FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from those contained in or implied by the forward-looking statements. See "Cautionary Statement Regarding Forward-Looking Statements" following the Table of Contents for further information regarding forward-looking statements. Certain amounts and percentages in this discussion and analysis have been rounded for convenience of presentation. Unless otherwise noted, the figures in the following discussions are unaudited.
Overview
First Eagle Alternative Capital BDC, Inc. , or we, us, our or the Company, was organized as aDelaware corporation onMay 26, 2009 and initially funded onJuly 23, 2009 . We commenced principal operations onApril 21, 2010 . Our investment activities are managed byFirst Eagle Alternative Credit, LLC "FEAC" and supervised by our board of directors, a majority of whom are independent of FEAC and its affiliates. Our investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated investments in debt and equity securities of middle market companies. As ofJune 30, 2022 , we, together with our credit-focused affiliates, collectively had$21.0 billion of assets under management. This amount included our assets, assets of the managed funds and a separate account managed by us, and assets of the collateralized loan obligations (CLOs), separate accounts and various fund formats, as managed by the investment professionals of the Advisor or its consolidated subsidiary. We are a direct lender to middle market companies and invest primarily in directly originated first lien senior secured loans, including unitranche investments. In certain instances, we also make second lien, subordinated, or mezzanine, debt investments, which may include an associated equity component such as warrants, preferred stock or other similar securities and direct equity investments. Our first lien senior secured loans may be structured as traditional first lien senior secured loans or as unitranche loans. Unitranche structures combine characteristics of traditional first lien senior secured as well as second lien and subordinated loans and our unitranche loans will expose us to the risks associated with second lien and subordinated loans to the extent we invest in the "last-out" tranche or subordinated tranche (or piece) of the unitranche loan. We may also provide advisory services to managed funds. We are an externally managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in "qualifying assets," including securities of private or thinly traded publicU.S. companies, cash, cash equivalents,U.S. Government securities and high-quality debt investments that mature in one year or less. As a BDC, we must not acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Under the relevantU.S. Securities and Exchange Commission , orSEC , rules the term "eligible portfolio company" includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than$250 million , in each case organized inthe United States .
We are also registered as an investment adviser under the Investment Advisers Act of 1940, as amended.
SinceApril 2010 , after we completed our initial public offering and commenced principal operations, throughJune 30, 2022 , we have been responsible for making, on behalf of ourselves, our managed funds and separately managed account, over$2.5 billion in aggregate commitments into 182 separate portfolio companies through a combination of both initial and follow-on investments. SinceApril 2010 throughJune 30, 2022 , we, along with our managed funds and separately managed account, have received$2.0 billion of gross proceeds from the realization of investments. The Company alone has received$1.7 billion of gross proceeds from the realization of its investments during this same time period. As ofJune 30, 2022 , our managed funds,First Eagle Greenway Fund II, LLC , or Greenway II, and its separately managed account, collectively Greenway II, have received$221.5 million , or 118.4% of the committed capital, respectively. We have elected to be treated for tax purposes as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. To qualify as a RIC, we must, among other things, meet certain source of income and asset diversification requirements. As a RIC, we generally will not have to pay corporate-level income taxes on any income we distribute to our stockholders. COVID-19 Developments 71
-------------------------------------------------------------------------------- The COVID-19 pandemic has evolved since its emergence in early 2020 and as the virus and its variants have spread, many countries have instituted quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential businesses. Such actions have created disruption in global supply chains, and adversely impacted many industries. The COVID-19 pandemic (including the restrictive measures taken in response thereto) has to date (i) created temporary business disruption issues for certain of our portfolio companies, and (ii) materially and adversely impacted the value and performance of certain of our portfolio companies in previous periods. The uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19 that have emerged and other factors have and may continue to contribute to significant volatility in the global markets. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. COVID-19 and the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our performance, financial condition, results of operations and ability to pay distributions.
Reference Rate Reform
LIBOR and certain other floating rate benchmark indices to which our floating rate loans and other loan agreements are tied, including, without limitation, the Euro Interbank Offered Rate, or EURIBOR, the Stockholm Interbank Offered Rate, or STIBOR, the Australian Bank Bill Swap Reference Rate, or BBSY, the Canadian Dollar Offered Rate, or CDOR, the Swiss Average Rate Overnight, or SARON, and the Copenhagen Interbank Offering Rate, or CIBOR, or collectively, IBORs, are the subject of recent national, international and regulatory guidance and proposals for reform. As ofDecember 31, 2021 , theICE Benchmark Association , or IBA, ceased publication of all non-USD LIBOR and the one-week and two-month USD LIBOR and, as previously announced, intends to cease publication of remainingU.S. dollar LIBOR settings immediately afterJune 30, 2023 . Further, onMarch 15, 2022 , the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in theU.S. This legislation establishes a uniform benchmark replacement process for financial contracts that mature afterJune 30, 2023 which do not contain clearly defined or practicable fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by theBoard of Governors of theFederal Reserve . TheU.S. Federal Reserve , in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of largeU.S. financial institutions, has identified the Secured Overnight Financing Rate, or SOFR, an index calculated using short-term repurchase agreements backed byTreasury securities, as its preferred alternative rate for USD LIBOR. At this time, it is not possible to predict how markets will respond to SOFR or other alternative reference rates as the transition away from USD LIBOR proceeds. Despite the LIBOR transition in other markets, benchmark rate methodologies inEurope ,Australia ,Canada , andSwitzerland have been reformed and rates such as EURIBOR, STIBOR, BBSY, CDOR, SARON, and CIBOR may persist asInternational Organization of Securities Commissions compliant reference rates moving forward. However, multi-rate environments may persist in these markets as regulators and working groups have suggested market participants adopt alternative reference rates.
Portfolio Composition and Investment Activity
Portfolio Composition
As ofJune 30, 2022 , we had$366.8 million of portfolio investments (at fair value), which represents a$25.3 million , or 6.5% decrease from the$392.1 million (at fair value) as ofDecember 31, 2021 . The decrease in our total portfolio assets is attributable o portfolio contraction due to significant repayments during the period, as well as decrease in portfolio valuations in our controlled portfolio companies, discussed below. Our portfolio consisted of 71 investments, including Greenway II, as ofJune 30, 2022 , compared to 76 portfolio investments, including Greenway II, as ofDecember 31, 2021 . As ofJune 30, 2022 , we had$81.5 million of controlled portfolio investments (at fair value) in three portfolio companies, which represents a$15.8 million , or 16.2%, decrease from$97.3 million (at fair value) as ofDecember 31, 2021 in three portfolio companies. The decrease in controlled portfolio companies was the result of a decrease in fair value ofFirst Eagle Logan JV, LLC , or Logan JV, as well as the decrease in the fair value ofLoadmaster Derrick andOEM Group . Our average controlling equity position atJune 30, 2022 was approximately$30.9 million and$11.2 million at cost and fair value, respectively. Our investment in the Logan JV represented 16.5% and 18.6% of our portfolio investments at fair value as ofJune 30, 2022 andDecember 31, 2021 , respectively. We are currently limiting new investments in new portfolio companies to 2.5% of our investment portfolio based upon the most recent fair market value. 72 -------------------------------------------------------------------------------- The following table shows certain portfolio highlights based on cost and fair value (in millions). As of June 30, 2022 December 31, 2021 Cost Fair Value Cost Fair Value Largest portfolio company investment - Logan JV$ 91.9 $ 60.6 $ 91.9 $ 72.8 Largest portfolio company investment - excluding Logan JV, Greenway II, investments 13.2 3.2 12.0 10.7 where we hold controlling equity position and investments where we hold equity only Average portfolio company investment 6.4 5.2 5.9 5.2 Average portfolio company investment - excluding Logan JV, Greenway II, investments 4.8 4.6 4.4 4.4 where we hold controlling equity position and investments where we hold equity only Total investments where we hold controlling equity position and investments where we 71.6 29.6 68.9 36.9
hold equity only, including Greenway II
At
The following table shows the weighted average yield by investment category at
their current cost.
As of
Description: June 30, 2022 December 31, 2021
First lien senior secured debt (1)(4) 7.6 % 6.8 %
Second lien debt (1)(4) 0.0 % 1.9 %
Debt and income-producing investments (1)(2)(4) 7.1 % 6.4 %
Logan JV (3) 5.8 % 7.1 %
All investments including Logan JV (1)(3)(4) 6.8 % 6.5 %
(1) Includes all loans on non-accrual status and restructured loans for which
income is not being recognized as of
(2) Includes yields on controlled investments, but excludes the yield on the
Logan JV.
(3) As of
of
and
7.1%, respectively, based on average capital invested. We expect the dividend
yield to fluctuate as a result of the timing of additional capital invested,
the changes in asset yields in the underlying portfolio and the overall
performance of the Logan JV investment portfolio.
(4) Excluding restructured loans for which income is not being recognized as of
secured debt, 7.7% on debt and income-producing investments and 7.3% on all
investments including Logan JV. As of
any non-restructured second lien debt. Excluding restructured loans for which
income is not being recognized as of
would be 6.9% on first lien senior secured debt, 11.9% on second lien debt,
6.9% on debt and income-producing investments and 7.0% on all investments
including Logan JV.
