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 ofSeptember 30, 2022 , we, together with our credit-focused affiliates, collectively had$21.3 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, throughSeptember 30, 2022 , we have been responsible for making, on behalf of ourselves, our managed funds and separately managed account, over$2.6 billion in aggregate commitments into 182 separate portfolio companies through a combination of both initial and follow-on investments. SinceApril 2010 throughSeptember 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 ofSeptember 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.
Portfolio Composition and Investment Activity
Portfolio Composition
77
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As of September 30, 2022 , we had $363.2 million of portfolio investments (at
fair value), which represents a $28.9 million , or 7.4% decrease from the $392.1
million (at fair value) as of December 31, 2021 . The decrease in our total
portfolio assets is primarily attributable to a decrease in portfolio valuations
in our controlled portfolio companies, as well as a decrease in portfolio
valuations of Matilda Jane , a non-controlled portfolio investment, discussed
below. Our portfolio consisted of 73 investments, including Greenway II, as of
September 30, 2022 , compared to 76 portfolio investments, including Greenway II,
as of December 31, 2021 . As of September 30, 2022 , we had $65.3 million of
controlled portfolio investments (at fair value) in three portfolio companies,
which represents a $32.0 million , or 32.9%, decrease from $97.3 million (at fair
value) as of December 31, 2021 in three portfolio companies. The decrease in
controlled portfolio companies was the result of a decrease in the fair value of
First Eagle Logan JV, LLC , or Logan JV, as well as the decrease in the fair
value of our debt investments in Loadmaster Derrick and OEM Group . Our average
controlling equity position at September 30, 2022 was approximately $31.3
million and $9.9 million at cost and fair value, respectively. Our investment in
the Logan JV represented 12.5% and 18.6% of our portfolio investments at fair
value as of September 30, 2022 and December 31, 2021 , respectively. This decline
is attributable to both the decrease in fair value, as well as a $12.8 million
return of capital in July 2022 . 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.
The following table shows certain portfolio highlights based on cost and fair
value (in millions).
As of
September 30, 2022 December 31, 2021
Cost Fair Value Cost Fair Value
Largest portfolio company investment - Logan
JV $ 79.1 $ 45.5 $ 91.9 $ 72.8
Largest portfolio company investment -
excluding Logan JV, Greenway II, investments 13.1 2.6 12.0 10.7
where we hold controlling equity position and
investments where we hold equity only
Average portfolio company investment 6.2 5.0 5.9 5.2
Average portfolio company investment -
excluding Logan JV, Greenway II, investments 4.9 4.7 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 hold 72.7 26.8 68.9 36.9
equity only, including Greenway II
AtSeptember 30, 2022 and atDecember 31, 2021 , based upon fair value, 96.7% and 96.0%, respectively, of our income-producing debt investments bore interest based on floating rates, which may be subject to interest rate floors, such as LIBOR or SOFR. The following table shows the weighted average yield by investment category at their current cost. As of Description: September 30, 2022 December 31, 2021 First lien senior secured debt (1)(4) 9.2 % 6.8 % Second lien debt (1)(4) 0.0 % 1.9 % Debt and income-producing investments (1)(2)(4) 8.6 % 6.4 % Logan JV (3) 6.3 % 7.1 % All investments including Logan JV (1)(3)(4) 8.2 % 6.5 % (1) Includes all loans on non-accrual status and restructured loans for which income is not being recognized as ofSeptember 30, 2022 andDecember 31, 2021 . (2) Includes yields on controlled investments, but excludes the yield on the Logan JV. (3) As ofSeptember 30, 2022 andDecember 31, 2021 , the dividends declared and earned of$5.8 million and$6.6 million for the twelve months endedSeptember 30, 2022 andDecember 31, 2021 , respectively, represented a yield to us of 6.3% 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 ofSeptember 30, 2022 , the weighted average yield would be 9.3% on first lien senior secured debt, 0.0% on second lien debt, 9.3% on debt and income-producing investments and 8.7% on all investments including Logan JV. As ofSeptember 30, 2022 , the Company did not hold any non-restructured second lien debt. Excluding restructured loans for which income is not being recognized as ofDecember 31, 2021 , the weighted average 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. 78 -------------------------------------------------------------------------------- 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 ofSeptember 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 ofSeptember 30, 2022 andDecember 31, 2021 . There can be no assurance that the weighted average yield will remain at its current level. As ofSeptember 30, 2022 andDecember 31, 2021 , 0.4% 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 ofSeptember 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 ofSeptember 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. 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 ofSeptember 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 September 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) $ 327.8 $ 295.8 93.1 % $ 308.4 $ 294.1 92.1 %
Unsponsored Investments (1) 46.9 21.9 6.9 % 46.9 25.2 7.9 %
Total $ 374.7 $ 317.7 100.0 % $ 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 $ 335.0 73.9 % $ 306.8 84.4 %
Investment in Logan JV 79.1 17.4 % 45.6 12.5 %
Second lien debt 22.8 5.0 % 6.7 1.9 %
Investments in funds 4.0 0.9 % 2.8 0.8 %
Equity investments 12.8 2.8 % 1.3 0.4 %
Total investments $ 453.7 100.0 % $ 363.2 100.0 %
(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 September 30, 2022 and 2) 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.
79
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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.
