tslx-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 001-36364

 

Sixth Street Specialty Lending, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

27-3380000

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

2100 McKinney Avenue, Suite 1500,

Dallas, TX

75201

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (469) 621-3001

Not applicable

Former name, former address and former fiscal year, if changed since last report.

 

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TSLX

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 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 Exchange Act).    Yes      No  

The number of shares of the registrant’s common stock, $.01 par value per share, outstanding at August 3, 2021 was 72,837,125.

 

 

 

 

 

 


 

 

SIXTH STREET SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets 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 Schedules of Investments as of June 30, 2021 (Unaudited) and December 31, 2020

 

6

 

 

 

 

 

 

 

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

 

21

 

 

 

 

 

 

 

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

 

23

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

24

 

 

 

 

 

Item 2.

 

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

 

51

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

73

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

75

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

76

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

76

 

 

 

 

 

Item 1A.

 

Risk Factors

 

76

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

80

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

80

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

80

 

 

 

 

 

Item 5.

 

Other Information

 

80

 

 

 

 

 

Item 6.

 

Exhibits

 

80

 

 

 

 

 

SIGNATURES

 

81

 

 

 

2


 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

In addition to factors previously identified elsewhere in the reports and other documents Sixth Street Specialty Lending, Inc. has filed with the Securities and Exchange Commission, or SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

 

an economic downturn, including the current and future economic effects of the COVID-19 pandemic, could impair our portfolio companies’ abilities to continue to operate, which could lead to the loss of some or all of our investments in those portfolio companies;

 

such an economic downturn could disproportionately impact the companies in which we have invested and others that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

 

such an economic downturn could also impact availability and pricing of our financing;

 

an inability to access the capital markets could impair our ability to raise capital and our investment activities; and

 

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report, in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 17, 2021, in our Quarterly Report on Form 10-Q for the quarter ending March 31, 2021, filed with the SEC on May 4, 2021, and elsewhere in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The “TSLX” and “TAO” marks are marks of Sixth Street.

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Sixth Street Specialty Lending, Inc.

Consolidated Balance Sheets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $2,414,123 and $2,187,427, respectively)

 

$

2,511,435

 

 

$

2,249,302

 

Non-controlled, affiliated investments (amortized cost of $12,779 and $12,892, respectively)

 

 

18,870

 

 

 

12,892

 

Controlled, affiliated investments (amortized cost of $61,852 and $58,709, respectively)

 

 

39,687

 

 

 

36,676

 

Total investments at fair value (amortized cost of $2,488,754 and $2,259,028, respectively)

 

 

2,569,992

 

 

 

2,298,870

 

Cash and cash equivalents (restricted cash of $15,315 and $10,815, respectively)

 

 

18,494

 

 

 

13,274

 

Interest receivable

 

 

13,990

 

 

 

8,583

 

Prepaid expenses and other assets

 

 

5,880

 

 

 

17,866

 

Total Assets

 

$

2,608,356

 

 

$

2,338,593

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $22,287 and $17,246, respectively)

 

$

1,304,841

 

 

$

1,110,363

 

Management fees payable to affiliate

 

 

9,287

 

 

 

8,435

 

Incentive fees on net investment income payable to affiliate

 

 

6,995

 

 

 

7,252

 

Incentive fees on net capital gains accrued to affiliate

 

 

11,525

 

 

 

1,421

 

Dividends payable

 

 

29,774

 

 

 

27,728

 

Other payables to affiliate

 

 

3,272

 

 

 

2,632

 

Other liabilities

 

 

18,849

 

 

 

19,447

 

Total Liabilities

 

 

1,384,543

 

 

 

1,177,278

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares

   issued and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 72,945,727 and

   67,980,253 shares issued, respectively; and 72,649,683 and 67,684,209 shares

   outstanding, respectively

 

 

729

 

 

 

680

 

Additional paid-in capital

 

 

1,129,621

 

 

 

1,025,676

 

