Sba Form 2182 Exhi Exhibt E1

SBIC Management Assessment Questionnaire & License Application; Exhibits to SBIC License App./Mgmt. Assessment Questionnaire

SBIC Application SBA Form 2182 Exhibit E1 9-24-13.xlsx

SBIC Management Assessment Questionnaire & License Application; Exhibits to SBIC License App./Mgmt. Assessement Questionnaire

OMB: 3245-0062

Document [xlsx]
Download: xlsx | pdf

Overview

Cover
E1-A. Fund Overview
E1-B. Portfolio Companies
E1-C. Financing Descriptions
E1-D. Covenant Defaults
E1-E. Valuations
E1-F. Portfolio Co. Financials
E1-G. Active Involvement
E1-H. - Portfolio Cash Flows
E1-I. Fund Cash Flows

Sheet 1: Cover









OMB Approval No. 6245-0062




Expiration Date: MM/DD/YYYY


























409 3rd St., SW • Washington, DC 20416 • (202) 205-6510


















The SBIC Program


















Form 2182: Exhibit E1














This form is used to collect detailed information about each applicant's investment track record. Only those investments that meet the eligibility criteria outlined in the "SBIC Program Application Instructions" should be presented using this form. For all other investment experience, please use Form 2182: Exhibit E2.

Read the "SBIC Program Application Instructions" before completing this exhibit.




















































































































































































SBA Form 2182 (07-13) Previous editions obsolete








Sheet 2: E1-A. Fund Overview
SBIC Investors, LP













SBIC Applicant: TTS SBIC Applicant, LP




















Principal Name: Initials:










Peter General PG
Vintage Year:
2002
Total Committed Capital:


$100 M
Polly Partner PP
Mgmt. Fee (%):
2%
Total Private Commited Capital:


$100 M
Harold Principal HP
Preferred Return (%):
8%
Total SBA Leverage Commitment:


$0 M
Sally Carry SC
Carry (%):
20%
Total Other Leverage Commitment:


$0 M







Total Paid-In Capital:


$80 M



Valuation Date:
Dec-12
Total Private Capital Called:


$80 M



Fund Type:
Other
Total SBA Leverage Drawn:


$0 M



If Other Fund Type:


Total Other Leverage Drawn:


$0 M


<--- Insert Additional Rows if necessary



































Strategy Description & Benchmark Type:











SBIC Investors, LP was a small buyout fund that financed management buyouts and other change of control transactions largely in the manufacturing, distribution and transportation sectors of the Southeast United States. The most appropriate benchmark would be a 2003 vintage year, U.S. small buyout benchmark. The 2003 vintage year is recommended because while the fund's first investment was in 2002, it was made in December and is the only investment that was made in 2002.













Please list and provide contact information for the 10 largest limited partners of this fund.











Limited Partner

Contact Person

Phone
Email



Teachers Union of Texas Joe Limited (713) 202-2020 [email protected]
Texas U College Endowment Sally Cio (214) 897-0148 [email protected]
Georgia State Employee Pension Beth Pension (333) 444-5555 [email protected]
Jeremy Worth Trust Jeremy H.N. Worth (214) 888-1212 [email protected]
Smith Family Office John Trustee (212-555-4646 [email protected]
Nashville City Workers Pension N.C. Worker (416) 222-1000 [email protected]
College Endowment Advisers Jim Consultant (212) 555-1234 [email protected]
Hatfield Family Office John Jennings (214) 399-3000 [email protected]
McCoy Family Office Nate Nelson (713) 444-4250 [email protected]
Regional Community Bank of the South Barbara S. Banks (919) 777-9000 [email protected]







































Notes:











The investments in this portfolio include only those transactions on which the principals voted as members of the investment committee. SBIC Investors, LP made two investments after Peter General and Polly Partner left the firm in December 2012. These two investments are not included in the exhibit.



Sheet 3: E1-B. Portfolio Companies
SBIC Investors, LP






TTS SBIC Applicant, LP














Number of Portfolio Companies: 10 PLEASE START LIST WITH THE NAMES OF COMPANIES IN WHICH ALL FINANCINGS HAVE BEEN REALIZED




Portfolio Company State of Co.'s Primary Offices (Abbrev.) Industry Description of Products / Services Deal Source Stage Co-Creditors (if applicable) Equity Investors (if applicable)
YPC Company SC Agriculture/Forestry/Fishing Producer of farm-raised catfish Conference contact Later

APG Company OK Consumer Related Theme parks operator Service provider referral Later ABC Investment Advisors
Diver Tech Co. GA Manufacturing Manufacturer of gauges for scuba industry Service provider referral Later Lake Street Partners
Imagimax TX Medical/Health Healthcare imaging Service provider referral Later ABC Investment Advisors Bank Capital Partners, Wall Street Equity Partners
Tuna Business Services NM Business Services Outsourced accounting services Service provider referral Later

Nice Hardware NC Manufacturing Retail niche hardware Auction Change of Control SBIC Partners Equity Capital Partners
Financial Conference Associates FL Business Services Financial Conference Organizers Service provider referral Change of Control

