EX-99.1 9 tcrd-ex991_769.htm EX-99.1 tcrd-ex991_769.htm

Exhibit 99.1

 

 

 

 

 

 

 

 

 

 

 

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Consolidated Financial Statements for the years ended December 31, 2021, 2020, and 2019

 

 

 

 


 

 

 

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Table of Contents

 

 

 

Page(s)

 

 

 

Report of Independent Auditors

 

1-2

 

 

 

Financial Statements:

 

 

 

 

 

Consolidated Statements of Assets, Liabilities and Members’ Capital

 

3

 

 

 

Consolidated Statements of Operations

 

4

 

 

 

Consolidated Statements of Changes in Members’ Capital

 

5

 

 

 

Consolidated Statements of Cash Flows

 

6

 

 

 

Consolidated Schedules of Investments

 

7-16

 

 

 

Notes to Consolidated Financial Statements

 

17-32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Report of Independent Auditors

 

To the Board of Directors of First Eagle Logan JV LLC

Opinion

We have audited the accompanying consolidated financial statements of First Eagle Logan JV LLC and its subsidiary (the "Company"), which comprise the consolidated statements of assets, liabilities, and members' capital, including the consolidated schedules of investments, as of December 31, 2021 and 2020, and the related consolidated statements of operations, of changes in members' capital and of cash flows, including the related notes for each of the three the years in the period ended December 31, 2021 (collectively referred to as the "consolidated financial statements").

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations, changes in its members' capital and its cash flows for each of the three years in the period ended December 31, 2021 in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

 

 


 

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/PricewaterhouseCoopers LLP

 

Boston, Massachusetts

March 3, 2022

 

 

 

 


First Eagle Logan JV LLC

Consolidated Statements of Assets, Liabilities and Members' Capital As of December 31, 2021 and 2020

 

 

 

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value (cost $228,559,313 and $231,535,371, respectively)

 

$

224,449,492

 

 

$

221,418,074

 

Cash and cash equivalents

 

 

15,720,092

 

 

 

32,186,878

 

Interest and fees receivable

 

 

682,970

 

 

 

802,141

 

Receivable for investments sold and paydown of investments

 

 

150,432

 

 

 

80,244

 

Total assets

 

$

241,002,986

 

 

$

254,487,337

 

Liabilities and Members' Capital

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Loans payable ($147,041,123 and $166,541,123 face amounts, respectively, reported net of unamortized debt issuance costs of $1,258,935 and $711,286, respectively)

 

$

145,782,188

 

 

$

165,829,837

 

Distribution payable

 

 

2,900,000

 

 

 

2,100,000

 

Accrued credit facility expense

 

 

1,142,675

 

 

 

1,206,083

 

Accrued expenses

 

 

174,303

 

 

 

185,786

 

Total liabilities

 

$

149,999,166

 

 

$

169,321,706

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Members' Capital

 

 

 

 

 

 

 

 

Paid in capital

 

$

115,750,000

 

 

$

115,750,000

 

Accumulated deficit

 

 

(24,746,180

)

 

 

(30,584,369

)

Members' capital

 

 

91,003,820

 

 

 

85,165,631

 

Total liabilities and members' capital

 

$

241,002,986

 

 

$

254,487,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3


First Eagle Logan JV LLC

Consolidated Statements of Operations

For the years ended December 31, 2021, 2020, and 2019

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

14,346,209

 

 

$

17,886,882

 

 

$

25,190,249

 

Other income

 

 

171,521

 

 

 

174,941

 

 

 

117,514

 

Total investment income

 

 

14,517,730

 

 

 

18,061,823

 

 

 

25,307,763

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Credit facility interest and fees

 

 

5,211,566

 

 

 

7,370,914

 

 

 

11,838,691

 

Amortization of deferred financing costs

 

 

639,527

 

 

 

808,353

 

 

 

805,229

 

Professional fees

 

 

102,705

 

 

 

95,420

 

 

 

95,340

 

Other general and administrative expenses

 

