tslx-10q_20210930.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, 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 November 2, 2021 was 73,103,668.

 

 

 

 

 

 


 

 

SIXTH STREET SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of September 30, 2021 (Unaudited) and December 31, 2020

 

6

 

 

 

 

 

 

 

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

 

20

 

 

 

 

 

 

 

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

 

22

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

23

 

 

 

 

 

Item 2.

 

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

 

50

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

72

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

74

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

75

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

75

 

 

 

 

 

Item 1A.

 

Risk Factors

 

75

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

79

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

79

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

79

 

 

 

 

 

Item 5.

 

Other Information

 

79

 

 

 

 

 

Item 6.

 

Exhibits

 

79

 

 

 

 

 

SIGNATURES

 

80

 

 

 

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 June 30, 2021, filed with the SEC on August 3, 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)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $2,222,335 and $2,187,427, respectively)

 

$

2,327,321

 

 

$

2,249,302

 

Non-controlled, affiliated investments (amortized cost of $12,723 and $12,892, respectively)

 

 

22,929

 

 

 

12,892

 

Controlled, affiliated investments (amortized cost of $63,332 and $58,709, respectively)

 

 

56,215

 

 

 

36,676

 

Total investments at fair value (amortized cost of $2,298,390 and $2,259,028, respectively)

 

 

2,406,465

 

 

 

2,298,870

 

Cash and cash equivalents (restricted cash of $12,815 and $10,815, respectively)

 

 

18,262

 

 

 

13,274

 

Interest receivable

 

 

9,401

 

 

 

8,583

 

Prepaid expenses and other assets

 

 

4,346

 

 

 

17,866

 

Total Assets

 

$

2,438,474

 

 

$

2,338,593

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $20,813 and $17,246, respectively)

 

$

1,103,114

 

 

$

1,110,363

 

Management fees payable to affiliate

 

 

9,485

 

 

 

8,435

 

Incentive fees on net investment income payable to affiliate

 

 

8,466

 

 

 

7,252

 

Incentive fees on net capital gains accrued to affiliate

 

 

14,969

 

 

 

1,421

 

Dividends payable

 

 

29,863

 

 

 

27,728

 

Other payables to affiliate

 

 

3,279

 

 

 

2,632

 

Other liabilities

 

 

17,453

 

 

 

19,447

 

Total Liabilities

 

 

1,186,629

 

 

 

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, 73,145,021 and

   67,980,253 shares issued, respectively; and 72,848,977 and 67,684,209 shares

   outstanding, respectively

 

 

731

 

 

 

680

 

Additional paid-in capital

 

 

1,134,015

 

 

 

1,025,676

 

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

 

 

(4,291

)

 

 

(4,291

)

Distributable earnings

 

 

121,390

 

 

 

139,250

 

Total Net Assets

 

 

1,251,845

 

 

 

1,161,315

 

Total Liabilities and Net Assets

 

$

2,438,474

 

 

$

2,338,593

 

Net Asset Value Per Share

 

$

17.18

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

September 30, 2021

 

 

September 30, 2020

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

67,369

 

 

$

59,786

 

 

$

188,852

 

 

$

181,667

 

Dividend income

 

 

804

 

 

 

463

 

 

 

2,081

 

 

 

1,339

 

Other income

 

 

1,777

 

 

 

8,080

 

 

 

5,191

 

 

 

17,306

 

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

 

 

69,950

 

 

 

68,329

 

 

 

196,124

 

 

 

200,312

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

210

 

 

 

2,069

 

 

 

630

 

 

 

4,551

 

Dividend income

 

 

 

 

 

 

 

 

545

 

 

 

 

Other income

 

 

 

 

 

22

 

 

 

 

 

 

59

 

Total investment income from non-controlled, affiliated investments

 

 

210

 

 

 

2,091

 

 

 

1,175

 

 

 

4,610

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,038

 

 

 

895

 

 

 

2,963

 

 

 

2,893

 

Other income

 

 

2

 

 

 

1

 

 

 

7

 

 

 

4

 

Total investment income from controlled, affiliated investments

 

 

1,040

 

 

 

896

 

 

 

2,970

 

 

 

2,897

 

Total Investment Income

 

 

71,200

 

 

 

71,316

 

 

 

200,269

 

 

 

207,819

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

9,856

 

 

 

8,399

 

 

 

28,999

 

 

 

31,159

 

Management fees

 

 

9,545

 

 

 

7,839

 

 

 

27,701

 

 

 

23,670

 

Incentive fees on net investment income

 

 

8,466

 

 

 

8,719

 

 

 

23,273

 

 

 

24,232

 

Incentive fees on net capital gains

 

 

3,444

 

 

 

 

 

 

13,548

 

 

 

 

Professional fees

 

 

1,626

 

 

 

1,562

 

 

 

4,806

 

 

 

5,186

 

Directors’ fees

 

 

180

 

 

 

188

 

 

 

548

 

 

 

611

 

Other general and administrative

 

 

1,569

 

 

 

1,505

 

 

 

4,688

 

 

 

4,717

 

Total expenses

 

 

34,686

 

 

 

28,212

 

 

 

103,563

 

 

 

89,575

 

Management fees waived (Note 3)

 

 

(60

)

 

 

 

 

 

(190

)

 

 

 

Net Expenses

 

 

34,626

 

 

 

28,212

 

 

 

103,373

 

 

 

89,575

 

Net Investment Income Before Income Taxes

 

 

36,574

 

 

 

43,104

 

 

 

96,896

 

 

 

118,244

 

Income taxes, including excise taxes

 

 

104

 

 

 

2,000

 

 

 

729

 

 

 

4,010

 

Net Investment Income

 

 

36,470

 

 

 

41,104

 

 

 

96,167

 

 

 

114,234

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

7,674

 

 

 

39,106

 

 

 

43,111

 

 

 

8,349

 

Non-controlled, affiliated investments

 

 

4,115

 

 

 

(3,607

)

 

 

10,206

 

 

 

(691

)

Controlled, affiliated investments

 

 

15,048

 

 

 

331

 

 

 

14,916

 

 

 

(14,392

)

Translation of other assets and liabilities in foreign currencies

 

 

3,711

 

 

 

(4,557

)

 

 

4,289

 

 

 

863

 

Interest rate swaps

 

 

(1,502

)

 

 

(1,498

)

 

 

(4,775

)

 

 

8,200

 

Total net change in unrealized gains (losses)

 

 

29,046

 

 

 

29,775

 

 

 

67,747

 

 

 

2,329

 

Realized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(10,512

)

 

 

(265

)

 

 

6,129

 

 

 

(190

)

Non-controlled, affiliated investments

 

 

 

 

 

11,819

 

 

 

(33

)

 

 

11,819

 

Controlled, affiliated investments

 

 

 

 

 

(498

)

 

 

 

 

 

(4,133

)

Extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

739

 

Foreign currency transactions

 

 

(48

)

 

 

(78

)

 

 

(48

)

 

 

(170

)

Total net realized gains (losses)

 

 

(10,560

)

 

 

10,978

 

 

 

6,048

 

 

 

8,065

 

Total Net Unrealized and Realized Gains (Losses)

 

 

18,486

 

 

 

40,753

 

 

 

73,795

 

 

 

10,394

 

Increase in Net Assets Resulting from Operations

 

$

54,956

 

 

$

81,857

 

 

$

169,962

 

 

$

124,628

 

Earnings per common share—basic

 

$

0.75

 

 

$

1.21

 

 

$

2.37

 

 

$

1.86

 

Weighted average shares of common stock outstanding—basic

 

 

72,808,730

 

 

 

67,584,660

 

 

 

71,696,874

 

 

 

67,068,166

 

Earnings per common share—diluted

 

$

0.70

 

 

$

1.21

 

 

$

2.19

 

 

$

1.86

 

Weighted average shares of common stock outstanding—diluted

 

 

80,515,411

 

 

 

67,584,660

 

 

 

79,403,555

 

 

 

67,068,166

 

 

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

5


 

Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of September 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 74,250 par, due 10/2025)

 

7/6/2018

 

 

C + 5.25

%

 

 

6.25

%

 

$

55,825

 

 

$60,222

(CAD 76,292)

 

 

 

4.8

%

Alpha Midco, Inc. (3)(5)

 

First-lien loan ($63,954 par, due 8/2025)

 

8/15/2019

 

 

L + 7.50

%

 

 

8.50

%

 

 

62,776

 

 

 

65,160

 

 

 

5.2

%

ExtraHop Networks, Inc. (3)(5)

 

First-lien loan ($48,838 par, due 7/2027)

