tcrd-10q_20200930.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                       to                     

Commission file number 814-00789

FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC.

(Exact Name of Registrant as Specified in Its Charter)  

 

 

 

Delaware

 

27-0344947

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

500 Boylston St., Suite 1200, Boston, MA

 

02116

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 800-450-4424

 

Securities registered pursuant to 12(b) of the Act:

 

Title of Each Class

Trading Symbols

 

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

FCRD

 

NASDAQ Global Select Market

6.75% Senior Notes due 2022

FCRZ

 

The New York Stock Exchange

6.125% Senior Notes due 2023

FCRW

 

The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-Accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes      No  

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding at November 4, 2020 was 30,109,384.

 

 

 


FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED September 30, 2020

Table of Contents

 

 

 

INDEX

 

PAGE
NO.

PART I.

  

FINANCIAL INFORMATION

  

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Assets and Liabilities as of September 30, 2020 (unaudited) and December 31, 2019

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 and 2019 (unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited)

 

7

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of September 30, 2020 (unaudited) and December 31, 2019

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

24

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

67

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

101

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

102

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

103

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

103

 

 

 

 

 

Item 1A.

 

Risk Factors

 

103

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

104

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

104

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

104

 

 

 

 

 

Item 5.

 

Other Information

 

104

 

 

 

 

 

Item 6.

 

Exhibits

 

105

 

 

 

 

 

SIGNATURES

 

106

 

 

2


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report, and other statements that we may make, may contain forward-looking statements with respect to future financial or business performance, strategies or expectations, anticipated share repurchases or lack thereof, our plans and expectations about future investments, amount and timing of distributions, if any, and the future liquidity of the company. Forward-looking statements are typically identified by words or phrases such as “trend,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “potential,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously identified elsewhere in this filing, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

 

the introduction, withdrawal, success and timing of business initiatives and strategies;

 

changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets;

 

the relative and absolute investment performance and operations of our investment adviser;

 

the impact of increased competition;

 

the impact of future acquisitions and divestitures;

 

the resolution of legal proceedings;

 

our business prospects and the prospects of our portfolio companies;

 

the impact, extent and timing of technological changes and the adequacy of intellectual property protection;

 

the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or First Eagle Alternative Credit, LLC, the Advisor;

 

the ability of the Advisor to identify suitable investments for us and to monitor and administer our investments;

 

our contractual arrangements and relationships with third parties;

 

any future financings by us;

 

the ability of the Advisor to attract and retain highly talented professionals;

 

fluctuations in foreign currency exchange rates;

 

the impact of changes to tax legislation and, generally, our tax position;

 

the impact of pandemics or other serious public health epidemics, such as the current novel coronavirus ("COVID-19") pandemic on our operations, our portfolio companies' business, or the global economy;

 

our ability to exit a control investment in a timely manner; and

 

the ability to fund Logan JV’s unfunded commitments to the extent approved by each member of the Logan JV investment committee.

 

3


First Eagle Alternative Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Assets and Liabilities

(in thousands, except per share data)

 

 

 

September 30, 2020 (unaudited)

 

 

December 31,

2019

 

Assets:

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $239,803 and $263,444,

   respectively)

$

226,667

 

 

$

242,189

 

Controlled investments (cost of $160,446 and $178,769, respectively)

 

116,695

 

 

 

141,932

 

Non-controlled, affiliated investments  (cost of $2 and $2, respectively)

 

2

 

 

 

4

 

Cash

 

10,536

 

 

 

5,890

 

Escrows and other receivables

 

4,745

 

 

 

12,353

 

Interest, dividends, and fees receivable

 

3,860

 

 

 

4,623

 

Deferred tax assets

 

2,063

 

 

 

2,267

 

Deferred financing costs

 

1,009

 

 

 

1,619

 

Prepaid expenses and other assets

 

808

 

 

 

829

 

Due from affiliate

 

223

 

 

 

192

 

Total assets

$

366,608

 

 

$

411,898

 

Liabilities:

 

 

 

 

 

 

 

Loans payable

$

64,661

 

 

$

66,161

 

Notes payable ($111,607 and $111,607 face amounts, respectively, reported net of

   deferred financing costs of $2,136 and $2,742, respectively)

 

109,471

 

 

 

108,866

 

Accrued expenses and other liabilities

 

2,538

 

 

 

3,434

 

Deferred tax liability

 

1,532

 

 

 

1,927

 

Base management fees payable

 

 

 

 

1,103

 

Accrued incentive fees

 

156

 

 

 

568

 

Accrued interest and fees

 

158

 

 

 

384

 

Total liabilities

 

178,516

 

 

 

182,443

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

Common stock, par value $.001 per share, 100,000 common shares authorized, 30,109

   and 30,022 shares issued and outstanding at September 30, 2020 and December 31, 2019,

   respectively

 

30

 

 

 

30

 

Paid-in capital in excess of par

 

423,739

 

 

 

415,596

 

Accumulated deficit

 

(235,677

)

 

 

(186,171

)

Total net assets

$

188,092

 

 

$

229,455

 

Total liabilities and net assets

$

366,608

 

 

$

411,898

 

Net asset value per share

$

6.25

 

 

$

7.64

 

 

See accompanying notes to these consolidated financial statements.