Treasury stock at cost; 296,044 and 296,044 shares held, respectively

 

 

(4,291

)

 

 

(4,291

)

Distributable earnings

 

 

97,754

 

 

 

139,250

 

Total Net Assets

 

 

1,223,813

 

 

 

1,161,315

 

Total Liabilities and Net Assets

 

$

2,608,356

 

 

$

2,338,593

 

Net Asset Value Per Share

 

$

16.85

 

 

$

17.16

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

4


 

 

Sixth Street Specialty Lending, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2021

 

 

June 30, 2020

 

 

June 30, 2021

 

 

June 30, 2020

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

59,720

 

 

$

61,115

 

 

$

121,484

 

 

$

121,881

 

Dividend income

 

 

770

 

 

 

445

 

 

 

1,277

 

 

 

876

 

Other income

 

 

1,136

 

 

 

6,439

 

 

 

3,414

 

 

 

9,227

 

Total investment income from non-controlled, non-affiliated investments

 

 

61,626

 

 

 

67,999

 

 

 

126,175

 

 

 

131,984

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

209

 

 

 

1,245

 

 

 

420

 

 

 

2,482

 

Dividend income

 

 

 

 

 

 

 

 

545

 

 

 

 

Other income

 

 

 

 

 

19

 

 

 

 

 

 

37

 

Total investment income from non-controlled, affiliated investments

 

 

209

 

 

 

1,264

 

 

 

965

 

 

 

2,519

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

989

 

 

 

971

 

 

 

1,925

 

 

 

1,998

 

Other income

 

 

4

 

 

 

 

 

 

4

 

 

 

3

 

Total investment income from controlled, affiliated investments

 

 

993

 

 

 

971

 

 

 

1,929

 

 

 

2,001

 

Total Investment Income

 

 

62,828

 

 

 

70,234

 

 

 

129,069

 

 

 

136,504

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

10,190

 

 

 

9,851

 

 

 

19,143

 

 

 

22,760

 

Management fees

 

 

9,417

 

 

 

7,666

 

 

 

18,156

 

 

 

15,831

 

Incentive fees on net investment income

 

 

6,996

 

 

 

8,372

 

 

 

14,807

 

 

 

15,513

 

Incentive fees on net capital gains

 

 

5,589

 

 

 

 

 

 

10,104

 

 

 

 

Professional fees

 

 

1,785

 

 

 

1,979

 

 

 

3,180

 

 

 

3,624

 

Directors’ fees

 

 

174

 

 

 

195

 

 

 

368

 

 

 

423

 

Other general and administrative

 

 

1,254

 

 

 

1,702

 

 

 

3,119

 

 

 

3,212

 

Total expenses

 

 

35,405

 

 

 

29,765

 

 

 

68,877

 

 

 

61,363

 

Management fees waived (Note 3)

 

 

(130

)

 

 

 

 

 

(130

)

 

 

 

Net Expenses

 

 

35,275

 

 

 

29,765

 

 

 

68,747

 

 

 

61,363

 

Net Investment Income Before Income Taxes

 

 

27,553

 

 

 

40,469

 

 

 

60,322

 

 

 

75,141

 

Income taxes, including excise taxes

 

 

165

 

 

 

1,000

 

 

 

625

 

 

 

2,010

 

Net Investment Income

 

 

27,388

 

 

 

39,469

 

 

 

59,697

 

 

 

73,131

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

26,075

 

 

 

62,002

 

 

 

35,438

 

 

 

(30,757

)

Non-controlled, affiliated investments

 

 

4,008

 

 

 

4,310

 

 

 

6,090

 

 

 

2,916

 

Controlled, affiliated investments

 

 

(132

)

 

 

(1,215

)

 

 

(132

)

 

 

(14,723

)

Translation of other assets and liabilities in foreign currencies

 

 

445

 

 

 

(8,379

)

 

 

578

 

 

 

5,420

 

Interest rate swaps

 

 

(1,451

)

 

 

516

 

 

 

(3,273

)

 

 

