WhiteHorse Finance, Inc. Announces Second Quarter 2023 Earnings Results and Declares Quarterly Distribution of $0.37 Per Share

NEW YORK, Aug. 8, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the quarter ended June 30, 2023. In addition, the Company's board of directors has declared a distribution of $0.37 per share with respect to the quarter ended June 30, 2023. The distribution will be payable on October 3, 2023 to stockholders of record as of September 19, 2023.

Second Quarter 2023 Summary Highlights

• Net Asset Value of $325.3 million, or $14.00 per share

• Investment portfolio⁽¹⁾ totaling $728.4 million

• STRS JV investment portfolio totaling $324.5 million

• Gross investment deployments⁽²⁾ of $23.8 million for the second quarter, including new originations of $19.3 million and $4.5 million of fundings for add-ons to existing investments

• Net investment income of $10.6 million, or $0.456 per share

• Core net investment income of $10.6 million, or $0.456 per share⁽³⁾

• Second quarter distribution of $0.37 per share

Stuart Aronson, WhiteHorse Finance's Chief Executive Officer, commented, "I am pleased to report that WhiteHorse's core net investment income increased by nearly 35% compared with the second quarter of 2022 and was well in excess of our regular dividend.  While we marked down some assets during the quarter and placed two portfolio companies on non-accrual, activity was limited to consumer-facing portfolio companies and certain portfolio companies that experienced challenges independent of economic conditions largely due to market pricing.  The investments in our existing portfolio were underwritten at modest leverage levels and are generally well positioned to service our debt in a rising interest rate environment.  Additionally, our portfolio remains overwhelmingly represented by non-cyclical or light cyclical borrowers.  The current market environment offers exceptionally attractive terms as terms and conditions in the lower middle market have returned to more normalized conditions and the quality of deals has improved.  Our pipeline has returned to an all-time high, and we continue to derive significant advantages from our three-tier sourcing architecture and our affiliation with H.I.G. Capital, a leader in the low and mid-markets.  The strength of the pipeline enables us to be conservative in our deal selection, and we are being cautious in the face of a weakening economy and remain focused on credits with compelling risk return characteristics.  The deals that we're continuing to work on are mostly non-cyclical or light cyclicals, and we continue to be highly selective about which credits we underwrite."

Portfolio and Investment Activity

As of June 30, 2023, the fair value of WhiteHorse Finance's investment portfolio was $728.4 million, compared with $749.2 million as of March 31, 2023. The portfolio as of June 30, 2023 consisted of 116 positions across 70 companies with a weighted average effective yield of 13.4% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $7.1 million with the overall portfolio comprised of approximately 81.3% first lien secured loans, 2.4% second lien secured loans, 2.2% equity and 14.1% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the London Interbank Offered Rate or Secured Overnight Financing Rate) with fixed rate securities representing only 0.8% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended June 30, 2023, WhiteHorse Finance made investments in three new portfolio companies for a total of $19.3 million and added a total of $4.5 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $28.8 million for the three months ended June 30, 2023, driven by three full realizations in Arcole Holding Corporation, Lenny & Larry's, LLC and Avision Holdings, LLC and received net repayments of $1.5 million related to revolver loans.

In addition to the transactions discussed above, during the three months ended June 30, 2023, WhiteHorse Finance transferred assets comprised of two new portfolio companies and one add-on investment, totaling $12.6 million to STRS JV in exchange for cash proceeds of $10.8 and a net investment in the STRS JV of $1.8 million.

WHF STRS Ohio Senior Loan Fund LLC

As of June 30, 2023, STRS JV's portfolio totaled $324.5 million, consisted of 32 portfolio companies and had a weighted average effective yield of 12.2%.

Results of Operations

For the three months ended June 30, 2023, the Company's net investment income was approximately $10.6 million, compared with approximately $7.9 million for the same period in the prior year, representing an increase of approximately 34.2%. The increase in net investment income for the year-over-year period was primarily attributable to higher investment income from interest income and STRS JV due to an increase in base rates. This was partially offset by an increase in interest expense, due to higher base rates, and higher incentive fee due to higher pre-incentive fee net investment income in the current period, slightly offset by a reversal of capital gains incentive fee accrual for the three months ended June 30, 2022. For the three months ended June 30, 2023, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 16.2%.