 

4


First Eagle Alternative Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

 

For the three months ended

September 30,

 

 

For the nine months ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

$

4,217

 

 

$

6,935

 

 

$

13,298

 

 

$

23,162

 

PIK interest income

 

 

338

 

 

 

329

 

 

 

806

 

 

 

676

 

Other income

 

 

102

 

 

 

276

 

 

 

224

 

 

 

2,475

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

 

 

 

 

 

 

 

 

 

57

 

Other income

 

 

48

 

 

 

101

 

 

 

189

 

 

 

493

 

From controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

2

 

 

 

1,120

 

 

 

(247

)

 

 

3,550

 

PIK interest income

 

 

 

 

 

381

 

 

 

 

 

 

730

 

Dividend income

 

 

2,579

 

 

 

3,610

 

 

 

7,873

 

 

 

11,087

 

Other income

 

 

43

 

 

 

41

 

 

 

113

 

 

 

116

 

Total investment income

 

 

7,329

 

 

 

12,793

 

 

 

22,256

 

 

 

42,346

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on borrowings

 

 

2,439

 

 

 

3,047

 

 

 

7,687

 

 

 

9,688

 

Base management fees

 

 

895

 

 

 

1,215

 

 

 

2,795

 

 

 

4,940

 

Incentive fees

 

 

 

 

 

 

 

 

(411

)

 

 

 

Administrator expenses

 

 

268

 

 

 

373

 

 

 

882

 

 

 

1,215

 

Other general and administrative expenses

 

 

598

 

 

 

375

 

 

 

1,323

 

 

 

1,107

 

Amortization of deferred financing costs

 

 

319

 

 

 

340

 

 

 

1,516

 

 

 

1,370

 

Professional fees

 

 

347

 

 

 

281

 

 

 

1,171

 

 

 

1,230

 

Directors' fees

 

 

191

 

 

 

169

 

 

 

543

 

 

 

533

 

Total expenses

 

 

5,057

 

 

 

5,800

 

 

 

15,506

 

 

 

20,083

 

Management fee waiver

 

 

(895

)

 

 

 

 

 

(895

)

 

 

(525

)

Total expenses, net of management fee waivers

 

 

4,162

 

 

 

5,800

 

 

 

14,611

 

 

 

19,558

 

Excise and other taxes

 

 

(15

)

 

 

121

 

 

 

71

 

 

 

359

 

Net investment income

 

 

3,182

 

 

 

6,872

 

 

 

7,574

 

 

 

22,429

 

Realized (Loss) Gain and Change in Unrealized Appreciation (Depreciation) on Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(84

)

 

 

280

 

 

 

(25,589

)

 

 

(26,203

)

Non-controlled, affiliated investments

 

 

(19

)

 

 

(24,652

)

 

 

(2,493

)

 

 

(24,652

)

Controlled investments

 

 

(17,387

)

 

 

16,701

 

 

 

(17,650

)

 

 

17,143

 

Foreign currency transactions

 

 

 

 

 

(191

)

 

 

 

 

 

(189

)

Net realized loss on investments

 

 

(17,490

)

 

 

(7,862

)

 

 

(45,732

)

 

 

(33,901

)

Net change in unrealized appreciation (depreciation) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

6,375

 

 

 

(4,972

)

 

 

8,119

 

 

 

2,935

 

Non-controlled, affiliated investments

 

 

 

 

 

24,652

 

 

 

(2

)

 

 

12,752

 

Controlled investments

 

 

23,017

 

 

 

(18,694

)

 

 

(6,914

)

 

 

(13,323

)

Translation of assets and liabilities in foreign currencies

 

 

 

 

 

251

 

 

 

 

 

 

(391

)

Net change in unrealized appreciation on investments

 

 

29,392

 

 

 

1,237

 

 

 

1,203

 

 

 

1,973

 

Net realized and unrealized gain (loss) from investments

 

 

11,902

 

 

 

(6,625

)

 

 

(44,529

)

 

 

(31,928

)

Benefit for taxes on unrealized loss on investments

 

 

165

 

 

 

64

 

 

 

192

 

 

 

335

 

Net increase (decrease) in net assets resulting from operations

 

$

15,249

 

 

$

311

 

 

$

(36,763

)

 

$

(9,164

)

Net investment income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.10

 

 

$

0.22

 

 

$

0.24

 

 

$

0.71

 

Net increase (decrease) in net assets resulting from operations per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.49

 

 

$

0.01

 

 

$

(1.16

)

 

$

(0.29

)

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

31,237

 

 

 

30,992

 

 

 

31,785

 

 

 

31,679

 

 

See accompanying notes to these consolidated financial statements.