The weighted average yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of our fees and expenses. The weighted average yield was computed using the effective interest rates as ofJune 30, 2022 , including accretion of original issue discount and loan origination fees. This weighted average yield reflects the impact of loans on non-accrual status and restructured loans for which income is not being recognized as ofJune 30, 2022 andDecember 31, 2021 . There can be no assurance that the weighted average yield will remain at its current level. As ofJune 30, 2022 andDecember 31, 2021 , 0.5% and 0.8%, respectively, of our investment portfolio at fair value was comprised of non-income producing equity and warrant investments. We intend to continue to reduce our non-income producing investments in 2022 and beyond. No assurance can be given that we will be successful in achieving this target. As ofJune 30, 2022 andDecember 31, 2021 , portfolio investments, in which we have debt investments, had a median adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of approximately$15.9 million and$17.3 million , respectively, based on the latest available financial information provided by the portfolio companies for each of these periods. As ofJune 30, 2022 andDecember 31, 2021 , our median attachment point in the capital structure of our debt investments in portfolio companies is approximately 4.5 times and 4.3 times the portfolio company's EBITDA, respectively, based on our latest available financial information for each of these periods. 73 -------------------------------------------------------------------------------- We expect the percentage of our portfolio investments in unsponsored investments to decrease over time as we work through restructurings, which may include providing additional liquidity through revolving loans, and ultimately an exit of our unsponsored investments. However, these portfolio investments may require follow-on capital as we work through restructurings, which will increase our exposure to these investments. Going forward, we expect unsponsored investments we make, if any, would only be in first lien senior secured investments. As ofJune 30, 2022 , our portfolio of unsponsored debt investments included three investments, excluding our investment inWheels Up Partners, LLC , which is a non-income producing equity security. Two are performing at or above our expectations and have an Investment Score of 2 and 3. The other unsponsored investment has an Investment Score of 5. As ofDecember 31, 2021 , our portfolio of unsponsored debt investments included three investments, excluding our investment inWheels Up Partners, LLC , which is a non-income producing equity security. Two were performing at or above our expectations and have an Investment Score of 2. The other unsponsored investment had an Investment Score of 5.
As of
The following table summarizes sponsored and unsponsored investments based on amortized cost and fair value (in millions).
As of June 30, 2022 As of December 31, 2021
Fair Fair
Value Value
Amortized Fair as % of Amortized Fair as % of
Cost Value Total Cost Value Total
Sponsored Investments (1) $ 312.9 $ 284.1 92.8 % $ 308.4 $ 294.1 92.1 %
Unsponsored Investments (1) 46.9 22.0 7.2 % 46.9 25.2 7.9 %
Total $ 359.8 $ 306.1 100.0 % $ 355.3 $ 319.3 100.0 %
(1) Excludes Greenway II and the Logan JV.
The following table summarizes the amortized cost and fair value of investments
as of
Amortized Percentage of Percentage of
Description Cost Total Fair Value (1) Total
First lien senior secured debt $ 320.3 71.0 % $ 295.1 80.4 %
Investment in Logan JV 91.9 20.3 % 60.6 16.5 %
Second lien debt 22.8 5.1 % 6.6 1.8 %
Investments in funds 3.9 0.8 % 2.8 0.8 %
Equity investments 12.8 2.8 % 1.7 0.5 %
Total investments $ 451.7 100.0 % $ 366.8 100.0 %
(1) All investments are categorized as Level 3 in the fair value hierarchy,
except for 1) certain broadly syndicated loans which are categorized as Level
2 in the fair value hierarchy and noted as such on the Consolidated Schedule
of Investments as of
JV, which are excluded from the fair value hierarchy in accordance with
ASU 2015-07. These assets are valued at net asset value.
The following table summarizes the amortized cost and fair value of investments
as of
Amortized Percentage of Percentage of
Description Cost Total Fair Value (1) Total
First lien senior secured debt $ 310.5 69.4 % $ 299.6 76.4 %
Investment in Logan JV 91.9 20.5 % 72.8 18.6 %
Second lien debt 27.1 6.1 % 12.9 3.3 %
Investments in funds 4.9 1.1 % 3.7 0.9 %
Equity investments 12.8 2.9 % 3.1 0.8 %
Total investments $ 447.2 100.0 % $ 392.1 100.0 %
(1) All investments are categorized as Level 3 in the fair value hierarchy,
except for investments in funds and the Logan JV, which are excluded from the
fair value hierarchy in accordance with ASU 2015-07. These assets are valued
at net asset value.
74
--------------------------------------------------------------------------------
We expect the percent of our core assets, which we define as first lien senior
secured loans and the Logan JV, to continue to increase as a percent of total
investments as we exit non-qualifying BDC assets as defined under the 1940 Act
and our controlled equity investments, through sales or repayments, and redeploy
these proceeds. We intend to continue our efforts to reposition the portfolio
towards these core assets, which we believe will reduce our exposure to
portfolio company risks and potential changes in interest rates.
The following is a summary of the industry classification in which we invest as
of
Amortized % of Total % of Net
Industry Cost Fair Value Portfolio Assets
Healthcare & Pharmaceuticals $ 76.8 $ 76.9 20.96 % 48.47 %
Investment Funds And Vehicles 95.7 63.4 17.30 % 39.96 %
Services: Business 27.4 27.5 7.49 % 17.30 %
High Tech Industries 25.1 25.2 6.87 % 15.88 %
Services: Consumer 24.5 23.8 6.49 % 14.99 %
Capital Equipment 45.7 21.0 5.72 % 13.22 %
Consumer Goods: Non-Durable 30.3 20.3 5.54 % 12.79 %
Finance 12.2 12.3 3.34 % 7.72 %
Banking 10.7 10.8 2.95 % 6.82 %
Insurance 9.4 9.5 2.57 % 5.93 %
Energy: Oil & Gas 26.3 8.5 2.33 % 5.39 %
Chemicals, Plastics, & Rubber 7.2 7.2 1.97 % 4.56 %
Environmental Industries 7.2 7.2 1.96 % 4.53 %
Media: Broadcasting & Subscription 7.2 7.2 1.96 % 4.53 %
Retail 6.8 6.9 1.88 % 4.34 %
Construction & Building 6.5 6.6 1.79 % 4.13 %
Telecommunications 6.6 6.5 1.76 % 4.07 %
Containers, Packaging, & Glass 5.4 5.4 1.48 % 3.43 %
Sovereign & Public Finance 5.1 5.1 1.39 % 3.21 %
Consumer Goods: Durable 4.5 4.5 1.24 % 2.86 %
Automotive 3.9 3.9 1.07 % 2.47 %
Transportation: Cargo 3.3 3.3 0.90 % 2.09 %
Hotel, Gaming, & Leisure 2.9 2.9 0.79 % 1.83 %
Transportation: Consumer 1.0 0.9 0.25 % 0.57 %
Total Investments $ 451.7 $ 366.8 100.00 % 231.09 %
75--------------------------------------------------------------------------------
The following is a summary of the industry classification in which we invest as
of
Amortized % of Total % of Net
Industry Cost Fair Value Portfolio Assets
Investment Funds And Vehicles $ 96.9 $ 76.5 19.51 % 40.09 %
Healthcare & Pharmaceuticals 60.6 61.0 15.55 % 31.96 %
Consumer Goods: Non-Durable 36.2 34.9 8.90 % 18.30 %
High Tech Industries 31.9 30.9 7.87 % 16.19 %
Services: Consumer 28.2 27.8 7.10 % 14.59 %
Services: Business 24.6 24.8 6.32 % 12.99 %
Capital Equipment 45.7 22.8 5.82 % 11.97 %
Banking 15.0 15.1 3.86 % 7.94 %
Retail 12.8 12.8 3.25 % 6.69 %
Finance 12.2 12.3 3.15 % 6.45 %
Energy: Oil & Gas 22.5 10.8 2.76 % 5.68 %
Insurance 9.2 9.4 2.40 % 4.93 %
Environmental Industries 7.3 7.4 1.88 % 3.87 %
Chemicals, Plastics, & Rubber 7.1 7.1 1.82 % 3.74 %
Construction & Building 6.5 6.6 1.68 % 3.46 %
Telecommunications 6.2 6.2 1.57 % 3.23 %
Media: Broadcasting & Subscription 5.2 5.2 1.32 % 2.72 %
Containers, Packaging, & Glass 4.8 4.9 1.25 % 2.58 %
Sovereign & Public Finance 4.1 4.1 1.05 % 2.17 %
Automotive 3.9 4.0 1.01 % 2.08 %
Hotel, Gaming, & Leisure 3.0 3.0 0.78 % 1.60 %
Transportation: Cargo 2.3 2.4 0.61 % 1.24 %
Transportation: Consumer 1.0 2.1 0.54 % 1.12 %
Total Investments $ 447.2 $ 392.1 100.00 % 205.59 %
Investment Activity
The following is a summary of our investment activity, presented on a cost
basis, for the three and six months ended
Three months ended June 30 ,
Six months ended
2022 2021 2022 2021
New portfolio investments $ 4.5 $ 45.7 $ 6.8 $ 66.0
Existing portfolio investments:
Follow-on investments (1) 12.6 2.5 25.4 4.7
Delayed draw and revolver investments 1.6 4.3
(1) 8.4 12.8
Total existing portfolio investments 21.0 4.1 38.2 9.0
Total portfolio investment activity
$ 45.0 $ 75.0 Number of new portfolio investments 1 12 2 18 Number of follow-on investments 9 4 13 5
First lien senior secured debt
$ 45.0 $ 75.0 Equity investments 0.2 - 0.1 - Total portfolio investments$ 25.7 $ 49.8 $ 45.1 $ 75.0 Weighted average yield of new debt 7.7 % 7.4 % 7.2 % 7.1 %
investments
Weighted average yield, including all 7.7 % 7.4 % 7.2 % 7.1 %
new income-producing investments
(1) Includes follow-on investments in controlled investments. Refer to Schedule
12-14 for additional detail.
