligations – (continued)                    
Restaurants                    
Ted's Cafe Escondido Holdings, Inc., Revolver
0.50%, 12/31/2018
   400,000   $-   $-    -%
Ted's Cafe Escondido Holdings, Inc., Delayed Draw Term Loan B
1.00%, 12/31/2018
   500,000    -    -    - 
Total Restaurants        -    -    - 
Specialty Services                    
Vistronix, LLC, Revolver(2)
0.50%, 12/4/2018
   875,000    (6,939)   (6,944)   - 
Total Specialty Services        (6,939)   (6,944)   - 
Transportation Services                    
Raymond Express International, LLC, Revolver
0.50%, 2/28/2018
   537,752    (3,479)   8,066    - 
Total Transportation Services        (3,479)   8,066    - 
Total Unfunded Obligations       $(394,384)  $(306,610)   (0.12)%
Total Investments – United States       $467,903,883   $467,769,463    179.16%

 

 

 

 

_____________

 

*Denotes that all or a portion of the investment is held as collateral by the CLO (see Note 7).
**Denotes that all or a portion of the loan is held by Garrison SBIC.
(1)GLC Trust 2013-2 includes 3,731 small balance consumer loans with an average par of $9,875, a weighted average rate of 15.6% and a weighted average maturity of February 6, 2018. See Note 4 for additional information.
(2)The negative fair value is the result of the unfunded commitment being valued below par. These amounts may or may not be funded to the borrowing party currently or in the future.
(3)Investment is currently in default, not income producing and placed on non-accrual status.
(4)Not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.
(5)Coupon is payable in cash and/or PIK, or a combination thereof.
(6)See exhibit 99.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as amended, for detail on underlying loans.
(7)Net of incentive fee payable to a third party equal to 20% of any distribution after the Company has received its full net capital investment plus a 12% preferred return in GLC Trust 2013-2 and Prosper Marketplace Series B Preferred Stock.

 

All debt investments were income producing as of December 31, 2014, unless otherwise noted. Common and preferred equity investments are non-income producing unless otherwise noted.

 

 

 

 

 

 

.

 See accompanying notes to consolidated financial statements.

 

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Garrison Capital Inc. and Subsidiaries

 

Consolidated Statements of Operations (unaudited)

 

   Three months ended  Three months ended  Six months ended  Six months ended
   June 30, 2015  June 30, 2014  June 30, 2015  June 30, 2014
Investment income                    
Interest income                    
    Non-Control/Non-Affiliate investments  $12,276,546   $11,882,358   $25,234,603   $21,980,438 
    Other income   875,259    965,152    1,396,035    1,301,150 
    Affiliate investments   -    -    -    462,080 
Dividend income                    
    Affiliate investments   -    -    -    385,765 
Total investment income   13,151,805    12,847,510    26,630,638    24,129,433 
                     
Expenses                    
Interest expense   1,815,949    1,608,142    3,666,262    3,356,665 
Management fee   1,983,114    2,016,078    3,972,658    3,973,859 
Incentive fee   1,017,153    2,189,556    1,712,134    5,795,889 
Professional fees   299,069    261,005    614,823    660,563 
Directors' fees   101,495    94,046    207,731    187,251 
Administrator expenses   271,647    198,400    513,294    403,635 
Other expenses   529,922    501,716    1,082,723    884,428 
Total expenses   6,018,349    6,868,943    11,769,625    15,262,290 
Net investment income before excise taxes   7,133,456    5,978,567    14,861,013    8,867,143 
Excise tax expense   42,957    -    (2,543)   - 
Net investment income   7,176,413    5,978,567    14,858,470    8,867,143 
                     
Realized and unrealized (loss)/gain on investments                    
Net realized (loss)/gain from investments                    
    Non-Control/Non-Affiliate investments   (8,521,258)   799,494    (9,011,033)   1,570,115 
    Affiliate investments   -    -    -    8,126,034 
Net change in unrealized gain from investments                    
    Non-Control/Non-Affiliate investments   5,221,316    2,280,499    1,001,107    3,010,489 
    Affiliate investments   -    -    -    (1,838,734)
Net realized and unrealized (loss)/gain on investments   (3,299,942)   3,079,993    (8,009,926)   10,867,904 
                     
Net increase in net assets resulting from operations  $3,876,471   $9,058,560   $6,848,544   $19,735,047 
                     
Net investment income per common share  $0.43   $0.36   $0.89   $0.53 
Net increase in net assets resulting from operations per common share  $0.23   $0.54   $0.41   $1.18 
Basic weighted average common shares outstanding   16,758,779    16,758,779    16,758,779    16,758,779 
                     
Dividends and distributions declared per common share (1)  $0.35   $0.35   $0.70   $0.70 

 

____________

 

(1)   Calculated using basic weighted average common shares outstanding.

  

 

See accompanying notes to consolidated financial statements.

 

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Garrison Capital Inc. and Subsidiaries

 

Consolidated Statements of Changes in Net Assets (unaudited)

 

   Six months ended  Six months ended
   June 30, 2015  June 30, 2014
           
Increase in net assets from operations:          
Net investment income  $14,858,470   $8,867,143 
Net realized (loss)/gain from investments   (9,011,033)   9,696,149 
Net change in unrealized gain on investments   1,001,107    1,171,755 
Net increase in net assets from operations   6,848,544    19,735,047 
           
Dividends and distributions to stockholders:          
From net investment income (1)   (11,731,147)   (11,731,145)
Total dividends and distributions to stockholders   (11,731,147)   (11,731,145)
           
Total (decrease)/increase in net assets   (4,882,603)   8,003,902 
Net assets at beginning of period   261,102,068    254,080,598 
Net assets at end of period  $256,219,465   $262,084,500 
Net asset value per common share  $15.29   $15.64 
Common shares outstanding at end of period   16,758,779    16,758,779 
           
Under/(over) distributed net investment income included in net assets  $3,127,323   $(2,864,002)

 

____________

 

(1)   Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.

  

 

See accompanying notes to consolidated financial statements.

15
 

Garrison Capital Inc. and Subsidiaries

 

Consolidated Statements of Cash Flows (unaudited)

 

 

   Six months ended  Six months ended
   June 30, 2015  June 30, 2014
Cash flows from operating activities          
Net increase in net assets resulting from operations  $6,848,544   $19,735,047 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:          
Net accretion of discounts on investments   (830,851)   (1,085,943)
Net realized loss/(gain) from investments   9,011,033    (9,696,149)
Amortization of discount on senior secured notes payable   157,547    34,226 
Amortization of deferred debt issuance costs   397,928    340,934 
Net change in unrealized (gain) on investments   (1,001,107)   (1,171,755)
Payment-in-kind interest   (1,211,347)   (340,355)
Purchases of investments   (88,573,389)   (212,326,406)
Paydowns of investments   111,932,425    154,002,493 
Sales of investments   3,370,516    66,112,089 
Changes in operating assets and liabilities:          
(Increase) decrease in cash and cash equivalents, restricted   (6,356,477)   255,099 
(Increase) in due from counterparties   (166,873)   (9,175,099)
(Increase) in accrued interest receivable   (900,020)   (263,007)
(Increase) in deferred offering costs   (125,611)   (258,492)
Decrease in prepaid administrator fee   74,455    - 
Increase in other assets   (310,125)   (404,108)
Increase (decrease) in due to counterparties   1,205    (37,477)
Increase in payables to affiliates   1,138,242    4,250,638 
(Decrease) in interest payable on notes payable   (34,164)   (815,259)
(Decrease) in accrued expenses and other payables   (32,605)   (248,377)
Net cash provided by operating activities   33,389,326    8,908,099 
           
Cash flows from financing activities          
Dividends and distributions paid to stockholders   (11,731,147)   (11,731,145)
Payments for financing costs on Garrison SBIC borrowings   (434,875)   - 
Repayment of senior secured revolving notes   (2,400,000)   - 
Repayment of GLC Trust 2013-2 Class A notes   (7,848,060)   - 
Proceeds from GLC Trust 2013-2 revolving notes   -    5,258,324 
Proceeds from Garrison SBIC borrowings   3,500,000    - 
Net cash (used in) financing activities   (18,914,082)   (6,472,821)
           
Net increase in cash and cash equivalents   14,475,244    2,435,278 
Cash and cash equivalents at beginning of period   13,651,269    13,664,583 
Cash and cash equivalents at end of period  $28,126,513   $16,099,861 
           
Supplemental disclosure of cash flow information          
Cash paid for interest expense  $3,144,951   $3,826,951 
Supplemental disclosure of non-cash activites          
Restructuring of portfolio investment  $2,735,885   $- 

 

See accompanying notes to consolidated financial statements.

 

16
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

1. Organization

 

Garrison Capital Inc. (“GARS” and, collectively with its subsidiaries, the “Company”, “we” or “our”) is a Delaware corporation and is an externally managed, closed-end, non-diversified management investment company that has filed an election to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, GARS has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for the period beginning October 9, 2012 and intends to qualify annually thereafter.

 

Garrison Capital LLC, a Delaware limited liability company, commenced operations on December 17, 2010. On October 9, 2012, Garrison Capital LLC converted from a Delaware limited liability company to a Delaware corporation (the “Conversion”). In this Conversion, Garrison Capital Inc. succeeded to the business of Garrison Capital LLC and its subsidiaries, and the members of Garrison Capital LLC became stockholders of GARS. An aggregate of 10,707,221 shares of common stock, par value $0.001 per share, were issued to the members of GARS in this Conversion in accordance with their respective pro-rata membership interests in Garrison Capital LLC. As a result of a reverse stock split on February 25, 2013, which resulted in the conversion of one share of common stock into 0.9805106 shares of common stock (the “Reverse Stock Split”), all amounts related to shares/units, share/unit prices, earnings per share/per unit and distributions per share/unit have been retroactively restated for all periods presented. As a result, the 10,707,221 shares of common stock issued in the Conversion have been retroactively restated to 10,498,544.

 

GARS priced its initial public offering (“IPO”) on March 26, 2013, which closed on April 2, 2013, selling 6,133,334 shares, including 800,000 shares issued pursuant to the underwriters’ exercise of the over-allotment option, at a public offering price of $15.00 per share. Concurrent with the closing of the IPO, the Company’s directors, officers, employees and an affiliate of Garrison Capital Advisers LLC, a Delaware limited liability company (the “Investment Adviser”), purchased an additional 126,901 shares through a private placement transaction (the “Concurrent Private Placement”) exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), at a price of $15.00 per share. GARS’ shares trade on the NASDAQ Global Select Market, or NASDAQ, under the symbol “GARS”.

 

Our investment objective is to generate current income and capital appreciation by making investments generally in the range of $5 million to $25 million primarily in debt securities and loans of U.S. based middle-market companies, which we define as those having annual earnings before interest, taxes and depreciation (“EBITDA”) of between $5 million and $30 million. Our goal is to generate attractive risk-adjusted returns by assembling a broad portfolio of investments.

 

We invest or provide direct lending primarily in (1) first lien senior secured loans, (2) second lien senior secured loans, (3) “one-stop” senior secured or “unitranche” loans, (4) subordinated or mezzanine loans, (5) unsecured consumer loans and (6) to a lesser extent, selected equity co-investments in middle-market companies. We use the term “one-stop” or “unitranche” to refer to a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans. We use the term “mezzanine” to refer to a loan that ranks senior only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness.

 

The Company’s business and affairs are managed and controlled by the Company’s board of directors (the “Board”), of which a majority of the members are independent of the Company and the Investment Adviser and its affiliates.

 

On April 19, 2012, GARS formed Garrison Funding 2012-1 Manager LLC, a Delaware limited liability company (“GF 2012-1 Manager”). This entity is a wholly owned consolidated subsidiary of GARS created for the purpose of acquiring and holding an investment in Garrison Funding 2012-1 LLC, a Delaware limited liability company (“GF 2012-1”). GARS formed GF 2012-1 for the purpose of acquiring or participating in U.S. dollar-denominated senior secured or second lien corporate loans and to acquire up to $150,000,000 in financing. On September 23, 2013, in anticipation of refinancing the credit facility of GF 2012-1, GF 2012-1 Manager effectuated a name change to Garrison Funding 2013-2 Manager LLC (“GF 2013-2 Manager”).

17
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

1. Organization  – (continued)

 

On May 21, 2012, GF 2012-1 entered into a $150,000,000 credit facility (the “Credit Facility”), consisting of $125,000,000 of term loans (“Class A-T Loans”) and $25,000,000 of revolving loans (“Class A-R Loans”), which was utilized to refinance the GF 2010-1 Notes (as defined in Note 7).

 

On May 17, 2013, GARS formed GLC Trust 2013-2, a Delaware statutory trust (“GLC Trust 2013-2”). This entity is a wholly owned subsidiary of GARS created for the purpose of investing in a portfolio of small balance consumer loans. GLC Trust 2013-2 is 100% owned by GARS. GLC Trust 2013-2 closed on a $10,000,000 revolving facility with Capital One Bank, N.A. on December 6, 2013 (“GLC Trust 2013-2 Revolver”). The GLC Trust 2013-2 Revolver included an accordion feature, such that GLC Trust 2013-2 was permitted to increase the total commitment up to $15,000,000 under the terms of the loan agreement. GARS exercised this option on December 20, 2013.

 

On July 24, 2013, GARS formed Garrison Funding 2013-2 Ltd. (“GF 2013-2”), a Cayman Islands exempted company, for the purpose of refinancing the Credit Facility. On September 25, 2013 (the “Refinancing Date”), under Part XVI of the Cayman Islands Companies Law (2012 Revision), GF 2013-2 and GF 2012-1 merged with GF 2013-2 remaining as the surviving entity (the “Merger”). On the effective date of the Merger, all of the rights, the property, and the business, undertaking, goodwill, benefits, immunities and privileges of each individual company immediately vested in the surviving company.

 

On the Refinancing Date, GF 2013-2 completed a $350,000,000 collateralized loan obligation (the “CLO”) through a private placement, the proceeds of which were utilized, along with cash on hand, to refinance the existing Credit Facility (see Note 7). Immediately following the completion of the CLO, GF 2013-2 Manager owned 100% of the Subordinated Notes (as defined below). GF 2013-2 Manager serves as collateral manager to GF 2013-2 and has entered into a sub-collateral management agreement with the Investment Adviser.

 

On July 11, 2014, GARS increased the GLC Trust 2013-2 Revolver total commitment by $15,000,000, for a total commitment of $30,000,000. On July 18, 2014, GARS completed a $39,167,000 term debt securitization (“GLC Trust 2013-2 Notes”) collateralized by the GLC Trust 2013-2 consumer loan portfolio, to refinance the GLC Trust 2013-2 Revolver (see Note 7).

 

On August 15, 2013, Walnut Hill II LLC was formed for the purpose of holding a first lien equipment loan. Walnut Hill II LLC is 100% owned by GARS.

 

On May 29, 2014, Garrison Capital SBIC LP (“Garrison SBIC”), which has an investment objective substantially similar to GARS was formed in accordance with SBIC regulations and may acquire up to $150,000,000 in financing. Garrison SBIC received a license from the U.S Small Business Administration (the “SBA”) on May 26, 2015. 

 

On July 7, 2014, Forest Park II LLC was formed for the purpose of holding first lien equipment loans. Forest Park II LLC is 100% owned by GARS.

 

GARS will periodically form limited liability companies for the purpose of holding minority equity investments (the “GARS Equity Holdings Entities”). GARS intends to form a new GARS Equity Holding Entity for each minority equity investment in order to provide specific tax treatment for individual investments. The GARS Equity Holdings Entities are 100% owned by GARS.

 

American Stock Transfer & Trust Company, LLC (“AST”) serves as the transfer and dividend paying agent and registrar to GARS.

 

GARS entered into an administration agreement, which was effective as of October 9, 2012 (the “Administration Agreement”), with Garrison Capital Administrator LLC, a Delaware limited liability company (the “GARS Administrator”).

18
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

1. Organization  – (continued)

 

GARS entered into an investment advisory agreement with the Investment Adviser, which was effective as of October 9, 2012, and subsequently amended and restated on May 6, 2014 (the “Investment Advisory Agreement”). A new Investment Advisory Agreement was approved by the Company’s stockholders on May 1, 2015.

 

The Investment Adviser is responsible for sourcing potential investments, conducting research and diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring our investments and portfolio companies on an ongoing basis subject to the supervision of the Board. The Investment Adviser was organized in November 2010 and is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser is an affiliate of Garrison Investment Group LP (the “Investment Manager”), which is also the investment manager of various stockholders of the Company.

 

GLC Trust 2013-2 has entered into agreements with Prosper Funding LLC, GARS Administrator, U.S. Bank National Association, Wilmington Trust, National Association and Manufacturers and Traders Trust Company to act as servicer, securities administrator, indenture trustee and custodian, respectively, for GLC Trust 2013-2.

 

2. Significant Accounting Policies and Recent Updates

 

Basis of Presentation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Articles 6 or 10 of Regulation S-X. The consolidated financial statements, including the notes, are unaudited and exclude some of the disclosures required in audited financial statements. Management believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing its consolidated financial statements are reasonable and prudent. Certain reclassifications have been made for previous periods in order to conform to the current period’s presentation. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the related management’s discussion and analysis of financial condition and results of operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as amended, filed with the Securities and Exchange Commission (the “SEC”).

 

Basis for Consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The accounts of the subsidiaries are prepared for the same reporting period as the Company using consistent accounting policies.

 

Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification, as amended (“ASC”), Topic 946, Financial Services —  Investment Companies, the Company is precluded from consolidating any entity other than another investment company.

 

The Company generally consolidates any investment company when it owns 100% of its partners’ or members’ capital or equity units. ASC Topic 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries.

19
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

GF 2013-2 Manager owns a 100% interest in GF 2013-2, which is an investment company for accounting purposes, and also provides collateral management services solely to GF 2013-2. As such, GARS has consolidated the accounts of these entities into these consolidated financial statements. As a result of this consolidation, the amounts outstanding under the CLO are treated as the Company’s indebtedness.

 

The GARS Equity Holdings Entities, Walnut Hill II LLC, Forest Park II LLC and GLC Trust 2013-2 are 100% owned investment companies for accounting purposes. As such, GARS has consolidated the accounts of these entities into these consolidated financial statements. As a result of this consolidation, the amounts outstanding under the GLC Trust 2013-2 Notes are treated as the Company’s indebtedness.

 

Investment Classification

 

As required by the 1940 Act, investments are classified by level of control. “Control Investments” are investments in those companies that the Company is deemed to control as defined in the 1940 Act. “Affiliate Investments” are investments in those companies that are affiliated companies, as defined in the 1940 Act, other than Control Investments. “Non-Control/Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments.

 

Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if it owns more than 25% of the voting securities of such company. The Company is deemed to be an affiliate of a company in which it has invested if it owns 5% or more of the voting securities of such company. As of both June 30, 2015 and December 31, 2014, all of the Company’s investments were Non-Control/Non-Affiliate investments.

 

Use of Estimates

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures in the consolidated financial statements, including the estimated fair values of investments and the amount of income and expenses during the reporting period. Actual results could differ from those estimates.

  

Cash and Cash Equivalents

 

As of June 30, 2015 and December 31, 2014, cash held in designated bank accounts with its custodian was $26,643,890 and $7,635,552, respectively. As of June 30, 2015 and December 31, 2014, cash held in designated bank accounts with other major financial institutions was $1,482,623 and $6,015,717, respectively. At times, these balances may exceed federally insured limits and this potentially subjects the Company to a concentration of credit risk. The Company believes it is not exposed to any significant credit risk associated with its cash custodian.

 

The Company defines cash equivalents as highly liquid financial instruments with original maturities of three months or less, including those held in overnight sweep bank deposit accounts. As of both June 30, 2015 and December 31, 2014, the Company held no cash equivalents.

 

Cash and Cash Equivalents, Restricted

 

Restricted cash as of June 30, 2015 and December 31, 2014 included cash of $18,874,317 and $12,559,986, respectively, held by GF 2013-2 in designated bank accounts with its Custodian. GF 2013-2 is required to use a portion of these amounts to pay interest expense, reduce borrowings at the end of the investment period and to pay other amounts in accordance with the terms of the indenture of the CLO. Funds held by GF 2013-2 are not available for general use by the Company. Restricted cash as of June 30, 2015 and December 31, 2014 also included cash of $1,742,173 and $1,700,027, respectively, held by GLC Trust 2013-2 in designated restricted bank accounts.

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

GLC Trust 2013-2 is required to use a portion of these amounts to make principal payments and pay interest expense in accordance with the terms of the indenture governing the GLC Trust 2013-2 Notes.

 

As of both June 30, 2015 and December 31, 2014, the Company held no restricted cash equivalents.

 

Investment Transactions and Related Investment Income and Expense

 

The Company records its investment transactions on a trade date basis, which is the date when management has determined that all material legal terms have been contractually defined for the transactions. These transactions could possibly settle on a subsequent date depending on the transaction type. All related revenue and expenses attributable to these transactions are reflected on the consolidated statements of operations commencing on the trade date unless otherwise specified by the transaction documents. Realized gains and losses on investment transactions are recorded using the specific identification method.

 

The Company accrues interest income if it expects that ultimately it will be able to collect such income. Generally, when a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, the Investment Adviser will place the loan on non-accrual status and will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest.

 

The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan that is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables.

 

For the three and six months ended June 30, 2015, the Company recognized $564,593 and $1,334,351, respectively, of charge offs in realized losses from investments for consumer loans held by GLC Trust 2013-2. The Company had one investment placed on non-accrual status as of both June 30, 2015 and December 31, 2014.

 

Any original issue discounts, as well as any other purchase discounts or premiums on debt investments, are accreted or amortized and included in interest income, over the maturity periods of the investments. If a loan is placed on non-accrual status, the Company will cease recognizing amortization of original issue discount and purchase discount until all principal and interest is current through payment or until a restructuring occurs, such that the income is deemed to be collectible.

 

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.

 

Interest Expense

 

Interest expense is recorded on an accrual basis and is adjusted for amortization of deferred debt issuance costs and any original issue discount.

 

Expenses

 

Expenses related to, but not limited to, ratings fees, due diligence, valuation expenses and independent collateral appraisals may arise when the Company makes certain investments. These expenses are recognized as incurred in the consolidated statements of operations within ratings fees and other expenses.

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

Loan Origination, Facility, Commitment and Amendment Fees

 

The Company may receive loan origination, prepayment, facility, commitment, forbearance and amendment fees in addition to interest income during the life of the investment. The Company may receive origination fees upon the origination of an investment.

 

Origination fees received by the Company are initially deferred and reduced from the cost basis of the investment and subsequently accreted into interest income over the remaining stated term of the loan.

 

Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Facility fees, sometimes referred to as asset management fees, are accrued as a percentage periodic fee on the base amount (either the funded facility amount or the committed principal amount). Commitment fees are based upon the undrawn portion committed by the Company and are accrued over the life of the loan.

 

Amendment and forbearance fees are paid in connection with loan amendments and waivers and are recognized upon completion of the amendments or waivers, generally when such fees are receivable. Any such fees are recorded and classified as other income and included in investment income on the consolidated statements of operations. As these fees are paid and recognized in connection with specific loan amendments or forbearance, they are typically non-recurring in nature.

 

Valuation of Investments

 

The Company values its investments in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (formerly FASB Statement No. 157, “ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about assets and liabilities measured at fair value.

 

ASC 820’s definition of fair value focuses on exit price in the principal, or most advantageous, market and prioritizes the use of market-based inputs over entity-specific inputs within a measurement of fair value.

 

The Company’s portfolio consists of primarily debt investments and unsecured consumer loans. The fair value of the Company’s investments is initially determined by investment professionals of the Investment Adviser and ultimately determined by the Board on a quarterly basis. In valuing the Company’s debt investments, the Investment Adviser generally uses various approaches, including proprietary models that consider the analyses of independent valuation agents as well as credit risk, liquidity, market credit spreads, other applicable factors for similar transactions, bid quotations obtained from other financial institutions that trade in similar investments or based on bid prices provided by independent third-party pricing services.

 

The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the Company’s debt investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors.

 

In valuing the Company’s unsecured consumer loans, the Investment Adviser generally uses a discounted cash flow methodology based upon a set of assumptions. The primary assumptions used to value the unsecured consumer loans include prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rate.

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the Company’s consumer loan investments generally include, as appropriate, prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rates.

 

The Board has retained several independent valuation firms to review the valuation of each portfolio investment that does not have a readily available market quotation at least once during each 12-month period. To the extent a security is reviewed in a particular quarter, it is reviewed and valued by only one service provider.

 

However, the Board does not intend to have de minimis investments of less than 0.5% of the Company’s total assets (up to an aggregate of 10.0% of the Company’s total assets) independently reviewed.

 

The Board is responsible for determining the fair value of the Company’s assets in good faith using a documented valuation policy and consistently applied valuation process.

 

Due to the nature of the Company’s strategy, the Company’s portfolio is primarily comprised of relatively illiquid investments that are privately held. Inputs into the determination of fair value of the Company’s portfolio investments require significant management judgment or estimation. This means that the Company’s portfolio valuations are based on unobservable inputs and the Investment Adviser’s own assumptions about how market participants would price the asset or liability in question. Valuations of privately held investments are inherently uncertain and they may fluctuate over short periods of time and may be based on estimates. The determination of fair value by the Board may differ materially from the values that would have been used if a ready market for these investments existed.

 

The valuation process is conducted at the end of each fiscal quarter, with a portion of the Company’s valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter. When an external event with respect to one of the Company’s portfolio companies, such as a purchase transaction, public offering or subsequent equity sale occurs, we expect to use the pricing indicated by the external event to corroborate our valuation.

 

With respect to investments for which market quotations are not readily available, our Board will undertake a multi-step valuation process each quarter, as described below:

 

  The Company’s valuation process begins with each portfolio company or investment being initially valued by investment professionals of the Investment Adviser responsible for credit monitoring.

 

  Preliminary valuation conclusions are then documented and discussed with our senior management and the Investment Adviser.

 

  The valuation committee of the Board reviews these preliminary valuations.

 

  At least once annually, the valuation for each portfolio investment that does not have a readily available quotation is reviewed by an independent valuation firm, subject to the de minimis exception described above.

 

  The Board discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith.

 

Net assets could be materially affected if the determinations regarding the fair value of the investments were materially higher or lower than the values that are ultimately realized upon the disposal of such investments.

23
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

Offering Costs

 

Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity or debt offerings and are charged against proceeds from the offerings when received. As of June 30, 2015, $439,629 of expenses associated with the shelf registration statement initially filed with the SEC on April 3, 2014, the “Registration Statement”, have been deferred and included in deferred offering costs. These amounts will be charged against proceeds from offerings of securities when received.

 

Dividends and Distributions

 

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.

 

The Company adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock acquired by AST through open-market purchases, rather than receiving the cash distribution. As of June 30, 2015, no new shares have been issued to fulfill the dividend reinvestment plan.

 

No action is required on the part of a registered stockholder to have its cash dividend or other distribution reinvested in shares of our common stock. A registered stockholder may elect to receive an entire distribution in cash by notifying AST in writing so that such notice is received by AST no later than the record date for distributions to stockholders. AST will set up an account for shares acquired through the plan for each stockholder who has not elected to receive dividends or other distributions in cash and hold such shares in non-certificated form. Upon request by a stockholder participating in the plan, received in writing not less than 10 days prior to the record date, AST will, instead of crediting shares to the participant’s account, issue a certificate registered in the participant’s name for the number of whole shares of our common stock and a check for any fractional share.

 

Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends and other distributions in cash by notifying their broker or other financial intermediary of their election.

 

Income Taxes

 

As discussed in Note 1, for tax purposes, GARS has elected to be treated as a RIC under Subchapter M of the Code, and intends to qualify each taxable year for such treatment. In addition, GF 2013-2, GF 2013-2 Manager, the GARS Equity Holdings Entities, Walnut Hill II LLC and Forest Park II LLC are disregarded entities for tax purposes. GLC Trust 2013-2 is a grantor trust for U.S. taxable income purposes, whereby the income reverts to GARS, accordingly, no provision for federal income tax was made in the consolidated financial statements for the six months ended June 30, 2015 or the year ended December 31, 2014.

 

Each taxable year, GARS intends to comply with all RIC qualification provisions contained in the Code including certain source-of-income and asset diversification requirements, as well as distribution requirements to our stockholders equal to at least 90% of “investment company taxable income”. “Investment company taxable income” is generally defined as net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. As a RIC, GARS generally does not have to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that it distributes to its stockholders in a timely manner.

24
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

However, GARS is subject to U.S. federal income taxes at regular corporate tax rates on any net ordinary income or net capital gain not distributed to its stockholders assuming at least 90% of its investment company taxable income is distributed timely.

 

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.

 

For the three months ended June 30, 2015, the Company reversed previously accrued U.S. federal excise tax in the amount of $(42,957). No U.S. federal excise tax expense was recorded for the three or six months ended June 30, 2014.

 

In addition, GARS has certain wholly owned taxable subsidiaries (the “Taxable Subsidiaries”), each of which holds a portion of one or more of our portfolio investments that are listed on the Consolidated Schedule of Investments. The Taxable Subsidiaries are consolidated for financial reporting purposes in accordance with GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is, among other things, to permit GARS to hold certain interests in portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90.0% of the RIC’s gross income for federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiaries, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of investment income, it could jeopardize GARS’ ability to qualify as a RIC and therefore cause GARS to incur significant amounts of corporate-level U.S. federal income taxes. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiaries, however, the income from such interests is taxed to the Taxable Subsidiaries and does not flow through to the RIC, thereby helping GARS preserve its RIC status and resultant tax advantages. The Taxable Subsidiaries are not consolidated for U.S. federal income tax purposes and may generate income tax expense as a result of their ownership of the portfolio companies.

 

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with U.S. GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent differences have no impact on net assets. The below were reclassifications made due to permanent differences for the tax year ended December 31, 2014:

 

Accumulated Net Investment Income/(Loss)  $(1,101,785)
Accumulated Net Realized Gain/(Loss)   1,165,035 
Paid-In Capital  $(63,250)

 

The permanent book-to-tax differences arose primarily due to the tax classification of certain short-term capital losses and the accrual of nondeductible U.S. federal excise taxes.

 

Taxable income differs from the net increase (decrease) in net assets resulting from operations primarily due to the exclusion of unrealized gain (loss) on investments from taxable income until they are realized, book-to-tax temporary differences related to the deductibility of accrued Incentive Fees payable to the Investment Adviser attributable to unrealized gain (loss) on investments, book-to-tax temporary differences on taxable income inclusions of investment income earned on certain securities that was accrued for tax but not for U.S. GAAP, and book-to-tax temporary differences related to utilization of net capital gain loss carryforwards from prior years.

 

25
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

The following table reconciles net increase in net assets resulting from operations to taxable income for tax year ended December 31, 2014:

 

   December 31,
2014
Net Increase in Net Assets Resulting from Operations  $30,483,760 
Net Change in Unrealized Gain/(Loss) on Investments   2,227,448 
Permanent Book-to-Tax Differences   63,250 
Temporary Book-to-Tax Differences   (3,663,853)
Taxable Income Before Deductions for Distribution  $29,110,605 

 

As of December 31, 2014, the accumulated earnings/(deficit) on a tax basis is:

 

   December 31,
2014
Undistributed ordinary income  $5,648,315 
Accumulated capital gain and other gains/(losses)   - 
Unrealized (loss) on investments   (2,303,915)
Total accumulated earnings/(deficit)  $3,344,400 

 

The tax character of all distributions paid for the year ended December 31, 2014 in the amount of $23,462,290 was ordinary income. As of December 31, 2014, the components of accumulated losses on a tax basis, as detailed below, differ from the amounts reflected per GARS’ consolidated statement of assets and liabilities by temporary book-to-tax differences arising from book-to-tax differences related to the deductibility of accrued Incentive Fees payable to the Investment Adviser attributable to unrealized gain (loss) on investments and book-to-tax differences on taxable income inclusions of investment income earned on certain securities that was accrued for tax but not for U.S. GAAP.

 

Other temporary differences  $(2,169,496)
Unrealized (loss)   (134,419)
Total Components of Unrealized Income  $(2,303,915)

 

As of December 31, 2014, the federal income tax basis of investments was $467,903,883 resulting in net unrealized loss of $704,823.

 

The Company is required to determine whether a tax position of the Company is more likely-than-not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized could result in the Company recording a tax liability that could negatively impact the Company’s net assets.

 

U.S. GAAP provides guidance on thresholds, measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial statement comparability among different entities.

 

The Company has concluded that it was not necessary to record a liability for any such tax positions as of June 30, 2015 and December 31, 2014. However, the Company’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including ongoing analyses of, and changes to, tax laws, regulations and interpretations thereof.

26
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

2. Significant Accounting Policies and Recent Updates  – (continued)

 

The Company’s activities from commencement of operations remain subject to examination by U.S. federal, state, and local tax authorities. No interest expense or penalties have been assessed as of June 30, 2015 and December 31, 2014.

  

If the Company were required to recognize interest and penalties, if any, related to unrecognized tax benefits, this would be recognized as income tax expense in the consolidated statement of operations

 

During 2014, the Company utilized capital loss carryforwards of $5,833,349. As of December 31, 2014, the Company had post-enactment long-term capital loss carryforwards of $0.

 

Recent Accounting Pronouncements

 

In January 2015, the FASB issued ASU 2015-01, Income Statement – Extraordinary and Unusual Items (Topic 225), which eliminates the concept of extraordinary items from GAAP. This guidance is effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect ASU 2015-01 to have a material impact on the Company’s consolidated financial position or disclosures.

 

In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, containing new guidance for assessing whether to consolidate certain legal entities including limited partnerships and other similar legal entities. This guidance is effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted. The Company does not expect ASU 2015-02 to have a material impact on the Company’s consolidated financial position or disclosures.

 

In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. The new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the new guidance. This guidance is effective for annual and interim periods beginning after December 15, 2015, and early adoption is permitted for financial statements that have not been previously issued. The Company is currently evaluating the impact ASU 2015-03 will have on the Company’s consolidated financial position and disclosures.

 

In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient.  This new guidance is effective retrospectively for annual and interim periods beginning on or after December 15, 2016, and for interim periods within those fiscal years, with early adoption permitted.  The Company is currently evaluating the impact ASU 2015-07 will have on the Company’s consolidated financial position and disclosures.

 

3. Investments

 

The Company’s investments include debt investments (both funded and unfunded, “Debt Investments”), preferred and minority equity investments (“Equity”) of diversified companies and a portfolio of unsecured small balance consumer loans (“Financial Assets”).

 

27
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

3. Investments  – (continued)

 

These financial instruments also may be purchased indirectly through an interest in a limited partnership or a limited liability company. Certain of the risks of investing in the financial instruments of a distressed borrower or a company are discussed herein. Through investing in these assets, the Company is exposed to credit risk relating to whether the borrower will meet its obligation to pay when it comes due until the investments are sold or mature. Any investment in a distressed company may involve special risks.

 

The Company may invest in assets for which the underlying borrower or companies are experiencing various forms of financial, operational, legal, and/or other distress or impairment, including companies involved in bankruptcy or other reorganization or liquidation proceedings, and those which might become involved in such proceedings.

 

The Company’s transactions in Debt Investments are normally secured financings that are collateralized by physical assets and/or the enterprise value of the borrower. This collateral, and the Company’s rights to this collateral, are different depending on the specific transaction and are defined by the legal documents agreed to in the transaction.

 

The terms of the Debt Investments may provide for the extension to a borrower of additional credit or funding at the request of the borrower, subject to the terms of each loan’s respective credit agreement. This exposes the Company to potential liabilities that are not reflected on the consolidated statements of financial condition. As of June 30, 2015 and December 31, 2014, the Company had $14,527,677 and $18,180,287 of unfunded obligations with a fair value of $(68,288) and $(306,610), respectively. The negative fair value is the result of the unfunded commitment being valued below par. These amounts may or may not be funded to the borrowing party now or in the future.

 

There is no central clearinghouse for the Company’s Debt Investments, Equity or Financial Assets, nor is there a central depository for custody of any such interests. The processes by which these interests are cleared, settled and held in custody are individually negotiated between the parties to the transaction. This subjects the Company to operational risk to the extent that there are delays and failures in these processes. The Custodian maintains records of the investments owned by the Company.

 

4. Fair Value of Financial Instruments

 

The fair value of the Company’s assets and liabilities which qualify as financial instruments approximate the carrying amounts presented in the consolidated statements of financial condition.

 

U.S. GAAP requires enhanced disclosures about investments that are measured and reported on a fair value basis. Under U.S. GAAP, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Further, the guidance distinguishes between inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs). Various inputs are used in determining the values of the Company’s investments and these inputs are categorized as of each valuation date.

 

The inputs are summarized in three broad hierarchies listed below:

 

  Level 1 — quoted unadjusted prices in active markets for identical investments as of the reporting date.

 

  Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.).

 

  Level 3 — significant unobservable inputs (including the reporting entity’s own assumptions about the assumptions market participants would use in determining the fair values of investments or indicative bid prices from unaffiliated market makers or independent third party pricing services).

 

28
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

4. Fair Value of Financial Instruments  – (continued)

 

Fair value of publicly traded instruments is generally based on quoted market prices. Fair value of non-publicly traded instruments, and of publicly traded instruments for which quoted market prices are not readily available, may be determined based on other relevant factors, including bid quotations from unaffiliated market makers or independent third-party pricing services, the price activity of comparable instruments and valuation pricing models.

 

For those investments valued using quotations, the bid price is generally used, unless the Company determines that it is not representative of an exit price. To the extent observable market data is available, such information may be the result of consensus pricing information or broker quotes. Due to the fact that the significant inputs used by the contributors of the consensus pricing source or the broker are unobservable and evidence with respect to trading levels is not available, any investments valued using indicative bid prices from unaffiliated market makers and independent third-party pricing services have been classified within Level 3.

 

Investments classified as Level 3 may be fair valued using the income and market approaches, using a market yield valuation methodology or enterprise value methodology.

 

Factors that could affect fair value measurements of debt investments using the above referenced approaches include assumed growth rates, capitalization rates, discount rates, loan-to-value ratios, liquidation value, relative capital structure priority, market comparables, compliance with applicable loan, covenant and interest coverage performance, book value, market derived multiples, reserve valuation, assessment of credit ratings of an underlying borrower, review of ongoing performance, review of financial projections as compared to actual performance, review of interest rate and yield risk.

 

Factors that could affect fair value measurements of consumer loans using the above referenced approaches include prepayment rates, default rates, review of financial projections as compared to actual performance and discount rates.

 

Such factors may be given different weighting depending on management’s assessment of the underlying investment, and management may analyze apparently comparable investments in different ways. The Company has used, and intends to continue to use, independent valuation firms to provide additional corroboration for estimating the fair values of investments. Valuations performed by the independent valuation firms may utilize proprietary models and inputs. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

All of the Company’s investments (other than cash and cash equivalents) are classified as Level 3 under ASC 820.

 

29
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

4. Fair Value of Financial Instruments  – (continued)

 

The following table summarizes the valuation of the Company’s investments measured at fair value based on the fair value hierarchy detailed above as of June 30, 2015 and December 31, 2014:

 

   As of June 30, 2015
   Level 1  Level 2  Level 3  Total
Senior Secured (1)  $-   $-   $386,267,009   $386,267,009 
Mezzanine   -    -    7,435,544    7,435,544 
Subordinated   -    -    4,066,554    4,066,554 
Preferred Equity Investments   -    -    6,512,540    6,512,540 
Common Equity Investments   -    -    4,243,100    4,243,100 
Financial Assets   -    -    26,547,436    26,547,436 
   $-   $-   $435,072,183   $435,072,183 

 

(1) Includes unfunded obligations with a fair value of $(68,288).

 

   As of December 31, 2014
   Level 1  Level 2  Level 3  Total
Senior Secured (1)  $-   $-   $399,188,829   $399,188,829 
Second Lien   -    -    13,652,140    13,652,140 
Mezzanine   -    -    7,361,336    7,361,336 
Subordinated   -    -    4,066,554    4,066,554 
Preferred Equity Investments   -    -    5,791,276    5,791,276 
Common Equity Investments   -    -    1,379,521    1,379,521 
Financial Assets   -    -    36,329,807    36,329,807 
   $-   $-   $467,769,463   $467,769,463 

 

(1) Includes unfunded obligations with a fair value of $(306,610).

 

The net change in unrealized gain for the six months ended June 30, 2015 and June 30, 2014 reported within the net change in unrealized gain on investments in the Company’s consolidated statements of operations attributable to the Company’s Level 3 assets was $1,001,107 and $1,171,755, respectively.

30
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

4. Fair Value of Financial Instruments  – (continued)

 

The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2015:

 

   Six Months Ended June 30, 2015
   Senior Secured Investments  Second Lien Investments  Mezzanine Investments  Subordinated Investments  Preferred Equity Investments  Common Equity Investments  Financial Assets  Total
Fair value, beginning of period  $399,188,829   $13,652,140   $7,361,336   $4,066,554   $5,791,276   $1,379,521   $36,329,807   $467,769,463 
Total net realized and unrealized (loss)/gain on investments   (7,601,832)   284,274    (12,925)   -    721,264    38,995    (1,357,707)   (7,927,931)
Total net accretion of discounts on investments   786,804    31,122    12,925    -    -    -    -    830,851 
Purchases/Issuances   89,621,829    -    74,208    -    -    2,824,584    -    92,520,621 
Sales   126,987    (3,497,503)   -    -    -    -    -    (3,370,516)
Paydowns   (95,855,608)   (10,470,033)   -    -    -    -    (8,424,664)   (114,750,305)
Fair value, end of period  $386,267,009   $-   $7,435,544   $4,066,554   $6,512,540   $4,243,100   $26,547,436   $435,072,183 
                                         
Net change in unrealized gain/(loss) on investments in our Consolidated Statement of Operations attributable to our Level 3 assets (1)  $(2,898,433)  $-   $(12,925)  $-   $721,264   $38,995   $(23,357)  $(2,174,457)

 

(1) Net change in unrealized gain included in earnings related to investments still held at reporting date.

 

There were no transfers of investments between levels by the Company for the six months ended June 30, 2015.

 

The following table is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended June 30, 2014:

 

 

   Six Months ended June 30, 2014
   Senior Secured  Second Lien  Mezzanine  Real Estate Loan  Subordinated  Unsecured  Preferred Equity  Common Equity  Financial   
   Investments  Investments  Investments  Investments  Investments  Investments  Investments  Investments  Assets  Total
Fair value, beginning of period  $382,888,163   $13,680,535   $7,080,998   $-   $-   $-   $5,453,182   $3,090,475   $16,888,126   $429,081,479 
Transfers into Level 3 (1)   -    4,916,653    -    -    -    -    -    -    -    4,916,653 
Transfers out of Level 3 (1)   (4,916,653)   -    -    -    -    -    -    -    -    (4,916,653 )
Total net realized and unrealized gain/(loss) on investments   785,385    268,935    120,014    118,785    (56,736)   -    4,356,267    6,248,635    (973,380)   10,867,905 
Total net accretion of discounts on investments   933,152    1,916    12,925    81,215    56,735    -    -    -    -    1,085,943 
Purchases/Issuances   150,753,575    5,010,986    72,722    9,964,896    5,587,631    6,592,692    -    -    34,684,258    212,666,760 
Sales   (53,292,233)   -    -    -    -    -    (4,882,616)   (7,937,240)   -    (66,112,089)
Paydowns   (142,787,172)   (5,937,918)   -    -    -    -    -    -    (5,277,403)   (154,002,493)
Fair value, end of period  $334,364,217   $17,941,107   $7,286,659   $10,164,896   $5,587,630   $6,592,692   $4,926,833   $1,401,870   $45,321,601   $433,587,505 
                                                   
Net change in unrealized gain/(loss) on investments in our Consolidated Statement of Operations attributable to our Level 3 assets(2)  $(1,086,868)  $308,732   $120,014   $118,785   $(56,736)  $-   $3,926,833   $449,251   $(667,921)  $3,112,090 

 

(1) Transfers into or out of Level 1, 2 or 3 are recognized at the reporting date. There were no transfers of investments between levels by the Company for the six months ended June 30, 2014.
(2) Net change in unrealized gain included in earnings related to investments still held at reporting date.

 

31
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

4. Fair Value of Financial Instruments  – (continued)

 

The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at June 30, 2015:

 

    Quantitative Information about Level 3 Fair Value Measurements
    Fair Value at   Valuation   Unobservable   Range   Weighted
  June 30, 2015   Technique   Input Low High   Average
                       
        Comparable yield               
Senior Secured Investments (1) $     386,267,009   approach   Market rate (2)   7.4% 21.5%   11.1%
        Market comparable               
        companies   EBITDA multiple (5)    1.9x   11.0x     5.8x 
        Comparable yield              
Mezzanine Investments           7,435,544   approach   Market rate (2)   16.0% 16.0%   16.0%
        Market comparable              
        companies   EBITDA multiple (5)    5.0x   5.0x     5.0x 
        Market comparable              
Subordinated Investments           4,066,554   companies   EBITDA multiple    4.1x   4.1x     4.1x 
        Market comparable               
Equity Investments (3)         10,755,640   companies   EBITDA multiple    5.0x   7.0x     5.0x 
        Market comparable               
        companies   Origination fees multiple    20.0x   20.0x     20.0x 
        Discounted cash              
Financial Assets (4)         26,547,436   flows   Interest rate   6.3% 31.3%   15.6%
                       
            Conditional prepayment rate ("CPR")   18.5% 83.6%   39.8%
                       
            Constant default rate ("CDR")   6.5% 33.0%   14.5%
                       
            Discount rate   8.3% 8.3%   8.3%
Total    $ 435,072,183                  

 

  (1) Includes total unfunded obligations with a fair value of $(68,288).
  (2) Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.

  (3) Includes preferred and common equity.
  (4) Financial Assets are aggregated by the level of risk associated with the underlying loan, measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrower’s credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the  highest level of risk. As of June 30, 2015, 25.0%, 31.4%, 32.1%, 7.8%, 3.5% and 0.2% of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See exhibit 99.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 for detail on underlying loans.
  (5) Excludes non-operating portfolio companies, which we define as those with loans collateralized by real estate, proved developed producing value (“PDP”) or other hard assets. PDPs are proven revenues that can be produced with existing wells.