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 $ 82.2 $ 82.2 22.64 % 53.40 %
Investment Funds And Vehicles 83.1 48.4 13.32 % 31.43 %
Services: Business 29.8 30.0 8.25 % 19.48 %
Services: Consumer 29.8 29.1 8.02 % 18.92 %
High Tech Industries 24.9 24.9 6.86 % 16.20 %
Consumer Goods: Non-Durable 33.9 23.3 6.43 % 15.17 %
Capital Equipment 45.7 21.1 5.82 % 13.73 %
Finance 11.2 11.2 3.09 % 7.30 %
Banking 10.7 10.8 2.97 % 7.00 %
Insurance 9.6 9.6 2.58 % 6.08 %
Chemicals, Plastics, & Rubber 8.0 8.1 2.22 % 5.24 %
Telecommunications 8.1 7.8 2.16 % 5.10 %
Environmental Industries 7.5 7.5 2.07 % 4.89 %
Energy: Oil & Gas 27.2 7.5 2.07 % 4.88 %
Media: Broadcasting & Subscription 7.2 7.1 1.97 % 4.64 %
Retail 6.5 6.6 1.82 % 4.30 %
Construction & Building 6.5 6.5 1.80 % 4.25 %
Containers, Packaging, & Glass 5.4 5.4 1.47 % 3.48 %
Sovereign & Public Finance 5.0 5.1 1.40 % 3.31 %
Consumer Goods: Durable 4.5 4.5 1.24 % 2.93 %
Transportation: Cargo 3.0 3.1 0.84 % 1.98 %
Hotel, Gaming, & Leisure 2.9 2.9 0.81 % 1.91 %
Transportation: Consumer 1.0 0.5 0.15 % 0.34 %
Total Investments $ 453.7 $ 363.2 100.00 % 235.96 %
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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 nine months ended September 30, 2022 and 2021 (in
millions).
Three months ended September 30, Nine months ended September 30,
2022 2021 2022 2021
New portfolio investments $ 11.9 $ 33.4 $ 18.7 $ 99.4
Existing portfolio investments:
Follow-on investments (1) 6.0 4.2 31.4 8.9
Delayed draw and revolver investments 4.1 8.4
(1) 6.4 19.2
Total existing portfolio investments 12.4 8.3 50.6 17.3
Total portfolio investment activity $ 24.3 $ 41.7 $ 69.3 $ 116.7 Number of new portfolio investments
3 8 5 26
Number of follow-on investments 6 5 19 10
First lien senior secured debt $ 24.2 $ 41.6 $ 69.1 $ 116.6
Equity investments 0.1 0 0.1 0.1
Total portfolio investments $ 24.3 $ 41.7 $ 69.2 $ 116.7
Weighted average yield of new debt 7.7 % 7.5 % 9.6 % 7.2 %
investments
Weighted average yield, including all 7.7 % 7.5 % 9.6 % 7.2 %
new income-producing investments
(1)
Includes follow-on investments in controlled investments. Refer to Schedule 12-14 for additional detail.
For the three months endedSeptember 30, 2022 and 2021, we had prepayments, amortization payments, and sales of our investments, including any prepayment premiums, totaling$22.8 million and$33.8 million , respectively. For the nine months endedSeptember 30, 2022 and 2021, we had prepayments, amortization payments, and sales of our investments, including any prepayment premiums, totaling$62.3 million and$66.6 million , respectively. Please refer to "Results of Operations - Net Realized Gains and Losses on Investments, net of income tax provision" for additional details surrounding certain investments that were sold. 81 --------------------------------------------------------------------------------
The following are proceeds received from notable prepayments, sales and other activity related to our investments (in millions):
For the nine months ended
•
Repayment of a first lien broadly syndicated loan in
•
Repayment of a second lien term loan in
•
Repayment of a first lien senior secured term loan and revolver in
•
Repayment of a first lien senior secured term loan in
•
Repayment of a first lien senior secured term loan in
•
Repayment of a first lien senior secured term loan and revolver in 1-800
•
Repayment of a first lien senior secured term loan inOwn Yourself, LLC , which resulted in proceeds of$5.9 million , including a prepayment premium of$0.2 million ; and
•
Repayment of a first lien senior secured term loan in Xcel Brands, Inc., which resulted in proceeds of$7.2 million , including a prepayment premium of$0.3 million .