Rapid Fuel Services LA Business Services On-site fuel delivery services Cold call to company Later Cherry Tree Capital Wall Street Equity Partners
National DOG Scan FL Medical/Health Veterinary services Service provider referral Later
SBIC Partners
Energy Services TX Business Services Natural gas fueling stations Service provider referral Later

































x x x x x x x x

Sheet 4: E1-C. Financing Descriptions
SBIC Investors, LP











TTS SBIC Applicant, LP
























Number of Financings: 12 PLEASE LIST FULLY REALIZED COMPANIES FIRST, THEN PARTIALLY REALIZED, THEN UNREALIZED








$78,116,014
Portfolio Company Debt or Equity Type of Security Percentage Ownership (Fully Diluted) STRUCTURE: Current Pay Component (CP/"Blank") DEBT ONLY: Leverage Multiple thru Security (Debt/EBITDA) Total Leverage Multiple
(Debt/EBITDA)		 DEBT ONLY: Covenant Violations (CV), Restructing (RS) or Both Exit Type Date of Initial Investment Date of Exit (if Realized) Realized/
Unrealized		 Total Financing Amount
YPC Company Debt Preferred Equity 10.0%



Sale to Strategic 1/2002 8/2005 R $5,000,000
YPC Company Equity Sub Debt
CP 3.5x 4.2x CV Sale to Strategic 5/2002 12/2006 R $10,000,000
APG Company Debt Senior Secured Debt
CP 2.1x 5.2x
Refinancing 8/2002 11/2006 R $6,300,000
Diver Tech Co. Debt Sub Debt w/Warrants 2.0% CP 4.0x 4.0x Both Refinancing 3/2003 2/2008 R $7,000,000
Imagimax Debt Sub Debt w/Warrants 1.0% CP 5.6x 5.6x
Loan Prepayment 4/2003 10/2012 R $12,150,000
Tuna Business Services Debt Sub Debt w/Warrants 3.0% CP 5.0x 5.0x RS Loan Maturity 5/2003 9/2012 R $5,491,014
Nice Hardware Debt Sub Debt w/Warrants 2.5% CP 4.5x 4.5x
Refinancing 7/2007 9/2012 R $5,175,000
Nice Hardware Equity Common Equity 15.0%

4.5x

3/2008
U $5,000,000
Financial Conference Associates Debt Sub Debt w/Warrants 4.0% CP 3.8x 4.0x CV
1/2008
U $3,500,000
Rapid Fuel Services Debt Sub Debt w/Warrants 3.0% CP 6.1x 6.1x

2/2008
U $7,500,000
National DOG Scan Equity Common Equity 12.0%

3.5x

3/2008
U $5,000,000
Energy Services Debt Senior Secured Debt
CP 1.5x 4.2x

7/2008
U $6,000,000




















































x x x x x x x x x x x x x

Sheet 5: E1-D. Covenant Defaults
SBIC Investors, LP






TTS SBIC Applicant, LP














Portfolio Company Security Type Covenant Violation, Restructing or Both Covenant Violation Type Time in Default (Months) Default Interest Rate Charged Principal Lead Discuss the reasoning behind any restructurings, the causes of any covenant violations and the measures taken to address these issues.
YPC Company Sub Debt CV Interest Coverage 6 15.0% PG Weak cash flow from economic downturn cause violation of interest coverage ratio. Default interest rate was charged and interest was PIK'd until the ratio recovered to the threshold amount. Company never failed to make payments.
Diver Tech Co. Sub Debt w/Warrants Both




Tuna Business Services Sub Debt w/Warrants RS



Portfolio company performed strongly, refinanced our existing position. The fund chose to participate in the new financing, accepting a lower current interest rate.
Financial Conference Associates Sub Debt w/Warrants CV




































































































x x
x x x
x

Sheet 6: E1-E. Valuations
SBIC Investors, LP

TTS SBIC Applicant, LP




Portfolio Company Security Type Valuation Methodology
Nice Hardware Common Equity Held at cost
Financial Conference Associates Sub Debt w/Warrants Marked-down to reflect performance deterioration
Rapid Fuel Services Sub Debt w/Warrants Future realization proceeds
National DOG Scan Common Equity Held at cost
Energy Services Senior Secured Debt Held at cost

































