Exhibit 99.1

 

 

 

 

 

 

 

 

 

 

 

First EagleLoganJVLLC

(ADelawareLimitedLiability Company)

Consolidated Financial Statements for the years ended December 31, 2021, 2020,and 2019

 

 

 

 

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FirstEagleLoganJVLLC

(ADelawareLimitedLiability Company)

TableofContents

 

|                                                               |   | Page(s) |
|--------------------------------------------------------------------|--------|---------|
|                                                               |   |    |
| ReportofIndependentAuditors                                        |   | 1-2     |
|                                                               |   |    |
| FinancialStatements:                                               |   |    |
|                                                               |   |    |
| ConsolidatedStatementsofAssets,LiabilitiesandMembers’Capital |   | 3       |
|                                                               |   |    |
| ConsolidatedStatementsofOperations                                 |   | 4       |
|                                                               |   |    |
| ConsolidatedStatementsofChangesinMembers’Capital             |   | 5       |
|                                                               |   |    |
| ConsolidatedStatementsofCashFlows                                  |   | 6       |
|                                                               |   |    |
| ConsolidatedSchedulesofInvestments                                 |   | 7-16    |
|                                                               |   |    |
| NotestoConsolidatedFinancialStatements                             |   | 17-32   |

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Report of Independent Auditors

 

To the Board of Directors of First Eagle Logan JV LLC

Opinion

We have audited the accompanying consolidated financial statements of First Eagle Logan JV LLC and its subsidiary (the "Company"), which comprise the consolidated statements of assets, liabilities, and members' capital, including the consolidated schedules of investments, as of December 31, 2021 and 2020, and the related consolidated statements of operations, of changes in members' capital and of cash flows, including the related notes for each of the three the years in the period ended December 31, 2021 (collectively referred to as the "consolidated financial statements").

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations, changes in its members' capital and its cash flows for each of the three years in the period ended December 31, 2021 in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

| • | Exercise professional judgment and maintain professional skepticism throughout the audit. |
|---------|-------------------------------------------------------------------------------------------|

| • | Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

 

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| • | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/PricewaterhouseCoopers LLP

 

Boston, Massachusetts

March 3, 2022

 

 

 

 

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|                                                                                                                |        |
|----------------------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

ConsolidatedStatementsofAssets,LiabilitiesandMembers'CapitalAsofDecember31, 2021and 2020 |   |

 

 

 

|                                                                                                                                                               |   | 2021   |        |   | 2020   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| Assets                                                                                                                                                             |   |   |        |   |   |   |   |   |
| Investments at fair value (cost $228,559,313 and $231,535,371, respectively)                                                                                       |   | $      | 224,449,492 |   |   | $      | 221,418,074 |   |
| Cash and cash equivalents                                                                                                                                          |   |   | 15,720,092  |   |   |   | 32,186,878 |   |
| Interest and fees receivable                                                                                                                                       |   |   | 682,970     |   |   |   | 802,141 |   |
| Receivable for investments sold and paydown of investments                                                                                                         |   |   | 150,432     |   |   |   | 80,244 |   |
| Total assets                                                                                                                                                       |   | $      | 241,002,986 |   |   | $      | 254,487,337 |   |
| Liabilities and Members' Capital                                                                                                                                   |   |   |        |   |   |   |   |   |
| Liabilities                                                                                                                                                        |   |   |        |   |   |   |   |   |
| Loans payable ($147,041,123 and $166,541,123 face amounts, respectively, reported net of unamortized debt issuance costs of $1,258,935 and $711,286, respectively) |   | $      | 145,782,188 |   |   | $      | 165,829,837 |   |
| Distribution payable                                                                                                                                               |   |   | 2,900,000   |   |   |   | 2,100,000 |   |
| Accrued credit facility expense                                                                                                                                    |   |   | 1,142,675   |   |   |   | 1,206,083 |   |
| Accrued expenses                                                                                                                                                   |   |   | 174,303     |   |   |   | 185,786 |   |
| Total liabilities                                                                                                                                                  |   | $      | 149,999,166 |   |   | $      | 169,321,706 |   |
| Commitments and contingencies (Note 9)                                                                                                                             |   |   |        |   |   |   |   |   |
| Members' Capital                                                                                                                                                   |   |   |        |   |   |   |   |   |
| Paid in capital                                                                                                                                                    |   | $      | 115,750,000 |   |   | $      | 115,750,000 |   |
| Accumulated deficit                                                                                                                                                |   |   | (24,746,180 | )      |   |   | (30,584,369 | ) |
| Members' capital                                                                                                                                                   |   |   | 91,003,820  |   |   |   | 85,165,631 |   |
| Total liabilities and members' capital                                                                                                                             |   | $      | 241,002,986 |   |   | $      | 254,487,337 |   |

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

3

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|                                                                                                        |        |
|--------------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

ConsolidatedStatementsofOperations

FortheyearsendedDecember31,2021,2020,and2019 |   |

 

 

 

|                                                                                                       |   | 2021   |       |   | 2020   |   |        | 2019   |   |
|------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|-------------|--------|--------|
| Investment Income                                                                                          |   |   |       |   |   |   |        |   |   |   |   |   |
| Interest income                                                                                            |   | $      | 14,346,209 |   |   | $      | 17,886,882  |   |   | $ | 25,190,249 |   |
| Other income                                                                                               |   |   | 171,521    |   |   |   | 174,941     |   |   |   | 117,514 |   |
| Total investment income                                                                                    |   |   | 14,517,730 |   |   |   | 18,061,823  |   |   |   | 25,307,763 |   |
| Expenses                                                                                                   |   |   |       |   |   |   |        |   |   |   |   |   |
| Credit facility interest and fees                                                                          |   |   | 5,211,566  |   |   |   | 7,370,914   |   |   |   | 11,838,691 |   |
| Amortization of deferred financing costs                                                                   |   |   | 639,527    |   |   |   | 808,353     |   |   |   | 805,229 |   |
| Professional fees                                                                                          |   |   | 102,705    |   |   |   | 95,420      |   |   |   | 95,340 |   |
| Other general and administrative expenses                                                                  |   |   | 277,628    |   |   |   | 291,014     |   |   |   | 361,430 |   |
| Total expenses                                                                                             |   |   | 6,231,426  |   |   |   | 8,565,701   |   |   |   | 13,100,690 |   |
| Net investment income                                                                                      |   |   | 8,286,304  |   |   |   | 9,496,122   |   |   |   | 12,207,073 |   |
| Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments                   |   |   |       |   |   |   |        |   |   |   |   |   |
| Net realized gain (loss)                                                                                   |   |   | 44,409     |   |   |   | (11,355,688 | )      |   |   | (7,078,816 | ) |
| Net change in unrealized appreciation (depreciation) on investments                                        |   |   | 6,007,476  |   |   |   | (2,215,646  | )      |   |   | (568,608 | ) |
| Net realized gain (loss) and change in unrealized appreciation

   (depreciation) on investments |   |   | 6,051,885  |   |   |   | (13,571,334 | )      |   |   | (7,647,424 | ) |
| Net increase (decrease) in Members' capital resulting from operations                                      |   | $      | 14,338,189 |   |   | $      | (4,075,212  | )      |   | $ | 4,559,649 |   |

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

4

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|                                                                                                                         |        |
|-------------------------------------------------------------------------------------------------------------------------|--------|
| FirstEagle LoganJVLLC