 

277,628

 

 

 

291,014

 

 

 

361,430

 

Total expenses

 

 

6,231,426

 

 

 

8,565,701

 

 

 

13,100,690

 

Net investment income

 

 

8,286,304

 

 

 

9,496,122

 

 

 

12,207,073

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss)

 

 

44,409

 

 

 

(11,355,688

)

 

 

(7,078,816

)

Net change in unrealized appreciation (depreciation) on investments

 

 

6,007,476

 

 

 

(2,215,646

)

 

 

(568,608

)

Net realized gain (loss) and change in unrealized appreciation

   (depreciation) on investments

 

 

6,051,885

 

 

 

(13,571,334

)

 

 

(7,647,424

)

Net increase (decrease) in Members' capital resulting from operations

 

$

14,338,189

 

 

$

(4,075,212

)

 

$

4,559,649

 

 

 

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

 

4


First Eagle Logan JV LLC

Consolidated Statements of Changes in Members' Capital

For the years ended December 31, 2021, 2020, and 2019

 

 

 

 

 

 

Members' capital, December 31, 2018

 

$

106,031,194

 

Contributions

 

 

10,000,000

 

Return of capital

 

 

(4,000,000

)

Distributions

 

 

(12,350,000

)

Net investment income

 

 

12,207,073

 

Net realized loss

 

 

(7,078,816

)

Net change in unrealized depreciation on investments

 

 

(568,608

)

Members' capital, December 31, 2019

 

$

104,240,843

 

Return of capital

 

 

(6,000,000

)

Distributions

 

 

(9,000,000

)

Net investment income

 

 

9,496,122

 

Net realized loss

 

 

(11,355,688

)

Net change in unrealized depreciation on investments

 

 

(2,215,646

)

Members' capital, December 31, 2020

 

$

85,165,631

 

Distributions

 

 

(8,500,000

)

Net investment income

 

 

8,286,304

 

Net realized gain

 

 

44,409

 

Net change in unrealized appreciation on investments

 

 

6,007,476

 

Members' capital, December 31, 2021

 

$

91,003,820

 

 

 

 

 

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

 

5

 


First Eagle Logan JV LLC

Consolidated Statements of Cash Flows

For the years ended December 31, 2021, 2020, and 2019

 

 

 

 

 

 

2021

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in members' capital resulting from operations

 

$

14,338,189

 

 

$

(4,075,212

)

 

$

4,559,649

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized (appreciation) depreciation on investments

 

 

(6,007,476

)

 

 

2,215,646

 

 

 

568,608

 

Net realized (gain) loss

 

 

(44,409

)

 

 

11,355,688

 

 

 

7,078,816

 

Amortization of deferred financing costs

 

 

639,527

 

 

 

808,353

 

 

 

805,229

 

Accretion of discount

 

 

(1,222,814

)

 

 

(935,947

)

 

 

(994,590

)

Increase in investments due to PIK

 

 

(326,509

)

 

 

(178,637

)

 

 

 

Purchase and drawdowns of investments

 

 

(89,682,026

)

 

 

(30,253,836

)

 

 

(100,531,577

)

Proceeds from sales and repayments of investments

 

 

94,181,628

 

 

 

128,510,164

 

 

 

85,153,067

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Decrease (increase) in interest receivable

 

 

119,171

 

 

 

514,592

 

 

 

(179,189

)

(Decrease) increase in accrued credit facility expense

 

 

(63,408

)

 

 

(1,159,062

)

 

 

(206,355

)

(Decrease) increase in accrued expenses

 

 

(11,483

)

 

 

(24,942

)

 

 

38,728

 

Net cash provided by (used in) operating activities

 

 

11,920,390

 

 

 

106,776,807

 

 

 

(3,707,614

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Repayments to credit facility

 

 

(29,000,000

)

 

 

(75,500,000

)

 

 

(22,000,000

)

Borrowings under credit facility

 

 

9,500,000

 

 

 

5,900,000

 

 

 

