Company Quick10K Filing
TPG Specialty Lending
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-04
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-13
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-22
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-13
8-K 2020-06-15
8-K 2020-06-05
8-K 2020-05-28
8-K 2020-05-05
8-K 2020-04-16
8-K 2020-03-26
8-K 2020-03-16
8-K 2020-02-19
8-K 2020-02-05
8-K 2020-01-31
8-K 2020-01-29
8-K 2019-11-05
8-K 2019-11-01
8-K 2019-10-25
8-K 2019-09-11
8-K 2019-07-31
8-K 2019-06-14
8-K 2019-05-16
8-K 2019-05-15
8-K 2019-05-02
8-K 2019-02-20
8-K 2019-02-14
8-K 2019-01-31
8-K 2018-11-06
8-K 2018-10-08
8-K 2018-08-01
8-K 2018-06-14
8-K 2018-05-17
8-K 2018-05-03
8-K 2018-04-24
8-K 2018-02-21
8-K 2018-01-22

TSLX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
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 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 tslx-ex311_8.htm
EX-31.2 tslx-ex312_6.htm
EX-32 tslx-ex32_7.htm

TPG Specialty Lending Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 tslx-10q_20200331.htm 10-Q tslx-10q_20200331.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, 2020

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

 

TPG 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 4, 2020 was 67,062,552.

 

 

 

 

 

 


 

TPG SPECIALTY LENDING, INC.

 

 

 

INDEX

 

PAGE

NO.

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements

 

4

 

 

 

 

 

 

 

Consolidated Balance Sheets as of  March 31, 2020 (Unaudited) and December 31, 2019

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (Unaudited)

 

5

 

 

 

 

 

 

 

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

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 and 2019 (Unaudited)

 

19

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (Unaudited)

 

20

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

21

 

 

 

 

 

Item 2.

 

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

 

45

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

64

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

65

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

66

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

66

 

 

 

 

 

Item 1A.

 

Risk Factors

 

66

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

71

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

71

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

71

 

 

 

 

 

Item 5.

 

Other Information

 

71

 

 

 

 

 

Item 6.

 

Exhibits

 

71

 

 

 

 

 

SIGNATURES

 

72

 

 

 

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 TPG 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; and

 

the risks, uncertainties and other factors we identify in the section entitled “Risk Factors” in this report and in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 19, 2020, 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”, “TOP” and “TAO” marks are marks of Sixth Street.  Sixth Street and TPG are no longer affiliates, and accordingly, TPG is not an affiliate of ours. The products and services referred to herein are managed exclusively by Sixth Street, which is entirely responsible for their nature and performance. The “TSL”, “TSL Europe”, “TSLE”, “TICP” and “TCS” marks are marks of TPG and are being used by Sixth Street under an exclusive license.

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TPG Specialty Lending, Inc.

Consolidated Balance Sheets

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

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost of $2,007,756 and $2,099,781, respectively)

 

$

1,963,091

 

 

$

2,147,876

 

Non-controlled, affiliated investments (amortized cost of $49,186 and $49,445, respectively)

 

 

48,484

 

 

 

50,136

 

Controlled, affiliated investments (amortized cost of $88,399 and $88,811, respectively)

 

 

33,997

 

 

 

47,916

 

Total investments at fair value (amortized cost of $2,145,341 and $2,238,037, respectively)

 

 

2,045,572

 

 

 

2,245,928

 

Cash and cash equivalents (restricted cash of $14,315 and $9,315, respectively)

 

 

19,765

 

 

 

14,143

 

Interest receivable

 

 

9,756

 

 

 

13,055

 

Prepaid expenses and other assets

 

 

6,624

 

 

 

7,805

 

Total Assets

 

$

2,081,717

 

 

$

2,280,931

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $21,353 and $18,471, respectively)

 

$

980,158

 

 

$

1,094,467

 

Management fees payable to affiliate

 

 

8,165

 

 

 

8,234

 

Incentive fees payable to affiliate

 

 

7,140

 

 

 

7,161

 

Dividends payable

 

 

27,355

 

 

 

25,927

 

Other payables to affiliate

 

 

2,657

 

 

 

1,948

 

Other liabilities

 

 

19,506

 

 

 

23,897

 

Total Liabilities

 

 

1,044,981

 

 

 

1,161,634

 

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, 66,865,815 and

   66,613,671 shares issued, respectively; and 66,569,771 and 66,524,591 shares

   outstanding, respectively

 

 

669

 

 

 

666

 

Additional paid-in capital

 

 

1,013,079

 

 

 

1,009,270

 

Treasury stock at cost; 296,044 and 89,080 shares held, respectively

 

 

(4,291

)

 

 

(1,359

)

Distributable earnings

 

 

27,279

 

 

 

110,720

 

Total Net Assets

 

 

1,036,736

 

 

 

1,119,297

 

Total Liabilities and Net Assets

 

$

2,081,717

 

 

$

2,280,931

 

Net Asset Value Per Share

 

$

15.57

 

 

$

16.83

 

 

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

 

 

 

4


 

TPG Specialty Lending, Inc.

