Public Debt & Equity Offerings (BDCs)


Open Credit and Direct Lending Funds

As of October 2017

 

Additional Fund Information

Greenbacker Renewable Energy Company

– 6.82% Distribution Rate (Non-Taxable)

– $1,000,000,000 Offering

– $8.92 Offering Price   Institutional Shares*

RIA (Net of Commission) Shares Available?  Yes1 Asset Class:  Renewable Energy Facilities Investment Objective: Long term investment seeking durable & predictable income Expected Hold Period: 3 – 5+ years after fund closes to new investors Click Here for Sponsor’s Website  *  Click Here for Investor Video  *  Click Here for Prospectus Opening Date: March 2014 Expected Close Date: 2018 Fund Market Cap: $350,000,000 Greenback is a Publicly Registered, Non-Listed LLC; Tax-Reporting = K1


Fund Description

By pooling investors’ capital, Greenbacker expects to acquire and monitor a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable development investments.

Greenbacker has the flexibility to invest throughout the corporate capital structure, a strength that helps it seek the best available risk-adjusted investment opportunities.

  • Acquire and finance the construction and operation of income-generating renewable energy, energy efficiency, and sustainable development projects, primarily within, but also outside of, North America
  • Generate attractive risk-adjusted returns for our members
  • Provide both current income and long-term capital appreciation

Investment Process:   Greenbacker employs a disciplined investment process that includes a thorough screening process, proprietary analytical and evaluation tools, rigorous due diligence, and comprehensive, periodic monitoring of its investments.

Business Objectives1

Generate current income and, to a lesser extent, long-term capital appreciation

1) There is no guarantee that these investment objectives will be met. Greenbacker includes substantial fees, expenses and sales charges that may materially reduce an investor’s return.



FS Investment Corporation III

– 8.10% Distribution Rate

-$1,018,569,832 (Follow-On Institutional Offering)

– $8.57 Offering Price    Institutional Shares*

RIA (Net of Commission) Shares Available?  Yes

Asset Class:  Diversified Loans

Click Here for Sponsor’s Website

Click Here for Investor Video

Opening Date: April 2, 2014

 Expected Close Date (Follow-On): 2018

Fund Market Cap: $3,600,000,000 (As of Dec 31 2016)

FS Investment Corporation III is a Publicly Registered, Non-Listed BDC; Tax-Reporting = 1099


Fund Description

Investment objectives

Generate current income and, to a lesser extent, long-term capital appreciation

Overview

FSIC III is a business development company (BDC) designed to provide a high level of current income. The fund primarily invests in floating rate, senior secured loans of private U.S. middle market companies.

Adviser

FSIC III Advisor, LLC An affiliate of FS Investments

Sub-adviser

GSO / Blackstone Debt Funds Management LLC An affiliate of GSO Capital Partners LP

CLICK HERE FOR FACT SHEET

1 Source: https://www.fsinvestments.com/investments/funds/fsic-iii-institutional 2 There can be no assurance that FS Investments will meet these objectives. View Investment Overview, Suitability & Important Disclosures: https://www.fsinvestments.com/investments/funds/fsic-iii-institutional#risk-factors-disclosure



Griffin Institutional Access Credit Fund – Daily NAV – CRDIX  –  $1,000,0000 Offering

$25.11 Offering Price (7/7/2017))  Quarterly Liquidity

The Fund seeks a 6-8% annual distribution rate through a combination of core liquid credit exposure and direct lending.

RIA (Net of Commission) Shares Available?  Yes

Asset Class:  Diversified Loans

Click Here for Sponsor’s Website

Opening Date: March 31, 2017     Expected Close Date: Continuous

Fund Market Cap: Unavailable


Fund Description

INVESTMENT OBJECTIVE

Griffin Institutional Access™ Credit Fund (the “Fund”)’s investment objective is to generate a return comprised of both current income and capital appreciation, emphasizing current income with low volatility and low correlation to the broader markets.

INVESTMENT STRATEGY

The Fund strategically invests in an actively managed, diversified portfolio of credit instruments. The portfolio primarily includes bank loans, senior direct lending (SDL) investments, high-yield bonds, structured debt and equity, and non-performing loans. The Fund is advised by a highly experienced execution team that brings decades of hands-on experience, substantial track records, complementary skill sets and robust execution capabilities together to deliver a powerful investment product customized for individual investors.

