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Agreements and Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2023
Related Party Transactions [Abstract]  
Summary of Investments in Affiliates

The Company’s investments in non-controlled affiliates for the three months ended March 31, 2023 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2022

 

Gross
Additions (1)

 

Gross
Reductions (2)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of March 31, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

12,117

 

$

1,330

 

$

—

 

$

—

 

$

715

 

$

14,162

 

$

241

 

ASP MCS Acquisition

 

826

 

 

110

 

 

(1

)

 

—

 

 

22

 

 

957

 

 

8

 

GACP II, LP

 

4,889

 

 

—

 

 

(192

)

 

—

 

 

(84

)

 

4,613

 

 

286

 

Slickdeals Holdings, LLC

 

15,433

 

 

23

 

 

(10

)

 

—

 

 

(142

)

 

15,304

 

 

411

 

smarTours, LLC

 

—

 

 

4,285

 

 

—

 

 

—

 

 

(31

)

 

4,254

 

 

1

 

Vivid Seats Ltd.

 

944

 

 

—

 

 

—

 

 

—

 

 

11

 

 

955

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

8,871

 

 

848

 

 

—

 

 

—

 

 

(126

)

 

9,593

 

 

342

 

Total Non-Controlled Affiliates

$

43,080

 

$

6,596

 

$

(203

)

$

—

 

$

365

 

$

49,838

 

$

1,289

 

 

The Company’s investments in non-controlled affiliates for the three months ended March 31, 2022 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2021

 

Gross
Additions (1)

 

Gross
Reductions (2)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of March 31, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP MCS Acquisition

$

1,616

 

$

1

 

$

(1

)

$

—

 

$

(300

)

$

1,316

 

$

5

 

Battery Solutions, Inc.

 

7,031

 

 

2,116

 

 

(14,712

)

 

7,113

 

 

(1,548

)

 

—

 

 

2,114

 

GACP II, LP

 

12,619

 

 

—

 

 

(1,309

)

 

—

 

 

479

 

 

11,789

 

 

167

 

Slickdeals Holdings, LLC

 

15,847

 

 

24

 

 

(37

)

 

—

 

 

(84

)

 

15,750

 

 

267

 

Southern Technical Institute, Inc.

 

7,686

 

 

—

 

 

—

 

 

—

 

 

(1,147

)

 

6,539

 

 

1,923

 

Vivid Seats Ltd.

 

922

 

 

—

 

 

—

 

 

—

 

 

16

 

 

938

 

—

 

WhiteHawk III Onshore Fund L.P.

 

5,980

 

 

478

 

 

—

 

 

—

 

 

(493

)

 

5,965

 

 

185

 

Total Non-Controlled Affiliates

$

51,701

 

$

2,619

 

$

(16,059

)

$

7,113

 

$

(3,077

)

$

42,297

 

$

4,661

 

 

(1)
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

 

The Company’s investments in controlled affiliates for the three months ended March 31, 2023 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2022

 

Gross
Additions (3)

 

Gross
Reductions (4)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of March 31, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore LLC

$

11,375

 

$

229

 

$

(17

)

$

—

 

$

253

 

$

11,840

 

$

359

 

First Eagle Logan JV, LLC(2)

 

—

 

 

44,767

 

 

—

 

 

—

 

 

(4,885

)

 

39,882

 

 

2,720

 

Loadmaster Derrick & Equipment, Inc.

 

—

 

 

1,807

 

 

—

 

 

—

 

 

—

 

 

1,807

 

 

—

 

OEM Group, LLC

 

—

 

 

9,011

 

 

—

 

 

—

 

 

303

 

 

9,314

 

 

—

 

Total Controlled Affiliates

$

11,375

 

$

55,814

 

$

(17

)

$

—

 

$

(4,329

)

$

62,843

 

$

3,079

 

 

The Company’s investments in controlled affiliates for the three months ended March 31, 2022 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2021

 

Gross
Additions (3)

 

Gross
Reductions (4)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of March 31, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBDC Senior Loan Fund LLC(1)

$

39,360

 

$

—

 

$

—

 

$

—

 

$

6

 

$

39,366

 

$

—

 

Envocore LLC

 

13,408

 

 

205

 

 

(626

)

 

—

 

 

(674

)

 

12,313

 

 

356

 

Total Controlled Affiliates

$

52,768

 

$

205

 

$

(626

)

$

—

 

$

(668

)

$

51,679

 

$

356

 

 

(1)
Prior to the dissolution of the CBDC Senior Loan Fund LLC (the “Senior Loan Fund”) during the fourth quarter of 2022, the Company owned more than 25% of the voting securities of the Senior Loan Fund, but the Company did not have control over the Senior Loan Fund (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Senior Loan Fund focused on senior secured syndicated loans to larger issuers.
(2)
Together with Perspecta Trident LLC (“Perspecta”), the Company invests through First Eagle Logan JV, LLC, which holds 100% of the subordinated notes and 100% of the Class E Notes issued by LJV I MM CLO LLC, its consolidated subsidiary (together, "Logan JV"). Logan JV is not an extension of the Company’s investment operations given shared power/voting rights with Perspecta. The Company owns more than 25% of the voting securities of the Logan JV, but the Company does not have control over the Logan JV (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. See Note 4 “Investments” for further detail. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Logan JV focuses primarily on senior secured syndicated loans to larger issuers.
(3)
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(4)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.