x x x

Sheet 7: E1-F. Portfolio Co. Financials
SBIC Investors, LP
















TTS SBIC Applicant, LP





































Company Financials at Time of Initial Investment






Company Financials at Time of Full Exit OR as of Valuation Date





Company Name Realized/
Unrealized
Small Business Number of Employees Enterprise Value LTM Revenue LTM EBITDA Cash & Equivalents Total Debt
Number of Employees Enterprise Value LTM Revenue LTM EBITDA Cash & Equivalents Total Debt
YPC Company R
Y 21 $49.4 M $15.0 M $2.9 M $0.4 M $20.0 M
21 $62.0 M $16.0 M $3.5 M $0.4 M $18.0 M
APG Company R
Y 18 $48.5 M $10.7 M $1.7 M $0.5 M $29.4 M
12 $45.8 M $10.1 M $1.6 M $0.5 M $20.8 M
Diver Tech Co. R
Y 32 $97.4 M $20.3 M $4.3 M $1.2 M $29.4 M
36 $176.4 M $36.8 M $7.8 M $0.5 M $20.8 M
Imagimax R
Y 19 $60.8 M $9.8 M $2.4 M $0.9 M $29.4 M
31 $78.2 M $12.6 M $3.1 M $0.5 M $20.8 M
Tuna Business Services R
Y 34 $35.7 M $30.4 M $4.6 M $0.7 M $29.4 M
52 $60.6 M $51.6 M $7.8 M $0.5 M $20.8 M
Nice Hardware U
N 101 $223.8 M $58.9 M $11.2 M $0.9 M $29.4 M
140 $273.6 M $72.0 M $13.7 M $0.5 M $20.8 M
Financial Conference Associates U
Y 15 $47.7 M $7.7 M $2.2 M $0.6 M $29.4 M
18 $57.0 M $9.2 M $2.6 M $0.5 M $20.8 M
Rapid Fuel Services U
Y 14 $22.0 M $6.3 M $0.9 M $0.9 M $18.0 M
15 $23.0 M $6.1 M $0.9 M $0.5 M $20.8 M
National DOG Scan U
Y 26 $30.1 M $4.3 M $0.4 M $0.5 M $29.4 M
32 $65.0 M $7.4 M $0.7 M $0.5 M $62.5 M
Energy Services U
Y 22 $64.3 M $8.5 M $1.9 M $1.3 M $38.6 M
16 $58.2 M $7.6 M $1.2 M $0.5 M $20.8 M






















































SUM TOTALS:


302 $679.7 M $171.9 M $32.5 M $7.9 M $282.4 M
373 $899.8 M $229.4 M $42.9 M $4.9 M $246.9 M
x x x x x x x x x x x x x x x x x x

Sheet 8: E1-G. Active Involvement
SBIC Investors, LP
















TTS SBIC Applicant, LP

















PLEASE IDENTIFY THE ROLES PLAYED BY EVERY MEMBER OF THIS FUND'S INVESTMENT COMMITTEE
















Pre-Investment Role Post-Investment Active Involvement in Company
Portfolio Company Deal Lead Deal Co-Lead Deal Source Financial Analysis Market Research Lead Structuring Lead Due Diligence Made Recommendation to Investment/Credit Committee Investment/Credit Committee Negotiation Discussion of
Pre-Investment Role		 Top Ranking Officer Added/Replaced Officer of the company Board of Directors Board Observer Exit Process Discussion of
Post-Investment Role
YPC Company SS PG PP SS SS PG PP SS PP,PG,HP,SS PG PP - Deal source and co-lead. Played key role in structuring and due diligence.

PG

PG - Audit/Compensation Committee
APG Company PP HP PP PP PP HP PP PP PP,PG,HP,SS PP PP-Deal source and internal lead on deal. Led strucuting and worked with syndicate partners closely. X

PP

Diver Tech Co. PP SS SS PP PP SS PP PP PP,PG,HP,SS PP PP-Involved in due diligence and monitoring. Sourced by former partner, Edward Carry.


PP

Imagimax PP SS SS PP PP SS PP PP PP,PG,HP,SS PP PP-Internal lead on deal. Sourced by former partner, Edward Carry.





Tuna Business Services PP SS PP PP PP SS PP PP PP,PG,HP,SS PP PP-Internal lead on deal


PP

Nice Hardware PG
PG PG PG PG PG PG PP,PG,HP,SS PP PG-Internal lead on deal X
PG PP

Financial Conference Associates PP
PP PP PP PP PP PP PP,PG,HP,SS PG PP-Internal lead on deal

PG

PG - Audit/Compensation Committee
Rapid Fuel Services HP PG HP HP HP PG PG HP PP,PG,HP,SS PP PG-Involved in due diligence and monitoring. Sourced by former partner, Edward Carry.

PG PP

National DOG Scan PG
PP PG PG PG PP PP PP,PG,HP,SS PG PG-Internal lead on deal




PG - Audit/Compensation Committee
Energy Services SS PG PP SS SS PG PG SS PP,PG,HP,SS PG PG - Internal lead on deal. Sourced by PP.