GRIFFIN CAPITAL CREDIT ADVISOR
ADVISOR
  • Griffin Capital Credit Advisor, LLC, a Griffin Capital Company, LLC (“Griffin Capital”) company, serves as the Fund’s Advisor and oversees all investment activity. Griffin Capital Credit Advisor’s primary role involves strategy development, risk management and ongoing investment monitoring.
  • Griffin Capital Credit Advisor is a Griffin Capital company. Griffin Capital and its affiliates have acquired or constructed approximately 58.8 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 42* million square feet of space, located in 30 states and the United Kingdom, representing approximately $7.8* billion in asset value, based on purchase price, as of March 31, 2017.
BAIN CAPITAL CREDIT, LP
SUB-ADVISOR
  • Bain Capital Credit, LP provides ongoing research, opinions and recommendations regarding the Fund’s investment portfolio. Bain Capital Credit was formed in 1998 as the credit investing arm of Bain Capital, one of the world’s premier alternative investment firms, with over $75 billion in assets under management as of September 30, 2016.
  • Griffin Institutional Access™ Credit Fund is the first fund for individual investors with access to the full fixed income platform of Bain Capital Credit, LP. Bain Capital Credit invests across the full spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, direct lending, structured products, non-performing loans and equities. With offices in Boston, Chicago, New York, London, Dublin, Hong Kong and Melbourne, Bain Capital Credit has a global footprint with approximately $33 billion in assets under management as of September 30, 2016.

The investment structure is a closed-end interval fund that provides liquidity to shareholders through a quarterly repurchase offer. The Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of shares outstanding on the Repurchase Request Deadline. Diversification does not eliminate the risk of experiencing investment losses. *Includes the property information related to interests held in certain joint ventures.

2There can be no assurance that Griffin Institutional Access™ Credit Fund will meet these objectives. View Prospecuts, Investment Overview, Suitability & Importantis Dislosures: https://www.griffincapital.com/Documents/GIACX/Marketing%20Materials/Sales%20Kit/CreditFund-Prospectus-ClassI.pdf



Cion Investment Corporation  –  $965,000,000 (Follow-On Offering)

$9.65 Offering Price  7.58% Distribution Rate – A Shares

RIA (Net of Commission) Shares Available?  Yes

Asset Class:  Diversified Loans

Click Here for Sponsor’s Website

Opening Date: July 2012      Expected Close Date (Follow-On): 2018

Estimate of funds raised since inception: $1,117,567,000 (As of Dec 31 2016)


Fund Description

CION is a non-traded business development company, or BDC, that focuses on middle market loans. CION seeks to generate current income, and to a lesser extent, capital appreciation. TARGET INVESTMENTS: CION offers investors the opportunity to invest primarily in: § Senior secured debt § Private and thinly-traded U.S. middle market companies SUITABILITY: § Net worth of $70,000, plus $70,000 of annual gross income; or § Net worth of $250,000 In addition to general suitability requirements, there are state-specific suitability requirements that must be met. For complete information, please refer to the suitability section of the prospectus. Net worth requirements are exclusive of home, home furnishings and automobiles. FUND DATA: Total Equity Raised: $1,117,566,930 Investment Minimum: $5,000 Distribution Reinvestment Price: The estimated net asset value per share on the date of purchase. Cash Flow Objective: To provide monthly distributions Tax Reporting: Form 1099 Investment Minimum: $5,000 Distribution Reinvestment Price: The estimated net asset value per share on the date of purchase. Cash Flow Objective: To provide monthly distributions1 Tax Reporting: Form 1099 1 Source:http://www.cioninvestments.com/wp-content/uploads/CION-Fund-Fact-Sheet.pdf  2 There can be no assurance that CION will meet these objectives. View Investment Overview, Suitability & Important Disclosures: http://www.cioninvestments.com/wp-content/uploads/CION-Investment-Corporation-Risk-Factors.pdf



HMS Income Fund  –  $1,500,000,000 (Follow-On Offering)

$9.30 Offering Price  7.53% Distribution Rate – (A Class Shares)

RIA (Net of Commission) Shares Available?  Yes

Asset Class:  Diversified Loans

Click Here for Sponsor’s Website

Click Here for Investor Video

Click Here for Prospectus & SEC Filings

Opening Date: June 2012      Expected Close Date: September 30th 2017

Fund Market Cap: $1,033,600,000 (As of Dec 31 2016)


Fund Description

HMS Income Fund is a public, non-traded business development company (BDC) that focuses on income and capital appreciation. The company’s strategy is to make debt investments in syndicated middle-market companies as well as self-originated debt and equity investments in lower middle-market companies. HMS Income Fund taps the experience and resources of Main Street Capital Corporation (“Main Street”), a publicly-traded BDC (NYSE: MAIN), through MSC Adviser I, LLC, a wholly-owned subsidiary that is the sub-adviser to the fund. The sub-adviser recommends and monitors all of HMS Income Fund’s investments, targeting investment opportunities that arise from ownership transitions, strategic acquisitions, business expansions and other growth initiatives, primarily for later stage businesses. Since its inception, Main Street has specialized in providing long-term loans and equity capital to middle-market and lower middle-market U.S. companies. There are substantial costs associated with an investment in this offering. An investor must review the fees and expenses in the prospectus prior to investing.