For the nine months ended
•
Repayment of a first lien senior secured term loan and revolving loan in
•
Repayment of a first lien senior secured term loan in
•
Repayment of first lien senior secured term loans, a revolving loan, and delayed draw loans inPDFTron Systems Inc. , which resulted in proceeds of$7.5 million , including a prepayment premium;
•
Repayment of a first lien senior secured term loan in
•
Repayment of a first lien senior secured term loan in
•
Repayment of a first lien senior secured term loan and delayed draw loans inAppFire Technologies, LLC at par, which resulted in total proceeds received of$3.2 million , including a prepayment premium of$0.1 million ;
•
Repayment of a first lien senior secured term loan in
•
Repayment of a first lien senior secured term loan in
•
Repayment of a first lien senior secured term loan and revolving loan in
Communication Technology Intermediate, which resulted in proceeds 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, throughSeptember 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 ). 76.0% of these exited investments 82 -------------------------------------------------------------------------------- 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. 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 OnDecember 3, 2014 , we entered into an agreement withPerspecta Trident LLC , an affiliate ofPerspecta Trust LLC , or Perspecta, to createFirst 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 ofSeptember 30, 2022 andDecember 31, 2021 , Logan JV had the following commitments, contributions and unfunded commitments from its members (in millions). As of September 30, 2022 Total Contributed Return of Capital Unfunded Member Commitments Capital (not recallable) Commitments First Eagle Alternative Capital BDC, Inc.$ 110.0 $ 92.6 $ 20.8 $ 9.4 Perspecta Trident LLC 27.5 23.2 5.2 2.4 Total Investments$ 137.5 $ 115.8 $ 26.0$ 11.8 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 OnApril 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 ClassE 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). 83
-------------------------------------------------------------------------------- Logan JV had a senior credit facility, or the Logan JV Credit Facility, with Deutsche Bank AG and other banks, which was amended onJanuary 9, 2021 to reduce commitments, extend the maturity date toJuly 12, 2025 , and amend the pricing. OnApril 19, 2022 , in connection with the closing of the CLO, Logan JV SPV terminated the Logan JV Credit Facility, and as ofSeptember 30, 2022 had no commitments subject to leverage and borrowing base restrictions. As ofDecember 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 ofDecember 31, 2021 , Logan JV had$147.0 million of outstanding borrowings under the credit facility. As ofSeptember 30, 2022 andDecember 31, 2021 , Logan JV, including its consolidated subsidiaries, had total investments at fair value of$282.9 million and$224.4 million , respectively. As ofSeptember 30, 2022 andDecember 31, 2021 , Logan JV's portfolio was comprised of senior secured first lien and second lien loans to 131 and 95 different borrowers, respectively. As ofSeptember 30, 2022 , there were no loans on non-accrual status. As ofDecember 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 ofSeptember 30, 2022 andDecember 31, 2021 , Logan JV had unfunded commitments to fund revolver and delayed draw loans to its portfolio companies totaling$5.0 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 September 30, As of December 31,
2022 2021
First lien secured debt, at par $ 309,629 $ 231,727
Second lien debt, at par 3,282 2,282
Total debt investments, at par $ 312,911 $ 234,009
Weighted average yield on first lien secured
loans (1) 7.5 % 5.5 %
Weighted average yield on second lien loans (1) 10.9 % 8.5 %
Weighted average yield on all loans (1) 7.5 % 5.5 %
Number of borrowers in Logan JV 131 95
Largest loan to a single borrower (2) $ 5,000 $ 5,000
Total of five largest loans to borrowers (2) $ 22,883 $ 22,801
(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 of September 30, 2022 and December 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 nine months ended September 30, 2022 , our share of
distributions declared related to our Logan JV LLC equity interest was $2.1
million and $4.1 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 nine months ended September 30, 2021 , our share
of distributions declared related to our Logan JV LLC equity interest was $1.7
million and $4.9 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 of September 30, 2022 and December 31, 2021 , $2.1 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 of September 30, 2022 and December 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 of September 30, 2022 , the