16,462,002

 

Contributions received

 

 

 

 

 

 

 

 

10,000,000

 

Return of capital

 

 

 

 

 

(6,000,000

)

 

 

(4,000,000

)

Distributions paid

 

 

(7,700,000

)

 

 

(10,550,000

)

 

 

(12,060,000

)

Financing costs paid

 

 

(1,187,176

)

 

 

 

 

 

(2,236

)

Net cash used in financing activities

 

 

(28,387,176

)

 

 

(86,150,000

)

 

 

(11,600,234

)

Net (decrease) increase in cash

 

 

(16,466,786

)

 

 

20,626,807

 

 

 

(15,307,848

)

Cash and cash equivalents, beginning of year

 

 

32,186,878

 

 

 

11,560,071

 

 

 

26,867,919

 

Cash and cash equivalents, end of year

 

$

15,720,092

 

 

$

32,186,878

 

 

$

11,560,071

 

Supplemental Disclosure of Cash Flow Information:

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest paid

 

$

4,552,193

 

 

$

8,500,875

 

 

$

12,012,296

 

Supplemental Disclosure of Non Cash Flow Information:

 

 

 

 

 

 

 

 

 

 

 

 

Securities received in restructuring of investments

 

$

2,999,500

 

 

$

3,142,061

 

 

$

1,577,377

 

PIK income earned

 

$

326,509

 

 

$

178,637

 

 

 

 

 

 

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

 

6

 


First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2021

 

 

Company/Security/Country (16)

 

Industry

 

Interest Rate (1)

 

Initial

Acquisition

Date

 

Maturity

Date

 

Principal /

Shares

 

 

Amortized

Cost

 

 

Fair Value (2)

 

Senior Secured First Lien Term Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ticketek Pty Ltd

 

Services: Consumer

 

5% (LIBOR +4.25%)

 

11/22/2019

 

11/26/2026

 

$

1,473,750

 

 

$

1,463,258

 

 

$

1,431,991

 

Total Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,463,258

 

 

$

1,431,991

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avison Young Canada Inc.

 

Services: Business

 

5.97% (LIBOR +5.75%)

 

03/07/2019

 

01/31/2026

 

$

3,883,665

 

 

$

3,837,034

 

 

$

3,863,042

 

PNI Canada Acquireco Corp

 

High Tech Industries

 

4.6% (LIBOR +4.5%)

 

10/31/2018

 

10/31/2025

 

 

1,596,963

 

 

 

1,592,567

 

 

 

1,595,965

 

WildBrain Ltd.

 

Media: Diversified &

 

5% (LIBOR +4.25%)

 

03/19/2021

 

03/24/2028

 

 

1,985,000

 

 

 

1,949,561

 

 

 

1,983,343

 

 

 

Production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,379,162

 

 

$

7,442,350

 

Germany

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhodia Acetow

 

Consumer goods: Non-

 

6.5% (LIBOR +5.5%)

 

04/21/2017

 

05/31/2023

 

$

955,000

 

 

$

951,629

 

 

$

895,074

 

 

 

Durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VAC Germany Holding GmbH

 

Metals & Mining

 

5% (LIBOR +4%)

 

02/26/2018

 

03/08/2025

 

 

2,887,500

 

 

 

2,880,924

 

 

 

2,822,531

 

Total Germany

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,832,553

 

 

$

3,717,605

 

Luxembourg

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Travelport Finance (Luxembourg) S.a r.l.

 

Services: Consumer

 

2.5% (LIBOR +1.5%)

 

09/22/2020

 

02/28/2025

 

$

2,184,359

 

 

$

2,058,205

 

 

$

2,251,386

 

Travelport Finance (Luxembourg) S.a r.l.

 

Services: Consumer

 

5.22% (LIBOR +5%)

 

09/22/2020

 

05/29/2026

 

 

1,744,875

 

 

 

1,722,975

 

 

 

1,457,843

 

Total Luxembourg

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,781,180

 

 

$

3,709,229

 

United Kingdom

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auxey Bidco Ltd.