1 Source: http://www.hinessecurities.com/bdcs/hms-income-fund/ 2 There can be no assurance that HMS Income Fund will meet these objectives. View Investment Overview, Suitability & Important Disclosures: http://www.hinessecurities.com/bdcs/hms-income-fund/hms-income-fund-fast-facts/#sales-charges-fees-expenses



Sierra Income Corporation  –  $690,000,000 (Follow-On Offering)

$9.05 Offering Price  7.53% Distribution Rate – (A Class Shares)

RIA (Net of Commission) Shares Available?  Yes

Asset Class:  Diversified Loans

Click Here for Sponsor’s Website

Click Here for Prospectus & SEC Filings

Opening Date: June 2012      Expected Close Date: 2018

Fund Market Cap: $1,183,700,000 (As of Dec 31 2016)


About Medley (Sub Advisor) and Sierra

Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise, with over 85 people, is a premier provider of capital to the middle market in the U.S. As of March 31, 2017, Medley had in excess of $5.3 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE:MCC) and Sierra Income Corporation, as well as private investment vehicles1. Over the past 15 years, Medley has provided capital to over 350 companies across 35 industries in North America.2

WHY SIERRA?
ATTRACTIVE DISTRIBUTIONS1 Sierra offers attractive monthly distributions POTENTIAL DOWNSIDE PROTECTION Sierra focuses on senior debt FAVORABLE MARKET There is opportunity in the U.S. middle market primarily driven by bank consolidation EXPERIENCED TEAM Sierra uses the resources of Medley’s 85+ person team that has provided capital to over 350 companies in private debt strategies over the last 15 years2 SPONSOR COMMITMENT SIC Advisors has invested $10 Million in Sierra

CLICK HERE FOR FACT SHEET

Source: http://www.sierraincomecorp.com/AboutMedley.html There can be no assurance that Sierra will achieve investment results similar to Medley. 1) This information is provided by SIC Advisors, Sierra’s investment advisor and is as of March 31, 2017. 2) Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, ”Medley”). Assets under management refers to assets of Medley’s funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of March 31, 2017. SIC Advisors LLC is an investment adviser registered under the Investment Advisers Act of 1940, as amended. NOT AN OFFER TO SELL SECURITIES The material in this Website does not constitute an offer to sell, nor a solicitation of an offer to buy the securities described herein. Such an offering is made only by means of a prospectus. The prospectus must be read in order to understand fully all the implications and risks of any offering of securities to which it relates. This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York or any other state. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. SC Distributors, LLC (member FINRA/SIPC) is the affiliated dealer manager for the Sierra Income Corporation offering.


Terra Income Fund 6  –  $1,00,000,000 (Follow-On Offering)

$10.90 Offering Price  9.17% Distribution Rate – (A Class Shares)

RIA (Net of Commission) Shares Available?  Yes

Asset Class:  Diversified Loans / Real Estate Loans

Click Here for Sponsor’s Website

Click Here for Prospectus & SEC Filings

Opening Date: April 2015      Expected Close Date: 2018

Estimate of Fund Market Cap: $75,000,000 (As of May 2017)


Terra 6 expects to pool investors’ capital, make loans secured by commercial real estate on attractive terms, hold those loans until they mature and then distribute principal back to investors.

Terra’s management sees two primary drivers creating the favorable opportunities for providing commercial real estate loans: (1) the reduced amount of credit available to borrowers from traditional lending sources, and(2) an increasing number of commercial real estate loan maturities. (2) an increasing number of commercial real estate loan maturities. Specifically:

  • The availability of mortgage financing is down significantly and currently banks are constrained by regulatory requirements.
  • An unprecedented amount of commercial real estate debt is set to mature through 2017, much of which was originated at the peak of the past market cycle
  • There is a shortfall between the amount of maturing debt and the amount of new first mortgage debt available.
Types of Loans

The loans that Terra 6 makes will include first mortgages and “mezzanine” loans. This latter category has constituted the majority of Terra’s lending activity over its history. When a property is sold, the first mortgage is paid off first, then the mezzanine loan is paid in full, and finally the property owner gets the remaining sales proceeds. The owner receives nothing unless and until the mezzanine lender is paid in full. This is true whether the owner is an individual, a REIT or a business.

The Opportunity

The volume of new 10-year commercial real estate mortgages was at record levels 10 years ago, creating a wall of maturities from 2015 to 2017. When they mature, these loans must be paid off and that requires obtaining a new loan. This high demand to replace maturing real estate loans, combined with limited supply, is on track to create a void of hundreds of billions of dollars over the next several years — and keeping their interest rates high.

CLICK HERE FOR FACT SHEET
Source: http://www.terrafund6.com/ There can be no assurance that Terra Income Fund 6 will achieve investment results. NOT AN OFFER TO SELL SECURITIES The material in this Website does not constitute an offer to sell, nor a solicitation of an offer to buy the securities described herein. Such an offering is made only by means of a prospectus. The prospectus must be read in order to understand fully all the implications and risks of any offering of securities to which it relates. This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering.