Whitehorse Finance

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WhiteHorse Finance, Inc. Announces Second Quarter 2021 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share

NEW YORK, Aug. 9, 2021 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the quarter ended June 30, 2021. In addition, the Company's board of directors has declared a distribution of $0.355 per share with respect to the quarter ending September 30, 2021. The distribution will be payable on October 4, 2021 to stockholders of record as of September 20, 2021.

Second Quarter 2021 Summary Highlights

  • Net Asset Value of $319.6 million, or $15.42 per share
  • Investment portfolio(1) totaling $670.5 million
  • STRS JV investment portfolio totaling $209.5 million
  • Gross investment deployments(2) of $103.8 million for the second quarter, including new originations of $96.3 million and $7.5 million of fundings for add-ons to existing investments
  • Net investment income of $6.1 million, or $0.296 per share
  • Core net investment income of $7.0 million, or $0.338 per share(3)
  • Second quarter distribution of $0.355 per share

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC ("STRS JV"), an unconsolidated joint venture, totaling $61.9 million, at fair value.

(2) Excludes investments made in STRS JV.

(3) "Core net investment income" is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "During the second quarter, we successfully originated seven first lien loans and one second lien deal, contributing $96.3 million of gross deployment. The origination volume increased leverage to 1.14x, and our net asset value rose to $15.42 per share driven by mark-to-market gains in our portfolio, representing the second highest per share level since the Company's initial public offering. With SureFit placed back on accrual, the investment portfolio remains strong with only one investment remaining on non-accrual status. Looking forward, the pipeline is very active for existing deal paydowns, refinancings and new deals for the second half of 2021. In this fast-paced environment, we will continue to leverage our three-tiered sourcing approach and rigorous underwriting standards to maintain and grow a healthy portfolio, generating robust cash flows to support our dividend and ultimately enhancing value for our shareholders."

Portfolio and Investment Activity

As of June 30, 2021, the fair value of WhiteHorse Finance's investment portfolio was $670.5 million, compared with $617.0 million as of March 31, 2021. The portfolio as of June 30, 2021 consisted of 97 positions across 67 companies with a weighted average effective yield of 9.5% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV) was $7.1 million with the overall portfolio comprised of approximately 84.0% first lien secured loans, 4.4% second lien secured loans, 2.4% equity and 9.2% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the London Interbank Offered Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended June 30, 2021, WhiteHorse Finance made investments in eight new portfolio companies totaling $96.3 million and added a total of $7.5 million to six existing portfolio companies. Proceeds from sales and repayments totaled approximately $30.8 million for the quarter ended June 30, 2021, driven by two full realizations in NMFC Senior Loan Program I LLC and Comniscient Technologies LLC.

In addition to the transactions discussed above, during the three months ended June 30, 2021, WhiteHorse Finance transferred assets comprised of four new portfolio companies and three add-on investments totaling $31.8 million to STRS JV in exchange for a net investment in STRS JV of $6.6 million as well as cash proceeds of $25.2 million.

WHF STRS Ohio Senior Loan Fund LLC

As of June 30, 2021, STRS JV's portfolio totaled $209.5 million, consisted of 25 portfolio companies and had a weighted average effective yield of 8.1% on its portfolio.

Results of Operations

For the three months ended June 30, 2021, the Company's net investment income was approximately $6.1 million, compared with approximately $5.2 million for the same periods in the prior year, representing an increase of approximately 17.3%. The increase in net investment income for the year-over-year period was primarily attributable to higher interest income earned on a comparatively larger portfolio and higher investment income generated from the Company's investment in STRS JV, partially offset by higher incentive fees accrued for the quarter ended June 30, 2021. For the three months ended June 30, 2021, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 13.8%.

For the three months ended June 30, 2021, core net investment income (as defined above) was $7.0 million, compared with $5.2 million for the same period in the prior year, representing an increase of approximately 34.6%.

For the three months ended June 30, 2021, WhiteHorse Finance reported net realized and unrealized gains on investments and foreign currency transactions of $4.4 million. This compares with net realized and unrealized gains on investments and foreign currency transactions of $17.6 million for the three months ended June 30, 2020. The decrease for the year-over-year period was primarily attributable to higher prior-year unrealized gains generated on markups in the portfolio as a result of overall market stability and price recovery from the COVID-19 pandemic.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $10.5 million for the three months ended June 30, 2021, which compares with a net increase of $22.8 million for the three months ended June 30, 2020.

WhiteHorse Finance's net asset value was $319.6 million, or $15.42 per share, as of June 30, 2021, as compared with $314.3 million, or $15.27 per share, as of March 31, 2021.

