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New words:
AA, AAA, affirmed, alter, Apparel, assign, attention, began, begun, budget, Chase, compete, competing, conflict, Council, deal, decide, deficit, delay, departure, depressing, deterioration, detract, dispose, Disposed, easing, enable, encumber, entirety, equivalent, estate, Europe, fashion, forma, Gas, gift, hampering, hand, historical, impair, improved, improvement, inception, incorrect, inflation, influence, integrated, integration, joint, KDOR, lapse, lift, low, Luxury, mailed, NYSE, obligation, opposed, Overview, ownership, people, perception, phased, Poor, power, precipitated, prevent, preventing, pro, profitability, profitably, progressed, promptly, pursuit, qualification, real, reimburse, release, reopen, reopening, repeal, resolicit, resolicitation, resoliciting, sector, Senneca, shortfall, showed, situation, sovereign, speak, stimulate, successful, successfully, suggesting, unemployment, unexpected, unilaterally, vast, violate, violation, waive, waived, waiver, withdraw, worldwide
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Financial report summary
?Risks
- Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic, creates and exacerbates risks.
- The capital markets are currently in a period of disruption and economic uncertainty. Such market conditions have materially and adversely affected debt and equity capital markets, which have had, and may continue to have, a negative impact on our business and operations.
- Global economic, political and market conditions may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.
- We are exposed to risks associated with changes in interest rates.
- Because the market price of GS BDC Common Stock will fluctuate, our stockholders cannot be sure of the market value of the Merger Consideration they will receive until the Closing Date.
- Sales of shares of GS BDC Common Stock after the completion of the Merger may cause the market price of GS BDC Common Stock to decline.
- Our stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Merger.
- GS BDC may be unable to realize the benefits anticipated by the Merger, including estimated cost savings, or it may take longer than anticipated to achieve such benefits.
- The Merger may trigger certain “change of control” provisions and other restrictions in our or GS BDC’s contracts or our affiliates and the failure to obtain any required consents or waivers could adversely impact the combined company.
- The opinion delivered to the MMLC Special Committee from the financial advisor to the MMLC Special Committee will not reflect changes in circumstances between signing the Amended and Restated Merger Agreement and completion of the Merger.
- If the Merger does not close, we will not benefit from the expenses incurred in its pursuit.
- The Amended and Restated Merger Agreement limits our ability to pursue alternatives to the Merger.
- The Merger is subject to closing conditions, including stockholder approvals, that, if not satisfied or (to the extent legally allowed) waived, will result in the Merger not being completed, which may result in material adverse consequences to our business and operations.
- We will be subject to operational uncertainties and contractual restrictions while the Merger is pending.
- We and GS BDC may, to the extent legally allowed, waive one or more conditions to the Merger without resoliciting stockholder approval.
- The market price of GS BDC Common Stock after the Merger may be affected by factors different from those affecting GS BDC Common Stock currently.
Management Discussion
- Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.
- Interest income from investments, which includes prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts, increased from $35.17 million for the three months ended June 30, 2019 to $37.59 million for the three months ended June 30, 2020, primarily due to an increase in recurring interest income, which resulted primarily from an increase in the size of our portfolio. The amortized cost of the portfolio increased from $1,415.35 million as of June 30, 2019 to $1,872.12 million as of June 30, 2020. Included in interest for the three months ended June 30, 2020 and 2019 is $0.15 million and $1.14 million, in prepayment premiums and $0.31 million and $1.11 million, in accelerated accretion of upfront loan origination fees and unamortized discounts.
- Interest income from investments, which includes prepayment premiums and accelerated accretion of upfront loan origination fees and unamortized discounts, increased from $65.22 million for the six months ended June 30, 2019 to $76.95 million for the six months ended June 30, 2020, primarily due to an increase in recurring interest income, which resulted primarily from an increase in the size of our portfolio. The amortized cost of the portfolio increased from $1,415.35 million as of June 30, 2019 to $1,872.12 million as of June 30, 2020.Included in interest for the six months ended June 30, 2020 and 2019 is $0.15 million and $1.21 million, respectively, in prepayment premiums and $0.89 million and $1.23 million, respectively, in accelerated accretion of upfront loan origination fees and unamortized discounts.