PG PP























































x x x x x x x x x x x x x x x x x x

Sheet 9: E1-H. - Portfolio Cash Flows
SBIC Investors, LP






















TTS SBIC Applicant, LP















































Realized (R) or Unrealized (U): R R R R R R R U U U U U




Realized Unrealized TOTAL (Gross)


Company Name: YPC Company YPC Company APG Company Diver Tech Co. Imagimax Tuna Business Services Nice Hardware Nice Hardware Financial Conference Associates Rapid Fuel Services National DOG Scan Energy Services







Date of Initial Investment (Month-YY): Jan-02 May-02 Aug-02 Mar-03 Apr-03 May-03 Jul-07 Mar-08 Jan-08 Feb-08 Mar-08 Jul-08







Date of Exit (Month-YY): Aug-05 Dec-06 Nov-06 Feb-08 Oct-12 Sep-12 Sep-12












Debt/Equity/Other: Debt Equity Debt Debt Debt Debt Debt Equity Debt Debt Equity Debt







Security Type: Preferred Equity Sub Debt Senior Secured Debt Sub Debt w/Warrants Sub Debt w/Warrants Sub Debt w/Warrants Sub Debt w/Warrants Common Equity Sub Debt w/Warrants Sub Debt w/Warrants Common Equity Senior Secured Debt






Year Last Date in Quarter





















1988 3/31/1988 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0

1988 6/30/1988 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0

1988 9/30/1988 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0

1988 12/31/1988 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0

2002 3/31/2002 (5,000,000) 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(5,000,000) 0 (5,000,000)

2002 6/30/2002 63,500 (10,000,000) 0 0 0 0 0 0 0 0 0 0 0 0 0

(9,936,500) 0 (9,936,500)

2002 9/30/2002 0 199,381 (6,300,000) 0 0 0 0 0 0 0 0 0 0 0 0

(6,100,619) 0 (6,100,619)

2002 12/31/2002 0 123,881 157,111 0 0 0 0 0 0 0 0 0 0 0 0

280,992 0 280,992

2003 3/31/2003 0 123,881 115,600 (7,000,000) 0 0 0 0 0 0 0 0 0 0 0

(6,760,519) 0 (6,760,519)

2003 6/30/2003 0 123,881 118,100 707,867 (12,150,000) (4,845,514) 0 0 0 0 0 0 0 0 0

(16,045,666) 0 (16,045,666)

2003 9/30/2003 0 123,881 118,100 216,300 201,100 95,500 0 0 0 0 0 0 0 0 0

754,881 0 754,881

2003 12/31/2003 0 123,881 116,800 215,400 89,500 62,400 0 0 0 0 0 0 0 0 0

607,981 0 607,981

2004 3/31/2004 725,000 123,881 115,600 1,538,433 89,500 62,400 0 0 0 0 0 0 0 0 0

2,654,814 0 2,654,814

2004 6/30/2004 0 123,881 118,100 162,800 89,500 62,400 0 0 0 0 0 0 0 0 0

556,681 0 556,681

2004 9/30/2004 0 2,378,624 118,100 162,800 89,500 62,400 0 0 0 0 0 0 0 0 0

2,811,424 0 2,811,424

2004 12/31/2004 0 92,911 116,800 2,061,133 89,500 62,400 0 0 0 0 0 0 0 0 0

2,422,744 0 2,422,744

2005 3/31/2005 0 92,911 115,600 74,375 89,500 (400,000) 0 0 0 0 0 0 0 0 0

(27,614) 0 (27,614)

2005 6/30/2005 0 92,911 118,100 74,375 89,500 133,800 0 0 0 0 0 0 0 0 0

508,686 0 508,686

2005 9/30/2005 650,000 4,047,799 118,100 74,375 89,500 71,400 0 0 0 0 0 0 0 0 0

5,051,174 0 5,051,174

2005 12/31/2005 0 56,041 116,800 1,498,793 89,500 71,400 0 0 0 0 0 0 0 0 0

1,832,534 0 1,832,534

2006 3/31/2006 0 56,041 116,800 36,875 89,500 62,400 0 0 0 0 0 0 0 0 0

361,616 0 361,616

2006 6/30/2006 0 56,041 116,800 133,088 89,500 62,400 0 0 0 0 0 0 0 0 0

457,829 0 457,829

2006 9/30/2006 0 56,041 116,839 130,201 8,041,489 62,400 0 0 0 0 0 0 0 0 0

8,406,970 0 8,406,970

2006 12/31/2006 0 6,139,374 7,638,287 1,494,491 15,000 64,489 0 0 0 0 0 0 0 0 0

15,351,641 0 15,351,641

2007 3/31/2007 0 0 0 117,866 15,000 1,975,878 0 0 0 0 0 0 0 0 0

2,108,744 0 2,108,744

2007 6/30/2007 0 0 0 162,817 15,000 2,250 0 0 0 0 0 0 0 0 0

180,067 0 180,067

2007 9/30/2007 0 0 0 158,496 1,007,500 2,250 (5,175,000) 0 0 0 0 0 0 0 0

(4,006,754) 0 (4,006,754)

2007 12/31/2007 0 0 0 748,851 0 2,250 431,500 0 0 0 0 0 0 0 0

1,182,601 0 1,182,601

2008 3/31/2008 0 0 0 1,624,573 0 2,250 220,000 (3,800,015) (1,549,695) (4,632,874) (3,000,000) 0 0 0 0

1,846,823 (12,982,584) (11,135,761)

2008 6/30/2008 0 0 0 0 35,196 2,250 222,400 387,300 291,600 350,800 648,100 0 0 0 0

259,846 1,677,800 1,937,646

2008 9/30/2008 0 0 0 0 0 (245,500) 224,900 161,000 121,000 155,600 402,500 (6,000,000) 0 0 0