Liquidity and Capital Resources

As of June 30, 2021, WhiteHorse Finance had cash and cash equivalents of $17.8 million, as compared with $24.5 million as of March 31, 2021, inclusive of restricted cash. As of June 30, 2021, the Company also had $46.5 million of undrawn capacity under its revolving credit facility.

Distributions

The Company's Board of Directors has declared a distribution of $0.355 per share with respect to the quarter ending September 30, 2021. The distribution will be payable on October 4, 2021 to stockholders of record as of September 20, 2021.

On May 10, 2021, the Company declared a distribution of $0.355 per share for the quarter ended June 30, 2021, consistent with distributions declared for the thirty-fifth consecutive quarter since the Company's initial public offering. The distribution was paid on July 2, 2021 to stockholders of record as of June 18, 2021.

Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its second quarter results at 1:00 p.m. ET on Monday, August 9, 2021. To access the teleconference, please dial 877-876-9174 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference Conference ID #WHFQ221. Investors may also access the call on the investor relations portion of the Company's website at www.whitehorsefinance.com.  

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through August 16, 2021. The teleconference replay can be accessed by dialing 877-274-8339 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com.  

About WhiteHorse Finance, Inc.

WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, ("H.I.G. Capital"). H.I.G. Capital is a leading global alternative asset manager with $45 billion of capital under management(4) across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

 (4) Based on total capital commitments managed by H.I.G. Capital and affiliates.

 

SCHEDULE 1

As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company's indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses nor did the Company incur any costs with refinancing any of its indebtedness for the quarters ended June 30, 2021 and June 30, 2020.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended June 30, 2021 and June 30, 2020 (in thousands, except per share data):



June 30, 2021



June 30, 2020




Amount



 Per Share

Amounts



Amount



 Per Share

Amounts


Net investment income


$

6,100



$

0.296



$

5,240



$

0.255


Net impact of costs associated with refinancing of indebtedness



-




-




-




-


Accrual for capital gains incentive fee



882




0.042




-




-


Net impact of excise tax expense related to net realized gains and losses



-




-




-




-


Core net investment income


$

6,982



$

0.338



$

5,240



$

0.255



















 

WhiteHorse Finance, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)






June 30, 2021



December 31, 2020




(Unaudited)





Assets









Investments, at fair value









Non-controlled/non-affiliate company investments


$

602,576



$

623,777


Non-controlled affiliate company investments



6,008




15,717


Controlled affiliate company investments



61,891




51,241


Total investments, at fair value (amortized cost $678,680 and $695,429, respectively)



670,475




690,735


Cash and cash equivalents



10,329




8,062


Restricted cash and cash equivalents



7,037




7,549


Restricted foreign currency (cost of $378 and $319, respectively)



397




333


Interest and dividend receivable



7,076




6,532


Amounts receivable on unsettled investment transactions



1,021




4,717


Escrow receivable



2,236




-


Prepaid expenses and other receivables



1,154




1,061


Total assets


$

699,725



$

718,989











Liabilities









Debt


$

358,719



$

384,880


Distributions payable



7,357




7,294


Management fees payable



3,357




3,354


Incentive fees payable



6,994




6,117


Amounts payable on unsettled investment transactions



-




497


Interest payable



1,848




1,870


Accounts payable and accrued expenses



1,437




1,708


Advances received from unfunded credit facilities



392




372


Total liabilities



380,104




406,092











Commitments and contingencies


















Net assets









Common stock, 20,722,596 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized



21




21


Paid-in capital in excess of par



302,711




300,002


Accumulated earnings



16,889




12,874


Total net assets



319,621




312,897


Total liabilities and total net assets


$

699,725



$

718,989











Number of shares outstanding



20,722,596




20,546,032


Net asset value per share


$

15.42



$

15.23


 

WhiteHorse Finance, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)






Three months ended June
30,



Six months ended June
30,




2021



2020



2021



2020


Investment income

















From non-controlled/non-affiliate company investments

















Interest income


$

14,148



$

12,145



$

28,960



$

25,284


Fee income



350




539




1,121




830


Dividend income



65




30




109




79


From non-controlled affiliate company investments

















Dividend income



717




263




967




538


From controlled affiliate company investments

















Interest income



738




606




1,457




1,231


Dividend income



1,325




240




2,699




393


Total investment income



17,343




13,823




35,313




28,355



















Expenses

















Interest expense



3,811




3,223




7,613




6,891


Base management fees



3,357




2,950




6,701




6,042


Performance-based incentive fees



2,628




1,311




4,670




1,752


Administrative service fees



170




171




341




342


General and administrative expenses



875




730




1,696




1,610


Total expenses



10,841




8,385




21,021




16,637



















Net investment income before excise tax



6,502




5,438




14,292




11,718


Excise tax



402




198




592




376


Net investment income after excise tax



6,100




5,240




13,700




11,342



















Realized and unrealized gains (losses) on investments and foreign currency transactions

