 

7/22/2021

 

 

L + 7.50

%

 

 

8.50

%

 

 

47,464

 

 

 

47,767

 

 

 

3.8

%

ForeScout Technologies, Inc. (3)

 

First-lien loan ($5,005 par, due 8/2026)

 

8/17/2020

 

 

L + 9.50

%

 

10.50% (incl. 9.50% PIK)

 

 

 

4,899

 

 

 

5,047

 

 

 

0.4

%

Motus, LLC (3)(5)

 

First-lien loan ($61,321 par, due 1/2024)

 

1/17/2018

 

 

L + 5.50

%

 

 

6.50

%

 

 

60,633

 

 

 

61,321

 

 

 

4.9

%

Netwrix Corp. (3)(5)

 

First-lien loan ($66,528 par, due 9/2026)

 

9/30/2020

 

 

L + 6.25

%

 

 

7.25

%

 

 

65,238

 

 

 

66,714

 

 

 

5.3

%

Nintex Global, Ltd. (3)(5)

 

First-lien loan ($79,096 par, due 4/2024)

 

3/30/2018

 

 

L + 6.75

%

 

 

7.75

%

 

 

78,050

 

 

 

80,296

 

 

 

6.4

%

ReliaQuest Holdings, LLC (3)(5)

 

First-lien loan ($41,544 par, due 10/2026)

 

10/8/2020

 

 

L + 8.25

%

 

 

9.25

%

 

 

40,580

 

 

 

42,228

 

 

 

3.4

%

WideOrbit, Inc. (3)

 

First-lien loan ($59,491 par, due 7/2025)

 

7/8/2020

 

 

L + 8.50

%

 

 

9.75

%

 

 

58,722

 

 

 

61,739

 

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

474,187

 

 

 

490,494

 

 

 

39.2

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IntelePeer Holdings, Inc.

 

First-lien loan ($44,321 par, due 12/2024) (3)

 

12/2/2019

 

 

L + 8.25

%

 

 

9.75

%

 

 

44,220

 

 

 

44,084

 

 

 

3.5

%

 

 

Convertible note ($4,061 par, due 5/2028)

 

5/12/2021

 

 

6.00

%

 

6.00% PIK

 

 

 

4,023

 

 

 

4,041

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,243

 

 

 

48,125

 

 

 

3.8

%

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

%

 

 

42,115

 

 

 

42,304

 

 

 

3.4

%

EMS Linq, Inc. (3)(5)

 

First-lien loan ($34,650 par, due 9/2025)

 

9/17/2020

 

 

L + 7.75

%

 

 

8.75

%

 

 

33,778

 

 

 

35,603

 

 

 

2.9

%

Frontline Technologies

   Group, LLC (3)

 

First-lien loan ($86,686 par, due 9/2023)

 

9/18/2017

 

 

L + 5.75

%

 

 

6.75

%

 

 

86,425

 

 

 

86,686

 

 

 

6.9

%

Illuminate Education,

   Inc.(3)(5)

 

First-lien loan ($62,888 par, due 8/2022)

 

8/25/2017

 

 

L + 6.25

%

 

 

7.25

%

 

 

62,603

 

 

 

63,045

 

 

 

5.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

224,921

 

 

 

227,638

 

 

 

18.2

%

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AvidXchange, Inc. (3)(5)

 

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

 

10/1/2019

 

 

L + 8.00

%

 

 

9.00

%

 

 

10,994

 

 

 

11,239

 

 

 

0.9

%

Bear OpCo, LLC (3)(5)

 

First-lien loan ($19,625 par, due 10/2024)

 

10/10/2019

 

 

L + 6.50

%

 

 

7.50

%

 

 

19,269

 

 

 

19,527

 

 

 

1.6

%

BlueSnap, Inc. (3)

 

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

 

10/25/2019

 

 

L + 7.00

%

 

 

8.00

%

 

 

34,537

 

 

 

35,350

 

 

 

2.8

%

 

 

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

 

10/25/2019

 

 

P + 6.00

%

 

 

9.25

%

 

 

2,469

 

 

 

2,525

 

 

 

0.2

%

G Treasury SS, LLC (3)(5)

 

First-lien loan ($47,907 par, due 4/2023)

 

4/9/2018

 

 

L + 8.25

%

 

 

9.25

%

 

 

47,387

 

