10-Q 1 tslx-10q_20220331.htm 10-Q tslx-10q_20220331.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 March 31, 2022

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 001-36364

 

Sixth Street Specialty Lending, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

27-3380000

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

2100 McKinney Avenue, Suite 1500,

Dallas, TX

75201

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (469) 621-3001

Not applicable

Former name, former address and former fiscal year, if changed since last report.

 

 

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, par value $0.01 per share

TSLX

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 electronically 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 definitions 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

  

Smaller 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  

The number of shares of the registrant’s common stock, $.01 par value per share, outstanding at May 3, 2022 was 76,310,056.

 

 

 

 

 

 


 

SIXTH STREET SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Schedules of Investments as of March 31, 2022 (Unaudited) and December 31, 2021

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021 (Unaudited)

 

21

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)

 

22

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

23

 

 

 

 

 

Item 2.

 

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

 

48

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

68

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

70

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

71

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

71

 

 

 

 

 

Item 1A.

 

Risk Factors

 

71

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

76

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

76

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

76

 

 

 

 

 

Item 5.

 

Other Information

 

76

 

 

 

 

 

Item 6.

 

Exhibits

 

76

 

 

 

 

 

SIGNATURES

 

77

 

 

 

2


 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “should,” “targets,” “projects,” 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, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

In addition to factors previously identified elsewhere in the reports and other documents Sixth Street Specialty Lending, Inc. has filed with the Securities and Exchange Commission, or SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

 

an economic downturn, including the current and future economic effects of the COVID-19 pandemic, could impair our portfolio companies’ abilities to continue to operate, which could lead to the loss of some or all of our investments in those portfolio companies;

 

such an economic downturn could disproportionately impact the companies in which we have invested and others 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;

 

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

 

an inability to access the capital markets could impair our ability to raise capital and our investment activities;

 

inflation could negatively impact our business, including our ability to access the debt markets on favorable terms, or could negatively impact our portfolio companies; and

 

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report, in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 17, 2022, and elsewhere in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to 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. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The “TSLX” and “TAO” marks are marks of Sixth Street.

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Sixth Street Specialty Lending, Inc.

Consolidated Balance Sheets

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

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $2,301,668 and $2,354,984, respectively)

 

$

2,375,860

 

 

$

2,434,797

 

Non-controlled, affiliated investments (amortized cost of $0 and $12,666, respectively)

 

 

 

 

 

27,017

 

Controlled, affiliated investments (amortized cost of $64,362 and $64,362, respectively)

 

 

75,999

 

 

 

59,779

 

Total investments at fair value (amortized cost of $2,366,030 and $2,432,012, respectively)

 

 

2,451,859

 

 

 

2,521,593

 

Cash and cash equivalents (restricted cash of $19,069 and $14,399, respectively)

 

 

23,494

 

 

 

15,967

 

Interest receivable

 

 

11,674

 

 

 

10,775

 

Prepaid expenses and other assets

 

 

4,148

 

 

 

3,522

 

Total Assets

 

$

2,491,175

 

 

$

2,551,857

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $17,755 and $19,147, respectively)

 

$

1,121,190

 

 

$

1,185,964

 

Management fees payable to affiliate

 

 

9,330

 

 

 

9,380

 

Incentive fees on net investment income payable to affiliate

 

 

7,877

 

 

 

9,789

 

Incentive fees on net capital gains accrued to affiliate

 

 

16,351

 

 

 

14,928

 

Dividends payable

 

 

31,162

 

 

 

30,926

 

Other payables to affiliate

 

 

2,943

 

 

 

3,149

 

Other liabilities

 

 

18,337

 

 

 

21,873

 

Total Liabilities

 

 

1,207,190

 

 

 

1,276,009

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares

   issued and outstanding

 

 

 

 

 

 

Common stock, $0.01 par value; 400,000,000 shares authorized, 76,366,724 and

   76,067,586 shares issued, respectively; and 76,070,680 and 75,771,542 shares

   outstanding, respectively

 

 

764

 

 

 

761

 

Additional paid-in capital

 

 

1,195,695

 

 

 

1,189,275

 

Treasury stock at cost; 296,044 and 296,044 shares held, respectively

 

 

(4,291

)

 

 

(4,291

)

Distributable earnings

 

 

91,817

 

 

 

90,103

 

Total Net Assets

 

 

1,283,985

 

 

 

1,275,848

 

Total Liabilities and Net Assets

 

$

2,491,175

 

 

$

2,551,857

 

Net Asset Value Per Share

 

$

16.88

 

 

$

16.84

 

 

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

 

 

 

4


 

Sixth Street Specialty Lending, Inc.

