XML 41 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Agreements and Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Summary of Investments in Affiliates

The Company’s investments in non-controlled affiliates for the year ended December 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 December 31, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

12,117

 

$

1,596

 

$

—

 

$

—

 

$

439

 

$

14,152

 

$

1,299

 

ASP MCS Acquisition

 

826

 

 

226

 

 

(3

)

 

—

 

 

(250

)

 

799

 

 

37

 

Bayside Opco, LLC

 

—

 

 

6,615

 

 

(262

)

 

—

 

 

351

 

 

6,704

 

 

437

 

GACP II, LP

 

4,889

 

 

—

 

 

(1,091

)

 

—

 

 

129

 

 

3,927

 

 

672

 

Isagenix International, LLC

 

—

 

 

2,642

 

 

—

 

 

—

 

 

(96

)

 

2,546

 

 

413

 

Slickdeals Holdings, LLC

 

15,433

 

 

88

 

 

(148

)

 

—

 

 

(181

)

 

15,192

 

 

1,866

 

smarTours, LLC

 

—

 

 

4,805

 

 

—

 

 

—

 

 

(4,805

)

 

—

 

 

47

 

Vivid Seats Ltd.

 

944

 

 

—

 

 

—

 

 

—

 

 

77

 

 

1,021

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

8,871

 

 

847

 

 

(1,271

)

 

—

 

 

(169

)

 

8,278

 

 

1,386

 

Total Non-Controlled Affiliates

$

43,080

 

$

16,819

 

$

(2,775

)

$

—

 

$

(4,505

)

$

52,619

 

$

6,157

 

 

The Company’s investments in non-controlled affiliates for the year ended December 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 December 31, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

—

 

$

11,436

 

$

—

 

$

—

 

$

681

 

$

12,117

 

$

321

 

ASP MCS Acquisition

 

1,616

 

 

263

 

 

(3

)

 

—

 

 

(1,050

)

 

826

 

 

28

 

Battery Solutions, Inc.

 

7,031

 

 

2,129

 

 

(14,712

)

 

7,098

 

 

(1,546

)

 

-

 

 

2,113

 

GACP II, LP

 

12,619

 

 

—

 

 

(7,804

)

 

—

 

 

74

 

 

4,889

 

 

1,593

 

Slickdeals Holdings, LLC

 

15,847

 

 

93

 

 

(148

)

 

—

 

 

(359

)

 

15,433

 

 

1,268

 

Southern Technical Institute, Inc.

 

7,686

 

 

—

 

 

—

 

 

—

 

 

(7,686

)

 

—

 

 

2,932

 

Vivid Seats Ltd.

 

922

 

 

—

 

 

—

 

 

—

 

 

22

 

 

944

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

5,980

 

 

4,710

 

 

(2,265

)

 

—

 

 

446

 

 

8,871

 

 

645

 

Total Non-Controlled Affiliates

$

51,701

 

$

18,631

 

$

(24,932

)

$

7,098

 

$

(9,418

)

$

43,080

 

$

8,900

 

 

(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 year ended December 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 December 31, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore LLC

$

11,375

 

$

248

 

$

(69

)

$

—

 

$

(1,179

)

$

10,375

 

$

801

 

First Eagle Logan JV, LLC(2)

 

—

 

 

44,768

 

 

(796

)

 

—

 

 

(4,968

)

 

39,004

 

 

10,800

 

Loadmaster Derrick & Equipment, Inc.

 

—

 

 

1,807

 

 

(250

)

 

—

 

 

4,730

 

 

6,287

 

 

—

 

OEM Group, LLC

 

—

 

 

9,031

 

 

(1,024

)

 

—

 

 

246

 

 

8,253

 

 

—

 

Total Controlled Affiliates

$

11,375

 

$

55,854

 

$

(2,139

)

$

—

 

$

(1,171

)

$

63,919

 

$

11,601

 

 

The Company’s investments in controlled affiliates for the year ended December 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 December 31, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBDC Senior Loan Fund LLC(1)

$

39,360

 

$

—

 

$

(36,698

)

$

(3,301

)

$

639

 

$

—

 

$

2,358

 

Envocore LLC

 

13,408

 

 

1,999

 

 

(1,793

)

 

—

 

 

(2,239

)

 

11,375

 

 

1,477

 

Total Controlled Affiliates

$

52,768

 

$

1,999

 

$

(38,491

)

$

(3,301

)

$

(1,600

)

$

11,375

 

$

3,835

 

 

(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. 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.