9,698

 

Total net change in unrealized gains (losses)

 

 

28,945

 

 

 

57,234

 

 

 

38,701

 

 

 

(27,446

)

Realized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,022

 

 

 

 

 

 

16,641

 

 

 

75

 

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

(33

)

 

 

 

Controlled, affiliated investments

 

 

 

 

 

(1,539

)

 

 

 

 

 

(3,636

)

Extinguishment of debt

 

 

 

 

 

739

 

 

 

 

 

 

739

 

Foreign currency transactions

 

 

(1

)

 

 

(33

)

 

 

 

 

 

(92

)

Total net realized gains (losses)

 

 

2,021

 

 

 

(833

)

 

 

16,608

 

 

 

(2,914

)

Total Net Unrealized and Realized Gains (Losses)

 

 

30,966

 

 

 

56,401

 

 

 

55,309

 

 

 

(30,360

)

Increase in Net Assets Resulting from Operations

 

$

58,354

 

 

$

95,870

 

 

$

115,006

 

 

$

42,771

 

Earnings per common share—basic

 

$

0.80

 

 

$

1.43

 

 

$

1.62

 

 

$

0.64

 

Weighted average shares of common stock outstanding—basic

 

 

72,556,471

 

 

 

66,957,883

 

 

 

71,131,732

 

 

 

66,807,081

 

Earnings per common share—diluted

 

$

0.74

 

 

$

1.43

 

 

$

1.50

 

 

$

0.64

 

Weighted average shares of common stock outstanding—diluted

 

 

80,249,527

 

 

 

66,957,883

 

 

 

78,824,788

 

 

 

66,807,081

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


 

Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of June 30, 2021

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company (1)

 

Investment

 

Initial

Acquisition

Date

 

Reference

Rate and

Spread

 

 

Interest Rate

 

 

Amortized

Cost (2)(8)

 

 

Fair Value (10)

 

 

Percentage

of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acceo Solutions,

   Inc. (3)(4)(5)

 

First-lien loan (CAD 74,437 par, due 10/2025)

 

7/6/2018

 

 

C + 5.25

%

 

 

6.25

%

 

$

55,928

 

 

$61,615

(CAD 76,298)

 

 

 

5.0

%

Alpha Midco, Inc. (3)(5)

 

First-lien loan ($63,992 par, due 8/2025)

 

8/15/2019

 

 

L + 7.50

%

 

 

8.50

%

 

 

62,746

 

 

 

65,199

 

 

 

5.3

%

ForeScout Technologies, Inc. (3)

 

First-lien loan ($4,887 par, due 8/2026)

 

8/17/2020

 

 

L + 9.50

%

 

10.50% (incl. 9.50% PIK)

 

 

 

4,776

 

 

 

4,900

 

 

 

0.4

%

Integration Appliance, Inc. (3)

 

First-lien loan ($71,500 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

8.25

%

 

 

70,969

 

 

 

71,500

 

 

 

5.9

%

 

 

First-lien revolving loan ($1,310 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

8.25

%

 

 

1,293

 

 

 

1,310

 

 

 

0.1

%

Motus, LLC (3)(5)

 

First-lien loan ($61,481 par, due 1/2024)

 

1/17/2018

 

 

L + 5.50

%

 

 

6.50

%

 

 

60,722

 

 

 

61,635

 

 

 

5.0

%

Netwrix Corp. (3)(5)

 

First-lien loan ($66,688 par, due 9/2026)

 

9/30/2020

 

 

L + 6.50

%

 

 

7.50

%

 

 

65,314

 

 

 

66,501

 

 

 

5.5

%

Nintex Global, Ltd. (3)(5)

 

First-lien loan ($79,295 par, due 4/2024)

 

3/30/2018

 

 

L + 6.75

%

 

 

7.75

%

 

 

78,183

 

 

 

81,872

 

 

 

6.7

%

 

 

First-lien revolving loan ($800 par, due 3/2023)

 

10/14/2020

 

 