Consolidated Statements of Operations

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

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31, 2022

 

 

March 31, 2021

 

Income

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Interest from investments

 

$

64,233

 

 

$

61,765

 

Dividend income

 

 

235

 

 

 

507

 

Other income

 

 

1,762

 

 

 

2,277

 

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

 

 

66,230

 

 

 

64,549

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

133

 

 

 

211

 

Dividend income

 

 

 

 

 

545

 

Other income

 

 

 

 

 

 

Total investment income from non-controlled, affiliated investments

 

 

133

 

 

 

756

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,065

 

 

 

936

 

Other income

 

 

1

 

 

 

1

 

Total investment income from controlled, affiliated investments

 

 

1,066

 

 

 

937

 

Total Investment Income

 

 

67,429

 

 

 

66,242

 

Expenses

 

 

 

 

 

 

 

 

Interest

 

 

9,602

 

 

 

8,953

 

Management fees

 

 

9,330

 

 

 

8,738

 

Incentive fees on net investment income

 

 

7,877

 

 

 

7,811

 

Incentive fees on net capital gains

 

 

1,424

 

 

 

4,515

 

Professional fees

 

 

1,484

 

 

 

1,395

 

Directors’ fees

 

 

191

 

 

 

194

 

Other general and administrative

 

 

1,459

 

 

 

1,866

 

Total expenses

 

 

31,367

 

 

 

33,472

 

Management fees waived (Note 3)

 

 

 

 

 

 

Net Expenses

 

 

31,367

 

 

 

33,472

 

Net Investment Income Before Income Taxes

 

 

36,062

 

 

 

32,770

 

Income taxes, including excise taxes

 

 

350

 

 

 

460

 

Net Investment Income

 

 

35,712

 

 

 

32,310

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(5,622

)

 

 

9,363

 

Non-controlled, affiliated investments

 

 

(14,350

)

 

 

2,082

 

Controlled, affiliated investments

 

 

16,220

 

 

 

(1

)

Translation of other assets and liabilities in foreign currencies

 

 

(1,800

)

 

 

133

 

Interest rate swaps

 

 

(2,943

)

 

 

(1,822

)

Total net change in unrealized gains (losses)

 

 

(8,495

)

 

 

9,755

 

Realized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

8

 

 

 

14,619

 

Non-controlled, affiliated investments

 

 

13,673

 

 

 

(33

)

Foreign currency transactions

 

 

(13

)

 

 

1

 

Total net realized gains (losses)

 

 

13,668

 

 

 

14,587

 

Total Net Unrealized and Realized Gains (Losses)

 

 

5,173

 

 

 

24,342

 

Increase in Net Assets Resulting from Operations

 

$

40,885

 

 

$

56,652

 

Earnings per common share—basic

 

$

0.54

 

 

$

0.81

 

Weighted average shares of common stock outstanding—basic

 

 

75,972,079

 

 

 

69,691,162

 

Earnings per common share—diluted

 

$

0.51

 

 

$

0.75

 

Weighted average shares of common stock outstanding—diluted

 

 

81,536,251

 

 

 

77,356,492

 

 

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

5


 

Sixth Street Specialty Lending, Inc.

Consolidated Schedule of Investments as of March 31, 2022

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company (1)(6)

 

Investment

 

Initial

Acquisition

Date

 

Reference

Rate and

Spread

 

 

Interest Rate

 

 

Amortized

Cost (2)(8)

 

 

Fair Value (9)

 

 

Percentage

of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acceo Solutions,

   Inc. (3)(4)(5)

 

First-lien loan (CAD 73,875 par, due 10/2025)

 

7/6/2018

 

 

C + 4.75

%

 

 

5.86

%

 

$

55,623

 

 

$60,919

(CAD 76,091)

 

 

 

4.7

%

Alpha Midco, Inc. (3)(5)

 

First-lien loan ($65,388 par, due 8/2025)

 

8/15/2019

 

 

L + 7.50

%

 

 

8.56

%

 

 

64,323

 

 

 

66,592

 

 

 