 

Services: Consumer

 

5.16% (LIBOR +5%)

 

08/07/2018

 

06/16/2025

 

$

5,000,000

 

 

$

4,896,302

 

 

$

4,843,750

 

EG Group

 

Retail

 

4.22% (LIBOR +4%)

 

03/23/2018

 

02/07/2025

 

 

2,759,221

 

 

 

2,752,922

 

 

 

2,752,516

 

Total United Kingdom

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,649,224

 

 

$

7,596,266

 

United States of America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A Place for Mom Inc

 

Media: Advertising, Printing

 

4.75% (LIBOR +3.75%)

 

07/28/2017

 

08/10/2024

 

$

3,830,000

 

 

$

3,820,736

 

 

$

3,772,549

 

 

 

& Publishing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Integration Technology LP

 

Aerospace & Defense

 

5.75% (LIBOR +4.75%)

 

07/15/2016

 

04/03/2023

 

 

1,895,475

 

 

 

1,891,521

 

 

 

1,781,747

 

Advisor Group Holdings Inc

 

Fire: Finance

 

4.6% (LIBOR +4.5%)

 

02/05/2021

 

07/31/2026

 

 

3,150,000

 

 

 

3,157,682

 

 

 

3,162,805

 

AG Parent Holdings LLC

 

High Tech Industries

 

5.1% (LIBOR +5%)

 

07/30/2019

 

07/31/2026

 

 

2,613,333

 

 

 

2,596,222

 

 

 

2,610,067

 

AgroFresh Inc.

 

Chemicals, Plastics & Rubber

 

7.25% (LIBOR +6.25%)

 

12/01/2015

 

12/31/2024

 

 

1,238,392

 

 

 

1,237,224

 

 

 

1,248,845

 

Alcami Carolinas Corp

 

Healthcare & Pharmaceuticals

 

4.39% (LIBOR +4.25%)

 

07/09/2018

 

07/12/2025

 

 

3,870,000

 

 

 

3,860,168

 

 

 

3,550,725

 

Alchemy US Holdco 1 LLC

 

Chemicals, Plastics & Rubber

 

5.6% (LIBOR +5.5%)

 

10/01/2018

 

10/10/2025

 

 

1,654,803

 

 

 

1,641,443

 

 

 

1,656,044

 

Allen Media, LLC

 

Media: Broadcasting &

 

5.72% (LIBOR +5.5%)

 

07/29/2021

 

02/10/2027

 

 

3,444,503

 

 

 

3,423,307

 

 

 

3,447,517

 

 

 

Subscription

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine US Bidco LLC

 

Beverage, Food & Tobacco

 

6% (LIBOR +5.25%)

 

04/28/2021

 

04/13/2028

 

 

1,507,575

 

 

 

1,480,236

 

 

 

1,503,806

 

Alvogen Pharma US, Inc.

 

Healthcare & Pharmaceuticals

 

6.25% (LIBOR +5.25%)

 

09/02/2021

 

12/31/2023

 

 

3,147,743

 

 

 

3,051,788

 

 

 

3,017,899

 

 

 

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

 

7

 


First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2021

 

 

Company/Security/Country (16)

 

Industry

 

Interest Rate (1)

 

Initial

Acquisition

Date

 

Maturity

Date

 

Principal /

Shares

 

 

Amortized

Cost

 

 

Fair

Value (2)

 

AMCP Clean Acquisition Co LLC

 

Wholesale

 

4.35% (LIBOR +4.25%)

 

07/10/2018

 

06/15/2025

 

$

2,334,807

 

 

$

2,328,909

 

 

$

1,951,023

 

AMCP Clean Acquisition Co LLC

 

Wholesale

 

4.35% (LIBOR +4.25%)

 

07/10/2018

 

06/15/2025

 

 

564,993

 

 

 

563,565

 

 

 

472,122

 

American Achievement Corporation(3) (15)

 

Retail

 

7.25% (LIBOR +6.25%)

 

02/11/2021

 

09/30/2026

 

 

1,469,807

 

 

 

 

 

 

 

American Public Education

 

Services: Consumer

 

6.25% (LIBOR +5.5%)

 

03/29/2021

 

09/01/2027

 

 

987,500

 

 

 

968,781

 

 

 

980,094

 

ANI Pharmaceuticals, Inc.