distributions declared and earned of $5.8 million for the twelve months ended
September 30, 2022 , represented a dividend yield to the Company of 6.3% based
upon average capital invested. As of December 31, 2021 , distributions declared
and earned of $6.6 million for the twelve months ended December 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.
84
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Logan JV Loan Portfolio as of September 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 7.92% (SOFR 11/22/2019 11/26/2026 1,463 $ 1,454 $ 1,411
+4.25%)
Total Australia $ 1,454 $ 1,411
Canada
Avison Young Canada Services: Business 8.9% (LIBOR 03/07/2019 01/31/2026 3,854 $ 3,815 $ 3,603
Inc. +5.75%)
Avison Young Canada Services: Business 7% (LIBOR 08/19/2022 01/31/2026 954 898 916
Inc. +7%)
Bausch Health Companies Healthcare & 8.1% (SOFR 03/16/2022 02/01/2027 1,975 1,941 1,526
Pharmaceuticals +5.25%)
PNI Canada Acquireco High Tech Industries 8.17% (SOFR 10/31/2018 10/31/2025 837 835 816
Corp +4.5%)
WildBrain Ltd. Media: Diversified & 4.25% (LIBOR 03/19/2021 03/24/2028 1,970 1,939 1,817
Production +4.25%)
Total Canada $ 9,428 $ 8,678
Germany
VAC Germany Holding Metals & Mining 7.67% (LIBOR 02/26/2018 03/08/2025 2,865 $ 2,860 $ 2,657
GmbH +4%)
Total Germany $ 2,860 $ 2,657
Luxembourg
Travelport Finance Services: Consumer 5.17% (LIBOR 09/22/2020 02/28/2025 2,307 $ 2,210 $ 2,287
+1.5%)
Travelport Finance Services: Consumer 8.67% (LIBOR 04/18/2022 05/29/2026 1,753 1,735 1,247
+5%)
Total Luxembourg $ 3,945 $ 3,534
Netherlands
Pegasus BidCo BV (15) Beverage, Food & 6.98% (SOFR 05/05/2022 07/12/2029 4,000 $ 3,961 $ 3,833
Tobacco +6.51%)
Total Netherlands $ 3,961 $ 3,833
United Kingdom
Auxey Bidco Ltd. Services: Consumer 7.33% (LIBOR 08/07/2018 06/16/2025 5,000 $ 4,919 $ 4,794
+5%)
Total United Kingdom $ 4,919 $ 4,794
United States of
America
888 Acquisitions Hotel, Gaming & 8.53% (SOFR 07/08/2022 06/30/2028 1,000 $ 846 $ 865
Limited Leisure +5.25%)
A Place for Mom Inc Media: Advertising, 7.62% (LIBOR 07/28/2017 02/10/2026 3,248 3,242 2,972
Printing & Publishing +4.5%)
Abe Investment Media: Diversified & 7.63% (LIBOR 04/07/2022 02/19/2026 1,659 1,659 1,651
Holdings, Inc. Production +4.5%)
Advisor Group Holdings Banking, Finance, 7.62% (LIBOR 02/05/2021 07/31/2026 3,126 3,132 2,983
Inc Insurance & Real +4.5%)
Estate
AG Parent Holdings LLC High Tech Industries 8.12% (LIBOR 07/30/2019 07/31/2026 4,086 4,061 3,961
+5%)
AgroFresh Inc. Chemicals, Plastics & 9.37% (LIBOR 12/01/2015 12/31/2024 1,229 1,228 1,209
Rubber +6.25%)
Alcami Carolinas Corp Healthcare & 7.37% (LIBOR 07/09/2018 07/12/2025 3,840 3,832 3,504
Pharmaceuticals +4.25%)
Alchemy US Holdco 1 LLC Chemicals, Plastics & 8.62% (LIBOR 10/01/2018 10/10/2025 1,655 1,644 1,579
Rubber +5.5%)
Allen Media, LLC Media: Broadcasting & 9.2% (SOFR 07/29/2021 02/10/2027 3,418 3,400 2,970
Subscription +5.5%)
Alpine US Bidco LLC Beverage, Food & 5.25% (LIBOR 04/28/2021 05/03/2028 1,500 1,476 1,425
Tobacco +5.25%)
Alvogen Pharma US, Inc. Healthcare & 11.2% (SOFR 09/02/2021 06/30/2025 3,029 2,922 2,650
Pharmaceuticals +7.5%)
AMCP Clean Acquisition Wholesale 7.37% (LIBOR 07/10/2018 06/15/2025 2,317 2,312 1,879
Co LLC +4.25%)
AMCP Clean Acquisition Wholesale 7.37% (LIBOR 07/10/2018 06/15/2025 561 560 455
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 8.62% (LIBOR 03/29/2021 09/01/2027 950 934 903
Education +5.5%)
ANI Pharmaceuticals, Healthcare & 9.12% (LIBOR 05/24/2021 11/19/2027 3,176 3,129 3,028
Inc. Pharmaceuticals +6%)
85--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of September 30, 2022
(dollar amounts in thousands)
Anne Arundel Healthcare & 8.92% 10/12/2020 10/16/2025 3,257 3,204 3,176
Dermatology Pharmaceuticals (LIBOR
Management, LLC +5.25%)
& Production (LIBOR
+6.5%)
Ansira Holdings, Media: Diversified 9.31% 12/20/2016 12/20/2024 2,099 2,094 1,277
Inc. & Production (LIBOR
+6.5%)
Anthology / High Tech 5.75% 10/22/2021 10/25/2028 1,781 1,719 1,523
Blackboard Industries (LIBOR
+5.25%)
+5.75%)
+5.75%)
Archer Systems, LLC Services: Business 9.65% (SOFR
+6.5%)
Archer Systems, LLC Services: Business 10.2% (SOFR
+6.5%)
Arcline FM Holding, Aerospace & 7% (SOFR 09/02/2021 06/23/2028 1,980 1,972 1,846
LLC Defense +4.75%)
(LIBOR
+4.75%)
BCP Qualtek Merger Telecommunications 9.06%
(LIBOR
+6.25%)
(LIBOR
+4.25%)
Brookfield WEC Construction & 6.87%
Building (LIBOR
+3.75%)
Canister Forest Products & 7.87% 12/18/2019 12/21/2026 1,950 1,938 1,921
International Group Paper (LIBOR
Inc +4.75%)
Cano Health, LLC Healthcare & 7.13% 06/24/2021