 

32
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

The following table is a quantitative disclosure about significant unobservable inputs (Level 3) that were used in determining fair value at December 31, 2014:

 

    Quantitative Information about Level 3 Fair Value Measurements  
   

Fair Value at

December 31,

  Valuation   Unobservable   Range   Weighted  
    2014   Technique   Input   Low   High   Average  
                           
Senior Secured   $ 399,188,829       Comparable yield approach       Market rate (2)       3.9%     19.7%     10.7 %     
 Investments (1)                                              
              Market comparable companies       EBITDA multiple (5)       1.9x     11.0x     6.4x    
                                               
Second Lien     13,652,140       Comparable yield approach       Market rate (2)       6.6%     11.5%     10.1 %     
 Investments                                              
              Market comparable companies       EBITDA multiple (5)       5.0x     9.3x     8.1x    
                                               
Mezzanine     7,361,336       Comparable yield approach       Market rate (2)       14.0%     14.0%     14.0 %     
 Investments                                              
              Market comparable companies       EBITDA multiple (5)       5.0x     5.0x     5.0x    
                                               
Subordinated Investments     4,066,554       Market comparable companies       EBITDA multiple (5)       5.1x     5.1x     5.1x    
                                               
Equity Investments (3)     7,170,797       Market comparable companies       EBITDA multiple (5)       5.0x     7.0x     5.6x    
                                               
              Market comparable companies       Origination fees multiple       20.0x     20.0x     20.0x    
                                               
Financial Assets (4)     36,329,807       Discounted cash flows       Interest rate       10.3%     31.3%     15.7 %     
                                               
                      Conditional prepayment rate (“CPR”)       18.5%     83.6%     43.5 %     
                                               
                      Constant default rate (“CDR”)       6.5%     33.0%     14.7 %     
                                               
                      Discount rate       8.3%     8.3%     8.3 %  
Total   $ 467,769,463                                        

 

  (1) Includes total unfunded obligations with fair value of $(306,610).
  (2)

Market rate is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future scheduled principal amortizations.

  (3) Includes preferred and common equity.
  (4)

Financial Assets are aggregated by the level of risk associated with the underlying loan, measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrower’s credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of December 31, 2014, 26.0%, 30.2%, 31.8%, 7.7%, 3.8% and 0.5% of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively. See exhibit 99.2 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as amended, for detail on underlying loans.

  (5) Excludes non-operating portfolio companies, which we define as those with loans collateralized by real estate or other hard assets.

 

33
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

4. Fair Value of Financial Instruments  – (continued)

 

Significant unobservable inputs used in the fair value measurement of the reporting entity’s Debt Investments include indicative bid quotations obtained from independent third party pricing services (“consensus pricing”), multiples of market comparable companies, and relative comparable yields.

 

Significant decreases (increases) in consensus pricing or market comparables could result in significantly lower (higher) fair value measurements. Significant increases (decreases) in comparable yields could result in significantly lower (higher) fair value measurements. Generally, a change in the assumption used for relative comparable yields is accompanied by a directionally opposite change in the assumptions used for pricing.

 

Significant unobservable inputs used in the fair value measurement of the reporting entity’s Equity Investments include market comparables. Significant decreases (increases) in market comparables could result in significantly lower (higher) fair value measurements.

 

Significant unobservable inputs used in the fair value measurement of the reporting entity’s Financial Assets include interest rate, prepayment rate, unit loss rate and discount rate.

 

Significant decreases (increases) in interest rates or prepayment rates could result in significantly lower (higher) fair value measurements. Significant increases (decreases) in unit loss rates or discount rates could result in significantly lower (higher) fair value measurements.

 

The composition of the Company’s portfolio by industry at cost and fair value as of June 30, 2015 was as follows:

 

Industry  Cost of Investments  Fair Value of Investments
         Miscellaneous Manufacturing  $91,018,318    20.9%  $91,408,780    21.0%
         Health Services   46,866,320    10.8    44,366,399    10.2 
         Miscellaneous Services   39,051,862    9.0    37,043,170    8.5 
         Consumer Finance Services   35,957,440    8.3    41,241,803    9.5 
         Miscellaneous Retail   28,292,070    6.5    28,439,834    6.5 
         Communications   19,834,385    4.6    20,004,206    4.6 
         Food Stores - Retail   18,277,059    4.2    18,421,904    4.2 
         Transportation Services   17,252,697    4.0    16,363,231    3.8 
         Automotive   17,155,603    4.0    17,249,022    4.0 
         Oil & Gas   16,159,839    3.7    16,158,685    3.7 
         Chemicals   13,168,111    3.0    13,212,736    3.0 
         Apparel Products   13,064,796    3.0    13,064,681    3.0 
         Insurance Agents   10,354,607    2.4    10,354,559    2.4 
         Electrical Equipment   10,300,951    2.4    10,300,836    2.4 
         Agricultural Services   10,294,615    2.4    10,294,500    2.4 
         Building & Real Estate   10,134,980    2.3    10,134,867    2.3 
         Specialty Services   10,038,456    2.3    10,038,398    2.3 
         Broadcasting & Entertainment   9,806,815    2.3    9,806,718    2.3 
         Printing & Publishing   9,217,957    2.1    9,217,854    2.1 
         Restaurants   7,950,000    1.8    7,950,000    1.8 
   $434,196,881    100.0%  $435,072,183    100.0%

 

Refer to the consolidated schedule of investments for detailed disaggregation of the Company’s investments.

 

34
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

4. Fair Value of Financial Instruments  – (continued)

 

The composition of the Company’s portfolio by industry at cost and fair value as of December 31, 2014 was as follows:

 

Industry  Cost of Investments  Fair Value of Investments
Miscellaneous Manufacturing  $85,907,977    18.4%  $83,839,078    17.9%
Miscellaneous Services   67,126,051    14.3    65,403,930    14.0 
Consumer Finance Services   48,119,013    10.3    52,580,109    11.2 
Health Services   47,189,920    10.1    46,537,536    9.9 
Transportation Services   28,416,509    6.1    27,632,673    5.9 
Miscellaneous Retail   22,444,469    4.8    22,551,302    4.8 
Chemicals   18,925,806    4.0    19,073,797    4.1 
Food Stores – Retail   18,556,111    4.0    18,636,449    4.0 
Automotive   17,318,944    3.7    17,425,287    3.7 
Insurance Agents   15,985,384    3.4    15,988,400    3.4 
Communications   15,575,536    3.3    15,763,563    3.4 
Restaurants   11,612,500    2.5    11,612,500    2.5 
Electrical Equipment   10,378,697    2.2    10,378,581    2.2 
Apparel Products   10,329,830    2.2    10,329,715    2.2 
Printing & Publishing   10,296,573    2.2    10,296,458    2.2 
Building & Real Estate   10,178,978    2.2    10,178,864    2.2 
Specialty Services   9,928,454    2.1    9,928,394    2.1 
Broadcasting & Entertainment   9,846,496    2.1    9,846,420    2.1 
Oil & Gas   9,766,635    2.1    9,766,407    2.2 
Total  $467,903,883    100.0%  $467,769,463    100.0%

 

Refer to the consolidated schedule of investments for detailed disaggregation of the Company’s investments.

 

5. Indemnifications

 

In the normal course of business, the Company enters into certain contracts that provide a variety of indemnifications. The Company’s maximum exposure under these indemnifications is unknown. However, no liabilities have arisen under these indemnifications in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Company does not consider it necessary to record a liability for any indemnifications under U.S. GAAP.

 

6. Due To and Due From Counterparties

 

The Company executes investment transactions with agents, brokers, investment companies, agent banks and other financial institutions. Due to and due from counterparties include amounts related to unsettled purchase and sale transactions of investments and principal paydowns receivable from the borrowers.

 

Amounts due to counterparties were $110,409 and $109,204 as of June 30, 2015 and December 31, 2014, respectively. Amounts due from counterparties were $1,781,998 and $1,615,125 as of June 30, 2015 and December 31, 2014, respectively.

 

7. Financing

 

As of June 30, 2015, the total carrying value of the Company’s aggregate debt outstanding was $233,668,986 with a weighted average effective interest rate of 2.97%. The Company’s debt outstanding as of June 30, 2015 was comprised of notes issued by GF 2013-2 and GLC Trust 2013-2 Notes as well as Garrison SBIC borrowings.

 

35
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

7. Financing  – (continued)

 

The table below provides details of our outstanding debt as of June 30, 2015:

 

   Amortized  Outstanding         
June 30, 2015  Carrying Value  Principal at Par  Interest Rate  Rating(2)  Stated Maturity
Senior Secured Notes:                       
     Class A-1R Notes  $47,600,000   $47,600,000    LIBOR + 1.90% (1)  AAA(sf)   9/25/2023
     Class A-1T Notes   110,808,598    111,175,000    LIBOR + 1.80%   AAA(sf)   9/25/2023
     Class A-2 Notes   24,050,510    24,150,000    LIBOR + 3.40%   AA(sf)   9/25/2023
     Class B Notes   24,921,905    25,025,000    LIBOR + 4.65%    A (sf)   9/25/2023
Garrison SBIC Borrowings:                  
SBIC Borrowings   3,500,000    3,500,000    LIBOR + 1.04%(3)  N/A   9/23/2015 (4)
GLC Trust 2013-2 Notes:                  
     Class A Notes   22,787,973    23,061,881    3.00%  N/A   7/15/2021
   $233,668,986   $234,511,881              

 

  (1) May bear interest at either the CP Rate (as defined in the indenture governing the CLO) or the London Interbank Offered Rate (“LIBOR”). As of June 30, 2015, the Class A-1R Notes’ base rate was LIBOR.
  (2) Represents an S&P rating as of the closing of the CLO.
  (3) Interim interest rate and annual charge.
  (4) Represents maturity date of our interim financing as well as the next debenture pooling date upon which our financing will be replaced with SBA-guaranteed Debentures.

 

The table below provides details of our outstanding debt as of December 31, 2014:

 

   Amortized  Outstanding         
December 31, 2014  Carrying Value  Principal at Par  Interest Rate  Rating(2)  Stated Maturity
Senior Secured Notes:                       
     Class A-1R Notes  $50,000,000   $50,000,000    LIBOR + 1.90% (1)  AAA(sf)   9/25/2023
     Class A-1T Notes   110,786,557    111,175,000    LIBOR + 1.80%   AAA(sf)   9/25/2023
     Class A-2 Notes   24,044,526    24,150,000    LIBOR + 3.40%   AA(sf)   9/25/2023
     Class B Notes   24,915,704    25,025,000    LIBOR + 4.65%    A (sf)   9/25/2023
GLC Trust 2013-2 Notes:                  
     Class A Notes   30,512,712    30,909,941    3.00%  N/A   7/15/2021
   $240,259,499   $241,259,941              

 

  (1) May bear interest at either the CP Rate (as defined in the indenture governing the CLO) or the London Interbank Offered Rate (“LIBOR”). As of December 31, 2014, the Class A-1R Notes’ base rate was LIBOR.
  (2) Represents an S&P rating as of the closing of the CLO.

 

In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing (other than the SBA debentures of Garrison SBIC, as permitted by exemptive relief the Company has been granted by the SEC). As of June 30, 2015 and December 31, 2014, the Company’s asset coverage for borrowed amounts was 210.6% and 207.8%, respectively.

 

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Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

7. Financing  – (continued)

 

The table below shows the weighted average interest rates and weighted average effective interest rates, inclusive of deferred debt issuance costs, of our debt as of June 30, 2015 and December 31, 2014:

 

   June 30, 2015  December 31, 2014
           
Senior Secured Revolving Notes:          
Weighted average interest rate   2.18%   2.16%
Weighted average effective interest rate(1)   2.26    2.25 
Senior Secured Term Notes:          
Weighted average interest rate   2.76    2.74 
Weighted average effective interest rate(1)   3.17    3.15 
GLC Trust 2013-2  Class A Note:          
Weighted average interest rate   3.00    3.00 
Weighted average effective interest rate(1)   3.29    4.01 
SBIC Borrowing:          
Weighted average interest rate   1.32     N/A  
Weighted average effective interest rate(1)   2.53     N/A  
Total          
Total weighted average interest rate   2.64    2.65 
Total weighted average effective interest rate   2.97    3.04 

 

(1)  Includes the effects of deferred debt issuance costs

 

Senior Secured Notes

 

On November 5, 2010, GF 2010-1 completed a $300,000,000 collateralized loan securitization. GF 2010-1 was the borrower under a collateralized loan obligation facility (the “CLO Facility”) which consisted of senior secured notes (collectively, the “GF 2010-1 Notes”).

 

On May 21, 2012, GF 2012-1, the Company’s wholly owned indirect subsidiary, entered into the Credit Facility in an aggregate principal amount of $150,000,000 which was utilized, along with cash on hand of GF 2010-1 and Garrison Capital LLC, to redeem the existing GF 2010-1 Notes. On June 5, 2013, GF 2012-1 entered into an agreement to increase the size of the Credit Facility from $150,000,000 to $175,000,000, which consisted of $125,000,000 of Class A-T loans and $50,000,000 of Class A-R loans. All other terms of the Credit Facility remained unchanged.

 

In connection with the execution of the Credit Facility and the redemption of the GF 2010-1 Notes in accordance with the indenture governing such notes, a majority of the loans and other assets owned or financed under such indenture were sold or contributed to GF 2012-1 as collateral for the Credit Facility.

 

On September 25, 2013, GF 2013-2 completed the CLO through a private placement of (1) $50,000,000 Class A-1R revolving notes (“Class A-1R Notes”); (2) $111,175,000 of Class A-1T notes (“Class A-1T Notes”); (3) $24,150,000 of Class A-2 notes (“Class A-2 Notes” and collectively with the Class A-1R Notes and the Class A-1T Notes, the “Class A Notes”); (4) $25,025,000 of Class B notes (“Class B Notes”); (5) $13,650,000 of Class C notes (“Class C Notes”), which bear interest at three-month LIBOR plus 5.50% (collectively, the Class A Notes, Class B Notes and Class C Notes are referred to as the “Secured Notes”); and (6) $126,000,000 of subordinated notes (“Subordinated Notes”), which do not have a stated interest rate,(collectively, the Class A Notes, Class B Notes, Class C Notes and the Subordinated Notes as the “GF 2013-2 Notes”).

 

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

7. Financing  – (continued)

 

We utilized the proceeds of the GF 2013-2 Notes, along with cash on hand, to refinance the existing Credit Facility. All of the GF 2013-2 Notes are scheduled to mature on September 25, 2023. As of June 30, 2015, GARS had retained 100% of the Class C Notes, which are eliminated in consolidation. The Subordinated Notes represent the residual interest in GF 2013-2. Immediately following the completion of the CLO, GF 2013-2 Manager owned 100% of the Subordinated Notes, which are eliminated in consolidation.

 

At June 30, 2015, $2.4 million of the Class A-1R Notes were undrawn. As of December 31, 2014, the Class A-1R Notes were fully drawn. The Class A-1R Notes bear a 1.00% annual fee on undrawn amounts. The fair value of the GF 2013-2 Notes approximated its carrying value on the consolidated statements of financial condition as of June 30, 2015 and December 31, 2014, respectively.

 

The ability of GF 2013-2 to draw under the Class A-1R Notes terminates on September 25, 2016, which is also the end of the extended reinvestment period. The Secured Notes are secured by all of the assets held by GF 2013-2.

 

The indenture governing the notes issued as part of the CLO provides that, to the extent cash is available from cash collections, the holders of the GF 2013-2 Notes are to receive quarterly interest payments on the 20th day or, if not a business day, the next succeeding business day of February, May, August and November of each year until the stated maturity.

 

Under the documents governing the CLO, there are two coverage tests applicable to the Secured Notes. The first test compares the amount of interest received on the collateral loans held by GF 2013-2 to the amount of interest payable on the Secured Notes under the CLO in respect of the amounts drawn and certain expenses. To meet this first test, at any time, the aggregate amount of interest received on the collateral loans must equal, after the payment of certain fees and expenses, at least 135.0% of the aggregate amount of interest payable on the Class A Notes, 125.0% of the interest payable on the Class A Notes and Class B Notes, taken together, and 115% of the interest payable on the Class A Notes, Class B Notes and Class C Notes, taken together.

 

The second test compares the aggregate principal amount of the collateral loans, as calculated in accordance with the indenture, to the aggregate outstanding principal amount of the Secured Notes in respect of the amounts drawn. To meet this second test at any time, the aggregate principal amount of the collateral loans must equal at least 173.4% of the aggregate outstanding principal amount of the Class A Notes, 156.1% of the aggregate principal amount of the Class A Notes and Class B Notes, taken together, and 148.1% of the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes, taken together.

 

If the coverage tests are not satisfied with respect to a quarterly payment date, GF 2013-2 will be required to apply available amounts to the repayment of interest on and principal of the GF 2013-2 Notes to the extent necessary to satisfy the applicable coverage tests and, as a result, there may be reduced funds available for GF 2013-2 to make additional investments or to make distributions on the Company’s equity interests in GF 2013-2. Additionally, compliance is measured on each day collateral loans are purchased, originated or sold and in connection with monthly reporting to the note holder.

 

Furthermore, if under the second coverage test the aggregate principal amount of the collateral loans equals 125.0% or less of the aggregate outstanding principal amount on the Class A-1 Notes and remains so for ten business days, an event of default will be deemed to have occurred. As of June 30, 2015 and December 31, 2014, the trustee for the CLO has asserted that all of the coverage tests were met.

 

Garrison SBIC Borrowings

 

As discussed in Note 1, Garrison SBIC received a license to operate as an SBIC from the SBA on May 26, 2015. The SBIC License allows Garrison SBIC to obtain SBA-guaranteed debentures in an amount equal to 2.0x equity up to $150,000,000 of leverage, subject to the issuance of a capital commitment by the SBA and other customary procedures. On June 16, 2015 the SBA issued Garrison SBIC a commitment to provide $35,000,000 of leverage.

 

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

 

7. Financing  – (continued)

 

The SBA issues SBA-guaranteed debentures bi-annually on pooling dates in March and September of each year. These debentures are non-recourse, interest only debentures with a 10 year stated maturity, but may be prepaid at any time without penalty. The interest rate of the debentures is fixed at the time of issuance and is based on a coupon rate over the ten year treasury rate at the time of issuance. Interest on the debentures is payable on a semi-annual basis. The SBA issues interim financings to SBICs on non-pooling dates that carry a lower interest rate than the debentures and mature on the next pooling date.

 

The SBA, as a creditor, will have a superior claim to Garrison SBIC’s assets over the Company’s stockholders if Garrison SBIC were to be liquidated, or the SBA exercises its remedies under the SBA-guaranteed debentures issued by Garrison SBIC upon an event of default.

 

As of June 30, 2015, Garrison SBIC had regulatory capital of $35,000,000 and total SBIC borrowings outstanding of $3,500,000 that carried an interim interest rate of LIBOR + 0.30% and an annual charge of 0.74% until September 23, 2015, the next expected debenture pooling date. The fair value of the SBIC borrowings approximated its carrying value on the consolidated statement of financial condition as of June 30, 2015.

 

GLC Trust 2013-2 Notes

 

GLC Trust 2013-2 entered into a $10,000,000 revolving facility with Capital One Bank, NA on December 6, 2013. The revolving facility included an accordion feature, such that GLC Trust 2013-2 was permitted to increase the total commitment up to $15,000,000 under the terms of the loan agreement. GLC Trust 2013-2 exercised this option on December 20, 2013.

 

On July 11, 2014, GARS increased the GLC Trust 2013-2 Revolver commitment by $15,000,000, for a total commitment of $30,000,000. On July 18, 2014, GARS completed a $39,167,000 million term debt securitization collateralized by the GLC Trust 2013-2 consumer loan portfolio (“GLC Trust 2013-2 Securitization”).

 

The notes offered in the GLC Trust 2013-2 Securitization were issued by GLC Trust 2013-2 and consisted of $36,916,000 of Class A Notes (“GLC Trust 2013-2 Class A Notes”) and $2,251,000 of Class B Notes (“GLC Trust 2013-2 Class B Notes”, and collectively with the GLC Trust 2013-2 Class A Notes, the “GLC Trust 2013-2 Notes”). As of December 31, 2014, GARS has retained all of the Class B Notes, which are eliminated in consolidation.

 

The GLC Trust 2013-2 Class A Notes bear interest at 3.00% per annum and are scheduled to mature on July 15, 2021. The proceeds of the GLC Trust 2013-2 Notes were used to refinance the GLC Trust 2013-2 Revolver, which was fully paid down and terminated concurrent with the issuance of the GLC Trust 2013-2 Notes.

 

The fair value of the GLC Trust 2013-2 Notes approximated the carrying value on the consolidated statements of financial condition as of June 30, 2015 and December 31, 2014, respectively.

 

The indenture governing the GLC Trust 2013-2 Notes provides that, to the extent cash is available from cash collections, the holders of the GLC Trust 2013-2 Notes are to receive monthly interest and principal payments on the 15th day or, if not a business day, the next succeeding business day, commencing in August 2014, until the stated maturity.

 

Under the indenture governing the GLC Trust 2013-2 Notes, there are two applicable monthly tests. The first test compares the principal balance of the underlying loans to the principal balance of the GLC Trust 2013-2 Notes. To meet this first test, the aggregate principal balance of the underlying loans less the aggregate principal balance of the GLC Trust 2013-2 Notes must equal, at least, the greater of (1) 13% of the aggregate principal balance of the underlying loans as of the end of the prior month and (2) 5.25% of the loan pool balance as of July 11, 2014.

 

39
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

7. Financing  – (continued)

 

The second test compares the ratio of the dollar amount of cumulative defaults to the original principal balance of the underlying loans as of July 11, 2014 (“Cumulative Default Ratio”) to the Cumulative Default Ratio trigger level, as stated in the indenture. To meet this second test, the Cumulative Default Ratio must not exceed the Cumulative Default Ratio trigger level.

 

If these tests are not satisfied with respect to a monthly payment date and are not cured within 45 days, an event of default will be deemed to have occurred and the GLC Trust 2013-2 Notes will become immediately due and payable, in accordance with the terms of the indenture. As of June 30, 2015, all of the coverage tests were met.

 

Deferred Debt Issuance Costs and other Fees

 

Fees paid as part of the execution of the Credit Facility, the refinance of the Credit Facility and the execution of the CLO in the amount of $6,154,758 consisted of facility fees of $4,280,250 and other costs of $1,874,508, which included rating agency fees and legal fees. Fees paid as part of the execution of the GLC Trust 2013-2 Securitization in the amount of $365,100 consisted of legal and other fees. For the six months ended June 30, 2015, we paid upfront fees of $434,875, or 3.43%, on our SBIC borrowings. The upfront fees comprised of a 1.00% commitment fee, a 2.00% leverage fee and 0.43% of other fees. These costs are included in deferred debt issuance costs on the consolidated statements of financial condition and will be amortized over the stated maturity of the respective loans, with $4,455,182 and $4,418,235 of deferred debt issuance costs remaining as of June 30, 2015 and December 31, 2014, respectively.

 

8. Related Party Transactions

 

Investment Advisory Agreement

 

GARS entered into the Investment Advisory Agreement with the Investment Adviser, which was effective as of October 9, 2012 and subsequently amended and restated on May 6, 2014. A new Investment Advisory Agreement was approved by the Company’s stockholders on May 1, 2015. Under the Investment Advisory Agreement, the Investment Adviser is entitled to a base management fee for its services calculated at an annual rate of 1.75% of gross assets, excluding cash and cash equivalents, and cash and cash equivalents, restricted, but including assets purchased with borrowed funds. For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within 270 days of purchase.

 

For the three and six months ended June 30, 2015, the Investment Adviser earned management fees under the Investment Advisory Agreement in the amount of $1,983,114 and $3,972,658, respectively. For the three and six months ended June 30, 2014, the Investment Adviser earned management fees in the amount of $2,016,078 and $3,973,859, respectively.

 

Management fees in the amount of $1,983,114 and $268,098 were payable as of June 30, 2015 and December 31, 2014, respectively, and are included in management fee payable on the consolidated statements of financial condition.

 

Under the Investment Advisory Agreement, the Investment Adviser is entitled to an incentive fee consisting of two components that are independent of each other, with the result that one component may be payable even if the other is not.

 

The first component, which is income-based and payable quarterly in arrears, equals 20% of the amount, if any, that the Company’s pre-incentive fee net investment income exceeds a 2.00% quarterly (8.00% annualized) hurdle rate (the “Hurdle Rate”), subject to a “catch-up” provision measured at the end of each calendar quarter.

 

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

8. Related Party Transactions  – (continued)

 

The operation of the first component of the incentive fee for each quarter is as follows:

 

no incentive fee is payable to the Investment Adviser in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Rate;

 

100% of the Company’s pre-incentive fee net investment income with respect to that portion of the Company’s pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.50% in any calendar quarter (10.00% annualized). We refer to this portion of the Company’s pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 2.50%) as the “catch-up”. The effect of the “catch-up” provision is that, if the Company’s pre-incentive fee net investment income exceeds 2.50% in any calendar quarter, the Investment Adviser will receive 20% of such pre-incentive fee net investment income as if the Hurdle Rate did not apply; and

 

20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.50% in any calendar quarter (10.00% annualized) (once the Hurdle Rate is reached and the catch-up is achieved).

 

The portion of such incentive fee that is attributable to deferred interest (such as PIK interest or original issue discount) will be paid to the Investment Adviser, together with any other interest accrued on the loan from the date of deferral to the date of payment, only if and to the extent the Company actually receives such interest in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write-off or similar treatment of the investment giving rise to any deferred interest accrual. Any reversal of such amounts would reduce net income for the quarter by the net amount of the reversal (after taking into account the reversal of incentive fees payable) and would result in a reduction and possible elimination of the incentive fees for such quarter. For the avoidance of doubt, no incentive fee will be paid to the Investment Adviser on amounts accrued and not paid in respect of deferred interest. For the three and six months ended June 30, 2015, the Investment Adviser earned an income-based incentive fee on pre-incentive fee net investment income, as calculated under the Investment Advisory Agreement, of $1,638,713 and $3,314,121, respectively. For the three and six months ended June 30, 2014, the Investment Adviser earned an income-based incentive fee on pre-incentive fee net investment income, as calculated under the Investment Advisory Agreement, of $1,626,537 and $2,932,607, respectively.

 

The second component, which is capital gains-based, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date) and equals 20% of the Company’s cumulative aggregate realized capital gains through the end of such year, computed net of the Company’s aggregate cumulative realized capital losses and aggregate cumulative unrealized capital loss through the end of such year, less the aggregate amount of any previously paid capital gains incentive fees and subject to the Incentive Fee Cap and Deferral Mechanism described below. The capital-gains component of the incentive fee excludes any portion of realized gains (losses) that are associated with the reversal of any portion of unrealized gain/(loss) attributable to periods prior to April 1, 2013. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. For the three and six months ended June 30, 2015 the Investment Adviser reversed previously accrued capital gains-based incentive fee, as calculated under the Investment Advisory Agreement, of $0 and $(846,720), respectively. The Investment Adviser reversed previously accrued capital gains-based incentive fee, as calculated under the Investment Advisory Agreement, of $(241,931) for the three months ended June 30, 2014. The Investment Adviser accrued a capital gains-based incentive fee of $1,182,523, as calculated under the Investment Advisory Agreement, for the six months ended June 30, 2014.

 

Under U.S. GAAP, we are required to accrue a capital gains incentive fee based upon the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital gain and loss on investments held at the end of each period. If such amount is positive at the end of a period, then the Company will record a capital gains incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gains related incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such period.

 

41
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

8. Related Party Transactions  – (continued)

 

The Investment Advisory Agreement does not permit unrealized capital gains for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital gains, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement (as described above). For the three and six months ended June 30, 2015 the Investment Adviser reversed previously accrued capital gains-based incentive fee, as calculated under U.S. GAAP of $(621,560) and $(755,267), respectively. For the three and six months ended June 30, 2014, the Investment Adviser accrued capital gains-based incentive fee, as calculated under U.S. GAAP of $797,862 and $1,680,759, respectively.

 

Incentive Fee Cap and Deferral Mechanism

 

We have structured the calculation of these incentive fees to include a fee limitation such that no incentive fee will be paid to our Investment Adviser for any fiscal quarter if, after such payment, the cumulative incentive fees paid to our Investment Adviser for the period that includes such fiscal quarter and the 11 full preceding fiscal quarters (the “Incentive Fee Look-back Period”), would exceed 20.0% of our cumulative pre-incentive fee net return during the applicable Incentive Fee Look-back Period. The Incentive Fee Look-back Period commenced on April 1, 2013. Prior to April 1, 2016, the Incentive Fee Look-back Period will consist of fewer than 12 full fiscal quarters. In the aggregate, the Investment Adviser earned incentive fees of $1,017,153 and $1,712,134, for the three and six months ended June 30, 2015, respectively. In the aggregate, the Investment Adviser earned incentive fees of $2,189,556 and $5,795,889, for the three and six months ended June 30, 2014, respectively. Incentive fees in the amount of $1,902,919 and $2,816,310 were payable as of June 30, 2015 and December 31, 2014, respectively, and are included in incentive fee payable on the consolidated statements of financial condition.

 

Administration Agreement

 

As discussed in Note 1, GARS entered into the Administration Agreement with GARS Administrator. Under the Administration Agreement, the GARS Administrator provides the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the GARS Administrator, subject to review by the Board, from time to time determines to be necessary or useful to perform its obligations under the Administration Agreement. The GARS Administrator is responsible for the financial and other records that the Company is required to maintain and prepare reports to stockholders, and reports and other materials filed with the SEC. The GARS Administrator provides on the Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. No managerial assistance was provided to any portfolio companies for the six months ended June 30, 2015 and June 30, 2014.

 

In addition, the GARS Administrator assists the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and the printing and dissemination of reports to stockholders of the Company, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company reimburses the GARS Administrator for the costs and expenses incurred by the GARS Administrator in performing its obligations and providing personnel and facilities as described.

 

As discussed in Note 1, GLC Trust 2013-2 entered into the GLC Trust 2013-2 Administration Agreement with an affiliate of our manager, fees incurred under this agreement are included in total administrator expenses presented on the consolidated statement of operations.

 

Administrator charges for the three and six months ended June 30, 2015 were $271,647 and $543,294, respectively. Administrator charges for the three and six months ended June 30, 2014 were $198,400 and $403,635, respectively. Administration fees of $336,617 were payable to the GARS Administrator as of June 30, 2015 and $74,455 were prepaid as of December 31, 2014.

 

42
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

8. Related Party Transactions  – (continued)

 

Directors’ Fees

 

The Company’s independent directors each receive an annual fee of $75,000. They also receive $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting and receive $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting.

 

In addition, the chairman of the audit committee receives an annual fee of $10,000, the chairman of the valuation committee receives an annual fee of $10,000 and each chairman of any other committee receives an annual fee of $5,000 for their additional services in these capacities (all such fees and reimbursements collectively, “Directors’ Fees”). No compensation is paid to directors who are not independent of the Company and the Investment Adviser.

 

For the three and six months ended June 30, 2015, independent directors earned Directors’ Fees of $101,495 and $207,731, respectively. For the three and six months ended June 30, 2014, independent directors earned Directors’ Fees of $94,046 and $187,251, respectively. No directors’ fees were payable as of June 30, 2015 and December 31, 2014.

 

Affiliated Stockholders

 

GSOF LLC, GSOF 2014 LLC, GSOF-SP LLC, GSOF-SP 2014 LLC, GSOF-SP II LLC, GSOF-SP 2014 II LLC, GSOF-SP DB LLC (subsidiaries of Garrison Special Opportunities Fund LP), GSOIF Corporate Loan Pools Ltd. (a subsidiary of Garrison Special Opportunities Institutional Fund LP), GCOH SubCo 2014-1 LLC (a subsidiary of Garrison Credit Opportunities Holdings L.P.), GCOH SubCo 2014-2 LLC (a subsidiary of Garrison Credit Opportunities Holdings L.P.), Garrison Capital Fairchild I Ltd. (a subsidiary of Fairchild Offshore Fund L.P.), Garrison Capital Fairchild II Ltd. (a subsidiary of Fairchild Offshore Fund II L.P.) and Garrison Capital Adviser Holdings MM LLC (collectively, the “Garrison Funds”) are all entities that are owned by funds that are managed by the Investment Manager.

 

As of December 31, 2014, the Garrison Funds owned an aggregate of 2,024,372 or 12.1%, of the total outstanding common shares of GARS, and the officers and directors of the Company directly owned an aggregate of 73,032, or 0.4%, of the total outstanding common shares of GARS. On March 19, 2015, GSOF LLC, GSOF-SP LLC, GSOF-SP II LLC, GSOF-SP DB LLC, GSOIF Corporate Loan Pools Ltd., and GCOH SubCo 2014-1 LLC. (collectively, the “Garrison Offering Funds”) sold an aggregate 884,990 shares of GARS common stock in a secondary offering. In connection with this sale, the Garrison Offering Funds agreed to reimburse the Company for certain fees and expenses in the amount of $18,654 incurred in connection with the filing of the Company’s Registration Statement. On March 23, 2015, the Garrison Offering Funds sold an aggregate of 125,000 shares of GARS common stock in a private offering. On May 8, 2015, Garrison Capital Fairchild I Ltd. and Garrison Capital Fairchild II Ltd sold an aggregate 200,000 shares of GARS common stock in a secondary offering. As of June 30, 2015, the Garrison Offering Funds held zero shares of GARS common stock.

 

As of June 30, 2015, GSOF 2014 LLC, GSOF-SP 2014 LLC, GSOF-SP 2014 II LLC, GCOH SubCo 2014-2 LLC, Garrison Capital Fairchild I Ltd., Garrison Capital Fairchild II Ltd. and Garrison Capital Adviser Holdings MM LLC owned an aggregate of 814,382, or 4.9%, of the total outstanding shares of GARS common stock, and the officers and directors of the Company directly owned an aggregate of 84,107, or 0.5%, of the total outstanding shares of GARS common stock.

 

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

8. Related Party Transactions  – (continued)

 

Other

 

Garrison Loan Agency Services LLC acts as the administrative and collateral agent for certain loans held by the Company. No fees were paid by the Company to Garrison Loan Agency Services LLC during the six months ended June 30, 2015 and June 30, 2014.

 

The Company may invest alongside other clients of the Investment Manager and their affiliates in certain circumstances where doing so is consistent with applicable law, SEC staff interpretations and the terms of our exemptive relief.

 

9. Financial Highlights

 

The following table represents financial highlights for the Company for the six months ended June 30, 2015 and June 30, 2014:

 

Per share data  June 30, 2015  June 30, 2014
Net asset value per common share at beginning of period  $15.58   $15.16 
Increase in net assets from operations:          
Net investment income   0.89    0.53 
Net realized (loss)/gain on investments   (0.54)   0.58 
Net unrealized gain on investments   0.06    0.07 
Net increase in net assets from operations   0.41    1.18 
Stockholder transactions          
Distributions from net investment income   (0.70)   (0.70)
Total additions from and dividends and distributions to stockholders   (0.70)   (0.70)
Net asset value per common share at end of period  $15.29   $15.64 
           
Per share market value at end of period  $14.99   $15.30 
Total book return (1)   2.63%   7.78%
Total market return (2)   8.70%   15.54%
Common shares outstanding at beginning of period   16,758,779    16,758,779 
Common shares outstanding at end of period   16,758,779    16,758,779 
Weighted average common shares outstanding   16,758,779    16,758,779 
Net assets at beginning of period  $261,102,068   $254,080,598 
Net assets at end of period  $256,219,465   $262,084,500 
Average net assets (3)  $261,645,274   $261,575,482 
Ratio of net investment income to average net assets (3)(5)   10.75%   7.87%
Ratio of net expenses to average net assets (4)(5)   9.61%   10.57%
Ratio of portfolio turnover to average investments at fair value (4)   19.78%   48.46%
Asset coverage ratio (6)   210.55%   216.02%
Average outstanding debt (7)  $234,879,701   $217,599,351 
Average debt per common share  $14.02   $12.98 

 

(1) Total book return equals the net increase of ending net asset value from operations over the net asset value per common share at beginning of the period.
(2) Based upon the change in market price per share during the period and takes into account distributions, if any, reinvested in accordance with our dividend reinvestment plan.
(3) Calculated utlizing monthly net assets.
(4) Calculated based on monthly average investments at fair value.
(5) There were no fee waivers for the six months ended June 30, 2015 or June 30, 2014.
(6) In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.
(7) Calculated based on monthly debt outstanding.

 

44
 

Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

10. Earnings per Share

 

The following table sets forth the computation of the net increase in net assets per share resulting from operations, pursuant to FASB ASC 260, Earnings per Share (“ASU 260”), for the six months ended June 30, 2015 and June 30, 2014:

 

   Six months ended  Six months ended
   June 30, 2015  June 30, 2014
Net increase in net asset resulting from operations  $6,848,544   $19,735,047 
Basic weighted average shares/members’ capital outstanding   16,758,779    16,758,779 
Basic earnings per share/unit  0.41   1.18 

 

11. Dividends and Distributions

 

The Company’s dividends and distributions are recorded on the ex-dividend date. The following table reflects the cash distributions, including dividends and returns of capital per share, that we have declared on our common stock for the six months ended June 30, 2015 and June 30, 2014:

 

Record Dates  Board Approval Date  Payment Date  Distribution Declared  Distribution Declared per Share
Six months ended June 30, 2015 (1)                
March 20, 2015  March 3, 2015  March 27, 2015  $5,865,573   $0.35 
June 12, 2015  April 30, 2015  June 26, 2015  $5,865,574   $0.35 
         $11,731,147   $0.70 

 

(1) Does not include any return of capital for tax purposes.    

 

Record Dates  Board Approval Date  Payment Date  Distribution Declared  Distribution Declared per Share
Six months ended June 30, 2014 (1)                
March 21, 2014  March 11, 2014  March 28, 2014  $5,865,573   $0.35 
June 13, 2014  May 6, 2014  June 27, 2014  $5,865,572   $0.35 
         $11,731,145   $0.70 

 

(1) Does not include any return of capital for tax purposes.    

 

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP.

 

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

12. Commitments and Contingencies

 

The Company had outstanding commitments to fund investments totaling $14,527,677 and $18,180,287 under various undrawn revolvers and other credit facilities as of June 30, 2015 and December 31, 2014, respectively.

 

In the ordinary course of business, the Company may be named as a defendant or a plaintiff in various lawsuits and other legal proceedings. Such proceedings include actions brought against the Company and others with respect to transactions to which the Company may have been a party. The outcomes of such lawsuits are uncertain and, based on these lawsuits, the values of the investments to which they relate could decrease. Management does not believe that as a result of litigation there would be any material impact on the consolidated financial condition of the Company. The Company has had no outstanding litigation proceedings brought against it since the commencement of operations on December 17, 2010.

  

 

 

 

 

 

 

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Garrison Capital Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements (unaudited)

 

June 30, 2015

 

13. Subsequent Events

 

On July 30, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which will be paid on September 25, 2015 to stockholders of record as of September 10, 2015.

 

These consolidated financial statements were approved by the Board and were available for issuance on August 4, 2015. Subsequent events have been evaluated through this date. No material subsequent events other than as disclosed above have occurred through this date.

 

 

 

 

 

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

 

The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. References to "we," "us," "our" and "Garrison Capital" refer to Garrison Capital LLC and its consolidated subsidiaries.

 

 

Forward-Looking Statements

 

Some of the statements in this quarterly report on Form 10-Q constitutes forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, including statements as to:

 

our future operating results;
changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, which could result in changes to the value of our assets;
our business prospects and the prospects of our prospective portfolio companies;
the impact of investments that we expect to make;
the impact of increased competition;
our contractual arrangements and relationships with third parties;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
the ability of our prospective portfolio companies to achieve their objectives;
the relative and absolute performance of Garrison Capital Advisers LLC, or the investment adviser;
our expected financings and investments;
the adequacy of our cash resources and working capital;
our ability to make distributions to our stockholders;
the timing of cash flows, if any, from the operations of our prospective portfolio companies; and
the impact of future acquisitions and divestitures.

 

We use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” and elsewhere in this quarterly report on Form 10-Q.

 

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission, or the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. 

 

You should understand that, under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in connection with this quarterly report on Form 10-Q or any periodic reports we file under the Exchange Act.

 

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Overview

 

We are an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company under the 1940 Act. In addition, for tax purposes, we have elected to be treated as a RIC under Subchapter M of Code, and intend to qualify annually for such treatment. Our shares are currently listed on The NASDAQ Global Select Market under the symbol “GARS”.

 

Our investment objective is to generate current income and capital appreciation by making investments generally in the range of $5 million to $25 million primarily in debt securities and loans of U.S. based middle-market companies, which we define as those having annual earnings before interest, taxes and depreciation, or EBITDA, of between $5 million and $30 million. Our goal is to generate attractive risk-adjusted returns by assembling a broad portfolio of investments.

 

We invest primarily in (1) first lien senior secured loans, (2) second lien senior secured loans, (3) “one-stop” senior secured or “unitranche” loans, (4) subordinated or mezzanine loans, (5) unsecured consumer loans and (6) to a lesser extent, selected equity co-investments in middle-market companies. We use the term “one-stop” or “unitranche” to refer to a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans. We use the term “mezzanine” to refer to a loan that ranks senior only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness.

 

We believe that the middle market offers attractive risk-adjusted returns for debt investors. Historically, we believe there has been a persistent scarcity of available capital relative to demand, which, from a lender’s perspective, has generally resulted in more favorable transaction structures, including enhanced covenant protection and increased pricing of debt securities relative to larger companies. We further believe that the turmoil in the markets has exacerbated this scarcity of capital, as many traditional lenders to middle-market companies have exited the business or focused their attention on larger borrowers. In addition, we believe middle-market companies traditionally have exhibited lower default rates and improved recoveries compared to larger borrowers and typically offer greater access to key senior managers, which we believe further enhances the attractiveness of lending to this market segment and facilitates due diligence investigations and regular monitoring.

 

Our investment activities are managed by our Investment Adviser. Our five member investment committee is comprised of Joseph Tansey, Rafael Astruc, Brian Chase, Mitch Drucker and Susan George. Our Investment Adviser is responsible for sourcing potential investments, conducting research and diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. Under an investment advisory agreement, or the Investment Advisory Agreement, with the Investment Adviser, we pay the Investment Adviser a base management fee and an incentive fee for its services. Garrison Capital Administrator LLC, or the Administrator, provides certain administrative services and facilities necessary for us to operate, including office facilities and equipment and clerical, bookkeeping and record-keeping services, pursuant to an administration agreement, or the Administration Agreement. The Administrator oversees our financial reporting and prepares our reports to stockholders and reports required to be filed with the SEC.

 

The Administrator also manages the determination and publication of our net asset value and the preparation and filing of our tax returns and generally monitors the payment of our expenses and the performance of administrative and professional services rendered to us by others. The Administrator may retain third parties to assist in providing administrative services to us. To the extent that the Administrator outsources any of its functions, we pay the fees associated with such functions on a direct basis without any profit to the Administrator.

 

As of June 30, 2015, we held investments in 54 portfolio companies with a fair value of $435.1 million, including investments in 40 portfolio companies held through the collateralized loan obligation (the “CLO”). The investments held by the CLO as of June 30, 2015 consisted of senior secured loans fair valued at $327.4 million and related indebtedness of $207.4. The loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $352.5 million as of June 30, 2015. As of June 30, 2015, our portfolio had an average investment size of approximately $7.3 million, a weighted average yield of 11.0% and a weighted average contractual maturity of 44 months.

 

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Weighted average yield is calculated based on the fair value of the investments and interest expected to be received using the current rate of interest at the balance sheet date to maturity, excluding the effects of future schedule principal amortizations. Weighted average yield represents the portfolio yield and may be higher than what investors will realize because it does not reflect our expenses or any sales load paid by investors.

 

As of December 31, 2014, we held investments in 57 portfolio companies with a fair value of $467.8 million, including investments in 47 portfolio companies held through the CLO. The investments held by the CLO as of December 31, 2014 consisted of senior secured loans fair valued at $339.4 million and related indebtedness of $209.7 million. As of that date, the loans held by the CLO (held at fair value), together with cash and other assets held by the CLO, equaled approximately $357.8 million. As of December 31, 2014, our portfolio had an average investment size of approximately $6.8 million, a weighted average yield on debt investments of 10.5% and a weighted average contractual maturity of 46 months.

 

Revenues

 

We generate revenue in the form of interest earned on the debt investments that we hold as well as capital gains and distributions, if any, on the warrants or other equity interests that we may acquire in portfolio companies. Our debt investments, whether in the form of senior secured, unitranche or mezzanine loans, typically have a term of one to seven years and bear interest at a fixed or floating rate. Interest is generally payable monthly or quarterly, with the amortization of principal generally being deferred for several years from the date of the initial investment. In some cases, loans may have a payment-in-kind, or PIK, feature. The principal amount of the debt securities and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, amendment and forbearance fees. Loan origination fees, original issue discount and market discount are recorded as a reduction of par value, and we then accrete such amounts into interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as investment income when we receive such amounts. We recognize amendment and forbearance fees upon completion of the amendments or waivers, generally when such fees are receivable.

 

Expenses

 

Our primary operating expenses include the payment of (1) the base management fee and incentive fee to the Investment Adviser under the Investment Advisory Agreement; (2) the allocable portion of overhead to the Administrator under the Administration Agreement; (3) the interest expense on our outstanding debt, if any; and (4) our other operating costs, as detailed below. We bear all other costs and expenses of our operations and transactions, including:

 

our organization;
calculating our net asset value and net asset value per share (including the cost and expenses of any independent valuation firm);
fees and expenses, including travel expenses, incurred by the Investment Adviser or payable to third parties in performing due diligence on prospective portfolio companies, monitoring our investments and, if necessary, enforcing our rights;
offerings of our common stock and other securities;
distributions on our shares;
transfer agent and custody fees and expenses;
amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments;
brokerage fees and commissions;
registration fees;

 

50
 
listing fees;
taxes;
independent director fees and expenses;
costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws;
the costs of any reports, proxy statements or other notices to our stockholders, including printing costs;
costs of holding stockholder meetings;
our fidelity bond;
directors and officers/errors and omissions liability insurance and any other insurance premiums;
litigation, indemnification and other non-recurring or extraordinary expenses;
direct costs and expenses of administration and operation, including audit and legal costs;
fees and expenses associated with marketing efforts;
dues, fees and charges of any trade association of which we are a member; and
all other expenses reasonably incurred by us or the Administrator in connection with administering our business, including the allocable portion of overhead under the Administration Agreement, rent and our allocable portion of the costs and expenses of our chief compliance officer, chief financial officer and their respective staffs.

 

During periods of asset growth, we expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expenses and costs relating to future offerings of securities would be additive to the expenses described above.

 

Recent Developments

 

On July 30, 2015, our board of directors (the “Board”), approved a distribution in the amount of $5.9 million, or $0.35 a share, which will be paid on September 25, 2015 to stockholders of record as of September 10, 2015.

 

Since June 30, 2015, the Company closed additional investments totaling $29.0 million of par value across three new portfolio companies and deployed $10.5 million of additional SBIC leverage bringing our total leverage drawn to $14.0 million.

Market Trends

 

We believe that capital remains limited in the lower middle-market as many traditional lenders to these companies have exited the business due to regulatory restrictions, and many competitors have moved up-market to focus their attention on larger borrowers. Sponsor and club business continues to represent the majority of direct lending opportunities in the lower middle-market, although we have seen banks, other non-bank finance companies and funds participate in select one-off financings. Lower middle-market opportunities continued to command better pricing and structures than in the broadly syndicated market and upper middle-market. Portfolio leverage multiples overall are in line with the previous quarter and historical averages.

 

We believe that our expertise in providing non-traditional financing solutions to the lower middle-market allows us to tailor loan structures that meet borrower objectives while commanding premium pricing and maximizing the preservation of capital although increased competition could result in further spread compression.

 

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Consolidated Results of Operations

 

The results of operations described below may not be indicative of the results we report in future periods. Net income can vary substantially from period to period for various reasons, including the recognition of realized gains and losses and unrealized gains and losses. As a result, quarterly comparisons of net income may not be meaningful.

