WhiteHorse Finance, Inc. Announces Third Quarter 2020 Earnings Results and Declares Quarterly Distribution of $0.355 Per Share

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NEW YORK , Nov. 9, 2020 /PRNewswire/ --  WhiteHorse Finance, Inc.  ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the quarter ended September 30, 2020 . Additionally, the Company announced that its board of directors has declared a distribution of $0.355 per share with respect to the quarter ending December 31, 2020 . The distribution will be payable on January 5, 2021 to stockholders of record as of December 21, 2020 .

Third Quarter 2020 Summary Highlights

  • Net Asset Value of $314.6 million , or $15.31 per share

  • Investment portfolio (1)  totaling $595.3 million

  • STRS JV investment portfolio totaling $162.6 million

  • Gross investment additions (2)  of $58.5 million , including new positions of $42.6 million and $15.7 million of fundings for add-ons to existing investments

  • Net investment income of $5.9 million , or $0.289 per share

  • Core net investment income of $7.8 million , or $0.380 per share (3)

  • Third quarter distribution of $0.355 per share

(1) Includes investments in WHF STRS Ohio Senior Loan Fund LLC ("STRS JV"), an unconsolidated joint venture, totaling $50.4 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.

Stuart Aronson , WhiteHorse Finance's Chief Executive Officer commented, "As the market continues to recover from the effects of the COVID-19 pandemic, our portfolio showed strength and resilience during the third quarter. Core NII meaningfully exceeded our quarterly dividend and NAV increased materially back to pre-COVID levels. Our portfolio grew to a fair value of $595.3 million after adding three new first lien positions as well as several meaningful add-ons, and our debt portfolio was comprised of 94.2% first lien loans. With a strong pipeline coming up in the fourth quarter, we have successfully added another $40 million unsecured notes at favorable pricing to fully take advantage of the opportunities in the current market. While we are encouraged by our performance in the face of uncertainties in the current macro environment, we will remain prudent and judicious in our execution, maintaining our discipline and rigorous underwriting standards to enhance value for our shareholders."

Portfolio and Investment Activity

As of September 30, 2020 , the fair value of WhiteHorse Finance's investment portfolio was $595.3 million , compared with $547.4 million as of June 30, 2020 . The portfolio at September 30, 2020 consisted of 73 positions across 54 companies with a weighted average effective yield of 9.9% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV) was $8.8 million with the overall portfolio comprised of approximately 83.1% first lien secured loans, 5.0% second lien secured loans, 0.1% subordinated debt, 3.3% equity and 8.5% in investments in STRS JV.  Almost all loans were substantially variable-rate investments (primarily indexed to the London Interbank Offered Rate) with fixed rate securities representing only 0.4% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended September 30, 2020 , WhiteHorse Finance made investments in three new portfolio companies totaling $42.6 million , added a total of $15.7 million to five existing portfolio companies and funded $0.7 million to revolver commitments. Proceeds from sales and repayments totaled approximately $26.5 million for the quarter ended September 30, 2020 , driven by full realizations in PMA Holdco, LLC as well as in Rural Media Group, Inc. and payments received from AG Kings Holdings Inc., which reduced the cost basis in the investment by $3.5 million .

In addition to the transactions above, during the three months ended September 30, 2020 , WhiteHorse Finance transferred one position totaling $1.3 million to STRS JV in exchange for cash consideration.

WHF STRS Ohio Senior Loan Fund LLC

As of September 30, 2020 , STRS JV's portfolio totaled $162.6 million , consisted of 18 portfolio companies and had a weighted average effective yield of 8.1% on its portfolio.