ConsolidatedStatementsofChangesinMembers'Capital

FortheyearsendedDecember31,2021, 2020, and2019 |   |

 

 

 

 

 

| Members' capital, December 31, 2018                  |   | $      | 106,031,194 |   |
|------------------------------------------------------|--------|--------|-------------|--------|
| Contributions                                        |   |   | 10,000,000  |   |
| Return of capital                                    |   |   | (4,000,000  | )      |
| Distributions                                        |   |   | (12,350,000 | )      |
| Net investment income                                |   |   | 12,207,073  |   |
| Net realized loss                                    |   |   | (7,078,816  | )      |
| Net change in unrealized depreciation on investments |   |   | (568,608    | )      |
| Members' capital, December 31, 2019                  |   | $      | 104,240,843 |   |
| Return of capital                                    |   |   | (6,000,000  | )      |
| Distributions                                        |   |   | (9,000,000  | )      |
| Net investment income                                |   |   | 9,496,122   |   |
| Net realized loss                                    |   |   | (11,355,688 | )      |
| Net change in unrealized depreciation on investments |   |   | (2,215,646  | )      |
| Members' capital, December 31, 2020                  |   | $      | 85,165,631  |   |
| Distributions                                        |   |   | (8,500,000  | )      |
| Net investment income                                |   |   | 8,286,304   |   |
| Net realized gain                                    |   |   | 44,409      |   |
| Net change in unrealized appreciation on investments |   |   | 6,007,476   |   |
| Members' capital, December 31, 2021                  |   | $      | 91,003,820  |   |

 

 

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

5

 

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|                                                                                                       |        |
|-------------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

ConsolidatedStatementsofCashFlows

FortheyearsendedDecember31,2021,2020,and2019 |   |

 

 

 

|                                                                                                                                                   |   | 2021   |        |   | 2020   |   |        | 2019   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|
| Cash flows from operating activities:                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| Net increase (decrease) in members' capital resulting from operations                                                                                  |   | $      | 14,338,189  |   |   | $      | (4,075,212  | )      |   | $ | 4,559,649 |   |
| Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities: |   |   |        |   |   |   |        |   |   |   |   |   |
| Net change in unrealized (appreciation) depreciation on investments                                                                                    |   |   | (6,007,476  | )      |   |   | 2,215,646   |   |   |   | 568,608 |   |
| Net realized (gain) loss                                                                                                                               |   |   | (44,409     | )      |   |   | 11,355,688  |   |   |   | 7,078,816 |   |
| Amortization of deferred financing costs                                                                                                               |   |   | 639,527     |   |   |   | 808,353     |   |   |   | 805,229 |   |
| Accretion of discount                                                                                                                                  |   |   | (1,222,814  | )      |   |   | (935,947    | )      |   |   | (994,590 | ) |
| Increase in investments due to PIK                                                                                                                     |   |   | (326,509    | )      |   |   | (178,637    | )      |   |   | — |   |
| Purchase and drawdowns of investments                                                                                                                  |   |   | (89,682,026 | )      |   |   | (30,253,836 | )      |   |   | (100,531,577 | ) |
| Proceeds from sales and repayments of investments                                                                                                      |   |   | 94,181,628  |   |   |   | 128,510,164 |   |   |   | 85,153,067 |   |
| Changes in operating assets and liabilities:                                                                                                           |   |   |        |   |   |   |        |   |   |   |   |   |
| Decrease (increase) in interest receivable                                                                                                             |   |   | 119,171     |   |   |   | 514,592     |   |   |   | (179,189 | ) |
| (Decrease) increase in accrued credit facility expense                                                                                                 |   |   | (63,408     | )      |   |   | (1,159,062  | )      |   |   | (206,355 | ) |
| (Decrease) increase in accrued expenses                                                                                                                |   |   | (11,483     | )      |   |   | (24,942     | )      |   |   | 38,728 |   |
| Net cash provided by (used in) operating activities                                                                                                    |   |   | 11,920,390  |   |   |   | 106,776,807 |   |   |   | (3,707,614 | ) |
| Cash flows from financing activities:                                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| Repayments to credit facility                                                                                                                          |   |   | (29,000,000 | )      |   |   | (75,500,000 | )      |   |   | (22,000,000 | ) |
| Borrowings under credit facility                                                                                                                       |   |   | 9,500,000   |   |   |   | 5,900,000   |   |   |   | 16,462,002 |   |
| Contributions received                                                                                                                                 |   |   | —     |   |   |   | —     |   |   |   | 10,000,000 |   |
| Return of capital                                                                                                                                      |   |   | —     |   |   |   | (6,000,000  | )      |   |   | (4,000,000 | ) |
| Distributions paid                                                                                                                                     |   |   | (7,700,000  | )      |   |   | (10,550,000 | )      |   |   | (12,060,000 | ) |
| Financing costs paid                                                                                                                                   |   |   | (1,187,176  | )      |   |   | —     |   |   |   | (2,236 | ) |
| Net cash used in financing activities                                                                                                                  |   |   | (28,387,176 | )      |   |   | (86,150,000 | )      |   |   | (11,600,234 | ) |
| Net (decrease) increase in cash                                                                                                                        |   |   | (16,466,786 | )      |   |   | 20,626,807  |   |   |   | (15,307,848 | ) |
| Cash and cash equivalents, beginning of year                                                                                                           |   |   | 32,186,878  |   |   |   | 11,560,071  |   |   |   | 26,867,919 |   |
| Cash and cash equivalents, end of year                                                                                                                 |   | $      | 15,720,092  |   |   | $      | 32,186,878  |   |   | $ | 11,560,071 |   |
| Supplemental Disclosure of Cash Flow Information:                                                                                                      |   |   |        |   |   |   |        |   |   |   |   |   |
| Cash interest paid                                                                                                                                     |   | $      | 4,552,193   |   |   | $      | 8,500,875   |   |   | $ | 12,012,296 |   |
| Supplemental Disclosure of Non Cash Flow Information:                                                                                                  |   |   |        |   |   |   |        |   |   |   |   |   |
| Securities received in restructuring of investments                                                                                                    |   | $      | 2,999,500   |   |   | $      | 3,142,061   |   |   | $ | 1,577,377 |   |
| PIK income earned                                                                                                                                      |   | $      | 326,509     |   |   | $      | 178,637     |   |   |   | — |   |

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

6

 

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First Eagle Logan JV LLC

Consolidated Schedule of Investments

AsofDecember31,2021

 

 

| Company/Security/Country (16)            |   | Industry                         |   | Interest Rate (1)    |   | Initial