5.2

%

Dye & Durham Corp. (3)(4)

 

First-lien loan (CAD 32,772 par, due 12/2027)

 

12/3/2021

 

 

C + 5.75

%

 

 

6.50

%

 

 

24,952

 

 

26,718

(CAD 33,372)

 

 

 

2.2

%

ExtraHop Networks, Inc. (3)(5)

 

First-lien loan ($52,379 par, due 7/2027)

 

7/22/2021

 

 

L + 7.50

%

 

 

8.51

%

 

 

51,097

 

 

 

51,462

 

 

 

4.0

%

ForeScout Technologies, Inc. (3)

 

First-lien loan ($6,054 par, due 8/2026)

 

8/17/2020

 

 

L + 9.50

%

 

10.60% (incl. 9.50% PIK)

 

 

 

5,940

 

 

 

6,086

 

 

 

0.5

%

Information Clearinghouse, LLC

   and MS Market Service,

   LLC (3)(5)

 

First-lien loan ($17,955 par, due 12/2026)

 

12/20/2021

 

 

L + 6.50

%

 

 

7.50

%

 

 

17,506

 

 

 

17,506

 

 

 

1.4

%

Netwrix Corp. (3)(5)

 

First-lien loan ($70,600 par, due 9/2026)

 

9/30/2020

 

 

L + 6.00

%

 

 

7.00

%

 

 

69,427

 

 

 

70,600

 

 

 

5.5

%

ReliaQuest Holdings, LLC (3)(5)

 

First-lien loan ($48,964 par, due 10/2026)

 

10/8/2020

 

 

L + 8.25

%

 

 

9.26

%

 

 

48,015

 

 

 

50,884

 

 

 

4.0

%

WideOrbit, Inc. (3)

 

First-lien loan ($50,182 par, due 7/2025)

 

7/8/2020

 

 

L + 8.50

%

 

 

9.75

%

 

 

49,602

 

 

 

51,555

 

 

 

4.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

386,485

 

 

 

402,322

 

 

 

31.5

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Celtra Technologies, Inc. (3)(5)

 

First-lien loan ($34,913 par, due 11/2026)

 

11/19/2021

 

 

L + 7.00

%

 

 

8.00

%

 

 

33,881

 

 

 

33,865

 

 

 

2.6

%

IntelePeer Holdings, Inc.

 

First-lien loan ($34,956 par, due 12/2024) (3)

 

12/2/2019

 

 

L + 8.25

%

 

 

9.75

%

 

 

34,897

 

 

 

34,694

 

 

 

2.7

%

 

 

Convertible note ($4,188 par, due 5/2028)

 

5/12/2021

 

 

6.00

%

 

6.00% PIK

 

 

 

4,152

 

 

 

4,167

 

 

 

0.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,930

 

 

 

72,726

 

 

 

5.6

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astra Acquisition Corp. (3)

 

Second-lien loan ($43,490 par, due 10/2029)

 

10/25/2021

 

 

L + 8.88

%

 

 

9.63

%

 

 

42,647

 

 

 

42,511

 

 

 

3.3

%

Destiny Solutions Parent

   Holding Company (3)(5)

 

First-lien loan ($60,000 par, due 6/2026)

 

6/8/2021

 

 

L + 6.00

%

 

 

7.00

%

 

 

58,857

 

 

 

58,950

 

 

 

4.6

%

EMS Linq, Inc. (3)

 

First-lien loan ($56,216 par, due 12/2027)

 

12/22/2021

 

 

L + 6.25

%

 

 

7.26

%

 

 

54,966

 

 

 

54,754

 

 

 

4.3

%

Frontline Technologies

   Group, LLC (3)

 

First-lien loan ($86,246 par, due 9/2023)

 

9/18/2017

 

 

L + 5.25

%

 

 

6.25

%

 

 

86,049

 

 

 

86,246

 

 

 

6.7

%

Illuminate Education,

   Inc.(3)(5)

 

First-lien loan ($62,563 par, due 8/2022)

 

8/25/2017

 

 

L + 6.25

%

 

 

7.25

%

 

 

62,434

 

 

 

62,563

 

 

 

4.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

304,953

 

 

 

305,024

 

 

 

23.8

%

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AvidXchange, Inc. (3)(4)(5)

 

First-lien loan ($11,331 par, due 4/2024)

 

10/1/2019

 

 