For the three months endedJune 30, 2022 and 2021, we had prepayments, amortization payments, and sales of our investments, including any prepayment premiums, totaling$35.5 million and$25.1 million , respectively. For the six months endedJune 30, 2022 and 2021, we had prepayments, amortization payments, and sales of our investments, including any prepayment premiums, totaling 76 --------------------------------------------------------------------------------
The following are proceeds received from notable prepayments, sales and other activity related to our investments (in millions):
For the six months ended
• Repayment of a second lien term loan in
par, which resulted in proceeds of
• Repayment of a first lien senior secured term loan and revolver in
Aurotech, LLC , which resulted in total proceeds (including cash and
amounts placed in escrow) of $1.0 million ;
• Repayment of a first lien senior secured term loan in
which resulted in proceeds of
• Repayment of a first lien senior secured term loan in Evergreen Services
• Repayment of a first lien senior secured term loan and revolver in 1-800
• Repayment of a first lien senior secured term loan in
which resulted in proceeds of
of
• Repayment of a first lien senior secured term loan in Xcel Brands, Inc.,
which resulted in proceeds of
of
For the six months ended
• Repayment of a first lien senior secured term loan and delayed draw loans
in
received of
• Repayment of a first lien senior secured term loan in
LTD LLC , which resulted in proceeds of$3.0 million , including a prepayment premium;
• Repayment of a first lien senior secured term loan in Whitney, Bradley &
Brown, Inc. , which resulted in proceeds of$7.5 million , including a prepayment premium; and
• Repayment of a first lien senior secured term loan and revolving loan in
Communication Technology Intermediate, which resulted in proceeds of
million, including a prepayment premium of
Our level of investment activity can vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make. The frequency and volume of any prepayments may fluctuate significantly from period to period.
Aggregate Cash Flow Realized Gross Internal Rate of Return
SinceApril 2010 , after we completed our initial public offering and commenced principal operations, throughJune 30, 2022 , our fully exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of 11.0% (based on cash invested of$1.8 billion and total proceeds from these exited investments of$2.2 billion ). 76.5% of these exited investments resulted in an aggregate cash flow realized gross internal rate of return to us of 10% or greater. Internal rate of return, or IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total cash invested in our investments is equal to the present value of all realized returns from the investments. Our IRR calculations are unaudited.
Investment Risk
The value of our investments will generally fluctuate with, among other things,
changes in prevailing interest rates, federal tax rates, counterparty risk,
general economic conditions, the condition of certain financial markets,
developments or trends in any particular industry and the financial condition of
the issuer. During periods of limited liquidity and higher price volatility, our
ability to dispose of investments at a price and time that we deem advantageous
may be impaired.
77
--------------------------------------------------------------------------------
Lower-quality debt securities involve greater risk of default or price changes
due to changes in the credit quality of the issuer. The value of lower-quality
debt securities often fluctuates in response to company, political, or economic
developments and can decline significantly over short periods of time or during
periods of general or regional economic difficulty. Lower-quality debt
securities can be thinly traded or have restrictions on resale, making them
difficult to sell at an acceptable price. The default rate for lower-quality
debt securities is likely to be higher during economic recessions or periods of
high interest rates.
Logan JV
On December 3, 2014 , we entered into an agreement with Perspecta Trident LLC , an
affiliate of Perspecta Trust LLC , or Perspecta, to create First Eagle Logan JV,
LLC , or Logan JV, a joint venture, which invests primarily in senior secured
first lien term loans. All Logan JV investment decisions must be unanimously
approved by the Logan JV investment committee consisting of one representative
from each of us and Perspecta.
We have determined that Logan JV is an investment company under ASC 946,
however, in accordance with such guidance, we will generally not consolidate our
investment in a company other than a substantially owned investment company
subsidiary or a controlled operating company whose business consists of
providing services to us. Accordingly, we do not consolidate our non-controlling
interest in Logan JV.
Logan JV is capitalized with equity contributions which are generally called
from its members, on a pro-rata basis based on their equity commitments, as
transactions are completed. Any decision by the Logan JV to call down on capital
commitments requires the explicit authorization of us, coupled with that of
Perspecta, and we may withhold such authorization for any reason in our sole
discretion.
As of June 30, 2022 and December 31, 2021 , Logan JV had the following
commitments, contributions and unfunded commitments from its members (in
millions).
As of June 30, 2022
Total Contributed Return of Capital Unfunded
Member Commitments Capital (not recallable) Commitments
First Eagle Alternative Capital BDC, Inc. $ 110.0 $ 92.6 $ 8.0 $ 9.4
Perspecta Trident LLC 27.5 23.2 2.0 2.3
Total Investments $ 137.5 $ 115.8 $ 10.0 $ 11.7
As of December 31, 2021
Total Contributed Return of Capital Unfunded
Member Commitments Capital (not recallable) Commitments
First Eagle Alternative Capital BDC, Inc. $ 110.0 $ 92.6 $ 8.0 $ 9.4
Perspecta Trident LLC 27.5 23.2 2.0 2.3
Total Investments $ 137.5 $ 115.8 $ 10.0 $ 11.7
On April 19, 2022 , Logan JV closed on a $300.6 million LJV I MM CLO LLC (the
"CLO") with a 3-year reinvestment period. On the closing date of the
transaction, in consideration of Logan JV's transfer to the CLO of the initial
closing date loan portfolio, the CLO transferred to Logan JV 100% of the
Subordinated Notes and 100% of the Class E Notes issued by the CLO. The CLO
became a consolidated subsidiary of Logan JV. Contemporaneously with the close
of the CLO, Logan JV SPV was merged into the CLO. Proceeds from the CLO were
used to pay off the amounts outstanding under the Logan JV Credit Facility (as
discussed below).
Logan JV has a senior credit facility, or the Logan JV Credit Facility, with
Deutsche Bank AG and other banks, which was amended on January 9, 2021 to reduce
commitments, extend the maturity date to July 12, 2025 , and amend the pricing.
On April 19, 2022 , in connection with the closing of the CLO, Logan JV SPV
terminated the Logan JV Credit Facility, and as of June 30, 2022 had no
commitments subject to leverage and borrowing base restrictions. As of
December 31, 2021 , the Logan JV Credit Facility had $225.0 million of
commitments subject to leverage and borrowing base restrictions with an interest
rate of three month LIBOR (with no LIBOR floor) plus 2.50%. As of December 31,
2021 , Logan JV had $147.0 million of outstanding borrowings under the credit
facility.
As of June 30, 2022 and December 31, 2021 , Logan JV, including its consolidated
subsidiaries, had total investments at fair value of $289.5 million and $224.4
million , respectively. As of June 30, 2022 and December 31, 2021 , Logan JV's
portfolio was comprised of senior secured first lien and second lien loans to
134 and 95 different borrowers, respectively. As of June 30, 2022 , there
78
--------------------------------------------------------------------------------
were no loans on non-accrual status. As of December 31, 2021 , there was one loan
on non-accrual status with an amortized cost and fair value of $1.7 million and
$0.1 million , respectively. As of June 30, 2022 and December 31, 2021 , Logan JV
had unfunded commitments to fund revolver and delayed draw loans to its
portfolio companies totaling $5 million and $2.5 million , respectively. The
portfolio companies in Logan JV's portfolio are in industries similar to those
in which we may invest directly.
Below is a summary of Logan JV's portfolio, followed by a listing of the
individual loans in Logan JV's portfolio as of
As of
As of June 30, December 31,
2022 2021
First lien secured debt, at par $ 312,807 $ 231,727
Second lien debt, at par 3,282 2,282
Total debt investments, at par $ 316,089 $ 234,009
Weighted average yield on first lien secured loans (1) 6.4 % 5.5 %
Weighted average yield on second lien loans (1) 9.6 % 8.5 %
Weighted average yield on all loans (1) 6.5 % 5.5 %
Number of borrowers in Logan JV 134 95
Largest loan to a single borrower (2) $ 5,000 $ 5,000
Total of five largest loans to borrowers (2) $ 23,266 (1) Weighted average yield at their current cost.
(2) At current principal amount.