For the three months ended June 30, 2023, core net investment income⁽³⁾ was $10.6 million, or $0.456 per share, compared with $7.8 million, or $0.334 per share for the same period in the prior year.

For the three months ended June 30, 2023, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $6.7 million. This compares with the three months ended June 30, 2022 net realized and unrealized loss on investments and foreign currency transactions of $0.5 million. The decrease for the year-over-year period was primarily attributable to markdowns on the portfolio in the current quarter.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $3.9 million for the three months ended June 30, 2023, which compares with a net increase of $7.3 million for the three months ended June 30, 2022.

WhiteHorse Finance's net asset value was $325.3 million, or $14.00 per share, as of June 30, 2023, compared with $330.0 million, or $14.20 per share, as of March 31, 2023.

Liquidity and Capital Resources

As of June 30, 2023, WhiteHorse Finance had cash and cash equivalents of $23.1 million, compared with $22.2 million as of March 31, 2023, inclusive of restricted cash. As of June 30, 2023, the Company also had $96.4 million of undrawn capacity under its revolving credit facility.

Distributions

The Company's board of directors has declared a distribution of $0.37 per share with respect to the quarter ending September 30, 2023. The distributions will be payable on October 3, 2023 to stockholders of record as of September 19, 2023.

On May 9, 2023, the Company declared a distribution of $0.37 per share for the quarter ended June 30, 2023, with distributions declared at or above $0.355 for the forty-third consecutive quarter since the Company's initial public offering. The distribution was paid on July 5, 2023 to stockholders of record as of June 21, 2023.

Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.

Conference Call

WhiteHorse Finance will host a conference call to discuss its second quarter results for the period ended June 30, 2023 at 9:00 a.m. ET on Tuesday, August 8, 2023. To access the teleconference, please dial 800-343-5172 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ223. Investors may also access the call on the investor relations portion of the Company's website www.whitehorsefinance.com.

If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call's completion through August 15, 2023. The teleconference replay can be accessed by dialing 800-839-3012 (domestic and international). A webcast replay will also be available on the investor relations portion of the Company's website at www.whitehorsefinance.com.

About WhiteHorse Finance, Inc.

WhiteHorse Finance is a business development company that originates and invests in loans to privately held, lower middle market companies across a broad range of industries. The Company's investment activities are managed by H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, LLC, ("H.I.G. Capital"). H.I.G. Capital is a leading global alternative asset manager with $58 billion of capital under management⁽⁴⁾ across a number of funds focused on the small and mid-cap markets. For more information about H.I.G. Capital, please visit http://www.higcapital.com. For more information about the Company, please visit http://www.whitehorsefinance.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC ("STRS JV"), an unconsolidated joint venture, totaling $102.4 million, at fair value.
(2) Excludes investments made in STRS JV.
(3) "Core net investment income" is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding (i) the net impact of costs associated with the refinancing of the Company's indebtedness, (ii) the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and (iii) excise and other income taxes related to such net realized gains and losses (net of incentive fees). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Additional information on core net investment income and a reconciliation of core net investment income to its most directly comparable GAAP financial measure, net investment income, are set forth in Schedule 1 hereto.
(4) Based on total capital commitments managed by H.I.G. Capital and affiliates.

