WhiteHorse Finance, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Results and Declares Quarterly Distribution of $0.385 Per Share

Published

NEW YORK, Feb. 29, 2024 /PRNewswire/ -- WhiteHorse Finance, Inc. ("WhiteHorse Finance" or the "Company") (Nasdaq: WHF) today announced its financial results for the year ended December 31, 2023. In addition, the Company's board of directors has declared a distribution of $0.385 per share with respect to the quarter ending March 31, 2024. The distributions will be payable on April 2, 2024 to stockholders of record as of March 22, 2024.

Fourth Quarter 2023 Summary Highlights

  • Net Asset Value of $316.8 million, or $13.63 per share, compared to $14.30 per share in 2022
  • Investment portfolio(1) totaling $696.2 million
  • STRS JV investment portfolio totaling $312.2 million
  • Gross investment deployments(2) of $56.9 million for the fourth quarter, including new originations of $54.1 million and $2.8 million of fundings for add-ons to existing investments
  • Gross investment deployments(2) of $135.5 million for the year, including new originations of $100.6 million and $34.9 million of fundings for add-ons to existing investments
  • Net investment income and core net investment income(3) of $10.6 million, or $0.456 per share, for the fourth quarter
  • Annual net investment income and core net investment income(3) of $42.7 million, or $1.838 per share
  • Annual distributions of $1.55 per share, including a special distribution of $0.07 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 15% compared with the fourth quarter of 2022 and was well in excess of our regular dividend. While we marked down certain assets during the period, the investments in our existing portfolio were underwritten at modest leverage levels and are generally well-positioned to service our debt in a sustained high-interest rate environment. Additionally, our portfolio remains overwhelmingly represented by non-cyclical or lightly cyclical borrowers. While we remain cautious about prevailing economic conditions, we are seeing a continuing rebound in terms of both deal volume and quality in the lower middle markets, and our pipeline activity levels remain high with opportunities to invest in credits with compelling risk-return characteristics. The strength of the pipeline enables us to be conservative in our deal selection as repayment activity gains momentum into early 2024."

Portfolio and Investment Activity

As of December 31, 2023, the fair value of WhiteHorse Finance's investment portfolio was $696.2 million, compared with $760.2 million as of December 31, 2022. The portfolio as of December 31, 2023 consisted of 116 positions across 72 companies with a weighted average effective yield of 13.7% on income-producing debt investments. The average debt investment size (excluding investments in STRS JV (as defined below)) was $6.7 million with the overall portfolio comprised of approximately 79.9% first lien secured loans, 2.3% second lien secured loans, 2.4% equity and 15.4% in investments in STRS JV. Almost all loans were variable rate investments (primarily indexed to the Secured Overnight Financing Rate) with fixed rate securities representing only 0.9% of loans at fair value. Nearly all performing floating rate investments have interest rate floors.

During the three months ended December 31, 2023, WhiteHorse Finance made investments in eight new portfolio companies for a total of $54.1 million, added a total of $2.8 million to existing portfolio companies. Proceeds from sales and repayments totaled approximately $34.9 million for the three months ended December 31, 2023, driven by two full realizations in JZ Capital Partners Ltd. and Aeyon LLC, two partial paydowns in JVMC Holdings Corp. (fka RJO Holdings Corp) and Power Service Group CR Acquisition Inc. (d/b/a Power Plant Services) and received net repayments of $0.6 million from revolver loans.

In addition to the transactions discussed above, during the three months ended December 31, 2023, WhiteHorse Finance transferred assets comprised of four new portfolio companies and one add-on investment, totaling $27.6 million to STRS JV in exchange for cash proceeds.

During the year ended December 31, 2023, WhiteHorse Finance invested $100.6 million across 16 new portfolio companies. The Company also invested $34.9 million in existing portfolio companies. Proceeds from sales and repayments totaled approximately $114.8 million for the year.

In addition to the transactions above, during the year ended December 31, 2023, WhiteHorse Finance transferred assets totaling $74.9 million in exchange for a net investment in STRS JV of $5.5 million as well as cash proceeds of $69.4 million. As of December 31, 2023, the Company's investment in STRS JV was approximately $107.2 million, at fair value.

WHF STRS Ohio Senior Loan Fund LLC

As of December 31, 2023, STRS JV's portfolio totaled $312.2 million, consisted of 34 portfolio companies and had a weighted average effective yield of 12.4% on its portfolio.