The weighted average yield of Logan JV's debt investments is not the same as a return on Logan JV investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of our expenses. The weighted average yield was computed using the effective interest rates as ofJune 30, 2022 andDecember 31, 2021 , respectively, but excluding the effective rates on investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level. For the three and six months endedJune 30, 2022 , our share of distributions declared related to ourLogan JV LLC equity interest was$0.3 million and$2.0 million , respectively, which amounts are included in dividend income from controlled investments in the Consolidated Statement of Operations and reduction of cost basis on the Consolidated Statement of Assets and Liabilities. For the three and six months endedJune 30, 2021 , our share of distributions declared related to ourLogan JV LLC equity interest was$1.6 million and$3.2 million , respectively, which amounts are included in dividend income from controlled investments in the Consolidated Statement of Operations and reduction of cost basis on the Consolidated Statement of Assets and Liabilities. As ofJune 30, 2022 andDecember 31, 2021 ,$0.3 million and$2.3 million , respectively, of income related to the Logan JV was included in interest, dividends and fees receivable on the Consolidated Statements of Assets and Liabilities. As ofJune 30, 2022 andDecember 31, 2021 ,$0.0 million and$0.1 million , respectively, of return of capital associated with distributions declared was included in Prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. As ofJune 30, 2022 , the distributions declared and earned of$5.3 million for the twelve months endedJune 30, 2022 , represented a dividend yield to the Company of 5.8% based upon average capital invested. As ofDecember 31, 2021 , distributions declared and earned of$6.6 million for the twelve months endedDecember 31, 2021 , represented a dividend yield to the Company of 7.1% based upon average capital invested. We expect the dividend yield to fluctuate as a result of the timing of additional capital invested, the changes in asset yields in the underlying portfolio and the overall performance of the Logan JV investment portfolio. 79
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of June 30, 2022
(dollar amounts in thousands)
Initial
Type of Investment/ Interest Rate Acquisition Maturity Amortized Fair
Portfolio company (16) Industry (1) Date Date Principal Cost Value (2)
Senior Secured First
Lien Term Loans
Australia
Ticketek Pty Ltd Services: Consumer 5.92% (SOFR 11/22/2019 11/26/2026 1,466 $ 1,457 $ 1,431
+4.25%)
Total Australia $ 1,457 $ 1,431
Canada
Avison Young Canada Services: Business 8% (LIBOR 03/07/2019 01/31/2026 3,864 $ 3,822 $ 3,818
Inc. +5.75%)
Bausch Health Healthcare & 5.75% (SOFR 03/16/2022 02/01/2027 2,000 1,965 1,723
Companies (15) Pharmaceuticals +5.25%)
PNI Canada Acquireco High Tech Industries 6.17% (LIBOR 10/31/2018 10/31/2025 837 835 803
Corp +4.5%)
WildBrain Ltd. Media: Diversified & 5.92% (LIBOR 03/19/2021 03/24/2028 1,975 1,943 1,869
Production +4.25%)
Total Canada $ 8,565 $ 8,213
Germany 03/08/2025 2,873$ 2,867 $ 2,722 GmbH +4%) Total Germany$ 2,867 $ 2,722 Luxembourg Travelport Finance Services: Consumer 7.25% (LIBOR 09/22/2020
+5%)
Travelport Finance Services: Consumer 3.75% (LIBOR
02/28/2025 2,224 2,158 2,247
+1.5%)
Total Luxembourg 0% (LIBOR 01/00/1900 1/0/1900 - $ 3,889 $ 3,613
+0%)
Netherlands
Pegasus BidCo BV (15) Beverage, Food & 0% (SOFR 05/05/2022
05/03/2029 4,000 3,960 3,805
Tobacco +6.51%)
Total Netherlands $ 3,960 $ 3,805
United Kingdom
Auxey Bidco Ltd. Services: Consumer 7.25% (LIBOR 08/07/2018 06/16/2025 5,000 $ 4,911 $ 4,827
+5%)
Total United Kingdom $ 4,911 $ 4,827
United States of
America
A Place for Mom Inc Media: Advertising, 6.17% (LIBOR 07/28/2017 02/10/2026 3,258 $ 3,250 $ 3,045
Printing & +4.5%)
Publishing
Abe Investment Media: Diversified & 6.13% (LIBOR 04/07/2022 02/19/2026 2,387 $ 2,385 $ 2,313
Holdings, Inc. Production +4.5%)
Advisor Group Holdings Banking, Finance, 6.17% (LIBOR
Insurance & Real +4.5%)
Estate
AG Parent Holdings LLC
07/31/2026 4,096$ 4,070 $ 3,930 +5%) AgroFresh Inc. Chemicals, Plastics 7.92% (LIBOR 12/01/2015 12/31/2024 1,232$ 1,231 $ 1,209 & Rubber +6.25%) Alcami Carolinas Corp Healthcare & 5.82% (LIBOR 07/09/2018 07/12/2025 3,850$ 3,842 $ 3,552 Pharmaceuticals +4.25%) Alchemy US Holdco 1 Chemicals, Plastics 7.17% (LIBOR 10/01/2018 10/10/2025 1,655$ 1,643 $ 1,596 LLC & Rubber +5.5%) Allen Media, LLC Media: Broadcasting 7.7% (SOFR 07/29/2021 02/10/2027 3,427$ 3,408 $ 3,070 & Subscription +5.5%) Alpine US Bidco LLC Beverage, Food & 6.37% (LIBOR 04/28/2021 05/03/2028 1,500$ 1,475 $ 1,391 Tobacco +5.25%) Alvogen Pharma US, Healthcare & 7.5% (LIBOR 09/02/2021 12/31/2023 3,067$ 2,997 $ 2,710 Inc. Pharmaceuticals +5.25%) AMCP Clean Acquisition Wholesale 5.88% (LIBOR 07/10/2018
+4.25%)
AMCP Clean Acquisition Wholesale 5.88% (LIBOR 07/10/2018 06/15/2025 562 $ 561 $ 453
Co LLC +4.25%)
American Achievement Retail 6.25% (LIBOR 02/11/2021 09/30/2026 1,470 $ - $ -
Corporation (3) (14) +6.25%)
American Public Services: Consumer 7.17% (LIBOR 03/29/2021 09/01/2027 963 $ 946 $ 929
Education +5.5%)
80
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of June 30, 2022
(dollar amounts in thousands)
Initial
Type of Investment/ Interest Rate Acquisition Maturity Amortized Fair
Portfolio company (16) Industry (1) Date Date Principal Cost Value (2)
ANI Pharmaceuticals, Healthcare & 7.67% (LIBOR 05/24/2021 11/19/2027 3,184 $ 3,134 $ 3,061
Inc. Pharmaceuticals +6%)
Anne Arundel Healthcare & 7.25% (LIBOR 10/12/2020 10/16/2025 3,266 $ 3,207 $ 3,200
Dermatology Management, Pharmaceuticals +5%)
LLC
Ansira Holdings, Inc. Media: Diversified & 7.82% (LIBOR 04/17/2018 12/20/2024 700 $ 696 $ 454
Production +6.5%)
Ansira Holdings, Inc. Media: Diversified & 8.75% (LIBOR 12/20/2016 12/20/2024 2,090 $ 2,084 $ 1,329
Production +6.5%)
Anthology / Blackboard High Tech Industries 6.92% (LIBOR 10/22/2021 10/25/2028 2,704 $ 2,606 $ 2,364
+5.25%)
Apex Analytix, Inc. Services: Business 6.5% (SOFR 06/15/2022 06/15/2028 317 $ 311 $ 311
(15) +5.75%)
Apex Analytix, Inc. Services: Business 6.5% (SOFR 06/15/2022 06/15/2029 2,807 $ 2,751 $ 2,751
(15) +5.75%)
Arcline FM Holding, LLC Aerospace & Defense 7.63% (LIBOR 09/02/2021 06/23/2028 1,985 $ 1,976 $ 1,871
+4.75%)
Ascend Performance Chemicals, Plastics & 7% (LIBOR 08/16/2019 08/27/2026 858 $ 847 $ 838
Materials Operations Rubber +4.75%)
LLC
Axiom Global Inc. Services: Business 5.5% (LIBOR 09/25/2019 10/01/2026 2,985 $ 2,952 $ 2,888
+4.75%)
BCP Qualtek Merger Sub Telecommunications 7.49% (LIBOR 07/16/2018 07/18/2025 3,625 $ 3,593 $ 3,075
LLC +6.25%)
Belfor Holdings Inc. Services: Business 5.78% (SOFR 03/15/2022 04/06/2026 4,500 $ 4,367 $ 4,365
+4.25%)
Brand Energy & Energy: Oil & Gas 6.5% (LIBOR 06/16/2017 06/21/2024 2,850 $ 2,842 $ 2,480
Infrastructure +4.25%)
Services, Inc.
Brookfield WEC Holdings Construction & 4.73% (SOFR 05/23/2022 08/01/2025 1,000 $ 960 $ 964
Inc Building +3.75%)