L + 6.75

%

 

 

7.75

%

 

 

772

 

 

 

830

 

 

 

0.1

%

ReliaQuest Holdings, LLC (3)(5)

 

First-lien loan ($39,839 par, due 10/2026)

 

10/8/2020

 

 

L + 8.25

%

 

 

9.25

%

 

 

38,835

 

 

 

40,010

 

 

 

3.3

%

ServiceChannel Holdings, Inc. (9)

 

Second-lien loan  ($5,687 par, due 6/2025)

 

6/3/2020

 

 

12.00

%

 

12.00% PIK

 

 

 

5,351

 

 

 

6,285

 

 

 

0.5

%

WideOrbit, Inc. (3)

 

First-lien loan ($59,641 par, due 7/2025)

 

7/8/2020

 

 

L + 8.50

%

 

 

9.75

%

 

 

58,828

 

 

 

61,412

 

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

503,717

 

 

 

523,069

 

 

 

42.8

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IntelePeer Holdings, Inc.

 

First-lien loan ($43,973 par, due 12/2024) (3)

 

12/2/2019

 

 

L + 8.25

%

 

 

9.75

%

 

 

43,865

 

 

 

43,736

 

 

 

3.6

%

 

 

Convertible note ($4,000 par, due 5/2028)

 

5/12/2021

 

 

6.00

%

 

6.00% PIK

 

 

 

3,961

 

 

 

3,970

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,826

 

 

 

47,706

 

 

 

3.9

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Destiny Solutions Parent

   Holding Company (3)(5)

 

First-lien loan ($43,267 par, due 6/2026)

 

6/8/2021

 

 

L + 5.75

%

 

 

6.75

%

 

 

42,027

 

 

 

42,029

 

 

 

3.4

%

EMS Linq, Inc. (3)(5)

 

First-lien loan ($34,738 par, due 9/2025)

 

9/17/2020

 

 

L + 7.75

%

 

 

8.75

%

 

 

33,819

 

 

 

34,911

 

 

 

2.9

%

Follet Corp. (3)

 

First-lien loan ($75,000 par, due 11/2025)

 

11/25/2020

 

 

L + 7.75

%

 

 

8.75

%

 

 

73,478

 

 

 

77,063

 

 

 

6.3

%

Frontline Technologies

   Group, LLC (3)

 

First-lien loan ($86,907 par, due 9/2023)

 

9/18/2017

 

 

L + 5.75

%

 

 

6.75

%

 

 

86,613

 

 

 

86,908

 

 

 

7.1

%

Illuminate Education,

   Inc.(3)(5)

 

First-lien loan ($63,050 par, due 8/2022)

 

8/25/2017

 

 

L + 6.25

%

 

 

7.25

%

 

 

62,689

 

 

 

63,365

 

 

 

5.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298,626

 

 

 

304,276

 

 

 

24.9

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AvidXchange, Inc. (3)(5)

 

First-lien loan ($11,077 par, due 4/2024)

 

10/1/2019

 

 

L + 9.00

%

 

 

10.00

%

 

 

10,984

 

 

 

11,207

 

 

 

0.9

%

Bear OpCo, LLC (3)(5)

 

First-lien loan ($19,675 par, due 10/2024)

 

10/10/2019

 

 

L + 6.50

%

 

 

7.50

%

 

 

19,293

 

 

 

19,527

 

 

 

1.6

%

BlueSnap, Inc. (3)

 

First-lien loan ($35,000 par, due 10/2024)

 

10/25/2019

 

 

L + 7.00

%

 

 

8.00

%

 

 

34,504

 

 

 

35,350

 

 

 

2.9

%

6


 

 

 

First-lien revolving loan ($2,500 par, due 10/2024)

 

10/25/2019

 

 

P + 6.00

%

 

 

9.25

%

 

 

2,467

 

 

 

2,525

 

 

 

0.2

%

G Treasury SS, LLC (3)(5)

 

First-lien loan ($47,493 par, due 4/2023)

