Company Quick10K Filing
Owl Rock Capital
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
8-K 2020-09-03 Enter Agreement, Off-BS Arrangement
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-07-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-07-16 Other Events, Exhibits
8-K 2020-07-13 Earnings
8-K 2020-07-07 Earnings, Exhibits
8-K 2020-06-08
8-K 2020-06-02
8-K 2020-05-28
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-04-02
8-K 2020-03-31
8-K 2020-03-26
8-K 2020-03-26
8-K 2020-03-17
8-K 2020-02-19
8-K 2020-01-13
8-K 2019-12-12
8-K 2019-11-22
8-K 2019-10-30
8-K 2019-10-01
8-K 2019-08-02
8-K 2019-07-30
8-K 2019-07-22
8-K 2019-07-18
8-K 2019-07-07
8-K 2019-06-04
8-K 2019-05-28
8-K 2019-04-29
8-K 2019-04-02
8-K 2019-03-08
8-K 2019-01-30
8-K 2019-01-16

ORCC 10Q Quarterly Report

Part I. Consolidated Financial Information
Item 1. Consolidated Financial Statements
Note 1. Organization
Note 2. Significant Accounting Policies
Note 3. Agreements and Related Party Transactions
Note 4. Investments
Note 5. Fair Value of Investments
Note 6. Debt
Note 7. Commitments and Contingencies
Note 8. Net Assets
Note 9. Earnings per Share
Note 10. Income Taxes
Note 11. Financial Highlights
Note 12. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
EX-10.1 owl-ex101_22.htm
EX-10.2 owl-ex102_21.htm
EX-10.3 owl-ex103_20.htm
EX-10.4 owl-ex104_19.htm
EX-31.1 owl-ex311_8.htm
EX-31.2 owl-ex312_14.htm
EX-32.1 owl-ex321_12.htm
EX-32.2 owl-ex322_10.htm
EX-99.1 owl-ex991_71.htm

Owl Rock Capital Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

10-Q 1 owl-10q_20200630.htm 10-Q owl-10q_20200630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 814-01190

 

OWL ROCK CAPITAL CORPORATION

(Exact name of Registrant as specified in its Charter)

 

Maryland

 

47-5402460

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

399 Park Avenue, 38th Floor, New York, New York

 

10022

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ORCC

The New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES   NO 

Indicate by check mark whether the Registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    YES   NO 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Small reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   YES   NO 

As of August 4, 2020 the registrant had 384,686,586 shares of common stock, $0.01 par value per share, outstanding.

 

i


 

Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

 

Item 1.

 

Consolidated Financial Statements

 

2

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2020 (Unaudited) and December 31, 2019

 

2

 

 

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of June 30, 2020 (Unaudited) and December 31, 2019

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

 

28

 

 

Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2020 and 2019 (Unaudited)

 

29

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

31

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

71

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

115

Item 4.

 

Controls and Procedures

 

116

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings

 

117

Item 1A.

 

Risk Factors

 

117

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

125

Item 3.

 

Defaults Upon Senior Securities

 

125

Item 4.

 

Mine Safety Disclosures

 

125

Item 5.

 

Other Information

 

125

Item 6.

 

Exhibits

 

126

Signatures

 

 

 

127

 

 

ii


 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Owl Rock Capital Corporation (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

 

 

an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

 

an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

 

an economic downturn could also impact availability and pricing of our financing;

 

a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

 

the impact of the novel strain of coronavirus known as “COVID-19” and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy;

 

interest rate volatility, including the decommissioning of LIBOR, could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

 

currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

 

our future operating results;

 

our business prospects and the prospects of our portfolio companies including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;

 

our contractual arrangements and relationships with third parties;

 

the ability of our portfolio companies to achieve their objectives;

 

competition with other entities and our affiliates for investment opportunities;

 

the speculative and illiquid nature of our investments;

 

the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

 

the adequacy of our financing sources and working capital;

 

the loss of key personnel;

 

the timing of cash flows, if any, from the operations of our portfolio companies;

 

the ability of Owl Rock Capital Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

 

the ability of the Adviser to attract and retain highly talented professionals;

 

our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”);

 

the effect of legal, tax and regulatory changes; and

 

other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).