Canister International Forest Products & 6.42% (LIBOR 12/18/2019 12/21/2026 1,955 $ 1,942 $ 1,882
Group Inc Paper +4.75%)
Cano Health, LLC Healthcare & 5.63% (SOFR 06/24/2021 11/23/2027 1,975 $ 1,971 $ 1,810
Pharmaceuticals +4%)
CCI Buyer, Inc. Services: Business 6.05% (SOFR 02/24/2022 12/17/2027 3,985 $ 3,915 $ 3,646
+4%)
Clear Balance Holdings, Banking, Finance, 8.45% (SOFR 07/07/2015 10/05/2023 4,462 $ 4,458 $ 4,150
LLC Insurance & Real +6.25%)
Estate
Cloudera, Inc. High Tech Industries 5.42% (LIBOR 08/10/2021 10/08/2028 2,993 $ 2,966 $ 2,763
+3.75%)
CMI Marketing, Inc Media: Advertising, 5.87% (LIBOR 03/19/2021 03/23/2028 1,980 $ 1,991 $ 1,879
Printing & Publishing +4.25%)
Confluence High Tech Industries 4.99% (LIBOR 07/22/2021 07/31/2028 2,985 $ 2,972 $ 2,821
Technologies, Inc. +3.75%)
Deliver Buyer (15) Capital Equipment 6% (SOFR 06/09/2022 05/24/2029 1,398 $ 1,251 $ 1,261
+5.5%)
Dermatology Healthcare & 5.75% (SOFR 03/23/2022 04/02/2029 551 $ 81 $ 51
Intermediate Holdings Pharmaceuticals +4.25%)
III, Inc (4)(14)
Dermatology Healthcare & 4.75% (SOFR 03/23/2022 04/02/2029 2,949 $ 2,882 $ 2,757
Intermediate Holdings Pharmaceuticals +4.25%)
III, Inc (15)
Drilling Info Inc. High Tech Industries 5.92% (LIBOR 07/27/2018 07/30/2025 4,331 $ 4,321 $ 4,248
+4.25%)
Eisner Advisory Group Banking, Finance, 6.39% (SOFR 08/16/2021 08/13/2028 1,985 $ 1,969 $ 1,866
LLC Insurance & Real +4.75%)
Estate
Eliassen Group, LLC Services: Business 7.25% (SOFR 03/31/2022 04/14/2028 370 $ (1 ) $ (6 )
(5)(14) +5.75%)
Eliassen Group, LLC Services: Business 7.8% (SOFR 03/31/2022 04/14/2028 1,630 $ 1,614 $ 1,605
+5.75%)
Empower Payments Services: Business 5.67% (LIBOR 10/05/2018 10/10/2025 3,860 $ 3,855 $ 3,706
Acquisition +4%)
Epic Staffing Group Healthcare & 7.5% (SOFR 06/27/2022 06/28/2029 523 $ (31 ) $ (31 )
(6)(14) Pharmaceuticals +6%)
Epic Staffing Healthcare & 7.5% (SOFR 06/27/2022 06/24/2029 2,477 $ 2,328 $ 2,328
Group (15) Pharmaceuticals +6%)
EyeSouth (7)(14) Healthcare & 5.25% (LIBOR 03/15/2021 03/21/2028 295 $ (1 ) $ (13 )
Pharmaceuticals +4.5%)
EyeSouth Healthcare & 6% (LIBOR 03/15/2021 03/12/2028 1,688 $ 1,684 $ 1,616
Pharmaceuticals +4.5%)
FloWorks International Metals & Mining 7.38% (SOFR 02/18/2022 12/27/2028 2,500 $ 2,476 $ 2,363
LLC +5.75%)
Foley Products Co LLC Construction & 6.95% (SOFR 02/11/2022 12/29/2028 2,993 $ 2,964 $ 2,847
Building +4.75%)
Gastro Health Holdco, Healthcare & 6.75% (LIBOR 07/02/2021 07/03/2028 705 $ 693 $ 659
LLC Pharmaceuticals +4.5%)
Gastro Health Holdco, Healthcare & 6.75% (LIBOR 07/02/2021 07/03/2028 2,115 $ 2,079 $ 1,977
LLC Pharmaceuticals +4.5%)
Global Medical Healthcare & 4.25% (LIBOR 03/16/2022 10/02/2025 1,990 $ 1,937 $ 1,856
Response, Inc. Pharmaceuticals +4.25%)
Golden West Packaging Containers, Packaging 6.92% (LIBOR 11/29/2021 12/01/2027 1,988 $ 1,969 $ 1,923
Group LLC & Glass +5.25%)
Greenway Health, LLC Healthcare & 3.75% (LIBOR 04/29/2022 02/16/2024 1,995 $ 1,873 $ 1,817
Pharmaceuticals +3.75%)
HDT Holdco, Inc. Aerospace & Defense 8% (LIBOR 06/30/2021 07/08/2027 3,800 $ 3,717 $ 3,567
+5.75%)
HEXION INC Chemicals, Plastics & 5.92% (SOFR 03/02/2022 03/01/2029 2,000 $ 1,952 $ 1,801
Rubber +4.5%)
Highline Aftermarket Retail 6.17% (LIBOR 03/21/2022 11/09/2027 947 $ 896 $ 843
Acquisition, LLC +4.5%)
Hoffman Southwest Environmental 6.5% (LIBOR 05/16/2019 08/14/2023 1,325 $ 1,322 $ 1,279
Corporation Industries +5.5%)
Hornblower Sub LLC Hotel, Gaming & 7.38% (LIBOR 03/08/2019 04/28/2025 1,769 $ 1,557 $ 1,333
Leisure +4.5%)
81
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of June 30, 2022
(dollar amounts in thousands)
Initial
Type of Investment/ Interest Acquisition Maturity Amortized Fair
Portfolio company (16) Industry Rate (1) Date
Date Principal Cost Value (2)
High Tech Industries 5.78% (SOFR 03/16/2022
+4.25%)
International Textile Consumer goods: 5% (LIBOR
05/01/2024 900$ 899 $ 734 Group Inc Durable +5%) Intertape Polymer Forest Products & 6.86% (SOFR 06/15/2022 06/14/2028 1,250$ 1,150 $ 1,145 Group Inc. Paper +4.75%)
Isagenix International Services: Consumer 7.93% (LIBOR
06/14/2025 1,540$ 1,534 $ 923 LLC +5.75%) Jack Ohio Finance Hotel, Gaming & 6.42% (LIBOR 04/27/2022 10/04/2028 2,992$ 2,950 $ 2,828 Leisure +4.75%) LaserShip, Inc. Transportation: 7.38% (LIBOR 10/20/2021 04/30/2028 993$ 988 $ 890 Cargo +4.5%) Lereta, LLC High Tech Industries 6.92% (LIBOR 07/27/2021 07/27/2028 1,985$ 1,968 $ 1,809 +5.25%) Lids Holdings, Inc Retail 7.33% (SOFR 12/03/2021 12/14/2026 938$ 921 $ 909 +5.5%) Lifescan Global Healthcare & 6% (LIBOR 06/19/2018 10/01/2024 3,570$ 3,515 $ 3,147 Corporation Pharmaceuticals +6%)
Liquid Tech Solutions Transportation: 7% (LIBOR
03/11/2028 2,972$ 2,960 $ 2,883 Holdings, LLC Cargo +4.75%) LRS Holdings LLC Environmental 5.92% (LIBOR 08/13/2021 08/31/2028 2,488$ 2,477 $ 2,338 Industries +4.25%) MAG DS Corp. Aerospace & Defense 7.75% (LIBOR 09/21/2020 04/01/2027 1,164$ 1,121 $ 1,071 +5.5%) Mavis Tire Express Automotive 5.63% (SOFR 04/13/2022
+4%)
McAfee Enterprise
+4.75%)
Miller's Ale House Inc Hotel, Gaming & 6.37% (LIBOR
05/30/2025 2,304$ 2,299 $ 2,165 Leisure +4.75%) MRI SOFTWARE LLC Construction & 7.75% (LIBOR 01/31/2020 02/10/2026 1,467$ 1,463 $ 1,438 Building +5.5%) NAC Holding Banking, Finance, 7.5% (LIBOR 10/02/2020 09/28/2024 3,817$ 3,774 $ 3,807 Corporation Insurance & Real +5.25%) Estate NAPA Management Healthcare & 6.25% (SOFR 02/18/2022 02/23/2029 3,990$ 3,888 $ 3,702 Services Corp Pharmaceuticals +5.25%) New Constellis Aerospace & Defense 7.5% (LIBOR 03/27/2020 03/27/2024 331$ 318 $ 278 Borrower LLC +7.5%)
12/20/2024 1,910$ 1,876 $ 1,771 Inc +5.5%) NextCare, Inc. (8) Healthcare & 6.75% (LIBOR 02/13/2018 06/30/2024 628$ 183 $ 169 Pharmaceuticals +4.5%) NextCare, Inc. Healthcare & 6.75% (LIBOR 02/13/2018 06/30/2024 3,721$ 3,709 $ 3,628 Pharmaceuticals +4.5%)
Northern Star Holdings Utilities: Electric 6.55% (LIBOR
+4.5%)
Insurance & Real +5.25%)
Estate
Odyssey Logistics & Transportation: 5.24% (LIBOR
+4%)
Omni Intermediate Transportation: 6% (LIBOR
12/30/2026 112$ (1 ) $ (2 ) Holdings, LLC (9)(14) Cargo +5%) Omni Intermediate Transportation: 7.1% (SOFR 11/24/2021 12/30/2026 1,875$ 1,860 $ 1,846 Holdings, LLC Cargo +5%) Options Technology Services: Business 5.75% (LIBOR 10/29/2021 12/26/2025 606$ (3 ) $ - (10)(14) +4.75%) Options Technology Services: Business 7.63% (LIBOR 10/29/2021 12/27/2025 2,440$ 2,414 $ 2,440 +4.75%) Orion Business High Tech Industries 6.76% (LIBOR 10/18/2018 10/21/2024 546$ 544 $ 546 Innovations +4.5%) Orion Business High Tech Industries 6.76% (LIBOR 03/04/2019 10/21/2024 806$ 803 $ 806 Innovations +4.5%) Orion Business High Tech Industries 6.76% (LIBOR 10/18/2018 10/21/2024 1,868$ 1,861 $ 1,868 Innovations +4.5%)
Osmosis Buyer Limited Services: Consumer 4.84% (SOFR
+3.75%)
Output Services Group Services: Business 6.01% (LIBOR
+4.5%)
OVG Business Services, Services: Business 7.25% (LIBOR
+6.25%)
Cargo +4%)
PH Beauty Holdings Containers, 6.57% (LIBOR 10/04/2018 09/28/2025 2,888 $ 2,874 $ 2,628
III, Inc. Packaging & Glass +5%)
PLH Group Inc Energy: Oil & Gas 7.41% (LIBOR 08/01/2018 07/25/2023 3,252 $ 3,235 $ 3,212
+6%)
Non-Durable +5.5%)