(20,600) (5,159,900) (5,180,500)

2008 12/31/2008 0 0 0 0 0 19,600 224,900 161,000 122,300 157,000 428,800 355,700 0 0 0

244,500 1,224,800 1,469,300

2009 3/31/2009 0 0 0 0 46,928 9,600 222,400 159,300 122,200 156,700 386,800 160,381 0 0 0

278,928 985,381 1,264,309

2009 6/30/2009 0 0 0 0 0 0 222,400 136,500 123,400 (2,000,000) 273,000 154,800 0 0 0

222,400 (1,312,300) (1,089,900)

2009 9/30/2009 0 0 0 0 0 0 224,900 138,697 126,000 319,200 0 157,658 0 0 0

224,900 741,555 966,455

2009 12/31/2009 0 0 0 0 5,169,000 43,000 224,900 147,300 127,300 162,600 (2,000,000) 158,900 0 0 0

5,436,900 (1,403,900) 4,033,000

2010 3/31/2010 0 0 0 0 0 7,400 220,000 137,070 125,800 (347,126) 5,100,000 158,592 0 0 0

227,400 5,174,336 5,401,736

2010 6/30/2010 0 0 0 0 330,000 7,400 222,400 139,986 128,483 324,200 56,426 159,532 0 0 0

559,800 808,627 1,368,427

2010 9/30/2010 0 0 0 0 0 7,500 224,889 166,681 131,208 166,984 53,862 162,508 0 0 0

232,389 681,243 913,632

2010 12/31/2010 0 0 0 0 0 7,500 224,888 167,634 132,549 168,477 41,547 163,755 0 0 0

232,388 673,962 906,350

2011 3/31/2011 0 0 0 0 454,000 7,500 220,000 141,281 130,993 166,289 37,845 266,223 0 0 0

681,500 742,631 1,424,131

2011 6/30/2011 0 0 0 0 0 7,500 222,444 143,565 178,364 174,608 38,481 164,441 0 0 0

229,944 699,459 929,403

2011 9/30/2011 0 0 0 0 0 7,500 225,216 (1,199,985) 180,324 172,989 57,865 167,509 0 0 0

232,716 (621,298) (388,582)

2011 12/31/2011 0 0 0 0 0 0 224,889 449,464 180,342 (520,000) 41,564 5,812,653 0 0 0

224,889 5,964,023 6,188,912

2012 3/31/2012 0 0 0 0 0 0 220,000 192,740 (1,950,305) 363,941 38,117 56,835 0 0 0

220,000 (1,298,672) (1,078,672)

2012 6/30/2012 0 0 0 0 0 0 2,684,667 194,881 598,339 176,589 35,903 0 0 0 0

2,684,667 1,005,712 3,690,379

2012 9/30/2012 0 0 0 0 0 550,000 11,916,928 679,545 250,869 180,335 35,992 0 0 0 0

12,466,928 1,146,741 13,613,669

2012 12/31/2012 0 0 0 0 600,000 0 0 675,075 250,876 182,178 36,678 0 0 0 0

600,000 1,144,807 1,744,807

Enter Valuation Quarter Here: 12/31/2012 0 0 0 0 0 0 0 6,462,972 9,625,000 8,399,479 2,000,000 2,600,000 0 0 0
Total Residual Value 0 29,087,451 29,087,451


























Value of Outstanding Warrants (if applicable): 0 0 0 0 0 0 0 2,000,000 1,500,000 1,000,000 500,000 0 0 0 0
Outstanding Warrants 0 5,000,000 5,000,000


























Realized (R) or Unrealized (U): R R R R R R R U U U U U









Company Name: YPC Company YPC Company APG Company Diver Tech Co. Imagimax Tuna Business Services Nice Hardware Nice Hardware Financial Conference Associates Rapid Fuel Services National DOG Scan Energy Services 0 0 0
SBIC Investors, LP

Debt/Equity/Other: Debt Equity Debt Debt Debt Debt Debt Equity Debt Debt Equity Debt



Portfolio Summary Statistics

Security Type: Preferred Equity Sub Debt Senior Secured Debt Sub Debt w/Warrants Sub Debt w/Warrants Sub Debt w/Warrants Sub Debt w/Warrants Common Equity Sub Debt w/Warrants Sub Debt w/Warrants Common Equity Senior Secured Debt




Realized Unrealized Total Gross Total Net


















IRR: 9.6% 29.3% 13.1% 6.1%

IRR: -36.3% 10.7%





67.4%
59.9%




MOIC: 1.48x 2.07x 3.68x 1.33x

Multiple of Invested Capital: 0.29x 1.41x 1.52x 1.63x 1.39x 0.66x 3.64x 2.17x 3.70x 1.57x 1.94x 1.78x



Proceeds/IC: 1.48x 1.00x 3.31x 1.04x


















Residual/IC: 0.00x 1.08x 0.37x 0.29x

Invested Capital: 5,000,000 10,000,000 6,300,000 7,000,000 12,150,000 5,491,014 5,175,000 5,000,000 3,500,000 7,500,000 5,000,000 6,000,000










