0001536577-20-000019.txt : 20201124 0001536577-20-000019.hdr.sgml : 20201124 20201124171906 ACCESSION NUMBER: 0001536577-20-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20201118 ITEM INFORMATION: Other Events FILED AS OF DATE: 20201124 DATE AS OF CHANGE: 20201124 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Medley LLC CENTRAL INDEX KEY: 0001536577 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 272437343 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37857 FILM NUMBER: 201345333 BUSINESS ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 6TH FLOOR EAST CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-759-0777 MAIL ADDRESS: STREET 1: 280 PARK AVENUE STREET 2: 6TH FLOOR EAST CITY: NEW YORK STATE: NY ZIP: 10017 8-K 1 a8kmedleyllcima112420.htm 8-K Document




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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 18, 2020


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MEDLEY LLC
(Exact name of registrant as specified in its charter)

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Delaware
 
001-37857
 
27-2437343
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
280 Park Avenue, 6th Floor East
New York, New York 10017
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 759-0777
Not Applicable
(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol(s)
 
Name of each exchange
on which registered
6.875% Notes due 2026
 
MDLX
 
New York Stock Exchange
7.25% Notes due 2024
 
MDLQ
 
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 8.01. Other Events.

On November 18, 2020, the board of directors of Medley Capital Corporation (“MCC”), a business development company currently managed and advised by MCC Advisors LLC, an affiliate of Medley LLC (the “Company”), approved the adoption of an internalized management structure for MCC effective January 1, 2021. As a result of the implementation of MCC’s new management structure, the current Investment Management and Administration Agreements between MCC Advisors LLC and MCC will expire in accordance with their respective terms on December 31, 2020. The Company’s investment advisory relationship with MCC represented approximately 18%, 25% and 29% of the Company’s total management fees for the nine months ended September 30, 2020 and years ended December 31, 2019 and 2018, respectively. As of September 30, 2020, MCC represented approximately 9% of the Company’s AUM and 18% of the Company’s fee earning AUM. AUM refers to the assets of the Company’s funds, which represents the sum of the NAV 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). Fee earning AUM refer to the assets under management on which the Company directly earns base management fees.





















































SIGNATURE

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 hereunto duly authorized.

 
Medley LLC
 
 
By:
/s/ Richard T. Allorto, Jr.
 
 
 
Name:
Richard T. Allorto, Jr.
 
 
 
Title:
Chief Financial Officer
 

Date: November 24, 2020