L + 9.00

%

 

 

10.06

%

 

 

11,263

 

 

 

11,392

 

 

 

0.9

%

Bear OpCo, LLC (3)(5)

 

First-lien loan ($19,525 par, due 10/2024)

 

10/10/2019

 

 

L + 6.50

%

 

 

7.50

%

 

 

19,224

 

 

 

19,330

 

 

 

1.5

%

BlueSnap, Inc. (3)(5)

 

First-lien loan ($35,000 par, due 10/2024)

 

10/25/2019

 

 

L + 6.75

%

 

 

7.76

%

 

 

34,500

 

 

 

35,356

 

 

 

2.7

%

G Treasury SS, LLC (3)(5)

 

First-lien loan ($63,090 par, due 4/2023)

 

4/9/2018

 

 

L + 8.25

%

 

 

9.26

%

 

 

62,481

 

 

 

64,085

 

 

 

5.0

%

6


 

Ibis Intermediate Co. (3)(5)

 

First-lien loan ($1,538 par, due 5/2027)

 

5/28/2021

 

 

L + 5.00

%

 

 

5.50

%

 

 

1,411

 

 

 

1,597

 

 

 

0.1

%

Ibis US Blocker Co. (3)

 

First-lien loan ($12,947 par, due 5/2028)

 

5/28/2021

 

 

L + 8.25

%

 

8.75% PIK

 

 

 

12,679

 

 

 

12,720

 

 

 

1.0

%

Jonas Collections and

   Recovery, Inc. (3)(5)

 

First-lien loan ($27,313 par, due 6/2026)

 

6/21/2021

 

 

L + 5.75

%

 

 

6.75

%

 

 

26,818

 

 

 

26,971

 

 

 

2.1

%

Kyriba Corp.(3)

 

First-lien loan ($17,804 par, due 4/2025)

 

4/9/2019

 

 

L + 9.00

%

 

10.50% (incl. 9.00% PIK)

 

 

 

17,571

 

 

 

17,937

 

 

 

1.4

%

 

 

First-lien loan (EUR 9,275 par, due 4/2025)

 

4/9/2019

 

 

E + 9.00

%

 

9.00% PIK

 

 

 

10,306

 

 

10,397

(EUR 9,344)

 

 

 

0.8

%

 

 

First-lien revolving loan ($1,411 par, due 4/2025)

 

4/9/2019

 

 

L + 7.25

%

 

 

8.75

%

 

 

1,389

 

 

 

1,424

 

 

 

0.1

%

 

 

First-lien revolving loan (EUR 336 par, due 4/2025)

 

4/9/2019

 

 

E + 7.25

%

 

 

7.25

%

 

 

371

 

 

374

(EUR 336)

 

 

 

0.0

%

Passport Labs, Inc. (3)

 

First-lien loan ($17,197 par, due 4/2026)

 

4/28/2021

 

 

L + 8.25

%

 

9.25% (incl. 4.125% PIK)

 

 

 

16,929

 

 

 

16,979

 

 

 

1.3

%

PrimeRevenue, Inc. (3)

 

First-lien loan ($22,507 par, due 12/2023)

 

12/31/2018

 

 

L + 7.00

%

 

 

8.50

%

 

 

22,382

 

 

 

22,942

 

 

 

1.8

%

TradingScreen, Inc. (3)(5)

 

First-lien loan ($45,000 par, due 4/2027)

 

4/30/2021

 

 

L + 6.25

%

 

 

7.25

%

 

 

43,822

 

 

 

44,438

 

 

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

281,146

 

 

 

285,942

 

 

 

22.2

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCTO Ace Purchaser, Inc. (3)(5)

 

First-lien loan ($54,859 par, due 11/2026)

 

11/23/2020

 

 

L + 7.50

%

 

 

8.50

%

 

 

53,637

 

 

 

54,996

 

 

 

4.3

%

Caris Life Sciences, Inc.