Percent of Cost: 9.8% 19.6% 12.3% 13.7% 23.8% 10.7% 10.1% 9.8% 6.8% 14.7% 9.8% 11.7%



No. of Companies: 5 5 10



















No. of Financings: 7 5 12


Total Cash and Non-Cash Proceeds: 1,438,500 14,135,242 9,551,637 11,393,909 16,914,713 3,597,417 18,824,621 4,379,019 3,321,947 3,378,490 7,713,480 8,099,487 0 0 0
Invested Capital: $51.1 M $27.0 M $78.1 M


Residual Value: 0 0 0 0 0 0 0 6,462,972 9,625,000 8,399,479 2,000,000 2,600,000 0 0 0
% of Cost: 65.4% 34.6% 100.0%


























Gain / (Loss): (3,561,500) 4,135,242 3,251,637 4,393,909 4,764,713 (1,893,597) 13,649,621 5,841,991 9,446,947 4,277,969 4,713,480 4,699,487



Gross Receipts: $75.9 M $26.9 M $258.7 M



















Gross Residual Value: $0.0 M $29.1 M $29.1 M

Sheet 10: E1-I. Fund Cash Flows
SBIC Investors, LP





































TTS SBIC Applicant, LP














































































Starting Cash Balance
























Starting Balance











0
Non-Portfolio Income Flowing to the Fund
(+)
Non-Portfolio Expenses Flowing from Fund
(-)
Contributions to the Fund
(+)
Distributions from the Fund
(-)

0

Net Cash Flows (NCF) to Investors
Cumulative Cash Flows to Investors









































Net Portfolio Cash Flow
Fees Other Receipts
(Explain - A)		 Total Non-Investment Income
Management Fees Interest Expense - SBA Interest Expense - All Other Lenders Carried Interest Other Expenses
(Explain - B)		 Total Expenses
LP Capital Draws Leverage Drawn -
SBA		 Leverage Drawn - All Other Lenders Other Capital Drawn
(Explain - C)		 Total Capital Inflows
Distributions to LPs Leverage Repayments -
SBA		 Leverage Repayments - All Other Lenders Other
(Explain - D)		 Total Capital Outflows
Quarterly Cash Balance CUMULATIVE CASH BALANCE

NCF to LPs NCF to SBA NCF to All Other Lenders Unlevered NCF
Cumulative Net Cash Flows to LPs Cumulative Net Cash Flow to Lenders Cumulative Net Unlevered Cash Flow to Capital Providers







































1988 3/31/1988 0
0 0 0
0 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0

0 0 0 0
0 0 0
1988 6/30/1988 0
0 0 0
0 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0

0 0 0 0
0 0 0
1988 9/30/1988 0
0 0 0
0 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0

0 0 0 0
0 0 0
1988 12/31/1988 0
0 0 0
0 0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0

0 0 0 0
0 0 0
2002 3/31/2002 (5,000,000)
0 0 0
(2,000,000) 0 0 0 0 (2,000,000)
7,100,000 0 0 0 7,100,000
0 0 0 0 0
100,000 100,000

(7,100,000) 0 0 (7,100,000)
(7,100,000) 0 (7,100,000)
2002 6/30/2002 (9,936,500)
0 0 0
0 0 0 0 0 0
9,936,500 0 0 0 9,936,500
0 0 0 0 0
0 100,000

(9,936,500) 0 0 (9,936,500)
(17,036,500) 0 (17,036,500)
2002 9/30/2002 (6,100,619)
0 0 0
0 0 0 0 0 0
6,100,619 0 0 0 6,100,619
0 0 0 0 0
0 100,000

(6,100,619) 0 0 (6,100,619)
(23,137,119) 0 (23,137,119)
2002 12/31/2002 280,992
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(280,992) 0 0 0 (280,992)
0 100,000

280,992 0 0 280,992
(22,856,127) 0 (22,856,127)
2003 3/31/2003 (6,760,519)
0 0 0
(2,000,000) 0 0 0 0 (2,000,000)
8,710,519 0 0 0 8,710,519
0 0 0 0 0
(50,000) 50,000

(8,710,519) 0 0 (8,710,519)
(31,566,646) 0 (31,566,646)
2003 6/30/2003 (16,045,666)
0 0 0
0 0 0 0 0 0
16,045,666 0 0 0 16,045,666
0 0 0 0 0
0 50,000

(16,045,666) 0 0 (16,045,666)
(47,612,312) 0 (47,612,312)
2003 9/30/2003 754,881
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(754,881) 0 0 0 (754,881)
0 50,000

754,881 0 0 754,881
(46,857,431) 0 (46,857,431)
2003 12/31/2003 607,981
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(607,981) 0 0 0 (607,981)
0 50,000

607,981 0 0 607,981
(46,249,450) 0 (46,249,450)
2004 3/31/2004 2,654,814
0 0 0
(2,000,000) 0 0 (500,000) 0 (2,500,000)
1,750,000 0 0 0 1,750,000
(1,904,814) 0 0 0 (1,904,814)
0 50,000