Acquisition

Date |   | Maturity

Date |   | Principal /

Shares |      |   | Amortized

Cost |   |      | Fair Value (2) |   |
|------------------------------------------|--------|----------------------------------|--------|----------------------|--------|----------------------------|--------|----------------|--------|---------------------|-----------|--------|-----------------|--------|-----------|--------------------------|--------|
| Senior Secured First Lien Term Loans     |   |                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Australia                                |   |                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Ticketek Pty Ltd                         |   | Services: Consumer               |   | 5% (LIBOR +4.25%)    |   | 11/22/2019                 |   | 11/26/2026     |   | $                   | 1,473,750 |   |            | $      | 1,463,258 |                     |   | $ | 1,431,991 |   |
| Total Australia                          |   |                             |   |                 |   |                       |   |           |   |                |      |   |            | $      | 1,463,258 |                     |   | $ | 1,431,991 |   |
| Canada                                   |   |                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Avison Young Canada Inc.                 |   | Services: Business               |   | 5.97% (LIBOR +5.75%) |   | 03/07/2019                 |   | 01/31/2026     |   | $                   | 3,883,665 |   |            | $      | 3,837,034 |                     |   | $ | 3,863,042 |   |
| PNI Canada Acquireco Corp                |   | High Tech Industries             |   | 4.6% (LIBOR +4.5%)   |   | 10/31/2018                 |   | 10/31/2025     |   |                | 1,596,963 |   |            |   | 1,592,567 |                     |   |   | 1,595,965 |   |
| WildBrain Ltd.                           |   | Media: Diversified &         |   | 5% (LIBOR +4.25%)    |   | 03/19/2021                 |   | 03/24/2028     |   |                | 1,985,000 |   |            |   | 1,949,561 |                     |   |   | 1,983,343 |   |
|                                     |   | Production                       |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Total Canada                             |   |                             |   |                 |   |                       |   |           |   |                |      |   |            | $      | 7,379,162 |                     |   | $ | 7,442,350 |   |
| Germany                                  |   |                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Rhodia Acetow                            |   | Consumer goods: Non-             |   | 6.5% (LIBOR +5.5%)   |   | 04/21/2017                 |   | 05/31/2023     |   | $                   | 955,000   |   |            | $      | 951,629   |                     |   | $ | 895,074 |   |
|                                     |   | Durable                          |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| VAC Germany Holding GmbH                 |   | Metals & Mining              |   | 5% (LIBOR +4%)       |   | 02/26/2018                 |   | 03/08/2025     |   |                | 2,887,500 |   |            |   | 2,880,924 |                     |   |   | 2,822,531 |   |
| Total Germany                            |   |                             |   |                 |   |                       |   |           |   |                |      |   |            | $      | 3,832,553 |                     |   | $ | 3,717,605 |   |
| Luxembourg                               |   |                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Travelport Finance (Luxembourg) S.a r.l. |   | Services: Consumer               |   | 2.5% (LIBOR +1.5%)   |   | 09/22/2020                 |   | 02/28/2025     |   | $                   | 2,184,359 |   |            | $      | 2,058,205 |                     |   | $ | 2,251,386 |   |
| Travelport Finance (Luxembourg) S.a r.l. |   | Services: Consumer               |   | 5.22% (LIBOR +5%)    |   | 09/22/2020                 |   | 05/29/2026     |   |                | 1,744,875 |   |            |   | 1,722,975 |                     |   |   | 1,457,843 |   |
| Total Luxembourg                         |   |                             |   |                 |   |                       |   |           |   |                |      |   |            | $      | 3,781,180 |                     |   | $ | 3,709,229 |   |
| United Kingdom                           |   |                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Auxey Bidco Ltd.                         |   | Services: Consumer               |   | 5.16% (LIBOR +5%)    |   | 08/07/2018                 |   | 06/16/2025     |   | $                   | 5,000,000 |   |            | $      | 4,896,302 |                     |   | $ | 4,843,750 |   |
| EG Group                                 |   | Retail                           |   | 4.22% (LIBOR +4%)    |   | 03/23/2018                 |   | 02/07/2025     |   |                | 2,759,221 |   |            |   | 2,752,922 |                     |   |   | 2,752,516 |   |
| Total United Kingdom                     |   |                             |   |                 |   |                       |   |           |   |                |      |   |            | $      | 7,649,224 |                     |   | $ | 7,596,266 |   |
| United States of America                 |   |                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| A Place for Mom Inc                      |   | Media: Advertising, Printing     |   | 4.75% (LIBOR +3.75%) |   | 07/28/2017                 |   | 08/10/2024     |   | $                   | 3,830,000 |   |            | $      | 3,820,736 |                     |   | $ | 3,772,549 |   |
|                                     |   | & Publishing                 |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Advanced Integration Technology LP       |   | Aerospace & Defense          |   | 5.75% (LIBOR +4.75%) |   | 07/15/2016                 |   | 04/03/2023     |   |                | 1,895,475 |   |            |   | 1,891,521 |                     |   |   | 1,781,747 |   |
| Advisor Group Holdings Inc               |   | Fire: Finance                    |   | 4.6% (LIBOR +4.5%)   |   | 02/05/2021                 |   | 07/31/2026     |   |                | 3,150,000 |   |            |   | 3,157,682 |                     |   |   | 3,162,805 |   |
| AG Parent Holdings LLC                   |   | High Tech Industries             |   | 5.1% (LIBOR +5%)     |   | 07/30/2019                 |   | 07/31/2026     |   |                | 2,613,333 |   |            |   | 2,596,222 |                     |   |   | 2,610,067 |   |
| AgroFresh Inc.                           |   | Chemicals, Plastics & Rubber |   | 7.25% (LIBOR +6.25%) |   | 12/01/2015                 |   | 12/31/2024     |   |                | 1,238,392 |   |            |   | 1,237,224 |                     |   |   | 1,248,845 |   |
| Alcami Carolinas Corp                    |   | Healthcare & Pharmaceuticals |   | 4.39% (LIBOR +4.25%) |   | 07/09/2018                 |   | 07/12/2025     |   |                | 3,870,000 |   |            |   | 3,860,168 |                     |   |   | 3,550,725 |   |
| Alchemy US Holdco 1 LLC                  |   | Chemicals, Plastics & Rubber |   | 5.6% (LIBOR +5.5%)   |   | 10/01/2018                 |   | 10/10/2025     |   |                | 1,654,803 |   |            |   | 1,641,443 |                     |   |   | 1,656,044 |   |
| Allen Media, LLC                         |   | Media: Broadcasting &        |   | 5.72% (LIBOR +5.5%)  |   | 07/29/2021                 |   | 02/10/2027     |   |                | 3,444,503 |   |            |   | 3,423,307 |                     |   |   | 3,447,517 |   |
|                                     |   | Subscription                     |   |                 |   |                       |   |           |   |                |      |   |            |   |      |                     |   |   |   |   |
| Alpine US Bidco LLC                      |   | Beverage, Food & Tobacco     |   | 6% (LIBOR +5.25%)    |   | 04/28/2021                 |   | 04/13/2028     |   |                | 1,507,575 |   |            |   | 1,480,236 |                     |   |   | 1,503,806 |   |
| Alvogen Pharma US, Inc.                  |   | Healthcare & Pharmaceuticals |   | 6.25% (LIBOR +5.25%) |   | 09/02/2021                 |   | 12/31/2023     |   |                | 3,147,743 |   |            |   | 3,051,788 |                     |   |   | 3,017,899 |   |

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

7

 

----

First Eagle Logan JV LLC

Consolidated Schedule of Investments

AsofDecember31,2021

 

 

| Company/Security/Country (16)                     |   | Industry                          |   | Interest Rate (1)    |   | Initial