Results of Operations

For the three months and year ended December 31, 2023, the Company's net investment income was approximately $10.6 million and $42.7 million, compared with approximately $11.1 million and $37.3 million for the same periods in the prior year, representing a decrease of approximately 4.5% and an increase of 14.5%, respectively. The increase in net investment income for the year-over-year period was primarily attributable to higher investment income from interest income and the STRS JV due to an increase in base rates. This was partially offset by an increase in interest expense, due to higher base rates, higher incentive fees from higher pre-incentive fee net investment income, partially offset by lower management fees due to lower average assets as compared to the same period in the prior year. For the three months ended December 31, 2023, the Company's investment in STRS JV generated an annualized, gross investment yield of approximately 15.4%.

For the three months and year ended December 31, 2023, core net investment income(3) was $10.6 million and $42.7 million, or $0.456 per share and $1.838 per share, respectively, compared with $11.1 million and $35.5 million, or $0.476 per share and $1.526 per share, respectively, for the same periods in the prior year.

For the three months and year ended December 31, 2023, WhiteHorse Finance reported a net realized and unrealized loss on investments and foreign currency transactions of $7.2 million and $22.3 million, respectively. This compares with the three months and year ended December 31, 2022 net realized and unrealized loss on investments and foreign currency transactions of $12.3 million and $21.6 million, respectively. The decrease for the year-over-year period was primarily attributable to markdowns on American Crafts, LC and Arcstor Midco, LLC (d/b/a Arcserve (USA), LLC).

WhiteHorse Finance reported a net increase in net assets resulting from operations of approximately $3.4 million and $20.4 million for the three months and year ended December 31, 2023, respectively which compares with a net decrease of $1.2 million for the three months ended December 31, 2022 and a net increase in net assets resulting from operations of $15.7 million for the year ended December 31, 2022, respectively.

WhiteHorse Finance's net asset value was $316.8 million, or $13.63 per share, as of December 31, 2023, compared with $322.3 million, or $13.87 per share, as of September 30, 2023. As of December 31, 2022, WhiteHorse Finance's net asset value was $332.4 million, or $14.30 per share.

Liquidity and Capital Resources

As of December 31, 2023, WhiteHorse Finance had cash and cash equivalents of $24.5 million, compared with $29.8 million as of September 30, 2023, inclusive of restricted cash. As of December 31, 2023, the Company also had $138.5 million of undrawn capacity under its revolving credit facility. 

Distributions

The Company's Board of Directors has declared a distribution of $0.385 per share with respect to the quarter ending March 31, 2024. The distributions will be payable on April 2, 2024 to stockholders of record as of March 22, 2024.

On November 9, 2023, the Company declared a distribution of $0.385 per share for the quarter ended December 31, 2023, consistent with distributions declared for the forty-fifth consecutive quarter since the Company's initial public offering. The distribution was paid on January 3, 2024 to stockholders of record as of December 20, 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 fourth quarter and full year results for the period ended December 31, 2023 at 1:00 p.m. ET on Thursday, February 29, 2024. To access the teleconference, please dial 800-579-2543 (domestic and international) approximately 10 minutes before the teleconference's scheduled start time and reference ID #WHFQ423. 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 March 7, 2024. The teleconference replay can be accessed by dialing 800-839-4018 (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 over $60 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.hig.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 $107.2 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 raised 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 and years ended December 31, 2023 and December 31, 2022.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended December 31, 2023 and December 31, 2022 (in thousands, except per share data):

 

December 31, 2023

December 31, 2022

Amount

 Per Share

Amount

 Per Share

Amounts

Amounts

Net investment income

$

10,604

$

0.456

$

11,074

$

0.476

Net impact of costs associated with refinancing of indebtedness

-

-

-

-

Accrual for capital gains incentive fee

-

-

-

-

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

-

-

-

-

Core net investment income

$

10,604

$

0.456

$

11,074

$

0.476

 

The following table provides a reconciliation of net investment income to core net investment income for the years ended December 31, 2023 and December 31, 2022 (in thousands, except per share data):

 

December 31, 2023

December 31, 2022

Amount

 Per Share

Amount

 Per Share

Amounts

Amounts

Net investment income

$

42,713

$

1.838

$

37,258

$

1.604

Net impact of costs associated with refinancing of indebtedness

-

-

-

-

Accrual for capital gains incentive fee

-

-

(1,803)

(0.078)

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

-

-

-

-

Core net investment income

$

42,713

$

1.838

$

35,455

$

1.526

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

December 31, 2023

December 31, 2022

Assets

Investments, at fair value

Non-controlled/non-affiliate company investments

$

577,798

$

650,535

Non-controlled affiliate company investments

5,422

9,533

Controlled affiliate company investments

112,948

100,160

Total investments, at fair value (amortized cost $740,021 and $782,429, respectively)