 

First-lien loan ($5,000 par, due 9/2023)

 

9/21/2018

 

 

11.30

%

 

 

11.30

%

 

 

4,935

 

 

 

5,175

 

 

 

0.4

%

 

 

First-lien loan ($3,750 par, due 4/2025)

 

4/2/2020

 

 

11.30

%

 

 

11.30

%

 

 

3,559

 

 

 

3,984

 

 

 

0.3

%

 

 

Convertible note ($2,602 par, due 9/2023)

 

9/21/2018

 

 

8.00

%

 

 

8.00

%

 

 

2,602

 

 

 

9,901

 

 

 

0.8

%

Homecare Software Solutions,

   LLC (3)(5)

 

First-lien loan ($65,000 par, due 10/2026)

 

10/6/2021

 

 

SOFR + 5.60

%

 

 

6.60

%

 

 

63,525

 

 

 

63,700

 

 

 

5.0

%

Integrated Practice

   Solutions, Inc. (3)(5)

 

First-lien loan ($48,375 par, due 10/2024)

 

6/30/2017

 

 

L + 7.50

%

 

 

8.51

%

 

 

47,355

 

 

 

49,101

 

 

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

175,613

 

 

 

186,857

 

 

 

14.6

%

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRGSE Holding Corp. (3)(7)

 

First-lien loan ($30,261 par, due 6/2022)

 

9/29/2015

 

 

L + 9.50

%

 

 

10.51

%

 

 

28,595

 

 

 

30,261

 

 

 

2.3

%

 

 

First-lien revolving loan ($12,327 par, due 6/2022)

 

9/29/2015

 

 

L + 9.50

%

 

 

10.51

%

 

 

12,327

 

 

 

12,327

 

 

 

1.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,922

 

 

 

42,588

 

 

 

3.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Human Resource Support Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Axonify, Inc. (3)(4)(5)

 

First-lien loan ($32,445 par, due 5/2026)

 

5/5/2021

 

 

L + 7.50

%

 

 

8.50

%

 

 

31,708

 

 

 

32,156

 

 

 

2.5

%

DaySmart Holdings, LLC (3)(5)

 

First-lien loan ($48,637 par, due 10/2025)

 

12/18/2020

 

 

L + 7.25

%

 

 

8.75

%

 

 

48,535

 

 

 

49,426

 

 

 

3.8

%

 

 

First-lien revolving loan ($3,000 par, due 10/2025)

 

12/18/2020

 

 

L + 7.25

%

 

 

8.75

%

 

 

3,003

 

 

 

3,045

 

 

 

0.2

%

Elysian Finco Ltd. (3)(4)(5)

 

First-lien loan ($15,747 par, due 1/2028)

 

1/31/2022

 

 

SOFR + 6.50

%

 

 

7.25

%

 

 

15,188

 

 

 

15,180

 

 

 

1.2

%

Employment Hero Holdings Pty

   Ltd. (4)

 

First-lien loan (AUD 40,000 par, due 12/2026) (3)

 

12/6/2021

 

 

B + 6.50

%

 

 

7.50

%

 

 

27,397

 

 

29,210

(AUD 38,898)

 

 

 

2.3

%

PageUp People, Ltd. (3)(4)(5)

 

First-lien loan (AUD 15,982 par, due 12/2025)

 

1/11/2018

 

 

B + 5.50

%

 

 

6.25

%

 

 

11,756

 

 

11,462

(AUD 15,263)

 

 

 

0.9

%

 

 

First-lien loan (GBP 4,723 par, due 12/2025)

 

10/28/2021

 

 

S + 5.50

%

 

 

6.37

%

 

 

6,500

 

 

6,141

(GBP 4,664)

 

 

 

0.5

%

7


 

 

 

First-lien loan ($12,989 par, due 12/2025)

 

10/28/2021

 

 

L + 5.50

%

 

 

6.51

%

 

 

12,971

 

 

 

12,827

 

 

 

1.0

%

PayScale Holdings, Inc. (3)(5)

 

First-lien loan ($69,300 par, due 5/2024)

 

5/3/2019

 

 

L + 6.00

%

 

 

7.01

%

 

 

68,416

 

 

 

69,300

 

 

 

5.4

%

PrimePay Intermediate,

   LLC (3)(5)

 

First-lien loan ($26,933 par, due 12/2026)

 

12/17/2021

 

 

L + 7.00

%

 

 

8.00

%

 

 

25,794

 

 

 

25,885

 

 

 

2.0

%

Modern Hire, Inc. (3)(5)

 

First-lien loan ($29,449 par, due 5/2024)

 

5/15/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

29,059

 

 

 

30,038

 

 

 

2.3

%

Workwell Acquisition Co. (3)(5)

 

First-lien loan ($19,700 par, due 10/2025)

 

10/19/2020