Acquisition

Date |   | Maturity

Date |   | Principal /

Shares |      |   | Amortized

Cost |   |      | Fair

Value (2) |   |
|---------------------------------------------------|--------|-----------------------------------|--------|----------------------|--------|----------------------------|--------|----------------|--------|---------------------|-----------|--------|-----------------|--------|-----------|-----------------|--------|
| AMCP Clean Acquisition Co LLC                     |   | Wholesale                         |   | 4.35% (LIBOR +4.25%) |   | 07/10/2018                 |   | 06/15/2025     |   | $                   | 2,334,807 |   |            | $      | 2,328,909 |            |   | $ | 1,951,023 |   |
| AMCP Clean Acquisition Co LLC                     |   | Wholesale                         |   | 4.35% (LIBOR +4.25%) |   | 07/10/2018                 |   | 06/15/2025     |   |                | 564,993   |   |            |   | 563,565   |            |   |   | 472,122 |   |
| American Achievement Corporation(3) (15)          |   | Retail                            |   | 7.25% (LIBOR +6.25%) |   | 02/11/2021                 |   | 09/30/2026     |   |                | 1,469,807 |   |            |   | —   |            |   |   | — |   |
| American Public Education                         |   | Services: Consumer                |   | 6.25% (LIBOR +5.5%)  |   | 03/29/2021                 |   | 09/01/2027     |   |                | 987,500   |   |            |   | 968,781   |            |   |   | 980,094 |   |
| ANI Pharmaceuticals, Inc.                         |   | Healthcare & Pharmaceuticals  |   | 6.75% (LIBOR +6%)    |   | 05/24/2021                 |   | 05/24/2027     |   |                | 2,000,000 |   |            |   | 1,960,521 |            |   |   | 2,009,170 |   |
| Anne Arundel Dermatology Management, LLC (4)      |   | Healthcare & Pharmaceuticals  |   | 7% (LIBOR +6%)       |   | 10/12/2020                 |   | 10/16/2025     |   |                | 1,357,843 |   |            |   | 1,233,463 |            |   |   | 1,233,668 |   |
| Anne Arundel Dermatology Management, LLC (5) (15) |   | Healthcare & Pharmaceuticals  |   | 8.75% (LIBOR +6.5%)  |   | 10/12/2020                 |   | 10/16/2025     |   |                | 451,128   |   |            |   | (6,839    | )               |   |   | — |   |
| Anne Arundel Dermatology Management, LLC          |   | Healthcare & Pharmaceuticals  |   | 7.5% (LIBOR +6.5%)   |   | 10/12/2020                 |   | 10/16/2025     |   |                | 2,027,924 |   |            |   | 1,997,183 |            |   |   | 1,994,971 |   |
| Ansira Holdings, Inc.                             |   | Media: Diversified &          |   | 7.5% (LIBOR +6.5%)   |   | 04/17/2018                 |   | 12/20/2024     |   |                | 681,517   |   |            |   | 680,294   |            |   |   | 545,213 |   |
|                                              |   | Production                        |   |                 |   |                       |   |           |   |                |      |   |            |   |      |            |   |   |   |   |
| Ansira Holdings, Inc.                             |   | Media: Diversified &          |   | 7.5% (LIBOR +6.5%)   |   | 12/20/2016                 |   | 12/20/2024     |   |                | 2,045,994 |   |            |   | 2,038,666 |            |   |   | 1,636,795 |   |
|                                              |   | Production                        |   |                 |   |                       |   |           |   |                |      |   |            |   |      |            |   |   |   |   |
| Anthology / Blackboard                            |   | High Tech Industries              |   | 5.75% (LIBOR +5.25%) |   | 10/22/2021                 |   | 10/25/2028     |   |                | 1,500,000 |   |            |   | 1,448,678 |            |   |   | 1,476,255 |   |
| Arcline FM Holding, LLC                           |   | Aerospace & Defense           |   | 5.5% (LIBOR +4.75%)  |   | 09/02/2021                 |   | 06/23/2028     |   |                | 1,995,000 |   |            |   | 1,985,453 |            |   |   | 1,996,247 |   |
| Ascend Performance Materials Operations LLC       |   | Chemicals, Plastics & Rubber  |   | 5.5% (LIBOR +4.75%)  |   | 08/16/2019                 |   | 08/27/2026     |   |                | 862,023   |   |            |   | 850,537   |            |   |   | 868,273 |   |
| Axiom Global Inc.                                 |   | Services: Business                |   | 5.5% (LIBOR +4.75%)  |   | 09/25/2019                 |   | 10/01/2026     |   |                | 2,992,366 |   |            |   | 2,963,919 |            |   |   | 2,947,481 |   |
| BCP Qualtek Merger Sub LLC                        |   | Telecommunications                |   | 7.25% (LIBOR +6.25%) |   | 07/16/2018                 |   | 07/18/2025     |   |                | 3,675,000 |   |            |   | 3,637,570 |            |   |   | 3,633,656 |   |
| Brand Energy & Infrastructure Services, Inc.  |   | Energy: Oil & Gas             |   | 5.25% (LIBOR +4.25%) |   | 06/16/2017                 |   | 06/21/2024     |   |                | 2,865,000 |   |            |   | 2,854,830 |            |   |   | 2,809,290 |   |
| Canister International Group Inc                  |   | Forest Products & Paper       |   | 4.85% (LIBOR +4.75%) |   | 12/18/2019                 |   | 12/21/2026     |   |                | 1,965,000 |   |            |   | 1,951,019 |            |   |   | 1,974,010 |   |
| Cano Health, LLC                                  |   | Healthcare & Pharmaceuticals  |   | 5.25% (LIBOR +4.5%)  |   | 06/24/2021                 |   | 11/23/2027     |   |                | 1,985,000 |   |            |   | 1,980,359 |            |   |   | 1,987,233 |   |
| Clear Balance Holdings, LLC                       |   | Fire: Finance                     |   | 6.75% (LIBOR +5.75%) |   | 07/07/2015                 |   | 10/05/2023     |   |                | 4,529,054 |   |            |   | 4,522,972 |            |   |   | 4,347,892 |   |
| Cloudera, Inc.                                    |   | High Tech Industries              |   | 4.25% (LIBOR +3.75%) |   | 08/10/2021                 |   | 10/08/2028     |   |                | 3,000,000 |   |            |   | 2,970,872 |            |   |   | 2,995,785 |   |
| CMI Marketing, Inc                                |   | Media: Advertising, Printing      |   | 4.75% (LIBOR +4.25%) |   | 03/19/2021                 |   | 03/23/2028     |   |                | 1,990,000 |   |            |   | 2,002,045 |            |   |   | 2,012,388 |   |
|                                              |   | & Publishing                  |   |                 |   |                       |   |           |   |                |      |   |            |   |      |            |   |   |   |   |
| Confluence Technologies, Inc.                     |   | High Tech Industries              |   | 4.25% (LIBOR +3.75%) |   | 07/22/2021                 |   | 07/31/2028     |   |                | 3,000,000 |   |            |   | 2,985,885 |            |   |   | 2,992,500 |   |
| Conyers Park Parent Merger Sub Inc                |   | Beverage, Food & Tobacco      |   | 4.75% (LIBOR +3.75%) |   | 06/21/2017                 |   | 07/07/2024     |   |                | 1,286,930 |   |            |   | 1,284,603 |            |   |   | 1,298,390 |   |
| Drilling Info Inc.                                |   | High Tech Industries              |   | 4.35% (LIBOR +4.25%) |   | 07/27/2018                 |   | 07/30/2025     |   |                | 4,353,204 |   |            |   | 4,342,029 |            |   |   | 4,309,672 |   |
| Eisner Advisory Group LLC                         |   | Banking, Finance, Insurance & |   | 7.5% (LIBOR +6.75%)  |   | 08/16/2021                 |   | 07/28/2028     |   |                | 181,818   |   |            |   | 180,024   |            |   |   | 182,273 |   |
|                                              |   | Real Estate                       |   |                 |   |                       |   |           |   |                |      |   |            |   |      |            |   |   |   |   |
| Eisner Advisory Group LLC                         |   | Banking, Finance, Insurance & |   | 6% (LIBOR +5.25%)    |   | 08/16/2021                 |   | 08/13/2028     |   |                | 1,813,182 |   |            |   | 1,795,287 |            |   |   | 1,817,715 |   |
|                                              |   | Real Estate                       |   |                 |   |                       |   |           |   |                |      |   |            |   |      |            |   |   |   |   |
| Eliassen Group, LLC                               |   | Services: Business                |   | 4.35% (LIBOR +4.25%) |   | 10/19/2018                 |   | 11/05/2024     |   |                | 4,597,283 |   |            |   | 4,586,146 |            |   |   | 4,551,310 |   |
| Empower Payments Acquisition                      |   | Services: Business                |   | 4.47% (LIBOR +4.25%) |   | 10/05/2018                 |   | 10/05/2025     |   |                | 3,880,000 |   |            |   | 3,874,719 |            |   |   | 3,894,550 |   |
| EyeSouth (6) (15)                                 |   | Healthcare & Pharmaceuticals  |   | 5.25% (LIBOR +4.5%)  |   | 03/15/2021                 |   | 03/21/2028     |   |                | 295,455   |   |            |   | (657      | )               |   |   | 925 |   |
| EyeSouth                                          |   | Healthcare & Pharmaceuticals  |   | 5.25% (LIBOR +4.5%)  |   | 03/15/2021                 |   | 03/12/2028     |   | $                   | 1,696,023 |   |            | $      | 1,692,251 |            |   | $ | 1,701,331 |   |
| Gastro Health Holdco, LLC (7)                     |   | Healthcare & Pharmaceuticals  |   | 5.25% (LIBOR +4.5%)  |   | 07/02/2021                 |   | 07/03/2028     |   |                | 332,500   |   |            |   | 267,607   |            |   |   | 271,677 |   |

