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Owl Rock Capital
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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-31.1 owl-ex311_8.htm
EX-31.2 owl-ex312_9.htm
EX-32.1 owl-ex321_6.htm
EX-32.2 owl-ex322_7.htm

Owl Rock Capital Earnings 2019-09-30

Balance SheetIncome StatementCash Flow

10-Q 1 owl-10q_20190930.htm 10-Q owl-10q_20190930.htm

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 30, 2019

OR

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

For the transition period from                      to                      

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.

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Small reporting company

 

 

 

 

 

Emerging growth company

 

 

 

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.    

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 October 30, 2019 the registrant had 389,155,516 shares of common stock, $0.01 par value per share, outstanding.

i


 

 

 

Table of Contents

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

2

Item 1.

 

Consolidated Financial Statements

 

2

 

 

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

2018

 

2

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

3

 

 

Consolidated Schedules of Investments as of September 30, 2019 (Unaudited) and December 31, 2018

 

4

 

 

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

23

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018 (Unaudited)

 

24

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

26

Item 2.

 

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

 

61

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

99

Item 4.

 

Controls and Procedures

 

100

 

 

 

 

 

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

101

Item 1.

 

Legal Proceedings

 

101

Item 1A.

 

Risk Factors

 

101

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

103

Item 3.

 

Defaults Upon Senior Securities

 

103

Item 4.

 

Mine Safety Disclosures

 

103

Item 5.

 

Other Information

 

103

Item 6.

 

Exhibits

 

104

Signatures

 

 

 

105

 

 

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;

 

interest rate volatility 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;

 

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 “1934 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)

 

 

 

September 30, 2019 (Unaudited)

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $8,204,082 and

     $5,720,295, respectively)

 

$

8,178,157

 

 

$

5,697,447

 

Controlled, affiliated investments (amortized cost of $93,267 and $91,138,

     respectively)

 

 

92,097

 

 

 

86,622

 

Total investments at fair value (amortized cost of $8,297,349 and $5,811,433, respectively)

 

 

8,270,254

 

 

 

5,784,069

 

Cash (restricted cash of $12,969 and $6,013, respectively)

 

 

197,618

 

 

 

127,603

 

Interest receivable

 

 

55,534

 

 

 

29,680

 

Receivable for investments sold

 

 

23,261

 

 

 

 

Receivable from a controlled affiliate

 

 

2,290

 

 

 

8,100

 

Prepaid expenses and other assets

 

 

19,710

 

 

 

1,590

 

Total Assets

 

$

8,568,667

 

 

$

5,951,042

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $38,176 and $22,335, respectively)

 

$

2,459,023

 

 

$

2,567,717

 

Distribution payable

 

 

128,421

 

 

 

78,350

 

Management fee payable

 

 

14,760

 

 

 

14,049

 

Payables to affiliates

 

 

4,657

 

 

 

2,847

 

Payable for investments purchased

 

 

1,627

 

 

 

3,180

 

Accrued expenses and other liabilities

 

 

35,554

 

 

 

20,054

 

Total Liabilities

 

 

2,644,042

 

 

 

2,686,197

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common shares $0.01 par value, 500,000,000 shares authorized; 389,155,516 and

     216,204,837 shares issued and outstanding, respectively

 

 

3,892

 

 

 

2,162

 

Additional paid-in-capital

 

 

5,907,924

 

 

 

3,271,162

 

Total distributable earnings (losses)

 

 

12,809

 

 

 

(8,479

)

Total Net Assets

 

 

5,924,625

 

 

 

3,264,845

 

Total Liabilities and Net Assets

 

$

8,568,667

 

 

$

5,951,042

 

Net Asset Value Per Share

 

$

15.22

 

 

$

15.10

 

 

 

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 September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

180,944

 

 

$

104,868

 

 

$

498,747

 

 

$

246,064

 

Other income

 

 

4,921

 

 

 

2,164

 

 

 

9,447

 

 

 

6,770

 

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

 

 

185,865

 

 

 

107,032

 

 

 

508,194

 

 

 

252,834

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

 

2,289

 

 

 

2,226

 

 

 

7,570

 

 

 

5,149

 

Other income

 

 

 

 

 

1,227

 

 

 

 

 

 

4,046

 

Total investment income from controlled, affiliated investments

 

 

2,289

 

 

 

3,453

 

 

 

7,570

 

 

 

9,195

 

Total Investment Income

 

 

188,154

 

 

 

110,485

 

 

 

515,764

 

 

 

262,029

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

29,434

 

 

 

21,386

 

 

 

101,021

 

 

 

50,545

 

Management fee

 

 

26,793

 

 

 

13,323

 

 

 

57,434

 

 

 

38,100

 

Performance based incentive fees

 

 

19,674

 

 

 

 

 

 

19,674

 

 

 

 

Professional fees

 

 

2,886

 

 

 

2,524

 

 

 

7,361

 

 

 

5,567

 