 

Consolidated operating results for the three and six months ended June 30, 2015 and June 30, 2014 are as follows:

 

   Three months ended  Three months ended  Three Months  Six Months ended  Six Months ended  Six Months
Dollar amounts in thousands, except per share data  June 30, 2015  June 30, 2014  Variance  June 30, 2015  June 30, 2014  Variance
   (Unaudited)  (Unaudited)     (Unaudited)  (Unaudited)   
Net investment income  $7,176   $5,979   $1,197   $14,858   $8,867   $5,991 
Total investment income   13,152    12,848    304    26,631    24,129    2,501 
Total expenses   5,976    6,869    (893)   11,772    15,262    (3,490)
Net realized (loss)/gain on investments   (8,521)   800    (9,321)   (9,011)   9,696    (18,707)
Net change in unrealized gain on investments   5,221    2,280    2,941    1,001    1,172    (171)
Net increase in net assets resulting from operations   3,876    9,059    (5,183)   6,849    19,735    (12,887)
                               
Net investment income per share   0.43    0.36    0.07    0.89    0.53    0.36 
Net realized/unrealized (loss)/gain from                              
investments per share   (0.20)   0.18    (0.39)   (0.47)   0.65    (1.12)
Net earnings per share   0.23    0.54    (0.32)   0.41    1.18    (0.76)
Net asset value per share   15.29   15.64    (0.35)   15.29    15.64    (0.35)

 

Net Investment Income

 

Net investment income for the three and six months ended June 30, 2015 was $7.2 million and $14.9 million, respectively. Net investment income for the three and six months ended June 30, 2014 was $6.0 million and $8.9 million, respectively. 

 

Net investment income increased by $1.2 million for the three months ended June 30, 2015 from the three months ended June 30, 2014 and increased by $6.0 million for the six months ended June 30, 2015 from the six months ended June 30, 2014, as described below under “Investment Income” and “Expenses.”

 

Investment Income

 

Investment income for the three and six months ended June 30, 2015 was $13.2 million and $26.6 million, respectively. Investment income for the three and six months ended June 30, 2014 was $12.8 million and $24.1 million, respectively.

 

Investment income increased by $0.4 million for the three months ended June 30, 2015 from the three months ended June 30, 2014 due to an increase in interest income in the amount of $0.4 million. The increase in interest income was largely driven by an increased weighted average yield on investments during the three months ended June 30, 2015 as compared to June 30, 2014.

 

Investment income increased by $2.5 million for the six months ended June 30, 2015 from the six months ended June 30, 2014 due to an increase in interest income in the amount of $2.8 million, an increase in other income of $0.1 million offset by a decrease in dividend income of $(0.4) million. The increase in interest income was largely driven by the increase in the average portfolio investment balance and an increased weighted average yield on investments during the six months ended June 30, 2015 as compared to June 30, 2014.

 

Expenses

 

Total expenses for the three and six months ended June 30, 2015 were $6.0 million and $11.8 million, respectively. Total expenses for the three and six months ended June 30, 2014 were $6.9 million and $15.3 million, respectively. 

 

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The following tables summarize our expenses, excluding accrued excise tax for the three and six months ended June 30, 2015 and June 30, 2014:

 

   Three months ended  Three months ended  Three Months  Six Months ended  Six Months ended  Six Months
(in thousands)  June 30, 2015  June 30, 2014  Variance  June 30, 2015  June 30, 2014  Variance
   (Unaudited)  (Unaudited)     (Unaudited)  (Unaudited)   
Interest  $1,816   $1,608   $208   $3,666   $3,357   $309 
Management fees   1,983    2,016    (33)   3,973    3,974    (1)
Incentive Fees   1,017    2,190    (1,173)   1,712    5,796    (4,084)
Professional fees   299    261    38    615    661    (46)
Directors fees   101    94    7    208    187    21 
Administrator expenses   272    198    74    513    404    109 
Other expenses   530    502    28    1,083    883    200 
Total expenses  $6,018   $6,869   $(851)  $11,770   $15,262   $(3,492)

 

Interest expense increased $0.2 million and $0.3 million, for the three and six months ended June 30, 2015, respectively, from the three and six months ended June 30, 2014, primarily due to an increase in average debt outstanding. As of the six months ended June 30, 2015 and June 30, 2014, we had $233.7 million and $224.7 million of debt outstanding, respectively.

 

Incentive fees decreased by $(1.2) million and $(4.1) million for the three and six months ended June 30, 2015, respectively, from the three and six months ended June 30, 2014, primarily due to increased realized and unrealized losses on investments.

 

Other expenses for the six months ended June 30, 2015 increased by $0.2 million from the six months ended June 30, primarily due to increased deal costs incurred during the six months ended June 30, 2015 as compared to June 30, 2014.

 

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

 

For the three and six months ended June 30, 2015 we realized a net loss on investments of $(8.5) million and $(9.0) million, respectively.

 

Net realized losses for the three months ended June 30, 2015 were primarily driven by $(4.4) million of realized losses incurred from the early full repayment of one portfolio investment, $(4.1) million of realized losses incurred from the significant restructuring of one portfolio investment and $(0.6) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio, offset by $0.6 million of realized gains on the early full repayment of eight portfolio investments, the sale of one portfolio investment and other partial repayments.

 

Net realized losses for the six months ended June 30, 2015 were primarily driven by $(4.4) million of realized losses incurred from the early full repayment of one portfolio, $(4.1) million of realized losses incurred from the significant restructuring of one portfolio investment and $(1.3) million of realized losses in GLC Trust 2013-2’s consumer loan portfolio, offset by $0.8 million of realized gains on the early full repayment of eleven portfolio investments, the sale of one portfolio investment and other partial repayments.

 

For the three and six months ended June 30, 2014, we realized net gain on investments of $0.8 million and $9.7 million, respectively.

 

Net realized gains for the three months ended June 30, 2014 were incurred as a result of the sale of eight portfolio investments, the early full repayment of eleven portfolio investments and other partial repayments.

 

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Net realized gains for the six months ended June 30, 2014 were driven primarily by $8.1 million of realized gains incurred from the sale of the parent company of one portfolio investment, Anchor Drilling Fluids USA, Inc., or Anchor, resulting in the early full repayment of the debt and sale of the equity, with the remaining net realized gain of $1.6 million resulting from the sale of eight portfolio investments, early full repayment of nineteen portfolio investments and other partial repayments.

 

For the three and six months ended June 30, 2015 the net change in unrealized gain on investments was $5.2 million and $1.0 million, respectively.

 

The net change in unrealized gain for the three months ended June 30, 2015 was driven primarily the reversal of prior period unrealized losses in the amount of $6.5 million offset by $(1.3) million of unrealized losses in the value of the remaining portfolio. Reversal of prior period unrealized losses were as a result of the early full repayment of two portfolio investments in the amount of $3.2 million and the significant restructuring of one portfolio investment in the amount of $3.3 million. Decreases in the value of the remaining portfolio were primarily as a result of the negative credit related adjustment of one portfolio investment in the amount of $(1.1) million and $(0.2) million of losses in the market value of the remaining portfolio.

 

The net change in unrealized gain for the six months ended June 30, 2015 was driven primarily the reversal of prior period unrealized losses in the amount of $3.2 million offset by $(2.2) million of unrealized losses in the value of the remaining portfolio. Reversal of prior period unrealized losses were as a result of the early full repayment of one portfolio investment in the amount of $1.0 million and the significant restructuring of one portfolio investment in the amount of $2.7 million offset by repayments of $(0.5) million. Decreases in the value of the remaining portfolio were primarily as a result of the negative credit related adjustment of two portfolio investments in the amount of $(2.8) million offset by $0.6 million of gains in the market value of the remaining portfolio.

 

For the three and six months ended June 30, 2014, the net change in unrealized gain on investments was $2.3 million and $1.2 million, respectively.

 

The net change in unrealized gain for the three months ended June 30, 2014 was driven primarily by the increase in value of two portfolio companies in the amount of $4.5 million and the negative credit related adjustment of one portfolio company in the amount of $(1.6) million. The remaining net change in unrealized gain on investments was due to the reversal of prior period unrealized gain of $(0.4) million and the decrease in the market value of the remaining portfolio of $(0.2) million.

 

The net change in unrealized gain for the six months ended June 30, 2014 was driven primarily by the increase in value of two portfolio companies in the amount of $4.6 million, offset by the reversal of prior period unrealized gain in the amount of $(1.8) million as a result of the sale of the parent company of Anchor and the negative credit related adjustment of one portfolio company in the amount of $(2.1) million. The remaining net change in unrealized gain on investments was due to the increase in the market value of the remaining portfolio in the amount of $0.6 million, offset by the reversal of prior period unrealized gain of $(0.1) million.

 

Net Increase in Net Assets from Operations

 

We had a net asset value per common share outstanding on June 30, 2015 of $15.29. We had a net asset value per common share outstanding on December 31, 2014 of $15.58.

 

Based on 16,758,779 basic weighted average shares outstanding, the net increase in net assets from operations per share for the six months ended June 30, 2015 was $0.41.

 

Based on 16,758,779 basic weighted average shares outstanding, the net increase in net assets from operations per share for the six months ended June 30, 2014 was $1.18.

 

 Liquidity and Capital Resources

 

As a business development company, we distribute substantially all of our net income to our stockholders and will have an ongoing need to raise additional capital for investment purposes. We generate cash primarily from offerings of our securities, the CLO, as described below, Garrison SBIC, other borrowings we may incur and cash flows from operations, including interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.

 

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In addition to proceeds from public and private offerings of securities, our CLO, Garrison SBIC borrowings and GLC Trust 2013-2 Notes, as of June 30, 2015 we have identified two portfolio companies with a total par value of $12.9 million and a fair value of $12.4 million which are transitory, which we define as those investments that generally yield less than 9.0%. We view these investments as an additional source of liquidity to meet our investment objectives.

 

Our primary use of funds from operations includes investments in portfolio companies, cash distributions to holders of our common stock, payments of interest on our debt, and payments of fees and other operating expenses we incur. We believe that our existing cash and cash equivalents and our transitory portfolio as of June 30, 2015 will be sufficient to fund our anticipated funding requirements through at least June 30, 2016.

 

On March 3, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which was paid on March 27, 2015 to stockholders of record as of March 20, 2015. On April 30, 2015, the Board approved a distribution in the amount of $5.9 million, or $0.35 a share, which was paid on June 26, 2015 to stockholders of record as of June 12, 2015.

 

As of June 30, 2015 and December 31, 2014, we had cash of $28.1 million and $13.7 million, respectively. Also, as of June 30, 2015 and December 31, 2014, we had restricted cash of $20.6 million and $14.3 million, respectively.

 

During the six months ended June 30, 2015, cash increased by $14.5 million as a result of net cash provided by operating activities of $33.4 million offset by net cash used in financing activities in the amount of $(18.9) million.

 

During the six months ended June 30, 2015, cash provided by operating activities resulted mainly from $14.9 million of net investment income and $26.7 million of net repayments and sales of investments. This was offset by a $(6.4) million change in restricted cash. Net cash used in financing activities resulted from $(11.7) million in cash distributions, $(7.8) million in repayments of the GLC Trust 2013-2 Class A notes and $(2.4) million in repayments of the CLO revolving notes, offset by proceeds from Garrison SBIC borrowing in the amount of $3.5 million.

 

During the six months ended June 30, 2014, cash and cash equivalents increased by $2.4 million as a result of net cash provided by operating activities of $8.9 million offset by cash used in financing activities in the amount of $6.5 million.

 

During the six months ended June 30, 2014, cash provided by operating activities resulted mainly from net investment income in the amount of $8.9 million, $9.7 million of realized gains, repayments and sales of investments in the amount of $154.0 million and $66.1 million, respectively, as well as an increase in payables to affiliates in the amount of $4.3 million, offset by purchases of investments in the amount of $212.3 million and an increase in due from counterparties in the amount of $9.2 million. Net cash used in financing activities resulted from cash distributions in the amount of $11.7 million, offset by proceeds from borrowings on the GLC Trust 2013-2 Revolver in the amount of $5.3 million.

 

As of June 30, 2015 and December 31, 2014, we had $14.5 million and $18.2 million, respectively, of unfunded obligations with a fair value of $(0.1) million and $(0.3) million, respectively. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 2015 and December 31, 2014, respectively, subject to the terms of each loan’s respective credit agreement.

 

Subject to leverage and borrowing base restrictions, as of June 30, 2015, we had approximately $2.4 million available for additional borrowings under the CLO and no available borrowings under the GLC Trust 2013-2 Revolver. As of December 31, 2014, we had approximately $0.0 and $0.8 million available for additional borrowings under the CLO and GLC Trust 2013-2 Revolver, respectively.

'

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Portfolio Composition and Select Portfolio Information

 

As of June 30, 2015, we held investments in 54 portfolio companies with a fair value of $435.1 million. As of June 30, 2015, our portfolio had an average investment size of approximately $7.3 million, a weighted average yield of 11.0% and a weighted average contractual maturity of 44 months.

 

The following table shows select information of our portfolio for the periods from June 30, 2014 to June 30, 2015.

 

Summary of Portfolio characteristics
($ in millions)
  June 30,
2015
  March 31,
2015
  December 31,
2014
  September 30,
2014
  June 30,
2014
Total Market Value  $435.1   $452.0   $467.8   $448.6   $433.6 
Number of portfolio companies   54    57    57    56    62 
Average investment size (1)  $7.3   $6.7   $6.8   $6.6   $5.8 
Weighted average yield (2)   11.0%   10.8%   10.5%   10.0%   10.4%
Weighted average price (1)   97.1    95.9    97.1    98.0    98.3 
First lien   88.8%   85.8%   85.3%   78.8%   77.1%
Second lien & mezzanine/subordinated   2.6%   5.5%   5.4%   8.7%   7.1%
Consumer loans   6.1%   6.9%   7.8%   9.0%   10.5%
Equity & other   2.5%   1.8%   1.5%   3.5%   5.3%
Originated (3)   55.3%   50.4%   48.1%   46.9%   39.6%
Club (4)   28.7%   27.0%   27.4%   24.2%   24.7%
Purchased   16.0%   22.6%   24.5%   28.9%   35.7%
Fixed (1)   9.0%   9.1%   9.2%   13.8%   12.3%
Floating (1)   91.0%   90.9%   90.8%   86.2%   87.7%
Performing (1)   99.0%   99.1%   99.1%   99.1%   98.8%
Non-accrual(1)   1.0%   0.9%   0.9%   0.9%   1.2%
Weighted average debt/EBITDA (1) (2) (5)   3.7x   3.6x   3.6x   3.4x   3.5x
Weighted average risk rating (1)   2.51    2.48    2.52    2.40    2.33 

 

  (1) Excludes consumer loans and equity investments.

 

  (2) Excludes investments with a risk rating of 4, unfunded revolvers and equity investments.

 

  (3) Originated positions include investments where we have sourced and led the execution of the deal.

 

  (4) Club positions include investments where we provided direct lending to a borrower with one or two other lenders but did not lead the deal.

 

  (5)

Excludes non-operating portfolio companies, which we define as those with loans collateralized by real estate, proved developed producing value (“PDP”) or other hard assets. PDPs are proven revenues that can be produced with existing wells.

 

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Ongoing Monitoring

 

We view portfolio monitoring as a vital part of the investment process. Our Investment Adviser monitors the financial trends of each portfolio company to determine if it is meeting it’s respective business plan and to assess the appropriate course of action for each company.

 

Our Investment Adviser uses several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

 

  assessment of success in adhering to portfolio company’s business plan and compliance with covenants;

  

  periodic and regular contact with portfolio company management and, if appropriate, the portfolio company’s financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

 

  comparisons to other portfolio companies in the industry, if any;

 

  attendance at and participation in board meetings; and

 

  review of monthly and quarterly financial statements and financial projections for portfolio companies.

 

Our Investment Adviser assigns an internal rating for each of our portfolio companies. The rating scale is a numeric scale of 1 to 4 based on the credit attributes and prospects of the portfolio company’s business. In general, we use the ratings as follows:

 

  a rating of 1 denotes a high quality investment with no loss of principal expected;

 

  a rating of 2 denotes a moderate to high quality investment with no loss of principal expected;

 

  a rating of 3 denotes a moderate quality investment with market rates of expected loss of principal and potential non-compliance with financial covenants; and

 

  a rating of 4 denotes a low quality investment with an expected loss of principal. In case of risk grade 4 loans, our Investment Adviser will assign a recovery value to the loan.

 

The following table shows the distribution of our investments on the 1 to 4 investment performance rating scale at fair value, excluding our interest in GLC Trust 2013-2 and equity investments as of as of June 30, 2015 and December 31, 2014:

 

    As of June 30, 2015   As of December 31, 2014
($ in millions)  

Investments

at

Fair Value

 

Percentage of

Total

Investments

 

Investments

at

Fair Value

 

Percentage of

Total

Investments

Risk Rating 1   $ 11.2       2.7 %      $ 5.4       1.3 %   
Risk Rating 2     184.8       45.2       211.6       49.9  
Risk Rating 3     203.5       49.7       199.1       46.9  
Risk Rating 4     9.8       2.4       8.2       1.9  
    $ 409.3       100.0 %      $ 424.3       100.0 %   

 

The weighted average risk rating of the portfolio was 2.51 and 2.52 as of June 30, 2015 and December 31, 2014, respectively.

 

Inflation

 

Inflation has not had a significant effect on our results of operations in any of the reporting periods presented in our financial statements. However, from time to time, inflation may impact the operating results of our portfolio companies.

 

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Off-Balance Sheet Arrangements

 

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2015 and December 31, 2014, we had $14.5 million and $18.2 million of outstanding commitments to fund such investments, respectively.

 

Contractual Obligations

 

A summary of our significant contractual payment obligations as of June 30, 2015 is as follows:

 

   Payments Due by Period (in millions)
   Less Than  1 - 3  3 - 5  More Than   
   1 Year  Years  Years  5 Years  Total
CLO Facility II  $-   $-   $-   $208.0   $208.0 
GLC Trust 2013-2 Class A Note   -    -    -    23.1    23.1 
SBIC Borrowings   3.5    -    -    -    3.5 
Total contractual obligations  $3.5   $-   $-   $231.1   $234.6 

 

We have certain contracts under which we have material future commitments. Under the Investment Advisory Agreement, the Investment Adviser provides us with investment advisory and management services. We have agreed to pay for these services (1) a base management fee equal to a percentage of the average adjusted value of our gross assets and (2) an incentive fee based on our performance.

 

We entered into the Administration Agreement with the Administrator. Under the Administration Agreement, the Administrator furnishes us with office facilities and equipment, provides us clerical, bookkeeping and record keeping services and provides us with other administrative services necessary to conduct our day-to-day operations.

 

If any of the contractual obligations discussed above are terminated, our costs under any new agreements that we enter into may increase. In addition, we would likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and our Administration Agreement. Any new investment advisory agreement would also be subject to approval by our stockholders.

 

Both the Investment Advisory Agreement and the Administration Agreement may be terminated by either party without penalty upon no fewer than 60 days’ written notice to the other.

 

Critical Accounting Policies

 

The preparation of our financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. We have identified the following as critical accounting policies.

 

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Basis for Consolidation

 

Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in Topic 946, Financial Services-Investment Companies, or ASC Topic 946, we are precluded from consolidating any entity other than another investment company. We generally consolidate any investment company when we own 100% of its partners’ or members’ capital or equity units. ASC Topic 946 also provides an exception to the aforementioned if the investment company has an investment in a controlled operating company that provides substantially all of its services to the investment company. GF 2013-2 Manager owns a 100% equity interest in GF 2013-2, which is an investment company for accounting purposes, and also provides collateral management services solely to GF 2013-2. As such, we have consolidated the accounts of these entities into our financial statements. Our blocker subsidiaries, Walnut Hill II LLC, Forest Park II LLC and GLC Trust 2013-2, are 100% owned investment companies for accounting purposes. As such, we have consolidated the accounts of these entities into our financial statements. As a result of this consolidation, the amounts outstanding under the CLO and the GLC Trust 2013-2 Notes are treated as our indebtedness.

  

Valuation of Portfolio Investments

 

We value our investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about assets and liabilities measured at fair value. ASC 820’s definition of fair value focuses on exit price in the principal, or most advantageous, market and prioritizes the use of market-based inputs over entity-specific inputs within a measurement of fair value. ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

 

  Level 1  —  quoted unadjusted prices in active markets for identical investments as of the reporting date.

 

  Level 2  —  other significant observable inputs (including quoted prices for similar investments, interest rates, prepayments, credit risk, etc.).

 

  Level 3  —  significant unobservable inputs (including the Investment Adviser’s own assumptions about the assumptions market participants would use in determining the fair values of investments).

 

The valuation process is conducted at the end of each fiscal quarter, with a portion of our valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter.

 

Our portfolio consists of primarily debt investments and unsecured consumer loans. The fair value of our investments is initially determined by investment professionals of the Investment Adviser and ultimately determined by the Board on a quarterly basis.

 

In valuing our debt investments, the Investment Adviser generally uses various approaches, including proprietary models that consider the analyses of independent valuation agents as well as credit risk, liquidity, market credit spreads, other applicable factors for similar transactions, bid quotations obtained from other financial institutions that trade in similar investments or based on bid prices provided by independent third party pricing services.

 

The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the our debt investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors.

 

In valuing our unsecured consumer loans, the Investment Adviser generally uses a discounted cash flow methodology based upon a set of assumptions. The primary assumptions used to value the unsecured consumer loans include prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rate.

 

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The types of factors that the Board may take into account when reviewing the fair value initially derived by the Investment Adviser and determining the fair value of the our consumer loan investments generally include, as appropriate, prepayment and default rates derived from historical performance, actual performance as compared to historical projections and discount rates.

 

Our Board has retained several independent valuation firms to review the valuation of each portfolio investment that does not have a readily available market quotation at least once during each 12-month period. To the extent a security is reviewed in a particular quarter, it is reviewed and valued by only one service provider. However, our Board does not intend to have de minimis investments of less than 0.5% of our total assets (up to an aggregate of 10% of our total assets) independently reviewed. Our Board is ultimately and solely responsible for determining the fair value of our assets using a documented valuation policy and consistently applied valuation process.

 

Due to the nature of our strategy, our portfolio includes relatively illiquid investments that are privately held. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. This means that our portfolio valuations are based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Valuations of privately held investments are inherently uncertain and they may fluctuate over short periods of time and may be based on estimates. The determination of fair value by our Board may differ materially from the values that would have been used if a ready market for these investments existed. Our net asset value could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realized upon the disposal of such investments.

   

The valuation process is conducted at the end of each fiscal quarter, with a portion of our valuations of portfolio companies without market quotations subject to review by the independent valuation firms each quarter. When an external event with respect to one of our portfolio companies, such as a purchase transaction, public offering or subsequent equity sale occurs, we expect to use the pricing indicated by the external event to corroborate our valuation.

 

With respect to investments for which market quotations are not readily available, our Board will undertake a multi-step valuation process each quarter, as described below:

 

  Our quarterly valuation process begins with each portfolio company or investment being initially valued by investment professionals of our Investment Adviser responsible for credit monitoring.

 

  Preliminary valuation conclusions are then documented and discussed with our senior management and our Investment Adviser.

 

  The valuation committee of the Board reviews these preliminary valuations.

 

  At least once annually, the valuation for each portfolio investment that does not have a readily available quotation is reviewed by an independent valuation firm, subject to the de minimis exception above.

 

  The Board discusses valuations and determines the fair value of each investment in our portfolio in good faith.

 

Net assets could be materially affected if the determinations regarding the fair value of the investments were materially higher or lower than the values that are ultimately realized upon the disposal of such investments.

 

Investment Transactions and Related Investment Income and Expense

 

We record our investment transactions on a trade date basis, which is the date when management has determined that all material legal terms have been contractually defined for the transactions. These transactions could possibly settle on a subsequent date depending on the transaction type.

 

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All related revenue and expenses attributable to these transactions are reflected on the consolidated statements of operations commencing on the trade date unless otherwise specified by the transaction documents. Realized gains and losses on investment transactions are recorded using the specific identification method.

 

We accrue interest income if we expect that ultimately we will be able to collect such income. Generally, when a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, the Investment Adviser will place the loan on non-accrual status and we will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, we remain contractually entitled to this interest.

 

We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. For consumer loans, any loan which is 120 days past due is considered defaulted and 100% of the principal is charged off with no expected recovery or sale of defaulted receivables. We had one investment that was placed on non-accrual status as of both June 30, 2015 and December 31, 2014.

 

Any original issue discounts, as well as any other purchase discounts or premiums on debt investments, are accreted or amortized and included in interest income, over the maturity periods of the investments. If a loan is placed on non-accrual status, we will cease recognizing amortization of original issue discount and purchase discount until all principal and interest is current through payment or until a restructuring occurs, such that the income is deemed to be collectible.

 

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.

 

Interest Expense

 

Interest expense is recorded on an accrual basis and is adjusted for amortization of deferred debt issuance costs and any original issue discount.

 

Other Expenses

 

Certain expenses related to rating fees, due diligence, valuation expenses and independent collateral appraisals may arise when we make certain investments. These expenses are recognized in the consolidated statement of operations within ratings fees and other expenses as they are incurred.

 

Loan Origination, Facility, Commitment and Amendment Fees

 

The Company may receive loan origination, prepayment, facility, commitment, forbearance and amendment fees in addition to interest income during the life of the investment. The Company may receive origination fees upon the origination of an investment.

 

Origination fees received by the Company are initially deferred and reduced from the cost basis of the investment and subsequently accreted into interest income over the remaining stated term of the loan.

 

Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We record prepayment premiums on loans and debt securities as interest income when we receive such amounts. Facility fees, sometimes referred to as asset management fees, are accrued as a percentage periodic fee on the base amount (either the funded facility amount or the committed principal amount). Commitment fees are based upon the undrawn portion committed by the Company and are accrued over the life of the loan.

 

Amendment and forbearance fees are paid in connection with loan amendments and waivers and are recognized upon completion of the amendments or waivers, generally when such fees are receivable. Any such fees are recorded and classified as other income and included in investment income on the consolidated statements of operations. As these fees are paid and recognized in connection with specific loan amendments or forbearance, they are typically non-recurring in nature.

 

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Distributions

 

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by our Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although we may decide to retain such capital gains for investment.

 

We have adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash as provided below. As a result, if our Board authorizes, and we declare, a cash dividend or other distribution, then our stockholders who have not ‘opted out’ of our dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution.

 

No action is required on the part of a registered stockholder to have their cash dividend or other distribution reinvested in shares of our common stock. A registered stockholder may elect to receive an entire distribution in cash by notifying American Stock Transfer & Trust Company, LLC, the plan administrator and our transfer agent and registrar, in writing so that such notice is received by the plan administrator no later than the record date for distributions to stockholders. The plan administrator will set up an account for shares acquired through the plan for each stockholder who has not elected to receive dividends or other distributions in cash and hold such shares in non-certificated form. Upon request by a stockholder participating in the plan, received in writing not less than 10 days prior to the record date, the plan administrator will, instead of crediting shares to the participant’s account, issue a certificate registered in the participant’s name for the number of whole shares of our common stock and a check for any fractional share. The plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds of the sale of any fractional share of common stock.

 

Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends and other distributions in cash by notifying their broker or other financial intermediary of their election.

 

Income Tax

 

As a business development company, we have elected to be treated as a RIC under Subchapter M of the Code and we intend to qualify annually for such treatment.

 

We intend to comply with all RIC qualification provisions contained in the Code including certain source-of-income and asset diversification requirements as well as the annual distribution requirements, which require us to distribute to our stockholders an amount generally equal to at least 90% of “investment company taxable income.” “Investment company taxable income” is generally defined as net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. As a RIC, we do not have to pay corporate-level U.S. federal income taxes on any net ordinary income or net capital gains that we distribute to our stockholders in a timely manner. However, we are subject to U.S. federal income taxes at regular corporate tax rates on any net ordinary income or net capital gain not distributed to our stockholders assuming at least 90% of our investment company taxable income is distributed each taxable year.

 

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income, determined on a calendar basis, could exceed estimated current calendar year dividend distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned.

 

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Item 3: Quantitative and Qualitative Disclosures About Market Risk

 

We are subject to financial market risks, including changes in interest rates. During the period covered by our financial statements, the majority of the loans in our portfolio had floating interest rates, and we expect that our loans in the future will also have floating interest rates. These loans are usually based on a floating LIBOR and typically have interest rate re-set provisions that adjust applicable LIBOR under such loans to current market rates on a regular basis. In addition, the CLO has a floating interest rate provision based on a cost of funds that approximates LIBOR and we expect that any other credit facilities into which we enter in the future may have floating interest rate provisions.

 

Assuming that the interim and unaudited consolidated statement of financial condition as of June 30, 2015 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.

 

   Increase    Net increase
   (decrease) in  Increase (decrease)  (decrease) in
Change in interest rates (dollars in thousands)  interest income  in interest expense  investment income
  
Down 25 basis points  $-   $(410)  $410 
Up 50 basis points  61    954    (893)
Up 100 basis points   962    2,011    (1,049)
Up 200 basis points   3,930    4,126    (196)
Up 300 basis points   8,059    6,240    1,819 

 

Although management believes that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit markets, the size, credit quality or composition of the assets in our portfolio and other business developments, including indebtedness under the CLO or other borrowings, that could affect net increase in net assets resulting from operations, or net income. Accordingly, we cannot assure you that actual results would not differ materially from the statement above.

 

We may in the future hedge against currency and interest rate fluctuations by using standard hedging instruments such as futures, forward contracts, currency options and interest rate swaps, caps, collars and floors, and the collateral manager may engage in similar hedging activities with respect to the obligations of the CLO, to the extent permitted under the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in currency exchange and interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to the investments in our portfolio with fixed interest rates. We, our Investment Adviser and the collateral manager have not hedged any of the obligations of the CLO.

 

Item 4: Controls and Procedures

 

As of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

 

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Part II — Other Information

 

Item 1: Legal Proceedings

 

Garrison Capital, the Investment Adviser and the Administrator are not currently subject to any material legal proceedings.

 

Item 1A: Risk Factors

 

In addition to other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our Annual Report on Form 10-K filed with the SEC on March 4, 2015 and amended on July 21, 2015, and Post-Effective Amendment No. 6 to our Form N-2, filed on July 28, 2015, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.

 

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

 

None.

 

Item 3: Defaults Upon Senior Securities

 

None.

 

Item 4: Mine Safety Disclosures

 

Not applicable.

 

Item 5: Other Information

 

None.

  

Item 6: Exhibits

 

EXHIBIT INDEX

 

 

 

Number   Description
31.1*   Certifications by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*   Certifications by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*   Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*   Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1*   GLC Trust 2013-2 Consumer Loan Pool Schedule of Investments.

 

  * Filed herewith.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

    Garrison Capital Inc.
     
Dated: August 4, 2015  

By /s/ Joseph Tansey

 

Joseph Tansey

Chief Executive Officer

(Principal Executive Officer)

     
Dated: August 4, 2015  

By /s/ Brian Chase

 

Brian Chase

Chief Financial Officer

(Principal Financial Officer)

     
Dated: August 4, 2015  

By /s/ Michelle Rancic

 

Michelle Rancic

Chief Accounting Officer

(Principal Accounting Officer)

 

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Joseph Tansey, Chief Executive Officer of Garrison Capital Inc., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Garrison Capital Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
a)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
b)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 4, 2015

By:

/s/ Joseph Tansey               

Chief Executive Officer

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO SECTION 302

CHIEF FINANCIAL OFFICER CERTIFICATION

 

I, Brian Chase, Chief Financial Officer of Garrison Capital Inc., certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Garrison Capital Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial

 

reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

a)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

b)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: August 4, 2015

 

By: /s/ Brian Chase                        

Chief Financial Officer

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to

 

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

 

In connection with this Report on Form 10-Q for the quarterly period ended June 30, 2015 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Joseph Tansey, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

/s/ Joseph Tansey              

Joseph Tansey

Chief Executive Officer

August 4, 2015

Exhibit 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER
Pursuant to

 

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350)

 

In connection with this Report on Form 10-Q for the quarterly period ended June 30, 2015 (the "Report") of Garrison Capital Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Brian Chase, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

/s/ Brian Chase                           

Brian Chase

Chief Financial Officer

August 4, 2015

Exhibit 99.1

 

Garrison Capital Inc. and Subsidiaries

GLC Trust 2013-2 Schedule of Investments

June 30, 2015

 