696,168

760,228

Cash and cash equivalents

10,749

9,508

Restricted cash and cash equivalents

12,527

14,683

Restricted foreign currency (cost of $1,231 and $2,066, respectively)

1,211

2,073

Interest and dividend receivable

8,149

7,814

Amounts receivable on unsettled investment transactions

343

283

Escrow receivable

393

711

Prepaid expenses and other receivables

1,211

1,174

Total assets

$

730,751

$

796,474

Liabilities

Debt (net of unamortized debt issuance costs of $4,564 and $4,718, respectively)

$

386,448

$

440,427

Distributions payable

8,949

8,251

Management fees payable

3,595

3,860

Incentive fees payable

10,470

5,618

Interest payable

2,069

2,774

Accounts payable and accrued expenses

2,089

2,329

Advances received from unfunded credit facilities

316

825

Unrealized depreciation on foreign currency forward contracts

43

3

Total liabilities

$

413,979

$

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

338,275

339,240

Accumulated earnings (losses)

(21,526)

(6,876)

Total net assets

316,772

332,387

Total liabilities and total net assets

$

730,751

$

796,474

Number of shares outstanding

23,243,088

23,243,088

Net asset value per share

$

13.63

$

14.30

 

 

WhiteHorse Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

Year ended December 31

2023

2022

2021

Investment income

From non-controlled/non-affiliate company investments

Interest income

$

78,493

$

67,617

$

59,845

Payment-in-kind income

3,960

2,114

Fee income

2,966

3,474

2,621

Dividend income

450

300

273

From non-controlled affiliate company investments

Interest income

13

Payment-in-kind income

314

326

Dividend income

84

321

1,190

From controlled affiliate company investments

Interest income

9,488

6,385

3,307

Payment-in-kind income

1,347

Dividend income

6,158

6,977

4,907

Total investment income

103,260

87,527

72,143

Expenses

Interest expense

29,915

21,940

16,594

Base management fees

14,684

15,600

13,975

Performance-based incentive fees

10,678

7,059

7,524

Administrative service fees

683

683

683

General and administrative expenses

3,622

3,963

3,572

Total expenses

59,582

49,245

42,348

Net investment income before excise tax

43,678

38,282

29,795

Excise tax

965

1,024

1,004

Net investment income after excise tax

42,713

37,258

28,791

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

Net realized gains (losses)

Non-controlled/non-affiliate company investments

309

(15,683)

7,994

Non-controlled affiliate company investments

(339)

1,725

562

Foreign currency transactions

950

(310)

262

Foreign currency forward contracts

27

(3)

Net realized gains (losses)

947

(14,268)

8,815

Net change in unrealized appreciation (depreciation)

Non-controlled/non-affiliate company investments

(7,871)

(3,505)

(9,501)

Non-controlled affiliate company investments

(5,608)

(5,239)

1,187

Controlled affiliate company investments

(8,490)

(447)

708

Translation of assets and liabilities in foreign currencies

(1,239)

1,887

94

Foreign currency forward contracts

(40)

(3)

Net change in unrealized appreciation (depreciation)

(23,248)

(7,307)

(7,512)

Net realized and unrealized gains (losses) on investments and foreign currency transactions

(22,301)

(21,575)

1,303

Net increase in net assets resulting from operations

$

20,412

$

15,683

$

30,094

Per Common Share Data

Basic and diluted earnings per common share

$

0.88

$

0.68

$

1.42

Dividends and distributions declared per common share

$

1.55

$

1.47

$

1.56

Basic and diluted weighted average common shares outstanding

23,243,088

23,229,552

21,150,168

 

 

WhiteHorse Finance, Inc.

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

Issuer

Investment Type(1)

Floor

ReferenceRate(2)

SpreadAboveIndex

InterestRate(3)

AcquisitionDate(10)

MaturityDate

Principal/ShareAmount

AmortizedCost

FairValue(11)

Fair ValueAs APercentageof NetAssets

Debt Investments

Advertising

M&M OpCo. LLC (d/b/a Escalent, Inc.)