Directors' fees

 

 

169

 

 

 

138

 

 

 

445

 

 

 

404

 

Other general and administrative

 

 

2,697

 

 

 

1,274

 

 

 

6,248

 

 

 

3,973

 

Total Operating Expenses

 

 

81,653

 

 

 

38,645

 

 

 

192,183

 

 

 

98,589

 

Management and incentive fees waived (Note 3)

 

 

(31,707

)

 

 

 

 

 

(31,707

)

 

 

 

Net Operating Expenses

 

 

49,946

 

 

 

38,645

 

 

 

160,476

 

 

 

98,589

 

Net Investment Income (Loss) Before Taxes

 

 

138,208

 

 

 

71,840

 

 

 

355,288

 

 

 

163,440

 

Excise tax expense (benefit)

 

 

302

 

 

 

232

 

 

 

1,754

 

 

 

815

 

Net Investment Income (Loss) After Taxes

 

$

137,906

 

 

$

71,608

 

 

$

353,534

 

 

$

162,625

 

Net Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

(20,846

)

 

$

(3,476

)

 

$

(376

)

 

$

5,470

 

Controlled affiliated investments

 

 

284

 

 

 

168

 

 

 

3,346

 

 

 

(1,013

)

Translation of assets and liabilities in foreign currencies

 

 

(146

)

 

 

(134

)

 

 

(168

)

 

 

(134

)

Total Net Change in Unrealized Gain (Loss)

 

 

(20,708

)

 

 

(3,442

)

 

 

2,802

 

 

 

4,323

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,285

 

 

 

4,027

 

 

 

1,102

 

 

 

234

 

Foreign currency transactions

 

 

169

 

 

 

133

 

 

 

372

 

 

 

133

 

Total Net Realized Gain (Loss)

 

 

1,454

 

 

 

4,160

 

 

 

1,474

 

 

 

367

 

Total Net Realized and Unrealized Gain (Loss)

 

 

(19,254

)

 

 

718

 

 

 

4,276

 

 

 

4,690

 

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

118,652

 

 

$

72,326

 

 

$

357,810

 

 

$

167,315

 

Earnings Per Share - Basic and Diluted

 

$

0.31

 

 

$

0.44

 

 

$

1.18

 

 

$

1.29

 

Weighted Average Shares Outstanding - Basic and Diluted

 

 

384,846,445

 

 

 

163,401,485

 

 

 

302,373,486

 

 

 

129,234,396

 

 

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

 

 

3


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of September 30, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(24)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising and media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRI Holdings, Inc.(4)(6)(22)

 

First lien senior secured loan

 

L + 4.50%

 

11/28/2025

 

$

14,888

 

 

$

14,753

 

 

$

14,301

 

 

 

0.2

 

%

PAK Acquisition Corporation (dba Valpak)(4)(6)

 

First lien senior secured loan

 

L + 8.00%

 

6/30/2022

 

 

64,725

 

 

 

63,998

 

 

 

64,725

 

 

 

1.1

 

%

Swipe Acquisition Corporation (dba PLI)(4)(5)(22)

 

First lien senior secured loan

 

L + 7.75%

 

6/29/2024

 

 

159,754

 

 

 

157,057

 

 

 

155,760

 

 

 

2.6

 

%

Swipe Acquisition Corporation (dba PLI)(4)(14)(15)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 7.75%

 

9/30/2019

 

 

 

 

 

(153

)

 

 

(129

)

 

 

 

%

 

 

 

 

 

 

 

 

 

239,367

 

 

 

235,655

 

 

 

234,657

 

 

 

3.9

 

%

Aerospace and defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Solutions Midco, LLC (dba STS Aviation)(4)(6)(22)

 

First lien senior secured loan

 

L + 5.75%

 

1/4/2025

 

 

138,840

 

 

 

136,544

 

 

 

137,451

 

 

 

2.3

 

%

Valence Surface Technologies LLC(4)(7)(22)

 

First lien senior secured loan

 

L + 5.75%

 

6/28/2025

 

 

99,750

 

 

 

98,307

 

 

 

98,255

 

 

 

1.8

 

%

Valence Surface Technologies LLC(4)(14)(15)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 5.75%

 

6/28/2021

 

 

 

 

 

(72

)

 

 

(450

)

 

 

 

%

Valence Surface Technologies LLC(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 5.75%

 

6/28/2025

 

 

 

 

 

(143

)

 

 

(150

)

 

 

 

%

 

 

 

 

 

 

 

 

 

238,590

 

 

 

234,636

 

 

 

235,106

 

 

 

4.1

 

%

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.(4)(5)(22)

 

Second lien senior secured loan

 

L + 7.50%

 

3/20/2026

 

 

155,000

 

 

 

152,032

 

 

 

151,900

 

 

 

2.6

 

%

Mavis Tire Express Services Corp.(4)(5)(14)(16)(22)

 

Second lien senior secured delayed draw term loan

 

