tcrd-10q_20210630.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 June 30, 2021

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

6.125% Senior Notes due 2023

FCRW

 

The New York Stock Exchange

5.0% Senior Notes due 2026

FCRX

 

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 August 5, 2021 was 30,109,384.

 

 

 


 

FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021

Table of Contents

 

 

 

INDEX

 

PAGE
NO.

PART I.

  

FINANCIAL INFORMATION

  

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and December 31, 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 (unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2021 and 2020 (unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)

 

7

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of June 30, 2021 (unaudited) and December 31, 2020

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

26

 

 

 

 

 

Item 2.

 

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

 

69

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

102

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

103

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

104

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

104

 

 

 

 

 

Item 1A.

 

Risk Factors

 

104

 

 

 

 

 

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)

 

 

 

June 30, 2021

(unaudited)

 

 

December 31, 2020

 

Assets:

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $290,874 and $250,928,

   respectively)

$

293,270

 

 

$

243,855

 

Controlled investments (cost of $149,484 and $148,373, respectively)

 

101,344

 

 

 

93,826

 

Non-controlled, affiliated investments (cost of $1 and $1, respectively)

 

1

 

 

 

1

 

Cash

 

11,347

 

 

 

7,615

 

Escrows and other receivables

 

1,862

 

 

 

3,508

 

Interest, dividends, and fees receivable

 

3,351

 

 

 

2,659

 

Deferred tax assets

 

2,111

 

 

 

2,222

 

Deferred financing costs

 

1,651

 

 

 

1,757

 

Distributions receivable

 

31

 

 

 

97

 

Prepaid expenses and other assets

 

706

 

 

 

628

 

Deferred offering costs

 

67

 

 

 

180

 

Due from affiliate

 

83

 

 

 

85

 

Total assets

$

415,824

 

 

$

356,433

 

Liabilities:

 

 

 

 

 

 

 

Loans payable

$

95,000

 

 

$

57,661

 

Notes payable ($120,607 and $111,607 face amounts, respectively, reported net of

   deferred financing costs of $3,097 and $1,932, respectively)

 

117,510

 

 

 

109,675

 

Payable for investments purchased

 

36

 

 

 

 

Accrued expenses and other liabilities

 

3,048

 

 

 

1,924

 

Deferred tax liability

 

2,212

 

 

 

1,673

 

Base management fees payable

 

963

 

 

 

 

Accrued incentive fees

 

 

 

 

156

 

Accrued interest and fees

 

600

 

 

 

149

 

Accrued administrator expenses

 

265

 

 

 

 

Total liabilities

 

219,634

 

 

 

171,238

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

Net Assets:

 

 

 

 

 

 

 

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

   and 30,109 shares issued and outstanding at June 30, 2021 and December 31, 2020,

   respectively

 

30

 

 

 

30

 

Paid-in capital in excess of par

 

418,379

 

 

 

418,379

 

Accumulated deficit

 

(222,219

)

 

 

(233,214

)

Total net assets

$

196,190

 

 

$

185,195

 

Total liabilities and net assets

$

415,824

 

 

$

356,433

 

Net asset value per share

$

6.52

 

 

$

6.15

 

 

 

 

 

 

 

 

 

 

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

June 30,

 

 

For the six months ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

$

5,502

 

 

$

4,146

 

 

$

10,615

 

 

$

9,084

 

PIK interest income

 

 

125

 

 

 

419

 

 

 

248

 

 

 

468

 

Other income

 

 

266

 

 

 

70

 

 

 

421

 

 

 

122

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

41

 

 

 

59

 

 

 

82

 

 

 

141

 

From controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

200

 

 

 

27

 

 

 

388

 

 

 

(249

)

Dividend income

 

 

1,649

 

 

 

2,287

 

 

 

3,217

 

 

 

5,294

 

Other income

 

 

 

 

 

33

 

 

 

 

 

 

70

 

Total investment income

 

 

7,783

 

 

 

7,041

 

 

 

14,971

 

 

 