154,814 0 0 154,814
(46,094,636) 0 (46,094,636)
2004 6/30/2004 556,681
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(556,681) 0 0 0 (556,681)
0 50,000

556,681 0 0 556,681
(45,537,955) 0 (45,537,955)
2004 9/30/2004 2,811,424
0 0 0
0 0 0 (811,424) 0 (811,424)
0 0 0 0 0
(2,000,000) 0 0 0 (2,000,000)
0 50,000

2,000,000 0 0 2,000,000
(43,537,955) 0 (43,537,955)
2004 12/31/2004 2,422,744
0 0 0
0 0 0 (1,000,000) 0 (1,000,000)
0 0 0 0 0
(1,422,744) 0 0 0 (1,422,744)
0 50,000

1,422,744 0 0 1,422,744
(42,115,211) 0 (42,115,211)
2005 3/31/2005 (27,614)
0 0 0
(2,000,000) 0 0 0 0 (2,000,000)
2,052,614 0 0 0 2,052,614
0 0 0 0 0
25,000 75,000

(2,052,614) 0 0 (2,052,614)
(44,167,825) 0 (44,167,825)
2005 6/30/2005 508,686
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(508,686) 0 0 0 (508,686)
0 75,000

508,686 0 0 508,686
(43,659,139) 0 (43,659,139)
2005 9/30/2005 5,051,174
0 0 0
0 0 0 (551,174) 0 (551,174)
0 0 0 0 0
(4,500,000) 0 0 0 (4,500,000)
0 75,000

4,500,000 0 0 4,500,000
(39,159,139) 0 (39,159,139)
2005 12/31/2005 1,832,534
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(1,832,534) 0 0 0 (1,832,534)
0 75,000

1,832,534 0 0 1,832,534
(37,326,605) 0 (37,326,605)
2006 3/31/2006 361,616
0 0 0
(2,000,000) 0 0 0 0 (2,000,000)
2,000,000 0 0 0 2,000,000
(361,616) 0 0 0 (361,616)
0 75,000

(1,638,384) 0 0 (1,638,384)
(38,964,989) 0 (38,964,989)
2006 6/30/2006 457,829
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(457,829) 0 0 0 (457,829)
0 75,000

457,829 0 0 457,829
(38,507,160) 0 (38,507,160)
2006 9/30/2006 8,406,970
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(8,406,970) 0 0 0 (8,406,970)
0 75,000

8,406,970 0 0 8,406,970
(30,100,190) 0 (30,100,190)
2006 12/31/2006 15,351,641
0 0 0
0 0 0 (2,101,641) 0 (2,101,641)
0 0 0 0 0
(13,250,000) 0 0 0 (13,250,000)
0 75,000

13,250,000 0 0 13,250,000
(16,850,190) 0 (16,850,190)
2007 3/31/2007 2,108,744
0 0 0
(500,000) 0 0 (108,744) 0 (608,744)
550,000 0 0 0 550,000
(2,000,000) 0 0 0 (2,000,000)
50,000 125,000

1,450,000 0 0 1,450,000
(15,400,190) 0 (15,400,190)
2007 6/30/2007 180,067
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(180,067) 0 0 0 (180,067)
0 125,000

180,067 0 0 180,067
(15,220,123) 0 (15,220,123)
2007 9/30/2007 (4,006,754)
0 0 0
0 0 0 0 0 0
4,006,754 0 0 0 4,006,754
0 0 0 0 0
0 125,000

(4,006,754) 0 0 (4,006,754)
(19,226,877) 0 (19,226,877)
2007 12/31/2007 1,182,601
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(1,182,601) 0 0 0 (1,182,601)
0 125,000

1,182,601 0 0 1,182,601
(18,044,276) 0 (18,044,276)
2008 3/31/2008 (11,135,761)
0 0 0
(500,000) 0 0 0 0 (500,000)
11,585,761 0 0 0 11,585,761
0 0 0 0 0
(50,000) 75,000

(11,585,761) 0 0 (11,585,761)
(29,630,037) 0 (29,630,037)
2008 6/30/2008 1,937,646
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(1,937,646) 0 0 0 (1,937,646)
0 75,000

1,937,646 0 0 1,937,646
(27,692,391) 0 (27,692,391)
2008 9/30/2008 (5,180,500)
0 0 0
0 0 0 0 0 0
5,180,500 0 0 0 5,180,500
0 0 0 0 0
0 75,000

(5,180,500) 0 0 (5,180,500)
(32,872,891) 0 (32,872,891)
2008 12/31/2008 1,469,300
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(1,469,300) 0 0 0 (1,469,300)
0 75,000

1,469,300 0 0 1,469,300
(31,403,591) 0 (31,403,591)
2009 3/31/2009 1,264,309
0 0 0
(500,000) 0 0 0 0 (500,000)
450,000 0 0 0 450,000
(1,264,309) 0 0 0 (1,264,309)
(50,000) 25,000