L + 7.50%

 

3/20/2020

 

 

1,449

 

 

 

1,209

 

 

 

1,215

 

 

 

 

%

 

 

 

 

 

 

 

 

 

156,449

 

 

 

153,241

 

 

 

153,115

 

 

 

2.6

 

%

Buildings and real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations, Inc.(4)(6)(22)

 

First lien senior secured loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2024

 

 

257,327

 

 

 

254,675

 

 

 

254,754

 

 

 

4.3

 

%

Associations, Inc.(4)(6)(14)(16)(22)

 

First lien senior secured delayed draw term loan

 

L + 4.00%  (3.00% PIK)

 

7/30/2021

 

 

33,984

 

 

 

33,403

 

 

 

33,400

 

 

 

0.6

 

%

Associations, Inc.(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 6.00%

 

7/30/2024

 

 

 

 

 

(116

)

 

 

(173

)

 

 

 

%

Cheese Acquisition, LLC(4)(6)(22)

 

First lien senior secured loan

 

L + 4.75%

 

11/28/2024

 

 

135,319

 

 

 

133,497

 

 

 

133,288

 

 

 

2.2

 

%

Imperial Parking Canada(4)(8)(22)

 

First lien senior secured loan

 

C + 5.00%

 

11/28/2024

 

 

27,019

 

 

 

26,780

 

 

 

26,614

 

 

 

0.4

 

%

Cheese Acquisition, LLC(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 4.75%

 

11/28/2023

 

 

 

 

 

(170

)

 

 

(245

)

 

 

 

%

Velocity Commercial Capital, LLC(4)(5)(22)

 

First lien senior secured loan

 

L + 7.50%

 

8/29/2024

 

 

125,500

 

 

 

123,953

 

 

 

123,931

 

 

 

2.1

 

%

 

 

 

 

 

 

 

 

 

579,149

 

 

 

572,022

 

 

 

571,569

 

 

 

9.6

 

%

4


Owl Rock Capital Corporation

Consolidated Schedules of Investments

As of September 30, 2019

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company(1)(17)

 

Investment

 

Interest

 

Maturity Date

 

Par / Units

 

 

Amortized Cost(3)(24)

 

 

Fair Value

 

 

Percentage of Net Assets

 

 

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Access CIG, LLC(4)(5)(22)

 

Second lien senior secured loan

 

L + 7.75%

 

2/27/2026

 

 

44,637

 

 

 

44,320

 

 

 

44,525

 

 

 

0.8

 

%

CIBT Global, Inc.(4)(6)(22)

 

Second lien senior secured loan

 

L + 7.75%

 

6/2/2025

 

 

59,500

 

 

 

58,312

 

 

 

58,905

 

 

 

1.0

 

%

ConnectWise, LLC(4)(6)(22)

 

First lien senior secured loan

 

L + 5.50%

 

2/28/2025

 

 

154,376

 

 

 

152,598

 

 

 

152,832

 

 

 

2.6

 

%

ConnectWise, LLC(4)(14)(15)(22)

 

First lien senior secured revolving loan

 

L + 5.50%

 

2/28/2025

 

 

 

 

 

(187

)

 

 

(165

)

 

 

 

%

Entertainment Benefits Group, LLC(4)(5)(22)

 

First lien senior secured loan

 

L + 5.75%

 

9/27/2025

 

 

82,000

 

 

 

80,772

 

 

 

80,770

 

 

 

1.4

 

%

Entertainment Benefits Group, LLC(4)(5)(14)(22)

 

First lien senior secured revolving loan

 

L + 5.75%

 

9/27/2024

 

 

2,400

 

 

 

2,220

 

 

 

2,220

 

 

 

 

%

Vistage International, Inc.(4)(6)(22)

 

Second lien senior secured loan

 

L + 8.00%

 

2/8/2026

 

 

34,800

 

 

 

34,550

 

 

 

34,626

 

 

 

0.6

 

%

Vestcom Parent Holdings, Inc.(4)(5)

 

Second lien senior secured loan

 

L + 8.25%

 

12/19/2024

 

 

78,987

 

 

 

78,155

 

 

 

78,592

 

 

 

1.4

 

%

 

 

 

 

 

 

 

 

 

456,700

 

 

 

450,740

 

 

 

452,305

 

 

 

7.8

 

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC(4)(6)(22)

 

First lien senior secured loan

 

L + 5.75%

 

10/19/2022

 

 

99,194

 

 

 

98,503

 

 

 

97,706

 

 

 

1.6

 

%

Douglas Products and Packaging Company LLC(4)(6)(14)(22)

 

First lien senior secured revolving loan

 

L + 5.75%

 

10/19/2022

 

 

908

 

 

 

861

 

 

 

772

 

 

 

 

%

Innovative Water Care Global Corporation(4)(6)(22)

 

First lien senior secured loan

 

L + 5.00%

 

2/27/2026

 

 

149,250

 

 

 

139,423