Pharmaceuticals (LIBOR +4%)
+4%)
Clear Balance Banking, Finance, 7.25% (SOFR
Estate
Cloudera, Inc. High Tech 5.25% 08/10/2021
Industries (LIBOR
+3.75%)
CMI Marketing, Inc Media: 4.75% (SOFR 03/19/2021 03/23/2028 1,975 1,986 1,817
Advertising, +4.25%)
Printing &
Publishing
Confluence High Tech 6.56% 07/22/2021 07/31/2028 2,978 2,965 2,844
Technologies, Inc. Industries (LIBOR
+3.75%)
Dermatology Healthcare & 7.28% (SOFR 03/23/2022 04/02/2029 551 227 209
Intermediate Pharmaceuticals +4.25%)
Holdings III, Inc
(6)
Dermatology Healthcare & 5.75% (SOFR 03/23/2022 04/02/2029 2,941 2,877 2,809
Intermediate Pharmaceuticals +4.25%)
Holdings III, Inc
(6)
Drilling Info Inc. High Tech 7.37% (SOFR 07/27/2018
Industries +4.25%)
Eisner Advisory Banking, Finance, 8.4% (LIBOR
Insurance & Real +5.25%)
Estate
(LIBOR
+5.75%)
(LIBOR
+5.75%)
Empower Payments Services: Business 4% (SOFR
+4%)
Epic Staffing Group Healthcare & 0.5% (SOFR
Pharmaceuticals +6%)
Epic Staffing Group Healthcare & 9.03% 06/27/2022 06/28/2029 2,471 2,325 2,359
(8) (14) Pharmaceuticals (LIBOR +6%)
EyeSouth Healthcare & 7.56% (SOFR 03/15/2021 03/21/2028 295 295 295
Pharmaceuticals +4.5%)
EyeSouth Healthcare & 7.62% (SOFR 03/15/2021 03/12/2028 1,683 1,680 1,679
Pharmaceuticals +4.5%)
FloWorks Metals & Mining 8.48% (SOFR 02/18/2022 12/27/2028 2,494 2,471 2,319
International LLC +5.75%)
Foley Products Co Construction & 8.45% 02/11/2022 12/29/2028 2,985 2,958 2,850
LLC Building (LIBOR
+4.75%)
Gastro Health Healthcare & 8.17% (SOFR 07/02/2021 07/03/2028 702 691 664
Holdco, LLC Pharmaceuticals +4.5%)
Pharmaceuticals +4.5%)
Global Medical Healthcare & 4.25% 03/16/2022 10/02/2025 1,990 1,941 1,735
Response, Inc. Pharmaceuticals (LIBOR
+4.25%)
Golden West Containers, 8.37% 11/29/2021 12/01/2027 1,975 1,958 1,913
Packaging Group LLC Packaging & Glass (LIBOR
+5.25%)
Pharmaceuticals +3.75%)
HDT Holdco, Inc. Aerospace & 9.42% (SOFR 06/30/2021 07/08/2027 3,750 3,672 3,500
Defense +5.75%)
HEXION INC Chemicals, 7.41% (SOFR 03/02/2022 03/01/2029 1,995 1,949 1,712
Plastics & Rubber +4.5%)
Highline Aftermarket Retail 7.62% 03/21/2022 11/09/2027 945 896 848
Acquisition, LLC (LIBOR
+4.5%)
Hoffman Southwest Environmental 5.5% (LIBOR
Industries +5.5%)
Leisure (LIBOR
+4.5%)
Imprivata Inc High Tech 7.28% 03/16/2022
Industries (LIBOR
+4.25%)
International Consumer goods: 5% (LIBOR
+5%)
Iris Holding, Inc. Forest Products & 7.89% 06/15/2022 06/28/2028 1,250 1,154 1,153
Paper (LIBOR
+4.75%)
Isagenix Services: Consumer 11.35% 04/26/2018 06/14/2025 1,563 1,557 676
International LLC (LIBOR
+7.75%)
Jack Ohio Finance Hotel, Gaming & 7.87% (SOFR
Leisure +4.75%)
LaserShip, Inc. Transportation: 7.38% 10/20/2021 04/30/2028 990 986 843
Cargo (LIBOR
+4.5%)
Lereta, LLC High Tech 8.37% 07/27/2021 07/27/2028 1,980 1,963 1,693
Industries (LIBOR
+5.25%)
Lids Holdings, Inc Retail 8.99% 12/03/2021
(LIBOR
+5.5%)
Lifescan Global Healthcare & 6% (SOFR 06/19/2018 10/01/2024 3,487 3,440 2,837
Corporation Pharmaceuticals +6%)
86--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of September 30, 2022
(dollar amounts in thousands)
Liquid Tech Transportation: 8.92% 03/18/2021 03/11/2028 2,578 2,568 2,488
Solutions Holdings, Cargo (LIBOR
LLC +4.75%)
LRS Holdings LLC Environmental 7.37% (SOFR 08/13/2021 08/31/2028 2,481 2,471 2,357
Industries +4.25%)
MAG DS Corp. Aerospace & 9.17% 09/21/2020 04/01/2027 1,161 1,120 1,068
Defense (LIBOR
+5.5%)
Mavis Tire Express Automotive 7.25% 04/13/2022 05/04/2028 1,990 1,976 1,873
Services Topco (LIBOR +4%)
Corp.
McAfee Enterprise High Tech 7.87% 05/03/2021
Industries (LIBOR
+4.75%)
Miller's Ale House Hotel, Gaming & 10% (LIBOR
Leisure +4.75%)
MRI SOFTWARE LLC Construction & 9.17% (SOFR 01/31/2020 02/10/2026 1,463 1,460 1,422
Building +5.5%)
NAC Holding Banking, Finance, 8.23% 10/02/2020 09/28/2024 3,807 3,769 3,807
Corporation Insurance & Real (LIBOR
Estate +5.5%)
NAPA Management Healthcare & 8.43% 02/18/2022 02/23/2029 3,980 3,880 3,592
Services Corp Pharmaceuticals (LIBOR
+5.25%)
New Constellis Aerospace & 7.5% (LIBOR 03/27/2020 03/27/2024 331 318 276
Borrower LLC Defense +7.5%)
New Insight Services: Business 8.84% 12/08/2017 12/20/2024 1,905 1,875 1,730
Holdings Inc (LIBOR
+5.5%)
Pharmaceuticals +4.5%)
Pharmaceuticals +4.5%)
Northern Star Utilities: 7.87% (SOFR 03/28/2018 03/28/2025 4,059 4,051 3,937
Holdings Inc. Electric +4.75%)
Insurance & Real (LIBOR
Estate +5.25%)
Odyssey Logistics & Transportation: 6.81% (SOFR
Cargo +4%)
Corporation
Omni Intermediate Transportation: 1% (SOFR
- (2 )
Holdings, LLC (10) Cargo +5%)
(14)
Omni Intermediate Transportation: 8.69% (SOFR
+5%)
(14)
Options Technology Services: Business 1% (LIBOR
+4.75%)