1


PART I. CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Owl Rock Capital Corporation

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

 

 

 

June 30, 2020 (Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $9,358,260 and

     $8,738,520, respectively)

 

$

9,052,040

 

 

$

8,709,700

 

Controlled, affiliated investments (amortized cost of $167,652 and $90,336,

     respectively)

 

 

158,690

 

 

 

89,525

 

Total investments at fair value (amortized cost of $9,525,912 and $8,828,856, respectively)

 

 

9,210,730

 

 

 

8,799,225

 

Cash (restricted cash of $7,964 and $7,587, respectively)

 

 

187,985

 

 

 

317,159

 

Interest receivable

 

 

52,078

 

 

 

57,632

 

Receivable for investments sold

 

 

 

 

 

9,250

 

Receivable from a controlled affiliate

 

 

2,260

 

 

 

2,475

 

Prepaid expenses and other assets

 

 

44,073

 

 

 

17,878

 

Total Assets

 

$

9,497,126

 

 

$

9,203,619

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $55,111 and $44,302, respectively)

 

$

3,494,872

 

 

$

3,038,232

 

Distribution payable

 

 

150,028

 

 

 

137,245

 

Management fee payable

 

 

17,301

 

 

 

16,256

 

Payables to affiliates

 

 

3,314

 

 

 

5,775

 

Payable for investments purchased

 

 

212,989

 

 

 

 

Accrued expenses and other liabilities

 

 

32,859

 

 

 

28,828

 

Total Liabilities

 

 

3,911,363

 

 

 

3,226,336

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 384,686,586 and

     392,129,619 shares issued and outstanding, respectively

 

 

3,847

 

 

 

3,921

 

Additional paid-in-capital

 

 

5,875,597

 

 

 

5,955,610

 

Total distributable earnings (losses)

 

 

(293,681

)

 

 

17,752

 

Total Net Assets

 

 

5,585,763

 

 

 

5,977,283

 

Total Liabilities and Net Assets

 

$

9,497,126

 

 

$

9,203,619

 

Net Asset Value Per Share

 

$

14.52

 

 

$

15.24

 

 

 

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

 

2


 

Owl Rock Capital Corporation

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income from non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

183,246

 

 

$

171,364

 

 

$

381,639

 

 

$

317,803

 

Dividend Income

 

 

920

 

 

 

 

 

 

920

 

 

 

 

Other income

 

 

3,815

 

 

 

2,187

 

 

 

7,966

 

 

 

4,526

 

Total investment income from non-controlled, non-affiliated investments

 

 

187,981

 

 

 

173,551

 

 

 

390,525

 

 

 

322,329

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

 

2,261

 

 

 

2,584

 

 

 

4,449

 

 

 

5,281

 

Total investment income from controlled, affiliated investments

 

 

2,261

 

 

 

2,584

 

 

 

4,449

 

 

 

5,281

 

Total Investment Income

 

 

190,242

 

 

 

176,135

 

 

 

394,974

 

 

 

327,610

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

39,185

 

 

 

36,858

 

 

 

73,142

 

 

 

71,587

 

Management fee

 

 

34,602

 

 

 

15,455

 

 

 

68,392

 

 

 

30,641

 

Performance based incentive fees

 

 

22,603

 

 

 

 

 

 

48,198

 

 

 

 

Professional fees

 

 

3,300

 

 

 

2,342

 

 

 

6,452

 

 

 

4,475

 

Directors' fees

 

 

221

 

 

 

133

 

 

 

454

 

 

 

276

 

Other general and administrative

 

 

1,741

 

 

 

1,946

 

 

 

3,905

 

 

 

3,551

 

Total Operating Expenses

 

 

101,652

 

 

 

56,734

 

 

 

200,543

 

 

 

110,530

 

Management and incentive fees waived (Note 3)

 

 

(39,904

)

 

 

 

 

 

(82,394

)

 

 

 

Net Operating Expenses

 

 

61,748

 

 

 

56,734

 

 

 

118,149

 

 

 

110,530

 

Net Investment Income (Loss) Before Taxes

 

 

128,494

 

 

 

119,401

 

 

 

276,825

 

 

 