Loan ID Maturity Interest Rate    Par / Shares     Cost    Fair Value
Loan ID 1 5/22/2018 14.74%   5,357   5,357   5,336
Loan ID 2 5/22/2016 24.19%   1,928   1,928   1,832
Loan ID 3 5/22/2018 10.99%   15,244   15,244   15,259
Loan ID 4 5/22/2016 12.49%   762   762   750
Loan ID 5 5/23/2016 29.32%   1,291   1,291   1,208
Loan ID 6 5/23/2016 18.64%   3,733   3,733   3,578
Loan ID 7 5/23/2018 12.19%   1,249   1,249   1,250
Loan ID 8 5/23/2016 12.99%   2,609   2,609   2,569
Loan ID 9 5/23/2018 15.79%   6,758   6,758   6,731
Loan ID 10 5/24/2016 18.99%   3,679   3,679   3,527
Loan ID 11 5/24/2016 18.99%   1,104   1,104   1,058
Loan ID 13 5/24/2018 18.74%   6,935   6,935   6,798
Loan ID 14 5/24/2016 24.92%   5,619   5,619   5,339
Loan ID 15 5/24/2016 20.99%   5,620   5,620   5,388
Loan ID 16 5/24/2016 12.03%   3,447   3,447   3,394
Loan ID 17 5/24/2018 9.49%   15,994   15,994   16,009
Loan ID 18 5/24/2016 18.99%   2,943   2,943   2,822
Loan ID 19 5/24/2016 12.99%   2,784   2,784   2,740
Loan ID 20 5/24/2018 13.34%   6,620   6,620   6,627
Loan ID 21 5/22/2018 21.79%   14,167   14,167   13,887
Loan ID 22 5/24/2016 9.24%   1,342   1,342   1,321
Loan ID 23 5/24/2018 25.79%   8,748   8,748   8,490
Loan ID 24 5/24/2016 18.99%   5,519   5,519   5,291
Loan ID 25 5/22/2016 18.99%   528   528   506
Loan ID 26 5/22/2016 12.99%   5,161   5,161   5,080
Loan ID 27 5/28/2016 14.14%   5,276   5,276   5,158
Loan ID 28 5/28/2018 18.19%   2,432   2,432   2,422
Loan ID 29 5/22/2018 16.99%   6,266   6,266   6,240
Loan ID 30 5/28/2018 13.34%   2,178   2,178   2,180
Loan ID 31 5/22/2016 21.24%   2,472   2,472   2,370
Loan ID 32 5/23/2018 18.19%   2,412   2,412   2,402
Loan ID 33 5/23/2016 24.92%   3,879   3,879   3,686
Loan ID 34 5/28/2016 18.99%   1,784   1,784   1,711
Loan ID 35 5/22/2018 10.49%   16,143   16,143   16,159
Loan ID 36 5/22/2018 15.19%   16,777   16,777   16,709
Loan ID 37 5/23/2016 13.59%   7,365   7,365   7,200
Loan ID 38 5/29/2018 19.84%   10,492   10,492   10,285
Loan ID 39 5/22/2018 14.74%   9,063   9,063   9,026
Loan ID 40 5/29/2018 29.16%   2,983   2,983   2,866
Loan ID 41 5/22/2016 28.59%   1,601   1,601   1,498
Loan ID 42 5/29/2018 20.99%   7,041   7,041   6,902
Loan ID 43 5/23/2016 31.34%   1,658   1,658   1,518
Loan ID 44 5/29/2018 9.99%   11,249   11,249   11,260
Loan ID 45 5/29/2016 10.89%   6,819   6,819   6,713
Loan ID 46 5/22/2018 12.19%   16,388   16,388   16,404
Loan ID 47 5/29/2018 23.59%   7,177   7,177   6,965
Loan ID 48 5/29/2018 9.99%   9,642   9,642   9,652
Loan ID 49 5/22/2018 15.19%   10,059   10,059   10,018
Loan ID 50 5/23/2016 15.59%   713   713   697
Loan ID 51 5/29/2018 12.19%   6,555   6,555   6,561
Loan ID 52 5/30/2018 13.34%   2,709   2,709   2,712
Loan ID 53 5/30/2016 16.79%   1,562   1,562   1,527
Loan ID 54 5/30/2018 17.69%   9,112   9,112   9,075
Loan ID 55 5/30/2018 29.16%   3,035   3,035   2,916
Loan ID 56 5/23/2016 12.99%   1,740   1,740   1,712
Loan ID 57 5/24/2018 15.79%   16,895   16,895   16,826
Loan ID 58 5/24/2018 30.96%   3,018   3,018   2,900
Loan ID 59 5/30/2016 28.59%   1,725   1,725   1,615
Loan ID 60 5/30/2016 21.59%   4,071   4,071   3,902
Loan ID 61 5/23/2018 19.14%   9,024   9,024   8,846
Loan ID 62 5/24/2016 16.79%   7,211   7,211   7,050
Loan ID 63 5/24/2018 12.69%   10,182   10,182   10,192
Loan ID 64 5/24/2018 18.19%   10,755   10,755   10,712
Loan ID 66 5/24/2018 16.49%   10,195   10,195   10,154
Loan ID 67 5/24/2016 16.39%   718   718   702
Loan ID 69 5/24/2016 11.53%   4,803   4,803   4,729
Loan ID 70 5/24/2018 18.19%   10,336   10,336   10,293
Loan ID 71 5/24/2018 21.79%   9,004   9,004   8,827
Loan ID 72 5/24/2018 15.19%   8,069   8,069   8,037
Loan ID 73 6/3/2016 19.39%   7,984   7,984   7,655
Loan ID 74 5/24/2018 13.34%   9,931   9,931   9,940
Loan ID 75 5/24/2018 25.06%   7,253   7,253   7,039
Loan ID 76 5/24/2016 25.66%   2,459   2,459   2,337
Loan ID 77 5/24/2018 22.09%   17,748   17,748   17,398
Loan ID 78 5/24/2018 17.69%   1,716   1,716   1,709
Loan ID 80 5/24/2018 15.79%   23,653   23,653   23,557
Loan ID 81 6/3/2018 21.39%   5,761   5,761   5,647
Loan ID 82 5/24/2018 22.09%   10,649   10,649   10,439
Loan ID 83 6/3/2016 10.34%   5,523   5,523   5,437
Loan ID 84 6/3/2018 16.49%   7,638   7,638   7,607
Loan ID 85 5/28/2018 30.96%   2,942   2,942   2,827
Loan ID 86 5/28/2016 21.24%   751   751   720
Loan ID 87 6/3/2018 15.19%   7,904   7,904   7,872
Loan ID 88 5/28/2018 16.99%   6,825   6,825   6,797
Loan ID 89 6/3/2016 21.59%   5,288   5,288   5,070
Loan ID 90 5/28/2018 9.99%   11,249   11,249   11,260
Loan ID 91 5/28/2016 18.99%   938   938   899
Loan ID 92 5/28/2016 27.86%   1,591   1,591   1,489
Loan ID 93 5/28/2016 27.86%   1,591   1,591   1,489
Loan ID 94 6/3/2016 24.92%   1,882   1,882   1,789
Loan ID 96 5/28/2018 19.84%   1,165   1,165   1,142
Loan ID 97 5/28/2016 13.59%   5,249   5,249   5,131
Loan ID 98 5/28/2018 18.19%   10,336   10,336   10,294
Loan ID 99 5/28/2016 12.99%   3,131   3,131   3,083
Loan ID 100 5/28/2016 23.46%   5,832   5,832   5,542
Loan ID 101 5/28/2018 21.79%   13,459   13,459   13,193
Loan ID 102 5/28/2016 14.14%   2,462   2,462   2,407
Loan ID 103 5/28/2018 19.84%   10,470   10,470   10,263
Loan ID 104 5/28/2018 19.14%   7,289   7,289   7,145
Loan ID 105 6/4/2018 21.79%   5,069   5,069   4,969
Loan ID 106 5/28/2018 23.59%   6,460   6,460   6,269
Loan ID 107 5/28/2016 9.24%   1,510   1,510   1,486
Loan ID 108 6/4/2016 29.32%   1,083   1,083   1,014
Loan ID 109 5/28/2018 19.84%   13,959   13,959   13,684
Loan ID 110 5/29/2016 13.59%   4,199   4,199   4,104
Loan ID 111 5/29/2018 12.19%   10,082   10,082   10,092
Loan ID 112 5/29/2016 21.99%   1,107   1,107   1,052
Loan ID 113 5/29/2016 16.79%   721   721   705
Loan ID 114 5/29/2018 15.19%   1,681   1,681   1,674
Loan ID 115 5/29/2018 16.49%   4,418   4,418   4,400
Loan ID 116 5/29/2016 24.92%   1,551   1,551   1,474
Loan ID 118 5/29/2016 27.86%   1,591   1,591   1,489
Loan ID 119 5/29/2018 17.69%   13,725   13,725   13,670
Loan ID 120 5/29/2016 26.39%   1,375   1,375   1,286
Loan ID 121 6/5/2016 16.39%   3,889   3,889   3,802
Loan ID 122 5/29/2018 17.69%   14,412   14,412   14,353
Loan ID 123 5/29/2018 9.99%   9,642   9,642   9,652
Loan ID 124 5/29/2016 10.34%   3,087   3,087   3,039
Loan ID 125 5/30/2016 16.39%   1,089   1,089   1,065
Loan ID 126 5/29/2016 25.66%   1,561   1,561   1,484
Loan ID 127 6/5/2016 16.39%   5,445   5,445   5,323
Loan ID 128 5/29/2018 21.39%   6,391   6,391   6,265
Loan ID 129 5/30/2016 21.99%   1,989   1,989   1,890
Loan ID 130 5/30/2016 20.99%   1,944   1,944   1,864
Loan ID 131 6/5/2018 20.59%   7,160   7,160   7,019
Loan ID 132 6/5/2018 18.19%   4,924   4,924   4,904
Loan ID 133 5/29/2016 28.59%   1,532   1,532   1,433
Loan ID 134 5/29/2018 19.14%   4,512   4,512   4,423
Loan ID 135 6/5/2016 31.34%   1,541   1,541   1,412
Loan ID 136 5/30/2018 16.99%   2,789   2,789   2,777
Loan ID 137 5/30/2018 16.99%   10,109   10,109   10,068
Loan ID 138 5/30/2018 29.69%   1,522   1,522   1,463
Loan ID 139 5/30/2016 21.24%   6,088   6,088   5,836
Loan ID 140 5/30/2016 31.34%   1,338   1,338   1,226
Loan ID 141 5/30/2016 28.59%   1,725   1,725   1,615
Loan ID 142 5/30/2018 16.49%   10,417   10,417   10,375
Loan ID 143 5/30/2018 12.69%   13,473   13,473   13,486
Loan ID 144 5/30/2016 30.06%   514   514   481
Loan ID 145 5/30/2018 13.34%   6,772   6,772   6,779
Loan ID 146 5/30/2018 24.32%   7,344   7,344   7,127
Loan ID 148 5/30/2016 13.59%   1,370   1,370   1,339
Loan ID 150 5/31/2016 25.66%   1,683   1,683   1,599
Loan ID 151 5/31/2018 13.34%   13,543   13,543   13,557
Loan ID 153 6/6/2016 12.99%   1,509   1,509   1,485
Loan ID 154 5/31/2018 17.69%   10,512   10,512   10,469
Loan ID 155 5/30/2016 30.06%   1,746   1,746   1,634
Loan ID 156 5/31/2018 22.59%   10,886   10,886   10,671
Loan ID 157 5/30/2016 31.34%   1,763   1,763   1,615
Loan ID 158 6/3/2016 12.99%   2,829   2,829   2,785
Loan ID 159 6/3/2018 15.19%   6,873   6,873   6,845
Loan ID 160 6/3/2018 12.19%   6,708   6,708   6,714
Loan ID 161 6/3/2016 17.34%   1,961   1,961   1,880
Loan ID 162 5/31/2018 21.79%   3,611   3,611   3,540
Loan ID 163 6/3/2018 10.49%   8,596   8,596   8,604
Loan ID 164 6/6/2016 27.86%   1,714   1,714   1,604
Loan ID 165 5/31/2018 11.69%   16,700   16,700   16,716
Loan ID 166 6/3/2016 16.39%   2,333   2,333   2,281
Loan ID 167 6/3/2016 23.46%   393   393   374
Loan ID 168 5/31/2018 10.99%   16,601   16,601   16,617
Loan ID 169 6/7/2018 18.19%   17,586   17,586   17,515
Loan ID 170 5/31/2016 21.24%   4,056   4,056   3,888
Loan ID 171 6/7/2018 19.14%   2,598   2,598   2,547
Loan ID 172 6/3/2018 14.19%   10,910   10,910   10,865
Loan ID 173 6/3/2018 16.49%   10,415   10,415   10,373
Loan ID 174 6/3/2018 11.69%   7,137   7,137   7,144
Loan ID 175 6/3/2018 29.16%   3,033   3,033   2,915
Loan ID 176 6/3/2018 18.19%   7,034   7,034   7,006
Loan ID 177 6/3/2018 18.19%   14,069   14,069   14,012
Loan ID 178 6/3/2016 31.34%   1,785   1,785   1,635
Loan ID 179 6/3/2016 11.53%   1,117   1,117   1,100
Loan ID 180 6/3/2018 16.99%   10,456   10,456   10,413
Loan ID 181 6/7/2016 10.34%   1,697   1,697   1,671
Loan ID 182 6/3/2016 29.32%   1,300   1,300   1,217
Loan ID 183 6/3/2018 21.39%   18,003   18,003   17,648
Loan ID 184 6/3/2018 15.79%   6,906   6,906   6,878
Loan ID 185 6/3/2018 29.69%   3,043   3,043   2,925
Loan ID 186 6/3/2018 12.19%   16,788   16,788   16,805
Loan ID 187 6/3/2016 14.59%   3,827   3,827   3,742
Loan ID 188 6/3/2018 23.59%   6,216   6,216   6,033
Loan ID 189 6/4/2016 27.86%   1,867   1,867   1,747
Loan ID 190 6/10/2016 23.46%   1,670   1,670   1,587
Loan ID 191 6/3/2018 18.19%   7,034   7,034   7,006
Loan ID 192 6/4/2016 29.32%   1,734   1,734   1,622
Loan ID 193 6/4/2016 21.24%   5,350   5,350   5,129
Loan ID 194 6/4/2018 12.19%   5,366   5,366   5,372
Loan ID 195 6/4/2016 15.59%   6,565   6,565   6,418
Loan ID 196 6/4/2018 21.79%   3,589   3,589   3,518
Loan ID 197 6/10/2016 11.53%   3,723   3,723   3,665
Loan ID 198 6/4/2018 19.14%   7,084   7,084   6,945
Loan ID 199 6/10/2016 22.72%   3,696   3,696   3,512
Loan ID 200 6/4/2018 14.74%   4,452   4,452   4,434
Loan ID 201 6/4/2016 24.19%   1,663   1,663   1,580
Loan ID 202 6/10/2018 16.99%   6,971   6,971   6,942
Loan ID 203 6/5/2016 19.79%   2,804   2,804   2,688
Loan ID 204 6/5/2018 26.72%   1,463   1,463   1,420
Loan ID 205 6/5/2018 14.19%   6,819   6,819   6,791
Loan ID 206 6/5/2018 13.34%   10,158   10,158   10,168
Loan ID 207 6/5/2018 15.19%   4,811   4,811   4,792
Loan ID 208 6/5/2018 20.99%   3,097   3,097   3,036
Loan ID 209 6/5/2018 10.99%   5,981   5,981   5,986
Loan ID 210 6/5/2016 16.39%   3,889   3,889   3,802
Loan ID 211 6/11/2016 23.46%   4,132   4,132   3,927
Loan ID 212 6/11/2018 15.19%   1,718   1,718   1,711
Loan ID 213 6/11/2018 15.79%   10,359   10,359   10,317
Loan ID 214 6/5/2018 16.99%   243   243   242
Loan ID 215 6/12/2016 17.34%   3,333   3,333   3,196
Loan ID 216 6/6/2018 16.49%   10,415   10,415   10,373
Loan ID 217 6/6/2016 26.39%   1,715   1,715   1,605
Loan ID 218 6/13/2018 29.16%   3,185   3,185   3,061
Loan ID 219 6/13/2018 19.84%   6,562   6,562   6,433
Loan ID 220 6/6/2016 15.09%   11,918   11,918   11,651
Loan ID 221 6/13/2018 9.49%   13,111   13,111   13,124
Loan ID 222 6/7/2016 18.24%   4,743   4,743   4,547
Loan ID 223 6/7/2016 16.79%   3,198   3,198   3,127
Loan ID 224 6/13/2018 16.99%   15,265   15,265   15,203
Loan ID 225 6/13/2018 12.19%   10,062   10,062   10,071
Loan ID 226 6/7/2018 13.34%   6,772   6,772   6,778
Loan ID 227 6/14/2018 21.79%   5,055   5,055   4,956
Loan ID 228 6/7/2018 24.32%   11,024   11,024   10,699
Loan ID 229 6/7/2016 21.99%   1,633   1,633   1,552
Loan ID 230 6/10/2016 24.92%   836   836   795
Loan ID 232 6/7/2018 15.79%   10,529   10,529   10,486
Loan ID 233 6/10/2018 14.19%   7,842   7,842   7,810
Loan ID 234 6/10/2018 15.79%   6,764   6,764   6,736
Loan ID 235 6/11/2018 25.79%   2,969   2,969   2,881
Loan ID 236 6/11/2018 27.36%   7,498   7,498   7,277
Loan ID 237 6/11/2016 18.64%   5,950   5,950   5,704
Loan ID 238 6/17/2018 9.49%   4,615   4,615   4,619
Loan ID 239 6/18/2018 12.69%   17,513   17,513   17,530
Loan ID 240 6/11/2018 14.74%   2,740   2,740   2,728
Loan ID 241 6/18/2016 16.39%   1,556   1,556   1,521
Loan ID 243 6/11/2018 27.36%   11,247   11,247   10,916
Loan ID 244 6/11/2016 10.34%   3,682   3,682   3,625
Loan ID 245 6/19/2018 21.39%   7,202   7,202   7,060
Loan ID 246 6/12/2016 14.59%   1,914   1,914   1,871
Loan ID 247 6/19/2018 18.19%   7,035   7,035   7,006
Loan ID 248 6/19/2016 18.24%   9,555   9,555   9,160
Loan ID 249 6/19/2018 9.49%   9,834   9,834   9,843
Loan ID 250 6/19/2016 16.39%   1,945   1,945   1,902
Loan ID 251 6/14/2016 19.79%   1,402   1,402   1,344
Loan ID 252 6/17/2016 20.99%   4,047   4,047   3,880
Loan ID 253 6/20/2016 31.34%   1,761   1,761   1,613
Loan ID 254 6/14/2018 14.74%   23,970   23,970   23,873
Loan ID 255 6/21/2016 19.79%   6,009   6,009   5,761
Loan ID 256 6/21/2018 12.19%   2,683   2,683   2,686
Loan ID 257 6/18/2016 21.59%   6,106   6,106   5,854
Loan ID 258 6/18/2018 30.32%   2,733   2,733   2,627
Loan ID 259 6/18/2016 31.34%   881   881   807
Loan ID 261 6/18/2018 20.59%   7,160   7,160   7,019
Loan ID 262 6/18/2018 19.84%   12,528   12,528   12,281
Loan ID 263 6/19/2018 16.99%   17,426   17,426   17,356
Loan ID 264 6/20/2018 18.19%   10,552   10,552   10,509
Loan ID 265 6/19/2018 20.99%   3,590   3,590   3,520
Loan ID 266 6/19/2018 15.79%   7,497   7,497   7,466
Loan ID 267 6/19/2016 20.99%   1,012   1,012   970
Loan ID 268 6/20/2018 15.79%   6,215   6,215   6,190
Loan ID 269 6/19/2018 30.32%   3,055   3,055   2,936
Loan ID 270 6/19/2018 17.69%   12,179   12,179   12,129
Loan ID 272 6/20/2016 20.49%   828   828   794
Loan ID 273 6/21/2018 18.74%   4,945   4,945   4,847
Loan ID 274 6/20/2018 18.19%   10,552   10,552   10,509
Loan ID 275 6/26/2018 14.74%   15,759   15,759   15,695
Loan ID 276 6/27/2018 16.99%   10,456   10,456   10,413
Loan ID 277 6/21/2016 17.34%   5,565   5,565   5,335
Loan ID 278 6/27/2016 26.39%   638   638   597
Loan ID 279 6/21/2018 13.34%   10,600   10,600   10,610
Loan ID 280 6/27/2016 10.34%   3,682   3,682   3,625
Loan ID 281 6/28/2016 17.74%   2,162   2,162   2,073
Loan ID 282 6/28/2018 10.99%   6,641   6,641   6,647
Loan ID 283 6/25/2016 24.92%   1,255   1,255   1,192
Loan ID 284 6/26/2018 15.19%   6,873   6,873   6,845
Loan ID 285 6/26/2016 22.72%   1,643   1,643   1,561
Loan ID 286 6/26/2018 13.34%   9,819   9,819   9,829
Loan ID 288 6/27/2018 20.24%   7,142   7,142   7,001
Loan ID 289 6/27/2018 12.19%   10,062   10,062   10,071
Loan ID 290 6/27/2018 12.19%   5,658   5,658   5,664
Loan ID 291 6/27/2016 19.79%   1,560   1,560   1,496
Loan ID 292 6/26/2018 16.49%   10,415   10,415   10,373
Loan ID 293 6/27/2018 24.32%   2,760   2,760   2,679
Loan ID 294 6/27/2016 31.34%   881   881   807
Loan ID 295 6/27/2018 16.99%   17,426   17,426   17,355
Loan ID 296 6/27/2018 18.19%   3,517   3,517   3,503
Loan ID 297 6/27/2016 28.59%   2,611   2,611   2,444
Loan ID 298 7/5/2018 22.84%   4,452   4,452   4,364
Loan ID 299 6/27/2018 12.19%   10,062   10,062   10,071
Loan ID 300 6/28/2018 10.49%   11,571   11,571   11,583
Loan ID 301 6/28/2016 27.86%   1,714   1,714   1,604
Loan ID 302 7/9/2016 26.39%   1,590   1,590   1,488
Loan ID 303 7/9/2018 30.96%   3,121   3,121   2,999
Loan ID 304 6/28/2016 18.99%   5,968   5,968   5,721
Loan ID 305 7/9/2018 16.49%   4,966   4,966   4,946
Loan ID 306 7/9/2018 25.06%   7,400   7,400   7,181
Loan ID 307 7/10/2018 14.19%   9,063   9,063   9,027
Loan ID 308 7/3/2016 21.99%   6,581   6,581   6,253
Loan ID 310 7/10/2018 26.72%   2,906   2,906   2,820
Loan ID 311 7/10/2018 20.24%   10,933   10,933   10,718
Loan ID 312 7/11/2018 29.16%   3,088   3,088   2,967
Loan ID 313 7/11/2018 10.99%   6,797   6,797   6,804
Loan ID 314 7/11/2018 14.19%   10,458   10,458   10,415
Loan ID 315 7/12/2016 20.99%   3,481   3,481   3,337
Loan ID 316 7/9/2016 27.12%   913   913   855
Loan ID 317 7/10/2018 23.19%   6,559   6,559   6,429
Loan ID 318 7/10/2018 14.74%   17,504   17,504   17,433
Loan ID 319 7/10/2018 22.59%   4,444   4,444   4,356
Loan ID 320 7/10/2018 14.74%   10,503   10,503   10,460
Loan ID 321 7/15/2016 24.92%   3,187   3,187   3,028
Loan ID 322 7/15/2016 15.09%   6,213   6,213   6,074
Loan ID 323 7/10/2018 19.14%   7,232   7,232   7,090
Loan ID 324 7/15/2016 14.59%   4,124   4,124   4,032
Loan ID 325 7/10/2018 12.19%   9,609   9,609   9,618
Loan ID 326 7/10/2016 21.24%   5,600   5,600   5,369
Loan ID 327 7/11/2016 16.39%   6,282   6,282   6,141
Loan ID 328 7/9/2016 16.79%   1,471   1,471   1,438
Loan ID 329 7/11/2016 23.46%   3,553   3,553   3,376
Loan ID 330 7/16/2018 12.19%   10,295   10,295   10,305
Loan ID 331 7/9/2016 29.32%   2,454   2,454   2,296
Loan ID 332 7/12/2016 16.39%   5,026   5,026   4,913
Loan ID 333 7/10/2018 29.69%   1,205   1,205   1,158
Loan ID 334 7/10/2016 11.53%   1,205   1,205   1,186
Loan ID 336 7/10/2018 23.59%   5,219   5,219   5,065
Loan ID 337 7/15/2016 21.24%   4,361   4,361   4,180
Loan ID 338 7/10/2018 29.16%   3,105   3,105   2,984
Loan ID 339 7/10/2018 10.99%   10,196   10,196   10,206
Loan ID 340 7/10/2018 23.59%   7,456   7,456   7,236
Loan ID 341 7/11/2018 15.79%   10,586   10,586   10,543
Loan ID 342 7/11/2016 18.99%   1,712   1,712   1,642
Loan ID 343 7/16/2018 18.19%   14,367   14,367   14,309
Loan ID 344 7/11/2018 16.99%   6,765   6,765   6,737
Loan ID 345 7/11/2018 24.32%   7,492   7,492   7,271
Loan ID 346 7/18/2018 20.24%   10,934   10,934   10,718
Loan ID 347 7/16/2018 25.79%   4,235   4,235   4,110
Loan ID 348 7/16/2018 14.74%   22,405   22,405   22,314
Loan ID 349 7/16/2018 22.09%   3,691   3,691   3,618
Loan ID 350 7/12/2018 13.34%   10,390   10,390   10,400
Loan ID 351 7/18/2016 27.86%   1,379   1,379   1,290
Loan ID 352 7/18/2016 24.19%   4,465   4,465   4,243
Loan ID 353 7/12/2018 14.74%   14,003   14,003   13,946
Loan ID 354 7/15/2018 15.19%   17,564   17,564   17,493
Loan ID 355 7/19/2018 15.79%   8,469   8,469   8,435
Loan ID 356 7/19/2018 19.84%   7,216   7,216   7,074
Loan ID 357 7/19/2016 24.92%   3,305   3,305   3,141
Loan ID 358 7/19/2018 28.62%   3,080   3,080   2,959
Loan ID 359 7/18/2018 14.19%   6,972   6,972   6,944
Loan ID 360 7/16/2018 12.19%   3,432   3,432   3,435
Loan ID 361 7/22/2018 23.19%   11,207   11,207   10,986
Loan ID 362 7/22/2018 10.49%   10,154   10,154   10,164
Loan ID 363 7/19/2016 20.99%   870   870   834
Loan ID 364 7/19/2016 25.66%   1,807   1,807   1,717
Loan ID 365 7/24/2016 19.79%   1,723   1,723   1,652
Loan ID 366 7/18/2018 15.19%   10,538   10,538   10,495
Loan ID 367 7/22/2018 17.69%   14,315   14,315   14,257
Loan ID 368 7/24/2016 25.66%   1,355   1,355   1,288
Loan ID 369 7/19/2018 28.62%   2,309   2,309   2,219
Loan ID 370 7/23/2016 12.49%   810   810   798
Loan ID 371 7/19/2018 18.19%   7,184   7,184   7,154
Loan ID 372 7/25/2016 16.39%   1,675   1,675   1,638
Loan ID 373 7/22/2018 16.49%   10,642   10,642   10,599
Loan ID 374 7/22/2018 15.19%   5,620   5,620   5,598
Loan ID 375 7/24/2018 19.84%   5,815   5,815   5,700
Loan ID 376 7/23/2018 18.74%   7,933   7,933   7,777
Loan ID 377 7/25/2018 15.79%   5,999   5,999   5,974
Loan ID 378 7/24/2016 27.86%   1,993   1,993   1,865
Loan ID 379 7/26/2018 10.49%   6,769   6,769   6,776
Loan ID 380 8/1/2016 15.59%   2,002   2,002   1,957
Loan ID 381 8/1/2018 14.74%   17,868   17,868   17,795
Loan ID 382 8/2/2018 15.19%   14,341   14,341   14,282
Loan ID 383 8/2/2018 18.19%   10,985   10,985   10,940
Loan ID 384 7/31/2016 16.79%   4,491   4,491   4,391
Loan ID 385 8/2/2016 21.99%   936   936   889
Loan ID 386 8/1/2018 9.99%   9,653   9,653   9,662
Loan ID 387 7/30/2016 15.59%   1,557   1,557   1,523
Loan ID 388 8/5/2016 17.34%   1,128   1,128   1,081
Loan ID 389 8/1/2016 12.99%   6,532   6,532   6,430
Loan ID 390 8/1/2018 22.84%   7,551   7,551   7,402
Loan ID 391 8/1/2016 12.49%   4,770   4,770   4,696
Loan ID 392 8/1/2018 12.19%   9,467   9,467   9,477
Loan ID 393 8/2/2018 30.96%   2,375   2,375   2,283
Loan ID 394 8/2/2018 11.69%   6,986   6,986   6,993
Loan ID 395 8/1/2016 12.49%   4,987   4,987   4,909
Loan ID 396 8/1/2018 18.19%   7,325   7,325   7,295
Loan ID 397 8/1/2016 12.99%   2,177   2,177   2,143
Loan ID 398 8/1/2018 22.84%   11,326   11,326   11,103
Loan ID 399 8/1/2016 10.89%   1,711   1,711   1,685
Loan ID 400 8/8/2016 24.92%   956   956   909
Loan ID 401 8/2/2018 16.49%   10,856   10,856   10,812
Loan ID 402 8/5/2018 25.06%   3,062   3,062   2,972
Loan ID 403 8/2/2016 27.86%   977   977   915
Loan ID 404 8/2/2018 23.19%   15,892   15,892   15,578
Loan ID 405 8/5/2018 14.19%   24,915   24,915   24,813
Loan ID 406 8/5/2016 12.99%   4,355   4,355   4,287
Loan ID 407 8/5/2018 13.34%   10,611   10,611   10,621
Loan ID 408 8/5/2018 19.14%   11,056   11,056   10,838
Loan ID 409 8/5/2018 10.49%   6,922   6,922   6,929
Loan ID 410 8/6/2018 10.99%   2,779   2,779   2,782
Loan ID 411 8/7/2018 10.99%   6,949   6,949   6,956
Loan ID 412 8/6/2018 21.39%   5,237   5,237   5,134
Loan ID 413 8/7/2018 22.09%   2,255   2,255   2,210
Loan ID 414 8/7/2016 23.46%   4,731   4,731   4,495
Loan ID 415 8/13/2016 21.24%   11,628   11,628   11,147
Loan ID 416 8/7/2018 19.84%   11,108   11,108   10,889
Loan ID 417 8/16/2016 27.12%   1,944   1,944   1,820
Loan ID 418 8/16/2016 24.19%   1,903   1,903   1,808
Loan ID 419 8/19/2018 12.69%   17,599   17,599   17,616
Loan ID 420 8/19/2018 15.79%   10,802   10,802   10,758
Loan ID 421 8/19/2016 15.59%   4,448   4,448   4,348
Loan ID 422 8/19/2016 16.79%   898   898   878
Loan ID 423 8/19/2018 15.79%   10,842   10,842   10,798
Loan ID 424 8/20/2018 12.69%   9,151   9,151   9,160
Loan ID 425 8/20/2016 24.92%   1,674   1,674   1,591
Loan ID 426 8/20/2016 12.49%   1,734   1,734   1,707
Loan ID 427 8/20/2018 15.79%   10,802   10,802   10,758
Loan ID 428 8/21/2016 10.34%   6,389   6,389   6,289
Loan ID 429 8/16/2018 23.59%   7,587   7,587   7,363
Loan ID 430 8/21/2018 21.39%   10,100   10,100   9,900
Loan ID 431 8/19/2018 25.06%   7,609   7,609   7,385
Loan ID 432 8/19/2016 16.39%   5,372   5,372   5,252
Loan ID 433 8/19/2018 13.34%   7,074   7,074   7,081
Loan ID 434 8/16/2018 14.19%   10,678   10,678   10,634
Loan ID 435 8/19/2018 24.32%   2,496   2,496   2,422
Loan ID 436 8/21/2018 15.19%   7,170   7,170   7,141
Loan ID 437 8/19/2018 17.69%   11,241   11,241   11,195
Loan ID 438 8/19/2016 16.39%   3,605   3,605   3,524
Loan ID 439 8/21/2016 14.59%   11,030   11,030   10,783
Loan ID 440 8/19/2016 14.59%   2,647   2,647   2,588
Loan ID 441 8/23/2018 9.99%   10,342   10,342   10,352
Loan ID 442 8/20/2018 25.79%   3,075   3,075   2,985
Loan ID 443 8/21/2016 15.59%   8,896   8,896   8,697
Loan ID 444 8/26/2018 29.16%   3,180   3,180   3,056
Loan ID 445 8/22/2016 24.92%   1,913   1,913   1,818
Loan ID 446 8/29/2018 15.19%   8,607   8,607   8,572
Loan ID 447 8/30/2016 12.49%   2,311   2,311   2,275
Loan ID 448 8/30/2016 23.46%   2,008   2,008   1,908
Loan ID 449 8/23/2018 20.24%   7,184   7,184   7,042
Loan ID 450 8/23/2016 9.74%   5,085   5,085   5,006
Loan ID 451 8/30/2018 12.69%   9,201   9,201   9,210
Loan ID 452 8/30/2016 10.89%   6,845   6,845   6,738
Loan ID 453 8/30/2018 17.69%   7,438   7,438   7,408
Loan ID 454 8/30/2016 23.46%   2,037   2,037   1,936
Loan ID 455 8/30/2016 22.72%   1,561   1,561   1,483
Loan ID 456 8/30/2018 22.84%   11,523   11,523   11,296
Loan ID 457 8/28/2018 16.99%   7,263   7,263   7,233
Loan ID 458 9/3/2018 23.59%   3,086   3,086   2,995
Loan ID 459 9/4/2018 22.84%   9,984   9,984   9,787
Loan ID 460 8/29/2016 14.14%   8,791   8,791   8,594
Loan ID 461 9/4/2016 18.99%   5,827   5,827   5,586
Loan ID 462 9/4/2018 12.69%   12,218   12,218   12,230
Loan ID 463 8/30/2016 21.99%   1,986   1,986   1,888
Loan ID 464 8/30/2018 19.84%   11,313   11,313   11,090
Loan ID 465 8/30/2016 17.74%   5,775   5,775   5,536
Loan ID 466 8/30/2018 17.69%   18,595   18,595   18,520
Loan ID 467 8/30/2016 19.79%   1,955   1,955   1,874
Loan ID 468 8/30/2016 16.79%   7,167   7,167   7,006
Loan ID 469 8/30/2016 10.89%   7,757   7,757   7,637
Loan ID 470 8/28/2018 22.59%   18,848   18,848   18,476
Loan ID 471 9/3/2018 25.06%   1,556   1,556   1,510
Loan ID 472 8/29/2016 20.19%   6,919   6,919   6,634
Loan ID 473 9/4/2016 22.72%   4,990   4,990   4,742
Loan ID 474 8/29/2016 12.49%   11,708   11,708   11,526
Loan ID 475 8/29/2018 12.69%   2,217   2,217   2,219
Loan ID 476 8/30/2016 9.74%   9,012   9,012   8,872
Loan ID 477 8/30/2018 13.34%   18,052   18,052   18,070
Loan ID 478 8/30/2016 18.99%   1,943   1,943   1,863
Loan ID 479 8/30/2018 11.69%   9,277   9,277   9,286
Loan ID 480 8/30/2018 10.49%   10,610   10,610   10,621
Loan ID 481 8/30/2016 20.49%   3,929   3,929   3,767
Loan ID 482 8/30/2016 10.34%   2,726   2,726   2,683
Loan ID 483 8/30/2016 21.99%   2,006   2,006   1,907
Loan ID 484 9/6/2018 22.09%   10,035   10,035   9,837
Loan ID 485 9/12/2016 12.03%   11,545   11,545   11,365
Loan ID 486 8/30/2016 27.86%   2,071   2,071   1,938
Loan ID 487 8/30/2016 20.19%   1,323   1,323   1,268
Loan ID 488 9/13/2018 16.95%   7,402   7,402   7,256
Loan ID 489 9/13/2016 31.34%   1,059   1,059   970
Loan ID 490 9/13/2018 23.10%   7,722   7,722   7,495
Loan ID 491 9/13/2018 13.99%   4,408   4,408   4,390
Loan ID 492 9/5/2018 13.34%   10,830   10,830   10,841
Loan ID 493 9/16/2016 27.69%   5,167   5,167   4,835
Loan ID 494 9/16/2016 17.60%   2,148   2,148   2,059
Loan ID 495 9/17/2018 23.79%   1,545   1,545   1,499
Loan ID 498 9/13/2018 27.69%   7,895   7,895   7,587
Loan ID 499 9/18/2016 23.10%   5,183   5,183   4,926
Loan ID 500 9/13/2018 29.69%   3,192   3,192   3,067
Loan ID 501 9/16/2016 31.34%   2,118   2,118   1,940
Loan ID 502 9/18/2016 18.00%   4,820   4,820   4,621
Loan ID 503 9/16/2018 17.30%   11,134   11,134   10,914
Loan ID 504 9/19/2016 16.95%   9,586   9,586   9,190
Loan ID 505 9/17/2018 19.80%   15,077   15,077   14,779
Loan ID 506 9/17/2016 18.40%   7,251   7,251   6,952
Loan ID 507 9/19/2016 19.50%   2,437   2,437   2,336
Loan ID 508 9/12/2016 13.99%   11,687   11,687   11,425
Loan ID 509 9/12/2018 19.14%   3,003   3,003   2,944
Loan ID 510 9/12/2016 26.29%   1,535   1,535   1,437
Loan ID 511 9/19/2016 15.50%   7,094   7,094   6,935
Loan ID 512 9/20/2016 12.99%   4,638   4,638   4,566
Loan ID 513 9/13/2018 18.00%   8,942   8,942   8,766
Loan ID 514 9/13/2018 15.85%   11,019   11,019   10,975
Loan ID 515 9/20/2018 16.95%   14,801   14,801   14,509
Loan ID 516 9/16/2016 19.15%   1,702   1,702   1,631
Loan ID 517 9/20/2016 20.15%   7,346   7,346   7,043
Loan ID 518 9/16/2018 20.45%   843   843   826
Loan ID 519 9/16/2018 17.30%   10,385   10,385   10,180
Loan ID 520 9/16/2016 15.50%   4,729   4,729   4,623
Loan ID 521 9/16/2016 26.29%   2,299   2,299   2,151
Loan ID 522 9/16/2018 13.99%   6,890   6,890   6,862
Loan ID 523 9/16/2018 19.50%   7,524   7,524   7,376
Loan ID 524 9/23/2016 23.10%   2,497   2,497   2,373
Loan ID 525 9/23/2016 11.99%   3,449   3,449   3,395
Loan ID 526 9/17/2016 16.60%   6,200   6,200   5,944
Loan ID 527 9/17/2016 29.25%   1,566   1,566   1,466
Loan ID 528 9/19/2018 16.95%   8,881   8,881   8,706
Loan ID 529 9/17/2018 13.49%   9,396   9,396   9,358
Loan ID 530 9/20/2016 14.85%   1,882   1,882   1,840
Loan ID 531 9/24/2016 11.59%   1,835   1,835   1,806
Loan ID 532 9/18/2018 25.49%   7,800   7,800   7,495
Loan ID 533 9/18/2018 17.60%   3,716   3,716   3,643
Loan ID 534 9/20/2016 25.49%   824   824   771
Loan ID 536 9/24/2018 20.45%   7,969   7,969   7,811
Loan ID 537 9/19/2018 20.45%   6,812   6,812   6,678
Loan ID 538 9/24/2016 15.50%   5,875   5,875   5,743
Loan ID 539 9/24/2018 15.85%   5,877   5,877   5,853
Loan ID 540 9/19/2016 18.64%   1,937   1,937   1,857
Loan ID 541 9/19/2016 11.59%   1,721   1,721   1,694
Loan ID 542 9/19/2016 11.59%   1,376   1,376   1,355
Loan ID 543 9/19/2016 16.39%   11,904   11,904   11,638
Loan ID 544 9/20/2016 26.29%   1,300   1,300   1,216
Loan ID 545 9/25/2016 14.85%   7,059   7,059   6,901
Loan ID 546 9/23/2018 20.85%   7,580   7,580   7,356
Loan ID 547 9/20/2018 22.25%   7,438   7,438   7,218
Loan ID 548 9/20/2018 27.69%   3,158   3,158   3,035
Loan ID 549 9/24/2016 12.49%   4,620   4,620   4,548
Loan ID 550 9/20/2018 17.30%   1,534   1,534   1,504
Loan ID 551 9/24/2018 19.50%   7,524   7,524   7,376
Loan ID 552 9/24/2016 16.20%   5,595   5,595   5,470
Loan ID 553 9/20/2018 23.79%   11,585   11,585   11,243
Loan ID 554 9/26/2016 29.99%   2,099   2,099   1,923
Loan ID 555 9/26/2016 18.70%   1,696   1,696   1,626
Loan ID 556 9/25/2016 29.99%   1,312   1,312   1,202
Loan ID 557 9/23/2018 16.20%   4,415   4,415   4,397
Loan ID 558 9/26/2018 20.45%   4,769   4,769   4,674
Loan ID 559 9/27/2016 20.45%   1,963   1,963   1,882
Loan ID 560 9/25/2016 15.20%   2,359   2,359   2,306
Loan ID 561 9/27/2018 25.49%   7,799   7,799   7,495
Loan ID 562 9/27/2018 19.80%   11,308   11,308   11,084
Loan ID 563 9/27/2016 18.00%   1,205   1,205   1,155
Loan ID 564 9/27/2016 31.34%   2,262   2,262   2,072
Loan ID 565 9/27/2018 28.49%   3,172   3,172   3,048
Loan ID 566 9/27/2018 15.50%   14,658   14,658   14,598
Loan ID 567 9/27/2016 9.49%   3,152   3,152   3,103
Loan ID 568 9/24/2018 16.60%   10,803   10,803   10,590
Loan ID 569 9/27/2018 17.30%   3,709   3,709   3,636
Loan ID 570 9/27/2018 24.69%   7,764   7,764   7,535
Loan ID 571 9/27/2018 20.15%   6,799   6,799   6,665
Loan ID 572 9/30/2016 26.99%   2,170   2,170   2,030
Loan ID 573 9/30/2018 16.20%   16,882   16,882   16,813
Loan ID 574 9/26/2016 16.95%   7,173   7,173   6,877
Loan ID 575 9/26/2018 20.45%   6,055   6,055   5,936
Loan ID 576 9/30/2016 19.15%   7,716   7,716   7,397
Loan ID 577 9/26/2016 16.60%   3,815   3,815   3,658
Loan ID 578 9/30/2016 23.79%   2,788   2,788   2,649
Loan ID 579 9/25/2018 23.10%   6,538   6,538   6,345
Loan ID 580 9/26/2018 24.69%   3,104   3,104   3,012
Loan ID 581 9/30/2016 29.99%   1,106   1,106   1,013
Loan ID 582 9/30/2016 26.99%   2,170   2,170   2,030
Loan ID 583 9/30/2018 16.95%   3,016   3,016   2,957
Loan ID 584 10/1/2016 22.25%   3,946   3,946   3,750
Loan ID 585 9/27/2018 19.80%   3,015   3,015   2,956
Loan ID 586 9/27/2018 27.69%   7,895   7,895   7,587
Loan ID 587 10/1/2018 11.59%   10,922   10,922   10,933
Loan ID 588 10/1/2018 12.49%   7,327   7,327   7,334
Loan ID 589 9/27/2016 23.79%   4,796   4,796   4,558
Loan ID 590 10/1/2018 18.70%   20,071   20,071   19,675
Loan ID 591 10/1/2018 16.60%   7,528   7,528   7,380
Loan ID 592 9/27/2016 11.99%   9,204   9,204   9,061
Loan ID 593 10/1/2016 12.99%   1,968   1,968   1,937
Loan ID 594 9/26/2016 20.45%   1,963   1,963   1,882
Loan ID 595 9/27/2016 15.50%   7,094   7,094   6,935
Loan ID 596 9/27/2016 27.69%   5,672   5,672   5,308
Loan ID 597 9/27/2016 29.25%   2,089   2,089   1,955
Loan ID 598 9/27/2016 29.99%   2,099   2,099   1,923
Loan ID 599 9/27/2018 24.69%   8,057   8,057   7,820
Loan ID 600 9/27/2016 18.00%   7,230   7,230   6,931
Loan ID 601 9/30/2016 30.75%   2,443   2,443   2,238
Loan ID 602 9/30/2016 31.34%   2,231   2,231   2,043
Loan ID 603 9/30/2018 19.50%   11,488   11,488   11,261
Loan ID 604 10/2/2018 12.99%   7,352   7,352   7,359
Loan ID 605 9/26/2018 18.70%   3,743   3,743   3,669
Loan ID 606 9/30/2016 12.49%   980   980   965
Loan ID 607 9/30/2016 26.99%   2,170   2,170   2,030
Loan ID 608 9/27/2016 10.99%   6,849   6,849   6,742
Loan ID 609 9/30/2018 18.40%   19,020   19,020   18,644
Loan ID 610 9/30/2016 21.59%   2,478   2,478   2,376
Loan ID 612 10/2/2018 24.69%   7,897   7,897   7,664
Loan ID 613 9/27/2016 11.99%   13,806   13,806   13,591
Loan ID 614 9/30/2018 12.99%   11,022   11,022   11,033
Loan ID 615 9/27/2016 19.80%   4,396   4,396   4,215
Loan ID 616 9/27/2016 12.99%   3,459   3,459   3,405
Loan ID 617 9/30/2016 15.50%   5,055   5,055   4,942
Loan ID 618 9/30/2016 19.15%   7,716   7,716   7,397
Loan ID 619 10/1/2016 22.25%   5,262   5,262   5,000
Loan ID 620 9/27/2016 15.85%   7,113   7,113   6,954
Loan ID 621 9/27/2018 20.45%   7,538   7,538   7,390
Loan ID 622 9/27/2018 16.60%   13,290   13,290   13,028
Loan ID 623 10/1/2016 29.99%   1,385   1,385   1,268
Loan ID 624 9/30/2016 10.99%   2,909   2,909   2,863
Loan ID 625 10/3/2018 19.50%   11,497   11,497   11,270
Loan ID 626 9/30/2016 15.50%   8,019   8,019   7,839
Loan ID 627 9/30/2016 22.25%   1,577   1,577   1,498
Loan ID 628 9/30/2018 12.99%   5,511   5,511   5,517
Loan ID 629 10/1/2018 13.99%   17,393   17,393   17,323
Loan ID 630 9/30/2016 20.85%   5,205   5,205   4,946
Loan ID 631 10/1/2018 18.40%   3,045   3,045   2,985
Loan ID 632 9/30/2016 13.49%   4,939   4,939   4,828
Loan ID 633 10/1/2018 15.79%   6,786   6,786   6,759
Loan ID 634 9/30/2016 10.50%   14,489   14,489   14,263
Loan ID 635 9/30/2018 24.69%   7,813   7,813   7,583
Loan ID 636 10/2/2018 20.15%   3,847   3,847   3,771
Loan ID 637 10/2/2016 11.59%   5,312   5,312   5,229
Loan ID 638 10/2/2018 17.30%   9,830   9,830   9,636
Loan ID 639 10/3/2016 17.30%   3,557   3,557   3,410
Loan ID 640 10/2/2018 19.15%   7,612   7,612   7,462
Loan ID 641 10/8/2016 16.60%   7,584   7,584   7,271
Loan ID 642 10/8/2016 26.99%   2,414   2,414   2,259
Loan ID 643 10/8/2018 12.99%   4,044   4,044   4,048
Loan ID 644 10/8/2016 27.69%   5,458   5,458   5,108
Loan ID 645 10/3/2016 12.99%   7,386   7,386   7,271
Loan ID 646 10/3/2018 18.70%   7,627   7,627   7,477
Loan ID 647 10/9/2018 29.25%   4,044   4,044   3,886
Loan ID 648 10/4/2016 26.99%   2,173   2,173   2,034
Loan ID 649 10/10/2018 23.10%   3,131   3,131   3,039
Loan ID 650 10/10/2016 26.99%   2,993   2,993   2,801
Loan ID 651 10/10/2018 18.00%   11,392   11,392   11,167
Loan ID 652 10/10/2018 26.29%   3,330   3,330   3,200
Loan ID 653 10/10/2016 12.49%   3,434   3,434   3,380
Loan ID 654 10/4/2016 22.25%   8,185   8,185   7,778
Loan ID 655 10/4/2016 17.60%   2,312   2,312   2,217
Loan ID 656 10/8/2018 17.60%   2,651   2,651   2,599
Loan ID 657 10/10/2016 19.15%   5,786   5,786   5,547
Loan ID 658 10/10/2016 10.50%   6,765   6,765   6,660
Loan ID 659 10/10/2016 15.20%   5,005   5,005   4,893
Loan ID 660 10/10/2016 23.10%   2,157   2,157   2,050
Loan ID 661 10/8/2016 15.85%   5,029   5,029   4,916
Loan ID 662 10/8/2018 15.20%   7,461   7,461   7,430
Loan ID 663 10/10/2018 27.69%   8,024   8,024   7,711
Loan ID 664 10/7/2016 20.15%   7,779   7,779   7,457
Loan ID 665 10/8/2016 26.99%   2,173   2,173   2,034
Loan ID 666 10/11/2016 18.40%   6,146   6,146   5,893
Loan ID 667 10/9/2016 20.15%   7,826   7,826   7,503
Loan ID 668 10/9/2018 22.25%   7,790   7,790   7,560
Loan ID 669 10/11/2018 16.95%   15,090   15,090   14,792
Loan ID 670 10/9/2016 26.99%   2,716   2,716   2,542
Loan ID 671 10/8/2016 29.99%   1,108   1,108   1,015
Loan ID 672 10/8/2016 23.10%   1,376   1,376   1,308
Loan ID 673 10/8/2018 14.85%   14,887   14,887   14,827