14,930

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on borrowings

 

 

2,666

 

 

 

2,545

 

 

 

5,032

 

 

 

5,248

 

Base management fees

 

 

963

 

 

 

877

 

 

 

1,842

 

 

 

1,901

 

Incentive fees

 

 

 

 

 

 

 

 

 

 

 

(411

)

Administrator expenses

 

 

224

 

 

 

287

 

 

 

445

 

 

 

614

 

Other general and administrative expenses

 

 

411

 

 

 

391

 

 

 

709

 

 

 

726

 

Amortization of deferred financing costs

 

 

271

 

 

 

546

 

 

 

679

 

 

 

1,197

 

Professional fees

 

 

412

 

 

 

453

 

 

 

829

 

 

 

824

 

Directors' fees

 

 

169

 

 

 

176

 

 

 

337

 

 

 

352

 

Total expenses

 

 

5,116

 

 

 

5,275

 

 

 

9,873

 

 

 

10,451

 

Management fee waiver

 

 

 

 

 

 

 

 

(879

)

 

 

 

Total expenses, net of fee waivers

 

 

5,116

 

 

 

5,275

 

 

 

8,994

 

 

 

10,451

 

Income tax provision, excise and other taxes

 

 

26

 

 

 

35

 

 

 

52

 

 

 

87

 

Net investment income

 

 

2,641

 

 

 

1,731

 

 

 

5,925

 

 

 

4,392

 

Realized (Loss) Gain and Change in Unrealized (Depreciation) Appreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (loss) gain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(447

)

 

 

(25,719

)

 

 

(3,591

)

 

 

(25,505

)

Non-controlled, affiliated investments

 

 

 

 

 

(909

)

 

 

 

 

 

(2,474

)

Controlled investments

 

 

 

 

 

 

 

 

 

 

 

(263

)

Extinguishment of debt

 

 

(543

)

 

 

 

 

 

(543

)

 

 

 

Net realized loss

 

 

(990

)

 

 

(26,628

)

 

 

(4,134

)

 

 

(28,242

)

Net change in unrealized (depreciation) appreciation on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,874

 

 

 

26,716

 

 

 

9,469

 

 

 

1,744

 

Non-controlled, affiliated investments

 

 

 

 

 

(1

)

 

 

 

 

 

(2

)

Controlled investments

 

 

2,321

 

 

 

12,768

 

 

 

6,407

 

 

 

(29,931

)

Net change in unrealized appreciation (depreciation) on investments

 

 

6,195

 

 

 

39,483

 

 

 

15,876

 

 

 

(28,189

)

Net realized and unrealized gain (loss)

 

 

5,205

 

 

 

12,855

 

 

 

11,742

 

 

 

(56,431

)

(Provision) benefit for taxes on unrealized gain/loss on investments

 

 

(318

)

 

 

(443

)

 

 

(650

)

 

 

26

 

Net increase (decrease) in net assets resulting from operations

 

$

7,528

 

 

$

14,143

 

 

$

17,017

 

 

$

(52,013

)

Net investment income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.09

 

 

$

0.05

 

 

$

0.20

 

 

$

0.14

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.25

 

 

$

0.41

 

 

$

0.57

 

 

$

(1.62

)

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

30,109

 

 

 

34,311

 

 

 

30,109

 

 

 

32,062

 

 

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) 

 

 

 

For the six months ended June 30,

 

 

 

2021

 

 

2020

 

Net assets at January 1,

 

 

185,195

 

 

 

229,455

 

Increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

3,284

 

 

$

2,661

 

Net realized loss

 

 

(3,144

)

 

 

(1,614

)

Net change in unrealized appreciation (depreciation) on investments

 

 

9,681

 

 

 

(67,673

)

(Provision) benefit for taxes on unrealized gain (loss) on investments

 

 

(332

)

 

 

470

 

Net increase (decrease) in net assets resulting from operations

 

 

9,489

 

 

 

(66,156

)

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(3,011

)

 

 

(6,233

)

Total distributions to stockholders

 