12/02/2025 1,980$ 1,950 $ 1,980 Inc. Insurance & Real +6%) Estate Portfolio Holding, Banking, Finance, 8.88% (LIBOR 11/15/2021 12/02/2025 416$ 412 $ 416 Inc. Insurance & Real +6%) Estate Portfolio Holding, Banking, Finance, 8.88% (LIBOR 11/15/2021 12/02/2025 622$ 611 $ 622 Inc. Insurance & Real +6%) Estate Portillo's Holdings, Beverage, Food & 7.17% (LIBOR 11/27/2019
09/06/2024 1,945$ 1,936 $ 1,921 LLC Tobacco +5.5%) Precisely High Tech Industries 5.18% (LIBOR 06/24/2021 04/24/2028 2,980$ 2,955 $ 2,709 +4%) Premier Dental Healthcare & 6.17% (LIBOR 08/11/2021 08/18/2028 184$ 178 $ 167 Services, Inc. (11) Pharmaceuticals +4.5%) 82 -------------------------------------------------------------------------------- Logan JV Loan Portfolio as of June 30, 2022 (dollar amounts in thousands)
Initial
Type of Investment/ Interest Rate Acquisition Maturity Amortized Fair
Portfolio company (16) Industry (1) Date Date Principal Cost Value (2)
Premier Dental Healthcare & 5.28% (LIBOR 08/11/2021 08/18/2028 1,806 $ 1,798 $ 1,692
Services, Inc. Pharmaceuticals +4.5%)
Prince International Chemicals, Plastics & 5.38% (SOFR 05/27/2022 04/21/2029 1,000 $ 901 $ 877
Corporation Rubber +4.25%)
Pure Fishing Inc Consumer goods: 6.17% (LIBOR 12/20/2018 12/22/2025 1,161 $ 1,138 $ 996
Non-Durable +4.5%)
Quest Software High Tech Industries 5.14% (SOFR 03/21/2022 02/01/2029 2,000 $ 1,971 $ 1,786
+4.25%)
Quidditch Acquisition Beverage, Food & 8.67% (LIBOR 03/16/2018 03/21/2025 978 $ 970 $ 860
Inc Tobacco +7%)
Reedy Industries Inc. Services: Consumer 5.25% (LIBOR 08/24/2021 08/31/2028 299 $ (1 ) $ (16 )
(12)(14) +4.5%)
Reedy Industries Inc. Services: Consumer 6.07% (LIBOR 08/24/2021 08/31/2028 1,692 $ 1,685 $ 1,599
+4.5%)
Restaurant Services: Business 6.3% (SOFR 03/17/2022 04/02/2029 1,995 $ 1,947 $ 1,919
Technologies, Inc. +4.25%)
Rocket Software, Inc. High Tech Industries 5.92% (LIBOR 03/16/2022 11/28/2025 1,990 $ 1,960 $ 1,855
+4.25%)
R-Pac International Containers, Packaging 6.75% (LIBOR 11/23/2021 12/29/2027 373 $ (7 ) $ (7 )
Corp (13)(14) & Glass +6%)
R-Pac International Containers, Packaging 7.67% (LIBOR 11/23/2021 12/29/2027 2,993 $ 2,938 $ 2,933
Corp & Glass +6%)
RSA Security LLC High Tech Industries 5.93% (LIBOR 04/16/2021 04/27/2028 1,985 $ 1,973 $ 1,720
+4.75%)
RXB Holdings, Inc. Services: Business 6.61% (LIBOR 07/28/2021 12/20/2027 1,985 $ 1,976 $ 1,841
+4.5%)
Sinclair Television Media: Broadcasting & 5.38% (SOFR 04/13/2022 04/13/2029 3,000 $ 2,912 $ 2,775
Group, Inc. Subscription +3.75%)
Skillsoft Corp. High Tech Industries 6.19% (SOFR 03/25/2022 07/14/2028 2,000 $ 1,966 $ 1,869
+5.25%)
Smyrna Ready Mix Hotel, Gaming & 5.88% (SOFR 03/24/2022 03/23/2029 2,000 $ 1,942 $ 1,855
Concrete LLC Leisure +4.25%)
Solenis International Chemicals, Plastics & 6.72% (SOFR 03/31/2022 11/09/2028 1,995 $ 1,956 $ 1,878
LP Rubber +4.5%)
Solera Holdings Inc Services: Business 5.67% (LIBOR 03/16/2022 06/02/2028 1,990 $ 1,961 $ 1,845
+4%)
SPX FLOW INC Capital Equipment 6.13% (SOFR 03/18/2022 03/18/2029 1,988 $ 1,919 $ 1,857
+4.5%)
Stats, LLC Hotel, Gaming & 6.69% (LIBOR 03/30/2022 07/10/2026 3,486 $ 3,464 $ 3,347
Leisure +5.25%)
Teneo Holdings LLC Services: Business 6.85% (SOFR 07/15/2019 07/11/2025 4,473 $ 4,406 $ 4,186
+5.25%)
Titan Sub LLC Aerospace & Defense 6.67% (LIBOR 09/19/2019 09/21/2026 1,725 $ 1,712 $ 1,651
+5%)
TouchTunes Media: Diversified & 7.3% (SOFR 04/22/2022 04/02/2029 3,000 $ 2,971 $ 2,914
Production +5.25%)
Upstream Newco, Inc. Healthcare & 5.89% (SOFR 07/22/2021 11/20/2026 3,858 $ 3,847 $ 3,542
Pharmaceuticals +4.25%)
Veracode (15) High Tech Industries 5.25% (SOFR 04/20/2022 05/02/2029 2,000 $ 1,990 $ 1,905
+4.75%)
VeriFone Systems, Inc. Services: Business 5.52% (LIBOR 03/16/2022 08/20/2025 1,995 $ 1,934 $ 1,804
+4%)
W3 Topco LLC Energy: Oil & Gas 7.1% (LIBOR 08/13/2019 08/16/2025 658 $ 634 $ 634
+6%)
Women's Care Holdings Services: Consumer 4.5% (LIBOR 05/20/2022 01/15/2028 1,496 $ 1,448 $ 1,406
Inc +4.5%)
Yak Access LLC Energy: Oil & Gas 6.57% (LIBOR 06/29/2018 07/11/2025 2,513 $ 2,479 $ 1,702
+5%)
Zayo Group Holdings, Telecommunications 5.78% (SOFR 04/29/2022 03/09/2027 1,995 $ 1,946 $ 1,870
Inc. +4.25%)
Zenith American Services: Business 7.5% (LIBOR 03/11/2019 12/13/2024 2,457 $ 2,454 $ 2,450
Holding, Inc. +5.25%)
Zenith American Services: Business 7.5% (LIBOR 03/11/2019 12/13/2024 120 $ 120 $ 120
Holding, Inc. +5.25%)
Total United States of $ 277,916 $ 261,755
America
Total Senior Secured $ 303,565 $ 286,366
First Lien Term Loans
Second Lien Term Loans
United States of
America
ASP MSG Acquisition Co Beverage, Food & 9.75% (LIBOR 06/23/2021 08/16/2025 2,000 $ 1,977 $ 2,010
Inc Tobacco +7.5%)
New Constellis Borrower Aerospace & Defense 11% (LIBOR 03/27/2020 03/27/2025 282 136 127
LLC +11%)
SonicWALL Inc High Tech Industries 9.01% (LIBOR 04/13/2022 05/18/2026 1,000 983 961
+7.5%)
Total United States of $ 3,096 $ 3,098
America
83
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of June 30, 2022
(dollar amounts in thousands)
Type of Investment/ Initial
Portfolio company Interest Acquisition Maturity Amortized Fair
(16) Industry Rate (1) Date Date Principal Cost Value (2)
Total Second Lien $ 3,096 $ 3,098
Term Loans
Total Investments $ 306,661 $ 289,464
Cash equivalents
Dreyfus Government 42,885 42,885
Cash Management
Fund
Other cash accounts 2,719 2,719
Total Cash $ 45,604 $ 45,604
equivalents
(1) Variable interest rates indexed to 30-day, 60-day, 90-day or 180-day LIBOR
rates, at the borrower's option. LIBOR rates are subject to interest rate
floors.
(2) Represents fair value in accordance with ASC Topic 820.
(3) Represents a revolver commitment of
loan and/or revolving loan facilities.
(4) Represents a delayed draw commitment of
unfunded as of
have a rate than the contractual fully funded rate. Issuer pays 0.50%
unfunded commitment fee on delayed draw term loan and/or revolving loan
facilities.
(5) Represents a delayed draw commitment of
loan and/or revolving loan facilities.
(6) Represents a delayed draw commitment of
loan and/or revolving loan facilities.
(8) Represents a delayed draw commitment of
unfunded as of
have a rate than the contractual fully funded rate. Issuer pays 1.0%
unfunded commitment fee on delayed draw term loan and/or revolving loan
facilities.
(9) Represents a delayed draw commitment of
loan and/or revolving loan facilities.
(10) Represents a delayed draw commitment of
loan and/or revolving loan facilities.
(11) Represents a delayed draw commitment of $184,472 , of which $5,556 was
unfunded as of
have a rate than the contractual fully funded rate. Issuer pays 4.50%
unfunded commitment fee on delayed draw term loan and/or revolving loan
facilities.
(12) Represents a delayed draw commitment of
term.
(13) Represents a delayed draw commitment of
term.
(14) Unfunded amount will start to accrue interest when the position is funded.
LIBOR rate as of
projected interest rate. (15) Unsettled trade will start to accrue interest when the position is settled.
SOFR rate as of
projected interest rate. (16) All investments are pledged as collateral for loans payable unless otherwise
noted.