Loan ID 674 10/8/2018 20.15%   11,542   11,542   11,314
Loan ID 675 10/10/2016 22.25%   2,105   2,105   2,000
Loan ID 676 10/10/2016 12.99%   3,200   3,200   3,151
Loan ID 677 10/8/2016 19.80%   11,381   11,381   10,911
Loan ID 678 10/8/2016 26.29%   2,163   2,163   2,024
Loan ID 679 10/16/2018 12.99%   13,233   13,233   13,246
Loan ID 680 10/9/2016 9.49%   9,590   9,590   9,440
Loan ID 681 10/11/2016 29.25%   2,205   2,205   2,064
Loan ID 682 10/16/2016 26.99%   1,358   1,358   1,271
Loan ID 683 10/10/2016 31.34%   2,235   2,235   2,047
Loan ID 684 10/16/2018 20.15%   7,665   7,665   7,514
Loan ID 685 10/15/2016 16.20%   5,042   5,042   4,929
Loan ID 686 10/15/2016 31.34%   1,185   1,185   1,085
Loan ID 687 10/16/2018 18.70%   11,441   11,441   11,215
Loan ID 688 10/10/2016 17.60%   5,650   5,650   5,416
Loan ID 689 10/10/2016 12.49%   15,697   15,697   15,453
Loan ID 690 10/17/2016 16.20%   2,017   2,017   1,971
Loan ID 691 10/15/2018 23.10%   1,957   1,957   1,899
Loan ID 692 10/17/2016 14.40%   7,463   7,463   7,296
Loan ID 693 10/17/2018 23.10%   2,348   2,348   2,279
Loan ID 694 10/17/2018 11.59%   10,922   10,922   10,933
Loan ID 695 10/17/2016 12.99%   2,462   2,462   2,423
Loan ID 696 10/11/2018 17.30%   7,699   7,699   7,547
Loan ID 697 10/17/2018 16.20%   8,635   8,635   8,600
Loan ID 698 10/17/2018 18.40%   11,420   11,420   11,195
Loan ID 699 10/16/2016 9.49%   3,836   3,836   3,776
Loan ID 700 10/17/2016 9.90%   4,089   4,089   4,025
Loan ID 701 10/18/2018 17.60%   15,152   15,152   14,853
Loan ID 702 10/18/2016 19.15%   7,724   7,724   7,405
Loan ID 703 10/18/2016 15.85%   9,585   9,585   9,370
Loan ID 704 10/16/2016 9.49%   7,192   7,192   7,080
Loan ID 705 10/18/2016 21.55%   5,237   5,237   4,976
Loan ID 706 10/18/2018 19.50%   4,905   4,905   4,809
Loan ID 707 10/15/2016 23.10%   2,117   2,117   2,012
Loan ID 708 10/16/2018 24.69%   3,160   3,160   3,067
Loan ID 709 10/21/2016 17.60%   8,080   8,080   7,746
Loan ID 710 10/16/2016 12.99%   4,924   4,924   4,847
Loan ID 711 10/16/2018 11.59%   14,563   14,563   14,578
Loan ID 712 10/16/2018 19.15%   3,078   3,078   3,017
Loan ID 713 10/22/2018 16.20%   7,509   7,509   7,479
Loan ID 714 10/18/2016 18.00%   7,661   7,661   7,345
Loan ID 715 10/18/2018 20.45%   6,167   6,167   6,045
Loan ID 716 10/17/2016 13.49%   2,471   2,471   2,416
Loan ID 717 10/23/2018 11.99%   14,604   14,604   14,618
Loan ID 718 10/17/2018 18.40%   11,420   11,420   11,195
Loan ID 719 10/21/2018 10.99%   18,128   18,128   18,146
Loan ID 720 10/17/2018 20.45%   19,271   19,271   18,891
Loan ID 721 10/17/2018 12.99%   8,822   8,822   8,831
Loan ID 722 10/22/2016 12.99%   9,848   9,848   9,694
Loan ID 723 10/22/2016 20.85%   5,211   5,211   4,952
Loan ID 724 10/22/2016 18.40%   12,805   12,805   12,276
Loan ID 725 10/18/2016 23.10%   2,752   2,752   2,615
Loan ID 726 10/18/2018 17.30%   11,355   11,355   11,131
Loan ID 727 10/18/2018 20.45%   5,579   5,579   5,469
Loan ID 728 10/18/2016 16.60%   10,113   10,113   9,695
Loan ID 729 10/18/2018 20.15%   11,547   11,547   11,319
Loan ID 730 10/24/2018 20.85%   7,816   7,816   7,585
Loan ID 731 10/28/2018 23.79%   5,501   5,501   5,338
Loan ID 732 10/29/2018 23.79%   3,143   3,143   3,050
Loan ID 733 10/29/2018 23.10%   7,859   7,859   7,627
Loan ID 734 10/22/2016 20.45%   1,559   1,559   1,495
Loan ID 735 10/22/2018 18.40%   11,420   11,420   11,195
Loan ID 736 10/29/2016 10.50%   4,349   4,349   4,281
Loan ID 737 10/29/2018 20.15%   8,079   8,079   7,920
Loan ID 738 10/22/2016 18.40%   6,915   6,915   6,629
Loan ID 739 10/23/2016 22.25%   1   1   1
Loan ID 740 10/28/2018 16.20%   18,774   18,774   18,697
Loan ID 741 10/28/2016 13.99%   7,441   7,441   7,274
Loan ID 742 10/28/2016 20.45%   2,090   2,090   2,004
Loan ID 743 10/28/2016 9.49%   4,795   4,795   4,720
Loan ID 744 10/28/2016 19.50%   6,711   6,711   6,434
Loan ID 745 10/28/2016 24.69%   4,506   4,506   4,282
Loan ID 746 10/29/2016 13.99%   6,696   6,696   6,546
Loan ID 747 10/31/2016 20.45%   1,094   1,094   1,049
Loan ID 748 10/29/2016 13.49%   1,235   1,235   1,208
Loan ID 749 11/1/2016 24.69%   5,674   5,674   5,392
Loan ID 750 11/1/2016 15.50%   7,940   7,940   7,762
Loan ID 751 10/29/2016 19.15%   2,060   2,060   1,974
Loan ID 752 11/1/2018 13.49%   15,037   15,037   14,976
Loan ID 753 11/1/2016 26.29%   2,272   2,272   2,127
Loan ID 754 11/4/2016 26.99%   2,282   2,282   2,136
Loan ID 755 10/31/2016 20.45%   2,189   2,189   2,099
Loan ID 756 10/28/2016 13.99%   1,984   1,984   1,940
Loan ID 757 11/1/2016 11.59%   7,726   7,726   7,605
Loan ID 758 10/29/2016 29.25%   2,481   2,481   2,321
Loan ID 759 11/1/2016 10.50%   6,544   6,544   6,442
Loan ID 760 11/1/2016 26.99%   5,733   5,733   5,365
Loan ID 761 10/29/2016 12.99%   9,847   9,847   9,694
Loan ID 763 11/4/2016 29.25%   2,739   2,739   2,563
Loan ID 764 10/30/2016 16.20%   2,128   2,128   2,080
Loan ID 765 11/6/2016 18.00%   5,384   5,384   5,162
Loan ID 766 11/4/2018 16.60%   19,162   19,162   18,784
Loan ID 767 11/4/2016 10.99%   5,128   5,128   5,048
Loan ID 768 11/4/2018 14.85%   11,376   11,376   11,329
Loan ID 769 10/30/2018 19.15%   7,782   7,782   7,628
Loan ID 770 11/4/2016 28.49%   2,303   2,303   2,155
Loan ID 771 11/5/2018 18.70%   11,640   11,640   11,410
Loan ID 772 10/31/2018 26.99%   8,111   8,111   7,794
Loan ID 773 11/7/2018 18.40%   11,620   11,620   11,391
Loan ID 774 10/31/2016 19.15%   8,161   8,161   7,824
Loan ID 775 11/1/2016 28.49%   1,152   1,152   1,078
Loan ID 776 11/6/2018 23.79%   11,971   11,971   11,617
Loan ID 777 11/8/2016 26.99%   5,705   5,705   5,339
Loan ID 779 11/1/2018 19.15%   7,780   7,780   7,627
Loan ID 780 11/8/2016 29.25%   5,785   5,785   5,414
Loan ID 781 11/8/2016 19.50%   8,157   8,157   7,821
Loan ID 782 11/7/2016 24.69%   5,242   5,242   4,981
Loan ID 783 11/4/2016 10.99%   6,149   6,149   6,054
Loan ID 784 11/4/2018 23.79%   5,586   5,586   5,422
Loan ID 785 11/12/2016 11.59%   12,876   12,876   12,675
Loan ID 786 11/4/2016 16.60%   10,667   10,667   10,226
Loan ID 787 11/12/2016 9.90%   7,632   7,632   7,513
Loan ID 788 11/4/2018 20.85%   7,434   7,434   7,215
Loan ID 789 11/12/2016 19.15%   4,901   4,901   4,699
Loan ID 790 11/12/2016 29.25%   2,314   2,314   2,165
Loan ID 791 11/7/2016 12.49%   7,774   7,774   7,653
Loan ID 792 11/13/2018 16.60%   7,665   7,665   7,514
Loan ID 793 11/5/2016 9.49%   3,745   3,745   3,687
Loan ID 794 11/6/2016 17.30%   380   380   364
Loan ID 795 11/6/2018 25.49%   3,916   3,916   3,763
Loan ID 797 11/13/2016 13.49%   7,308   7,308   7,144
Loan ID 798 11/6/2016 12.49%   12,181   12,181   11,991
Loan ID 799 11/6/2018 23.79%   8,114   8,114   7,874
Loan ID 800 11/6/2016 20.15%   4,959   4,959   4,755
Loan ID 801 11/6/2016 26.99%   5,705   5,705   5,339
Loan ID 802 11/12/2016 14.85%   13,174   13,174   12,879
Loan ID 803 11/13/2016 9.90%   3,358   3,358   3,306
Loan ID 804 11/6/2016 23.10%   5,567   5,567   5,291
Loan ID 805 11/12/2016 20.45%   1,915   1,915   1,836
Loan ID 806 11/13/2018 10.99%   8,454   8,454   8,462
Loan ID 807 11/6/2016 28.49%   2,854   2,854   2,671
Loan ID 808 11/13/2018 17.30%   10,776   10,776   10,563
Loan ID 809 11/6/2016 9.90%   1   1   1
Loan ID 810 11/12/2016 12.99%   9,320   9,320   9,175
Loan ID 811 11/12/2016 17.30%   6,225   6,225   5,968
Loan ID 812 11/14/2018 16.20%   19,116   19,116   19,039
Loan ID 813 11/7/2016 18.70%   5,155   5,155   4,943
Loan ID 814 11/7/2016 29.25%   2,314   2,314   2,165
Loan ID 815 11/15/2016 16.95%   5,346   5,346   5,125
Loan ID 816 11/7/2016 16.95%   8,019   8,019   7,688
Loan ID 817 11/13/2016 18.00%   8,076   8,076   7,743
Loan ID 818 11/8/2018 20.45%   4,703   4,703   4,610
Loan ID 819 11/15/2016 9.90%   7,632   7,632   7,514
Loan ID 820 11/15/2016 24.69%   2,812   2,812   2,672
Loan ID 821 11/14/2018 17.60%   7,711   7,711   7,559
Loan ID 822 11/18/2016 14.85%   10,147   10,147   9,919
Loan ID 823 11/12/2016 29.25%   5,785   5,785   5,414
Loan ID 824 11/12/2016 13.99%   4,191   4,191   4,097
Loan ID 825 11/18/2016 10.99%   2,940   2,940   2,894
Loan ID 826 11/12/2018 15.50%   11,421   11,421   11,375
Loan ID 827 11/12/2016 16.20%   3,723   3,723   3,640
Loan ID 828 11/18/2016 9.90%   7,633   7,633   7,514
Loan ID 829 11/12/2018 14.85%   7,584   7,584   7,553
Loan ID 830 11/12/2016 11.99%   7,168   7,168   7,057
Loan ID 831 11/13/2016 17.60%   2,149   2,149   2,060
Loan ID 832 11/13/2016 29.25%   1,157   1,157   1,083
Loan ID 833 11/13/2016 16.20%   6,648   6,648   6,499
Loan ID 834 11/13/2018 12.49%   13,446   13,446   13,459
Loan ID 835 11/13/2018 13.99%   11,173   11,173   11,127
Loan ID 836 11/13/2018 13.99%   23,953   23,953   23,855
Loan ID 837 11/13/2016 14.40%   7,355   7,355   7,190
Loan ID 838 11/15/2016 10.99%   7,693   7,693   7,573
Loan ID 839 11/15/2016 10.99%   7,180   7,180   7,068
Loan ID 840 11/19/2018 14.85%   7,584   7,584   7,553
Loan ID 842 11/13/2016 24.69%   3,656   3,656   3,474
Loan ID 843 11/20/2018 11.59%   6,500   6,500   6,506
Loan ID 844 11/20/2018 20.85%   3,142   3,142   3,049
Loan ID 845 11/20/2018 18.70%   11,640   11,640   11,410
Loan ID 846 11/22/2016 10.99%   2,976   2,976   2,930
Loan ID 847 11/14/2018 16.95%   11,521   11,521   11,294
Loan ID 848 11/14/2018 20.85%   7,855   7,855   7,623
Loan ID 849 11/22/2016 17.60%   5,370   5,370   5,148
Loan ID 850 11/20/2018 12.49%   5,977   5,977   5,983
Loan ID 851 11/20/2018 9.90%   14,690   14,690   14,705
Loan ID 852 11/20/2018 23.79%   11,973   11,973   11,620
Loan ID 854 11/20/2016 14.40%   8,894   8,894   8,695
Loan ID 855 11/20/2016 16.20%   5,841   5,841   5,711
Loan ID 856 11/15/2016 16.20%   5,319   5,319   5,200
Loan ID 857 11/26/2016 13.99%   5,238   5,238   5,121
Loan ID 858 11/22/2016 14.40%   7,880   7,880   7,703
Loan ID 859 11/25/2018 19.15%   3,112   3,112   3,051
Loan ID 860 11/25/2018 17.60%   11,566   11,566   11,338
Loan ID 861 11/25/2018 10.99%   5,549   5,549   5,555
Loan ID 862 11/26/2016 15.85%   5,438   5,438   5,316
Loan ID 863 11/21/2016 10.99%   1,026   1,026   1,010
Loan ID 864 11/25/2018 15.50%   9,898   9,898   9,858
Loan ID 865 11/26/2016 10.50%   3,833   3,833   3,773
Loan ID 866 11/26/2016 9.49%   17,756   17,756   17,480
Loan ID 867 11/26/2018 12.74%   14,967   14,967   14,906
Loan ID 868 11/26/2016 19.70%   9,940   9,940   9,529
Loan ID 869 11/26/2016 9.90%   4,071   4,071   4,007
Loan ID 870 11/26/2016 17.25%   8,035   8,035   7,704
Loan ID 871 11/26/2018 12.39%   14,933   14,933   14,948
Loan ID 872 11/26/2018 16.60%   5,002   5,002   4,903
Loan ID 873 11/27/2016 9.30%   9,334   9,334   9,189
Loan ID 874 11/27/2016 10.50%   7,665   7,665   7,546
Loan ID 875 11/27/2016 12.49%   3,628   3,628   3,572
Loan ID 878 11/27/2016 16.20%   6,383   6,383   6,119
Loan ID 879 11/27/2018 15.50%   7,614   7,614   7,583
Loan ID 880 11/29/2016 13.99%   7,896   7,896   7,719
Loan ID 881 11/29/2018 16.85%   11,514   11,514   11,287
Loan ID 882 11/29/2016 13.14%   7,290   7,290   7,126
Loan ID 883 11/26/2016 9.30%   7,599   7,599   7,481
Loan ID 884 11/29/2018 14.65%   15,148   15,148   15,087
Loan ID 885 11/26/2018 18.40%   11,620   11,620   11,391
Loan ID 887 11/26/2018 13.14%   9,754   9,754   9,714
Loan ID 888 12/2/2016 15.35%   2,227   2,227   2,177
Loan ID 889 11/26/2016 14.00%   6,286   6,286   6,145
Loan ID 890 11/27/2018 19.80%   3,905   3,905   3,828
Loan ID 891 12/3/2016 8.79%   5,326   5,326   5,243
Loan ID 892 12/3/2016 16.85%   1,968   1,968   1,886
Loan ID 893 11/26/2018 18.40%   11,620   11,620   11,391
Loan ID 894 11/27/2016 13.49%   7,824   7,824   7,648
Loan ID 895 12/3/2018 20.10%   11,936   11,936   11,584
Loan ID 896 12/4/2016 17.65%   8,476   8,476   8,126
Loan ID 897 12/4/2018 19.40%   11,891   11,891   11,657
Loan ID 898 11/27/2016 11.89%   12,904   12,904   12,703
Loan ID 899 11/26/2016 10.99%   10,257   10,257   10,097
Loan ID 900 11/26/2018 16.20%   11,470   11,470   11,243
Loan ID 901 11/26/2016 13.49%   10,440   10,440   10,206
Loan ID 902 11/29/2018 19.70%   10,146   10,146   9,945
Loan ID 903 12/4/2016 15.35%   11,134   11,134   10,885
Loan ID 904 12/4/2016 14.65%   8,312   8,312   8,126
Loan ID 905 11/27/2016 16.85%   2,485   2,485   2,383
Loan ID 906 11/27/2016 15.00%   7,913   7,913   7,735
Loan ID 907 12/4/2016 10.39%   6,448   6,448   6,347
Loan ID 908 12/4/2018 15.35%   14,725   14,725   14,665
Loan ID 909 11/27/2018 16.20%   11,668   11,668   11,438
Loan ID 910 11/27/2016 11.99%   5,165   5,165   5,084
Loan ID 911 11/29/2016 10.99%   5,128   5,128   5,048
Loan ID 912 11/27/2016 10.99%   7,693   7,693   7,573
Loan ID 913 11/27/2016 11.89%   7,742   7,742   7,621
Loan ID 914 11/29/2016 16.20%   3,723   3,723   3,569
Loan ID 915 12/5/2016 18.40%   3,407   3,407   3,266
Loan ID 916 12/5/2016 22.35%   2,619   2,619   2,489
Loan ID 917 11/27/2016 10.50%   2,044   2,044   2,012
Loan ID 918 12/5/2018 14.35%   26,966   26,966   26,856
Loan ID 919 11/27/2016 17.95%   5,382   5,382   5,160
Loan ID 920 12/2/2016 12.39%   5,456   5,456   5,371
Loan ID 921 11/27/2018 18.75%   11,644   11,644   11,414
Loan ID 922 12/2/2016 23.04%   5,844   5,844   5,553
Loan ID 923 12/5/2016 16.20%   5,870   5,870   5,627
Loan ID 924 12/2/2018 13.55%   7,668   7,668   7,637
Loan ID 925 12/5/2016 13.55%   4,676   4,676   4,571
Loan ID 926 11/29/2016 11.89%   7,742   7,742   7,621
Loan ID 927 12/3/2018 19.40%   19,819   19,819   19,428
Loan ID 928 12/3/2016 19.70%   2,290   2,290   2,195
Loan ID 929 11/29/2018 16.55%   11,494   11,494   11,267
Loan ID 930 11/29/2018 20.15%   8,775   8,775   8,602
Loan ID 931 12/4/2018 17.25%   11,752   11,752   11,521
Loan ID 932 12/6/2018 16.20%   5,452   5,452   5,344
Loan ID 933 12/4/2018 16.20%   7,788   7,788   7,634
Loan ID 934 12/4/2016 10.99%   13,519   13,519   13,308
Loan ID 935 12/4/2018 15.35%   27,124   27,124   27,014
Loan ID 936 12/6/2016 10.39%   4,578   4,578   4,506
Loan ID 937 12/2/2018 14.35%   8,090   8,090   8,057
Loan ID 938 12/2/2016 14.00%   11,036   11,036   10,788
Loan ID 939 12/4/2016 16.85%   2,249   2,249   2,156
Loan ID 940 12/6/2018 19.70%   11,934   11,934   11,699
Loan ID 941 12/9/2018 22.35%   1,610   1,610   1,563
Loan ID 942 12/5/2018 11.39%   12,864   12,864   12,877
Loan ID 943 12/5/2016 14.35%   8,296   8,296   8,110
Loan ID 944 12/3/2016 12.49%   3,824   3,824   3,764
Loan ID 945 12/9/2018 13.14%   15,298   15,298   15,236
Loan ID 946 12/5/2018 15.85%   5,931   5,931   5,814
Loan ID 947 12/4/2018 16.55%   11,705   11,705   11,474
Loan ID 948 12/5/2016 19.80%   2,835   2,835   2,718
Loan ID 949 12/5/2016 12.74%   19,151   19,151   18,722
Loan ID 950 12/9/2018 19.40%   19,819   19,819   19,428
Loan ID 951 12/4/2018 16.55%   11,705   11,705   11,474
Loan ID 952 12/5/2016 13.14%   5,487   5,487   5,364
Loan ID 953 12/10/2018 14.65%   11,577   11,577   11,530
Loan ID 954 12/5/2018 19.05%   9,495   9,495   9,308
Loan ID 955 12/4/2018 19.70%   5,558   5,558   5,449
Loan ID 956 12/4/2016 24.74%   5,928   5,928   5,548
Loan ID 957 12/10/2018 12.74%   15,261   15,261   15,199
Loan ID 958 12/10/2016 12.39%   8,189   8,189   8,061
Loan ID 959 12/10/2016 10.39%   1,077   1,077   1,060
Loan ID 961 12/4/2016 19.05%   8,552   8,552   8,198
Loan ID 962 12/6/2016 11.39%   5,422   5,422   5,338
Loan ID 963 12/6/2016 19.40%   11,427   11,427   10,956
Loan ID 964 12/6/2018 12.39%   11,421   11,421   11,432
Loan ID 965 12/5/2018 22.35%   3,221   3,221   3,126
Loan ID 966 12/5/2018 15.35%   19,375   19,375   19,296
Loan ID 967 12/11/2016 26.24%   2,344   2,344   2,194
Loan ID 968 12/5/2016 13.14%   8,230   8,230   8,045
Loan ID 969 12/11/2016 26.24%   2,384   2,384   2,231
Loan ID 970 12/11/2016 13.14%   8,230   8,230   8,045
Loan ID 971 12/5/2018 22.35%   8,051   8,051   7,814
Loan ID 972 12/9/2018 16.20%   11,682   11,682   11,451
Loan ID 973 12/11/2016 10.39%   6,193   6,193   6,097
Loan ID 974 12/11/2016 20.10%   4,591   4,591   4,363
Loan ID 975 12/6/2016 10.99%   13,519   13,519   13,308
Loan ID 976 12/12/2018 19.40%   7,928   7,928   7,771
Loan ID 977 12/6/2018 15.35%   19,375   19,375   19,296
Loan ID 978 12/12/2018 17.95%   19,992   19,992   19,597
Loan ID 979 12/6/2016 10.39%   7,540   7,540   7,422
Loan ID 980 12/6/2016 15.85%   2,793   2,793   2,677
Loan ID 981 12/6/2016 22.35%   5,819   5,819   5,530
Loan ID 982 12/10/2018 18.40%   7,884   7,884   7,729
Loan ID 983 12/10/2016 10.99%   4,867   4,867   4,791
Loan ID 984 12/9/2016 10.39%   1,616   1,616   1,591
Loan ID 985 12/9/2018 11.89%   15,182   15,182   15,196
Loan ID 986 12/10/2018 21.50%   8,016   8,016   7,780
Loan ID 987 12/9/2016 11.39%   8,133   8,133   8,007
Loan ID 988 12/11/2018 15.85%   8,938   8,938   8,762
Loan ID 989 12/13/2016 9.90%   2,147   2,147   2,114
Loan ID 990 12/13/2018 22.35%   8,051   8,051   7,814
Loan ID 991 12/16/2016 11.89%   10,839   10,839   10,671
Loan ID 992 12/10/2018 13.14%   19,259   19,259   19,181
Loan ID 993 12/10/2018 13.55%   19,170   19,170   19,092
Loan ID 994 12/17/2016 11.89%   10,881   10,881   10,712
Loan ID 995 12/17/2018 12.74%   7,631   7,631   7,599
Loan ID 996 12/10/2016 16.85%   8,432   8,432   8,084
Loan ID 997 12/11/2016 28.50%   3,622   3,622   3,389
Loan ID 998 12/12/2016 28.50%   2,414   2,414   2,260
Loan ID 999 12/17/2018 19.70%   11,911   11,911   11,676
Loan ID 1000 12/13/2016 14.65%   2,771   2,771   2,709
Loan ID 1001 12/18/2016 13.55%   7,152   7,152   6,992
Loan ID 1002 12/12/2018 9.90%   11,994   11,994   12,006
Loan ID 1003 12/13/2016 12.74%   1,915   1,915   1,872
Loan ID 1004 12/13/2018 18.40%   11,846   11,846   11,613
Loan ID 1005 12/16/2016 28.50%   2,353   2,353   2,202
Loan ID 1006 12/19/2018 14.00%   15,295   15,295   15,233
Loan ID 1007 12/16/2018 12.39%   3,807   3,807   3,811
Loan ID 1008 12/19/2016 12.39%   13,648   13,648   13,435
Loan ID 1009 12/16/2018 18.00%   11,014   11,014   10,797
Loan ID 1010 12/16/2016 11.39%   9,489   9,489   9,341
Loan ID 1011 12/19/2018 16.85%   7,817   7,817   7,663
Loan ID 1012 12/19/2018 19.05%   11,869   11,869   11,635
Loan ID 1013 12/19/2018 12.39%   3,807   3,807   3,811
Loan ID 1014 12/17/2016 30.59%   1,222   1,222   1,119
Loan ID 1015 12/20/2018 17.65%   9,245   9,245   9,062
Loan ID 1016 12/17/2016 11.89%   7,073   7,073   6,963
Loan ID 1017 12/16/2016 24.74%   2,362   2,362   2,210
Loan ID 1018 12/16/2016 20.80%   3,170   3,170   3,013
Loan ID 1019 12/16/2016 18.75%   10,352   10,352   9,924
Loan ID 1020 12/16/2016 19.70%   1,146   1,146   1,098
Loan ID 1021 12/17/2018 11.39%   11,351   11,351   11,362
Loan ID 1022 12/20/2018 19.70%   13,416   13,416   13,151
Loan ID 1023 12/16/2016 19.05%   14,253   14,253   13,664
Loan ID 1024 12/20/2016 18.75%   9,345   9,345   8,959
Loan ID 1025 12/16/2016 9.90%   10,735   10,735   10,568
Loan ID 1026 12/16/2018 23.04%   12,119   12,119   11,762
Loan ID 1027 12/18/2018 12.39%   14,467   14,467   14,481
Loan ID 1028 12/18/2016 12.39%   8,189   8,189   8,061
Loan ID 1029 12/18/2016 19.40%   11,428   11,428   10,956
Loan ID 1031 12/23/2018 14.35%   11,552   11,552   11,505
Loan ID 1032 12/17/2018 15.00%   19,874   19,874   19,794
Loan ID 1033 12/18/2016 11.89%   5,441   5,441   5,356
Loan ID 1034 12/18/2018 17.95%   11,798   11,798   11,565
Loan ID 1035 12/23/2016 16.85%   5,622   5,622   5,389
Loan ID 1037 12/17/2016 19.70%   5,725   5,725   5,488
Loan ID 1038 12/19/2018 16.55%   11,705   11,705   11,474
Loan ID 1039 12/17/2016 11.89%   1,632   1,632   1,607
Loan ID 1040 12/17/2016 14.00%   5,492   5,492   5,369
Loan ID 1041 12/19/2016 18.75%   8,536   8,536   8,183
Loan ID 1042 12/24/2016 12.74%   44   44   43
Loan ID 1043 12/24/2016 10.39%   6,193   6,193   6,097
Loan ID 1044 12/17/2016 9.30%   2,673   2,673   2,631
Loan ID 1045 12/19/2016 9.90%   1,073   1,073   1,057
Loan ID 1046 12/19/2016 28.50%   2,415   2,415   2,260
Loan ID 1047 12/19/2016 19.05%   2,280   2,280   2,186
Loan ID 1048 12/24/2016 10.99%   9,734   9,734   9,582
Loan ID 1049 12/18/2018 23.94%   8,116   8,116   7,876
Loan ID 1050 12/20/2018 15.00%   19,335   19,335   19,256
Loan ID 1051 12/20/2016 14.65%   3,768   3,768   3,684
Loan ID 1052 12/20/2016 18.40%   2,271   2,271   2,177
Loan ID 1053 12/20/2018 17.65%   13,726   13,726   13,455
Loan ID 1054 12/26/2018 17.95%   11,798   11,798   11,565
Loan ID 1055 12/18/2016 16.85%   5,640   5,640   5,408
Loan ID 1056 12/19/2018 15.35%   11,625   11,625   11,578
Loan ID 1057 12/20/2016 15.35%   2,244   2,244   2,194
Loan ID 1058 12/20/2018 18.40%   11,827   11,827   11,594
Loan ID 1059 12/19/2016 14.35%   1,056   1,056   1,032
Loan ID 1060 12/19/2016 26.94%   2,412   2,412   2,257
Loan ID 1061 12/19/2018 12.74%   11,446   11,446   11,399
Loan ID 1062 12/27/2016 18.40%   8,517   8,517   8,165
Loan ID 1063 12/19/2016 11.39%   2,711   2,711   2,669
Loan ID 1064 12/27/2016 14.65%   2,771   2,771   2,709
Loan ID 1065 12/23/2018 15.35%   11,625   11,625   11,577
Loan ID 1066 12/19/2016 14.65%   13,854   13,854   13,544
Loan ID 1067 12/23/2016 28.50%   2,414   2,414   2,260
Loan ID 1068 12/23/2018 19.70%   7,940   7,940   7,784
Loan ID 1069 12/24/2018 15.85%   19,431   19,431   19,047
Loan ID 1070 12/20/2018 19.40%   19,837   19,837   19,446
Loan ID 1071 12/30/2016 10.99%   4,545   4,545   4,474
Loan ID 1072 12/30/2016 11.39%   2,848   2,848   2,804
Loan ID 1073 12/30/2016 19.70%   5,993   5,993   5,746
Loan ID 1074 12/30/2016 17.65%   5,921   5,921   5,676
Loan ID 1075 12/30/2016 25.54%   2,479   2,479   2,320
Loan ID 1076 12/30/2016 14.65%   4,942   4,942   4,831
Loan ID 1077 12/30/2018 21.50%   6,097   6,097   5,917
Loan ID 1078 12/23/2018 16.55%   11,705   11,705   11,474
Loan ID 1079 12/31/2018 10.99%   7,693   7,693   7,701
Loan ID 1080 12/23/2016 12.39%   2,730   2,730   2,687
Loan ID 1081 12/31/2016 14.65%   8,719   8,719   8,523
Loan ID 1082 12/23/2016 6.29%   5,234   5,234   5,067
Loan ID 1083 12/26/2018 14.35%   7,703   7,703   7,671
Loan ID 1084 12/23/2016 10.39%   14,150   14,150   13,930
Loan ID 1085 12/31/2018 17.95%   15,990   15,990   15,675
Loan ID 1086 12/31/2016 9.30%   2,810   2,810   2,766
Loan ID 1087 12/24/2016 9.90%   8,051   8,051   7,926
Loan ID 1088 12/31/2016 23.94%   1,959   1,959   1,861
Loan ID 1089 12/24/2018 19.70%   7,940   7,940   7,784
Loan ID 1090 12/31/2018 16.55%   15,873   15,873   15,560
Loan ID 1091 12/31/2016 9.30%   2,937   2,937   2,891
Loan ID 1092 12/31/2016 13.14%   20,154   20,154   19,702
Loan ID 1093 12/31/2018 15.35%   11,828   11,828   11,780
Loan ID 1094 12/27/2016 23.04%   2,338   2,338   2,221
Loan ID 1095 12/31/2016 11.89%   8,570   8,570   8,436
Loan ID 1096 12/31/2016 12.39%   7,451   7,451   7,335
Loan ID 1097 12/31/2018 13.55%   7,807   7,807   7,776
Loan ID 1098 1/2/2017 15.85%   8,783   8,783   8,420
Loan ID 1099 1/2/2017 12.74%   2,240   2,240   2,190
Loan ID 1100 1/2/2017 26.94%   2,497   2,497   2,337
Loan ID 1101 12/30/2018 16.20%   11,884   11,884   11,649
Loan ID 1102 12/30/2018 16.55%   7,786   7,786   7,633
Loan ID 1103 12/30/2016 8.79%   8,402   8,402   8,271
Loan ID 1104 1/2/2019 12.39%   9,136   9,136   9,145
Loan ID 1105 1/2/2019 17.95%   18,389   18,389   18,026
Loan ID 1106 12/24/2016 9.30%   16,036   16,036   15,786
Loan ID 1107 1/2/2019 14.00%   15,654   15,654   15,590
Loan ID 1109 12/26/2018 16.20%   19,486   19,486   19,102
Loan ID 1110 1/2/2017 12.39%   12,911   12,911   12,710
Loan ID 1111 1/2/2019 12.39%   7,756   7,756   7,764
Loan ID 1112 12/26/2018 19.05%   11,869   11,869   11,635
Loan ID 1113 1/2/2019 19.70%   8,067   8,067   7,908
Loan ID 1114 1/3/2019 18.70%   12,039   12,039   11,802
Loan ID 1115 12/30/2016 20.80%   6,032   6,032   5,732
Loan ID 1116 12/30/2016 8.79%   3,921   3,921   3,860
Loan ID 1117 1/3/2017 13.55%   5,773   5,773   5,644
Loan ID 1118 12/31/2016 10.99%   2,272   2,272   2,237
Loan ID 1119 12/31/2016 15.85%   8,783   8,783   8,420
Loan ID 1120 1/3/2017 10.99%   7,212   7,212   7,099
Loan ID 1121 1/3/2017 12.39%   3,000   3,000   2,953
Loan ID 1122 12/31/2018 14.00%   17,974   17,974   17,901
Loan ID 1123 1/3/2019 18.75%   20,070   20,070   19,675
Loan ID 1124 12/31/2016 13.55%   2,307   2,307   2,256
Loan ID 1125 1/6/2017 11.39%   11,390   11,390   11,213
Loan ID 1126 12/31/2016 11.39%   3,303   3,303   3,252
Loan ID 1127 12/31/2016 21.50%   5,332   5,332   5,067
Loan ID 1128 12/31/2016 8.79%   7,001   7,001   6,892
Loan ID 1129 12/31/2016 14.00%   8,684   8,684   8,489
Loan ID 1130 12/31/2016 10.99%   15,622   15,622   15,379
Loan ID 1131 1/6/2017 12.74%   5,744   5,744   5,615
Loan ID 1132 12/31/2016 15.85%   8,783   8,783   8,420
Loan ID 1133 1/6/2019 19.40%   10,892   10,892   10,677
Loan ID 1134 1/2/2017 19.05%   14,922   14,922   14,306
Loan ID 1135 1/2/2019 17.95%   7,995   7,995   7,838
Loan ID 1136 1/2/2019 16.85%   11,924   11,924   11,689
Loan ID 1137 1/6/2017 6.59%   4,692   4,692   4,543
Loan ID 1138 1/6/2017 12.74%   12,062   12,062   11,792
Loan ID 1139 1/2/2019 24.74%   7,235   7,235   6,952
Loan ID 1140 1/2/2019 16.55%   7,143   7,143   7,002
Loan ID 1141 12/30/2016 27.74%   6,273   6,273   5,870
Loan ID 1142 1/2/2019 12.39%   22,669   22,669   22,691
Loan ID 1143 1/7/2017 16.20%   3,814   3,814   3,657
Loan ID 1144 1/2/2017 9.90%   5,641   5,641   5,553
Loan ID 1145 1/2/2017 17.25%   4,134   4,134   3,963
Loan ID 1146 1/7/2017 12.39%   4,585   4,585   4,514
Loan ID 1148 1/2/2017 8.79%   9,801   9,801   9,649
Loan ID 1149 1/2/2019 12.74%   4,663   4,663   4,644
Loan ID 1150 1/2/2017 9.30%   8,429   8,429   8,298
Loan ID 1151 1/2/2017 14.65%   8,719   8,719   8,523
Loan ID 1152 12/31/2016 11.89%   2,075   2,075   2,043
Loan ID 1153 1/2/2019 15.35%   11,846   11,846   11,798
Loan ID 1154 1/2/2017 19.05%   4,477   4,477   4,292
Loan ID 1155 1/7/2017 15.85%   5,930   5,930   5,685
Loan ID 1156 12/31/2018 15.85%   7,907   7,907   7,751
Loan ID 1157 12/31/2016 10.39%   2,264   2,264   2,228
Loan ID 1158 1/7/2017 15.85%   2,342   2,342   2,245
Loan ID 1159 12/31/2016 26.24%   4,353   4,353   4,074
Loan ID 1160 1/3/2017 15.85%   8,783   8,783   8,420
Loan ID 1161 12/31/2018 13.55%   17,567   17,567   17,495
Loan ID 1162 12/31/2018 20.80%   5,678   5,678   5,510
Loan ID 1163 12/31/2016 15.85%   6,320   6,320   6,059
Loan ID 1164 1/2/2019 18.75%   8,028   8,028   7,870
Loan ID 1165 1/3/2017 14.00%   3,473   3,473   3,396
Loan ID 1166 1/3/2019 20.80%   12,217   12,217   11,857
Loan ID 1167 1/3/2019 24.74%   8,264   8,264   7,941
Loan ID 1168 1/6/2017 14.00%   2,026   2,026   1,981
Loan ID 1169 1/2/2017 15.85%   2,450   2,450   2,348
Loan ID 1170 1/6/2019 26.94%   8,345   8,345   8,019
Loan ID 1171 1/2/2017 28.50%   6,296   6,296   5,892
Loan ID 1172 1/2/2019 24.74%   3,305   3,305   3,176
Loan ID 1173 1/6/2017 15.00%   8,738   8,738   8,542
Loan ID 1174 1/2/2019 13.55%   19,518   19,518   19,439
Loan ID 1175 1/6/2019 17.95%   7,994   7,994   7,837
Loan ID 1176 1/2/2017 11.39%   1,993   1,993   1,962
Loan ID 1177 1/6/2017 15.85%   2,928   2,928   2,807
Loan ID 1178 1/2/2019 11.89%   3,298   3,298   3,301
Loan ID 1179 1/2/2017 11.39%   6,834   6,834   6,728
Loan ID 1180 1/2/2017 14.00%   9,492   9,492   9,279
Loan ID 1181 1/6/2017 9.90%   2,256   2,256   2,221
Loan ID 1182 1/2/2019 18.75%   8,028   8,028   7,870
Loan ID 1184 1/9/2019 18.40%   12,021   12,021   11,784
Loan ID 1185 1/3/2019 19.70%   12,100   12,100   11,862
Loan ID 1186 1/6/2019 12.74%   19,429   19,429   19,350
Loan ID 1187 1/7/2017 14.00%   1,737   1,737   1,698
Loan ID 1188 1/3/2019 16.20%   15,844   15,844   15,531
Loan ID 1189 1/7/2019 12.74%   10,103   10,103   10,062
Loan ID 1190 1/3/2017 15.85%   5,855   5,855   5,614
Loan ID 1191 1/7/2017 27.74%   6,270   6,270   5,868
Loan ID 1192 1/3/2017 26.94%   2,533   2,533   2,371
Loan ID 1193 1/3/2017 23.94%   2,456   2,456   2,334
Loan ID 1194 1/7/2019 23.94%   12,474   12,474   12,106
Loan ID 1195 1/6/2019 14.65%   19,638   19,638   19,558
Loan ID 1196 1/7/2017 10.99%   8,521   8,521   8,388
Loan ID 1197 1/6/2017 30.59%   2,547   2,547   2,333
Loan ID 1198 1/8/2019 16.55%   5,953   5,953   5,835
Loan ID 1199 1/6/2017 23.94%   7,368   7,368   7,001
Loan ID 1200 1/6/2017 10.39%   5,553   5,553   5,467
Loan ID 1201 1/7/2017 16.85%   5,891   5,891   5,648
Loan ID 1202 1/7/2017 9.30%   5,619   5,619   5,532
Loan ID 1203 1/7/2017 9.30%   2,810   2,810   2,766
Loan ID 1204 1/7/2017 12.39%   8,362   8,362   8,232
Loan ID 1205 1/7/2017 22.35%   9,127   9,127   8,673
Loan ID 1206 1/7/2017 19.70%   8,988   8,988   8,617
Loan ID 1207 1/7/2019 18.40%   16,028   16,028   15,711
Loan ID 1208 1/8/2017 17.95%   2,372   2,372   2,274
Loan ID 1209 1/7/2017 17.95%   5,930   5,930   5,685
Loan ID 1210 1/7/2017 16.20%   8,802   8,802   8,438
Loan ID 1211 1/13/2017 15.00%   14,563   14,563   14,236
Loan ID 1212 1/8/2017 28.50%   2,518   2,518   2,357
Loan ID 1213 1/14/2017 11.89%   14,283   14,283   14,061
Loan ID 1214 1/14/2017 20.10%   2,402   2,402   2,283
Loan ID 1215 1/8/2019 15.85%   6,721   6,721   6,588
Loan ID 1216 1/14/2019 15.35%   6,308   6,308   6,283
Loan ID 1217 1/10/2019 15.35%   5,520   5,520   5,497
Loan ID 1218 1/9/2019 16.85%   7,971   7,971   7,814
Loan ID 1219 1/9/2017 23.94%   6,140   6,140   5,834
Loan ID 1220 1/15/2019 27.74%   8,745   8,745   8,403
Loan ID 1221 1/13/2019 15.85%   3,071   3,071   3,010
Loan ID 1222 1/14/2017 9.90%   13,195   13,195   12,989
Loan ID 1223 1/14/2017 15.85%   1,464   1,464   1,403
Loan ID 1224 1/15/2019 14.00%   7,827   7,827   7,795
Loan ID 1225 1/14/2017 19.70%   5,992   5,992   5,744
Loan ID 1226 1/14/2019 20.80%   5,678   5,678   5,510
Loan ID 1227 1/16/2017 15.85%   5,855   5,855   5,614
Loan ID 1228 1/14/2017 10.39%   4,950   4,950   4,873
Loan ID 1229 1/16/2019 16.85%   3,975   3,975   3,896
Loan ID 1230 1/14/2019 16.20%   19,804   19,804   19,414
Loan ID 1231 1/15/2017 22.35%   5,809   5,809   5,520
Loan ID 1232 1/16/2017 11.39%   11,390   11,390   11,213
Loan ID 1233 1/15/2019 17.65%   11,178   11,178   10,957
Loan ID 1234 1/14/2019 14.00%   2,739   2,739   2,728
Loan ID 1235 1/15/2017 12.39%   2,293   2,293   2,257
Loan ID 1236 1/14/2019 18.75%   12,042   12,042   11,805
Loan ID 1237 1/15/2017 11.39%   3,702   3,702   3,644
Loan ID 1238 1/15/2017 10.99%   17,042   17,042   16,777
Loan ID 1239 1/15/2019 19.05%   12,061   12,061   11,823
Loan ID 1240 1/14/2017 16.85%   3,535   3,535   3,389
Loan ID 1241 1/14/2019 11.39%   10,025   10,025   10,034
Loan ID 1242 1/16/2017 8.79%   1,680   1,680   1,654
Loan ID 1244 1/14/2017 15.85%   5,855   5,855   5,614
Loan ID 1245 1/16/2017 13.55%   8,660   8,660   8,465
Loan ID 1246 1/16/2019 19.40%   7,794   7,794   7,640
Loan ID 1247 1/15/2019 13.14%   8,028   8,028   7,995
Loan ID 1248 1/17/2019 17.25%   11,948   11,948   11,712
Loan ID 1249 1/22/2019 16.85%   3,180   3,180   3,117
Loan ID 1250 1/22/2017 16.85%   2,246   2,246   2,154
Loan ID 1251 1/22/2017 16.20%   8,802   8,802   8,438
Loan ID 1252 1/22/2017 8.79%   5,321   5,321   5,238
Loan ID 1253 1/22/2019 22.35%   8,172   8,172   7,931
Loan ID 1254 1/22/2017 8.79%   4,200   4,200   4,135
Loan ID 1255 1/16/2017 9.30%   6,743   6,743   6,638
Loan ID 1256 1/22/2017 14.00%   8,684   8,684   8,489
Loan ID 1257 1/21/2017 18.40%   7,135   7,135   6,841
Loan ID 1258 1/17/2017 14.65%   14,531   14,531   14,206
Loan ID 1259 1/21/2019 19.70%   8,067   8,067   7,908
Loan ID 1260 1/22/2017 14.00%   8,680   8,680   8,485
Loan ID 1261 1/22/2017 11.89%   9,575   9,575   9,426
Loan ID 1262 1/23/2019 15.35%   7,885   7,885   7,853
Loan ID 1263 1/17/2017 15.00%   14,563   14,563   14,236
Loan ID 1264 1/21/2017 16.20%   5,868   5,868   5,626
Loan ID 1265 1/23/2017 18.75%   8,937   8,937   8,568
Loan ID 1266 1/22/2017 11.39%   7,420   7,420   7,304
Loan ID 1267 1/21/2019 14.35%   19,606   19,606   19,527
Loan ID 1268 1/23/2017 15.35%   11,668   11,668   11,406
Loan ID 1269 1/22/2017 14.65%   4,645   4,645   4,541
Loan ID 1270 1/24/2019 14.35%   11,763   11,763   11,716
Loan ID 1271 1/23/2017 17.95%   1,743   1,743   1,671
Loan ID 1272 1/22/2017 20.80%   9,064   9,064   8,613
Loan ID 1273 1/24/2017 10.99%   7,385   7,385   7,270
Loan ID 1274 1/22/2017 8.79%   7,266   7,266   7,152
Loan ID 1275 1/22/2017 8.79%   2,240   2,240   2,205
Loan ID 1276 1/22/2017 8.79%   8,401   8,401   8,270
Loan ID 1277 1/23/2017 10.99%   8,521   8,521   8,388
Loan ID 1278 1/22/2019 23.04%   2,460   2,460   2,387
Loan ID 1279 1/22/2017 15.35%   8,756   8,756   8,560
Loan ID 1280 1/27/2017 14.35%   4,003   4,003   3,913
Loan ID 1281 1/24/2017 10.39%   2,830   2,830   2,785
Loan ID 1282 1/24/2017 12.39%   4,584   4,584   4,513
Loan ID 1283 1/24/2017 10.39%   5,659   5,659   5,571
Loan ID 1284 1/24/2019 9.90%   11,465   11,465   11,476
Loan ID 1285 1/28/2017 9.30%   3,365   3,365   3,312
Loan ID 1286 1/28/2017 12.39%   5,158   5,158   5,078
Loan ID 1287 1/23/2017 16.85%   5,891   5,891   5,648
Loan ID 1288 1/27/2019 17.25%   14,403   14,403   14,119
Loan ID 1289 1/28/2017 15.85%   2,282   2,282   2,188
Loan ID 1290 1/28/2017 10.99%   5,089   5,089   5,010
Loan ID 1291 1/28/2017 9.30%   5,619   5,619   5,532
Loan ID 1292 1/29/2017 9.90%   10,718   10,718   10,551
Loan ID 1293 1/24/2017 29.24%   2,528   2,528   2,316
Loan ID 1294 1/28/2017 18.40%   4,757   4,757   4,560
Loan ID 1295 1/24/2017 13.14%   5,758   5,758   5,629
Loan ID 1296 1/24/2017 11.39%   19,933   19,933   19,623
Loan ID 1297 1/28/2019 12.74%   11,659   11,659   11,611
Loan ID 1298 1/29/2017 16.55%   7,056   7,056   6,765
Loan ID 1299 1/24/2019 16.55%   2,381   2,381   2,334
Loan ID 1300 1/29/2017 15.85%   2,342   2,342   2,245
Loan ID 1301 1/28/2017 28.50%   5,666   5,666   5,303
Loan ID 1302 1/29/2017 20.10%   6,498   6,498   6,175
Loan ID 1303 1/29/2017 28.50%   4,721   4,721   4,418
Loan ID 1304 1/27/2019 14.35%   10,979   10,979   10,935
Loan ID 1305 1/29/2019 11.39%   15,422   15,422   15,437
Loan ID 1306 1/29/2017 10.99%   4,129   4,129   4,064
Loan ID 1307 1/29/2019 15.00%   11,805   11,805   11,757
Loan ID 1308 1/30/2017 21.50%   6,318   6,318   6,004
Loan ID 1309 1/28/2019 17.65%   12,268   12,268   12,026
Loan ID 1310 1/28/2017 12.74%   5,169   5,169   5,054
Loan ID 1311 1/28/2017 12.74%   1,191   1,191   1,164
Loan ID 1312 1/30/2017 23.94%   1,280   1,280   1,216
Loan ID 1313 2/3/2017 17.95%   8,816   8,816   8,452
Loan ID 1314 1/28/2019 20.80%   6,894   6,894   6,691
Loan ID 1315 1/28/2017 11.39%   3,531   3,531   3,476
Loan ID 1316 1/29/2019 26.94%   3,338   3,338   3,207
Loan ID 1317 1/31/2019 19.40%   9,816   9,816   9,622
Loan ID 1318 1/30/2017 15.85%   2,449   2,449   2,348
Loan ID 1319 2/7/2017 11.39%   8,966   8,966   8,826
Loan ID 1320 2/3/2017 12.74%   9,020   9,020   8,817
Loan ID 1321 2/6/2017 11.39%   6,266   6,266   6,168
Loan ID 1322 2/10/2019 16.85%   8,080   8,080   7,920
Loan ID 1323 2/10/2017 9.90%   5,026   5,026   4,947
Loan ID 1324 2/7/2017 11.39%   2,983   2,983   2,936