Options Technology Services: Business 7.63% (SOFR 10/29/2021 12/27/2025 2,434 2,410 2,349
(11) (14) +4.75%)
Orion Business High Tech 7.38% 10/18/2018 10/21/2024 545 543 496
Innovations Industries (LIBOR
+4.5%)
Orion Business High Tech 7.38% 03/04/2019 10/21/2024 804 801 732
Innovations Industries (LIBOR
+4.5%)
Orion Business High Tech 7.38% 10/18/2018 10/21/2024 1,863 1,856 1,695
Innovations Industries (LIBOR
+4.5%)
Osmosis Buyer Services: Consumer 4% (LIBOR
+3.75%)
Output Services Services: Business 9.85% 03/26/2018 06/29/2026 4,321 4,315 3,068
Group Inc (LIBOR
+6.75%)
OVG Business Services: Business 9.34% 10/15/2021 11/20/2028 4,482 4,353 4,191
Services, LLC (LIBOR
+6.25%)
Patriot Rail Co LLC Transportation: 7.67%
Cargo (LIBOR +4%)
PH Beauty Holdings Containers, 8.07% 10/04/2018 09/28/2025 2,880 2,867 2,347
III, Inc. Packaging & Glass (LIBOR +5%)
Polyconcept Holding Consumer goods: 8.53% (SOFR
Non-Durable +5.5%)
Insurance & Real (LIBOR +6%)
Estate
Insurance & Real (LIBOR +6%)
Estate
Portfolio Holding, Banking, Finance, 8.88% 11/15/2021 12/02/2025 620 611 614
Inc. Insurance & Real (LIBOR +6%)
Estate
Portillo's Beverage, Food & 8.62% 11/27/2019 09/06/2024 1,940 1,932 1,930
Holdings, LLC Tobacco (LIBOR
+5.5%)
Precisely High Tech 6.78% 03/16/2022
Industries (LIBOR +4%)
Premier Dental Healthcare & 7.31% (SOFR 08/11/2021 08/18/2028 184 183 166
Services, Inc Pharmaceuticals +4.5%)
Premier Dental Healthcare & 7.62% (SOFR 08/11/2021 08/18/2028 1,801 1,794 1,628
Services, Inc. Pharmaceuticals +4.5%)
Prince Chemicals, 6.98% 05/27/2022
+4.25%)
+5.5%)
Non-Durable +4.5%)
Quest Software High Tech 6.98% 03/21/2022 02/01/2029 2,000 1,972 1,490
Industries (LIBOR
+4.25%)
Quidditch Beverage, Food & 7% (SOFR 03/16/2018 03/21/2025 975 968 970
Acquisition Inc Tobacco +7%)
+4.5%)
(LIBOR
+4.5%)
Restaurant Services: Business 7.8% (LIBOR 03/17/2022 04/02/2029 1,990 1,944 1,941
Technologies, Inc. +4.25%)
RLG Holdings, LLC Containers, 0% (LIBOR 09/20/2022 07/20/2028 1,000 940 945
(15) Packaging & Glass +5%)
Rocket Software, High Tech 7.37% 03/16/2022 11/28/2025 1,985 1,957 1,903
Inc. Industries (LIBOR
+4.25%)
R-Pac International Containers, 0.5% (LIBOR
9.67% 11/23/2021
7.53% 04/16/2021
Industries (LIBOR
+4.75%)
+4.5%)
Sinclair Television Media: 6.88% (SOFR 04/13/2022 04/13/2029 2,993 2,908 2,838
Group, Inc. Broadcasting & +3.75%)
Subscription
Skillsoft Corp. High Tech 7.96% 03/25/2022 07/14/2028 1,896 1,866 1,628
Industries (LIBOR
+5.25%)
87
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of September 30, 2022
(dollar amounts in thousands)
Smyrna Ready Mix Hotel, Gaming & 7.38% (SOFR
Leisure +4.25%)
Solenis International Chemicals, Plastics 8.15% (LIBOR
& Rubber +4.5%)
Solera Holdings Inc High Tech 7.67% (LIBOR 03/16/2022 06/02/2028 1,985 1,958 1,837
Industries +4%)
SPX FLOW INC Capital Equipment 7.63% (LIBOR 03/18/2022 03/18/2029 2,000 1,934 1,858
+4.5%)
Stats, LLC Hotel, Gaming & 5.25% (SOFR 03/30/2022 07/10/2026 3,477 3,456 3,289
Leisure +5.25%)
+5.25%)
TIBCO Software (15) High Tech 0% (LIBOR 09/20/2022 03/20/2029 588 535 529
Industries +4.5%)
TouchTunes Media: Diversified 8.98% (LIBOR 04/22/2022 04/02/2029 3,000 2,972 2,890
& Production +5%)
Upstream Newco, Inc. Healthcare & 8.06% (LIBOR 07/22/2021 11/20/2026 3,848 3,838 3,582
Pharmaceuticals +4.25%)
Veracode High Tech 7.39% (LIBOR 04/20/2022 05/02/2029 2,000 1,990 1,893
Industries +4.75%)
VeriFone Systems, Services: Business 7% (SOFR 03/16/2022 08/20/2025 1,990 1,934 1,794
Inc. +4%)
W3 Topco LLC Energy: Oil & Gas 9.27% (SOFR 08/13/2019 08/16/2025 594 574 573
+6%)
Women's Care Holdings Services: Consumer 7.87% (SOFR
+4.5%)
+5%)
Zayo Group Holdings, Telecommunications 7.28% (LIBOR
+4.25%)
Zenith American Services: Business 8.92% (LIBOR
+5.25%)
Zenith American Services: Business 8.38% (SOFR
120 120
Holding, Inc. +5.25%)
Total United States $ 273,590 $ 254,913 of America
Total Senior Secured$ 300,157 $ 279,820 First Lien Term Loans Second Lien Term Loans United States of America ASP MSG Acquisition Beverage, Food & 11.17% 06/23/2021 02/16/2026 2,000$ 1,978 $ 2,010 Co Inc Tobacco (LIBOR +7.5%) New Constellis Aerospace & Defense 11% (LIBOR 03/27/2020 03/27/2025 282 136 142 Borrower LLC +11%) SonicWALL Inc High Tech 10.48% 04/13/2022 05/18/2026 1,000 984 938 Industries (LIBOR
+7.5%)
Total United States $ 3,098 $ 3,090
of America
Total Second Lien $ 3,098 $ 3,090
Term Loans
Total Investments $ 303,255 $ 282,910
Cash equivalents
Dreyfus Government 16,390 16,390
Cash Management Fund
Total Cash $ 16,390 $ 16,390
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 $1,470 , which was unfunded as of September
30, 2022 . Issuer pays 0.75% unfunded commitment fee on revolver term loan and/or
revolving loan facilities.