Consolidated Statements of Operations

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

(Unaudited)

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 31, 2020

 

 

March 31, 2019

 

Income

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Interest from investments

 

$

60,766

 

 

$

46,523

 

Dividend income

 

 

432

 

 

 

Other income

 

 

2,787

 

 

 

2,078

 

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

 

 

63,985

 

 

 

48,601

 

Investment income from non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,236

 

 

 

2,411

 

Other income

 

 

19

 

 

 

31

 

Total investment income from non-controlled, affiliated investments

 

 

1,255

 

 

 

2,442

 

Investment income from controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest from investments

 

 

1,027

 

 

 

1,439

 

Other income

 

 

3

 

 

 

5

 

Total investment income from controlled, affiliated investments

 

 

1,030

 

 

 

1,444

 

Total Investment Income

 

 

66,270

 

 

 

52,487

 

Expenses

 

 

 

 

 

 

 

 

Interest

 

 

12,910

 

 

 

10,369

 

Management fees

 

 

8,165

 

 

 

6,622

 

Incentive fees

 

 

7,140

 

 

 

5,650

 

Professional fees

 

 

1,645

 

 

 

1,295

 

Directors’ fees

 

 

228

 

 

 

135

 

Other general and administrative

 

 

1,510

 

 

 

1,478

 

Total expenses

 

 

31,598

 

 

 

25,549

 

Management and incentive fees waived (Note 3)

 

 

 

 

 

 

Net Expenses

 

 

31,598

 

 

 

25,549

 

Net Investment Income Before Income Taxes

 

 

34,672

 

 

 

26,938

 

Income taxes, including excise taxes

 

 

1,010

 

 

 

300

 

Net Investment Income

 

 

33,662

 

 

 

26,638

 

Unrealized and Realized Gains (Losses)

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(92,759

)

 

 

12,813

 

Non-controlled, affiliated investments

 

 

(1,394

)

 

 

427

 

Controlled, affiliated investments

 

 

(13,507

)

 

 

(3,667

)

Translation of other assets and liabilities in foreign currencies

 

 

13,799

 

 

 

(1,432

)

Interest rate swaps

 

 

9,181

 

 

 

3,319

 

Total net change in unrealized gains (losses)

 

 

(84,680

)

 

 

11,460

 

Realized gains (losses):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

75

 

 

 

180

 

Controlled, affiliated investments

 

 

(2,097

)

 

 

570

 

Foreign currency transactions

 

 

(59

)

 

 

(103

)

Total net realized gains (losses)

 

 

(2,081

)

 

 

647

 

Total Net Unrealized and Realized Gains (Losses)

 

 

(86,761

)

 

 

12,107

 

Increase (Decrease) in Net Assets Resulting from Operations

 

$

(53,099

)

 

$

38,745

 

Earnings (Loss) per common share—basic and diluted

 

$

(0.80

)

 

$

0.59

 

Weighted average shares of common stock outstanding—basic and diluted

 

 

66,656,280

 

 

 

65,595,441

 

 

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

5


 

TPG Specialty Lending, Inc.

Consolidated Schedule of Investments as of March 31, 2020

(Amounts in thousands, except share amounts)

(Unaudited)

 

Company (1)

 

Investment

 

Initial

Acquisition

Date

 

Reference

Rate and

Spread

 

 

Interest Rate

 

 

Amortized

Cost (2)(8)

 

 

Fair Value (10)

 

 

Percentage

of Net Assets

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, food and tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFS Technologies, Inc. (3)(5)(6)

 

First-lien loan ($45,266 par, due 10/2023)

 

10/16/2018

 

 

L + 6.25

%

 

 

7.75

%

 

$

44,745

 

 

$

44,021

 

 

 

4.3

%

Business services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acceo Solutions,

   Inc. (3)(4)(5)

 

First-lien loan (CAD 63,863 par, due 7/2023)

 

7/6/2018

 

 

C + 4.75

%

 

 

5.99

%

 

 

47,935

 

 

43,522

(CAD 61,947)

 

 

 

4.2

%

Alpha Midco, Inc. (3)(5)

 

First-lien loan ($58,167 par, due 8/2025)

 

8/15/2019

 

 

L + 6.75

%

 

 

8.24

%

 

 

56,719

 

 

 

54,287

 

 

 

5.2

%

Dye & Durham Corp. (3)(4)

 

First-lien loan (CAD 65,087 par, due 7/2024)

 

7/11/2019

 

 

C + 7.00

%

 

 

8.27

%

 