Loan ID 1325 2/11/2017 12.39%   1,800   1,800   1,772
Loan ID 1326 2/13/2017 15.35%   9,157   9,157   8,952
Loan ID 1327 2/7/2019 17.65%   12,167   12,167   11,927
Loan ID 1328 2/7/2017 11.39%   1,330   1,330   1,309
Loan ID 1329 2/13/2017 12.74%   6,013   6,013   5,878
Loan ID 1330 2/11/2019 15.85%   12,060   12,060   11,822
Loan ID 1331 2/7/2019 15.00%   8,005   8,005   7,973
Loan ID 1332 2/11/2017 19.05%   1,247   1,247   1,195
Loan ID 1334 2/7/2017 15.00%   9,138   9,138   8,934
Loan ID 1335 2/11/2019 17.25%   10,184   10,184   9,983
Loan ID 1336 2/7/2019 16.85%   16,160   16,160   15,841
Loan ID 1337 2/11/2017 13.55%   7,854   7,854   7,678
Loan ID 1338 2/12/2017 28.50%   1,566   1,566   1,465
Loan ID 1339 2/12/2017 16.85%   9,234   9,234   8,853
Loan ID 1340 2/10/2019 11.89%   13,547   13,547   13,561
Loan ID 1341 2/10/2019 15.00%   12,025   12,025   11,976
Loan ID 1342 2/12/2017 18.75%   9,333   9,333   8,948
Loan ID 1343 2/18/2017 12.39%   15,002   15,002   14,769
Loan ID 1345 2/13/2017 15.85%   4,530   4,530   4,343
Loan ID 1346 2/18/2017 14.65%   4,408   4,408   4,309
Loan ID 1347 2/18/2017 11.39%   5,965   5,965   5,872
Loan ID 1348 2/18/2017 20.10%   9,403   9,403   8,935
Loan ID 1349 2/13/2017 9.30%   14,728   14,728   14,499
Loan ID 1350 2/18/2019 15.85%   8,040   8,040   7,881
Loan ID 1351 2/11/2017 9.90%   2,365   2,365   2,328
Loan ID 1352 2/19/2017 9.90%   7,686   7,686   7,567
Loan ID 1353 2/13/2019 14.00%   15,928   15,928   15,863
Loan ID 1354 2/11/2019 14.35%   11,973   11,973   11,924
Loan ID 1355 2/19/2017 11.89%   8,975   8,975   8,835
Loan ID 1356 2/12/2019 14.00%   9,123   9,123   9,086
Loan ID 1357 2/19/2019 12.74%   7,911   7,911   7,879
Loan ID 1358 2/12/2017 19.40%   8,430   8,430   8,082
Loan ID 1359 2/12/2019 23.94%   12,522   12,522   12,153
Loan ID 1360 2/12/2017 15.35%   1,953   1,953   1,910
Loan ID 1361 2/18/2017 13.55%   4,229   4,229   4,134
Loan ID 1362 2/18/2019 16.55%   12,102   12,102   11,863
Loan ID 1363 2/18/2017 13.55%   6,042   6,042   5,906
Loan ID 1364 2/13/2017 13.14%   5,123   5,123   5,008
Loan ID 1365 2/18/2017 12.39%   18,003   18,003   17,722
Loan ID 1366 2/18/2019 24.74%   6,535   6,535   6,280
Loan ID 1367 2/20/2017 15.85%   2,449   2,449   2,348
Loan ID 1368 2/18/2017 19.05%   2,182   2,182   2,091
Loan ID 1369 2/18/2019 16.55%   5,647   5,647   5,536
Loan ID 1370 2/20/2017 14.35%   9,104   9,104   8,900
Loan ID 1371 2/14/2017 28.50%   6,598   6,598   6,174
Loan ID 1372 2/19/2017 15.85%   15,305   15,305   14,673
Loan ID 1373 2/19/2017 8.79%   5,873   5,873   5,782
Loan ID 1374 2/21/2017 17.95%   5,265   5,265   5,048
Loan ID 1375 2/18/2017 8.79%   8,810   8,810   8,672
Loan ID 1376 2/19/2019 17.95%   10,896   10,896   10,681
Loan ID 1377 2/18/2017 10.39%   10,081   10,081   9,924
Loan ID 1378 2/19/2019 20.80%   12,350   12,350   11,986
Loan ID 1380 2/19/2017 14.00%   9,086   9,086   8,883
Loan ID 1381 2/18/2017 16.20%   2,098   2,098   2,012
Loan ID 1382 2/19/2019 14.65%   1,598   1,598   1,592
Loan ID 1383 2/19/2017 23.94%   2,369   2,369   2,251
Loan ID 1384 2/19/2017 16.55%   9,220   9,220   8,839
Loan ID 1385 2/25/2019 20.30%   3,205   3,205   3,111
Loan ID 1386 2/25/2017 10.89%   3,569   3,569   3,513
Loan ID 1387 2/25/2017 11.39%   20,879   20,879   20,554
Loan ID 1388 2/25/2017 20.10%   1,328   1,328   1,262
Loan ID 1389 2/20/2017 12.39%   15,002   15,002   14,768
Loan ID 1390 2/25/2017 18.55%   6,215   6,215   5,959
Loan ID 1391 2/20/2019 16.55%   20,170   20,170   19,772
Loan ID 1392 2/25/2017 10.39%   5,930   5,930   5,838
Loan ID 1393 2/19/2019 19.05%   12,250   12,250   12,008
Loan ID 1394 2/21/2019 23.94%   7,120   7,120   6,910
Loan ID 1395 2/21/2019 28.50%   8,506   8,506   8,173
Loan ID 1396 2/21/2019 14.65%   7,991   7,991   7,958
Loan ID 1397 2/21/2017 19.05%   2,493   2,493   2,390
Loan ID 1398 2/24/2019 26.94%   8,456   8,456   8,125
Loan ID 1399 2/26/2017 12.64%   9,014   9,014   8,812
Loan ID 1400 2/20/2017 13.14%   2,411   2,411   2,357
Loan ID 1401 2/24/2017 10.39%   8,895   8,895   8,756
Loan ID 1402 2/25/2017 9.90%   20,694   20,694   20,372
Loan ID 1403 2/20/2017 13.14%   9,041   9,041   8,838
Loan ID 1404 2/20/2017 8.79%   14,683   14,683   14,454
Loan ID 1405 2/27/2017 9.30%   6,775   6,775   6,669
Loan ID 1406 2/27/2017 13.05%   6,025   6,025   5,890
Loan ID 1407 2/27/2017 10.29%   17,124   17,124   16,857
Loan ID 1408 2/21/2017 8.79%   8,810   8,810   8,672
Loan ID 1409 2/26/2019 19.70%   12,287   12,287   12,044
Loan ID 1410 2/24/2017 15.85%   9,183   9,183   8,804
Loan ID 1411 2/26/2017 19.05%   2,511   2,511   2,407
Loan ID 1412 2/24/2019 14.35%   11,968   11,968   11,919
Loan ID 1413 2/28/2019 10.29%   10,148   10,148   10,158
Loan ID 1414 2/28/2019 13.85%   10,345   10,345   10,303
Loan ID 1415 2/25/2017 11.89%   7,778   7,778   7,657
Loan ID 1416 2/27/2017 26.24%   6,475   6,475   6,059
Loan ID 1417 2/27/2017 14.65%   9,120   9,120   8,916
Loan ID 1418 2/25/2017 16.55%   9,219   9,219   8,839
Loan ID 1419 3/3/2017 12.24%   9,411   9,411   9,200
Loan ID 1420 3/3/2019 13.50%   12,139   12,139   12,090
Loan ID 1421 2/25/2019 15.85%   12,060   12,060   11,822
Loan ID 1422 2/25/2019 13.14%   10,069   10,069   10,028
Loan ID 1423 2/25/2019 16.05%   5,955   5,955   5,838
Loan ID 1424 2/25/2017 19.70%   6,255   6,255   5,996
Loan ID 1425 2/28/2019 19.60%   8,187   8,187   7,946
Loan ID 1426 2/25/2019 14.65%   11,986   11,986   11,937
Loan ID 1427 2/28/2019 13.85%   3,342   3,342   3,329
Loan ID 1428 2/28/2017 11.99%   9,964   9,964   9,809
Loan ID 1429 2/25/2017 29.24%   2,629   2,629   2,408
Loan ID 1430 3/3/2017 17.15%   2,613   2,613   2,505
Loan ID 1431 2/28/2017 10.29%   5,689   5,689   5,601
Loan ID 1432 2/28/2019 18.25%   8,135   8,135   7,975
Loan ID 1433 2/26/2019 10.89%   11,749   11,749   11,760
Loan ID 1434 2/26/2019 12.24%   11,835   11,835   11,787
Loan ID 1435 3/4/2019 17.15%   12,356   12,356   12,113
Loan ID 1436 2/28/2019 16.05%   12,072   12,072   11,834
Loan ID 1437 2/28/2017 8.74%   10,128   10,128   9,970
Loan ID 1438 2/26/2019 14.65%   13,984   13,984   13,927
Loan ID 1439 3/5/2017 16.35%   16,046   16,046   15,384
Loan ID 1440 3/5/2019 15.70%   12,271   12,271   12,029
Loan ID 1441 3/5/2017 10.29%   1,862   1,862   1,833
Loan ID 1442 3/5/2017 10.29%   3,102   3,102   3,054
Loan ID 1443 3/6/2019 13.50%   9,711   9,711   9,672
Loan ID 1444 2/28/2017 17.25%   2,468   2,468   2,366
Loan ID 1445 3/5/2019 16.75%   20,555   20,555   20,150
Loan ID 1446 3/5/2019 13.50%   16,186   16,186   16,120
Loan ID 1447 3/5/2019 20.30%   10,864   10,864   10,543
Loan ID 1448 3/5/2017 9.80%   12,368   12,368   12,176
Loan ID 1449 3/5/2017 14.00%   3,485   3,485   3,407
Loan ID 1450 3/3/2017 13.55%   15,801   15,801   15,447
Loan ID 1451 3/5/2017 13.55%   7,890   7,890   7,713
Loan ID 1452 3/5/2017 11.19%   9,356   9,356   9,210
Loan ID 1453 3/4/2019 16.20%   14,761   14,761   14,470
Loan ID 1454 3/6/2019 24.24%   4,674   4,674   4,492
Loan ID 1455 3/7/2019 17.45%   16,498   16,498   16,173
Loan ID 1456 3/4/2019 26.44%   8,574   8,574   8,239
Loan ID 1457 3/10/2017 9.20%   4,008   4,008   3,946
Loan ID 1458 3/10/2017 11.59%   6,251   6,251   6,154
Loan ID 1459 3/10/2017 18.55%   4,546   4,546   4,359
Loan ID 1460 3/10/2017 12.64%   5,014   5,014   4,901
Loan ID 1461 3/5/2017 12.64%   9,433   9,433   9,221
Loan ID 1462 3/7/2017 14.85%   9,549   9,549   9,335
Loan ID 1463 3/5/2019 18.25%   12,420   12,420   12,175
Loan ID 1464 3/5/2017 13.50%   6,319   6,319   6,177
Loan ID 1465 3/10/2019 13.50%   28,325   28,325   28,210
Loan ID 1466 3/7/2019 17.45%   20,623   20,623   20,216
Loan ID 1467 3/5/2019 15.35%   12,251   12,251   12,009
Loan ID 1468 3/10/2017 21.00%   6,579   6,579   6,252
Loan ID 1469 3/5/2017 12.24%   2,510   2,510   2,453
Loan ID 1470 3/10/2019 15.70%   12,271   12,271   12,029
Loan ID 1471 3/10/2017 20.30%   2,622   2,622   2,492
Loan ID 1472 3/10/2017 8.74%   13,529   13,529   13,319
Loan ID 1473 3/10/2019 21.85%   12,620   12,620   12,248
Loan ID 1474 3/5/2019 18.90%   12,457   12,457   12,211
Loan ID 1475 3/10/2017 13.50%   2,527   2,527   2,471
Loan ID 1476 3/11/2017 25.74%   6,763   6,763   6,329
Loan ID 1477 3/11/2019 20.30%   8,357   8,357   8,110
Loan ID 1478 3/11/2017 11.19%   12,474   12,474   12,280
Loan ID 1479 3/11/2017 20.30%   5,899   5,899   5,606
Loan ID 1480 3/11/2019 19.20%   8,439   8,439   8,272
Loan ID 1481 3/11/2019 14.15%   16,238   16,238   16,172
Loan ID 1482 3/11/2017 12.24%   3,355   3,355   3,280
Loan ID 1483 3/11/2017 11.59%   9,378   9,378   9,232
Loan ID 1484 3/12/2017 14.15%   15,854   15,854   15,499
Loan ID 1485 3/11/2019 17.15%   9,955   9,955   9,758
Loan ID 1486 3/6/2019 17.45%   20,623   20,623   20,216
Loan ID 1487 3/6/2017 28.00%   6,814   6,814   6,377
Loan ID 1488 3/7/2017 28.00%   1,363   1,363   1,275
Loan ID 1489 3/11/2019 16.05%   20,451   20,451   20,048
Loan ID 1490 3/11/2019 19.60%   8,285   8,285   8,041
Loan ID 1491 3/12/2017 10.29%   6,205   6,205   6,108
Loan ID 1492 3/12/2017 12.64%   6,288   6,288   6,147
Loan ID 1493 3/12/2019 13.85%   28,374   28,374   28,259
Loan ID 1494 3/7/2017 13.85%   2,532   2,532   2,475
Loan ID 1496 3/7/2017 13.05%   5,357   5,357   5,237
Loan ID 1497 3/7/2019 18.90%   12,457   12,457   12,211
Loan ID 1498 3/12/2017 12.24%   2,588   2,588   2,530
Loan ID 1499 3/12/2019 22.54%   12,657   12,657   12,284
Loan ID 1500 3/13/2017 10.29%   15,513   15,513   15,271
Loan ID 1501 3/10/2017 19.60%   6,788   6,788   6,450
Loan ID 1502 3/10/2017 15.35%   4,299   4,299   4,122
Loan ID 1503 3/13/2019 19.60%   3,332   3,332   3,234
Loan ID 1504 3/13/2017 11.99%   5,639   5,639   5,551
Loan ID 1505 3/10/2019 12.39%   3,219   3,219   3,222
Loan ID 1506 3/10/2017 9.80%   15,469   15,469   15,228
Loan ID 1507 3/11/2019 16.05%   12,292   12,292   12,050
Loan ID 1508 3/13/2017 8.74%   11,684   11,684   11,502
Loan ID 1509 3/13/2019 13.05%   12,112   12,112   12,062
Loan ID 1510 3/11/2017 14.50%   9,419   9,419   9,208
Loan ID 1511 3/14/2017 14.15%   4,756   4,756   4,650
Loan ID 1512 3/14/2017 20.30%   5,834   5,834   5,544
Loan ID 1513 3/11/2019 12.64%   12,086   12,086   12,037
Loan ID 1514 3/11/2017 10.29%   9,308   9,308   9,163
Loan ID 1515 3/11/2019 17.90%   12,418   12,418   12,173
Loan ID 1516 3/11/2017 11.19%   21,830   21,830   21,490
Loan ID 1517 3/11/2017 9.80%   5,569   5,569   5,482
Loan ID 1518 3/14/2017 10.29%   3,304   3,304   3,253
Loan ID 1519 3/14/2019 11.59%   16,028   16,028   16,044
Loan ID 1520 3/14/2019 15.35%   4,896   4,896   4,800
Loan ID 1522 3/17/2019 14.50%   28,466   28,466   28,350
Loan ID 1523 3/17/2017 14.85%   5,677   5,677   5,549
Loan ID 1524 3/17/2017 10.29%   7,446   7,446   7,330
Loan ID 1525 3/14/2019 16.75%   12,333   12,333   12,090
Loan ID 1526 3/12/2019 12.24%   12,062   12,062   12,013
Loan ID 1527 3/12/2019 13.85%   10,539   10,539   10,496
Loan ID 1528 3/14/2017 14.85%   6,366   6,366   6,223
Loan ID 1529 3/14/2017 26.44%   2,705   2,705   2,531
Loan ID 1530 3/13/2017 11.99%   9,398   9,398   9,252
Loan ID 1531 3/18/2017 21.85%   10,673   10,673   10,142
Loan ID 1532 3/18/2019 11.59%   15,270   15,270   15,285
Loan ID 1533 3/13/2017 12.24%   9,411   9,411   9,200
Loan ID 1534 3/17/2017 12.24%   6,274   6,274   6,134
Loan ID 1535 3/18/2017 12.24%   15,706   15,706   15,354
Loan ID 1536 3/17/2017 22.54%   6,631   6,631   6,302
Loan ID 1537 3/18/2017 10.29%   14,491   14,491   14,265
Loan ID 1538 3/18/2017 15.35%   6,384   6,384   6,120
Loan ID 1539 3/18/2017 9.80%   9,282   9,282   9,137
Loan ID 1540 3/13/2017 19.60%   6,531   6,531   6,206
Loan ID 1541 3/17/2017 12.24%   3,137   3,137   3,067
Loan ID 1542 3/14/2019 14.50%   4,067   4,067   4,050
Loan ID 1543 3/19/2019 21.85%   8,414   8,414   8,165
Loan ID 1544 3/19/2017 12.24%   3,765   3,765   3,680
Loan ID 1545 3/19/2019 13.85%   9,728   9,728   9,689
Loan ID 1546 3/19/2019 13.05%   16,149   16,149   16,083
Loan ID 1547 3/14/2017 19.20%   5,225   5,225   5,009
Loan ID 1548 3/19/2017 16.35%   6,486   6,486   6,218
Loan ID 1549 3/14/2017 16.35%   9,628   9,628   9,230
Loan ID 1550 3/17/2019 25.74%   7,695   7,695   7,394
Loan ID 1552 3/17/2017 28.00%   4,081   4,081   3,819
Loan ID 1553 3/19/2017 9.80%   9,281   9,281   9,137
Loan ID 1554 3/19/2019 17.90%   12,400   12,400   12,155
Loan ID 1555 3/19/2019 16.05%   12,292   12,292   12,050
Loan ID 1556 3/19/2017 11.99%   7,575   7,575   7,457
Loan ID 1557 3/19/2019 19.20%   12,474   12,474   12,228
Loan ID 1558 3/17/2019 16.35%   9,848   9,848   9,654
Loan ID 1559 3/20/2017 8.74%   9,225   9,225   9,081
Loan ID 1560 3/19/2019 11.59%   12,021   12,021   12,033
Loan ID 1561 3/19/2017 9.20%   21,582   21,582   21,246
Loan ID 1563 3/19/2019 17.15%   11,945   11,945   11,709
Loan ID 1564 3/18/2017 12.64%   2,883   2,883   2,819
Loan ID 1565 3/20/2017 14.15%   9,512   9,512   9,299
Loan ID 1566 3/20/2017 14.15%   15,854   15,854   15,499
Loan ID 1567 3/19/2017 11.99%   10,651   10,651   10,485
Loan ID 1568 3/19/2019 16.35%   6,155   6,155   6,034
Loan ID 1569 3/18/2019 15.70%   9,397   9,397   9,211
Loan ID 1570 3/21/2017 11.99%   3,133   3,133   3,084
Loan ID 1571 3/21/2017 28.00%   2,613   2,613   2,446
Loan ID 1572 3/21/2017 11.99%   9,432   9,432   9,285
Loan ID 1573 3/20/2019 15.35%   12,251   12,251   12,009
Loan ID 1574 3/19/2019 11.59%   6,412   6,412   6,418
Loan ID 1575 3/20/2017 11.59%   4,376   4,376   4,308
Loan ID 1576 3/21/2017 17.90%   16,181   16,181   15,512
Loan ID 1577 3/19/2017 15.35%   9,576   9,576   9,180
Loan ID 1578 3/19/2017 13.50%   6,319   6,319   6,177
Loan ID 1579 3/21/2019 21.85%   8,581   8,581   8,328
Loan ID 1580 3/21/2017 12.24%   4,392   4,392   4,294
Loan ID 1581 3/19/2019 21.85%   5,889   5,889   5,716
Loan ID 1582 3/19/2017 8.74%   9,225   9,225   9,081
Loan ID 1583 3/19/2017 8.74%   9,226   9,226   9,083
Loan ID 1584 3/19/2017 14.50%   7,625   7,625   7,454
Loan ID 1585 3/25/2017 11.19%   3,448   3,448   3,394
Loan ID 1586 3/25/2019 18.90%   12,457   12,457   12,211
Loan ID 1587 3/20/2019 14.50%   12,200   12,200   12,150
Loan ID 1588 3/25/2017 19.20%   2,800   2,800   2,685
Loan ID 1589 3/25/2017 11.99%   11,756   11,756   11,573
Loan ID 1590 3/25/2019 11.99%   16,062   16,062   16,077
Loan ID 1591 3/24/2017 22.54%   4,642   4,642   4,411
Loan ID 1592 3/25/2017 9.20%   4,625   4,625   4,553
Loan ID 1593 3/21/2017 27.24%   2,037   2,037   1,906
Loan ID 1594 3/24/2017 18.25%   9,727   9,727   9,325
Loan ID 1595 3/21/2017 9.80%   14,390   14,390   14,166
Loan ID 1596 3/25/2017 25.74%   4,717   4,717   4,415
Loan ID 1597 3/25/2017 14.85%   6,366   6,366   6,223
Loan ID 1598 3/25/2017 12.64%   15,826   15,826   15,471
Loan ID 1599 3/25/2017 22.54%   2,653   2,653   2,521
Loan ID 1600 3/25/2017 17.90%   9,154   9,154   8,776
Loan ID 1601 3/26/2019 13.85%   20,268   20,268   20,185
Loan ID 1602 3/26/2017 9.20%   15,415   15,415   15,175
Loan ID 1603 3/26/2019 13.85%   12,160   12,160   12,111
Loan ID 1604 3/24/2019 13.50%   12,139   12,139   12,090
Loan ID 1605 3/26/2019 15.35%   20,418   20,418   20,015
Loan ID 1606 3/26/2017 12.64%   9,830   9,830   9,609
Loan ID 1607 3/26/2019 12.24%   28,681   28,681   28,564
Loan ID 1608 3/24/2019 21.85%   8,413   8,413   8,165
Loan ID 1609 3/26/2017 8.74%   12,299   12,299   12,108
Loan ID 1610 3/27/2017 16.75%   2,759   2,759   2,645
Loan ID 1611 3/26/2017 14.50%   9,531   9,531   9,317
Loan ID 1612 3/25/2017 15.35%   4,788   4,788   4,590
Loan ID 1613 3/27/2017 28.00%   2,726   2,726   2,551
Loan ID 1614 3/27/2019 13.50%   16,186   16,186   16,120
Loan ID 1615 3/27/2019 11.99%   16,062   16,062   16,077
Loan ID 1616 3/26/2017 16.35%   2,888   2,888   2,769
Loan ID 1617 3/25/2017 19.20%   6,517   6,517   6,248
Loan ID 1618 3/27/2019 21.85%   8,413   8,413   8,165
Loan ID 1619 3/25/2017 13.05%   2,986   2,986   2,919
Loan ID 1620 3/28/2017 14.15%   8,244   8,244   8,059
Loan ID 1621 3/25/2019 13.05%   4,038   4,038   4,021
Loan ID 1622 3/27/2017 19.20%   9,776   9,776   9,372
Loan ID 1623 3/28/2019 14.50%   20,333   20,333   20,250
Loan ID 1624 3/27/2017 18.55%   16,237   16,237   15,566
Loan ID 1625 3/27/2017 14.15%   3,805   3,805   3,720
Loan ID 1626 3/27/2017 13.50%   8,214   8,214   8,030
Loan ID 1627 3/28/2019 16.75%   12,333   12,333   12,090
Loan ID 1628 3/26/2017 28.00%   6,679   6,679   6,250
Loan ID 1629 3/28/2017 15.35%   5,426   5,426   5,202
Loan ID 1630 3/27/2019 16.35%   5,334   5,334   5,229
Loan ID 1631 3/28/2019 14.85%   12,221   12,221   12,171
Loan ID 1632 3/26/2019 23.44%   8,470   8,470   8,220
Loan ID 1633 3/28/2017 13.05%   15,757   15,757   15,404
Loan ID 1634 3/31/2017 19.60%   8,066   8,066   7,665
Loan ID 1635 3/28/2019 15.35%   8,167   8,167   8,006
Loan ID 1636 3/26/2017 22.54%   2,653   2,653   2,521
Loan ID 1637 3/31/2019 16.05%   12,486   12,486   12,239
Loan ID 1638 3/31/2017 16.05%   8,001   8,001   7,671
Loan ID 1639 3/31/2017 18.55%   16,878   16,878   16,181
Loan ID 1640 3/31/2019 10.89%   16,252   16,252   16,268
Loan ID 1641 3/27/2017 11.19%   9,356   9,356   9,210
Loan ID 1642 3/27/2017 18.25%   3,907   3,907   3,745
Loan ID 1643 3/27/2017 23.44%   6,680   6,680   6,348
Loan ID 1644 3/31/2017 25.74%   6,985   6,985   6,537
Loan ID 1645 3/31/2019 17.45%   8,794   8,794   8,620
Loan ID 1646 4/1/2017 16.35%   2,671   2,671   2,561
Loan ID 1647 4/1/2019 14.85%   12,419   12,419   12,368
Loan ID 1648 4/1/2019 18.90%   11,376   11,376   11,152
Loan ID 1649 4/1/2019 14.50%   16,514   16,514   16,447
Loan ID 1650 4/1/2017 13.50%   13,163   13,163   12,868
Loan ID 1651 3/31/2017 11.19%   9,754   9,754   9,602
Loan ID 1652 4/1/2019 14.15%   16,505   16,505   16,438
Loan ID 1653 3/31/2019 13.05%   28,737   28,737   28,620
Loan ID 1654 4/1/2017 21.85%   3,773   3,773   3,585
Loan ID 1655 4/1/2017 13.85%   7,912   7,912   7,735
Loan ID 1656 3/27/2017 14.15%   4,122   4,122   4,030
Loan ID 1657 4/1/2019 14.85%   8,279   8,279   8,245
Loan ID 1658 4/1/2017 14.15%   6,263   6,263   6,123
Loan ID 1659 3/27/2017 11.59%   13,272   13,272   13,065
Loan ID 1660 4/1/2017 17.15%   10,057   10,057   9,641
Loan ID 1661 4/2/2017 22.54%   2,753   2,753   2,616
Loan ID 1662 4/1/2017 11.19%   2,276   2,276   2,240
Loan ID 1663 4/2/2019 19.60%   5,071   5,071   4,921
Loan ID 1664 4/2/2019 14.50%   16,525   16,525   16,458
Loan ID 1665 4/1/2019 19.60%   2,949   2,949   2,862
Loan ID 1666 4/2/2017 17.45%   18,062   18,062   17,317
Loan ID 1667 4/1/2017 25.74%   4,817   4,817   4,508
Loan ID 1668 4/1/2019 19.20%   12,656   12,656   12,407
Loan ID 1669 4/2/2017 17.15%   10,238   10,238   9,815
Loan ID 1670 4/2/2017 14.50%   9,923   9,923   9,701
Loan ID 1671 4/1/2017 9.20%   16,085   16,085   15,835
Loan ID 1672 3/28/2019 12.64%   24,979   24,979   24,877
Loan ID 1673 4/2/2019 12.64%   930   930   926
Loan ID 1674 4/1/2019 15.35%   6,627   6,627   6,497
Loan ID 1675 4/2/2017 12.24%   1,962   1,962   1,918
Loan ID 1676 4/2/2017 11.99%   9,795   9,795   9,643
Loan ID 1677 4/2/2019 13.85%   8,983   8,983   8,947
Loan ID 1679 4/2/2017 15.70%   1,798   1,798   1,724
Loan ID 1680 4/2/2019 19.20%   16,875   16,875   16,542
Loan ID 1681 4/2/2017 8.74%   6,418   6,418   6,318
Loan ID 1682 4/2/2017 10.89%   9,739   9,739   9,587
Loan ID 1684 4/2/2017 11.99%   6,530   6,530   6,428
Loan ID 1685 4/2/2017 11.59%   16,291   16,291   16,037
Loan ID 1686 4/1/2017 12.64%   7,863   7,863   7,686
Loan ID 1688 4/1/2017 18.55%   6,751   6,751   6,472
Loan ID 1689 4/2/2017 8.74%   8,725   8,725   8,589
Loan ID 1690 4/1/2019 13.05%   28,737   28,737   28,620
Loan ID 1691 4/2/2017 10.29%   2,783   2,783   2,739
Loan ID 1692 3/28/2019 17.15%   6,590   6,590   6,460
Loan ID 1693 4/1/2019 18.25%   8,404   8,404   8,238
Loan ID 1694 4/2/2017 8.74%   6,418   6,418   6,318
Loan ID 1695 4/1/2019 15.70%   16,622   16,622   16,294
Loan ID 1696 4/1/2017 16.35%   8,013   8,013   7,682
Loan ID 1697 4/3/2019 28.00%   3,491   3,491   3,355
Loan ID 1698 4/3/2019 16.75%   20,874   20,874   20,462
Loan ID 1699 4/3/2017 12.24%   6,539   6,539   6,393
Loan ID 1700 4/2/2019 18.90%   21,067   21,067   20,651
Loan ID 1701 4/3/2019 22.54%   8,552   8,552   8,300
Loan ID 1702 4/2/2019 18.90%   3,371   3,371   3,304
Loan ID 1703 4/3/2019 18.25%   11,325   11,325   11,102
Loan ID 1704 4/3/2017 16.35%   6,678   6,678   6,402
Loan ID 1705 4/3/2019 13.05%   8,210   8,210   8,177
Loan ID 1706 4/3/2017 15.35%   14,949   14,949   14,332
Loan ID 1707 4/3/2017 9.80%   9,682   9,682   9,531
Loan ID 1708 4/2/2019 22.54%   13,148   13,148   12,760
Loan ID 1709 4/3/2017 18.55%   5,081   5,081   4,871
Loan ID 1710 4/2/2017 9.20%   11,581   11,581   11,401
Loan ID 1711 4/2/2019 15.70%   20,777   20,777   20,367
Loan ID 1712 3/31/2019 14.85%   12,419   12,419   12,368
Loan ID 1713 4/3/2017 15.35%   2,967   2,967   2,844
Loan ID 1714 4/2/2019 12.24%   28,627   28,627   28,511
Loan ID 1715 3/31/2017 11.19%   6,503   6,503   6,401
Loan ID 1716 4/2/2019 10.89%   16,252   16,252   16,268
Loan ID 1717 4/3/2019 12.64%   16,389   16,389   16,323
Loan ID 1718 4/2/2017 14.15%   16,509   16,509   16,139
Loan ID 1719 4/2/2017 12.24%   6,865   6,865   6,711
Loan ID 1720 4/3/2017 8.74%   2,567   2,567   2,527
Loan ID 1721 4/3/2017 8.74%   12,836   12,836   12,636
Loan ID 1722 4/2/2019 11.59%   7,338   7,338   7,346
Loan ID 1723 3/31/2017 9.80%   11,619   11,619   11,438
Loan ID 1724 4/3/2019 21.85%   8,529   8,529   8,277
Loan ID 1725 4/2/2019 15.70%   8,311   8,311   8,147
Loan ID 1726 4/2/2019 12.24%   1,636   1,636   1,629
Loan ID 1727 4/3/2017 14.85%   2,651   2,651   2,591
Loan ID 1728 4/2/2017 16.05%   6,668   6,668   6,392
Loan ID 1729 4/2/2017 14.50%   6,632   6,632   6,483
Loan ID 1730 4/3/2017 23.44%   2,419   2,419   2,299
Loan ID 1731 4/2/2019 17.15%   12,546   12,546   12,299
Loan ID 1732 4/3/2017 11.19%   6,503   6,503   6,401
Loan ID 1733 4/3/2019 19.20%   5,906   5,906   5,790
Loan ID 1734 4/2/2017 21.00%   4,782   4,782   4,544
Loan ID 1735 4/3/2017 8.74%   9,627   9,627   9,477
Loan ID 1736 4/2/2017 16.35%   3,339   3,339   3,201
Loan ID 1737 4/2/2019 17.45%   14,237   14,237   13,956
Loan ID 1738 4/3/2017 28.00%   2,823   2,823   2,642
Loan ID 1739 4/2/2017 8.74%   3,209   3,209   3,159
Loan ID 1740 4/3/2019 12.24%   24,538   24,538   24,438
Loan ID 1741 4/3/2019 11.19%   16,276   16,276   16,292
Loan ID 1742 4/2/2017 15.70%   6,212   6,212   5,955
Loan ID 1743 4/3/2017 10.89%   4,869   4,869   4,793
Loan ID 1744 4/3/2017 13.85%   9,890   9,890   9,668
Loan ID 1745 4/2/2019 13.50%   14,399   14,399   14,340
Loan ID 1746 4/3/2019 16.05%   12,486   12,486   12,239
Loan ID 1747 4/3/2019 24.24%   8,608   8,608   8,272
Loan ID 1748 4/4/2017 15.35%   6,644   6,644   6,370
Loan ID 1749 4/4/2017 11.99%   6,530   6,530   6,428
Loan ID 1751 4/2/2017 17.90%   10,476   10,476   10,044
Loan ID 1752 4/3/2017 13.85%   16,483   16,483   16,114
Loan ID 1753 3/31/2019 25.74%   8,657   8,657   8,318
Loan ID 1754 4/3/2019 21.85%   8,439   8,439   8,190
Loan ID 1756 4/4/2017 15.35%   6,644   6,644   6,370
Loan ID 1757 4/4/2019 17.15%   12,572   12,572   12,324
Loan ID 1758 4/3/2017 15.35%   2,990   2,990   2,866
Loan ID 1759 4/3/2017 13.50%   6,582   6,582   6,434
Loan ID 1760 4/4/2019 18.25%   12,606   12,606   12,357
Loan ID 1761 4/4/2017 19.60%   5,089   5,089   4,836
Loan ID 1762 4/4/2017 11.99%   9,795   9,795   9,643
Loan ID 1763 4/3/2017 28.00%   1,411   1,411   1,321
Loan ID 1764 4/4/2017 16.75%   11,375   11,375   10,905
Loan ID 1765 4/1/2017 10.29%   9,708   9,708   9,556
Loan ID 1766 4/3/2017 8.74%   6,418   6,418   6,318
Loan ID 1767 4/4/2019 16.75%   12,524   12,524   12,277
Loan ID 1768 4/1/2019 23.44%   3,477   3,477   3,375
Loan ID 1769 4/1/2017 23.44%   2,903   2,903   2,758
Loan ID 1770 4/3/2017 16.35%   10,017   10,017   9,603
Loan ID 1771 4/1/2019 19.20%   21,094   21,094   20,677
Loan ID 1772 4/3/2017 13.05%   9,849   9,849   9,629
Loan ID 1773 4/3/2019 17.90%   12,587   12,587   12,338
Loan ID 1774 4/4/2019 18.25%   5,462   5,462   5,355
Loan ID 1775 4/1/2017 14.15%   2,311   2,311   2,259
Loan ID 1776 4/4/2017 13.85%   4,956   4,956   4,845
Loan ID 1777 4/1/2019 18.90%   21,067   21,067   20,651
Loan ID 1778 4/3/2017 11.59%   16,291   16,291   16,037
Loan ID 1779 4/3/2019 12.24%   13,905   13,905   13,848
Loan ID 1780 4/3/2017 16.35%   5,869   5,869   5,627
Loan ID 1781 4/4/2017 8.74%   10,269   10,269   10,109
Loan ID 1782 4/3/2017 15.35%   2,658   2,658   2,548
Loan ID 1783 4/4/2017 15.35%   5,980   5,980   5,733
Loan ID 1784 4/1/2017 15.35%   3,936   3,936   3,773
Loan ID 1785 4/1/2017 16.35%   8,013   8,013   7,682
Loan ID 1786 4/1/2019 10.29%   16,205   16,205   16,220
Loan ID 1787 4/4/2019 15.35%   20,744   20,744   20,335
Loan ID 1788 4/4/2017 26.44%   3,187   3,187   2,983
Loan ID 1789 4/3/2017 12.64%   9,828   9,828   9,608
Loan ID 1790 4/7/2017 10.89%   9,739   9,739   9,587
Loan ID 1791 4/1/2019 23.44%   8,582   8,582   8,329
Loan ID 1792 4/3/2017 26.44%   2,803   2,803   2,623
Loan ID 1793 4/7/2019 26.44%   8,679   8,679   8,340
Loan ID 1794 4/7/2019 11.59%   1,631   1,631   1,632
Loan ID 1795 4/3/2019 27.24%   8,799   8,799   8,456
Loan ID 1796 4/7/2017 21.00%   6,832   6,832   6,492
Loan ID 1797 4/1/2017 9.80%   20,655   20,655   20,334
Loan ID 1798 4/3/2017 16.05%   19,224   19,224   18,430
Loan ID 1799 4/3/2017 24.24%   4,856   4,856   4,544
Loan ID 1800 4/1/2019 11.19%   16,276   16,276   16,292
Loan ID 1801 4/7/2017 21.00%   6,832   6,832   6,492
Loan ID 1802 4/3/2019 12.24%   28,627   28,627   28,511
Loan ID 1803 4/7/2017 10.29%   3,236   3,236   3,186
Loan ID 1804 4/7/2017 13.85%   9,890   9,890   9,668
Loan ID 1805 4/2/2017 10.29%   4,207   4,207   4,141
Loan ID 1806 4/3/2019 13.50%   12,891   12,891   12,838
Loan ID 1807 4/3/2019 14.15%   8,253   8,253   8,219
Loan ID 1808 4/3/2017 9.20%   6,794   6,794   6,688
Loan ID 1809 4/2/2017 22.54%   6,882   6,882   6,540
Loan ID 1810 4/7/2019 19.20%   5,484   5,484   5,376
Loan ID 1811 4/7/2019 11.59%   13,046   13,046   13,059
Loan ID 1812 4/4/2019 17.45%   8,375   8,375   8,210
Loan ID 1813 4/4/2017 28.74%   2,849   2,849   2,610
Loan ID 1814 4/2/2019 17.15%   12,546   12,546   12,299
Loan ID 1815 4/7/2017 12.24%   5,912   5,912   5,779
Loan ID 1816 4/7/2017 18.25%   5,393   5,393   5,170
Loan ID 1817 4/4/2019 15.70%   20,777   20,777   20,367
Loan ID 1818 4/7/2017 18.55%   7,002   7,002   6,713
Loan ID 1819 4/2/2017 19.60%   10,179   10,179   9,672
Loan ID 1820 4/7/2019 24.24%   4,825   4,825   4,636
Loan ID 1821 4/7/2019 11.99%   20,424   20,424   20,444
Loan ID 1822 4/2/2019 13.50%   28,777   28,777   28,660
Loan ID 1823 4/4/2017 9.20%   6,434   6,434   6,334
Loan ID 1824 4/7/2019 22.54%   12,828   12,828   12,450
Loan ID 1825 4/2/2019 11.59%   12,231   12,231   12,243
Loan ID 1826 4/7/2017 9.80%   4,325   4,325   4,257
Loan ID 1827 4/7/2019 12.64%   6,146   6,146   6,121
Loan ID 1828 4/2/2017 10.29%   15,263   15,263   15,025
Loan ID 1829 4/4/2017 15.35%   2,658   2,658   2,548
Loan ID 1830 4/7/2019 26.44%   8,679   8,679   8,340
Loan ID 1831 4/4/2019 14.85%   20,698   20,698   20,613
Loan ID 1832 4/4/2017 11.59%   5,213   5,213   5,132
Loan ID 1833 4/2/2017 12.24%   16,346   16,346   15,980
Loan ID 1835 4/4/2019 19.60%   12,677   12,677   12,303
Loan ID 1836 4/4/2017 12.24%   6,954   6,954   6,798
Loan ID 1837 4/2/2017 11.19%   3,902   3,902   3,841
Loan ID 1838 4/4/2019 16.05%   12,486   12,486   12,239
Loan ID 1839 4/7/2017 19.20%   6,772   6,772   6,492
Loan ID 1840 4/7/2017 15.70%   2,130   2,130   2,042
Loan ID 1841 4/2/2019 24.24%   8,608   8,608   8,272
Loan ID 1843 4/2/2017 17.45%   4,364   4,364   4,184
Loan ID 1844 4/4/2019 19.20%   8,437   8,437   8,271
Loan ID 1845 4/4/2017 14.50%   9,923   9,923   9,701
Loan ID 1846 4/2/2019 18.25%   3,361   3,361   3,295
Loan ID 1847 4/4/2019 15.70%   10,879   10,879   10,664
Loan ID 1848 4/2/2019 10.29%   5,672   5,672   5,677
Loan ID 1849 4/7/2019 14.85%   1,925   1,925   1,917
Loan ID 1850 4/4/2017 12.64%   3,931   3,931   3,843
Loan ID 1851 4/7/2019 18.25%   21,009   21,009   20,595
Loan ID 1852 4/2/2017 10.89%   4,668   4,668   4,595
Loan ID 1853 4/8/2017 20.30%   6,809   6,809   6,470
Loan ID 1854 4/2/2017 17.15%   2,078   2,078   1,992
Loan ID 1855 4/2/2017 23.44%   6,911   6,911   6,568
Loan ID 1856 4/8/2017 13.05%   3,283   3,283   3,209
Loan ID 1857 4/8/2017 19.60%   10,179   10,179   9,672
Loan ID 1858 4/4/2019 11.99%   9,395   9,395   9,404
Loan ID 1859 4/4/2017 20.30%   4,970   4,970   4,723
Loan ID 1860 4/8/2017 8.74%   8,344   8,344   8,214
Loan ID 1861 4/4/2019 17.15%   4,391   4,391   4,304
Loan ID 1862 4/2/2019 16.35%   12,502   12,502   12,255
Loan ID 1863 4/8/2017 15.70%   1,331   1,331   1,276
Loan ID 1864 4/8/2017 12.64%   9,828   9,828   9,608
Loan ID 1865 4/8/2017 13.05%   6,566   6,566   6,419
Loan ID 1866 4/2/2017 25.74%   2,794   2,794   2,615
Loan ID 1867 4/4/2017 14.15%   9,905   9,905   9,683
Loan ID 1868 4/8/2017 13.05%   6,566   6,566   6,419
Loan ID 1869 4/8/2019 21.00%   8,500   8,500   8,249
Loan ID 1870 4/2/2017 16.75%   13,382   13,382   12,829
Loan ID 1871 4/8/2017 16.35%   2,671   2,671   2,561
Loan ID 1872 4/8/2019 17.15%   10,037   10,037   9,839
Loan ID 1873 4/7/2019 19.20%   5,063   5,063   4,963
Loan ID 1875 4/8/2017 12.24%   9,806   9,806   9,586
Loan ID 1877 4/8/2019 17.15%   20,910   20,910   20,498
Loan ID 1878 4/3/2019 18.90%   12,640   12,640   12,391
Loan ID 1879 4/8/2019 11.99%   11,437   11,437   11,448
Loan ID 1880 4/7/2019 18.90%   7,657   7,657   7,506
Loan ID 1881 4/8/2017 18.55%   3,087   3,087   2,959
Loan ID 1882 4/7/2017 9.80%   16,766   16,766   16,505
Loan ID 1883 4/3/2019 18.90%   12,640   12,640   12,391
Loan ID 1884 4/7/2019 13.50%   10,535   10,535   10,492
Loan ID 1885 4/7/2017 9.80%   9,682   9,682   9,531
Loan ID 1886 4/8/2019 11.99%   20,424   20,424   20,444
Loan ID 1887 4/8/2019 26.44%   8,679   8,679   8,340
Loan ID 1888 4/8/2017 17.45%   2,686   2,686   2,575
Loan ID 1889 4/8/2017 14.15%   9,905   9,905   9,683
Loan ID 1890 4/8/2017 12.24%   3,923   3,923   3,835
Loan ID 1891 4/7/2017 11.19%   9,754   9,754   9,602
Loan ID 1892 4/8/2019 21.00%   3,400   3,400   3,300
Loan ID 1893 4/7/2019 17.15%   7,946   7,946   7,789
Loan ID 1894 4/8/2019 13.05%   24,632   24,632   24,531
Loan ID 1895 4/7/2017 9.20%   22,519   22,519   22,169
Loan ID 1896 4/8/2019 14.50%   12,399   12,399   12,348
Loan ID 1898 4/3/2017 17.15%   9,975   9,975   9,563
Loan ID 1899 4/8/2017 14.15%   2,979   2,979   2,912
Loan ID 1900 4/7/2019 18.90%   8,790   8,790   8,617
Loan ID 1901 4/8/2017 11.59%   3,258   3,258   3,207
Loan ID 1902 4/8/2017 22.54%   2,753   2,753   2,616
Loan ID 1903 4/3/2019 21.85%   5,117   5,117   4,966
Loan ID 1904 4/8/2017 28.00%   2,823   2,823   2,642
Loan ID 1905 4/7/2017 8.74%   9,627   9,627   9,477
Loan ID 1906 4/3/2017 8.74%   22,464   22,464   22,114
Loan ID 1907 4/3/2019 18.25%   8,404   8,404   8,238
Loan ID 1908 4/3/2017 9.20%   2,574   2,574   2,534
Loan ID 1909 4/8/2019 15.35%   8,298   8,298   8,134
Loan ID 1910 4/7/2019 15.70%   12,466   12,466   12,220
Loan ID 1911 4/3/2017 18.55%   4,051   4,051   3,883
Loan ID 1912 4/7/2019 13.85%   11,677   11,677   11,629
Loan ID 1913 4/8/2019 18.55%   21,056   21,056   20,641
Loan ID 1914 4/8/2019 16.05%   12,486   12,486   12,239
Loan ID 1915 4/7/2019 20.30%   9,324   9,324   9,048
Loan ID 1916 4/7/2017 9.20%   6,434   6,434   6,334
Loan ID 1917 4/7/2019 20.30%   8,514   8,514   8,263
Loan ID 1918 4/8/2017 21.00%   4,782   4,782   4,544
Loan ID 1919 4/7/2017 28.00%   3,007   3,007   2,814
Loan ID 1920 4/3/2017 23.44%   2,419   2,419   2,299
Loan ID 1921 4/3/2019 11.19%   16,294   16,294   16,310
Loan ID 1922 4/7/2019 16.35%   2,084   2,084   2,043
Loan ID 1923 4/3/2017 8.74%   5,776   5,776   5,686
Loan ID 1924 4/7/2017 28.00%   4,994   4,994   4,673
Loan ID 1925 4/3/2019 11.99%   21,116   21,116   21,137
Loan ID 1926 4/7/2019 15.35%   8,298   8,298   8,134
Loan ID 1927 4/9/2017 11.99%   19,659   19,659   19,352
Loan ID 1928 4/9/2017 9.20%   1,930   1,930   1,900
Loan ID 1929 4/7/2019 14.15%   12,379   12,379   12,329
Loan ID 1930 4/7/2017 20.30%   8,925   8,925   8,481
Loan ID 1931 4/9/2017 8.74%   9,627   9,627   9,477
Loan ID 1933 4/8/2017 10.29%   9,708   9,708   9,556
Loan ID 1934 4/8/2017 13.05%   2,101   2,101   2,054
Loan ID 1935 4/9/2019 16.05%   20,809   20,809   20,399
Loan ID 1936 4/8/2019 13.85%   5,769   5,769   5,745
Loan ID 1937 4/8/2017 17.90%   2,692   2,692   2,581
Loan ID 1938 4/9/2017 15.70%   1,331   1,331   1,276
Loan ID 1939 4/3/2017 17.90%   4,038   4,038   3,871
Loan ID 1940 4/8/2017 12.64%   9,828   9,828   9,608
Loan ID 1941 4/9/2017 14.15%   5,283   5,283   5,164
Loan ID 1942 4/3/2019 17.15%   3,346   3,346   3,280
Loan ID 1943 4/9/2017 10.89%   3,246   3,246   3,196
Loan ID 1944 4/4/2019 18.25%   13,353   13,353   13,090
Loan ID 1945 4/4/2017 9.20%   4,932   4,932   4,855
Loan ID 1946 4/8/2019 13.85%   10,713   10,713   10,670
Loan ID 1947 4/4/2019 14.15%   9,903   9,903   9,863
Loan ID 1948 4/4/2017 21.00%   6,832   6,832   6,492
Loan ID 1949 4/8/2017 22.54%   6,065   6,065   5,763
Loan ID 1950 4/4/2017 13.05%   13,129   13,129   12,835
Loan ID 1951 4/9/2019 11.59%   1,917   1,917   1,919
Loan ID 1952 4/4/2017 15.35%   4,651   4,651   4,459
Loan ID 1953 4/4/2017 12.24%   3,923   3,923   3,835
Loan ID 1954 4/8/2019 12.24%   28,627   28,627   28,511
Loan ID 1955 4/4/2017 11.99%   9,795   9,795   9,643
Loan ID 1956 4/9/2019 18.25%   3,782   3,782   3,707
Loan ID 1957 4/8/2019 21.00%   8,500   8,500   8,249
Loan ID 1958 4/8/2017 12.24%   2,289   2,289   2,237
Loan ID 1959 4/9/2017 16.75%   6,698   6,698   6,421
Loan ID 1960 4/8/2017 16.75%   2,676   2,676   2,566
Loan ID 1961 4/9/2017 9.20%   22,519   22,519   22,169
Loan ID 1962 4/8/2017 11.59%   3,910   3,910   3,849
Loan ID 1963 4/9/2017 13.05%   16,416   16,416   16,047
Loan ID 1964 4/8/2019 17.90%   8,391   8,391   8,226
Loan ID 1965 4/9/2019 15.70%   7,892   7,892   7,736
Loan ID 1966 4/8/2019 15.35%   20,744   20,744   20,335
Loan ID 1967 4/4/2017 19.20%   2,808   2,808   2,692
Loan ID 1968 4/9/2017 12.24%   6,539   6,539   6,392
Loan ID 1969 4/4/2019 17.90%   12,538   12,538   12,290
Loan ID 1970 4/8/2017 18.25%   10,112   10,112   9,694
Loan ID 1972 4/9/2019 13.85%   20,603   20,603   20,519
Loan ID 1973 4/9/2017 25.74%   2,796   2,796   2,616
Loan ID 1974 4/4/2017 14.50%   4,631   4,631   4,527
Loan ID 1976 4/9/2019 17.45%   19,265   19,265   18,885
Loan ID 1977 4/8/2017 28.74%   2,832   2,832   2,594
Loan ID 1978 4/9/2017 8.74%   12,836   12,836   12,636
Loan ID 1979 4/4/2019 15.35%   8,298   8,298   8,134
Loan ID 1980 4/8/2017 16.75%   2,668   2,668   2,558
Loan ID 1981 4/4/2017 8.74%   12,644   12,644   12,447
Loan ID 1982 4/8/2017 17.90%   6,729   6,729   6,452
Loan ID 1983 4/4/2017 11.99%   8,489   8,489   8,357