814,309 0 0 814,309
(30,589,282) 0 (30,589,282)
2009 6/30/2009 (1,089,900)
0 0 0
0 0 0 0 0 0
1,089,900 0 0 0 1,089,900
0 0 0 0 0
0 25,000

(1,089,900) 0 0 (1,089,900)
(31,679,182) 0 (31,679,182)
2009 9/30/2009 966,455
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(966,455) 0 0 0 (966,455)
0 25,000

966,455 0 0 966,455
(30,712,727) 0 (30,712,727)
2009 12/31/2009 4,033,000
0 0 0
0 0 0 (33,000) 0 (33,000)
0 0 0 0 0
(4,000,000) 0 0 0 (4,000,000)
0 25,000

4,000,000 0 0 4,000,000
(26,712,727) 0 (26,712,727)
2010 3/31/2010 5,401,736
0 0 0
(500,000) 0 0 (1,500,000) 0 (2,000,000)
500,000 0 0 0 500,000
(3,901,736) 0 0 0 (3,901,736)
0 25,000

3,401,736 0 0 3,401,736
(23,310,991) 0 (23,310,991)
2010 6/30/2010 1,368,427
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(1,368,427) 0 0 0 (1,368,427)
0 25,000

1,368,427 0 0 1,368,427
(21,942,564) 0 (21,942,564)
2010 9/30/2010 913,632
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(913,632) 0 0 0 (913,632)
0 25,000

913,632 0 0 913,632
(21,028,932) 0 (21,028,932)
2010 12/31/2010 906,350
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(906,350) 0 0 0 (906,350)
0 25,000

906,350 0 0 906,350
(20,122,582) 0 (20,122,582)
2011 3/31/2011 1,424,131
0 0 0
(500,000) 0 0 0 0 (500,000)
500,000 0 0 0 500,000
(1,424,131) 0 0 0 (1,424,131)
0 25,000

924,131 0 0 924,131
(19,198,451) 0 (19,198,451)
2011 6/30/2011 929,403
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(929,403) 0 0 0 (929,403)
0 25,000

929,403 0 0 929,403
(18,269,048) 0 (18,269,048)
2011 9/30/2011 (388,582)
0 0 0
0 0 0 0 0 0
388,582 0 0 0 388,582
0 0 0 0 0
0 25,000

(388,582) 0 0 (388,582)
(18,657,630) 0 (18,657,630)
2011 12/31/2011 6,188,912
0 0 0
0 0 0 (2,000,000) 0 (2,000,000)
0 0 0 0 0
(4,188,912) 0 0 0 (4,188,912)
0 25,000

4,188,912 0 0 4,188,912
(14,468,718) 0 (14,468,718)
2012 3/31/2012 (1,078,672)
0 0 0
(500,000) 0 0 0 0 (500,000)
1,603,672 0 0 0 1,603,672
0 0 0 0 0
25,000 50,000

(1,603,672) 0 0 (1,603,672)
(16,072,390) 0 (16,072,390)
2012 6/30/2012 3,690,379
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(3,690,379) 0 0 0 (3,690,379)
0 50,000

3,690,379 0 0 3,690,379
(12,382,011) 0 (12,382,011)
2012 9/30/2012 13,613,669
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(13,613,669) 0 0 0 (13,613,669)
0 50,000

13,613,669 0 0 13,613,669
1,231,658 0 1,231,658
2012 12/31/2012 1,744,807
0 0 0
0 0 0 0 0 0
0 0 0 0 0
(1,744,807) 0 0 0 (1,744,807)
0 50,000

1,744,807 0 0 1,744,807
2,976,465 0 2,976,465
2012 12/31/2012




























23,319,961 0 0 23,319,961
26,296,426 0 26,296,426
Final Fund Cash Flows:
RESIDUAL VALUE OF PORTFOLIO
Fees Receivable Other Receivables TOTAL FUND RESIDUAL VALUE
Fees Payable Interest Payable Interest Payable - A Carried Interest on Residual Other Payables TOTAL EXPENSES DUE
Total Paid-In Capital Total SBA Leverage Drawn Total Other Leverage Drawn Total Other Capital Drawn Total Capital Drawn
Final Distribution to LPs Final Repayment of Leverage Final Repayment of Other Leverage Other Final Financing Flows TOTAL REMAINING OUTFLOWS
FINAL CASH BALANCE


NCF to LPs NCF to SBA NCF to Other Unlevered NCF



As of: 12/31/2012 29,087,451
0 0 29,087,451
0 0 0 (5,817,490) 0 (5,817,490)
$80 M $0 M $0 M $0 M $80 M
(23,319,961) 0 0 0 (23,319,961)
0
Net IRR:
6.1%

6.1%
































TVPI:
1.33x

1.33x
































DPI:
1.04x

1.04x
































RPI:
0.29x

0.29x
































Mgmt. Fees as % of Committed Capital:
13.0%













































Notes:





































Explain A:
































Explain B:
































Explain C:
































Explain D:
































File Typeapplication/vnd.openxmlformats-officedocument.spreadsheetml.sheet
File Modified0000-00-00
File Created0000-00-00
© 2024 OMB.report | Privacy Policy