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

8

 

----

First Eagle Logan JV LLC

Consolidated Schedule of Investments

AsofDecember31,2021

 

 

| Company/Security/Country (16)                  |   | Industry                          |   | Interest Rate (1)    |   | Initial

Acquisition

Date |   | Maturity

Date |   | Principal /

Shares |      |   | Amortized

Cost |   |      | Fair

Value (2) |   |
|------------------------------------------------|--------|-----------------------------------|--------|----------------------|--------|----------------------------|--------|----------------|--------|---------------------|-----------|--------|-----------------|--------|-----------|-----------------|--------|
| Gastro Health Holdco, LLC                      |   | Healthcare & Pharmaceuticals  |   | 5.25% (LIBOR +4.5%)  |   | 07/02/2021                 |   | 07/03/2028     |   |                | 997,500   |   |            |   | 992,772   |            |   |   | 1,004,981 |   |
| Gold Standard Baking, Inc.(17)                 |   | Wholesale                         |   | 7.5% (LIBOR +6.5%)   |   | 05/19/2015                 |   | 07/23/2022     |   |                | 2,095,833 |   |            |   | 1,674,041 |            |   |   | 94,312 |   |
| Golden West Packaging Group LLC                |   | Containers, Packaging &       |   | 6% (LIBOR +5.25%)    |   | 11/29/2021                 |   | 12/01/2027     |   |                | 2,000,000 |   |            |   | 1,980,229 |            |   |   | 1,990,000 |   |
|                                           |   | Glass                             |   |                 |   |                       |   |           |   |                |      |   |            |   |      |            |   |   |   |   |
| HDT Holdco, Inc.                               |   | Aerospace & Defense           |   | 6.5% (LIBOR +5.75%)  |   | 06/30/2021                 |   | 07/08/2027     |   |                | 3,900,000 |   |            |   | 3,805,841 |            |   |   | 3,865,875 |   |
| Hoffman Southwest Corporation                  |   | Environmental Industries          |   | 6% (LIBOR +5%)       |   | 05/16/2019                 |   | 08/14/2023     |   |                | 1,361,702 |   |            |   | 1,356,461 |            |   |   | 1,334,468 |   |
| Hornblower Sub LLC                             |   | Hotel, Gaming & Leisure       |   | 5.5% (LIBOR +4.5%)   |   | 03/08/2019                 |   | 04/28/2025     |   |                | 1,770,756 |   |            |   | 1,539,013 |            |   |   | 1,676,312 |   |
| International Textile Group Inc                |   | Consumer goods: Durable           |   | 5.13% (LIBOR +5%)    |   | 04/20/2018                 |   | 05/01/2024     |   |                | 912,500   |   |            |   | 910,734   |            |   |   | 847,868 |   |
| Isagenix International LLC                     |   | Services: Consumer                |   | 6.75% (LIBOR +5.75%) |   | 04/26/2018                 |   | 06/14/2025     |   |                | 1,604,653 |   |            |   | 1,596,727 |            |   |   | 1,202,487 |   |
| LaserShip, Inc.                                |   | Transportation: Cargo             |   | 5.25% (LIBOR +4.5%)  |   | 10/20/2021                 |   | 04/30/2028     |   |                | 997,500   |   |            |   | 992,622   |            |   |   | 999,839 |   |
| Lereta, LLC                                    |   | Fire: Real Estate                 |   | 6% (LIBOR +5.25%)    |   | 07/27/2021                 |   | 07/27/2028     |   |                | 1,995,000 |   |            |   | 1,976,172 |            |   |   | 1,996,666 |   |
| Lids Holdings, Inc                             |   | Retail                            |   | 5.55% (LIBOR +0%)    |   | 12/03/2021                 |   | 12/03/2026     |   |                | 1,000,000 |   |            |   | 980,100   |            |   |   | 985,000 |   |
| Lifescan Global Corporation                    |   | Healthcare & Pharmaceuticals  |   | 6.13% (LIBOR +6%)    |   | 06/19/2018                 |   | 10/01/2024     |   |                | 2,735,076 |   |            |   | 2,707,287 |            |   |   | 2,679,649 |   |
| Liquid Tech Solutions Holdings, LLC            |   | Transportation: Cargo             |   | 5.5% (LIBOR +4.75%)  |   | 03/18/2021                 |   | 03/11/2028     |   |                | 2,987,494 |   |            |   | 2,973,679 |            |   |   | 2,987,494 |   |
| LRS Holdings LLC                               |   | Environmental Industries          |   | 4.75% (LIBOR +4.25%) |   | 08/13/2021                 |   | 08/12/2028     |   |                | 2,500,000 |   |            |   | 2,488,063 |            |   |   | 2,503,125 |   |
| MAG DS Corp.                                   |   | Aerospace & Defense           |   | 6.5% (LIBOR +5.5%)   |   | 09/21/2020                 |   | 04/01/2027     |   |                | 1,191,375 |   |            |   | 1,143,197 |            |   |   | 1,096,065 |   |