5


First Eagle Alternative Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets

(in thousands)

(unaudited) 

 

 

2020

 

 

2019

 

Net assets at January 1,

 

$

229,455

 

 

$

295,681

 

Decrease in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

2,661

 

 

 

6,704

 

Net realized loss on investments

 

 

(1,614

)

 

 

(1,972

)

Net change in unrealized depreciation on investments

 

 

(67,673

)

 

 

(4,645

)

Benefit for taxes on unrealized loss on investments

 

 

470

 

 

 

107

 

Net (decrease) increase in net assets resulting from operations

 

 

(66,156

)

 

 

194

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(6,233

)

 

 

(6,768

)

Total distributions to stockholders

 

 

(6,233

)

 

 

(6,768

)

Capital share transactions:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(2,161

)

 

 

(1,323

)

Net decrease in net assets from capital share transactions

 

 

(2,161

)

 

 

(1,323

)

Total decrease in net assets

 

 

(74,550

)

 

 

(7,897

)

Net assets at March 31,

 

$

154,905

 

 

$

287,784

 

Increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

1,731

 

 

 

8,851

 

Net realized loss on investments

 

 

(26,628

)

 

 

(24,067

)

Net change in unrealized appreciation on investments

 

 

39,483

 

 

 

5,382

 

(Provision) benefit for taxes on unrealized loss on investments

 

 

(443

)

 

 

164

 

Net increase (decrease) in net assets resulting from operations

 

 

14,143

 

 

 

(9,670

)

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(3,530

)

 

 

(6,633

)

Total distributions to stockholders

 

 

(3,530

)

 

 

(6,633

)

Capital share transactions:

 

 

 

 

 

 

 

 

Issuance of common stock

 

 

30,000

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(4,696

)

Net increase (decrease) in net assets from capital share transactions

 

 

30,000

 

 

 

(4,696

)

Total increase (decrease) in net assets

 

 

40,613

 

 

 

(20,999

)

Net assets at June 30,

 

$

195,518

 

 

$

266,785

 

Increase in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

3,182

 

 

 

6,872

 

Net realized loss on investments

 

 

(17,490

)

 

 

(7,862

)

Net change in unrealized appreciation on investments

 

 

29,392

 

 

 

1,237

 

Benefit for taxes on unrealized loss on investments

 

 

165

 

 

 

64

 

Net increase in net assets resulting from operations

 

 

15,249

 

 

 

311

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(3,011

)

 

 

(6,453

)

Total distributions to stockholders

 

 

(3,011

)

 

 

(6,453

)

Capital share transactions:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(5,571

)

Purchase of common stock in tender offer

 

 

(19,664

)

 

 

 

Net decrease in net assets from capital share transactions

 

$

(19,664

)

 

$

(5,571

)

Total decrease in net assets

 

$

(7,426

)

 

$

(11,713

)

Net assets at September 30,

 

$

188,092

 

 

$

255,072

 

Common shares outstanding at end of period

 

 

30,109

 

 

 

30,587

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares issued

 

 

5,618

 

 

 

 

Shares repurchased

 

 

341

 

 

 

1,730

 

Shares purchased in tender offer

 

 

5,189

 

 

 

 

See accompanying notes to these consolidated financial statements.

6


First Eagle Alternative Capital BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

For the nine months ended September 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net decrease in net assets resulting from operations

 

$

(36,763

)

 

$

(9,164

)

Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized appreciation on investments

 

 

(1,203

)

 

 

(1,973

)

Net realized loss on investments

 

 

44,339

 

 

 

42,818

 

Net realized gain on foreign exchange currency transactions

 

 

 

 

 

189

 

Increase in investments due to interest paid-in-kind

 

 

(699

)

 

 

(2,049

)

Amortization of deferred financing costs

 

 

1,516

 

 

 

1,370

 

Accretion of discounts on investments and other fees

 

 

(505

)

 

 

(918

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(50,319

)

 

 

(99,368

)

Proceeds from sales and paydowns of investments

 

 

54,480

 

 

 

151,906

 

Decrease in interest, dividends and fees receivable

 

 

763

 

 

 