Results of Operations

For the three months ended September 30, 2020 , the Company's net investment income was approximately $5.9 million , compared with approximately $8.7 million for the same period in the prior year, representing a decrease of approximately 32.2%. The decrease in net investment income for the year-over-year period was primarily attributable to higher incentive fees expense and lower non-recurring fee income in the current quarter. The incentive fees increase was due to higher amounts recognized for the capital gains incentive fee component as a result of $15.7 million in net realized and unrealized gains recorded in the current quarter, comparing with a reversal of the capital gains incentive fee accrual due to $1.8 million in net realized and unrealized losses generated in the same period in the prior year. The decrease in fee income during the quarter ended September 30, 2020 as compared with the same period in the prior year was primarily a result of fewer nonrecurring, fee-generating events.

For the three months ended September 30, 2020 , core net investment income, a non-GAAP financial measure that excludes capital gains incentive fee accruals, the net effects of excise or other income taxes related to net realized gains and losses, and the associated costs of refinancing the Company's indebtedness, was $7.8 million , compared with $8.3 million for the same period in the prior year, representing a decrease of approximately 6.0%.

For the three months ended September 30, 2020 , WhiteHorse Finance reported net realized and unrealized gains on investments and foreign currency transactions of $15.7 million , as compared with net realized and unrealized losses on investments and foreign currency transactions of $1.8 million for the three months ended September 30, 2019 . The increase in the year-over-year period was primarily attributable to markups in the portfolio as a result of the market's continuing recovery from the COVID-19 pandemic and markdowns recorded earlier this year.

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $21.6 million for the three months ended September 30, 2020 , which compares with a net increase of $6.9 million for the three months ended September 30, 2019 .

WhiteHorse Finance's net asset value was $314.6 million , or $15.31 per share, as of September 30, 2020 , as compared with $300.2 million , or $14.61 per share, as of June 30, 2020 .

Liquidity and Capital Resources

As of September 30, 2020 , WhiteHorse Finance had cash and cash equivalents of $22.9 million , as compared with $20.9 million as of June 30, 2020 , inclusive of restricted cash. As of September 30, 2020 , the Company also had $18.9 million of undrawn capacity under its revolving credit facility.

Distributions

The Company's Board of Directors has declared a distribution of $0.355 per share with respect to the quarter ending December 31 , 2020.  The distribution will be payable on January 5, 2021 to stockholders of record as of December 21 , 2020.  In addition, previously on October 9, 2020 , the Company declared a special distribution of $0.125 per share, which will be payable on December 10, 2020 to stockholders of record as of October 30, 2020 .

On August 10, 2020 , the Company declared a distribution of $0.355 per share for the quarter ended September 30, 2020 , consistent with distributions declared for the thirty-second consecutive quarter since the Company's initial public offering. The distribution was paid on October 2, 2020 to stockholders of record as of September 21, 2020 .

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.

Recent Developments

On October 20, 2020 , WhiteHorse Finance entered into an agreement governing the issuance of $40 million aggregate principal amount of senior unsecured notes due 2025 (the "2025 Private Notes"), to qualified institutional investors in a private placement offering. The 2025 Private Notes have a fixed interest rate of 5.375% payable semiannually and are due on October 20, 2025 , unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with the terms of the 2025 Private Notes. WhiteHorse Finance used the net proceeds from this offering to partially repay amounts outstanding under its revolving credit facility.

Conference Call

WhiteHorse Finance will host a conference call to discuss its third quarter results at 2:00 p.m. ET on Monday, November 9, 2020 . To access the teleconference, please dial 706-758-9224 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #4571047. Investors may also access the call on the investor relations portion of the Company's website at 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 November 16, 2020 . The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering ID #4571047. 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 $41 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.

(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, nor did the Company incur any costs with refinancing any of its indebtedness for the quarters ended September 30, 2020 and September 30, 2019 .