| McAfee Enterprise                              |   | High Tech Industries              |   | 5.75% (LIBOR +5%)    |   | 05/03/2021                 |   | 07/27/2028     |   |                | 2,990,630 |   |            |   | 2,962,547 |            |   |   | 2,987,355 |   |
| Miller's Ale House Inc                         |   | Hotel, Gaming & Leisure       |   | 4.85% (LIBOR +4.75%) |   | 05/24/2018                 |   | 05/21/2025     |   |                | 2,316,000 |   |            |   | 2,310,330 |            |   |   | 2,234,222 |   |
| MRI Software LLC                               |   | Construction & Building       |   | 6.5% (LIBOR +5.5%)   |   | 01/31/2020                 |   | 02/10/2026     |   |                | 1,474,390 |   |            |   | 1,470,090 |            |   |   | 1,473,247 |   |
| NAC Holding Corporation                        |   | Fire: Insurance                   |   | 6% (LIBOR +5%)       |   | 10/02/2020                 |   | 09/28/2024     |   |                | 3,836,179 |   |            |   | 3,783,213 |            |   |   | 3,836,179 |   |
| New Constellis Borrower LLC                    |   | Aerospace & Defense           |   | 8.5% (LIBOR +7.5%)   |   | 03/27/2020                 |   | 03/27/2024     |   |                | 331,112   |   |            |   | 316,318   |            |   |   | 324,490 |   |
| New Insight Holdings Inc                       |   | Services: Business                |   | 6.5% (LIBOR +5.5%)   |   | 12/08/2017                 |   | 12/20/2024     |   |                | 1,920,000 |   |            |   | 1,879,420 |            |   |   | 1,898,602 |   |
| NextCare, Inc. (8)                             |   | Healthcare & Pharmaceuticals  |   | 5.25% (LIBOR +4.25%) |   | 02/13/2018                 |   | 06/30/2024     |   |                | 629,091   |   |            |   | 114,981   |            |   |   | 116,914 |   |
| NextCare, Inc.                                 |   | Healthcare & Pharmaceuticals  |   | 5.25% (LIBOR +4.25%) |   | 02/13/2018                 |   | 06/30/2024     |   |                | 3,739,951 |   |            |   | 3,724,754 |            |   |   | 3,721,251 |   |
| Northern Star Holdings Inc.                    |   | Utilities: Electric               |   | 5.75% (LIBOR +4.75%) |   | 03/28/2018                 |   | 03/28/2025     |   |                | 4,090,625 |   |            |   | 4,081,100 |            |   |   | 4,100,852 |   |
| Oak Point Partners, LLC                        |   | Banking, Finance, Insurance & |   | 6.5% (LIBOR +5.5%)   |   | 12/01/2021                 |   | 11/30/2027     |   |                | 2,850,000 |   |            |   | 2,807,855 |            |   |   | 2,807,250 |   |
|                                           |   | Real Estate                       |   |                 |   |                       |   |           |   |                |      |   |            |   |      |            |   |   |   |   |
| Odyssey Logistics & Technology Corporation |   | Transportation: Cargo             |   | 5% (LIBOR +4%)       |   | 10/06/2017                 |   | 10/12/2024     |   |                | 1,917,641 |   |            |   | 1,913,457 |            |   |   | 1,903,738 |   |
| Omni Logistics                                 |   | Transportation: Cargo             |   | 6% (LIBOR +5%)       |   | 11/24/2021                 |   | 11/30/2027     |   |                | 172,157   |   |            |   | 171,301   |            |   |   | 170,866 |   |
| Omni Logistics (9)                             |   | Transportation: Cargo             |   | 6% (LIBOR +5%)       |   | 11/24/2021                 |   | 11/30/2027     |   | $                   | 203,046   |   |            | $      | 9,142     |            |   | $ | 8,629 |   |
| Omni Logistics                                 |   | Transportation: Cargo             |   | 6% (LIBOR +5%)       |   | 11/24/2021                 |   | 12/30/2026     |   |                | 1,620,305 |   |            |   | 1,604,184 |            |   |   | 1,608,152 |   |
| Options Technology (10) (15)                   |   | Services: Business                |   | 4.8% (LIBOR +4.75%)  |   | 10/29/2021                 |   | 12/26/2025     |   |                | 605,958   |   |            |   | (3,628    | )               |   |   | (3,787 | ) |
| Options Technology                             |   | Services: Business                |   | 5.75% (LIBOR +4.75%) |   | 10/29/2021                 |   | 12/27/2025     |   |                | 2,452,112 |   |            |   | 2,422,751 |            |   |   | 2,421,461 |   |
| Orion Business Innovations                     |   | High Tech Industries              |   | 5.5% (LIBOR +4.5%)   |   | 10/18/2018                 |   | 10/19/2024     |   |                | 548,992   |   |            |   | 546,409   |            |   |   | 548,992 |   |
| Orion Business Innovations                     |   | High Tech Industries              |   | 5.5% (LIBOR +4.5%)   |   | 03/04/2019                 |   | 10/21/2024     |   |                | 810,417   |   |            |   | 806,363   |            |   |   | 810,417 |   |