 

(3,011

)

 

 

(6,233

)

Capital share transactions:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(2,161

)

Net decrease in net assets from capital share transactions

 

 

 

 

 

(2,161

)

Total increase (decrease) in net assets

 

 

6,478

 

 

 

(74,550

)

Net assets at March 31,

 

$

191,673

 

 

$

154,905

 

Increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

2,641

 

 

 

1,731

 

Net realized loss

 

 

(990

)

 

 

(26,628

)

Net change in unrealized appreciation on investments

 

 

6,195

 

 

 

39,483

 

Provision for taxes on unrealized gain (loss) on investments

 

 

(318

)

 

 

(443

)

Net increase in net assets resulting from operations

 

 

7,528

 

 

 

14,143

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

Distributions to stockholders from net investment income

 

 

(3,011

)

 

 

(3,530

)

Total distributions to stockholders

 

 

(3,011

)

 

 

(3,530

)

Capital share transactions:

 

 

 

 

 

 

 

 

Issuance of common stock

 

 

 

 

 

30,000

 

Net decrease in net assets from capital share transactions

 

 

 

 

 

30,000

 

Total increase in net assets

 

 

4,517

 

 

 

40,613

 

Net assets at June 30,

 

$

196,190

 

 

$

195,518

 

Common shares outstanding at end of period

 

 

30,109

 

 

 

35,298

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares issued

 

 

 

 

 

5,618

 

Shares repurchased

 

 

 

 

 

341

 

 

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 six months ended June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

17,017

 

 

$

(52,013

)

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

 

 

 

 

 

 

 

 

Net change in unrealized (appreciation) depreciation on investments

 

 

(15,876

)

 

 

28,190

 

Net realized loss

 

 

2,431

 

 

 

26,818

 

Increase in investments due to interest paid-in-kind

 

 

(257

)

 

 

(120

)

Amortization of deferred financing costs

 

 

679

 

 

 

1,197

 

Accretion of discounts on investments and other fees

 

 

(682

)

 

 

(338

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(74,964

)

 

 

(38,626

)

Proceeds from sale and paydown of investments

 

 

32,985

 

 

 

42,242

 

(Increase) decrease in interest, dividends and fees receivable

 

 

(692

)

 

 

830

 

Decrease in escrows and other receivables

 

 

1,701

 

 

 

2,621

 

Decrease in due from affiliates

 

 

20

 

 

 

60

 

Decrease in deferred tax asset

 

 

111

 

 

 

368

 

Increase in prepaid expenses and other assets

 

 

(78

)

 

 

(458

)

Increase (decrease) in accrued expenses and other liabilities

 

 

885

 

 

 

(702

)

Increase (decrease) in accrued credit facility fees and interest

 

 

451

 

 

 

(286

)

Increase (decrease) in deferred tax liability

 

 

539

 

 

 

(394

)

Increase (decrease) in base management fees payable, net

 

 

963

 

 

 

(226

)

Increase in accrued administrator expenses

 

 

265

 

 

 

77

 

Decrease in accrued incentive fees payable, net

 

 

(156

)

 

 

(412

)

Net cash (used in) provided by operating activities

 

 

(34,658

)

 

 

8,828

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(2,161

)

Borrowings under credit facility

 

 

132,000

 

 

 

15,500

 

Repayments under credit facility

 

 

(94,661

)

 

 

(15,000

)

Issuance of shares of common stock

 

 

 

 

 

30,000

 

Issuance of notes

 

 

69,000

 

 

 

 

Repayment of notes

 

 

(60,000

)

 

 

 

Distributions paid to stockholders

 

 

(6,022

)

 

 

(9,763

)

Financing and offering costs paid

 

 

(1,927

)

 

 

(337

)

Net cash provided by financing activities

 

 

38,390

 

 

 

18,239

 

Net increase in cash

 

 

3,732

 

 

 

27,067

 

Cash, beginning of period

 

 

7,615

 

 

 

5,890

 

Cash, end of period

 

