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Acquisitions of Garrison Capital Inc. And Harvest Capital Credit Corporation (Tables)

6 Months Ended

Jun. 30, 2024

GARS Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


($ in thousands)
Common stock issued by the Company (1)		$	38,765
Cash consideration to GARS shareholders			24,100
Transaction costs (excluding offering costs $432)			1,168
Total purchase consideration		$	64,033
Assets acquired:
Investments, at fair value (amortized cost of $277,380)		$	317,803
Cash			35,361
Interest receivable			1,871
Other assets			2,088
Total assets acquired		$	357,123
Liabilities assumed:
Debt		$	251,213
Other liabilities			1,455
Total liabilities assumed		$	252,668
Net assets acquired		$	104,455
Total purchase discount		$	(40,422	)

(1)

Based on the market price at closing of $1.26 as of October 28, 2020 and the 30,765,640 shares of common stock issued by the Company in conjunction with the merger.

HCAP Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


($ in thousands)
Common stock issued by the Company (1)		$	37,063
Cash consideration to HCAP shareholders (2)			20,688
Transaction costs (excluding offering costs $519)			881
Total purchase consideration		$	58,632
Assets acquired:
Investments, at fair value (amortized cost of $53,812)		$	57,621
Cash			32,119
Interest receivable			431
Other assets			2,665
Total assets acquired		$	92,836
Liabilities assumed:
Debt		$	28,750
Other liabilities			1,645
Total liabilities assumed		$	30,395
Net assets acquired		$	62,441
Total purchase discount		$	(3,809	)

Based on the market price at closing of $2.43 as of June 9, 2021 and the 15,252,453 shares of common stock issued by the Company in conjunction with the merger.

(2)

Approximately $18.5 million cash consideration paid by the Company plus $2.15 million cash payment paid at closing directly to shareholders of HCAP from the Adviser.