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

9

 

----

First Eagle Logan JV LLC

Consolidated Schedule of Investments

AsofDecember31,2021

 

 

| Company/Security/Country (16)              |   | Industry                                      |   | Interest Rate (1)    |   | Initial

Acquisition

Date |   | Maturity

Date |   | Principal /

Shares |      |   | Amortized

Cost |   |        | Fair

Value (2) |   |
|--------------------------------------------|--------|-----------------------------------------------|--------|----------------------|--------|----------------------------|--------|----------------|--------|---------------------|-----------|--------|-----------------|--------|-------------|-----------------|--------|
| Orion Business Innovations                 |   | High Tech Industries                          |   | 5.5% (LIBOR +4.5%)   |   | 10/18/2018                 |   | 10/19/2024     |   |                | 1,877,419 |   |            |   | 1,868,585   |            |   |   | 1,877,419 |   |
| Output Services Group Inc                  |   | Services: Business                            |   | 5.5% (LIBOR +4.5%)   |   | 03/26/2018                 |   | 03/21/2024     |   |                | 4,321,923 |   |            |   | 4,313,774   |            |   |   | 3,720,463 |   |
| OVG Business Services, LLC                 |   | Services: Business                            |   | 7.25% (LIBOR +6.25%) |   | 10/15/2021                 |   | 11/20/2028     |   |                | 2,500,000 |   |            |   | 2,475,319   |            |   |   | 2,475,000 |   |
| Patriot Rail Co LLC                        |   | Transportation: Cargo                         |   | 4.25% (LIBOR +4%)    |   | 02/24/2021                 |   | 10/19/2026     |   |                | 3,438,750 |   |            |   | 3,463,414   |            |   |   | 3,455,944 |   |
| PH Beauty Holdings III, Inc.               |   | Containers, Packaging &                   |   | 5.18% (LIBOR +5%)    |   | 10/04/2018                 |   | 09/28/2025     |   |                | 2,902,500 |   |            |   | 2,886,735   |            |   |   | 2,742,863 |   |
|                                       |   | Glass                                         |   |                 |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| PLH Group Inc                              |   | Energy: Oil & Gas                         |   | 6.15% (LIBOR +6%)    |   | 08/01/2018                 |   | 07/25/2023     |   |                | 3,383,753 |   |            |   | 3,357,074   |            |   |   | 3,354,145 |   |
| Portfolio Holding, Inc.                    |   | Banking, Finance, Insurance &             |   | 7% (LIBOR +6%)       |   | 05/14/2021                 |   | 12/02/2025     |   |                | 1,990,000 |   |            |   | 1,955,752   |            |   |   | 1,990,000 |   |
|                                       |   | Real Estate                                   |   |                 |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Portfolio Holding, Inc. (11)               |   | Banking, Finance, Insurance & Real Estate |   | 7% (LIBOR +6%)       |   | 11/15/2021                 |   | 12/02/2025     |   |                | 416,667   |   |            |   | 220,966     |            |   |   | 225,000 |   |
| Portfolio Holding, Inc.                    |   | Banking, Finance, Insurance &             |   | 7% (LIBOR +6%)       |   | 11/15/2021                 |   | 12/02/2025     |   |                | 625,000   |   |            |   | 612,898     |            |   |   | 625,000 |   |
|                                       |   | Real Estate                                   |   |                 |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Portillo's Holdings, LLC                   |   | Beverage, Food & Tobacco                  |   | 6.5% (LIBOR +5.5%)   |   | 11/27/2019                 |   | 09/06/2024     |   |                | 1,955,000 |   |            |   | 1,943,911   |            |   |   | 1,961,109 |   |
| Precisely                                  |   | High Tech Industries                          |   | 4.75% (LIBOR +4%)    |   | 06/24/2021                 |   | 04/24/2028     |   |                | 1,995,000 |   |            |   | 1,985,684   |            |   |   | 1,995,000 |   |
| Premier Dental Services, Inc. (12)         |   | Healthcare & Pharmaceuticals              |   | 5.25% (LIBOR +4.5%)  |   | 08/11/2021                 |   | 08/18/2028     |   |                | 185,185   |   |            |   | 76,894      |            |   |   | 78,102 |   |
| Premier Dental Services, Inc.              |   | Healthcare & Pharmaceuticals              |   | 5.25% (LIBOR +4.5%)  |   | 08/11/2021                 |   | 08/18/2028     |   |                | 1,814,815 |   |            |   | 1,806,153   |            |   |   | 1,817,991 |   |
| Pure Fishing Inc                           |   | Consumer goods: Non-                          |   | 4.6% (LIBOR +4.5%)   |   | 12/20/2018                 |   | 12/22/2025     |   |                | 1,167,000 |   |            |   | 1,140,275   |            |   |   | 1,134,668 |   |
|                                       |   | Durable                                       |   |                 |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Quidditch Acquisition Inc                  |   | Beverage, Food & Tobacco                  |   | 8% (LIBOR +7%)       |   | 03/16/2018                 |   | 03/21/2025     |   |                | 982,979   |   |            |   | 973,941     |            |   |   | 970,082 |   |
| Red Ventures, LLC                          |   | Media: Advertising, Printing                  |   | 2.6% (LIBOR +2.5%)   |   | 10/18/2017                 |   | 11/08/2024     |   |                | 1,977,328 |   |            |   | 1,969,400   |            |   |   | 1,967,995 |   |
|                                       |   | & Publishing                              |   |                 |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Reedy Industries Inc. (13) (15)            |   | Services: Consumer                            |   | 5.25% (LIBOR +4.5%)  |   | 08/24/2021                 |   | 08/31/2028     |   |                | 299,252   |   |            |   | (1,429      | )               |   |   | — |   |
| Reedy Industries Inc.                      |   | Services: Consumer                            |   | 5.25% (LIBOR +4.5%)  |   | 08/24/2021                 |   | 08/31/2028     |   |                | 1,700,748 |   |            |   | 1,693,008   |            |   |   | 1,700,748 |   |
| R-Pac International Corp (14)              |   | Containers, Packaging & Glass             |   | 6.75% (LIBOR +6%)    |   | 11/23/2021                 |   | 01/15/2028     |   |                | 373,134   |   |            |   | 67,171      |            |   |   | 67,164 |   |
| R-Pac International Corp                   |   | Containers, Packaging &                   |   | 6.75% (LIBOR +6%)    |   | 11/23/2021                 |   | 01/15/2028     |   |                | 3,000,000 |   |            |   | 2,940,054   |            |   |   | 2,940,000 |   |
|                                       |   | Glass                                         |   |                 |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| RSA Security LLC                           |   | High Tech Industries                          |   | 5.5% (LIBOR +4.75%)  |   | 04/16/2021                 |   | 04/27/2028     |   |                | 1,995,000 |   |            |   | 1,981,998   |            |   |   | 1,911,459 |   |
| RXB Holdings, Inc.                         |   | Services: Business                            |   | 5.25% (LIBOR +4.5%)  |   | 07/28/2021                 |   | 12/20/2027     |   |                | 1,990,000 |   |            |   | 1,985,154   |            |   |   | 1,996,219 |   |
| StubHub                                    |   | High Tech Industries                          |   | 4.75% (LIBOR +4.25%) |   | 07/21/2021                 |   | 02/12/2027     |   |                | 1,496,250 |   |            |   | 1,489,331   |            |   |   | 1,496,250 |   |
| Teneo Holdings LLC                         |   | Services: Business                            |   | 6.25% (LIBOR +5.25%) |   | 07/15/2019                 |   | 07/11/2025     |   |                | 3,194,286 |   |            |   | 3,138,027   |            |   |   | 3,207,606 |   |
| Titan Sub LLC                              |   | Aerospace & Defense                       |   | 5.1% (LIBOR +5%)     |   | 09/19/2019                 |   | 09/21/2026     |   |                | 3,192,388 |   |            |   | 3,167,741   |            |   |   | 3,201,374 |   |
| Upstream Newco, Inc.                       |   | Healthcare & Pharmaceuticals              |   | 4.35% (LIBOR +4.25%) |   | 07/22/2021                 |   | 11/20/2026     |   |                | 3,877,183 |   |            |   | 3,865,686   |            |   |   | 3,887,477 |   |
| W3 Topco LLC                               |   | Energy: Oil & Gas                         |   | 7% (LIBOR +6%)       |   | 08/13/2019                 |   | 08/16/2025     |   |                | 1,775,000 |   |            |   | 1,699,802   |            |   |   | 1,757,250 |   |
| Yak Access LLC                             |   | Energy: Oil & Gas                         |   | 5.18% (LIBOR +5%)    |   | 06/29/2018                 |   | 07/11/2025     |   |                | 2,587,500 |   |            |   | 2,547,903   |            |   |   | 2,327,676 |   |
| Zenith American Holding, Inc.              |   | Services: Business                            |   | 6.25% (LIBOR +5.25%) |   | 03/11/2019                 |   | 12/13/2024     |   |                | 2,476,346 |   |            |   | 2,472,878   |            |   |   | 2,476,346 |   |
| Zenith American Holding, Inc.              |   | Services: Business                            |   | 6.25% (LIBOR +5.25%) |   | 03/11/2019                 |   | 12/13/2024     |   |                | 123,069   |   |            |   | 122,439     |            |   |   | 123,069 |   |
| Total United States of America             |   |                                          |   |                 |   |                       |   |           |   |                |      |   |            | $      | 202,359,081 |            |   | $ | 198,360,303 |   |
|                                       |   |                                          |   |                 |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Total Senior Secured First Lien Term Loans |   |                                          |   |                 |   |                       |   |           |   |                |      |   |            | $      | 226,464,458 |            |   | $ | 222,257,744 |   |

 

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

10

 

----

First Eagle Logan JV LLC

Consolidated Schedule of Investments

AsofDecember31,2021

 

 

| Company/Security/Country (16)           |   | Industry                     |   | Interest Rate (1)   |   | Initial