Net realized gains (losses)

















Non-controlled/non-affiliate company investments



(555)




(77)




7,605




433


Non-controlled-affiliate company investments



-




-




-




-


Foreign currency transactions



(4)




70




(3)




67


Foreign currency forward contracts



(4)




(6)




(4)




-


Net realized gains (losses)



(563)




(13)




7,598




500


Net change in unrealized appreciation (depreciation)

















Non-controlled/non-affiliate company investments



4,407




15,841




(2,568)




(6,355)


Non-controlled affiliate company investments



755




871




321




(1,130)


Controlled affiliate company investments



(149)




1,111




(269)




(2,842)


Translation of assets and liabilities in foreign currencies



(40)




(237)




(102)




343


Foreign currency forward contracts



1




(2)




-




(3)


Net change in unrealized appreciation (depreciation)



4,974




17,584




(2,618)




(9,987)


Net realized and unrealized gains (losses) on investments



4,411




17,571




4,980




(9,487)


Net increase in net assets resulting from operations


$

10,511



$

22,811



$

18,680



$

1,855



















Per Common Share Data

















Basic and diluted earnings per common share


$

0.51



$

1.11



$

0.91



$

0.09


Dividends and distributions declared per common share


$

0.36



$

0.36



$

0.71



$

0.71


Basic and diluted weighted average common shares Outstanding



20,626,340




20,546,032




20,589,159




20,546,032


 

WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
June 30, 2021
(in thousands)


Issuer


Investment
Type(1)


Floor


Spread
Above
Index(2)


Interest
Rate(3)


Acquisition
Date(10)


Maturity
Date


Principal/
Share
Amount



Amortized
Cost



Fair
Value(11)



Fair Value
As A
Percentage
of Net
Assets


North America

























Debt Investments





























Advertising





























SmartSign Holdings LLC


First Lien Secured Term Loan


1.00%


L+ 7.50%


8.50%


08/21/20


10/11/24



7,705



$

7,583



$

7,705




2.41

%
















7,705




7,583




7,705




2.41


Air Freight & Logistics





























Access USA Shipping, LLC


First Lien Secured Term Loan


1.50%


L+ 8.00%


9.50%


02/08/19


02/08/24



5,083




5,043




5,083




1.59

















5,083




5,043




5,083




1.59


Application Software





























Atlas Purchaser, Inc. (dba Aspect Software)


Second Lien Secured Term Loan


0.75%


L+ 9.00%


9.75%


05/06/21


05/06/29



15,000




14,558




14,558




4.55


Connexity, Inc.


First Lien Secured Term Loan


1.50%


L+ 8.50%


10.00%


05/21/20


05/21/25



9,454




9,234




9,454




2.96


Newscycle Solutions, Inc.


First Lien Secured Term Loan


1.00%


L+ 7.00%


8.00%


06/14/19


12/29/22



3,229




3,202




3,217




1.01


Newscycle Solutions, Inc.(7)


First Lien Secured Revolving Loan


1.00%


L+ 7.00%


8.00%


06/14/19


12/29/22



169




168




168




0.05


TaxSlayer LLC


First Lien Secured Term Loan


1.00%


L+ 6.50%


7.50%


12/31/20


12/31/26



6,779




6,655




6,655




2.08


TaxSlayer LLC(7)


First Lien Secured Revolving Loan


1.00%


L+ 6.50%


7.50%


12/31/20


12/31/26



-




-




-




-

















34,631




33,817




34,052




10.65


Automotive Retail





























Team Car Care Holdings, LLC(12)


First Lien Secured Term Loan


1.02%


Base rate+ 7.99%


9.01%


02/26/18


02/23/23



15,678




15,561




15,629




4.89

















15,678




15,561




15,629




4.89


Building Products





























Drew Foam Companies Inc


First Lien Secured Term Loan


1.00%


L+ 6.50%


7.50%


11/05/20


11/05/25



7,244




7,115




7,118




2.23


LHS Borrower, LLC


First Lien Secured Term Loan


1.00%


L+ 6.75%


7.75%


09/30/20


09/30/25



9,567




9,385




9,496




2.97


LHS Borrower, LLC(7)


First Lien Secured Revolving Loan


1.00%


L+ 6.75%


7.75%


09/30/20


09/30/25



-




-




7




-

















16,811




16,500




16,621




5.20


Cable & Satellite





























Bulk Midco, LLC(15)


First Lien Secured Term Loan


1.00%


L+ 7.34%


8.34%


06/08/18


06/08/23



15,000




14,913




14,250




4.46

















15,000




14,913




14,250




4.46


Construction & Engineering





























SFP Holding, Inc.