First Lien Secured Term Loan

1.00 %

SOFR

8.00 %

13.45 %

04/07/23

04/09/29

4,726

$

4,602

$

4,580

1.4

%

M&M OpCo. LLC (d/b/a Escalent, Inc.)⁽⁷⁾

First Lien Secured Revolving Loan

1.00 %

SOFR

8.00 %

13.45 %

04/07/23

04/09/29

(1)

4,602

4,579

1.4

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 %

12.46 %

12/16/22

12/18/28

4,804

4,685

4,738

1.5

Gulf Winds International Acquisition LLC (d/b/a Gulf Winds International, Inc.)⁽⁷⁾

First Lien Secured Revolving Loan

1.00 %

SOFR

7.00 %

12.46 %

12/16/22

12/18/28

7

Motivational Marketing, LLC (d/b/a Motivational Fulfillment)

First Lien Secured Term Loan

1.00 %

SOFR

7.25 %

12.71% (11.96% Cash + 0.75% PIK)

07/12/21

07/12/26

9,989

9,888

8,790

2.8

Motivational Marketing, LLC (d/b/a Motivational Fulfillment)⁽⁷⁾

First Lien Secured Revolving Loan

1.00 %

SOFR

7.25 %

12.71% (11.96% Cash + 0.75% PIK)

07/12/21

07/12/26

473

468

338

0.1

Transervice Holdings, Inc. (d/b/a Transervice Logistics, Inc.)

First Lien Secured Term Loan

2.00 %

SOFR

7.50 %

12.96 %

06/29/23

06/29/28

8,888

8,648

8,743

2.8

23,689

22,616

7.2

Alternative Carriers

Patagonia Holdco LLC (d/b/a Lumen LATAM)

First Lien Secured Term Loan

0.50 %

SOFR

5.75 %

11.12 %

08/05/22

08/01/29

14,442

12,357

13,191

4.2

12,357

13,191

4.2

Application Software

Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)

First Lien Secured Term Loan

0.75 %

SOFR

5.25 %

10.88 %

08/29/22

05/08/28

3,066

2,675

2,269

0.7

Atlas Purchaser, Inc. (d/b/a Aspect Software, Inc.)

Second Lien Secured Term Loan

0.75 %

SOFR

9.00 %

14.64 %

05/03/21

05/07/29

15,000

14,699

9,744

3.1

MBS Highway, LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

13.18 %

10/13/22

10/13/27

9,381

9,204

9,089

2.9

Naviga Inc. (f/k/a Newscycle Solutions, Inc.)

First Lien Secured Term Loan

1.00 %

SOFR

7.00 %

12.45 %

06/14/19

02/27/24

3,148

3,148

3,113

1.0

Naviga Inc. (f/k/a Newscycle Solutions, Inc.)⁽⁷⁾⁽¹²⁾

First Lien Secured Revolving Loan

1.00 %

Base Rate

6.84 %

12.78 %

06/14/19

02/27/24

271

271

268

0.1

UserZoom Technologies, Inc. (d/b/a UserZoom, Inc.)

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

12.99 %

01/12/23

04/05/29

9,819

9,570

9,719

3.2

39,567

34,202

11.0

Automotive Retail

Team Car Care Holdings, LLC (Heartland Auto)⁽¹²⁾

First Lien Secured Term Loan

1.00 %

Base Rate

7.48 %

13.09 %

02/16/18

12/31/24

12,407

12,391

12,407

3.9

12,391

12,407

3.9

Broadcasting

Coastal Television Broadcasting Group LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.00 %

12.46 %

12/30/21

12/30/26

7,418

7,329

7,246

2.3

Coastal Television Broadcasting Group LLC(7)

First Lien Secured Revolving Loan

1.00 %

SOFR

7.00 %

12.46 %

12/30/21

12/30/26

(3)

7,329

7,243

2.3

Broadline Retail

BBQ Buyer, LLC (d/b/a BBQ Guys)

First Lien Secured Term Loan

1.50 %

SOFR

9.50 %

14.96% (13.96% Cash + 1.00% PIK)

08/28/20

08/28/25

12,891

12,787

12,818

4.1

BBQ Buyer, LLC (d/b/a BBQ Guys)

First Lien Secured Delayed Draw Loan

1.50 %

SOFR

9.50 %

14.96% (13.96% Cash + 1.00% PIK)

12/02/21

08/28/25

2,628

2,606

2,613

0.8

Luxury Brand Holdings, Inc. (d/b/a Ross-Simons, Inc.)

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

11.96 %

12/04/20

06/04/26

5,280

5,233

5,280

1.7

Potpourri Group, Inc.