The following table provides a reconciliation of net investment income to core net investment income for the three months ended September 30, 2020 and September 30, 2019 (in thousands, except per share data):



September 30, 2020



September 30, 2019




Amount



  Per Share
Amounts



Amount



  Per Share
Amounts


Net investment income


$

5,930



$

0.289



$

8,655



$

0.421


Net impact of costs associated with refinancing of indebtedness



-




-




-




-


Accrual for capital gains incentive fee



1,870




0.091




(360)




(0.018)


Net impact of excise tax expense related to net realized gains and losses



-




-




-




-


Core net investment income


$

7,800



$

0.380



$

8,295



$

0.403



















 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)




September 30,



December 31,




2020



2019




(Unaudited)





Assets









Investments, at fair value









  Non-controlled/non-affiliate company investments


$

535,387



$

546,744


  Non-controlled affiliate company investments



9,520




9,651


  Controlled affiliate company investments



50,388




33,293


Total investments, at fair value (amortized cost $598,477 and $597,725, respectively)



595,295




589,688


Cash and cash equivalents



8,863




4,294


Restricted cash and cash equivalents



13,830




23,252


Restricted foreign currency (cost of $233)



231





Interest and dividend receivable



6,145




6,010


Amounts receivable on unsettled investment transactions



815




360


Prepaid expenses and other receivables



627




7,620


Total assets


$

625,806



$

631,224











Liabilities









Debt


$

291,924



$

298,924


Distributions payable



7,294




7,294


Management fees payable



3,069




3,060


Incentive fees payable



7,029




5,230


Interest payable



853




1,674


Accounts payable and accrued expenses



1,035




1,944


Advances received from unfunded credit facilities



39




143


Total liabilities



311,243




318,269











Commitments and contingencies


















Net assets









Common stock, 20,546,032 and 20,546,032 shares issued and outstanding, par value $0.001 per share, respectively, and 100,000,000 authorized



21




21


Paid-in capital in excess of par



300,744




300,744


Accumulated earnings



13,798




12,190


Total net assets



314,563




312,955


Total liabilities and total net assets


$

625,806



$

631,224











Number of shares outstanding



20,546,032




20,546,032


Net asset value per share


$

15.31



$

15.23


 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)




Three months ended
September 30,



Nine months ended
September 30,




2020



2019



2020



2019


Investment income

















From non-controlled/non-affiliate company investments

















Interest income


$

14,222



$

14,865



$

39,506



$

42,104


Fee income



741




2,246




1,571




6,328


Dividend income



21




-




101




-


From non-controlled affiliate company investments

















Dividend income



263




301




800




888


From controlled affiliate company investments

















Interest income



682




343




1,913




343


Dividend income



568




-




961




-


Total investment income



16,497




17,755




44,852




49,663












...








Expenses

















Interest expense



2,770




3,495




9,661




9,744


Base management fees



3,069




2,834




9,110




8,240


Performance-based incentive fees



3,819




1,714




5,571




5,520


Administrative service fees



171




159




512




475


General and administrative expenses



601




660




2,212




1,875


Total expenses, before fees waived



10,430




8,862




27,066




25,854


Base management fee waived



-




-




-




(397)


Total expenses, net of fees waived



10,430




8,862




27,066




25,457


Net investment income before excise tax



6,067




8,893




17,786




24,206


Excise tax



137




238




513




712


Net investment income after excise tax



5,930




8,655




17,273




23,494



















Realized and unrealized gains (losses) on investments and foreign currency transactions

















Net realized gains (losses)

















Non-controlled/non-affiliate company investments



635




(2)




1,069




(2,020)


Foreign currency transactions



(1)




-




66




-


Foreign currency forward contracts



(25)




-




(25)




-


Net realized gains (losses)



609




(2)




1,110




(2,020)


Net change in unrealized appreciation (depreciation)

















Non-controlled/non-affiliate company investments



12,659




(1,882)




6,303




1,042


Non-controlled affiliate company investments



999




28




(131)




(492)


Controlled affiliate company investments



1,526




56




(1,316)




56


Translation of assets and liabilities in foreign currencies



(92)




-




251




-


Foreign currency forward contracts



3




-




-




-


Net change in unrealized appreciation (depreciation)