 

4/9/2018

 

 

L + 8.25

%

 

 

9.25

%

 

 

46,894

 

 

 

48,442

 

 

 

4.0

%

GC Agile Holdings, Ltd. (3)(4)

 

First-lien loan ($39,123 par, due 6/2025)

 

1/31/2019

 

 

L + 7.00

%

 

 

8.25

%

 

 

38,672

 

 

 

39,514

 

 

 

3.2

%

Ibis Intermediate Co. (3)(5)

 

First-lien loan ($1,549 par, due 5/2027)

 

5/28/2021

 

 

L + 5.00

%

 

 

5.50

%

 

 

1,403

 

 

 

1,352

 

 

 

0.1

%

Ibis US Blocker Co. (3)

 

First-lien loan ($12,113 par, due 5/2028)

 

5/28/2021

 

 

L + 8.25

%

 

8.75% PIK

 

 

 

11,813

 

 

 

11,810

 

 

 

1.0

%

InvMetrics Holdings, Inc. (3)(5)

 

First-lien loan ($52,934 par, due 12/2025)

 

12/30/2020

 

 

L + 6.25

%

 

 

7.25

%

 

 

51,679

 

 

 

52,386

 

 

 

4.3

%

Jonas Collections and

   Recovery, Inc. (3)(5)

 

First-lien loan ($27,500 par, due 6/2026)

 

6/21/2021

 

 

L + 5.75

%

 

 

6.75

%

 

 

26,928

 

 

 

26,950

 

 

 

2.2

%

Kyriba Corp.(3)

 

First-lien loan ($14,558 par, due 4/2025)

 

4/9/2019

 

 

L + 9.00

%

 

10.50% (incl. 9.00% PIK)

 

 

 

14,307

 

 

 

15,042

 

 

 

1.2

%

 

 

First-lien loan (EUR 8,667 par, due 4/2025)

 

4/9/2019

 

 

E + 9.00

%

 

9.00% PIK

 

 

 

9,587

 

 

10,561

(EUR 8,906)

 

 

 

0.9

%

 

 

First-lien revolving loan ($1,411 par, due 4/2025)

 

4/9/2019

 

 

L + 7.25

%

 

 

8.75

%

 

 

1,383

 

 

 

1,450

 

 

 

0.1

%

 

 

First-lien revolving loan (EUR 336 par, due 4/2025)

 

4/9/2019

 

 

E + 7.25

%

 

 

7.25

%

 

 

369

 

 

410

(EUR 345)

 

 

 

0.0

%

Passport Labs, Inc. (3)

 

First-lien loan ($16,667 par, due 4/2026)

 

4/28/2021

 

 

L + 8.25

%

 

 

9.25

%

 

 

16,294

 

 

 

16,326

 

 

 

1.3

%

PrimeRevenue, Inc. (3)

 

First-lien loan ($22,507 par, due 12/2023)

 

12/31/2018

 

 

L + 8.00

%

 

 

9.50

%

 

 

22,332

 

 

 

23,377

 

 

 

1.9

%

TradingScreen, Inc. (3)(5)

 

First-lien loan ($45,000 par, due 4/2027)

 

4/30/2021

 

 

L + 6.25

%

 

 

7.25

%

 

 

43,668

 

 

 

43,875

 

 

 

3.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

352,577

 

 

 

360,104

 

 

 

29.4

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCTO Ace Purchaser, Inc. (3)(5)

 

First-lien loan ($48,350 par, due 11/2026)

 

11/23/2020

 

 

L + 6.50

%

 

 

7.50

%

 

 

47,062

 

 

 

48,471

 

 

 

4.0

%

Caris Life Sciences, Inc.

 

First-lien loan ($5,000 par, due 9/2023)

 

9/21/2018

 

 

11.30

%

 

 

11.30

%

 

 

4,906

 

 

 

5,350

 

 

 

0.4

%

 

 

First-lien loan ($3,750 par, due 4/2025)

 

4/2/2020