SCHEDULE 1

As a supplement to GAAP financial measures, the Company has provided information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted to exclude the net impact of costs associated with the refinancing of the Company's indebtedness, the accrual of the capital gains incentive fee attributable to net realized and unrealized gains and losses, and excise or other income taxes related to such net realized gains and losses (net of incentive fees). There were no excise or other income taxes related to net realized gains and losses for the quarters ended June 30, 2023 and June 30, 2022.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended June 30, 2023 and June 30, 2022 (in thousands, except per share data):

		June 30, 2023								June 30, 2022
		Amount				Per Share				Amount				Per Share
						Amounts								Amounts
Net investment income		$	10,592			$	0.456			$	7,877			$	0.339
Net impact of costs associated with refinancing of indebtedness			-				-				-				-
Accrual for capital gains incentive fee			-				-				(106)				(0.005)
Net impact of excise tax expense related to net realized gains and losses			-				-				-				-
Core net investment income		$	10,592			$	0.456			$	7,771			$	0.334

 

WhiteHorse Finance, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
			June 30, 2023			December 31, 2022
			(Unaudited)
Assets
Investments, at fair value
Non-controlled/non-affiliate company investments		$	607,111		$	650,535
Non-controlled affiliate company investments			6,262			9,533
Controlled affiliate company investments			114,979			100,160
Total investments, at fair value (amortized cost $760,023 and $782,429, respectively)			728,352			760,228
Cash and cash equivalents			10,412			9,508
Restricted cash and cash equivalents			10,624			14,683
Restricted foreign currency (cost of $2,027 and $2,066, respectively)			2,049			2,073
Interest and dividend receivable			7,220			7,814
Amounts receivable on unsettled investment transactions			11,770			283
Escrow receivable			711			711
Prepaid expenses and other receivables			1,039			1,174
Total assets		$	772,177		$	796,474
Liabilities
Debt (net of unamortized debt issuance costs of $3,938 and $4,718, respectively)		$	424,711		$	440,427
Distributions payable			8,600			8,251
Management fees payable			3,705			3,860
Incentive fees payable			5,115			5,618
Interest payable			2,750			2,774
Accounts payable and accrued expenses			1,467			2,329
Advances received from unfunded credit facilities			524			825
Unrealized depreciation on foreign currency forward contracts			9			3
Total liabilities			446,881			464,087
Commitments and contingencies
Net assets
Common stock, 23,243,088 and 23,243,088 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 shares authorized			23			23
Paid-in capital in excess of par			339,240			339,240
Accumulated earnings (losses)			(13,967)			(6,876)
Total net assets			325,296			332,387
Total liabilities and total net assets		$	772,177		$	796,474
Number of shares outstanding			23,243,088			23,243,088
Net asset value per share		$	14.00		$	14.30

 

WhiteHorse Finance, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
			Three months ended June 30,						Six months ended June 30,
			2023			2022			2023			2022
Investment income
From non-controlled/non-affiliate company investments
Interest income		$	19,307		$	15,672		$	38,928		$	31,881
Payment-in-kind income			1,073			356			2,305			888
Fee income			920			679			1,953			1,141
Dividend income			17			79			32			168
From non-controlled affiliate company investments
Interest income			—			3			—			13
Payment-in-kind income			115			70			66			120
Dividend income			—			109			84			240
From controlled affiliate company investments
Interest income			2,328			1,459			4,538			2,586
Payment-in-kind income			496			—			908			—
Dividend income			1,339			1,573			2,945			2,997
Total investment income			25,595			20,000			51,759			40,034
Expenses
Interest expense			7,334			4,945			14,859			9,719
Base management fees			3,705			3,908			7,416			7,859
Performance-based incentive fees			2,648			1,837			5,324			3,264
Administrative service fees			170			170			341			341
General and administrative expenses			896			1,088			2,023			2,036
Total expenses			14,753			11,948			29,963			23,219
Net investment income before excise tax			10,842			8,052			21,796			16,815
Excise tax			250			175			500			399
Net investment income after excise tax			10,592			7,877			21,296			16,416
Realized and unrealized gains (losses) on investments and foreign currency transactions
Net realized gains (losses)
Non-controlled/non-affiliate company investments			5			686			336			(17,498)
Non-controlled affiliate company investments			(339)			1,725			(339)			1,725
Foreign currency transactions			41			(61)			402			(342)
Foreign currency forward contracts			4			(8)			(3)			(8)
Net realized gains (losses)			(289)			2,342			396			(16,123)
Net change in unrealized appreciation (depreciation)
Non-controlled/non-affiliate company investments			(2,330)			(4,546)			(4,427)			12,570
Non-controlled affiliate company investments			(3,022)			(586)			(4,522)			(2,206)
Controlled affiliate company investments			(600)			1,502			(521)			1,672
Translation of assets and liabilities in foreign currencies			(458)			756			(829)			727
Foreign currency forward contracts			(12)			4			(6)			—
Net change in unrealized appreciation (depreciation)			(6,422)			(2,870)			(10,305)			12,763
Net realized and unrealized gains (losses) on investments and foreign currency transactions			(6,711)			(528)			(9,909)			(3,360)
Net increase in net assets resulting from operations		$	3,881		$	7,349		$	11,387		$	13,056
Per Common Share Data
Basic and diluted earnings per common share		$	0.17		$	0.32		$	0.49		$	0.56
Dividends and distributions declared per common share		$	0.37		$	0.36		$	0.80		$	0.71
Basic and diluted weighted average common shares outstanding			23,243,088			23,240,651			23,243,088			23,215,792