15,095




(1,798)




5,107




606


Net realized and unrealized gains (losses) on investments



15,704




(1,800)




6,217




(1,414)


Net increase in net assets resulting from operations


$

21,634



$

6,855



$

23,490



$

22,080



















Per Common Share Data

















Basic and diluted earnings per common share


$

1.06



$

0.34



$

1.15



$

1.08


Dividends and distributions declared per common share


$

0.36



$

0.36



$

1.07



$

1.07


Basic and diluted weighted average common shares outstanding



20,546,032




20,546,032




20,546,032




20,546,032


WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited)

September 30, 2020

(in thousands)


Investment Type(1)


Spread
Above
Index(2)


Interest

Rate(3)


Acquisition

Date(10)


Maturity

Date


Principal/

Share

Amount


Amortized

Cost


Fair

Value(11)


Fair Value
As A

Percentage

of Net

Assets


North America




















Debt Investments




















Advertising




















Fluent, LLC




















First Lien Secured Term Loan


L+ 7.00%


7.50%


03/26/18


03/27/23


7,609


$

7,609


$

7,609


2.42

%



(0.50% Floor)


















SmartSign Holdings LLC




















First Lien Secured Term Loan


L+ 7.50%


8.50%


08/21/20


10/11/24


7,763



7,612



7,763


2.47




(1.00% Floor)








15,372



15,221



15,372


4.89


Agricultural & Farm Machinery




















Bad Boy Mowers Acquisition, LLC




















First Lien Secured Term Loan


L+ 5.75%


6.75%


12/19/19


12/06/25


10,307



10,037



10,152


3.23




(1.00% Floor)


















Air Freight & Logistics




















Access USA Shipping, LLC




















First Lien Secured Term Loan


L+ 8.00%


9.00%


02/08/19


02/08/24


5,432



5,378



5,398


1.72




(1.50% Floor)


















Application Software




















Connexity, Inc.




















First Lien Secured Term Loan


L+ 8.50%


10.00%


05/21/20


05/21/25


10,931



10,627



10,771


3.42




(1.50% Floor)


















Newscycle Solutions, Inc.




















First Lien Secured Term Loan


L+ 7.00%


8.00%


06/14/19


12/29/22


5,114



5,050



4,774


1.52




(1.00% Floor)


















First Lien Secured Revolving Loan


L+ 7.00%


8.00%


06/14/19


12/29/22


301



298



281


0.09




(1.00% Floor)








16,346



15,975



15,826


5.03


Automotive Retail




















Team Car Care Holdings, LLC




















First Lien Secured Term Loan(12)


base rate+ 7.99%


9.01%


02/26/18


02/23/23


16,330



16,154



15,953


5.07




(1.00% Floor)


















BW Gas & Convenience Holdings, LLC




















First Lien Secured Term Loan


L+ 6.25%


6.40%


11/15/19


11/18/24


8,181



7,908



8,181


2.60




(0.00% Floor)








24,511



24,062



24,134


7.67


Broadcasting




















Alpha Media, LLC




















First Lien Secured Term Loan


P+ 7.50%


10.75%


08/14/18


02/25/22


5,075



5,010



4,849


1.54




(2.00% Floor)


















Building Products




















LHS Borrower, LLC




















First Lien Secured Term Loan


L+ 6.75%


7.75%


09/30/20


09/30/25


19,499



19,063



19,062


6.06




(1.00% Floor)


















First Lien Secured Revolving Loan(7)


L+ 6.75%


7.75%


09/30/20


09/30/25


-



-



-


-




(1.00% Floor)








19,499



19,063



19,062


6.06


Cable & Satellite




















Bulk Midco, LLC




















First Lien Secured Term Loan(15)


L+7.19%


8.19%


06/08/18


06/08/23


15,000



14,879



14,250


4.53




(1.00% Floor)


















Communications Equipment




















Ribbon Communications Operating Company, Inc.(5)




