 

Healthcare & Pharmaceuticals

 

6.75% (LIBOR +6%)

 

05/24/2021

 

05/24/2027

 

 

2,000,000

 

 

 

1,960,521

 

 

 

2,009,170

 

Anne Arundel Dermatology Management, LLC (4)

 

Healthcare & Pharmaceuticals

 

7% (LIBOR +6%)

 

10/12/2020

 

10/16/2025

 

 

1,357,843

 

 

 

1,233,463

 

 

 

1,233,668

 

Anne Arundel Dermatology Management, LLC (5) (15)

 

Healthcare & Pharmaceuticals

 

8.75% (LIBOR +6.5%)

 

10/12/2020

 

10/16/2025

 

 

451,128

 

 

 

(6,839

)

 

 

 

Anne Arundel Dermatology Management, LLC

 

Healthcare & Pharmaceuticals

 

7.5% (LIBOR +6.5%)

 

10/12/2020

 

10/16/2025

 

 

2,027,924

 

 

 

1,997,183

 

 

 

1,994,971

 

Ansira Holdings, Inc.

 

Media: Diversified &

 

7.5% (LIBOR +6.5%)

 

04/17/2018

 

12/20/2024

 

 

681,517

 

 

 

680,294

 

 

 

545,213

 

 

 

Production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ansira Holdings, Inc.

 

Media: Diversified &

 

7.5% (LIBOR +6.5%)

 

12/20/2016

 

12/20/2024

 

 

2,045,994

 

 

 

2,038,666

 

 

 

1,636,795

 

 

 

Production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthology / Blackboard

 

High Tech Industries

 

5.75% (LIBOR +5.25%)

 

10/22/2021

 

10/25/2028

 

 

1,500,000

 

 

 

1,448,678

 

 

 

1,476,255

 

Arcline FM Holding, LLC

 

Aerospace & Defense

 

5.5% (LIBOR +4.75%)

 

09/02/2021

 

06/23/2028

 

 

1,995,000

 

 

 

1,985,453

 

 

 

1,996,247

 

Ascend Performance Materials Operations LLC

 

Chemicals, Plastics & Rubber

 

5.5% (LIBOR +4.75%)

 

08/16/2019

 

08/27/2026

 

 

862,023

 

 

 

850,537

 

 

 

868,273

 

Axiom Global Inc.

 

Services: Business

 

5.5% (LIBOR +4.75%)

 

09/25/2019

 

10/01/2026

 

 

2,992,366

 

 

 

2,963,919

 

 

 

2,947,481

 

BCP Qualtek Merger Sub LLC

 

Telecommunications

 

7.25% (LIBOR +6.25%)

 

07/16/2018

 

07/18/2025

 

 

3,675,000

 

 

 

3,637,570

 

 

 

3,633,656

 

Brand Energy & Infrastructure Services, Inc.

 

Energy: Oil & Gas

 

5.25% (LIBOR +4.25%)

 

06/16/2017

 

06/21/2024

 

 

2,865,000

 

 

 

2,854,830

 

 

 

2,809,290

 

Canister International Group Inc

 

Forest Products & Paper

 

4.85% (LIBOR +4.75%)

 

12/18/2019

 

12/21/2026

 

 

1,965,000

 

 

 

1,951,019

 

 

 

1,974,010

 

Cano Health, LLC

 

Healthcare & Pharmaceuticals

 

5.25% (LIBOR +4.5%)

 

06/24/2021

 

11/23/2027

 

 

1,985,000

 

 

 

1,980,359

 

 

 

1,987,233

 

Clear Balance Holdings, LLC

 

Fire: Finance

 

6.75% (LIBOR +5.75%)

 

07/07/2015

 

10/05/2023

 

 

4,529,054

 

 

 

4,522,972

 

 

 

4,347,892

 

Cloudera, Inc.