217,080

 

Excise tax expense (benefit)

 

 

(668

)

 

 

(221

)

 

 

1,407

 

 

 

1,452

 

Net Investment Income (Loss) After Taxes

 

$

129,162

 

 

$

119,622

 

 

$

275,418

 

 

$

215,628

 

Net Realized and Change in Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

167,515

 

 

$

4,042

 

 

$

(276,620

)

 

$

20,470

 

Controlled affiliated investments

 

 

6,748

 

 

 

1,016

 

 

 

(8,151

)

 

 

3,062

 

Translation of assets and liabilities in foreign currencies

 

 

205

 

 

 

 

 

 

124

 

 

 

(22

)

Total Net Change in Unrealized Gain (Loss)

 

 

174,468

 

 

 

5,058

 

 

 

(284,647

)

 

 

23,510

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

 

 

 

(179

)

 

 

348

 

 

 

(183

)

Foreign currency transactions

 

 

(11

)

 

 

169

 

 

 

(90

)

 

 

203

 

Total Net Realized Gain (Loss)

 

 

(11

)

 

 

(10

)

 

 

258

 

 

 

20

 

Total Net Realized and Change in Unrealized Gain (Loss)

 

 

174,457

 

 

 

5,048

 

 

 

(284,389

)

 

 

23,530

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

303,619

 

 

$

124,670

 

 

$

(8,971

)

 

$

239,158

 

Earnings Per Share - Basic and Diluted

 

$

0.79

 

 

$

0.44

 

 

$

(0.02

)

 

$

0.92

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

385,469,952

 

 

 

284,750,731

 

 

 

389,455,832

 

 

 

260,453,529

 

 

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

 

 

 

3


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of June 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Non-controlled/non-affiliated portfolio company investments(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(4)(7)(25)

 

First lien senior secured loan

 

L + 4.25%

 

 

12/1/2025

 

$

14,775

 

 

$

14,655

 

 

$

14,147

 

 

 

0.3

 

%

PAK Acquisition Corporation (dba Valpak)(4)(5)

 

First lien senior secured loan

 

L + 8.00%

 

 

6/30/2022

 

 

61,725

 

 

 

61,205

 

 

 

61,725

 

 

 

1.1

 

%

Swipe Acquisition Corporation (dba PLI)(4)(7)(25)

 

First lien senior secured loan

 

L + 8.00%

 

 

6/29/2024

 

 

156,669

 

 

 

154,369

 

 

 

125,335

 

 

 

2.2

 

%

 

 

 

 

 

 

 

 

 

 

 

233,169

 

 

 

230,229

 

 

 

201,207

 

 

 

3.6

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(4)(8)(25)

 

First lien senior secured loan

 

L + 6.25% (incl. 6.25% PIK)

 

 

1/6/2025

 

 

201,614

 

 

 

198,305

 

 

 

171,372

 

 

 

3.1

 

%

Valence Surface Technologies LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 5.75%

 

 

6/28/2025

 

 

99,250

 

 

 

97,968

 

 

 

89,820

 

 

 

1.6

 

%

Valence Surface Technologies LLC(4)(8)(18)(20)(25)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

 

6/28/2021

 

 

23,940

 

 

 

23,600

 

 

 

21,096

 

 

 

0.4

 

%

Valence Surface Technologies LLC(4)(8)(18)(25)

 

First lien senior secured revolving loan

 

L + 5.75%

 

 

6/28/2025

 

 

9,951

 

 

 

9,826

 

 

 

9,001

 

 

 

0.2

 

%

 

 

 

 

 

 

 

 

 

 

 

334,755

 

 

 

329,699

 

 

 

291,289

 

 

 

5.3

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(7)(23)(25)

 

First lien senior secured loan

 

L + 3.25%

 

 

3/20/2025

 

 

869

 

 

 

812

 

 

 

779

 

 

 

 

%

Mavis Tire Express Services Corp.(4)(7)(25)

 

Second lien senior secured loan

 

L + 7.57%

 

 

3/20/2026

 

 

179,905

 

 

 

176,926

 

 

 

166,881

 

 

 

3.0

 

%

Mavis Tire Express Services Corp.(4)(7)(18)(19)(20)(25)