 

WhiteHorse Finance, Inc.
Consolidated Schedule of Investments (Unaudited)
June 30, 2023
(in thousands)
Issuer		Investment Type(1)		Floor		Reference Rate(2)		Spread Above Index		Interest Rate(3)		Acquisition Date(10)		Maturity Date		Principal/ Share Amount		Amortized Cost			Fair Value(11)			Fair Value As A Percentage of Net Assets
Debt Investments
Advertising
M&M OpCo. LLC (d/b/a Escalent, Inc.)		First Lien Secured Term Loan		1.00 %		SOFR		8.00 %		13.34 %		04/07/23		04/09/29		4,750		$	4,613		$	4,613		1.42	%
M&M OpCo. LLC (d/b/a Escalent, Inc.)		First Lien Secured Revolving Loan		1.00 %		SOFR		8.00 %		13.34 %		04/07/23		04/09/29		—			—			—		—
																			4,613			4,613		1.42
Air Freight & Logistics
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)		First Lien Secured Term Loan		1.00 %		SOFR		7.00 %		12.19 %		12/16/22		12/18/28		4,829			4,697			4,731		1.45
Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)⁽⁷⁾		First Lien Secured Revolving Loan		1.00 %		SOFR		7.00 %		12.19 %		12/16/22		12/18/28		—			—			5		—
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)		First Lien Secured Term Loan		1.00 %		SOFR		6.25 %		11.43 %		07/12/21		07/12/26		11,091			10,957			10,542		3.24
Motivational Marketing, LLC (d/b/a Motivational Fulfillment)		First Lien Secured Revolving Loan		1.00 %		SOFR		6.25 %		11.48 %		07/12/21		07/12/26		1,182			1,167			1,123		0.35
Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)		First Lien Secured Term Loan		2.00 %		SOFR		7.50 %		12.71 %		06/29/23		06/29/28		9,000			8,730			8,730		2.68
																			25,551			25,131		7.72
Alternative Carriers
Patagonia Holdco LLC (d/b/a Lumen LATAM)		First Lien Secured Term Loan		0.50 %		SOFR		5.75 %		10.79 %		08/05/22		08/01/29		14,515			12,230			12,414		3.82
																			12,230			12,414		3.82
Application Software
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)		First Lien Secured Term Loan		0.75 %		LIBOR		5.25 %		10.39 %		08/29/22		05/08/28		3,082			2,643			2,348		0.72
Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)		Second Lien Secured Term Loan		0.75 %		SOFR		9.00 %		14.50 %		05/03/21		05/07/29		15,000			14,670			10,876		3.34
MBS Highway, LLC		First Lien Secured Term Loan		1.00 %		SOFR		7.50 %		12.63 %		10/13/22		10/13/27		9,429			9,227			9,217		2.83
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)		First Lien Secured Term Loan		1.00 %		SOFR		7.00 %		12.34 %		06/14/19		12/29/23		3,164			3,163			3,101		0.95
Naviga Inc. (f/k/a Newscycle Solutions, Inc.)⁽⁷⁾		First Lien Secured Revolving Loan		1.00 %		SOFR		7.00 %		12.34 %		06/14/19		12/29/23		267			267			261		0.08
UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)		First Lien Secured Term Loan		1.00 %		SOFR		7.50 %		12.42 %		01/12/23		04/05/29		9,819			9,546			9,626		2.95
																			39,516			35,429		10.87
Asset Management & Custody Banks