84
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of December 31, 2021
(dollar amounts in thousands)
Initial
Type of Investment/ Interest Rate Acquisition Maturity Amortized Fair
Portfolio company (16) Industry (1) Date Date Principal Cost Value (2)
Senior Secured First
Lien Term Loans
Australia
Ticketek Pty Ltd Services: Consumer 5% (LIBOR 11/22/2019 11/26/2026 1,474 $ 1,463 $ 1,432
+4.25%)
Total Australia $ 1,463 $ 1,432
Canada
Avison Young Canada Services: Business 5.97% (LIBOR 03/07/2019 01/31/2026 3,884 $ 3,836 $ 3,863
Inc. +5.75%)
PNI Canada Acquireco High Tech Industries 4.6% (LIBOR 10/31/2018 10/31/2025 1,597 1,593 1,596
Corp +4.5%)
WildBrain Ltd. Media: Diversified & 5% (LIBOR 03/19/2021 03/24/2028 - 1,950 1,983
Production +4.25%)
Total Canada $ 7,379 $ 7,442
Germany
Rhodia Acetow Consumer goods: 6.5% (LIBOR 04/21/2017 05/31/2023 955 $ 952 $ 895
Non-Durable +5.5%)
VAC Germany Holding Metals & Mining 5% (LIBOR 02/26/2018 03/08/2025 2,888 2,881 2,823
GmbH +4%)
Total Germany $ 3,833 $ 3,718
Luxembourg
Travelport Finance Services: Consumer 2.5% (LIBOR 09/22/2020 02/28/2025 2,184 2,058 2,251
(Luxembourg) S.a r.l. +1.5%)
Travelport Finance Services: Consumer 5.22% (LIBOR 09/22/2020 05/29/2026 1,745 1,723 1,458
(Luxembourg) S.a r.l. +5%)
Total Luxembourg $ 3,781 $ 3,709
United Kingdom
Auxey Bidco Ltd. Services: Consumer 5.16% (LIBOR 08/07/2018 06/16/2025 5,000 $ 4,896 $ 4,843
+5%)
EG Group Retail 4.22% (LIBOR 03/23/2018 02/07/2025 2,759 2,753 2,753
+4%)
Total United Kingdom $ 7,649 $ 7,596
United States of
America
A Place for Mom Inc Media: Advertising, 4.75% (LIBOR 07/28/2017 8/10/2024 3,830 $ 3,822 $ 3,777
Printing & Publishing +3.75%)
Advanced Integration Aerospace & Defense 5.75% (LIBOR 07/15/2016 04/03/2023 1,895 1,892 1,782
Technology LP +4.75%)
Advisor Group Holdings Fire: Finance 4.6% (LIBOR 02/05/2021 07/31/2026 3,150 3,158 3,163
Inc +4.5%)
AG Parent Holdings LLC High Tech Industries 5.1% (LIBOR 07/30/2019 07/31/2026 2,613 2,596 2,610
+5%)
AgroFresh Inc. Chemicals, Plastics & 7.25% (LIBOR 12/01/2015 12/31/2024 1,238 1,237 1,249
Rubber +6.25%)
Alcami Carolinas Corp Healthcare & 4.39% (LIBOR 07/09/2018 7/12/2025 3,870 3,860 3,551
Pharmaceuticals +4.25%)
Alchemy US Holdco 1 LLC Chemicals, Plastics & 5.6% (LIBOR 10/01/2018 10/10/2025 1,655 1,641 1,656
Rubber +5.5%)
Allen Media, LLC Media: Broadcasting & 5.72% (LIBOR 07/29/2021 02/10/2027 3,445 3,423 3,448
Subscription +5.5%)
Alpine US Bidco LLC Beverage, Food & 6% (LIBOR 04/28/2021 04/13/2028 1,508 1,480 1,504
Tobacco +5.25%)
Alvogen Pharma US, Inc. Healthcare & 6.25% (LIBOR 09/02/2021 12/31/2023 3,148 3,052 3,018
Pharmaceuticals +5.25%)
AMCP Clean Acquisition Wholesale 4.35% (LIBOR 07/10/2018 06/15/2025 2,335 2,329 1,951
Co LLC +4.25%)
AMCP Clean Acquisition Wholesale 4.35% (LIBOR 07/10/2018 06/15/2025 565 564 472
Co LLC +4.25%)
American Achievement Retail 7.25% (LIBOR 02/11/2021 09/30/2026 1,470 - -
Corporation(3) (15) +6.25%)
American Public Services: Consumer 6.25% (LIBOR 03/29/2021 09/01/2027 988 969 980
Education +5.5%)
ANI Pharmaceuticals, Healthcare & 6.75% (LIBOR 05/24/2021 05/24/2027 2,000 1,961 2,009
Inc. Pharmaceuticals +6%)
Anne Arundel Healthcare & 7% (LIBOR 10/12/2020 10/16/2025 1,358 1,233 1,234
Dermatology Management, Pharmaceuticals +6%)
LLC (4)
85
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of December 31, 2021
(dollar amounts in thousands)
Initial
Type of Investment/ Interest Rate Acquisition Maturity Amortized Fair
Portfolio company (16) Industry (1) Date Date Principal Cost Value (2)
Anne Arundel Healthcare & 8.75% (LIBOR 10/12/2020 10/16/2025 451 (7 ) -
Dermatology Pharmaceuticals +6.5%)
Management, LLC (5)
(15)
Anne Arundel Healthcare & 7.5% (LIBOR 10/12/2020 10/16/2025 2,028 1,997 1,995
Dermatology Pharmaceuticals +6.5%)
Management, LLC
Ansira Holdings, Inc. Media: Diversified & 7.5% (LIBOR 04/17/2018 12/20/2024 682 680 545
Production +6.5%)
12/20/2024 2,046 2,039 1,637
Production +6.5%)
Anthology / Blackboard
10/25/2028 1,500 1,449 1,476
+5.25%)
Arcline FM Holding, Aerospace & Defense 5.5% (LIBOR 09/02/2021 06/23/2028 1,995 1,985 1,996
LLC +4.75%)
Ascend Performance Chemicals, Plastics & 5.5% (LIBOR 08/16/2019 08/27/2026 862 851 868
Materials Operations Rubber +4.75%)
LLC
Axiom Global Inc. Services: Business 5.5% (LIBOR 09/25/2019 10/01/2026 2,992 2,964 2,947
+4.75%)
BCP Qualtek Merger Sub Telecommunications 7.25% (LIBOR
07/18/2025 3,675 3,638 3,634 LLC +6.25%) Brand Energy & Energy: Oil & Gas 5.25% (LIBOR 06/16/2017 06/21/2024 2,865 2,855 2,809 Infrastructure +4.25%)Services, Inc. Canister International Forest Products & 4.85% (LIBOR 12/18/2019 12/21/2026 1,965 1,951 1,974 Group Inc Paper +4.75%) Cano Health, LLC Healthcare & 5.25% (LIBOR 06/24/2021 11/23/2027 1,985 1,980 1,987 Pharmaceuticals +4.5%) Clear Balance Fire: Finance 6.75% (LIBOR 07/07/2015 10/05/2023 4,529 4,523 4,348 Holdings, LLC +5.75%) Cloudera, Inc. High Tech Industries 4.25% (LIBOR 08/10/2021 10/08/2028 3,000 2,971 2,996 +3.75%) CMI Marketing, Inc Media: Advertising, 4.75% (LIBOR 03/19/2021 03/23/2028 1,990 2,002 2,012 Printing & Publishing +4.25%) Confluence High Tech Industries 4.25% (LIBOR 07/22/2021 07/31/2028 3,000 2,986 2,993 Technologies, Inc. +3.75%) Conyers Park Parent Beverage, Food & 4.75% (LIBOR 06/21/2017 07/07/2024 1,287 1,285 1,298 Merger Sub Inc Tobacco +3.75%) Drilling Info Inc. High Tech Industries 4.35% (LIBOR 07/27/2018 07/30/2025 4,353 4,342 4,310 +4.25%) Eisner Advisory Group Banking, Finance, 7.5% (LIBOR 08/16/2021 07/28/2028 182 180 182 LLC Insurance & Real +6.75%) Estate
Eisner Advisory Group Banking, Finance, 6% (LIBOR
08/13/2028 1,813 1,795 1,818
LLC Insurance & Real +5.25%)
Estate
Eliassen Group, LLC Services: Business 4.35% (LIBOR 10/19/2018 11/05/2024 4,597 4,586 4,551
+4.25%)
Empower Payments Services: Business 4.47% (LIBOR 10/05/2018 10/05/2025 3,880 3,875 3,895
Acquisition +4.25%)
EyeSouth (6) (15) Healthcare & 5.25% (LIBOR 03/15/2021 03/21/2028 295 (1 ) 1
Pharmaceuticals +4.5%)
EyeSouth Healthcare & 5.25% (LIBOR 03/15/2021 03/12/2028 1,696 1,692 1,701
Pharmaceuticals +4.5%)
Gastro Health Holdco, Healthcare & 5.25% (LIBOR 07/02/2021 07/03/2028 333 268 272
LLC (7) Pharmaceuticals +4.5%)
Gastro Health Holdco, Healthcare & 5.25% (LIBOR 07/02/2021 07/03/2028 998 993 1,005
LLC Pharmaceuticals +4.5%)
Gold Standard Baking, Wholesale 7.5% (LIBOR 05/19/2015 07/23/2022 2,096 1,674 94
Inc.(17) +6.5%)
Golden West Packaging Containers, Packaging 6% (LIBOR
12/01/2027 2,000 1,980 1,990
Group LLC & Glass +5.25%)
HDT Holdco, Inc. Aerospace & Defense 6.5% (LIBOR 06/30/2021 07/08/2027 3,900 3,806 3,866
+5.75%)
Hoffman Southwest Environmental 6% (LIBOR 05/16/2019 08/14/2023 1,362 1,356 1,334
Corporation Industries +5%)
Hornblower Sub LLC Hotel, Gaming & 5.5% (LIBOR 03/08/2019 04/28/2025 1,771 1,539 1,676
Leisure +4.5%)
International Textile Consumer goods: 5.13% (LIBOR 04/20/2018 05/01/2024 913 911 848
Group Inc Durable +5%)
Isagenix International Services: Consumer 6.75% (LIBOR
06/14/2025 1,605 1,597 1,202
LLC +5.75%)
LaserShip, Inc. Transportation: Cargo 5.25% (LIBOR 10/20/2021 04/30/2028 998 993 1,000
+4.5%)
Lereta, LLC Fire: Real Estate 6% (LIBOR 07/27/2021 07/27/2028 1,995 1,976 1,997
+5.25%)
Lids Holdings, Inc Retail 5.55% (LIBOR 12/03/2021 12/03/2026 1,000 980 985
+0%)
Lifescan Global Healthcare & 6.13% (LIBOR 06/19/2018 10/01/2024 2,735 2,707 2,680
Corporation Pharmaceuticals +6%)
Liquid Tech Solutions Transportation: Cargo 5.5% (LIBOR
03/11/2028 2,987 2,974 2,987
Holdings, LLC +4.75%)
LRS Holdings LLC Environmental 4.75% (LIBOR 08/13/2021 08/12/2028 2,500 2,488 2,503
Industries +4.25%)
MAG DS Corp. Aerospace & Defense 6.5% (LIBOR 09/21/2020 04/01/2027 1,191 1,143 1,096
+5.5%)
McAfee Enterprise High Tech Industries 5.75% (LIBOR 05/03/2021 07/27/2028 2,991 2,963 2,987
+5%)
Miller's Ale House Inc Hotel, Gaming & 4.85% (LIBOR
05/21/2025 2,316 2,310 2,234
Leisure +4.75%)
MRI Software LLC Construction & 6.5% (LIBOR 01/31/2020 02/10/2026 1,474 1,470 1,473
Building +5.5%)
86