Loan ID 1984 4/8/2019 16.35%   12,502   12,502   12,255
Loan ID 1985 4/9/2019 16.05%   12,486   12,486   12,239
Loan ID 1986 4/9/2019 20.30%   8,476   8,476   8,226
Loan ID 1988 4/9/2017 18.55%   3,665   3,665   3,514
Loan ID 1989 4/8/2019 17.45%   8,375   8,375   8,210
Loan ID 1990 4/4/2017 14.85%   6,627   6,627   6,479
Loan ID 1991 4/4/2019 24.24%   8,608   8,608   8,272
Loan ID 1992 4/8/2017 16.05%   8,001   8,001   7,671
Loan ID 1993 4/4/2019 13.85%   7,461   7,461   7,431
Loan ID 1994 4/8/2017 13.05%   4,596   4,596   4,493
Loan ID 1995 4/8/2017 9.80%   6,778   6,778   6,672
Loan ID 1996 4/10/2019 19.20%   5,906   5,906   5,790
Loan ID 1997 4/4/2019 18.25%   21,027   21,027   20,612
Loan ID 1998 4/8/2017 26.44%   5,595   5,595   5,236
Loan ID 1999 4/4/2017 13.50%   1,974   1,974   1,930
Loan ID 2000 4/8/2019 17.45%   21,062   21,062   20,647
Loan ID 2001 4/10/2017 14.15%   2,658   2,658   2,599
Loan ID 2002 4/10/2017 9.20%   4,412   4,412   4,343
Loan ID 2003 4/8/2019 18.90%   12,640   12,640   12,391
Loan ID 2004 4/10/2019 18.25%   5,875   5,875   5,759
Loan ID 2005 4/10/2017 9.80%   9,112   9,112   8,970
Loan ID 2006 4/4/2019 13.05%   9,442   9,442   9,404
Loan ID 2007 4/4/2017 11.99%   1,633   1,633   1,607
Loan ID 2008 4/8/2019 19.60%   8,451   8,451   8,202
Loan ID 2009 4/8/2017 11.19%   2,150   2,150   2,116
Loan ID 2010 4/4/2017 13.50%   7,569   7,569   7,399
Loan ID 2011 4/8/2019 13.05%   13,178   13,178   13,124
Loan ID 2012 4/10/2019 13.50%   28,802   28,802   28,685
Loan ID 2013 4/10/2017 16.35%   6,678   6,678   6,402
Loan ID 2014 4/9/2017 15.70%   3,328   3,328   3,190
Loan ID 2015 4/4/2019 11.19%   12,207   12,207   12,219
Loan ID 2016 4/7/2017 21.85%   2,744   2,744   2,607
Loan ID 2017 4/10/2017 16.35%   5,008   5,008   4,801
Loan ID 2018 4/10/2017 10.89%   9,219   9,219   9,075
Loan ID 2019 4/10/2017 16.35%   9,958   9,958   9,547
Loan ID 2020 4/10/2019 12.64%   20,487   20,487   20,403
Loan ID 2021 4/7/2017 18.90%   3,721   3,721   3,567
Loan ID 2022 4/9/2019 15.70%   12,466   12,466   12,220
Loan ID 2023 4/10/2017 12.64%   16,381   16,381   16,013
Loan ID 2024 4/10/2017 15.70%   3,328   3,328   3,190
Loan ID 2025 4/7/2017 16.35%   10,017   10,017   9,603
Loan ID 2026 4/7/2017 21.85%   1,372   1,372   1,304
Loan ID 2027 4/10/2019 13.05%   12,316   12,316   12,266
Loan ID 2029 4/10/2019 16.75%   8,349   8,349   8,185
Loan ID 2030 4/7/2017 16.75%   16,728   16,728   16,037
Loan ID 2031 4/9/2017 28.00%   5,600   5,600   5,240
Loan ID 2032 4/7/2019 19.20%   12,656   12,656   12,407
Loan ID 2033 4/10/2017 10.89%   1,587   1,587   1,562
Loan ID 2034 4/7/2019 19.60%   12,677   12,677   12,303
Loan ID 2035 4/9/2019 18.90%   10,955   10,955   10,739
Loan ID 2036 4/10/2017 9.20%   9,651   9,651   9,501
Loan ID 2037 4/7/2017 17.90%   5,720   5,720   5,484
Loan ID 2038 4/9/2019 20.30%   4,646   4,646   4,509
Loan ID 2039 4/7/2019 12.24%   28,627   28,627   28,511
Loan ID 2040 4/7/2017 11.99%   13,060   13,060   12,857
Loan ID 2041 4/9/2017 25.74%   6,985   6,985   6,537
Loan ID 2042 4/9/2017 20.30%   9,729   9,729   9,245
Loan ID 2043 4/10/2019 12.24%   7,361   7,361   7,331
Loan ID 2044 4/7/2017 18.55%   17,019   17,019   16,317
Loan ID 2045 4/9/2019 16.75%   12,714   12,714   12,463
Loan ID 2046 4/7/2017 30.09%   2,849   2,849   2,610
Loan ID 2047 4/10/2019 19.20%   8,437   8,437   8,271
Loan ID 2048 4/7/2019 10.89%   15,968   15,968   15,984
Loan ID 2049 4/7/2019 11.19%   5,290   5,290   5,295
Loan ID 2050 4/9/2017 13.85%   5,934   5,934   5,801
Loan ID 2051 4/9/2017 11.19%   9,754   9,754   9,602
Loan ID 2052 4/7/2017 8.74%   2,567   2,567   2,527
Loan ID 2053 4/10/2019 16.05%   8,259   8,259   8,096
Loan ID 2054 4/9/2017 15.35%   2,761   2,761   2,647
Loan ID 2055 4/9/2017 14.15%   6,603   6,603   6,455
Loan ID 2056 4/10/2019 14.50%   16,627   16,627   16,559
Loan ID 2057 4/7/2019 12.24%   19,772   19,772   19,692
Loan ID 2058 4/10/2017 25.04%   2,180   2,180   2,040
Loan ID 2059 4/9/2017 11.99%   6,530   6,530   6,428
Loan ID 2060 4/10/2017 12.24%   9,808   9,808   9,588
Loan ID 2061 4/7/2017 10.29%   12,929   12,929   12,728
Loan ID 2062 4/9/2019 14.15%   20,631   20,631   20,548
Loan ID 2063 4/9/2017 14.15%   6,934   6,934   6,778
Loan ID 2064 4/7/2017 14.15%   6,603   6,603   6,455
Loan ID 2065 4/10/2019 14.50%   8,259   8,259   8,225
Loan ID 2066 4/7/2017 30.09%   2,849   2,849   2,610
Loan ID 2067 4/9/2017 20.30%   5,788   5,788   5,500
Loan ID 2068 4/9/2017 17.90%   6,729   6,729   6,452
Loan ID 2070 4/11/2019 17.15%   1,807   1,807   1,771
Loan ID 2071 4/11/2019 16.35%   8,592   8,592   8,422
Loan ID 2072 4/9/2019 13.50%   9,873   9,873   9,833
Loan ID 2073 4/8/2017 22.54%   6,882   6,882   6,540
Loan ID 2074 4/8/2017 14.85%   9,941   9,941   9,718
Loan ID 2075 4/9/2017 17.45%   2,014   2,014   1,931
Loan ID 2076 4/11/2017 13.05%   2,627   2,627   2,568
Loan ID 2077 4/8/2017 15.35%   2,790   2,790   2,675
Loan ID 2078 4/9/2019 18.25%   12,606   12,606   12,357
Loan ID 2079 4/11/2017 19.20%   6,773   6,773   6,493
Loan ID 2080 4/9/2017 14.15%   6,603   6,603   6,455
Loan ID 2081 4/11/2017 17.90%   6,729   6,729   6,452
Loan ID 2082 4/10/2017 16.35%   6,008   6,008   5,760
Loan ID 2083 4/11/2019 19.20%   8,560   8,560   8,391
Loan ID 2084 4/8/2019 21.85%   7,676   7,676   7,450
Loan ID 2085 4/11/2017 16.35%   2,671   2,671   2,561
Loan ID 2086 4/10/2019 15.35%   12,447   12,447   12,201
Loan ID 2087 4/10/2019 17.15%   4,182   4,182   4,099
Loan ID 2088 4/11/2017 13.05%   2,955   2,955   2,889
Loan ID 2089 4/10/2017 8.74%   16,045   16,045   15,796
Loan ID 2090 4/11/2017 9.80%   12,965   12,965   12,763
Loan ID 2091 4/11/2017 11.19%   3,251   3,251   3,201
Loan ID 2092 4/10/2019 16.35%   7,501   7,501   7,353
Loan ID 2093 4/10/2019 17.90%   12,587   12,587   12,338
Loan ID 2094 4/10/2019 15.70%   4,987   4,987   4,888
Loan ID 2095 4/10/2017 18.25%   2,696   2,696   2,585
Loan ID 2096 4/11/2017 17.90%   10,094   10,094   9,677
Loan ID 2097 4/8/2017 11.59%   9,775   9,775   9,622
Loan ID 2098 4/11/2019 15.35%   8,298   8,298   8,134
Loan ID 2099 4/8/2019 10.29%   14,584   14,584   14,598
Loan ID 2100 4/10/2017 13.05%   6,566   6,566   6,419
Loan ID 2101 4/10/2019 24.24%   8,608   8,608   8,272
Loan ID 2102 4/8/2017 12.64%   8,846   8,846   8,647
Loan ID 2103 4/11/2019 17.15%   3,346   3,346   3,280
Loan ID 2105 4/10/2017 10.89%   9,739   9,739   9,587
Loan ID 2106 4/8/2017 10.29%   8,413   8,413   8,282
Loan ID 2107 4/10/2019 14.50%   19,011   19,011   18,934
Loan ID 2108 4/8/2017 19.20%   10,159   10,159   9,739
Loan ID 2109 4/10/2017 19.20%   2,548   2,548   2,443
Loan ID 2110 4/11/2017 11.59%   9,775   9,775   9,622
Loan ID 2111 4/10/2019 14.15%   20,631   20,631   20,548
Loan ID 2112 4/11/2017 18.55%   6,372   6,372   6,109
Loan ID 2113 4/11/2017 9.20%   12,868   12,868   12,668
Loan ID 2114 4/8/2017 16.35%   6,678   6,678   6,402
Loan ID 2115 4/10/2019 13.85%   16,482   16,482   16,415
Loan ID 2116 4/10/2017 13.50%   2,633   2,633   2,574
Loan ID 2117 4/11/2017 23.44%   2,802   2,802   2,662
Loan ID 2118 4/11/2017 9.20%   9,651   9,651   9,501
Loan ID 2119 4/8/2019 18.55%   16,829   16,829   16,497
Loan ID 2120 4/10/2017 13.85%   6,593   6,593   6,446
Loan ID 2121 4/8/2017 19.20%   10,159   10,159   9,739
Loan ID 2122 4/10/2019 17.15%   4,600   4,600   4,510
Loan ID 2123 4/8/2017 16.35%   6,344   6,344   6,082
Loan ID 2124 4/11/2019 18.90%   12,640   12,640   12,391
Loan ID 2125 4/8/2019 15.70%   20,777   20,777   20,367
Loan ID 2126 4/8/2017 11.59%   9,775   9,775   9,622
Loan ID 2127 4/11/2017 11.19%   5,462   5,462   5,377
Loan ID 2128 4/10/2017 9.20%   9,651   9,651   9,501
Loan ID 2129 4/10/2019 10.89%   8,126   8,126   8,134
Loan ID 2130 4/8/2017 11.19%   4,877   4,877   4,801
Loan ID 2131 4/8/2017 11.99%   9,795   9,795   9,643
Loan ID 2132 4/11/2019 15.35%   12,447   12,447   12,201
Loan ID 2133 4/10/2017 16.35%   2,774   2,774   2,659
Loan ID 2134 4/10/2017 12.64%   22,933   22,933   22,419
Loan ID 2135 4/8/2017 12.24%   1,635   1,635   1,598
Loan ID 2136 4/8/2017 9.20%   1,673   1,673   1,647
Loan ID 2137 4/8/2017 14.15%   2,575   2,575   2,518
Loan ID 2138 4/10/2017 23.44%   7,158   7,158   6,802
Loan ID 2139 4/10/2019 17.15%   21,544   21,544   21,119
Loan ID 2140 4/8/2017 11.99%   9,795   9,795   9,643
Loan ID 2141 4/10/2017 21.00%   5,473   5,473   5,201
Loan ID 2142 4/11/2017 26.44%   3,100   3,100   2,901
Loan ID 2143 4/11/2017 25.74%   2,794   2,794   2,615
Loan ID 2144 4/11/2017 17.90%   10,094   10,094   9,677
Loan ID 2145 4/10/2019 12.64%   12,293   12,293   12,243
Loan ID 2146 4/14/2017 17.15%   8,045   8,045   7,713
Loan ID 2147 4/8/2019 16.75%   12,620   12,620   12,371
Loan ID 2148 4/10/2017 12.24%   4,904   4,904   4,794
Loan ID 2149 4/8/2017 15.70%   6,291   6,291   6,031
Loan ID 2150 4/14/2017 18.25%   7,752   7,752   7,432
Loan ID 2151 4/10/2019 26.44%   6,509   6,509   6,255
Loan ID 2152 4/8/2019 24.24%   8,608   8,608   8,272
Loan ID 2153 4/10/2017 28.00%   2,823   2,823   2,642
Loan ID 2154 4/10/2019 19.20%   8,382   8,382   8,217
Loan ID 2155 4/8/2017 13.05%   6,566   6,566   6,419
Loan ID 2156 4/14/2017 15.35%   9,966   9,966   9,555
Loan ID 2157 4/14/2017 11.19%   7,927   7,927   7,803
Loan ID 2158 4/8/2017 12.24%   6,539   6,539   6,392
Loan ID 2159 4/9/2017 11.99%   5,221   5,221   5,140
Loan ID 2160 4/14/2019 14.50%   12,400   12,400   12,349
Loan ID 2161 4/9/2017 16.75%   2,007   2,007   1,924
Loan ID 2162 4/10/2017 15.35%   9,966   9,966   9,555
Loan ID 2163 4/9/2017 26.44%   2,803   2,803   2,623
Loan ID 2164 4/9/2017 10.29%   9,708   9,708   9,556
Loan ID 2165 4/14/2017 11.99%   2,612   2,612   2,571
Loan ID 2166 4/10/2019 10.89%   12,189   12,189   12,201
Loan ID 2167 4/10/2017 23.44%   2,764   2,764   2,627
Loan ID 2168 4/14/2017 17.45%   16,786   16,786   16,093
Loan ID 2169 4/9/2017 11.59%   2,951   2,951   2,905
Loan ID 2170 4/10/2019 21.85%   8,529   8,529   8,277
Loan ID 2171 4/9/2017 11.99%   1,959   1,959   1,928
Loan ID 2172 4/10/2017 17.45%   3,837   3,837   3,679
Loan ID 2173 4/9/2017 8.74%   12,836   12,836   12,636
Loan ID 2174 4/9/2019 18.25%   12,606   12,606   12,357
Loan ID 2175 4/11/2017 9.80%   9,682   9,682   9,531
Loan ID 2176 4/9/2019 18.90%   21,067   21,067   20,651
Loan ID 2178 4/11/2019 12.64%   21,231   21,231   21,145
Loan ID 2179 4/14/2019 11.99%   8,578   8,578   8,586
Loan ID 2180 4/11/2017 19.20%   10,596   10,596   10,158
Loan ID 2181 4/14/2019 16.05%   20,809   20,809   20,399
Loan ID 2182 4/11/2019 17.90%   16,782   16,782   16,451
Loan ID 2183 4/14/2019 14.85%   12,419   12,419   12,368
Loan ID 2184 4/11/2017 17.45%   11,374   11,374   10,904
Loan ID 2185 4/9/2017 9.20%   3,952   3,952   3,890
Loan ID 2186 4/14/2019 15.35%   12,464   12,464   12,218
Loan ID 2187 4/11/2019 17.45%   13,400   13,400   13,136
Loan ID 2188 4/9/2017 21.00%   2,347   2,347   2,231
Loan ID 2189 4/11/2019 14.85%   5,795   5,795   5,772
Loan ID 2190 4/14/2017 10.89%   3,896   3,896   3,835
Loan ID 2191 4/14/2019 21.00%   8,500   8,500   8,249
Loan ID 2192 4/14/2017 23.44%   2,707   2,707   2,572
Loan ID 2193 4/11/2019 13.50%   16,456   16,456   16,389
Loan ID 2194 4/9/2017 12.24%   4,904   4,904   4,794
Loan ID 2195 4/11/2017 12.24%   6,441   6,441   6,296
Loan ID 2197 4/11/2019 18.55%   21,036   21,036   20,621
Loan ID 2198 4/9/2017 17.15%   10,057   10,057   9,641
Loan ID 2199 4/11/2017 18.90%   6,763   6,763   6,483
Loan ID 2200 4/9/2019 12.64%   12,292   12,292   12,242
Loan ID 2201 4/14/2017 16.35%   2,337   2,337   2,241
Loan ID 2203 4/14/2017 13.05%   14,827   14,827   14,495
Loan ID 2204 4/11/2017 10.29%   6,121   6,121   6,025
Loan ID 2205 4/14/2017 16.35%   6,678   6,678   6,403
Loan ID 2206 4/9/2017 12.24%   9,808   9,808   9,588
Loan ID 2207 4/11/2017 28.00%   2,823   2,823   2,642
Loan ID 2208 4/15/2019 16.05%   12,486   12,486   12,239
Loan ID 2209 4/11/2017 21.00%   2,733   2,733   2,597
Loan ID 2210 4/15/2019 10.89%   3,583   3,583   3,587
Loan ID 2211 4/11/2017 11.59%   3,258   3,258   3,207
Loan ID 2212 4/9/2019 15.35%   8,344   8,344   8,179
Loan ID 2213 4/11/2017 10.89%   3,396   3,396   3,343
Loan ID 2214 4/11/2017 30.09%   1,424   1,424   1,305
Loan ID 2215 4/9/2017 10.29%   6,456   6,456   6,355
Loan ID 2216 4/11/2019 14.15%   20,680   20,680   20,596
Loan ID 2217 4/9/2017 16.05%   2,667   2,667   2,557
Loan ID 2218 4/9/2017 10.89%   21,032   21,032   20,704
Loan ID 2219 4/15/2017 24.24%   6,948   6,948   6,502
Loan ID 2220 4/9/2017 12.24%   6,539   6,539   6,392
Loan ID 2221 4/15/2017 17.45%   2,595   2,595   2,487
Loan ID 2222 4/9/2017 20.30%   9,267   9,267   8,806
Loan ID 2223 4/11/2017 9.20%   5,147   5,147   5,067
Loan ID 2224 4/9/2019 15.35%   19,085   19,085   18,708
Loan ID 2225 4/9/2017 12.24%   6,539   6,539   6,392
Loan ID 2226 4/15/2017 19.60%   10,179   10,179   9,672
Loan ID 2227 4/9/2019 19.60%   8,451   8,451   8,202
Loan ID 2228 4/9/2017 9.20%   5,147   5,147   5,067
Loan ID 2229 4/11/2017 13.85%   2,703   2,703   2,643
Loan ID 2230 4/11/2019 24.24%   8,608   8,608   8,272
Loan ID 2231 4/15/2019 15.70%   12,466   12,466   12,220
Loan ID 2232 4/11/2019 17.90%   16,782   16,782   16,451
Loan ID 2233 4/11/2019 12.64%   11,473   11,473   11,426
Loan ID 2234 4/11/2017 13.05%   9,849   9,849   9,628
Loan ID 2235 4/11/2019 19.20%   7,594   7,594   7,444
Loan ID 2236 4/15/2019 13.05%   20,526   20,526   20,443
Loan ID 2237 4/10/2019 16.05%   5,827   5,827   5,712
Loan ID 2238 4/11/2019 12.24%   20,448   20,448   20,365
Loan ID 2239 4/10/2017 9.80%   1,302   1,302   1,281
Loan ID 2240 4/15/2017 9.20%   9,651   9,651   9,501
Loan ID 2241 4/15/2017 13.05%   6,575   6,575   6,428
Loan ID 2242 4/15/2019 14.85%   20,698   20,698   20,613
Loan ID 2243 4/15/2019 24.24%   8,608   8,608   8,272
Loan ID 2244 4/10/2017 15.70%   6,656   6,656   6,381
Loan ID 2245 4/10/2017 8.74%   2,246   2,246   2,211
Loan ID 2246 4/10/2017 24.24%   2,081   2,081   1,948
Loan ID 2247 4/10/2019 21.00%   3,400   3,400   3,300
Loan ID 2248 4/14/2019 19.20%   12,656   12,656   12,407
Loan ID 2249 4/14/2017 18.55%   6,714   6,714   6,437
Loan ID 2250 4/10/2017 11.59%   2,932   2,932   2,887
Loan ID 2251 4/15/2019 13.85%   6,181   6,181   6,156
Loan ID 2252 4/10/2019 17.45%   12,562   12,562   12,315
Loan ID 2253 4/14/2019 16.05%   12,486   12,486   12,239
Loan ID 2254 4/15/2017 15.35%   3,986   3,986   3,822
Loan ID 2255 4/10/2019 14.85%   20,698   20,698   20,613
Loan ID 2256 4/15/2019 19.60%   12,677   12,677   12,303
Loan ID 2257 4/10/2017 16.75%   16,076   16,076   15,412
Loan ID 2258 4/15/2017 13.05%   9,849   9,849   9,629
Loan ID 2259 4/14/2017 10.29%   5,842   5,842   5,751
Loan ID 2260 4/15/2019 13.05%   12,316   12,316   12,266
Loan ID 2261 4/15/2017 8.74%   16,045   16,045   15,796
Loan ID 2262 4/15/2017 8.74%   9,627   9,627   9,477
Loan ID 2263 4/15/2019 18.90%   12,640   12,640   12,391
Loan ID 2264 4/10/2019 14.85%   20,698   20,698   20,613
Loan ID 2265 4/14/2017 9.80%   9,682   9,682   9,531
Loan ID 2266 4/10/2017 15.70%   16,663   16,663   15,975
Loan ID 2267 4/14/2017 13.05%   6,894   6,894   6,740
Loan ID 2268 4/15/2017 9.80%   18,074   18,074   17,792
Loan ID 2269 4/15/2019 25.74%   5,274   5,274   5,068
Loan ID 2270 4/14/2019 20.30%   12,714   12,714   12,339
Loan ID 2271 4/14/2017 9.80%   8,391   8,391   8,261
Loan ID 2272 4/14/2017 17.45%   38   38   37
Loan ID 2273 4/10/2019 16.05%   12,486   12,486   12,239
Loan ID 2274 4/15/2017 14.85%   13,254   13,254   12,957
Loan ID 2275 4/14/2017 11.19%   22,759   22,759   22,405
Loan ID 2276 4/15/2017 10.89%   1,964   1,964   1,934
Loan ID 2277 4/15/2019 13.50%   8,228   8,228   8,194
Loan ID 2278 4/14/2019 18.90%   11,798   11,798   11,565
Loan ID 2279 4/15/2019 13.05%   20,526   20,526   20,443
Loan ID 2280 4/14/2017 8.74%   9,627   9,627   9,477
Loan ID 2281 4/10/2019 11.59%   14,677   14,677   14,691
Loan ID 2282 4/10/2017 8.74%   3,834   3,834   3,775
Loan ID 2283 4/14/2017 14.15%   9,905   9,905   9,683
Loan ID 2284 4/14/2017 10.29%   12,943   12,943   12,742
Loan ID 2285 4/10/2017 12.24%   9,808   9,808   9,588
Loan ID 2286 4/14/2017 25.74%   6,985   6,985   6,537
Loan ID 2287 4/15/2017 16.75%   5,018   5,018   4,811
Loan ID 2288 4/10/2017 14.15%   4,049   4,049   3,958
Loan ID 2289 4/15/2017 16.05%   10,001   10,001   9,588
Loan ID 2291 4/14/2019 12.64%   12,292   12,292   12,242
Loan ID 2292 4/15/2017 12.24%   9,808   9,808   9,588
Loan ID 2293 4/14/2019 14.15%   20,631   20,631   20,548
Loan ID 2294 4/15/2019 13.85%   12,362   12,362   12,311
Loan ID 2295 4/15/2017 10.89%   7,791   7,791   7,669
Loan ID 2296 4/15/2017 9.20%   3,989   3,989   3,927
Loan ID 2297 4/14/2017 21.85%   8,232   8,232   7,822
Loan ID 2298 4/10/2017 19.60%   2,036   2,036   1,935
Loan ID 2299 4/16/2019 14.50%   20,665   20,665   20,580
Loan ID 2300 4/10/2017 13.05%   9,849   9,849   9,628
Loan ID 2301 4/10/2017 17.90%   16,848   16,848   16,152
Loan ID 2302 4/14/2017 14.50%   9,923   9,923   9,701
Loan ID 2303 4/16/2017 17.15%   10,763   10,763   10,318
Loan ID 2304 4/10/2017 17.90%   4,969   4,969   4,763
Loan ID 2305 4/14/2019 14.85%   8,279   8,279   8,245
Loan ID 2306 4/16/2017 11.99%   6,204   6,204   6,107
Loan ID 2307 4/10/2017 11.99%   9,795   9,795   9,643
Loan ID 2308 4/14/2019 13.85%   16,482   16,482   16,415
Loan ID 2309 4/16/2017 16.35%   10,017   10,017   9,603
Loan ID 2310 4/16/2017 9.80%   1,291   1,291   1,271
Loan ID 2311 4/16/2017 15.35%   5,779   5,779   5,540
Loan ID 2312 4/10/2017 11.59%   6,516   6,516   6,415
Loan ID 2313 4/14/2017 21.00%   2,733   2,733   2,597
Loan ID 2314 4/16/2019 12.24%   28,627   28,627   28,511
Loan ID 2315 4/10/2017 25.74%   6,635   6,635   6,210
Loan ID 2316 4/15/2019 15.70%   4,987   4,987   4,888
Loan ID 2317 4/10/2017 11.19%   11,748   11,748   11,565
Loan ID 2318 4/16/2017 16.75%   6,156   6,156   5,902
Loan ID 2319 4/15/2017 17.15%   2,655   2,655   2,546
Loan ID 2320 4/15/2017 15.70%   3,661   3,661   3,510
Loan ID 2321 4/16/2019 14.85%   20,698   20,698   20,613
Loan ID 2322 4/16/2017 28.00%   7,057   7,057   6,604
Loan ID 2323 4/16/2017 13.05%   15,312   15,312   14,969
Loan ID 2324 4/15/2017 22.54%   2,409   2,409   2,289
Loan ID 2325 4/16/2019 15.35%   12,447   12,447   12,201
Loan ID 2326 4/11/2019 18.25%   21,009   21,009   20,595
Loan ID 2327 4/15/2017 16.05%   3,000   3,000   2,876
Loan ID 2328 4/11/2019 14.15%   12,379   12,379   12,329
Loan ID 2329 4/15/2017 23.44%   2,073   2,073   1,970
Loan ID 2330 4/16/2019 16.05%   12,486   12,486   12,239
Loan ID 2331 4/11/2017 17.45%   6,379   6,379   6,115
Loan ID 2332 4/16/2017 11.19%   11,054   11,054   10,882
Loan ID 2333 4/15/2019 18.25%   8,404   8,404   8,238
Loan ID 2334 4/11/2017 20.30%   7,133   7,133   6,778
Loan ID 2335 4/11/2019 14.15%   16,505   16,505   16,438
Loan ID 2336 4/15/2017 19.60%   1,000   1,000   950
Loan ID 2337 4/11/2019 18.55%   3,366   3,366   3,299
Loan ID 2338 4/15/2017 10.89%   5,194   5,194   5,113
Loan ID 2339 4/11/2017 17.45%   14,772   14,772   14,162
Loan ID 2340 4/11/2017 11.19%   16,257   16,257   16,003
Loan ID 2341 4/15/2017 11.99%   1,633   1,633   1,607
Loan ID 2342 4/16/2019 11.59%   16,307   16,307   16,323
Loan ID 2343 4/11/2017 13.85%   9,890   9,890   9,668
Loan ID 2344 4/16/2017 13.50%   9,872   9,872   9,651
Loan ID 2345 4/16/2019 12.64%   28,682   28,682   28,565
Loan ID 2346 4/16/2019 14.85%   4,967   4,967   4,947
Loan ID 2347 4/16/2019 22.54%   5,269   5,269   5,114
Loan ID 2348 4/11/2017 9.80%   12,910   12,910   12,709
Loan ID 2349 4/16/2017 12.24%   8,827   8,827   8,629
Loan ID 2350 4/11/2019 14.15%   16,505   16,505   16,438
Loan ID 2351 4/15/2019 14.85%   1,821   1,821   1,814
Loan ID 2352 4/16/2017 28.00%   2,823   2,823   2,642
Loan ID 2353 4/11/2019 16.75%   12,524   12,524   12,277
Loan ID 2354 4/15/2019 18.90%   12,640   12,640   12,391
Loan ID 2355 4/16/2019 13.50%   5,343   5,343   5,321
Loan ID 2356 4/15/2017 13.85%   16,483   16,483   16,114
Loan ID 2357 4/11/2017 18.90%   10,146   10,146   9,727
Loan ID 2358 4/15/2017 11.59%   13,560   13,560   13,348
Loan ID 2359 4/15/2017 9.80%   9,682   9,682   9,531
Loan ID 2360 4/16/2019 16.75%   12,524   12,524   12,277
Loan ID 2361 4/16/2017 22.54%   6,882   6,882   6,540
Loan ID 2362 4/15/2019 21.85%   8,529   8,529   8,277
Loan ID 2363 4/16/2019 16.05%   8,285   8,285   8,122
Loan ID 2364 4/11/2019 18.25%   12,958   12,958   12,702
Loan ID 2365 4/16/2019 19.20%   8,437   8,437   8,271
Loan ID 2366 4/15/2019 13.50%   20,569   20,569   20,486
Loan ID 2367 4/16/2017 25.74%   2,794   2,794   2,615
Loan ID 2368 4/15/2017 11.59%   4,561   4,561   4,490
Loan ID 2369 4/11/2019 14.50%   4,959   4,959   4,939
Loan ID 2370 4/15/2017 19.20%   2,709   2,709   2,597
Loan ID 2371 4/16/2017 18.55%   5,058   5,058   4,849
Loan ID 2372 4/15/2017 17.90%   10,094   10,094   9,677
Loan ID 2373 4/15/2019 16.35%   4,160   4,160   4,078
Loan ID 2374 4/11/2017 12.64%   9,828   9,828   9,608
Loan ID 2375 4/16/2019 19.60%   12,708   12,708   12,333
Loan ID 2376 4/16/2019 25.74%   3,463   3,463   3,327
Loan ID 2377 4/15/2019 15.35%   9,542   9,542   9,354
Loan ID 2378 4/16/2019 12.24%   12,269   12,269   12,219
Loan ID 2379 4/15/2019 15.35%   3,319   3,319   3,254
Loan ID 2380 4/16/2019 12.64%   28,682   28,682   28,565
Loan ID 2381 4/11/2017 16.35%   10,017   10,017   9,603
Loan ID 2382 4/11/2019 18.25%   8,404   8,404   8,238
Loan ID 2383 4/15/2017 13.50%   14,468   14,468   14,143
Loan ID 2384 4/15/2017 14.50%   14,885   14,885   14,551
Loan ID 2385 4/11/2017 15.35%   7,426   7,426   7,119
Loan ID 2386 4/11/2017 16.75%   5,353   5,353   5,132
Loan ID 2387 4/16/2019 17.45%   9,631   9,631   9,441
Loan ID 2388 4/15/2017 8.74%   9,627   9,627   9,477
Loan ID 2389 4/11/2019 18.55%   3,366   3,366   3,299
Loan ID 2390 4/16/2017 9.20%   12,868   12,868   12,668
Loan ID 2391 4/11/2017 10.89%   5,843   5,843   5,752
Loan ID 2392 4/11/2017 13.50%   5,265   5,265   5,147
Loan ID 2393 4/15/2017 19.20%   2,032   2,032   1,948
Loan ID 2394 4/15/2017 23.44%   8,985   8,985   8,538
Loan ID 2395 4/11/2019 15.70%   10,822   10,822   10,609
Loan ID 2396 4/15/2017 16.35%   4,674   4,674   4,481
Loan ID 2397 4/15/2017 18.90%   8,115   8,115   7,780
Loan ID 2398 4/17/2017 23.44%   6,847   6,847   6,506
Loan ID 2399 4/15/2019 14.15%   10,728   10,728   10,685
Loan ID 2400 4/15/2019 17.90%   16,782   16,782   16,451
Loan ID 2401 4/14/2019 20.30%   12,538   12,538   12,168
Loan ID 2402 4/14/2017 16.35%   6,678   6,678   6,402
Loan ID 2403 4/17/2019 23.44%   8,582   8,582   8,329
Loan ID 2404 4/17/2017 11.59%   9,775   9,775   9,622
Loan ID 2405 4/14/2019 18.90%   12,640   12,640   12,391
Loan ID 2406 4/14/2017 12.24%   9,808   9,808   9,588
Loan ID 2407 4/14/2019 12.24%   12,269   12,269   12,219
Loan ID 2408 4/17/2019 18.25%   18,488   18,488   18,123
Loan ID 2409 4/17/2017 11.19%   6,536   6,536   6,434
Loan ID 2410 4/14/2017 22.54%   2,409   2,409   2,289
Loan ID 2411 4/14/2017 11.59%   11,078   11,078   10,905
Loan ID 2412 4/15/2017 28.74%   2,832   2,832   2,594
Loan ID 2413 4/17/2019 14.50%   20,665   20,665   20,580
Loan ID 2414 4/17/2017 15.35%   6,637   6,637   6,363
Loan ID 2415 4/14/2019 17.90%   12,587   12,587   12,338
Loan ID 2416 4/14/2017 18.55%   6,751   6,751   6,472
Loan ID 2417 4/14/2017 25.74%   2,794   2,794   2,615
Loan ID 2418 4/16/2019 17.90%   8,391   8,391   8,226
Loan ID 2419 4/17/2019 13.85%   6,593   6,593   6,566
Loan ID 2420 4/16/2019 12.24%   10,633   10,633   10,590
Loan ID 2421 4/16/2017 17.15%   10,057   10,057   9,641
Loan ID 2422 4/14/2019 16.75%   12,524   12,524   12,277
Loan ID 2423 4/14/2017 12.24%   6,468   6,468   6,323
Loan ID 2424 4/14/2019 13.85%   28,844   28,844   28,727
Loan ID 2425 4/17/2017 10.89%   9,739   9,739   9,587
Loan ID 2426 4/16/2017 15.35%   5,980   5,980   5,733
Loan ID 2427 4/17/2019 18.25%   12,606   12,606   12,357
Loan ID 2428 4/14/2017 16.05%   10,001   10,001   9,588
Loan ID 2429 4/14/2017 12.24%   9,808   9,808   9,588
Loan ID 2430 4/14/2019 19.60%   11,832   11,832   11,483
Loan ID 2431 4/14/2017 8.74%   6,418   6,418   6,318
Loan ID 2432 4/17/2019 22.54%   12,890   12,890   12,509
Loan ID 2433 4/16/2019 16.05%   12,409   12,409   12,164
Loan ID 2434 4/14/2017 11.59%   16,291   16,291   16,037
Loan ID 2435 4/16/2017 28.00%   4,940   4,940   4,623
Loan ID 2437 4/17/2017 15.70%   16,659   16,659   15,971
Loan ID 2438 4/17/2017 26.44%   2,803   2,803   2,623
Loan ID 2439 4/16/2017 15.35%   6,644   6,644   6,370
Loan ID 2440 4/17/2019 22.54%   8,552   8,552   8,300
Loan ID 2441 4/16/2017 12.24%   6,546   6,546   6,399
Loan ID 2442 4/14/2017 25.74%   2,794   2,794   2,615
Loan ID 2443 4/16/2017 12.24%   1,308   1,308   1,278
Loan ID 2444 4/17/2019 17.15%   10,037   10,037   9,839
Loan ID 2445 4/14/2019 21.85%   8,529   8,529   8,277
Loan ID 2446 4/16/2019 13.50%   27,705   27,705   27,592
Loan ID 2447 4/17/2019 12.24%   28,627   28,627   28,511
Loan ID 2448 4/14/2017 8.74%   9,627   9,627   9,477
Loan ID 2449 4/16/2019 17.90%   16,782   16,782   16,451
Loan ID 2450 4/14/2019 13.50%   12,342   12,342   12,292
Loan ID 2451 4/14/2017 21.00%   3,074   3,074   2,921
Loan ID 2452 4/17/2017 12.64%   9,828   9,828   9,608
Loan ID 2453 4/16/2017 18.25%   10,112   10,112   9,694
Loan ID 2454 4/14/2019 11.99%   10,620   10,620   10,631
Loan ID 2455 4/17/2017 19.20%   10,159   10,159   9,739
Loan ID 2456 4/14/2017 19.20%   10,178   10,178   9,757
Loan ID 2457 4/17/2019 18.90%   21,053   21,053   20,637
Loan ID 2458 4/17/2017 16.35%   1,402   1,402   1,344
Loan ID 2459 4/17/2017 16.05%   15,481   15,481   14,842
Loan ID 2460 4/17/2019 17.45%   20,924   20,924   20,511
Loan ID 2461 4/14/2019 18.25%   12,606   12,606   12,357
Loan ID 2462 4/16/2017 11.19%   8,453   8,453   8,322
Loan ID 2463 4/17/2019 26.44%   7,811   7,811   7,506
Loan ID 2464 4/16/2019 24.24%   8,608   8,608   8,272
Loan ID 2465 4/17/2017 11.99%   7,450   7,450   7,334
Loan ID 2466 4/16/2017 17.90%   10,094   10,094   9,677
Loan ID 2467 4/17/2019 16.35%   8,717   8,717   8,545
Loan ID 2468 4/15/2019 20.30%   7,628   7,628   7,403
Loan ID 2469 4/17/2017 15.70%   16,640   16,640   15,952
Loan ID 2470 4/15/2019 13.50%   8,228   8,228   8,194
Loan ID 2471 4/17/2019 19.20%   8,437   8,437   8,271
Loan ID 2472 4/15/2019 11.59%   12,231   12,231   12,243
Loan ID 2473 4/17/2019 13.05%   28,737   28,737   28,620
Loan ID 2475 4/17/2017 9.80%   9,682   9,682   9,531
Loan ID 2476 4/16/2017 9.80%   9,682   9,682   9,531
Loan ID 2477 4/17/2017 9.20%   9,651   9,651   9,501
Loan ID 2478 4/16/2017 13.85%   16,483   16,483   16,114
Loan ID 2479 4/17/2017 18.55%   14,195   14,195   13,609
Loan ID 2480 4/17/2019 17.45%   16,750   16,750   16,419
Loan ID 2481 4/15/2017 17.45%   6,714   6,714   6,437
Loan ID 2482 4/17/2017 15.35%   4,654   4,654   4,462
Loan ID 2483 4/15/2017 23.44%   2,900   2,900   2,756
Loan ID 2484 4/15/2017 9.80%   6,455   6,455   6,354
Loan ID 2485 4/17/2017 16.05%   7,834   7,834   7,511
Loan ID 2486 4/17/2017 16.35%   2,665   2,665   2,555
Loan ID 2487 4/17/2017 11.99%   13,055   13,055   12,851
Loan ID 2488 4/15/2017 20.30%   6,725   6,725   6,391
Loan ID 2489 4/15/2019 16.05%   8,324   8,324   8,159
Loan ID 2490 4/15/2019 14.85%   12,419   12,419   12,368
Loan ID 2491 4/17/2019 14.15%   16,505   16,505   16,438
Loan ID 2492 4/15/2017 23.44%   2,764   2,764   2,627
Loan ID 2493 4/17/2017 16.35%   10,017   10,017   9,603
Loan ID 2494 4/17/2019 16.05%   7,491   7,491   7,344
Loan ID 2495 4/18/2017 15.70%   6,323   6,323   6,062
Loan ID 2496 4/18/2017 28.00%   2,823   2,823   2,642
Loan ID 2497 4/15/2019 19.20%   9,703   9,703   9,512
Loan ID 2498 4/15/2017 18.25%   2,696   2,696   2,585
Loan ID 2499 4/18/2017 14.15%   1,981   1,981   1,937
Loan ID 2500 4/15/2019 16.75%   15,029   15,029   14,733
Loan ID 2501 4/18/2017 9.20%   5,952   5,952   5,859
Loan ID 2502 4/17/2019 13.85%   6,428   6,428   6,402
Loan ID 2503 4/17/2019 14.85%   20,485   20,485   20,402
Loan ID 2504 4/18/2017 17.15%   2,784   2,784   2,669
Loan ID 2505 4/15/2017 15.35%   2,658   2,658   2,548
Loan ID 2506 4/18/2017 11.59%   5,213   5,213   5,132
Loan ID 2507 4/17/2019 10.89%   15,822   15,822   15,837
Loan ID 2508 4/18/2017 13.50%   13,163   13,163   12,868
Loan ID 2509 4/15/2019 14.85%   8,279   8,279   8,245
Loan ID 2510 4/18/2017 14.85%   13,255   13,255   12,958
Loan ID 2511 4/17/2017 18.55%   9,452   9,452   9,061
Loan ID 2512 4/17/2017 12.64%   16,381   16,381   16,013
Loan ID 2513 4/17/2019 26.44%   8,679   8,679   8,340
Loan ID 2514 4/18/2017 9.20%   9,008   9,008   8,868
Loan ID 2515 4/15/2017 16.05%   10,001   10,001   9,588
Loan ID 2516 4/17/2019 15.35%   12,447   12,447   12,201
Loan ID 2517 4/18/2019 19.60%   11,832   11,832   11,483
Loan ID 2518 4/18/2019 22.54%   7,697   7,697   7,470
Loan ID 2519 4/15/2019 13.85%   20,603   20,603   20,519
Loan ID 2520 4/17/2017 18.55%   2,363   2,363   2,265
Loan ID 2522 4/15/2017 11.59%   9,775   9,775   9,622
Loan ID 2523 4/15/2017 22.54%   6,882   6,882   6,540
Loan ID 2524 4/15/2017 12.24%   2,289   2,289   2,237
Loan ID 2525 4/17/2017 13.50%   8,485   8,485   8,295
Loan ID 2526 4/17/2017 10.89%   16,231   16,231   15,978
Loan ID 2527 4/17/2017 17.15%   6,704   6,704   6,428
Loan ID 2528 4/15/2017 9.80%   2,905   2,905   2,859
Loan ID 2529 4/18/2019 16.75%   9,979   9,979   9,782
Loan ID 2530 4/18/2019 11.59%   16,308   16,308   16,324
Loan ID 2531 4/15/2017 14.15%   7,924   7,924   7,747
Loan ID 2532 4/17/2017 16.35%   16,694   16,694   16,005
Loan ID 2533 4/15/2017 17.90%   1,419   1,419   1,360
Loan ID 2534 4/17/2019 25.04%   2,590   2,590   2,489
Loan ID 2535 4/15/2017 14.85%   6,627   6,627   6,479
Loan ID 2536 4/17/2017 19.60%   8,470   8,470   8,049
Loan ID 2537 4/17/2019 19.20%   8,437   8,437   8,271
Loan ID 2538 4/18/2017 28.00%   2,490   2,490   2,330
Loan ID 2539 4/17/2019 16.05%   11,158   11,158   10,938
Loan ID 2540 4/15/2017 12.24%   1,962   1,962   1,918
Loan ID 2541 4/18/2019 11.19%   10,579   10,579   10,590
Loan ID 2542 4/15/2017 11.59%   8,797   8,797   8,660
Loan ID 2543 4/18/2019 15.35%   12,447   12,447   12,201
Loan ID 2544 4/17/2019 18.25%   11,671   11,671   11,441
Loan ID 2545 4/18/2017 11.99%   9,469   9,469   9,321
Loan ID 2546 4/15/2019 16.05%   12,486   12,486   12,239
Loan ID 2547 4/18/2019 20.30%   4,238   4,238   4,113
Loan ID 2548 4/18/2019 15.35%   20,744   20,744   20,335
Loan ID 2549 4/17/2017 11.59%   5,695   5,695   5,606
Loan ID 2550 4/15/2017 19.60%   2,714   2,714   2,579
Loan ID 2551 4/18/2019 13.85%   4,945   4,945   4,925
Loan ID 2552 4/15/2019 23.44%   8,582   8,582   8,329
Loan ID 2553 4/17/2017 12.24%   1,739   1,739   1,700
Loan ID 2554 4/18/2019 11.59%   7,338   7,338   7,346
Loan ID 2555 4/15/2019 21.85%   7,676   7,676   7,450
Loan ID 2556 4/17/2017 10.29%   5,501   5,501   5,415
Loan ID 2557 4/15/2017 16.75%   3,680   3,680   3,528
Loan ID 2558 4/17/2017 14.15%   13,207   13,207   12,911
Loan ID 2559 4/15/2017 18.55%   2,363   2,363   2,265
Loan ID 2560 4/18/2017 16.05%   10,001   10,001   9,588
Loan ID 2561 4/18/2017 14.50%   23,154   23,154   22,635
Loan ID 2562 4/18/2017 10.89%   6,492   6,492   6,391
Loan ID 2563 4/17/2017 17.45%   14,850   14,850   14,236
Loan ID 2564 4/18/2017 9.80%   22,592   22,592   22,240
Loan ID 2565 4/17/2017 17.90%   6,729   6,729   6,452
Loan ID 2566 4/18/2017 19.60%   4,394   4,394   4,176
Loan ID 2567 4/18/2019 13.85%   20,603   20,603   20,519
Loan ID 2568 4/18/2017 14.50%   6,616   6,616   6,467
Loan ID 2569 4/16/2017 18.55%   6,751   6,751   6,472
Loan ID 2570 4/16/2019 21.85%   8,529   8,529   8,277
Loan ID 2571 4/18/2019 13.85%   10,713   10,713   10,670
Loan ID 2572 4/16/2017 12.64%   22,933   22,933   22,419
Loan ID 2573 4/17/2019 20.30%   3,390   3,390   3,290
Loan ID 2574 4/18/2017 12.64%   2,293   2,293   2,242
Loan ID 2575 4/16/2019 17.15%   8,364   8,364   8,199
Loan ID 2576 4/16/2017 24.24%   6,937   6,937   6,492
Loan ID 2577 4/18/2019 20.30%   8,476   8,476   8,226
Loan ID 2578 4/18/2017 8.74%   3,851   3,851   3,791
Loan ID 2579 4/18/2019 15.35%   5,390   5,390   5,283
Loan ID 2580 4/17/2019 14.50%   2,480   2,480   2,470
Loan ID 2581 4/18/2017 17.90%   5,720   5,720   5,484
Loan ID 2582 4/17/2017 28.00%   4,940   4,940   4,623
Loan ID 2583 4/16/2017 25.74%   6,985   6,985   6,537
Loan ID 2584 4/18/2019 17.45%   4,187   4,187   4,105
Loan ID 2585 4/18/2017 15.70%   2,662   2,662   2,552
Loan ID 2586 4/21/2019 11.99%   12,270   12,270   12,282
Loan ID 2587 4/16/2017 13.50%   3,291   3,291   3,217
Loan ID 2588 4/21/2019 20.30%   7,628   7,628   7,403
Loan ID 2589 4/16/2017 19.20%   6,773   6,773   6,493
Loan ID 2591 4/21/2019 14.15%   8,253   8,253   8,219
Loan ID 2592 4/18/2019 13.50%   12,342   12,342   12,292
Loan ID 2593 4/16/2017 11.99%   18,283   18,283   17,998
Loan ID 2594 4/21/2017 14.15%   12,252   12,252   11,978
Loan ID 2595 4/21/2019 21.85%   7,676   7,676   7,450
Loan ID 2596 4/16/2019 11.59%   12,207   12,207   12,218
Loan ID 2597 4/18/2017 13.50%   3,291   3,291   3,217
Loan ID 2598 4/16/2017 14.85%   2,651   2,651   2,591
Loan ID 2599 4/21/2019 13.50%   20,569   20,569   20,486
Loan ID 2600 4/21/2017 17.15%   8,716   8,716   8,356
Loan ID 2601 4/21/2017 18.55%   6,751   6,751   6,472
Loan ID 2602 4/18/2017 22.54%   6,882   6,882   6,540
Loan ID 2603 4/16/2019 16.05%   20,809   20,809   20,399
Loan ID 2604 4/16/2017 13.85%   13,207   13,207   12,911
Loan ID 2605 4/18/2019 11.19%   14,242   14,242   14,256
Loan ID 2606 4/21/2017 27.24%   3,517   3,517   3,291
Loan ID 2607 4/21/2017 11.59%   9,775   9,775   9,622
Loan ID 2608 4/21/2017 23.44%   6,924   6,924   6,579
Loan ID 2609 4/18/2017 20.30%   1,362   1,362   1,294
Loan ID 2610 4/21/2017 14.15%   2,641   2,641   2,582
Loan ID 2611 4/16/2019 13.85%   12,362   12,362   12,311
Loan ID 2612 4/18/2017 17.45%   2,686   2,686   2,575
Loan ID 2613 4/18/2019 18.90%   8,006   8,006   7,848
Loan ID 2614 4/18/2017 11.59%   22,808   22,808   22,452
Loan ID 2615 4/21/2017 14.15%   3,962   3,962   3,873
Loan ID 2616 4/16/2019 20.30%   7,628   7,628   7,403
Loan ID 2617 4/16/2017 16.75%   13,382   13,382   12,829
Loan ID 2618 4/18/2019 15.35%   10,787   10,787   10,574
Loan ID 2619 4/21/2019 24.24%   6,026   6,026   5,791
Loan ID 2620 4/21/2019 15.70%   21,743   21,743   21,314
Loan ID 2621 4/21/2017 14.15%   6,625   6,625   6,477
Loan ID 2622 4/16/2019 17.15%   12,234   12,234   11,993
Loan ID 2623 4/18/2017 9.20%   19,302   19,302   19,002
Loan ID 2624 4/16/2017 18.55%   3,352   3,352   3,214
Loan ID 2625 4/18/2019 17.90%   15,104   15,104   14,806
Loan ID 2626 4/16/2017 28.00%   2,823   2,823   2,642
Loan ID 2627 4/21/2017 11.59%   3,907   3,907   3,846
Loan ID 2628 4/18/2019 18.90%   12,641   12,641   12,391