JZ Capital Partners Ltd.⁽⁴⁾⁽⁵⁾⁽²²⁾		First Lien Secured Term Loan		1.00 %		SOFR		7.00 %		12.22 %		01/26/22		01/26/27		10,286			10,139			10,181		3.13
JZ Capital Partners Ltd.⁽⁴⁾⁽⁵⁾⁽⁷⁾⁽²²⁾		First Lien Secured Delayed Draw Loan		1.00 %		SOFR		7.00 %		12.22 %		01/26/22		01/26/27		—			—			24		0.01
																			10,139			10,205		3.14
Automotive Retail
Team Car Care Holdings, LLC (Heartland Auto)⁽¹²⁾		First Lien Secured Term Loan		1.00 %		Base Rate		7.48 %		12.74 %		02/16/18		06/28/24		13,902			13,868			13,902		4.27
																			13,868			13,902		4.27
Broadcasting
Coastal Television Broadcasting Group LLC		First Lien Secured Term Loan		1.00 %		SOFR		7.00 %		12.43 %		12/30/21		12/30/26		7,573			7,467			7,417		2.28
Coastal Television Broadcasting Group LLC(7)		First Lien Secured Revolving Loan		1.00 %		SOFR		7.00 %		12.43 %		12/30/21		12/30/26		—			—			(2)		—
																			7,467			7,415		2.28
Broadline Retail
BBQ Buyer, LLC (d/b/a BBQ Guys)		First Lien Secured Term Loan		1.50 %		SOFR		10.50 %		15.70% (13.70% Cash + 2.00% PIK)		08/28/20		08/28/25		12,837			12,700			12,694		3.90
BBQ Buyer, LLC (d/b/a BBQ Guys)		First Lien Secured Delayed Draw Loan		1.50 %		SOFR		10.50 %		15.70% (13.70% Cash + 2.00% PIK)		12/02/21		08/28/25		2,617			2,588			2,588		0.80
Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.)		First Lien Secured Term Loan		1.00 %		SOFR		6.50 %		11.65 %		12/04/20		06/04/26		5,280			5,224			5,266		1.62
Potpourri Group, Inc.		First Lien Secured Term Loan		1.50 %		SOFR		8.25 %		13.50 %		07/03/19		07/03/24		13,993			13,930			13,993		4.30
																			34,442			34,541		10.62
Building Products
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽¹³⁾		First Lien Secured Term Loan		1.00 %		CDOR		6.00 %		11.13 %		12/17/21		12/17/26		8,313			6,414			6,277		1.92
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾⁽¹³⁾		First Lien Secured Revolving Loan		1.00 %		CDOR		6.00 %		11.13 %		12/17/21		12/17/26		—			—			13		—
PFB Holdco, Inc. (d/b/a PFB Corporation)		First Lien Secured Term Loan		1.00 %		SOFR		6.00 %		11.23 %		12/17/21		12/17/26		2,025			1,997			2,013		0.62
PFB Holdco, Inc. (d/b/a PFB Corporation)⁽⁷⁾		First Lien Secured Revolving Loan		1.00 %		SOFR		6.00 %		11.23 %		12/17/21		12/17/26		—			—			2		—
Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾⁽²³⁾		First Lien Secured Term Loan		1.00 %		CDOR		6.00 %		11.38 %		07/27/21		07/27/26		19,624			15,439			14,661		4.51
																			23,850			22,966		7.05
Cable & Satellite
Bulk Midco, LLC		First Lien Secured Term Loan		1.00 %		SOFR		7.50 %		12.70% (11.70% Cash + 1.00% PIK)		10/28/22		06/10/24		19,208		$	19,142		$	18,668		5.74	%
Bulk Midco, LLC		First Lien Secured Revolving Loan		1.00 %		SOFR		7.50 %		12.70% (11.70% Cash + 1.00% PIK)		10/28/22		06/10/24		2,000			1,977			1,944		0.60
																			21,119			20,612		6.34
Commodity Chemicals
FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)		First Lien Secured Term Loan		1.00 %		SOFR		6.50 %		11.89 %		10/28/19		10/29/26		16,277			15,795			16,106		4.95
US Methanol Midco LLC (d/b/a US Methanol LLC)⁽²⁴⁾		First Lien Secured Term Loan		1.00 %		SOFR		7.75 %		12.93% PIK		12/20/22		12/20/27		4,972			4,868			4,874		1.50
US Methanol Midco LLC (d/b/a US Methanol LLC)⁽⁴⁾⁽⁷⁾⁽²⁴⁾		First Lien Secured Delayed Draw Loan		1.00 %		SOFR		7.75 %				12/20/22		12/20/27		—			—			(81)		(0.02)
																			20,663			20,899		6.43
Construction Materials
Claridge Products and Equipment, LLC		First Lien Secured Term Loan		1.00 %		SOFR		8.00 %		13.39% (11.89% Cash + 1.50% PIK)		12/30/20		12/29/25		7,409			7,338			6,907		2.12
Claridge Products and Equipment, LLC(7)(12)		First Lien Secured Revolving Loan		1.00 %		Base Rate		8.00 %		13.09% (11.59% Cash + 1.50% PIK)		12/30/20		12/29/25		632			627			568		0.17
																			7,965			7,475		2.29
Data Processing & Outsourced Services
Future Payment Technologies, L.P.		First Lien Secured Term Loan		1.00 %		SOFR		8.25 %		13.51 %		12/23/16		12/05/25		22,288			22,179			22,129		6.80
																			22,179			22,129		6.80
Distributors
Foodservices Brand Group, LLC (d/b/a Crown Brands Group)		First Lien Secured Term Loan		1.00 %		SOFR		8.00 %		13.29 %		11/22/22		12/09/25		357			357			305		0.09
Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁷⁾⁽¹⁹⁾		Second Lien Secured Term Loan		1.50 %		SOFR		6.50 %		11.70 %		11/22/22		01/08/26		5,171			5,119			1,429		0.44
																			5,476			1,734		0.53
Diversified Chemicals
Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS)		First Lien Secured Term Loan		0.75 %		SOFR		5.75 %		11.18 %		11/16/21		12/01/26		7,880			7,582			7,102		2.18
Chase Products Co. (f/k/a Starco)⁽⁶⁾⁽²⁶⁾		First Lien Secured Term Loan		N/A		N/A		12.00 %		12.00% PIK		03/16/23		03/16/28		2,790			2,790			2,589		0.80
																			10,372			9,691		2.98
Diversified Support Services
NNA Services, LLC		First Lien Secured Term Loan		1.00 %		SOFR		6.75 %		12.14 %		08/27/21		08/27/26		9,635			9,559			9,262		2.85
																			9,559			9,262		2.85
Education Services
EducationDynamics, LLC		First Lien Secured Term Loan		1.00 %		SOFR		7.00 %		12.20% (11.70% Cash + 0.50% PIK)		09/15/21		09/15/26		12,919			12,755			12,418		3.81
EducationDynamics, LLC(4)(7)		First Lien Secured Delayed Draw Loan		1.00 %		SOFR		7.00 %		12.20% (11.70% Cash + 0.50% PIK)		09/15/21		09/15/26		—			—			(44)		(0.01)
EducationDynamics, LLC(7)		First Lien Secured Revolving Loan		1.00 %		SOFR		7.00 %		12.20% (11.70% Cash + 0.50% PIK)		09/15/21		09/15/26		—			—			(31)		(0.01)
EducationDynamics, LLC(4)		Subordinated Unsecured Term Loan		N/A		N/A		4.00 %		4.00 %		09/15/21		03/15/27		167			167			167		0.05
																			12,922			12,510		3.84
Electric Utilities
CleanChoice Energy, Inc.		First Lien Secured Term Loan		1.00 %		SOFR		7.58 %		12.73 %		10/12/21		10/12/26		15,955			15,672			15,743		4.84