88
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of September 30, 2022
(dollar amounts in thousands)(4)
Represents a revolver commitment of$317 , which was unfunded as ofSeptember 30, 2022 . Issuer pays 0.5% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (5) Represents a revolver commitment of$286 , of which$253 was unfunded as ofSeptember 30, 2022 . Unfunded amounts of a revolver position have a rate other than the contractual fully funded rate. Issuer pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (6) Represents a delayed draw commitment of$551 , of which$318 was unfunded as ofSeptember 30, 2022 . Unfunded amounts of a delayed draw position have a rate other than the contractual fully funded rate. Issuer pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (7) Represents a delayed draw commitment of$370 , of which$315 was unfunded as ofSeptember 30, 2022 . Issuer pays 1.0% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (8) Represents a delayed draw commitment of$523 , which was unfunded as ofSeptember 30, 2022 . (9) Represents a delayed draw commitment of$628 , of which$444 was unfunded as ofSeptember 30, 2022 . Unfunded amounts of a delayed draw position have a rate other than the contractual fully funded rate. Issuer pays 1.0% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (10) Represents a delayed draw commitment of$112 , which was unfunded as ofSeptember 30, 2022 . Issuer pays 1.0% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (11) Represents a delayed draw commitment of$606 , which was unfunded as ofSeptember 30, 2022 . Issuer pays 1.0% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (12) Represents a delayed draw commitment of$268 , which was unfunded as ofSeptember 30, 2022 . Issuer pays 4.5% unfunded commitment fee on delayed draw term. (13) Represents a delayed draw commitment of$373 which was unfunded as ofSeptember 30, 2022 . Issuer pays 0.5% unfunded commitment fee on delayed draw term. (14) Unfunded amount will start to accrue interest when the position is funded. LIBOR rate as ofSeptember 30, 2022 or LIBOR floor is shown to reflect possible projected interest rate. (15) Unsettled trade will start to accrue interest when the position is settled. SOFR rate as ofSeptember 30, 2022 or SOFR floor is shown to reflect possible projected interest rate. (16) All investments are pledged as collateral for loans payable unless otherwise noted. 89
--------------------------------------------------------------------------------
Logan JV Loan Portfolio as of December 31, 2021
(dollar amounts in thousands)
Initial
Type of Investment/ Interest Acquisition Maturity Amortized Fair
Portfolio company (16) Industry Rate (1) Date Date Principal Cost Value (2)
Senior Secured First
Lien Term Loans
Australia
Ticketek Pty Ltd Services: Consumer 5% (LIBOR 11/22/2019 11/26/2026 1,474$ 1,463 $ 1,432 +4.25%) Total Australia$ 1,463 $ 1,432 Canada
+5.75%)
PNI Canada Acquireco High Tech 4.6% (LIBOR 10/31/2018 10/31/2025 1,597 1,593 1,596
Corp Industries +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
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: 4.75% (LIBOR 07/28/2017
Advertising, +3.75%)
Printing &
Publishing
Advanced Integration Aerospace & 5.75% (LIBOR
1,892 1,782
Technology LP Defense +4.75%)
Advisor Group Holdings Fire: Finance 4.6% (LIBOR
3,158 3,163
Inc +4.5%)
AG Parent Holdings LLC High Tech 5.1% (LIBOR 07/30/2019 07/31/2026 2,613 2,596 2,610
Industries +5%)
90
--------------------------------------------------------------------------------
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)
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 Dermatology Healthcare & 7% (LIBOR 10/12/2020 10/16/2025 1,358 1,233 1,234
Management, LLC (4) Pharmaceuticals +6%)
Anne Arundel Dermatology Healthcare & 8.75% (LIBOR 10/12/2020 10/16/2025 451 (7 ) -
Management, LLC (5) (15) Pharmaceuticals +6.5%)
Anne Arundel Dermatology Healthcare & 7.5% (LIBOR 10/12/2020 10/16/2025 2,028 1,997 1,995
Management, LLC Pharmaceuticals +6.5%)
Ansira Holdings, Inc. Media: Diversified & 7.5% (LIBOR 04/17/2018 12/20/2024 682 680 545
Production +6.5%)
Ansira Holdings, Inc. Media: Diversified & 7.5% (LIBOR 12/20/2016 12/20/2024 2,046 2,039 1,637
Production +6.5%)
Anthology / Blackboard High Tech Industries 5.75% (LIBOR 10/22/2021 10/25/2028 1,500 1,449 1,476
+5.25%)
Arcline FM Holding, LLC Aerospace & Defense 5.5% (LIBOR 09/02/2021 06/23/2028 1,995 1,985 1,996
+4.75%)
Ascend Performance Chemicals, Plastics & 5.5% (LIBOR 08/16/2019 08/27/2026 862 851 868
Materials Operations LLC Rubber +4.75%)
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 07/16/2018 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 Services, +4.25%)
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 Holdings, Fire: Finance 6.75% (LIBOR 07/07/2015 10/05/2023 4,529 4,523 4,348
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 Technologies, High Tech Industries 4.25% (LIBOR 07/22/2021 07/31/2028 3,000 2,986 2,993
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 08/16/2021 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 11/29/2021 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 04/26/2018 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%)
91
--------------------------------------------------------------------------------
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)
Liquid Tech Solutions Transportation: 5.5% (LIBOR
03/11/2028 2,987 2,974 2,987
Holdings, LLC Cargo +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 5.75% (LIBOR 05/03/2021 07/27/2028 2,991 2,963 2,987
Industries +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%)