 

Second lien senior secured delayed draw term loan

 

L + 8.00%

 

 

3/20/2021

 

 

 

 

 

-

 

 

 

(673

)

 

 

 

%

 

 

 

 

 

 

 

 

 

 

 

180,774

 

 

 

177,738

 

 

 

166,987

 

 

 

3.0

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(4)(7)(25)

 

First lien senior secured loan

 

L + 7.00% (incl. 3.00% PIK)

 

 

7/30/2024

 

 

263,276

 

 

 

260,990

 

 

 

259,327

 

 

 

4.6

 

%

Associations, Inc.(4)(7)(18)(20)(25)

 

First lien senior secured delayed draw term loan

 

L + 7.00% (incl. 3.00% PIK)

 

 

7/30/2021

 

 

42,516

 

 

 

42,025

 

 

 

41,627

 

 

 

0.7

 

%

Associations, Inc.(4)(7)(25)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

7/30/2024

 

 

11,543

 

 

 

11,445

 

 

 

11,370

 

 

 

0.2

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(8)(25)

 

First lien senior secured loan

 

L + 5.75%  (incl. 1.00% PIK)

 

 

11/28/2024

 

 

134,350

 

 

 

132,814

 

 

 

126,961

 

 

 

2.3

 

%

4


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of June 30, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(27)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Imperial Parking Canada(4)(10)(25)

 

First lien senior secured loan

 

C + 6.00%  (incl. 1.00% PIK)

 

 

11/28/2024

 

 

26,016

 

 

 

26,584

 

 

 

24,585

 

 

 

0.4

 

%

Reef Global, Inc. (fka Cheese Acquisition, LLC)(4)(7)(18)(25)

 

First lien senior secured revolving loan

 

L + 5.75%

 

 

11/28/2023

 

 

10,987

 

 

 

10,849

 

 

 

10,087

 

 

 

0.2

 

%

Velocity Commercial Capital, LLC(4)(8)(25)

 

First lien senior secured loan

 

L + 7.50%

 

 

8/29/2024

 

 

63,980

 

 

 

63,292

 

 

 

62,221

 

 

 

1.1

 

%

 

 

 

 

 

 

 

 

 

 

 

552,668

 

 

 

547,999

 

 

 

536,178

 

 

 

9.5

 

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(5)(25)

 

Second lien senior secured loan

 

L + 7.75%

 

 

2/27/2026

 

 

58,760

 

 

 

58,221

 

 

 

56,703

 

 

 

1.0

 

%

CIBT Global, Inc.(4)(7)(25)

 

First lien senior secured loan

 

L + 3.75%

 

 

6/3/2024

 

 

848

 

 

 

636

 

 

 

636

 

 

 

 

%

CIBT Global, Inc.(4)(7)(25)(30)

 

Second lien senior secured loan

 

L + 7.75% (incl. 6.75% PIK)

 

 

6/2/2025

 

 

59,500

 

 

 

58,393

 

 

 

42,840

 

 

 

0.8

 

%

ConnectWise, LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 6.00%

 

 

2/28/2025

 

 

179,560

 

 

 

177,705

 

 

 

176,866

 

 

 

3.2

 

%

ConnectWise, LLC(4)(18)(19)(25)

 

First lien senior secured revolving loan

 

L + 6.00%

 

 

2/28/2025

 

 

 

 

 

(198

)

 

 

(300

)

 

 

 

%

Entertainment Benefits Group, LLC(4)(7)(25)

 

First lien senior secured loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2025

 

 

80,190

 

 

 

79,113

 

 

 

73,775

 

 

 

1.3

 

%

Entertainment Benefits Group, LLC(4)(7)(18)(25)

 

First lien senior secured revolving loan

 

L + 8.25% (incl. 2.50% PIK)

 

 

9/30/2024

 

 

10,096

 

 

 

9,943

 

 

 

9,136

 

 

 

0.2

 

%

Vestcom Parent Holdings, Inc.(4)(8)

 

Second lien senior secured loan

 

L + 8.00%

 

 

12/19/2024

 

 

78,987

 

 

 

78,252

 

 

 

77,013

 

 

 

1.4

 

%