 

 

48,991

 

 

 

3.9

%

Ibis Intermediate Co. (3)(5)

 

First-lien loan ($1,545 par, due 5/2027)

 

5/28/2021

 

 

L + 5.00

%

 

 

5.50

%

 

 

1,406

 

 

 

1,644

 

 

 

0.1

%

Ibis US Blocker Co. (3)

 

First-lien loan ($12,395 par, due 5/2028)

 

5/28/2021

 

 

L + 8.25

%

 

8.75% PIK

 

 

 

12,107

 

 

 

12,147

 

 

 

1.0

%

6


 

InvMetrics Holdings, Inc. (3)(5)

 

First-lien loan ($52,801 par, due 12/2025)

 

12/30/2020

 

 

L + 6.25

%

 

 

7.25

%

 

 

51,609

 

 

 

52,801

 

 

 

4.2

%

Jonas Collections and

   Recovery, Inc. (3)(5)

 

First-lien loan ($27,438 par, due 6/2026)

 

6/21/2021

 

 

L + 5.75

%

 

 

6.75

%

 

 

26,891

 

 

 

26,957

 

 

 

2.2

%

Kyriba Corp.(3)

 

First-lien loan ($14,893 par, due 4/2025)

 

4/9/2019

 

 

L + 9.00

%

 

10.50% (incl. 9.00% PIK)

 

 

 

14,655

 

 

 

15,297

 

 

 

1.2

%

 

 

First-lien loan (EUR 8,866 par, due 4/2025)

 

4/9/2019

 

 

E + 9.00

%

 

9.00% PIK

 

 

 

9,828

 

 

10,507

(EUR 9,066)

 

 

 

0.8

%

 

 

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

 

4/9/2019

 

 

L + 7.25

%

 

 

8.75

%

 

 

1,385

 

 

 

1,452

 

 

 

0.1

%

 

 

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

 

4/9/2019

 

 

E + 7.25

%

 

 

7.25

%

 

 

370

 

 

389

(EUR 336)

 

 

 

0.0

%

Passport Labs, Inc. (3)

 

First-lien loan ($16,840 par, due 4/2026)

 

4/28/2021

 

 

L + 8.25

%

 

9.25% (incl. 4.125% PIK)

 

 

 

16,514

 

 

 

16,624

 

 

 

1.3

%

PrimeRevenue, Inc. (3)

 

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

 

12/31/2018

 

 

L + 7.00

%

 

 

8.50

%

 

 

22,349

 

 

 

23,232

 

 

 

1.9

%

TradingScreen, Inc. (3)(5)

 

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

 

4/30/2021

 

 

L + 6.25

%

 

 

7.25

%

 

 

43,719

 

 

 

44,100

 

 

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

315,489

 

 

 

322,782

 

 

 

25.7

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First-lien loan ($53,228 par, due 11/2026)

 

11/23/2020

 

 

L + 6.50

%

 

 

7.50

%

 

 

51,892

 

 

 

53,628

 

 

 

4.3

%

Caris Life Sciences, Inc.

 

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

 

9/21/2018

 

 

11.30

%

 

 

11.30

%

 

 

4,915

 

 

 

5,325

 

 

 

0.4

%

 

 

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

 

4/2/2020

 

 

11.30

%

 

 

11.30

%

 

 

3,534

 

 

 

4,088

 

 

 

0.3

%

 

 

Convertible note ($2,602 par, due 9/2023)

 

9/21/2018

 

 

8.00

%

 

 

8.00

%

 

 

2,602

 

 

 

12,250

 

 

 

1.0

%

Clinicient, Inc.(3)

 

First-lien loan ($15,000 par, due 5/2024)

 

5/31/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

14,912

 

 

 

15,150

 

 

 

1.2

%

 

 

First-lien revolving loan ($2,400 par, due 5/2024)

 

5/31/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

2,379

 

 

 

2,440

 

 

 

0.2

%

Integrated Practice

   Solutions, Inc. (3)(5)

 

First-lien loan ($49,000 par, due 10/2024)

 

6/30/2017

 

 

L + 7.50

%

 

 

8.50

%

 

 

47,798

 

 

 

50,348

 

 

 

4.0

%

Valant Medical Solutions,

   Inc. (3)

 

First-lien loan ($29,076 par, due 4/2024)

 

4/8/2019

 

 

L + 8.75