Loan ID 2629 4/21/2019 17.15%   3,346   3,346   3,280
Loan ID 2630 4/18/2019 14.15%   20,632   20,632   20,548
Loan ID 2631 4/21/2019 17.15%   4,452   4,452   4,365
Loan ID 2632 4/21/2017 11.59%   6,516   6,516   6,415
Loan ID 2633 4/16/2017 12.64%   16,381   16,381   16,013
Loan ID 2634 4/18/2017 23.44%   5,184   5,184   4,926
Loan ID 2635 4/18/2017 15.70%   2,662   2,662   2,552
Loan ID 2636 4/21/2017 17.45%   6,714   6,714   6,437
Loan ID 2637 4/21/2017 13.50%   11,189   11,189   10,938
Loan ID 2638 4/16/2017 13.05%   9,849   9,849   9,628
Loan ID 2639 4/18/2017 18.55%   6,751   6,751   6,472
Loan ID 2640 4/21/2019 14.15%   12,379   12,379   12,329
Loan ID 2641 4/21/2017 18.55%   6,751   6,751   6,472
Loan ID 2642 4/21/2019 9.80%   16,165   16,165   16,181
Loan ID 2643 4/18/2017 28.00%   2,825   2,825   2,644
Loan ID 2644 4/21/2017 18.55%   14,515   14,515   13,915
Loan ID 2645 4/18/2019 19.60%   6,559   6,559   6,366
Loan ID 2646 4/18/2019 18.25%   12,606   12,606   12,357
Loan ID 2647 4/21/2017 14.15%   3,302   3,302   3,228
Loan ID 2648 4/18/2019 10.89%   13,815   13,815   13,828
Loan ID 2649 4/21/2019 13.85%   25,311   25,311   25,208
Loan ID 2650 4/21/2019 10.89%   4,062   4,062   4,066
Loan ID 2651 4/16/2019 17.45%   20,937   20,937   20,524
Loan ID 2654 4/18/2017 18.55%   6,751   6,751   6,472
Loan ID 2655 4/21/2017 15.35%   1,330   1,330   1,275
Loan ID 2656 4/17/2017 11.99%   6,530   6,530   6,428
Loan ID 2657 4/17/2017 13.05%   9,848   9,848   9,628
Loan ID 2658 4/18/2017 10.89%   16,231   16,231   15,978
Loan ID 2659 4/18/2019 22.54%   12,829   12,829   12,450
Loan ID 2660 4/21/2019 14.50%   8,266   8,266   8,232
Loan ID 2661 4/17/2017 13.50%   23,038   23,038   22,521
Loan ID 2662 4/21/2017 13.05%   7,223   7,223   7,061
Loan ID 2663 4/17/2017 11.19%   18,207   18,207   17,924
Loan ID 2664 4/21/2019 12.64%   10,653   10,653   10,610
Loan ID 2665 4/17/2019 14.15%   12,379   12,379   12,329
Loan ID 2666 4/17/2017 16.35%   6,678   6,678   6,402
Loan ID 2667 4/17/2019 14.15%   12,379   12,379   12,329
Loan ID 2668 4/21/2019 18.25%   12,606   12,606   12,357
Loan ID 2669 4/17/2019 13.05%   26,684   26,684   26,576
Loan ID 2670 4/18/2019 12.24%   16,359   16,359   16,292
Loan ID 2671 4/17/2017 14.50%   13,391   13,391   13,091
Loan ID 2672 4/18/2017 9.80%   6,455   6,455   6,355
Loan ID 2673 4/17/2017 22.54%   2,065   2,065   1,962
Loan ID 2674 4/18/2019 15.35%   8,276   8,276   8,113
Loan ID 2675 4/18/2019 15.35%   8,298   8,298   8,134
Loan ID 2676 4/17/2017 8.74%   4,493   4,493   4,423
Loan ID 2677 4/22/2019 13.05%   16,749   16,749   16,681
Loan ID 2678 4/22/2017 13.85%   11,209   11,209   10,957
Loan ID 2679 4/22/2017 9.80%   710   710   699
Loan ID 2680 4/21/2017 13.85%   12,532   12,532   12,251
Loan ID 2681 4/17/2017 11.99%   12,538   12,538   12,342
Loan ID 2682 4/21/2019 19.20%   8,437   8,437   8,271
Loan ID 2683 4/17/2019 21.00%   12,750   12,750   12,374
Loan ID 2684 4/22/2017 27.24%   7,033   7,033   6,582
Loan ID 2685 4/22/2017 11.59%   6,516   6,516   6,415
Loan ID 2686 4/22/2017 8.74%   40   40   40
Loan ID 2687 4/22/2019 13.05%   20,526   20,526   20,443
Loan ID 2688 4/21/2019 15.70%   12,466   12,466   12,220
Loan ID 2689 4/17/2017 12.24%   6,539   6,539   6,392
Loan ID 2690 4/17/2017 10.29%   9,060   9,060   8,919
Loan ID 2691 4/21/2019 14.15%   20,631   20,631   20,548
Loan ID 2692 4/17/2017 14.15%   2,675   2,675   2,615
Loan ID 2693 4/22/2017 14.15%   6,596   6,596   6,448
Loan ID 2694 4/22/2019 18.90%   12,640   12,640   12,391
Loan ID 2695 4/17/2017 28.00%   2,826   2,826   2,644
Loan ID 2696 4/21/2017 16.35%   10,562   10,562   10,126
Loan ID 2697 4/21/2019 17.90%   12,587   12,587   12,338
Loan ID 2698 4/22/2017 9.80%   12,927   12,927   12,726
Loan ID 2699 4/22/2017 8.74%   6,418   6,418   6,318
Loan ID 2700 4/22/2017 9.80%   9,682   9,682   9,531
Loan ID 2701 4/21/2017 17.15%   6,705   6,705   6,428
Loan ID 2702 4/21/2017 13.05%   3,283   3,283   3,209
Loan ID 2703 4/22/2017 26.44%   2,803   2,803   2,623
Loan ID 2704 4/17/2017 13.85%   11,868   11,868   11,602
Loan ID 2705 4/21/2017 9.80%   4,896   4,896   4,819
Loan ID 2706 4/17/2017 23.44%   1,380   1,380   1,311
Loan ID 2707 4/21/2019 11.99%   8,170   8,170   8,177
Loan ID 2708 4/21/2019 18.90%   12,483   12,483   12,237
Loan ID 2709 4/22/2019 18.25%   6,723   6,723   6,590
Loan ID 2710 4/21/2019 19.20%   10,969   10,969   10,752
Loan ID 2711 4/22/2017 20.30%   5,447   5,447   5,176
Loan ID 2712 4/22/2017 14.15%   2,641   2,641   2,582
Loan ID 2713 4/21/2019 17.15%   8,364   8,364   8,199
Loan ID 2714 4/22/2019 14.50%   28,930   28,930   28,813
Loan ID 2715 4/17/2019 18.55%   12,622   12,622   12,373
Loan ID 2716 4/22/2017 11.19%   7,168   7,168   7,057
Loan ID 2717 4/17/2019 21.00%   4,420   4,420   4,290
Loan ID 2718 4/22/2019 14.85%   20,698   20,698   20,613
Loan ID 2719 4/22/2017 9.80%   9,682   9,682   9,531
Loan ID 2720 4/17/2017 13.05%   9,849   9,849   9,629
Loan ID 2721 4/18/2017 11.59%   3,558   3,558   3,503
Loan ID 2722 4/21/2017 19.60%   4,411   4,411   4,191
Loan ID 2723 4/18/2017 9.80%   9,682   9,682   9,532
Loan ID 2724 4/21/2019 17.90%   5,035   5,035   4,935
Loan ID 2725 4/21/2019 11.19%   16,276   16,276   16,292
Loan ID 2726 4/21/2017 20.30%   7,133   7,133   6,779
Loan ID 2727 4/22/2017 27.24%   4,220   4,220   3,949
Loan ID 2728 4/18/2019 13.85%   5,769   5,769   5,745
Loan ID 2730 4/22/2017 11.19%   6,503   6,503   6,401
Loan ID 2731 4/18/2017 19.20%   10,606   10,606   10,168
Loan ID 2732 4/21/2017 10.89%   6,492   6,492   6,391
Loan ID 2733 4/18/2019 10.89%   16,253   16,253   16,268
Loan ID 2734 4/22/2019 17.15%   12,546   12,546   12,299
Loan ID 2735 4/18/2017 14.85%   5,302   5,302   5,183
Loan ID 2736 4/22/2017 23.44%   5,183   5,183   4,926
Loan ID 2737 4/18/2017 14.15%   5,613   5,613   5,487
Loan ID 2738 4/23/2017 10.89%   9,739   9,739   9,587
Loan ID 2739 4/22/2019 11.59%   4,077   4,077   4,081
Loan ID 2740 4/18/2019 25.74%   6,668   6,668   6,407
Loan ID 2741 4/22/2019 19.20%   10,125   10,125   9,925
Loan ID 2742 4/23/2017 10.89%   13,002   13,002   12,799
Loan ID 2743 4/22/2019 16.05%   12,486   12,486   12,239
Loan ID 2744 4/18/2019 13.85%   12,362   12,362   12,311
Loan ID 2745 4/22/2017 17.90%   8,094   8,094   7,759
Loan ID 2746 4/23/2019 14.85%   20,698   20,698   20,613
Loan ID 2747 4/18/2019 13.85%   6,404   6,404   6,378
Loan ID 2748 4/18/2019 18.90%   7,774   7,774   7,620
Loan ID 2749 4/23/2017 13.05%   4,596   4,596   4,493
Loan ID 2750 4/18/2019 14.15%   16,505   16,505   16,438
Loan ID 2751 4/22/2017 9.20%   22,519   22,519   22,169
Loan ID 2752 4/18/2017 21.85%   6,860   6,860   6,519
Loan ID 2753 4/23/2017 19.60%   2,492   2,492   2,368
Loan ID 2754 4/23/2017 24.24%   2,775   2,775   2,597
Loan ID 2755 4/23/2017 9.20%   6,377   6,377   6,277
Loan ID 2756 4/18/2019 18.90%   10,258   10,258   10,056
Loan ID 2757 4/22/2017 17.45%   2,350   2,350   2,253
Loan ID 2758 4/23/2017 16.35%   4,964   4,964   4,759
Loan ID 2759 4/22/2017 11.19%   7,343   7,343   7,229
Loan ID 2760 4/18/2017 21.00%   6,861   6,861   6,520
Loan ID 2761 4/22/2019 18.90%   12,382   12,382   12,138
Loan ID 2762 4/23/2017 12.64%   8,518   8,518   8,327
Loan ID 2763 4/18/2017 13.50%   6,403   6,403   6,259
Loan ID 2764 4/23/2017 12.24%   9,808   9,808   9,588
Loan ID 2765 4/22/2017 25.74%   7,950   7,950   7,440
Loan ID 2766 4/23/2017 13.05%   2,626   2,626   2,567
Loan ID 2767 4/23/2017 19.20%   2,032   2,032   1,948
Loan ID 2768 4/22/2017 18.90%   6,763   6,763   6,483
Loan ID 2769 4/18/2019 11.59%   16,308   16,308   16,324
Loan ID 2770 4/23/2019 14.85%   12,419   12,419   12,368
Loan ID 2771 4/22/2017 9.80%   5,164   5,164   5,083
Loan ID 2772 4/23/2019 14.15%   3,301   3,301   3,288
Loan ID 2773 4/22/2019 13.05%   9,853   9,853   9,813
Loan ID 2774 4/18/2017 8.74%   7,702   7,702   7,582
Loan ID 2775 4/23/2017 28.74%   1,406   1,406   1,288
Loan ID 2776 4/23/2019 18.90%   12,640   12,640   12,391
Loan ID 2777 4/18/2019 18.55%   1,897   1,897   1,860
Loan ID 2778 4/22/2019 16.35%   16,670   16,670   16,341
Loan ID 2779 4/23/2017 13.05%   7,426   7,426   7,260
Loan ID 2780 4/18/2019 14.85%   12,419   12,419   12,368
Loan ID 2781 4/18/2017 11.19%   13,005   13,005   12,803
Loan ID 2782 4/18/2017 11.59%   6,516   6,516   6,415
Loan ID 2783 4/18/2019 12.64%   20,487   20,487   20,403
Loan ID 2784 4/22/2017 18.55%   2,808   2,808   2,692
Loan ID 2785 4/23/2017 16.75%   13,382   13,382   12,829
Loan ID 2786 4/23/2017 24.24%   2,775   2,775   2,597
Loan ID 2787 4/22/2017 27.24%   4,220   4,220   3,949
Loan ID 2788 4/22/2019 16.35%   12,502   12,502   12,255
Loan ID 2789 4/23/2017 12.24%   7,846   7,846   7,670
Loan ID 2790 4/22/2017 16.75%   10,706   10,706   10,264
Loan ID 2791 4/23/2017 8.74%   8,986   8,986   8,846
Loan ID 2792 4/18/2017 23.44%   2,765   2,765   2,627
Loan ID 2793 4/22/2017 19.20%   10,159   10,159   9,739
Loan ID 2794 4/23/2017 28.00%   2,823   2,823   2,642
Loan ID 2795 4/22/2017 10.29%   12,943   12,943   12,742
Loan ID 2796 4/18/2017 12.24%   7,193   7,193   7,031
Loan ID 2797 4/18/2019 14.85%   15,687   15,687   15,623
Loan ID 2798 4/18/2019 15.70%   21,484   21,484   21,060
Loan ID 2799 4/22/2017 13.85%   6,593   6,593   6,446
Loan ID 2800 4/23/2017 9.20%   22,519   22,519   22,169
Loan ID 2801 4/22/2019 14.15%   6,189   6,189   6,164
Loan ID 2803 4/18/2019 13.85%   12,364   12,364   12,314
Loan ID 2804 4/22/2019 14.15%   10,728   10,728   10,685
Loan ID 2805 4/18/2017 13.05%   7,223   7,223   7,061
Loan ID 2806 4/18/2017 11.19%   13,005   13,005   12,803
Loan ID 2807 4/22/2017 28.00%   7,057   7,057   6,604
Loan ID 2808 4/23/2019 11.19%   12,207   12,207   12,219
Loan ID 2809 4/23/2019 22.54%   8,594   8,594   8,340
Loan ID 2810 4/23/2019 14.15%   28,939   28,939   28,821
Loan ID 2811 4/22/2019 18.90%   12,640   12,640   12,391
Loan ID 2812 4/22/2019 21.85%   8,529   8,529   8,277
Loan ID 2813 4/18/2017 10.89%   7,142   7,142   7,030
Loan ID 2814 4/23/2017 8.74%   6,963   6,963   6,854
Loan ID 2815 4/18/2017 20.30%   6,890   6,890   6,547
Loan ID 2816 4/22/2019 21.85%   6,823   6,823   6,622
Loan ID 2817 4/23/2017 12.64%   6,552   6,552   6,405
Loan ID 2818 4/22/2017 30.09%   2,849   2,849   2,610
Loan ID 2819 4/23/2019 18.25%   12,606   12,606   12,357
Loan ID 2820 4/21/2017 22.54%   2,688   2,688   2,554
Loan ID 2822 4/23/2017 11.19%   7,478   7,478   7,362
Loan ID 2823 4/23/2017 19.20%   3,725   3,725   3,571
Loan ID 2824 4/22/2017 11.99%   6,530   6,530   6,428
Loan ID 2825 4/21/2019 17.15%   12,546   12,546   12,299
Loan ID 2826 4/23/2017 10.89%   2,597   2,597   2,556
Loan ID 2827 4/23/2017 15.35%   5,980   5,980   5,733
Loan ID 2828 4/23/2019 14.15%   20,631   20,631   20,548
Loan ID 2829 4/21/2017 11.99%   3,918   3,918   3,857
Loan ID 2830 4/22/2017 10.29%   2,589   2,589   2,548
Loan ID 2831 4/23/2017 10.29%   7,442   7,442   7,327
Loan ID 2832 4/21/2017 13.50%   13,163   13,163   12,868
Loan ID 2833 4/23/2017 12.24%   3,269   3,269   3,196
Loan ID 2834 4/21/2017 12.24%   6,539   6,539   6,392
Loan ID 2835 4/23/2017 11.59%   1,466   1,466   1,443
Loan ID 2836 4/21/2017 11.99%   16,325   16,325   16,071
Loan ID 2837 4/23/2017 11.59%   9,775   9,775   9,622
Loan ID 2838 4/23/2017 9.80%   12,264   12,264   12,073
Loan ID 2839 4/23/2017 13.85%   7,912   7,912   7,735
Loan ID 2840 4/23/2017 13.05%   11,819   11,819   11,554
Loan ID 2842 4/23/2019 14.85%   3,312   3,312   3,298
Loan ID 2843 4/23/2019 15.35%   20,744   20,744   20,335
Loan ID 2844 4/21/2019 12.64%   8,195   8,195   8,161
Loan ID 2845 4/23/2019 15.35%   12,447   12,447   12,201
Loan ID 2846 4/21/2017 21.00%   2,049   2,049   1,947
Loan ID 2847 4/21/2017 12.64%   9,828   9,828   9,608
Loan ID 2848 4/21/2017 14.15%   7,636   7,636   7,465
Loan ID 2849 4/23/2017 16.35%   10,017   10,017   9,603
Loan ID 2850 4/23/2017 9.20%   11,581   11,581   11,401
Loan ID 2851 4/23/2019 9.80%   16,165   16,165   16,181
Loan ID 2852 4/23/2017 8.74%   8,023   8,023   7,898
Loan ID 2853 4/21/2019 21.00%   7,716   7,716   7,488
Loan ID 2854 4/24/2017 22.54%   2,753   2,753   2,616
Loan ID 2855 4/24/2019 12.64%   12,292   12,292   12,242
Loan ID 2856 4/23/2017 30.09%   1,781   1,781   1,631
Loan ID 2857 4/21/2017 9.80%   2,582   2,582   2,542
Loan ID 2858 4/23/2017 13.05%   1,970   1,970   1,926
Loan ID 2859 4/24/2017 15.70%   2,995   2,995   2,871
Loan ID 2860 4/24/2019 14.50%   9,919   9,919   9,879
Loan ID 2861 4/23/2017 15.70%   19,968   19,968   19,143
Loan ID 2862 4/24/2019 17.45%   4,187   4,187   4,105
Loan ID 2863 4/24/2017 13.85%   16,483   16,483   16,114
Loan ID 2864 4/23/2019 11.99%   20,424   20,424   20,444
Loan ID 2865 4/21/2017 18.25%   13,482   13,482   12,925
Loan ID 2866 4/21/2019 17.15%   20,910   20,910   20,498
Loan ID 2867 4/24/2019 15.70%   16,622   16,622   16,294
Loan ID 2868 4/23/2017 26.44%   2,824   2,824   2,643
Loan ID 2869 4/24/2017 15.35%   4,983   4,983   4,777
Loan ID 2870 4/21/2017 11.99%   9,795   9,795   9,643
Loan ID 2871 4/23/2017 19.20%   2,709   2,709   2,597
Loan ID 2872 4/24/2017 11.99%   6,525   6,525   6,424
Loan ID 2873 4/23/2017 14.15%   9,905   9,905   9,683
Loan ID 2874 4/21/2017 19.20%   10,159   10,159   9,739
Loan ID 2875 4/24/2017 14.15%   3,962   3,962   3,873
Loan ID 2876 4/21/2017 11.99%   17,958   17,958   17,678
Loan ID 2877 4/24/2017 18.90%   6,763   6,763   6,483
Loan ID 2878 4/21/2017 12.24%   6,539   6,539   6,392
Loan ID 2879 4/24/2017 10.89%   6,492   6,492   6,391
Loan ID 2880 4/24/2019 12.64%   24,584   24,584   24,484
Loan ID 2881 4/23/2017 19.60%   5,429   5,429   5,159
Loan ID 2882 4/24/2019 27.24%   6,969   6,969   6,697
Loan ID 2883 4/23/2017 29.50%   2,842   2,842   2,603
Loan ID 2884 4/24/2019 13.05%   9,853   9,853   9,813
Loan ID 2885 4/22/2019 19.20%   8,558   8,558   8,389
Loan ID 2886 4/23/2019 18.90%   8,427   8,427   8,261
Loan ID 2887 4/22/2017 21.00%   6,832   6,832   6,492
Loan ID 2888 4/22/2017 23.44%   2,764   2,764   2,627
Loan ID 2889 4/24/2019 19.20%   6,750   6,750   6,617
Loan ID 2890 4/24/2019 23.44%   6,008   6,008   5,830
Loan ID 2891 4/22/2019 21.85%   12,793   12,793   12,416
Loan ID 2892 4/24/2017 16.75%   10,037   10,037   9,622
Loan ID 2893 4/24/2017 13.85%   9,890   9,890   9,668
Loan ID 2894 4/24/2017 15.35%   6,644   6,644   6,370
Loan ID 2895 4/22/2017 15.35%   4,319   4,319   4,140
Loan ID 2896 4/23/2017 25.74%   6,985   6,985   6,537
Loan ID 2897 4/24/2019 13.85%   134   134   134
Loan ID 2898 4/23/2017 9.20%   9,651   9,651   9,501
Loan ID 2899 4/22/2019 16.35%   12,502   12,502   12,255
Loan ID 2900 4/24/2019 20.30%   8,476   8,476   8,226
Loan ID 2901 4/22/2017 18.90%   16,220   16,220   15,550
Loan ID 2902 4/23/2019 16.75%   20,874   20,874   20,462
Loan ID 2903 4/24/2017 13.85%   13,187   13,187   12,891
Loan ID 2904 4/23/2017 14.50%   9,923   9,923   9,701
Loan ID 2905 4/22/2019 17.15%   20,910   20,910   20,498
Loan ID 2906 4/23/2017 11.99%   6,530   6,530   6,428
Loan ID 2908 4/24/2019 11.59%   6,538   6,538   6,544
Loan ID 2909 4/22/2019 18.25%   12,606   12,606   12,357
Loan ID 2911 4/23/2017 22.54%   5,079   5,079   4,827
Loan ID 2912 4/24/2017 10.89%   16,231   16,231   15,978
Loan ID 2913 4/22/2019 14.85%   20,698   20,698   20,613
Loan ID 2914 4/24/2019 16.05%   24,971   24,971   24,478
Loan ID 2915 4/22/2017 27.24%   7,033   7,033   6,582
Loan ID 2916 4/23/2017 9.20%   6,434   6,434   6,334
Loan ID 2917 4/24/2017 9.80%   12,910   12,910   12,709
Loan ID 2918 4/22/2017 14.85%   9,942   9,942   9,719
Loan ID 2919 4/23/2017 19.20%   6,773   6,773   6,493
Loan ID 2920 4/22/2017 17.90%   5,720   5,720   5,484
Loan ID 2921 4/22/2019 18.55%   8,414   8,414   8,248
Loan ID 2922 4/24/2017 15.35%   3,986   3,986   3,822
Loan ID 2923 4/22/2017 14.50%   3,308   3,308   3,234
Loan ID 2924 4/22/2017 22.54%   2,753   2,753   2,616
Loan ID 2925 4/23/2019 17.45%   20,937   20,937   20,524
Loan ID 2926 4/22/2019 25.74%   8,657   8,657   8,318
Loan ID 2927 4/23/2017 12.64%   5,409   5,409   5,288
Loan ID 2928 4/24/2017 10.29%   7,766   7,766   7,645
Loan ID 2929 4/24/2017 9.80%   12,909   12,909   12,708
Loan ID 2930 4/24/2017 18.55%   3,376   3,376   3,236
Loan ID 2931 4/24/2019 25.04%   8,203   8,203   7,882
Loan ID 2932 4/24/2019 16.05%   13,262   13,262   13,001
Loan ID 2933 4/22/2019 18.25%   12,606   12,606   12,357
Loan ID 2934 4/24/2017 10.29%   9,708   9,708   9,556
Loan ID 2935 4/24/2019 11.59%   12,068   12,068   12,079
Loan ID 2936 4/24/2017 13.85%   9,890   9,890   9,668
Loan ID 2937 4/24/2019 11.59%   8,154   8,154   8,162
Loan ID 2938 4/24/2017 11.99%   9,795   9,795   9,643
Loan ID 2939 4/24/2017 9.20%   3,217   3,217   3,167
Loan ID 2940 4/25/2017 14.85%   3,314   3,314   3,239
Loan ID 2941 4/25/2017 11.59%   5,865   5,865   5,773
Loan ID 2942 4/22/2019 13.50%   26,329   26,329   26,222
Loan ID 2943 4/24/2019 11.59%   12,231   12,231   12,243
Loan ID 2944 4/22/2017 14.15%   5,283   5,283   5,164
Loan ID 2945 4/25/2019 16.75%   15,029   15,029   14,733
Loan ID 2946 4/22/2017 10.89%   22,723   22,723   22,369
Loan ID 2947 4/22/2017 13.05%   9,849   9,849   9,629
Loan ID 2948 4/24/2017 11.19%   8,989   8,989   8,849
Loan ID 2949 4/22/2017 18.25%   227   227   218
Loan ID 2950 4/25/2017 13.05%   11,491   11,491   11,233
Loan ID 2951 4/24/2017 14.85%   3,314   3,314   3,239
Loan ID 2952 4/25/2019 15.70%   12,466   12,466   12,220
Loan ID 2953 4/22/2017 12.24%   22,885   22,885   22,372
Loan ID 2954 4/24/2017 13.50%   6,842   6,842   6,689
Loan ID 2955 4/25/2017 14.50%   2,994   2,994   2,927
Loan ID 2956 4/22/2017 12.24%   4,969   4,969   4,858
Loan ID 2957 4/24/2019 26.44%   8,675   8,675   8,337
Loan ID 2958 4/25/2019 17.90%   13,426   13,426   13,161
Loan ID 2959 4/24/2019 11.59%   14,269   14,269   14,283
Loan ID 2960 4/22/2017 8.74%   12,836   12,836   12,636
Loan ID 2961 4/24/2017 12.24%   6,539   6,539   6,392
Loan ID 2962 4/22/2019 23.44%   17,164   17,164   16,658
Loan ID 2963 4/25/2019 18.90%   21,067   21,067   20,651
Loan ID 2964 4/24/2017 12.24%   3,269   3,269   3,196
Loan ID 2965 4/22/2017 18.25%   6,741   6,741   6,463
Loan ID 2966 4/24/2019 16.35%   10,838   10,838   10,624
Loan ID 2967 4/22/2019 9.80%   12,932   12,932   12,945
Loan ID 2968 4/24/2017 23.44%   2,764   2,764   2,627
Loan ID 2969 4/23/2017 11.59%   5,853   5,853   5,762
Loan ID 2970 4/23/2019 18.55%   10,939   10,939   10,723
Loan ID 2971 4/25/2017 16.75%   13,382   13,382   12,829
Loan ID 2972 4/25/2019 17.45%   18,457   18,457   18,092
Loan ID 2973 4/23/2017 11.19%   3,251   3,251   3,201
Loan ID 2974 4/24/2019 17.45%   20,937   20,937   20,524
Loan ID 2975 4/24/2019 18.55%   12,622   12,622   12,373
Loan ID 2976 4/25/2017 12.64%   3,930   3,930   3,842
Loan ID 2977 4/24/2017 11.59%   22,807   22,807   22,452
Loan ID 2978 4/23/2017 10.29%   6,465   6,465   6,364
Loan ID 2979 4/24/2017 11.19%   2,796   2,796   2,753
Loan ID 2980 4/24/2017 8.74%   7,702   7,702   7,582
Loan ID 2981 4/24/2017 14.85%   9,941   9,941   9,718
Loan ID 2982 4/23/2019 13.50%   28,797   28,797   28,680
Loan ID 2983 4/23/2017 10.29%   1,942   1,942   1,911
Loan ID 2984 4/23/2017 21.85%   2,744   2,744   2,607
Loan ID 2985 4/25/2017 17.90%   4,038   4,038   3,871
Loan ID 2986 4/25/2017 23.44%   7,405   7,405   7,037
Loan ID 2989 4/24/2017 14.85%   19,882   19,882   19,436
Loan ID 2990 4/24/2017 11.19%   19,526   19,526   19,222
Loan ID 2991 4/23/2019 18.55%   6,675   6,675   6,544
Loan ID 2992 4/24/2017 12.24%   16,233   16,233   15,869
Loan ID 2993 4/23/2017 13.05%   6,566   6,566   6,419
Loan ID 2994 4/23/2019 18.90%   10,258   10,258   10,056
Loan ID 2995 4/24/2019 14.15%   4,951   4,951   4,931
Loan ID 2996 4/24/2017 14.85%   1,657   1,657   1,620
Loan ID 2997 4/23/2017 24.24%   6,937   6,937   6,492
Loan ID 2998 4/24/2017 9.80%   19,364   19,364   19,063
Loan ID 2999 4/24/2019 12.64%   11,595   11,595   11,547
Loan ID 3001 4/23/2017 8.74%   12,836   12,836   12,636
Loan ID 3002 4/24/2019 21.00%   14,450   14,450   14,024
Loan ID 3003 4/24/2017 14.50%   1,985   1,985   1,940
Loan ID 3004 4/24/2019 14.15%   28,884   28,884   28,767
Loan ID 3005 4/25/2017 9.20%   9,651   9,651   9,501
Loan ID 3006 4/23/2017 9.20%   9,398   9,398   9,252
Loan ID 3007 4/24/2017 19.20%   1,964   1,964   1,883
Loan ID 3008 4/23/2019 16.75%   12,524   12,524   12,277
Loan ID 3009 4/24/2017 13.50%   4,607   4,607   4,504
Loan ID 3010 4/25/2017 8.74%   9,627   9,627   9,477
Loan ID 3011 4/24/2017 11.59%   10,426   10,426   10,264
Loan ID 3012 4/25/2019 17.90%   9,314   9,314   9,130
Loan ID 3013 4/25/2017 14.15%   5,283   5,283   5,164
Loan ID 3014 4/23/2017 12.24%   17,658   17,658   17,262
Loan ID 3015 4/25/2017 14.85%   9,815   9,815   9,594
Loan ID 3016 4/25/2019 13.50%   28,797   28,797   28,680
Loan ID 3017 4/23/2017 15.70%   3,328   3,328   3,190
Loan ID 3018 4/25/2019 19.20%   10,968   10,968   10,752
Loan ID 3019 4/25/2017 10.29%   10,355   10,355   10,193
Loan ID 3020 4/28/2017 28.00%   1,411   1,411   1,321
Loan ID 3021 4/23/2017 11.99%   10,448   10,448   10,285
Loan ID 3022 4/28/2017 22.54%   2,753   2,753   2,616
Loan ID 3023 4/23/2017 10.89%   3,895   3,895   3,835
Loan ID 3024 4/23/2017 11.19%   2,276   2,276   2,240
Loan ID 3025 4/23/2017 24.24%   4,162   4,162   3,895
Loan ID 3026 4/25/2019 22.54%   7,799   7,799   7,569
Loan ID 3027 4/23/2019 14.50%   11,572   11,572   11,525
Loan ID 3028 4/25/2019 18.55%   20,998   20,998   20,584
Loan ID 3029 4/23/2017 18.55%   2,700   2,700   2,589
Loan ID 3030 4/23/2017 14.15%   16,474   16,474   16,104
Loan ID 3031 4/28/2017 11.99%   11,754   11,754   11,571
Loan ID 3032 4/23/2019 12.24%   16,358   16,358   16,292
Loan ID 3033 4/25/2017 11.99%   2,612   2,612   2,571
Loan ID 3034 4/28/2017 17.90%   10,094   10,094   9,677
Loan ID 3035 4/28/2019 16.05%   12,486   12,486   12,239
Loan ID 3037 4/23/2017 22.54%   2,753   2,753   2,616
Loan ID 3038 4/25/2019 14.85%   10,107   10,107   10,066
Loan ID 3039 4/28/2017 13.50%   1,645   1,645   1,608
Loan ID 3040 4/25/2017 21.00%   17,079   17,079   16,230
Loan ID 3041 4/25/2017 23.44%   2,147   2,147   2,041
Loan ID 3042 4/28/2019 15.35%   9,957   9,957   9,761
Loan ID 3043 4/23/2017 16.35%   6,010   6,010   5,762
Loan ID 3044 4/25/2017 13.05%   13,132   13,132   12,838
Loan ID 3045 4/23/2017 19.60%   6,786   6,786   6,448
Loan ID 3046 4/25/2019 15.70%   20,777   20,777   20,367
Loan ID 3047 4/28/2019 13.85%   12,379   12,379   12,329
Loan ID 3048 4/23/2017 14.15%   16,509   16,509   16,139
Loan ID 3049 4/23/2019 11.99%   16,278   16,278   16,294
Loan ID 3050 4/28/2017 14.15%   14,528   14,528   14,202
Loan ID 3051 4/23/2017 10.89%   16,231   16,231   15,978
Loan ID 3052 4/23/2017 23.44%   4,147   4,147   3,940
Loan ID 3053 4/28/2017 8.74%   6,418   6,418   6,318
Loan ID 3054 4/23/2019 12.64%   20,487   20,487   20,403
Loan ID 3055 4/28/2017 8.74%   3,209   3,209   3,159
Loan ID 3056 4/25/2017 19.20%   4,741   4,741   4,545
Loan ID 3057 4/23/2019 15.70%   20,777   20,777   20,367
Loan ID 3058 4/28/2017 12.64%   15,727   15,727   15,374
Loan ID 3059 4/23/2019 13.05%   12,316   12,316   12,266
Loan ID 3060 4/23/2019 14.15%   25,583   25,583   25,479
Loan ID 3061 4/23/2019 22.54%   8,552   8,552   8,300
Loan ID 3062 4/23/2019 21.85%   21,323   21,323   20,694
Loan ID 3063 4/23/2019 15.70%   24,932   24,932   24,440
Loan ID 3064 4/28/2019 9.80%   12,815   12,815   12,827
Loan ID 3065 4/23/2017 27.24%   7,033   7,033   6,582
Loan ID 3066 4/23/2019 18.55%   12,622   12,622   12,373
Loan ID 3067 4/25/2017 27.24%   7,033   7,033   6,582
Loan ID 3068 4/23/2017 15.70%   6,656   6,656   6,381
Loan ID 3069 4/25/2019 17.45%   25,125   25,125   24,629
Loan ID 3070 4/28/2017 10.89%   19,596   19,596   19,291
Loan ID 3071 4/25/2019 16.05%   8,324   8,324   8,159
Loan ID 3072 4/28/2017 10.89%   23,731   23,731   23,362
Loan ID 3073 4/23/2017 20.30%   5,788   5,788   5,500
Loan ID 3074 4/28/2019 17.90%   6,713   6,713   6,581
Loan ID 3075 4/23/2017 14.15%   3,434   3,434   3,357
Loan ID 3076 4/28/2019 26.44%   8,679   8,679   8,340
Loan ID 3077 4/25/2017 10.89%   12,985   12,985   12,782
Loan ID 3078 4/24/2017 25.74%   6,985   6,985   6,537
Loan ID 3079 4/28/2019 28.00%   3,491   3,491   3,355
Loan ID 3080 4/25/2017 17.45%   6,714   6,714   6,437
Loan ID 3081 4/25/2019 18.90%   12,640   12,640   12,391
Loan ID 3082 4/24/2019 16.75%   14,460   14,460   14,175
Loan ID 3083 4/24/2017 8.74%   6,418   6,418   6,318
Loan ID 3084 4/24/2017 26.44%   2,803   2,803   2,623
Loan ID 3085 4/24/2017 21.00%   10,248   10,248   9,738
Loan ID 3086 4/24/2017 10.29%   11,649   11,649   11,468
Loan ID 3087 4/24/2019 13.05%   3,284   3,284   3,271
Loan ID 3088 4/25/2019 13.50%   11,949   11,949   11,900
Loan ID 3089 4/28/2019 11.99%   24,508   24,508   24,532
Loan ID 3090 4/25/2017 19.60%   17,007   17,007   16,161
Loan ID 3091 4/25/2017 8.74%   10,729   10,729   10,562
Loan ID 3092 4/25/2019 13.85%   24,723   24,723   24,623
Loan ID 3093 4/24/2017 26.44%   2,803   2,803   2,623
Loan ID 3094 4/25/2019 15.70%   16,622   16,622   16,294
Loan ID 3095 4/24/2019 15.70%   12,466   12,466   12,220
Loan ID 3096 4/28/2019 20.30%   17,663   17,663   17,142
Loan ID 3097 4/28/2019 14.50%   12,399   12,399   12,348
Loan ID 3098 4/24/2017 10.29%   11,649   11,649   11,468
Loan ID 3099 4/24/2017 19.20%   10,159   10,159   9,739
Loan ID 3100 4/24/2017 8.74%   12,836   12,836   12,636
Loan ID 3101 4/24/2017 18.25%   5,393   5,393   5,170
Loan ID 3102 4/28/2017 12.24%   22,885   22,885   22,372
Loan ID 3103 4/28/2017 24.24%   2,775   2,775   2,597
Loan ID 3104 4/24/2019 22.54%   21,381   21,381   20,750
Loan ID 3105 4/28/2017 15.35%   6,222   6,222   5,965
Loan ID 3106 4/28/2019 13.85%   16,482   16,482   16,415
Loan ID 3107 4/28/2017 10.89%   19,477   19,477   19,174
Loan ID 3108 4/24/2019 15.70%   12,466   12,466   12,220
Loan ID 3109 4/28/2019 21.00%   7,225   7,225   7,012
Loan ID 3110 4/24/2019 11.99%   24,508   24,508   24,532
Loan ID 3111 4/24/2017 10.29%   16,179   16,179   15,927
Loan ID 3112 4/24/2017 22.54%   6,757   6,757   6,421
Loan ID 3113 4/28/2017 17.15%   2,682   2,682   2,571
Loan ID 3114 4/24/2017 12.24%   2,615   2,615   2,557
Loan ID 3115 4/24/2017 10.89%   5,194   5,194   5,113
Loan ID 3116 4/28/2019 12.24%   8,179   8,179   8,146
Loan ID 3117 4/28/2019 12.64%   20,487   20,487   20,403
Loan ID 3118 4/29/2017 9.20%   5,118   5,118   5,038
Loan ID 3119 4/28/2019 13.50%   26,329   26,329   26,222
Loan ID 3120 4/28/2017 10.89%   22,744   22,744   22,390
Loan ID 3121 4/28/2017 10.89%   12,985   12,985   12,782
Loan ID 3122 4/28/2017 13.05%   8,536   8,536   8,345
Loan ID 3123 4/29/2017 11.59%   9,770   9,770   9,618
Loan ID 3125 4/24/2019 9.80%   16,164   16,164   16,180
Loan ID 3126 4/24/2019 15.70%   14,959   14,959   14,664
Loan ID 3127 4/24/2019 19.60%   8,451   8,451   8,202
Loan ID 3128 4/24/2017 12.24%   8,500   8,500   8,310
Loan ID 3129 4/24/2017 15.35%   5,315   5,315   5,096
Loan ID 3130 4/28/2017 11.59%   8,471   8,471   8,339
Loan ID 3131 4/28/2017 19.20%   10,159   10,159   9,739
Loan ID 3132 4/24/2019 15.70%   12,466   12,466   12,220
Loan ID 3133 4/25/2017 18.55%   6,751   6,751   6,472
Loan ID 3134 4/28/2019 14.15%   16,475   16,475   16,408
Loan ID 3135 4/25/2017 11.99%   13,060   13,060   12,857
Loan ID 3136 4/25/2017 18.55%   2,700   2,700   2,589
Loan ID 3137 4/25/2019 14.85%   12,419   12,419   12,368
Loan ID 3138 4/29/2017 11.19%   11,705   11,705   11,522
Loan ID 3140 4/25/2019 14.15%   16,505   16,505   16,438
Loan ID 3141 4/28/2017 8.74%   15,975   15,975   15,726
Loan ID 3142 4/29/2017 10.89%   12,982   12,982   12,780
Loan ID 3143 4/25/2019 11.99%   16,339   16,339   16,355
Loan ID 3144 4/25/2019 14.15%   18,168   18,168   18,094
Loan ID 3146 4/25/2017 11.99%   9,795   9,795   9,643
Loan ID 3147 4/28/2019 13.85%   9,947   9,947   9,906
Loan ID 3148 4/25/2019 22.54%   8,552   8,552   8,300
Loan ID 3149 4/29/2017 15.70%   2,659   2,659   2,550
Loan ID 3150 4/25/2017 28.00%   2,823   2,823   2,642
Loan ID 3151 4/25/2019 11.19%   16,555   16,555   16,572
Loan ID 3152 4/29/2019 14.15%   14,854   14,854   14,794
Loan ID 3153 4/25/2019 23.44%   17,164   17,164   16,658
Loan ID 3154 4/25/2019 13.85%   11,126   11,126   11,080
Loan ID 3155 4/29/2017 11.59%   14,186   14,186   13,965
Loan ID 3156 4/29/2017 14.50%   9,923   9,923   9,700
Loan ID 3157 4/29/2017 9.20%   10,294   10,294   10,134
Loan ID 3158 4/29/2019 17.45%   18,843   18,843   18,472
Loan ID 3159 4/25/2019 14.15%   26,408   26,408   26,301
Loan ID 3160 4/25/2017 13.05%   16,416   16,416   16,047
Loan ID 3161 4/29/2017 11.59%   22,807   22,807   22,452
Loan ID 3162 4/30/2017 11.19%   6,766   6,766   6,661
Loan ID 3163 4/30/2017 8.74%   6,685   6,685   6,581
Loan ID 3164 4/30/2019 13.05%   20,864   20,864   20,779
Loan ID 3165 4/29/2017 8.74%   15,405   15,405   15,165
Loan ID 3166 4/30/2017 14.85%   8,125   8,125   7,943
Loan ID 3167 4/28/2019 14.15%   12,379   12,379   12,329
Loan ID 3168 4/30/2017 11.59%   16,949   16,949   16,685
Loan ID 3169 4/29/2019 27.24%   8,703   8,703   8,364
Loan ID 3170 4/30/2017 20.30%   3,177   3,177   3,019
Loan ID 3171 4/28/2017 15.35%   9,937   9,937   9,526
Loan ID 3172 4/28/2017 19.20%   8,127   8,127   7,791
Loan ID 3173 4/30/2017 21.00%   9,227   9,227   8,768
Loan ID 3174 4/28/2017 18.25%   6,779   6,779   6,499
Loan ID 3175 4/28/2019 13.85%   20,603   20,603   20,519
Loan ID 3176 4/30/2017 11.59%   2,712   2,712   2,670
Loan ID 3177 4/30/2017 10.29%   2,695   2,695   2,653
Loan ID 3178 4/29/2017 13.05%   19,698   19,698   19,257
Loan ID 3179 4/28/2017 14.85%   9,941   9,941   9,718
Loan ID 3180 4/28/2019 11.19%   10,254   10,254   10,264
Loan ID 3181 4/30/2017 15.70%   5,531   5,531   5,302
Loan ID 3182 4/28/2017 11.99%   13,060   13,060   12,857
Loan ID 3183 4/30/2019 17.45%   16,999   16,999   16,664
Loan ID 3184 4/30/2017 11.99%   8,151   8,151   8,024
Loan ID 3185 4/28/2017 22.54%   2,753   2,753   2,616
Loan ID 3186 4/30/2019 13.50%   10,034   10,034   9,993
Loan ID 3187 4/30/2017 9.80%   6,048   6,048   5,954
Loan ID 3188 4/28/2017 10.89%   20,776   20,776   20,452
Loan ID 3189 5/1/2017 11.59%   6,783   6,783   6,677
Loan ID 3190 5/1/2019 15.35%   21,079   21,079   20,663
Loan ID 3191 4/29/2019 17.15%   20,910   20,910   20,497
Loan ID 3192 4/29/2019 25.74%   2,819   2,819   2,709
Loan ID 3193 5/1/2017 14.85%   13,760   13,760   13,452
Loan ID 3194 4/29/2017 11.59%   16,291   16,291   16,037
Loan ID 3195 4/29/2019 11.59%   13,861   13,861   13,875
Loan ID 3196 4/29/2019 13.85%   12,961   12,961   12,908
Loan ID 3197 4/29/2019 13.05%   20,526   20,526   20,442
Loan ID 3198 4/29/2017 8.74%   2,888   2,888   2,843
Loan ID 3199 4/29/2017 13.05%   6,566   6,566   6,419
Loan ID 3200 4/30/2019 13.85%   20,936   20,936   20,851
Loan ID 3201 5/1/2019 16.05%   5,074   5,074   4,974
Loan ID 3202 4/29/2017 9.80%   15,505   15,505   15,263
Loan ID 3203 4/30/2017 23.44%   7,159   7,159   6,803
Loan ID 3204 4/29/2017 21.85%   2,058   2,058   1,955
Loan ID 3205 5/1/2017 11.99%   6,796   6,796   6,690
Loan ID 3206 4/30/2017 8.74%   6,685   6,685   6,581
Loan ID 3207 4/29/2019 19.60%   12,677   12,677   12,303
Loan ID 3208 5/1/2017 23.44%   4,292   4,292   4,079
Loan ID 3209 5/1/2019 19.60%   21,442   21,442   20,810
Loan ID 3210 4/29/2017 14.50%   16,419   16,419   16,051
Loan ID 3211 5/1/2019 15.70%   21,110   21,110   20,694
Loan ID 3212 4/29/2017 11.19%   22,759   22,759   22,404
Loan ID 3213 5/2/2017 12.64%   17,043   17,043   16,661
Loan ID 3214 5/2/2019 18.90%   12,831   12,831   12,577
Loan ID 3215 4/29/2019 17.15%   25,092   25,092   24,597
Loan ID 3216 5/1/2017 16.75%   10,428   10,428   9,997
Loan ID 3217 4/29/2019 13.05%   9,853   9,853   9,813
Loan ID 3218 5/2/2019 23.44%   5,289   5,289   5,133
Loan ID 3219 4/30/2017 11.59%   10,169   10,169   10,011
Loan ID 3220 4/30/2017 10.89%   12,837   12,837   12,637
Loan ID 3221 5/2/2017 11.59%   13,565   13,565   13,354
Loan ID 3222 4/30/2019 18.25%   8,092   8,092   7,932
Loan ID 3223 4/30/2017 16.05%   10,387   10,387   9,958
Loan ID 3224 5/2/2017 23.44%   10,746   10,746   10,212
Loan ID 3225 4/30/2019 16.35%   12,693   12,693   12,443
Loan ID 3226 4/30/2017 10.29%   6,737   6,737   6,632
Loan ID 3227 4/30/2017 11.19%   10,545   10,545   10,381
Loan ID 3228 4/30/2019 26.44%   8,783   8,783   8,440
Loan ID 3229 4/30/2019 13.85%   16,330   16,330   16,264
Loan ID 3230 4/30/2019 17.15%   12,734   12,734   12,483
Loan ID 3231 5/1/2017 16.05%   5,787   5,787   5,548
Loan ID 3232 5/1/2017 8.74%   13,375   13,375   13,166
Loan ID 3233 5/1/2019 19.20%   21,409   21,409   20,987
Loan ID 3234 5/6/2017 13.85%   10,286   10,286   10,055
Loan ID 3235 5/5/2017 12.64%   4,740   4,740   4,634
Loan ID 3236 5/6/2019 13.50%   8,383   8,383   8,349
Loan ID 3237 5/5/2017 17.45%   10,461   10,461   10,029
Loan ID 3238 5/1/2017 17.90%   10,483   10,483   10,050
Loan ID 3239 5/2/2019 14.50%   10,082   10,082   10,041
Loan ID 3240 5/2/2017 9.80%   3,361   3,361   3,309
Loan ID 3241 5/2/2017 12.24%   6,804   6,804   6,652
Loan ID 3242 5/2/2017 12.24%   4,763   4,763   4,656
Loan ID 3243 5/5/2017 8.74%   8,025   8,025   7,900
Loan ID 3244 5/5/2019 17.15%   25,483   25,483   24,980
Loan ID 3245 5/7/2019 18.55%   21,355   21,355   20,934
Total       27,083,106   27,083,106   26,547,436

 

(1)

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

   
 

Financial Assets are valued by the level of risk associated with the underlying loan measured by the estimated loss rate. The estimated loss rate is based on the historical performance of loans with similar characteristics, the borrowers credit score obtained from an official credit reporting agency at origination, debt-to-income ratios at origination, information from the borrower’s credit report at origination, as well as the borrower’s self-reported income range, occupation and employment status at origination. Financial Asset risk ratings are assigned on a scale from A through F, with A having the lowest level of risk and F having the highest level of risk. As of June 30, 2015, 25.0%, 31.4%, 32.1%, 7.8%, 3.5% and 0.2% of the total fair value of Financial Assets was comprised of A, B, C, D, E and F risk rated loans, respectively.

   
 

In a hypothetical transaction, the Company believes that the fair value of each individual consumer loan as disclosed above as of the measurement date could differ from the fair value of each individual consumer loan as of the transaction date. In addition, the Company believes that the fair value of the portfolio of consumer loans as of the measurement date could differ from the sum of the fair value of each individual consumer loan as disclosed above as of the transaction date.



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