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Agreements and Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Summary of Investments in Affiliates

The Company’s investments in non-controlled affiliates for the six months ended June 30, 2024 were as follows (in thousands):

 

Fair Value as of
December 31, 2023

 

Gross
Additions (1)

 

Gross
Reductions (2)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2024

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

14,152

 

$

631

 

$

—

 

$

—

 

$

648

 

$

15,431

 

$

767

 

ASP MCS Acquisition

 

799

 

 

347

 

 

(1

)

 

—

 

 

108

 

 

1,253

 

 

19

 

Bayside Opco, LLC

 

6,704

 

 

189

 

 

(13

)

 

—

 

 

695

 

 

7,575

 

 

386

 

GACP II, LP

 

3,927

 

 

—

 

 

(2,855

)

 

—

 

 

(373

)

 

699

 

 

—

 

Isagenix International, LLC

 

2,546

 

 

147

 

 

—

 

 

—

 

 

(36

)

 

2,657

 

 

186

 

Slickdeals Holdings, LLC

 

15,192

 

 

55

 

 

(74

)

 

—

 

 

(218

)

 

14,955

 

 

888

 

smarTours, LLC

 

—

 

 

23

 

 

—

 

 

—

 

 

(23

)

 

—

 

 

70

 

Vivid Seats Ltd.

 

1,021

 

 

—

 

 

—

 

 

—

 

 

40

 

 

1,061

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

8,278

 

 

—

 

 

(240

)

 

—

 

 

354

 

 

8,392

 

 

287

 

Total Non-Controlled Affiliates

$

52,619

 

$

1,392

 

$

(3,183

)

$

—

 

$

1,195

 

$

52,023

 

$

2,603

 

 

The Company’s investments in non-controlled affiliates for the six months ended June 30, 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 June 30, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

12,117

 

$

1,394

 

$

(46

)

$

—

 

$

752

 

$

14,217

 

$

551

 

ASP MCS Acquisition

 

826

 

 

110

 

 

(1

)

 

—

 

 

26

 

 

961

 

 

16

 

GACP II, LP

 

4,889

 

 

—

 

 

(193

)

 

—

 

 

(46

)

 

4,650

 

 

474

 

Isagenix International, LLC

 

—

 

 

2,509

 

 

—

 

 

—

 

 

(10

)

 

2,499

 

 

27

 

Slickdeals Holdings, LLC

 

15,433

 

 

40

 

 

(74

)

 

—

 

 

(43

)

 

15,356

 

 

979

 

smarTours, LLC

 

—

 

 

4,382

 

 

—

 

 

—

 

 

(48

)

 

4,334

 

 

83

 

Vivid Seats Ltd.

 

944

 

 

—

 

 

—

 

 

—

 

 

37

 

 

981

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

8,871

 

 

848

 

 

—

 

 

—

 

 

(84

)

 

9,635

 

 

705

 

Total Non-Controlled Affiliates

$

43,080

 

$

15,531

 

$

(314

)

$

—

 

$

539

 

$

58,836

 

$

2,915

 

 

(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 six months ended June 30, 2024 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2023

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2024

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore LLC

$

10,375

 

$

974

 

$

(34

)

$

—

 

$

(1,429

)

$

9,886

 

$

297

 

First Eagle Logan JV, LLC(1)

 

39,004

 

 

—

 

 

(2,240

)

 

—

 

 

(2,875

)

 

33,889

 

 

5,280

 

Loadmaster Derrick & Equipment, Inc.

 

6,287

 

 

—

 

 

—

 

 

—

 

 

1,713

 

 

8,000

 

 

318

 

OEM Group, LLC

 

8,253

 

 

1

 

 

(1,437

)

 

—

 

 

(1,260

)

 

5,557

 

 

1

 

Total Controlled Affiliates

$

63,919

 

$

975

 

$

(3,711

)

$

—

 

$

(3,851

)

$

57,332

 

$

5,896

 

 

The Company’s investments in controlled affiliates for the six months ended June 30, 2023 were as follows (in thousands)

 

 

Fair Value as of
December 31, 2022

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore LLC

$

11,375

 

$

235

 

$

(34

)

$

—

 

$

(99

)

$

11,477

 

$

512

 

First Eagle Logan JV, LLC(1)

 

—

 

 

44,768

 

 

—

 

 

—

 

 

(6,620

)

 

38,148

 

 

5,520

 

Loadmaster Derrick & Equipment, Inc.

 

—

 

 

1,807

 

 

—

 

 

—

 

 

18

 

 

1,825

 

 

—

 

OEM Group, LLC

 

—

 

 

9,024

 

 

(646

)

 

—

 

 

731

 

 

9,109

 

 

—

 

Total Controlled Affiliates

$

11,375

 

$

55,834

 

$

(680

)

$

—

 

$

(5,970

)

$

60,559

 

$

6,032

 

 

(1)
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 80% 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.
(2)
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.
(3)
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.