 

High Tech Industries

 

4.25% (LIBOR +3.75%)

 

08/10/2021

 

10/08/2028

 

 

3,000,000

 

 

 

2,970,872

 

 

 

2,995,785

 

CMI Marketing, Inc

 

Media: Advertising, Printing

 

4.75% (LIBOR +4.25%)

 

03/19/2021

 

03/23/2028

 

 

1,990,000

 

 

 

2,002,045

 

 

 

2,012,388

 

 

 

& Publishing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Confluence Technologies, Inc.

 

High Tech Industries

 

4.25% (LIBOR +3.75%)

 

07/22/2021

 

07/31/2028

 

 

3,000,000

 

 

 

2,985,885

 

 

 

2,992,500

 

Conyers Park Parent Merger Sub Inc

 

Beverage, Food & Tobacco

 

4.75% (LIBOR +3.75%)

 

06/21/2017

 

07/07/2024

 

 

1,286,930

 

 

 

1,284,603

 

 

 

1,298,390

 

Drilling Info Inc.

 

High Tech Industries

 

4.35% (LIBOR +4.25%)

 

07/27/2018

 

07/30/2025

 

 

4,353,204

 

 

 

4,342,029

 

 

 

4,309,672

 

Eisner Advisory Group LLC

 

Banking, Finance, Insurance &

 

7.5% (LIBOR +6.75%)

 

08/16/2021

 

07/28/2028

 

 

181,818

 

 

 

180,024

 

 

 

182,273

 

 

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eisner Advisory Group LLC

 

Banking, Finance, Insurance &

 

6% (LIBOR +5.25%)

 

08/16/2021

 

08/13/2028

 

 

1,813,182

 

 

 

1,795,287

 

 

 

1,817,715

 

 

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eliassen Group, LLC

 

Services: Business

 

4.35% (LIBOR +4.25%)

 

10/19/2018

 

11/05/2024

 

 

4,597,283

 

 

 

4,586,146

 

 

 

4,551,310

 

Empower Payments Acquisition

 

Services: Business

 

4.47% (LIBOR +4.25%)

 

10/05/2018

 

10/05/2025

 

 

3,880,000

 

 

 

3,874,719

 

 

 

3,894,550

 

EyeSouth (6) (15)

 

Healthcare & Pharmaceuticals

 

5.25% (LIBOR +4.5%)

 

03/15/2021

 

03/21/2028

 

 

295,455

 

 

 

(657

)

 

 

925

 

EyeSouth

 

Healthcare & Pharmaceuticals

 

5.25% (LIBOR +4.5%)

 

03/15/2021

 

03/12/2028

 

$

1,696,023

 

 

$

1,692,251

 

 

$

1,701,331

 

Gastro Health Holdco, LLC (7)

 

Healthcare & Pharmaceuticals

 

5.25% (LIBOR +4.5%)

 

07/02/2021

 

07/03/2028

 

 

332,500

 

 

 

267,607

 

 

 

271,677

 

 

 

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

 

8

 


First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2021

 

 

Company/Security/Country (16)

 

Industry

 

Interest Rate (1)

 

Initial

Acquisition

Date

 

Maturity

Date

 

Principal /

Shares

 

 

Amortized

Cost

 

 

Fair

Value (2)

 

Gastro Health Holdco, LLC

 

Healthcare & Pharmaceuticals

 

5.25% (LIBOR +4.5%)

 

07/02/2021

 

07/03/2028

 

 

997,500

 

 

 

992,772

 

 

 

1,004,981

 

Gold Standard Baking, Inc.(17)

 

Wholesale

 

7.5% (LIBOR +6.5%)

 

05/19/2015

 

07/23/2022

 

 

2,095,833

 

 

 

1,674,041

 

 

 

94,312