First Lien Secured Term Loan

1.50 %

SOFR

8.25 %

13.71 %

07/03/19

07/03/24

13,799

13,767

13,799

4.4

34,393

34,510

11.0

Building Products

Trimlite Buyer LLC (d/b/a Trimlite LLC)⁽⁵⁾⁽¹³⁾⁽²³⁾

First Lien Secured Term Loan

1.00 %

CDOR

6.50 %

11.94 %

07/27/21

07/27/27

19,624

15,472

14,810

4.7

15,472

14,810

4.7

Cable & Satellite

Bulk Midco, LLC

First Lien Secured Term Loan

1.00 %

SOFR

7.50 %

12.96% (11.96% Cash + 1.00% PIK)

10/28/22

06/10/24

19,267

19,237

18,997

6.0

Bulk Midco, LLC

First Lien Secured Revolving Loan

1.00 %

SOFR

7.50 %

12.96% (11.96% Cash + 1.00% PIK)

10/28/22

06/10/24

2,000

1,989

1,972

0.6

21,226

20,969

6.6

Commodity Chemicals

FGI Acquisition Corp. (d/b/a Flexitallic Group SAS)

First Lien Secured Term Loan

1.00 %

SOFR

6.50 %

12.00 %

10/28/19

10/29/26

16,193

$

15,786

$

16,110

5.1

%

US Methanol Midco LLC (d/b/a US Methanol LLC)

First Lien Secured Term Loan

1.00 %

SOFR

7.75 %

13.28 %

12/20/22

12/20/27

5,203

5,111

5,153

1.6

US Methanol Midco LLC (d/b/a US Methanol LLC)

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

7.75 %

13.29 %

12/20/22

12/20/27

9,540

9,345

9,449

3.0

30,242

30,712

9.7

Construction & Engineering

Banner Acquisition Holdings, LLC (d/b/a Banner Industries, Inc.)⁽⁷⁾

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

6.00 %

11.38 %

12/01/23

01/02/29

140

137

137

137

137

Construction Materials

Claridge Products and Equipment, LLC

First Lien Secured Term Loan

1.00 %

SOFR

8.00 %

13.50% (12.00% Cash + 1.50% PIK)

12/30/20

12/30/25

7,452

7,395

6,405

2.0

Claridge Products and Equipment, LLC(7)(12)

First Lien Secured Revolving Loan

1.00 %

Base Rate

7.56 %

14.41% (12.91% Cash + 1.50% PIK)

12/30/20

12/30/25

632

628

496

0.2

8,023

6,901

2.2

Data Processing & Outsourced Services

Future Payment Technologies, L.P.

First Lien Secured Term Loan

1.00 %

SOFR

8.25 %

13.69 %

12/23/16

12/05/25

21,665

21,582

21,480

6.8

21,582

21,480

6.8

Distributors

Foodservices Brand Group, LLC (d/b/a Crown Brands Group)

First Lien Secured Term Loan

1.00 %

SOFR

8.00 %

13.52 %

11/22/22

12/09/25

357

357

200

0.1

Foodservices Brand Group, LLC (d/b/a Crown Brands Group)⁽¹⁷⁾

Second Lien Secured Term Loan

1.50 %

SOFR

6.50 %

11.96 %

11/22/22

01/08/26

5,171

4,915

1,601

0.5

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)

First Lien Secured Bridge Loan

1.00 %

SOFR

14.00 %

19.46% (13.46% Cash + 6.00% PIK)

12/22/23

12/22/25

1,464

1,420

1,420

0.4

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)

First Lien Secured Term Loan

1.00 %

SOFR

7.25 %

12.71 %

12/22/23

12/22/28

9,490

9,254

9,254

2.9

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽⁷⁾

First Lien Secured Delayed Draw Loan

1.00 %

SOFR

7.25 %

12.71 %

12/22/23

12/22/28

Midwest Texas Tea CA, LLC (d/b/a US Petroleum Partners, LLC)⁽⁷⁾

First Lien Secured Revolving Loan

1.00 %

SOFR

7.25 %

12.71 %

12/22/23

12/22/28

15,946

12,475

3.9

Diversified Chemicals

Manchester Acquisition Sub LLC (d/b/a Draslovka Holding AS)

First Lien Secured Term Loan

0.75 %

SOFR

5.75 %

11.28 %

11/16/21

12/01/26

7,840

7,587

7,215

2.3

Chase Products Co. (f/k/a Starco)⁽⁶⁾⁽²¹⁾

First Lien Secured Term Loan

N/A

N/A

12.00 %

12.00% PIK

03/16/23

03/16/28

2,962

2,962

2,793

0.9

10,549

10,008

3.2

Diversified Support Services

NNA Services, LLC

First Lien Secured Term Loan

1.00 %

SOFR

6.75 %

12.25 %

08/27/21

08/27/26

9,417

9,354

9,293

2.9

9,354

9,293

2.9

Education Services

EducationDynamics, LLC