NAC Holding Corporation Fire: Insurance 6% (LIBOR
09/28/2024 3,836 3,783 3,836
+5%)
New Constellis Borrower Aerospace & Defense 8.5% (LIBOR
03/27/2024 331 316 324 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%)
Oak Point Partners, LLC Banking, Finance, 6.5% (LIBOR
11/30/2027 2,850 2,808 2,807
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 (10) Services: Business 4.8% (LIBOR
12/26/2025 606 (4 ) (4 )
(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 5.5% (LIBOR 10/18/2018 10/19/2024 549 546 549
Innovations Industries +4.5%)
Orion Business High Tech 5.5% (LIBOR 03/04/2019 10/21/2024 810 806 810
Innovations Industries +4.5%)
Orion Business High Tech 5.5% (LIBOR 10/18/2018 10/19/2024 1,877 1,869 1,877
Innovations Industries +4.5%)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%)
Patriot Rail Co LLC Transportation: 4.25% (LIBOR 02/24/2021 10/19/2026 3,439 3,463 3,456
Cargo +4%)
PH Beauty Holdings III, Containers, 5.18% (LIBOR 10/04/2018 09/28/2025 2,903 2,887 2,743
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
Insurance & Real +6%)
Estate
12/02/2025 417 221 225
(11) Insurance & Real +6%)
Estate
12/02/2025 625 613 625
Insurance & Real +6%)
Estate
09/06/2024 1,955 1,944 1,961
LLC Tobacco +5.5%)
Precisely High Tech 4.75% (LIBOR 06/24/2021 04/24/2028 1,995 1,986 1,995
Industries +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 03/16/2018 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%)
Publishing
Reedy Industries Inc. Services: Consumer 5.25% (LIBOR 08/24/2021 08/31/2028 299 (1 ) -
(13) (15) +4.5%)
Reedy Industries Inc. Services: Consumer 5.25% (LIBOR 08/24/2021
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 5.5% (LIBOR 04/16/2021 04/27/2028 1,995 1,982 1,911
Industries +4.75%)
RXB Holdings, Inc. Services: Business 5.25% (LIBOR 07/28/2021 12/20/2027 1,990 1,985 1,996
+4.5%)
StubHub High Tech 4.75% (LIBOR 07/21/2021 02/12/2027 1,496 1,489 1,496
Industries +4.25%)
92
--------------------------------------------------------------------------------
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)
Teneo Holdings LLC Services: Business 6.25% (LIBOR 07/15/2019 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
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%)
Total United States of $ 202,359 $ 198,360
America
Total Senior Secured $ 226,464 $ 222,257
First Lien Term Loans
Second Lien Term Loans
United States of
America
ASP MSG Acquisition Co Beverage, Food & 8.25% (LIBOR 06/23/2021
Tobacco +7.5%)
New Constellis Borrower Aerospace & Defense 12% (LIBOR
03/27/2025 282 121 182 LLC +11%) Total United States of$ 2,095 $ 2,192 America Total Second Lien Term$ 2,095 $ 2,192 Loans Total Investments$ 228,559 $ 224,449 Cash equivalents Dreyfus Government Cash 14,985 14,985 Management Fund Other cash accounts 735 735 Total Cash equivalents$ 15,720 $ 15,720 (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$1,470 , which was unfunded as ofDecember 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$1,358 , of which$104 was unfunded as ofDecember 31, 2021 . Unfunded amounts of a delayed draw position have a 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$451 , which was unfunded as ofDecember 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$295 , which was unfunded as ofDecember 31, 2021 . Issuer pays 4.5% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (7) Represents a delayed draw commitment of$333 , of which$63 was unfunded as ofDecember 31, 2021 . Unfunded amounts of a delayed draw position have a lower 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$629 , of which$512 was unfunded as ofDecember 31, 2021 . Unfunded amounts of a delayed draw position have a 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$203 , of which$193 was unfunded as ofDecember 31, 2021 . Unfunded amounts of a delayed draw position have a 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. 93 -------------------------------------------------------------------------------- Logan JV Loan Portfolio as of December 31, 2021 (dollar amounts in thousands)
(10)
Represents a delayed draw commitment of$606 , which was unfunded as ofDecember 31, 2021 . Issuer pays 1.0% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities. (11) Represents a delayed draw commitment of$417 , of which$197 was unfunded as ofDecember 31, 2021 . Unfunded amounts of a delayed draw position have a 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. (12) Represents a delayed draw commitment of$185 , of which$107 was unfunded as ofDecember 31, 2021 . Unfunded amounts of a delayed draw position have a 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$299 , which was unfunded as ofDecember 31, 2021 . Issuer pays 4.5% unfunded commitment fee on revolver term loan and/or revolving loan facilities. (14) Represents a revolver commitment of$373 , of which$299 was unfunded as ofDecember 31, 2021 . Issuer pays 0.5% unfunded commitment fee on revolver term loan and/or revolving loan facilities. (15) Unfunded amount will start to accrue interest when the position is funded. 3 month LIBOR as ofDecember 31, 2021 or LIBOR floor is shown to reflect possible projected interest rate (16) All investments are pledged as collateral for loans payable unless otherwise noted. (17) Loan was on non-accrual as ofDecember 31, 2021 . 94
--------------------------------------------------------------------------------
Below is certain summarized financial information for Logan JV as ofSeptember 30, 2022 andDecember 31, 2021 and for the three and nine months endedSeptember 30, 2022 and 2021:
© Edgar Online, source