First Lien Secured Term Loan


L+ 7.50%


7.65%


08/14/20


03/03/26


12,469



12,011



12,011


3.82




(0.00% Floor)


















Sorenson Communications, LLC




















First Lien Secured Term Loan


L+ 6.50%


6.72%


03/15/19


04/29/24


3,971



3,886



3,950


1.26




(0.00% Floor)








16,440



15,897



15,961


5.08


Construction & Engineering




















Atlas Intermediate Holdings LLC




















First Lien Secured Term Loan


L+ 6.25%


7.25%


05/26/20


02/13/26


15,269



14,404



14,810


4.71




(1.00% Floor)


















Data Processing & Outsourced Services




















FPT Operating Company, LLC/




















TLabs Operating Company, LLC




















First Lien Secured Term Loan


L+ 8.75%


9.75%


12/23/16


06/07/24


24,441



24,200



23,431


7.45




(1.00% Floor)


(0.50% PIK)
















Geo Logic Systems Ltd. (5)




















First Lien Secured Term Loan (13)


C +6.25%


7.25%


12/19/19


12/19/24


6,752



5,062



4,903


1.56




(1.00% Floor)


















First Lien Secured Revolving Loan (7)(13)


C +6.25%


7.25%


12/19/19


12/19/24


-



-



(4)


-




(1.00% Floor)


`






31,193



29,262



28,330


9.01


Department Stores




















Mills Fleet Farm Group, LLC




















First Lien Secured Term Loan


L+ 6.25%


7.25%


10/24/18


10/24/24


13,543



13,280



13,272


4.22




(1.00% Floor)


















Distributors




















Crown Brands, LLC




















First Lien Secured Term Loan


L+ 8.00%


9.50%


01/28/19


01/25/24


5,727



5,632



4,868


1.55




(1.50% Floor)


















First Lien Secured Delayed Draw Loan


L+ 8.00%


9.50%


06/10/20


01/25/24


850



850



723


0.23




(1.50% Floor)








6,577



6,482



5,591


1.78


Diversified Chemicals




















Sklar Holdings, Inc.




















First Lien Secured Term Loan


L+ 6.00%


8.00%


11/13/19


05/13/23


8,903



8,726



8,790


2.79




(1.00% Floor)


















WhiteHorse Finance, Inc.

Consolidated Schedule of Investments (Unaudited) - (continued)

September 30, 2020

(in thousands)


Diversified Support Services




















ImageOne Industries, LLC




















First Lien Secured Term Loan


L+ 10.00%


11.00%


01/11/18


01/11/23


6,497


$

6,355


$

6,444


2.05

%



(1.00% Floor)


(4.00% PIK)
















First Lien Secured Revolving Loan(4)(7)


L+ 10.00%


11.00%


07/22/19


12/12/22


731



731



731


0.23




(1.00% Floor)


(4.00% PIK)
















NNA Services, LLC




















First Lien Secured Term Loan


L+ 7.00%


8.50%


10/16/18


10/16/23


13,442



13,249



13,308


4.23




(1.50% Floor)








20,670



20,335



20,483


6.51


Education Services




















EducationDynamics, LLC




















First Lien Secured Term Loan


L+ 7.75%


8.75%


11/26/19


11/26/24


13,936



13,697



13,936


4.43




(1.00% Floor)


















Food Retail




















AG Kings Holdings, Inc.




















First Lien Secured Term Loan(4)(8)


P+ 11.00%


14.25%


08/10/16


08/10/21


21,644



8,612



8,541


2.72




(0.75% Floor)


(2.00% PIK)
















Superpriority Secured Debtor-In-Possession Term Loan(4)(18)


L+ 10.00%


11.00%


08/26/20


08/10/21


14,222



5,663



14,222


4.52




(1.00% Floor)








35,866



14,275



22,763


7.24


Health Care Facilities




















Grupo HIMA San Pablo, Inc.




