 

48,631

 

 

43,556

(CAD 61,995)

 

 

 

4.2

%

 

 

First-lien revolving loan (CAD 3,150 par, due 7/2024)

 

7/11/2019

 

 

P + 6.00

%

 

 

8.50

%

 

 

2,275

 

 

2,096

(CAD 2,984)

 

 

 

0.2

%

Exela Receivables 1, LLC (3)(5)

 

First-lien revolving loan ($40,000 par, due 1/2025)

 

1/10/2020

 

 

L + 4.75

%

 

 

6.39

%

 

 

39,021

 

 

 

43,600

 

 

 

4.2

%

Integration Appliance,

   Inc. (3)

 

First-lien loan ($71,500 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

9.43

%

 

 

70,697

 

 

 

69,355

 

 

 

6.7

%

 

 

First-lien revolving loan ($2,619 par, due 8/2023)

 

8/13/2018

 

 

L + 7.25

%

 

 

8.54

%

 

 

2,593

 

 

 

2,540

 

 

 

0.2

%

Motus, LLC (3)(5)

 

First-lien loan ($59,699 par, due 1/2024)

 

1/17/2018

 

 

L + 5.50

%

 

 

6.96

%

 

 

58,671

 

 

 

57,908

 

 

 

5.6

%

Netwrix Corp. and Concept

   Searching, Inc. (3)(5)

 

First-lien loan ($20,000 par, due 10/2024)

 

10/17/2019

 

 

L + 5.88

%

 

 

6.88

%

 

 

19,561

 

 

 

19,000

 

 

 

1.8

%

Nintex Global, Ltd. (3)(5)

 

First-lien loan ($74,034 par, due 4/2024)

 

3/30/2018

 

 

L + 6.25

%

 

 

7.25

%

 

 

72,728

 

 

 

72,739

 

 

 

7.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

418,831

 

 

 

408,603

 

 

 

39.3

%

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vertellus Specialties, Inc. (3)

 

Second-lien loan  ($4,357 par, due 10/2021)

 

10/31/2016

 

 

L + 12.00

%

 

 

13.00

%

 

 

4,356

 

 

 

4,030

 

 

 

0.4

%

Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IntelePeer Holdings, Inc.

 

First-lien loan ($38,500 par, due 12/2024) (3)

 

12/2/2019

 

 

L + 8.25

%

 

 

9.86

%

 

 

38,448

 

 

 

36,864

 

 

 

3.6

%

 

 

Convertible note ($350 par, due 12/2020)

 

2/28/2020

 

 

8.00

%

 

8.00% (incl. 8.00% PIK)

 

 

 

308

 

 

 

304

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,756

 

 

 

37,168

 

 

 

3.6

%

Education

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Frontline Technologies

   Group, LLC (3)

 

First-lien loan ($65,638 par, due 9/2023)

 

9/18/2017

 

 

L + 5.75

%

 

 

6.75

%

 

 

65,261

 

 

 

63,669

 

 

 

6.1

%

Illuminate Education,

   Inc.(3)(5)

 

First-lien loan ($63,863 par, due 8/2022)

 

8/25/2017

 

 

L + 7.25

%

 

 

8.25

%

 

 

63,134

 

 

 

61,627

 

 

 

5.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

128,395

 

 

 

125,296

 

 

 

12.0

%

Financial services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AvidXchange, Inc. (3)(5)

 

First-lien loan ($10,468 par, due 4/2024)

 

10/1/2019

 

 

L + 9.00

%

 

 

10.50

%

 

 

10,323

 

 

 

9,870

 

 

 

1.0

%

Bear OpCo, LLC (3)(5)

 

First-lien loan ($17,413 par, due 10/2024)

 

10/10/2019

 

 

L + 5.00

%

 

 

6.00

%

 

 

16,957

 

 

 

16,324

 

 

 

1.6

%

BlueSnap, Inc. (3)

 

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

 

10/25/2019

 

 

L + 7.00

%

 

 

8.00

%

 

 

34,350

 

 

 

33,162

 

 

 

3.2

%

 

 

First-lien revolving loan ($2,500 par, due 10/2024)

 

10/25/2019

 

 

P + 6.00

%

 

 

9.25

%

 

 

2,454

 

 

 

2,369

 

 

 

0.2

%

Factor Systems, Inc. (3)(5)

 

First-lien loan ($30,000 par, due 1/2025)

 

1/17/2020

 

 

L + 7.00

%

 

 

8.50

%

 

 

29,369

 

 

 

28,150

 

 

 

2.7

%

6


 

G Treasury SS, LLC (3)(5)

 

First-lien loan ($30,113 par, due 4/2023)

 

4/9/2018

 

 

L + 8.25

%

 

 

10.03

%

 

 

29,779

 

 

 

29,511

 

 

 