$

11,347

 

 

$

32,957

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

 

 

Cash interest paid

 

$

4,341

 

 

$

5,085

 

Income taxes paid

 

$

4

 

 

$

2

 

PIK income earned

 

$

248

 

 

$

468

 

 

 

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

June 30, 2021

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First lien senior secured debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—136.89% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—3.80% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PDFTron Systems Inc. (7)

 

Services: Business

 

6.3% (LIBOR + 5.0%)

 

5/15/2019

 

5/15/2024

 

$

4,913

 

 

$

4,885

 

 

$

4,918

 

PDFTron Systems Inc. (7)(23)

 

Services: Business

 

6.3% (LIBOR + 5.0%)

 

5/15/2019

 

5/15/2024

 

 

1,081

 

 

 

1,075

 

 

 

1,081

 

PDFTron Systems Inc. (7)(23)

 

Services: Business

 

6.3% (LIBOR + 5.0%)

 

5/15/2019

 

5/15/2024

 

 

320

 

 

 

317

 

 

 

320

 

PDFTron Systems Inc. (7)

 

Services: Business

 

6.3% (LIBOR + 5%)

 

6/19/2020

 

5/15/2024

 

 

396

 

 

 

388

 

 

 

396

 

PDFTron Systems Inc. (7)(22)

 

Services: Business

 

6.3% (LIBOR + 5%)

 

6/19/2020

 

5/15/2024

 

 

602

 

 

 

593

 

 

 

602

 

PDFTron Systems Inc. (7)

 

Services: Business

 

6.3% (LIBOR + 5%)

 

3/31/2021

 

5/15/2024

 

 

136

 

 

 

134

 

 

 

137

 

PDFTron Systems Inc. (7)(9)(23)

 

Services: Business

 

6.3% (LIBOR + 5%)

 

3/31/2021

 

5/15/2024

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

Subtotal Canada

 

$

7,448

 

 

$

7,391

 

 

$

7,454

 

Midwest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—12.19% of net asset value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Web Technologies

 

Containers, Packaging, & Glass

 

7.0% (LIBOR + 6.0%)

 

12/17/2020

 

12/17/2026

 

$

2,042

 

 

$

2,006

 

 

$

2,026

 

Advanced Web Technologies (8)

 

Containers, Packaging, & Glass

 

7.0% (LIBOR + 6.0%)

 

12/17/2020

 

12/17/2026

 

 

57

 

 

 

51

 

 

 

57

 

Advanced Web Technologies (9)(23)

 

Containers, Packaging, & Glass

 

7.0% (LIBOR + 6.0%)

 

12/17/2020

 

12/17/2026

 

 

 

 

 

(15

)

 

 

 

Doxa Insurance Holdings, LLC

 

Insurance

 

7.0% (LIBOR + 6.0%)

 

12/4/2020

 

12/4/2026

 

 

1,592

 

 

 

1,556

 

 

 

1,592

 

Doxa Insurance Holdings, LLC (8)(9)

 

Insurance

 

7.0% (LIBOR + 6.0%)

 

12/4/2020

 

12/4/2026

 

 

 

 

 

(8

)

 

 

 

Doxa Insurance Holdings, LLC

 

Insurance

 

7.0% (LIBOR + 6.0%)

 

12/4/2020

 

12/4/2026

 

 

863

 

 

 

819

 

 

 

863

 

1-800 Hansons, LLC

 

High Tech Industries

 

10.5% (LIBOR + 9.5%) (9.5% Cash  + 1.0% PIK)

 

10/19/2017

 

10/19/2022

 

 

3,314

 

 

 

3,298

 

 

 

3,082

 

1-800 Hansons, LLC (8)

 

High Tech Industries

 

9.5% (LIBOR + 8.5%)

 

10/19/2017

 

10/19/2022

 

 

210

 

 

 

209

 

 

 

196

 

IRC Opco LLC

 

Healthcare & Pharmaceuticals

 

6.5% (LIBOR + 5.5%)

 

1/4/2019