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of December 31, 2021
(dollar amounts in thousands)
Initial
Type of Investment/ Interest Acquisition Maturity Amortized Fair
Portfolio company (16) Industry Rate (1) Date Date Principal Cost Value (2)
NAC Holding Fire: Insurance 6% (LIBOR 10/02/2020 09/28/2024 3,836 3,783 3,836
Corporation +5%)
New Constellis Aerospace & Defense 8.5% (LIBOR 03/27/2020 03/27/2024 331 316 324
Borrower LLC +7.5%) 12/20/2024 1,920 1,879 1,899
Inc +5.5%)
NextCare, Inc. (8) Healthcare & 5.25% (LIBOR 02/13/2018 06/30/2024 629 115 117
Pharmaceuticals +4.25%)
NextCare, Inc. Healthcare & 5.25% (LIBOR 02/13/2018 06/30/2024 3,740 3,725 3,721
Pharmaceuticals +4.25%)
Northern Star Holdings Utilities: Electric 5.75% (LIBOR
03/28/2025 4,091 4,081 4,101 Inc. +4.75%)
11/30/2027 2,850 2,808 2,807
LLC Insurance & Real +5.5%)
Estate
Odyssey Logistics & Transportation: 5% (LIBOR
10/12/2024 1,918 1,913 1,904
Technology Corporation Cargo +4%)
Omni Logistics Transportation: 6% (LIBOR 11/24/2021 11/30/2027 172 171 171
Cargo +5%)
Omni Logistics (9) Transportation: 6% (LIBOR 11/24/2021 11/30/2027 203 9 9
Cargo +5%)
Omni Logistics Transportation: 6% (LIBOR 11/24/2021 12/30/2026 1,620 1,604 1,608
Cargo +5%)
Options Technology Services: Business 4.8% (LIBOR 10/29/2021 12/26/2025 606 (4 ) (4 )
(10) (15) +4.75%)
Options Technology Services: Business 5.75% (LIBOR 10/29/2021 12/27/2025 2,452 2,423 2,421
+4.75%)
Orion Business High Tech Industries 5.5% (LIBOR 10/18/2018 10/19/2024 549 546 549
Innovations +4.5%)
Orion Business High Tech Industries 5.5% (LIBOR 03/04/2019 10/21/2024 810 806 810
Innovations +4.5%)
Orion Business High Tech Industries 5.5% (LIBOR 10/18/2018 10/19/2024 1,877 1,869 1,877
Innovations +4.5%)
Output Services Group Services: Business 5.5% (LIBOR
03/21/2024 4,322 4,314 3,720 Inc +4.5%)
OVG Business Services, Services: Business 7.25% (LIBOR
11/20/2028 2,500 2,475 2,475 LLC +6.25%)
10/19/2026 3,439 3,463 3,456
Cargo +4%)
PH Beauty Holdings Containers, 5.18% (LIBOR 10/04/2018 09/28/2025 2,903 2,887 2,743
III, Inc. Packaging & Glass +5%)
PLH Group Inc Energy: Oil & Gas 6.15% (LIBOR 08/01/2018 07/25/2023 3,384 3,357 3,354
+6%) 12/02/2025 1,990 1,956 1,990
Inc. Insurance & Real +6%)
Estate
Portfolio Holding, Banking, Finance, 7% (LIBOR 11/15/2021 12/02/2025 417 221 225
Inc. (11) Insurance & Real +6%)
Estate
Portfolio Holding, Banking, Finance, 7% (LIBOR 11/15/2021 12/02/2025 625 613 625
Inc. Insurance & Real +6%)
Estate
Portillo's Holdings, Beverage, Food & 6.5% (LIBOR 11/27/2019
09/06/2024 1,955 1,944 1,961
LLC Tobacco +5.5%)
Precisely High Tech Industries 4.75% (LIBOR 06/24/2021 04/24/2028 1,995 1,986 1,995
+4%)
Premier Dental Healthcare & 5.25% (LIBOR 08/11/2021 08/18/2028 185 77 78
Services, Inc. (12) Pharmaceuticals +4.5%)
Premier Dental Healthcare & 5.25% (LIBOR 08/11/2021 08/18/2028 1,815 1,806 1,818
Services, Inc. Pharmaceuticals +4.5%)
Pure Fishing Inc Consumer goods: 4.6% (LIBOR 12/20/2018 12/22/2025 1,167 1,140 1,135
Non-Durable +4.5%)
Quidditch Acquisition Beverage, Food & 8% (LIBOR
03/21/2025 983 974 970
Inc Tobacco +7%)
Red Ventures, LLC Media: Advertising, 2.6% (LIBOR 10/18/2017 11/08/2024 1,977 1,969 1,968
Printing & +2.5%)
Publishing08/31/2028 299 (1 ) - (13) (15) +4.5%)
08/31/2028 1,701 1,693 1,701
+4.5%)
R-Pac International Containers, 6.75% (LIBOR 11/23/2021 01/15/2028 373 67 67
Corp (14) Packaging & Glass +6%)
R-Pac International Containers, 6.75% (LIBOR 11/23/2021
01/15/2028 3,000 2,940 2,940
Corp Packaging & Glass +6%)
RSA Security LLC High Tech Industries 5.5% (LIBOR 04/16/2021 04/27/2028 1,995 1,982 1,911
+4.75%) 12/20/2027 1,990 1,985 1,996
+4.5%)
StubHub High Tech Industries 4.75% (LIBOR 07/21/2021 02/12/2027 1,496 1,489 1,496
+4.25%) 07/11/2025 3,194 3,138 3,208
+5.25%)
Titan Sub LLC Aerospace & Defense 5.1% (LIBOR 09/19/2019 09/21/2026 3,192 3,168 3,201
+5%)
Upstream Newco, Inc. Healthcare & 4.35% (LIBOR 07/22/2021 11/20/2026 3,877 3,866 3,887
Pharmaceuticals +4.25%)
W3 Topco LLC Energy: Oil & Gas 7% (LIBOR 08/13/2019 08/16/2025 1,775 1,700 1,757
+6%)
Yak Access LLC Energy: Oil & Gas 5.18% (LIBOR 06/29/2018 07/11/2025 2,588 2,548 2,328
+5%)
Zenith American Services: Business 6.25% (LIBOR 03/11/2019 12/13/2024 2,476 2,473 2,476
Holding, Inc. +5.25%)
Zenith American Services: Business 6.25% (LIBOR 03/11/2019 12/13/2024 123 122 123
Holding, Inc. +5.25%)
87
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of December 31, 2021
(dollar amounts in thousands)Type of Investment/ Initial Portfolio company Interest Acquisition Maturity Amortized Fair (16) Industry Rate (1) Date Date Principal Cost Value (2) Total United States$ 202,359 $ 198,360 of America Total Senior Secured$ 226,464 $ 222,257 First Lien Term Loans Second Lien Term Loans United States of America ASP MSG Acquisition Beverage, Food & 8.25% 06/23/2021 08/16/2025 2,000$ 1,974 $ 2,010 Co Inc Tobacco (LIBOR +7.5%) New Constellis Aerospace & 12% (LIBOR 03/27/2020 03/27/2025 282 121 182 Borrower LLC Defense +11%) Total United States$ 2,095 $ 2,192 of America Total Second Lien$ 2,095 $ 2,192 Term Loans Total Investments$ 228,559 $ 224,449 Cash equivalents Dreyfus Government 14,985 14,985Cash Management Fund Other cash accounts 735 735 Total Cash$ 15,720 $ 15,720 equivalents
(1) Variable interest rates indexed to 30-day, 60-day, 90-day or 180-day LIBOR
rates, at the borrower's option. LIBOR rates are subject to interest rate
floors.
(2) Represents fair value in accordance with ASC Topic 820.
(3) Represents a revolver commitment of
31, 2021. Issuer pays 0.75% unfunded commitment fee on revolver term loan
and/or revolving loan facilities.
(4) Represents a delayed draw commitment of
of
lower rate than the contractual fully funded rate. Issuer pays 1.00% unfunded
commitment fee on delayed draw term loan and/or revolving loan facilities.
(5) Represents a revolver commitment of
31, 2021. Issuer pays 0.5% unfunded commitment fee on revolver term loan
and/or revolving loan facilities.
(6) Represents a delayed draw commitment of
term loan and/or revolving loan facilities.
(7) Represents a delayed draw commitment of
rate than the contractual fully funded rate. Issuer pays 4.00% unfunded
commitment fee on delayed draw term loan and/or revolving loan facilities.
(8) Represents a delayed draw commitment of
of
lower rate than the contractual fully funded rate. Issuer pays 1.00% unfunded
commitment fee on delayed draw term loan and/or revolving loan facilities.
(9) Represents a delayed draw commitment of
of
lower rate than the contractual fully funded rate. Issuer pays 1.00% unfunded
commitment fee on delayed draw term loan and/or revolving loan facilities.
(10) Represents a delayed draw commitment of
term loan and/or revolving loan facilities.
(11) Represents a delayed draw commitment of
of
lower rate than the contractual fully funded rate. Issuer pays 1.00%
unfunded commitment fee on delayed draw term loan and/or revolving loan
facilities.
88
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of December 31, 2021
(dollar amounts in thousands)
(12) Represents a delayed draw commitment of
of
lower rate than the contractual fully funded rate. Issuer pays 4.50%
unfunded commitment fee on delayed draw term loan and/or revolving loan
facilities.
(13) Represents a revolver commitment of
31, 2021. Issuer pays 4.5% unfunded commitment fee on revolver term loan
and/or revolving loan facilities.
(14) Represents a revolver commitment of
loan and/or revolving loan facilities.
(15) Unfunded amount will start to accrue interest when the position is funded. 3
month LIBOR as of
possible projected interest rate
(16) All investments are pledged as collateral for loans payable unless otherwise
noted.
(17) Loan was on non-accrual as of
89--------------------------------------------------------------------------------
Below is certain summarized financial information for Logan JV as ofJune 30, 2022 andDecember 31, 2021 and for the three and six months endedJune 30, 2022 and 2021:
© Edgar Online, source