2.9

%

GC Agile Holdings, Ltd. (3)(4)

 

First-lien loan ($39,624 par, due 6/2025)

 

1/31/2019

 

 

L + 7.00

%

 

 

8.25

%

 

 

39,028

 

 

 

36,850

 

 

 

3.6

%

Kyriba Corp.(3)

 

First-lien loan ($13,006 par, due 4/2025)

 

4/9/2019

 

 

L + 9.00

%

 

10.50% (incl. 9.00% PIK)

 

 

 

12,692

 

 

 

12,560

 

 

 

1.2

%

 

 

First-lien loan (EUR 7,743 par, due 4/2025)

 

4/9/2019

 

 

E + 9.00

%

 

9.00% (incl. 9.00% PIK)

 

 

 

8,455

 

 

7,643

(EUR 6,966)

 

 

 

0.7

%

 

 

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

 

4/9/2019

 

 

L + 7.25

%

 

 

8.75

%

 

 

1,374

 

 

 

1,363

 

 

 

0.1

%

 

 

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

 

4/9/2019

 

 

E + 7.25

%

 

 

7.25

%

 

 

367

 

 

314

(EUR 287)

 

 

 

0.0

%

PayLease, LLC (3)

 

First-lien loan ($64,163 par, due 7/2022)

 

7/28/2017

 

 

L + 7.25

%

 

 

8.25

%

 

 

63,458

 

 

 

64,323

 

 

 

6.2

%

 

 

First-lien revolving loan ($2,000 par, due 7/2022)

 

7/28/2017

 

 

L + 7.25

%

 

 

8.25

%

 

 

1,969

 

 

 

2,008

 

 

 

0.2

%

PrimeRevenue, Inc. (3)

 

First-lien loan ($21,440 par, due 12/2023)

 

12/31/2018

 

 

L + 8.50

%

 

10.00% (incl. 5.50% PIK)

 

 

 

21,188

 

 

 

21,232

 

 

 

2.1

%

Swift Gift, Ltd. (3)(5)

 

First-lien loan ($27,964 par, due 1/2022)

 

7/31/2017

 

 

L + 6.50

%

 

 

7.50

%

 

 

27,638

 

 

 

28,523

 

 

 

2.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

299,401

 

 

 

294,202

 

 

 

28.5

%

Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caris Life Sciences, Ltd.

 

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

 

9/21/2018

 

 

11.30

%

 

 

11.30

%

 

 

4,863

 

 

 

5,000

 

 

 

0.5

%

 

 

Convertible note ($2,551 par, due 9/2023)

 

9/21/2018

 

 

8.00

%

 

8.00% (incl. 8.00% PIK)

 

 

 

2,551

 

 

 

2,551

 

 

 

0.2

%

Clinicient, Inc.(3)

 

First-lien loan ($15,000 par, due 5/2024)

 

5/31/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

14,871

 

 

 

14,362

 

 

 

1.4

%

 

 

First-lien revolving loan ($2,400 par, due 5/2024)

 

5/31/2019

 

 

L + 7.00

%

 

 

8.50

%

 

 

2,367

 

 

 

2,230

 

 

 

0.2

%

Integrated Practice

   Solutions, Inc. (3)(5)

 

First-lien loan ($49,750 par, due 10/2024)

 

6/30/2017

 

 

L + 7.50

%

 

 

8.50

%

 

 

48,055

 

 

 

47,884

 

 

 

4.6

%

MedeAnalytics, Inc. (3)(5)

 

First-lien loan ($40,496 par, due 9/2020)

 

9/30/2015

 

 

L + 7.00

%

 

 

8.45

%

 

 

40,351

 

 

 

40,091

 

 

 

3.9

%

Quantros, Inc. (3)(5)

 

First-lien loan ($18,230 par, due 12/2020)

 

2/29/2016

 

 

L + 8.50

%

 

 

9.50

%

 

 

18,143

 

 

 

17,866

 

 

 

1.7

%

TherapeuticsMD, Inc. (3)(4)

 

First-lien loan ($37,500 par, due 3/2024)

 

4/24/2019

 

 

L + 7.75

%

 

 

10.45

%

 

 

36,681

 

 

 

35,813

 

 

 

3.5

%

Valant Medical Solutions,

   Inc. (3)

 

First-lien loan ($27,936 par, due 4/2024)

 

4/8/2019

 

 

L + 8.75

%

 

 

10.25

%

 

 

27,190

 

 

 

26,411

 

 

 

2.6

%

 

 

First-lien revolving loan ($1,500 par, due 4/2024)

 

4/8/2019

 

 

L + 8.75

%

 

 

10.25

%

 

 

1,468

 

 

 

1,405

 

 

 

0.1

%

Vita Bidco, Inc. (3)(5)

 

First-lien loan ($21,773 par, due 2/2024)