610

 

Decrease (increase) in escrow and other receivables

 

 

2,551

 

 

 

(4,875

)

(Increase) decrease in due from affiliates

 

 

(31

)

 

 

101

 

Decrease (increase) in deferred tax asset

 

 

204

 

 

 

(199

)

Increase in prepaid expenses and other assets

 

 

(123

)

 

 

(182

)

(Decrease) increase in accrued expenses and other liabilities

 

 

(896

)

 

 

1,374

 

Decrease in accrued credit facility fees and interest

 

 

(226

)

 

 

(314

)

Decrease in deferred tax liability

 

 

(395

)

 

 

(138

)

Decrease in base management fees payable, net

 

 

(1,103

)

 

 

(897

)

Decrease in accrued incentive fees payable, net

 

 

(412

)

 

 

 

Net cash provided by operating activities

 

 

11,178

 

 

 

78,291

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(2,161

)

 

 

(11,590

)

Purchase of common stock in tender offer

 

 

(19,664

)

 

 

 

Borrowings under credit facility

 

 

15,500

 

 

 

78,450

 

Repayments under credit facility

 

 

(17,000

)

 

 

(117,529

)

Issuance of shares of common stock

 

 

30,000

 

 

 

 

Distributions paid to stockholders

 

 

(12,774

)

 

 

(19,855

)

Financing costs paid

 

 

(433

)

 

 

(349

)

Net cash used in financing activities

 

 

(6,532

)

 

 

(70,873

)

Net increase in cash

 

 

4,646

 

 

 

7,418

 

Cash, beginning of period

 

 

5,890

 

 

 

6,860

 

Cash, end of period

 

$

10,536

 

 

$

14,278

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

 

 

Cash interest paid

 

$

7,452

 

 

$

9,312

 

Income taxes paid

 

$

2

 

 

$

6

 

PIK income earned

 

$

806

 

 

$

1,925

 

 

Non-cash Operating Activities:

See Note 5 in the notes to consolidated financial statements for non-cash restructurings.

See accompanying notes to these consolidated financial statements.

 

 

7


 

First Eagle Alternative Capital BDC, Inc. and Subsidiaries

Consolidated Schedules of Investments

September 30, 2020

(dollar amounts in thousands)

(unaudited)

 

 

 

 

 

 

 

Initial

 

Maturity/

 

Principal(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition

 

Dissolution

 

No. of Shares /

 

 

 

 

 

 

 

 

 

Type of Investment/Portfolio company (1)(2)(3)

 

Industry

 

Interest Rate(4)

 

Date

 

Date

 

No. of Units

 

 

Amortized Cost

 

 

Fair Value (6)

 

Non-controlled/non-affiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—120.51% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien senior secured debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—110.48% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—3.56% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PDFTron Systems Inc. (7)

 

IT services

 

7.3% (LIBOR + 6.0%)

 

5/15/2019

 

5/15/2024

 

$

4,950

 

 

$

4,914

 

 

$

4,901

 

PDFTron Systems Inc. (7)(23)

 

IT services

 

7.3% (LIBOR + 6.0%)

 

5/15/2019

 

5/15/2024

 

 

1,089

 

 

 

1,081

 

 

 

1,078

 

PDFTron Systems Inc. (7)(23)

 

IT services

 

7.3% (LIBOR + 6.0%)

 

5/15/2019

 

5/15/2024

 

 

320

 

 

 

316

 

 

 

317

 

PDFTron Systems Inc. (7)

 

IT services

 

8.8% (LIBOR + 7.5%)

 

6/9/2020

 

5/15/2024

 

 

398

 

 

 

389

 

 

 

398

 

PDFTron Systems Inc. (7)(9)(22)

 

IT services

 

8.8% (LIBOR + 7.5%)

 

6/9/2020

 

5/15/2024

 

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

Subtotal Canada

 

$

6,757

 

 

$

6,689

 

 

$

6,694

 

Midwest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—9.82% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-800 Hansons, LLC

 

Consumer products and services

 

8.5% (LIBOR + 7.5%) (7.5% Cash  + 1.0% PIK)

 

10/19/2017

 

10/19/2022

 

$

3,318

 

 

$

3,293

 

 

$

3,053

 

1-800 Hansons, LLC (8)

 

Consumer products and services

 

7.5% (LIBOR + 6.5%)

 

10/19/2017

 

10/19/2022

 

 

209

 

 

 

207

 

 

 

193

 

IRC Opco LLC

 

Healthcare

 

6.3% (LIBOR + 5.3%)

 

1/4/2019

 

1/4/2024

 

 

5,359

 

 

 

5,329

 

 

 

5,225

 

IRC Opco LLC (8)