																			15,672			15,743		4.84
Environmental & Facilities Services
Industrial Specialty Services USA LLC		First Lien Secured Term Loan		1.00 %		SOFR		6.75 %		12.14 %		12/31/21		12/31/26		11,827			11,661			11,408		3.51
																			11,661			11,408		3.51
Health Care Facilities
Bridgepoint Healthcare, LLC		First Lien Secured Term Loan		1.00 %		LIBOR		7.75 %		12.90 %		10/05/21		10/05/26		10,145		$	10,012		$	9,902		3.04	%
Bridgepoint Healthcare, LLC(7)		First Lien Secured Delayed Draw Loan		1.00 %		LIBOR		7.75 %		12.90 %		10/05/21		10/05/26		—			—			(14)		—
Bridgepoint Healthcare, LLC(7)		First Lien Secured Revolving Loan		1.00 %		LIBOR		7.75 %		12.90 %		10/05/21		10/05/26		—			—			(17)		(0.01)
																			10,012			9,871		3.03
Health Care Services
Lab Logistics, LLC		First Lien Secured Term Loan		1.00 %		SOFR		9.25 %		14.44 %		10/16/19		09/25/23		5,462			5,449			5,462		1.68
Lab Logistics, LLC		First Lien Secured Delayed Draw Loan		1.00 %		SOFR		9.25 %		14.43 %		10/16/19		09/25/23		5,104			5,102			5,104		1.57
PG Dental New Jersey Parent, LLC		First Lien Secured Term Loan		1.00 %		LIBOR		9.50 %		14.69% (13.44% Cash + 1.25% PIK)		11/25/20		11/25/25		13,276			13,137			12,483		3.84
PG Dental New Jersey Parent, LLC⁽¹²⁾		First Lien Secured Revolving Loan		1.00 %		Base Rate		9.00 %		15.85% (14.60% Cash + 1.25% PIK)		11/25/20		11/25/25		704			696			662		0.20
																			24,384			23,711		7.29
Health Care Supplies
ABB/Con-cise Optical Group LLC (d/b/a ABB Optical Group, LLC)		First Lien Secured Term Loan		0.75 %		SOFR		7.50 %		12.88 %		02/23/22		02/23/28		20,358			19,964			19,333		5.94
																			19,964			19,333		5.94
Heavy Electrical Equipment
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)		First Lien Secured Term Loan		1.00 %		SOFR		6.25 %		11.64 %		06/25/21		06/25/26		13,572			13,400			13,352		4.10
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)		First Lien Secured Delayed Draw Loan		1.00 %		SOFR		6.25 %		11.64 %		07/11/22		06/25/26		2,090			2,053			2,056		0.63
Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services)⁽⁷⁾⁽¹²⁾		First Lien Secured Revolving Loan		1.00 %		Base Rate		6.25 %		11.58 %		06/25/21		06/25/24		1,045			1,039			1,041		0.32
																			16,492			16,449		5.05
Home Furnishings
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)		First Lien Secured Term Loan		1.00 %		SOFR		6.50 %		11.61 %		10/12/21		10/12/26		20,721			20,447			20,505		6.30
Sleep OpCo LLC (d/b/a Brooklyn Bedding LLC)⁽⁷⁾		First Lien Secured Revolving Loan		1.00 %		SOFR		6.50 %		11.75 %		10/12/21		10/12/26		832			821			828		0.25
Hollander Intermediate LLC (d/b/a Hollander Sleep Products, LLC)		First Lien Secured Term Loan		2.00 %		SOFR		8.75 %		13.97 %		09/19/22		09/21/26		4,800			4,766			4,301		1.32
																			26,034			25,634		7.87
Household Appliances