First Lien Secured Term Loan A


L+ 9.00%


9.25%


05/15/19


04/30/19


3,855



3,855



2,621


0.83






















First Lien Secured Term Loan B


L+ 9.00%


10.50%


02/01/13


04/30/19


13,511



13,511



9,188


2.92




(1.50% Floor)


















Second Lien Secured Term Loan(8)


N/A


15.75%


02/01/13


07/31/18


1,028



1,024



-


-






(2.00% PIK)






18,394



18,390



11,809


3.75


Health Care Services




















CHS Therapy, LLC




















First Lien Secured Term Loan A


L+ 7.75%


9.25%


06/14/19


06/14/24


7,470



7,365



7,470


2.37




(1.50% Floor)


















Lab Logistics, LLC




















First Lien Secured Term Loan


L+ 6.50%


7.50%


10/16/19


09/25/23


106



105



106


0.03




(1.00% Floor)


















First Lien Secured Delayed Draw Loan


L+ 6.50%


7.73%


10/16/19


09/25/23


5,249



5,219



5,249


1.67




(1.00% Floor)








12,825



12,689



12,825


4.07


Home Furnishings




















Sure Fit Home Products, LLC




















First Lien Secured Term Loan(8)


L+ 9.75%


10.75%


10/26/18


07/13/22


5,228



5,111



3,778


1.20




(1.00% Floor)


















Interactive Media & Services




















What If Media Group, LLC




















First Lien Secured Term Loan


L+ 6.50%


7.50%


10/02/19


10/02/24


12,675



12,472



12,675


4.03




(1.00% Floor)


















Internet & Direct Marketing Retail




















BBQ Buyer, LLC




















First Lien Secured Term Loan


L+ 8.00%


9.50%


08/28/20


08/28/25


10,696



10,434



10,432


3.32




(1.50% Floor)


















First Lien Secured Revolving Loan (7)


L+ 8.00%


9.50%


08/28/20


02/28/21


-



-



-


-




(1.50% Floor)


















Potpourri Group, Inc.




















First Lien Secured Term Loan


L+ 8.25%


9.75%


07/03/19


07/03/24


18,034



17,732



17,855


5.68




(1.50% Floor)








28,730



28,166



28,287


9.00


Investment Banking & Brokerage




















Arcole Acquisition Corp(5)




















First Lien Secured Term Loan A(4)(8)(19)


L+ 10.25%


11.25%


11/29/18


11/30/23


5,231



5,159



4,708


1.50




(1.00% Floor)


















First Lien Secured Term Loan B(4)(8)(19)


L+ 16.50%


17.50%


11/29/18


11/30/23


1,826



1,785



1,643


0.52




(1.00% Floor)


(1.50% PIK)
















Subordinated Unsecured Term Loan(4)


L+ 9.00%


10.00%


07/31/20


10/31/20


291



291



291


0.09




(1.00% Floor)


















JVMC Holdings Corp. (f/k/a RJO Holdings Corp)




















First Lien Secured Term Loan


L+ 6.50%


7.50%


02/28/19


02/28/24


13,815



13,721



13,815


4.39




(1.00% Floor)








21,163



20,956



20,457


6.50


IT Consulting & Other Services




















AST-Applications Software Technology LLC




















First Lien Secured Term Loan


L+ 8.00%


9.00%


01/10/17


01/10/23


4,034



3,999



4,034


1.28




(1.00% Floor)


(1.00% PIK)
















Leisure Facilities




















Honors Holdings, LLC




















First Lien Secured Term Loan (16)


L+ 7.97%


8.97%


09/06/19


09/06/24


9,414



9,265



8,284


2.63




(1.00% Floor)


(0.50% PIK)
















First Lien Secured Delayed Draw Loan(16)


L+ 7.61%


8.61%


09/06/19


09/06/24


4,638



4,591



4,081


1.30




(1.00% Floor)


(0.50% PIK)