First Lien Secured Term Loan


1.00%


L+ 6.25%


7.25%


06/22/21


09/01/23



2,295




2,246




2,272




0.71


Tensar Corp.


First Lien Secured Term Loan


1.00%


L+ 6.75%


7.75%


11/20/20


08/20/25



6,965




6,813




6,930




2.17

















9,260




9,059




9,202




2.88


Construction Materials





























Claridge Products and Equipment, LLC


First Lien Secured Term Loan


1.00%


L+ 6.50%


7.50%


12/30/20


12/29/25



7,960




7,817




7,846




2.45


Claridge Products and Equipment, LLC(7)


First Lien Secured Revolving Loan


1.00%


L+ 6.50%


7.50%


12/30/20


12/29/25



-




-




3




-

















7,960




7,817




7,849




2.45


Commodity Chemicals





























Flexitallic Group SAS


First Lien Secured Term Loan


1.00%


L+ 6.50%


7.50%


10/28/19


10/29/26



11,893




11,671




11,299




3.54

















11,893




11,671




11,299




3.54


Consumer Finance





























Maxitransfers Blocker Corp


First Lien Secured Term Loan


1.00%


L+ 8.50%


9.50%


10/07/20


10/07/25



8,757




8,580




8,657




2.71


Maxitransfers Blocker Corp(4)(7)


First Lien Secured Revolving Loan


1.00%


L+ 8.50%


9.50%


10/07/20


10/07/25



-




-




9




-

















8,757




8,580




8,666




2.71


Data Processing & Outsourced Services





























Escalon Services Inc


First Lien Secured Term Loan


1.00%


L+ 13.50%


14.50% (13.00% Cash + 1.50% PIK)


12/04/20


12/04/25



8,024




7,394




7,661




2.40


FPT Operating Company, LLC/ TLabs Operating Company, LLC


First Lien Secured Term Loan


1.00%


L+ 8.25%


9.25%


12/23/16


06/07/24



24,312




24,095




24,155




7.56


Geo Logic Systems Ltd.(5)(12)(13)


First Lien Secured Term Loan


1.00%


C+ 6.50%


7.50%


12/19/19


12/19/24



6,623




4,982




5,236




1.64


Geo Logic Systems Ltd. (5)(7)(13)


First Lien Secured Revolving Loan


1.00%


C+ 6.50%


7.50%


12/19/19


12/19/24



-




-




(2)




-


E-Phoenix Acquisition Co. Inc. (dba Integreon)


First Lien Secured Term Loan


1.00%


L+ 5.75%


6.75%


06/23/21


06/23/27



9,000




8,888




8,888




2.78

















47,959




45,359




45,938




14.38


 

WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
June 30, 2021
(in thousands) 





Issuer


Investment
Type(1)


Floor


Spread
Above
Index(2)


Interest
Rate(3)


Acquisition
Date(10)


Maturity
Date


Principal/
Share
Amount



Amortized
Cost



Fair
Value(11)



Fair Value
As A
Percentage
of Net
Assets


Department Stores





























Mills Fleet Farm Group, LLC


First Lien Secured Term Loan


1.00%


L+ 6.00%


7.00%


10/24/18


10/24/24



13,538



$

13,308



$

13,538




4.24

%
















13,538




13,308




13,538




4.24


Distributors





























Crown Brands, LLC(19)


Second Lien Secured Term Loan


1.50%


L+ 10.50%


12.00%


12/15/20


01/08/26



4,379




4,287




3,673




1.15


Crown Brands, LLC(19)


Second Lien Secured Delayed Draw Loan


1.50%


L+ 10.50%


12.00%


12/15/20


01/08/26



650




650




545




0.17

















5,029




4,937




4,218




1.32


Diversified Chemicals





























Sklar Holdings, Inc.


First Lien Secured Term Loan


1.00%


L+ 7.75%


8.75%


11/13/19


05/13/23



7,451




7,335




7,451




2.33

















7,451




7,335




7,451




2.33


Diversified Support Services





























NNA Services, LLC


First Lien Secured Term Loan


1.50%


L+ 7.00%


8.50%


10/16/18


10/16/23



13,174




13,032




13,174




4.12

















13,174




13,032




13,174




4.12


Education Services





























EducationDynamics, LLC


First Lien Secured Term Loan


1.00%


L+ 7.75%


8.75%


11/26/19


11/26/24



12,232




12,059




12,232




3.83

















12,232




12,059




12,232




3.83


Electronic Equipment & Instruments





























LMG Holdings, Inc.


First Lien Secured Term Loan


1.00%


L+ 6.50%


7.50%


04/30/21


04/30/26



6,836




6,704




6,704




2.10


LMG Holdings, Inc.(7)


First Lien Secured Revolving Loan


1.00%


L+ 6.50%


7.50%


04/30/21


04/30/26



-




-




-




-

















6,836




6,704




6,704




2.10


Health Care Facilities





























Epiphany Dermatology


First Lien Secured Term Loan


1.00%


L+ 7.50%


8.50%


12/04/20


06/22/23



3,483




3,415




3,431




1.07


Epiphany Dermatology(7)


First Lien Secured Revolving Loan


1.00%


L+ 7.50%


8.50%


12/04/20


06/22/23



-




-




2




-


Epiphany Dermatology(7)


First Lien Secured Delayed Draw Loan


1.00%


L+ 7.50%


8.50%


12/04/20


06/22/23



-




-




14




-


Grupo HIMA San Pablo, Inc.(8)


First Lien Secured Term Loan A


N/A


L+ 9.00%


9.18%


05/05/19


04/30/19



3,855




3,855




2,146




0.67


Grupo HIMA San Pablo, Inc.(8)


First Lien Secured Term Loan B


1.50%


L+ 9.00%


10.50%


02/01/13


04/30/19



13,511




13,511




7,521




2.35


Grupo HIMA San Pablo, Inc.(8)


Second Lien Secured Term Loan


N/A


L+ 15.75%


15.75% (13.75% Cash + 2.00% PIK)


02/01/13


07/31/18



1,028




1,024




-




-

















21,877




21,805




13,114




4.09


Health Care Services





























CHS Therapy, LLC


First Lien Secured Term Loan A


1.50%


L+ 8.50%


10.00%


06/14/19


06/14/24



7,326




7,244




7,325




2.29


CHS Therapy, LLC


First Lien Secured Term Loan C


1.50%


L+ 8.50%


10.00%


10/07/20


06/14/24



901




886




901




0.28


DCA Investment Holding, LLC


First Lien Secured Term Loan


0.75%


L+ 6.25%


7.00%


03/12/21


03/12/27



7,060




6,959




6,959




2.18


DCA Investment Holding, LLC(7)


First Lien Secured Delayed Draw Loan


0.75%


L+ 6.25%


7.00%


03/12/21


03/12/27



-




-




-




-


Ivy Rehab Holdings LLC


First Lien Secured Term Loan


1.00%


L+ 6.75%


7.75%


12/04/20


12/04/24



8,811




8,660




8,811




2.76


Ivy Rehab Holdings LLC(7)


First Lien Secured Revolving Loan


1.00%


L+ 6.75%


7.75%


12/04/20


12/04/24



-




-




9




-


Ivy Rehab Holdings LLC(7)


First Lien Secured Delayed Draw Loan


1.00%


L+ 6.75%


7.75%


12/04/20


12/04/24



377




370




398




0.12


Lab Logistics, LLC


First Lien Secured Term Loan


1.00%


L+ 7.25%


8.25%


10/16/19


09/25/23



1,161




1,141




1,153




0.36


Lab Logistics, LLC


First Lien Secured Delayed Draw Loan


1.00%


L+ 7.25%


8.25%


10/16/19


09/25/23



5,210




5,188




5,210




1.63


PG Dental New Jersey Parent, LLC


First Lien Secured Term Loan


1.00%


L+ 7.75%


8.75%


11/25/20


11/25/25



16,089




15,770




15,903




4.98


PG Dental New Jersey Parent, LLC(7)


First Lien Secured Revolving Loan


1.00%


L+ 7.75%


8.75%


11/25/20


11/25/25



-




-




10




-

















46,935




46,218




46,679




14.60


Heavy Electrical Equipment





























PPS CR Acquisition, Inc. (dba Power Plant Services)


First Lien Secured Term Loan


1.00%


L+ 6.25%


7.25%


06/25/21


06/25/26



11,179




10,956




10,956




3.43


PPS CR Acquisition, Inc. (dba Power Plant Services)(7)


First Lien Secured Revolving Loan


1.00%


L+ 7.25%


8.25%


06/25/21


06/25/24



104




102




102




0.03

















11,283




11,058




11,058




3.46


Home Furnishings





























Sure Fit Home Products, LLC


First Lien Secured Term Loan


1.00%


L+ 9.75%


10.75%


04/12/21


07/13/23



4,982




4,868




4,434