Acquisition

Date |   | Maturity

Date |   | Principal /

Shares |      |   | Amortized

Cost |   |        | Fair

Value (2) |   |
|-----------------------------------------|--------|------------------------------|--------|---------------------|--------|----------------------------|--------|----------------|--------|---------------------|-----------|--------|-----------------|--------|-------------|-----------------|--------|
| Second Lien Term Loans                  |   |                         |   |                |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| United States of America                |   |                         |   |                |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| ASP MSG Acquisition Co Inc              |   | Beverage, Food & Tobacco |   | 8.25% (LIBOR +7.5%) |   | 06/23/2021                 |   | 08/16/2025     |   | $                   | 2,000,000 |   |            | $      | 1,973,680   |            |   | $ | 2,010,000 |   |
| New Constellis Borrower LLC             |   | Aerospace & Defense      |   | 12% (LIBOR +11%)    |   | 03/27/2020                 |   | 03/27/2025     |   |                | 281,779   |   |            |   | 121,175     |            |   |   | 181,748 |   |
| Total United States of America          |   |                         |   |                |   |                       |   |           |   |                |      |   |            | $      | 2,094,855   |            |   | $ | 2,191,748 |   |
| Total Second Lien Term Loans            |   |                         |   |                |   |                       |   |           |   |                |      |   |            | $      | 2,094,855   |            |   | $ | 2,191,748 |   |
| Total Investments                       |   |                         |   |                |   |                       |   |           |   |                |      |   |            | $      | 228,559,313 |            |   | $ | 224,449,492 |   |
| Cash equivalents                        |   |                         |   |                |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Dreyfus Government Cash Management Fund |   |                         |   |                |   |                       |   |           |   |                |      |   |            | $      | 14,985,492  |            |   | $ | 14,985,492 |   |
| Other cash accounts                     |   |                         |   |                |   |                       |   |           |   |                |      |   |            |   | 734,600     |            |   |   | 734,600 |   |
| Total Cash equivalents                  |   |                         |   |                |   |                       |   |           |   |                |      |   |            | $      | 15,720,092  |            |   | $ | 15,720,092 |   |

 

 

(1)Variable interestrates indexedto 30-day, 60-day, 90-dayor 180-dayLIBORrates, attheborrower’s option. LIBORrates maybesubjecttointerestrate floors.

(2)RepresentsfairvalueinaccordancewithASCTopic820.

(3)Representsarevolvercommitmentof$1,469,807, whichwasunfundedas ofDecember31, 2021.Issuerpays0.75% unfundedcommitmentfee onrevolvertermloanand/orrevolvingloanfacilities.

(4)Represents adelayed drawcommitmentof $1,357,843, ofwhich $103,797wasunfunded asofDecember31, 2021. Unfundedamountsof adelayed drawposition havealower

rate thanthecontractualfullyfundedrate.Issuerpays 1.00%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(5)Representsarevolvercommitmentof$451,128,whichwasunfunded asof December31,2021. Issuerpays0.5%unfundedcommitmentfee onrevolvertermloanand/orrevolvingloanfacilities.

(6) Represents a delayed draw commitment of $295,455, which was unfunded as of December 31, 2021. Issuer pays 4.5% unfunded commitment fee on delayed draw termloanand/or revolvingloanfacilities.

(7) Represents a delayed draw commitment of $332,500, of which $63,317 was unfunded as of December 31, 2021. Unfunded amounts of a delayed draw position have a lowerratethanthecontractualfullyfundedrate.Issuerpays4.00% unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(8) Represents a delayed draw commitment of $629,091, of which $511,589 was unfunded as of December 31, 2021. Unfunded amounts of a delayed draw position have aratethanthecontractualfullyfundedrate. Issuerpays 1.00%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(9) Represents a delayed draw commitment of $203,046, of which $192,893 was unfunded as of December 31, 2021. Unfunded amounts of a delayed draw position have aratethanthecontractualfullyfundedrate. Issuerpays 1.00%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(10)Represents adelayed drawcommitment of$605,958,whichwas unfundedas ofDecember 31,2021.Issuer pays1.0%unfunded commitment feeon delayeddraw term

loan and/orrevolvingloanfacilities.

(11) Represents a delayed draw commitment of $416,667, of which $191,667 was unfunded as of December 31, 2021. Unfunded amounts of a delayed draw position have aratethanthecontractualfullyfundedrate. Issuerpays 1.00%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(12)Represents adelayed drawcommitmentof $185,185, ofwhich$107,408was unfundedas ofDecember31, 2021. Unfundedamountsof adelayed drawposition havea

rate thanthecontractualfullyfundedrate.Issuerpays 4.50%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(13)Representsarevolvercommitmentof $299,252,whichwasunfundedasof December31,2021. Issuerpays 4.5%unfundedcommitmentfeeonrevolvertermloanand/orrevolvingloanfacilities.

(14)Represents arevolvercommitmentof $373,134,ofwhich$298,507was unfundedas ofDecember31, 2021. Issuerpays 0.5% unfundedcommitmentfeeonrevolverterm

loan and/orrevolvingloanfacilities.

(15)Unfunded amountwill startto accrueinterest whenthe positionis funded. 3monthLIBORas ofDecember31, 2021orLIBORfloor isshown toreflectpossibleprojectedinterest rate.

(16)Allinvestments arepledged ascollateral forloanspayableunlessotherwisenoted.

(17)Loan wasonnon-accrualas ofDecember 31,2021.

 

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

11

 

----

|                                                                                  |        |
|----------------------------------------------------------------------------------|--------|
| First Eagle Logan JV LLC

ConsolidatedScheduleofInvestments

AsofDecember31,2020 |   |

 

 

| Company/Security/Country (13)                 |   | Industry                          |   | Interest Rate (1)     |   | Initial

Acquisition

Date |   | Maturity

Date |   | Principal /

Shares |      |   | Amortized

Cost |   |        | Fair

Value (2) |   |
|-----------------------------------------------|--------|-----------------------------------|--------|-----------------------|--------|----------------------------|--------|----------------|--------|---------------------|-----------|--------|-----------------|--------|-------------|-----------------|--------|
| Senior Secured First Lien Term Loans          |   |                              |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Australia                                     |   |                              |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Ticketek Pty Ltd                              |   | Services: Consumer                |   | 5% (LIBOR +4.25%)     |   | 11/22/2019                 |   | 11/26/2026     |   | $                   | 1,488,750 |   |            | $      | 1,475,986   |            |   | $ | 1,384,537 |   |
| Total Australia                               |   |                              |   |                  |   |                       |   |           |   |                |      |   |            | $      | 1,475,986   |            |   | $ | 1,384,537 |   |
| Canada                                        |   |                              |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Avison Young Canada Inc.                      |   | Services: Business                |   | 5.25% (LIBOR +5%)     |   | 03/07/2019                 |   | 01/31/2026     |   | $                   | 3,923,703 |   |            | $      | 3,865,066   |            |   | $ | 3,730,794 |   |
| PNI Canada Acquireco Corp                     |   | High Tech Industries              |   | 4.65% (LIBOR +4.5%)   |   | 10/31/2018                 |   | 10/31/2025     |   |                | 1,653,015 |   |            |   | 1,647,278   |            |   |   | 1,588,266 |   |
| Total Canada                                  |   |                              |   |                  |   |                       |   |           |   |                |      |   |            | $      | 5,512,344   |            |   | $ | 5,319,060 |   |
| Germany                                       |   |                              |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Rhodia Acetow                                 |   | Consumer goods: Non-              |   | 6.5% (LIBOR +5.5%)    |   | 04/21/2017                 |   | 05/31/2023     |   | $                   | 965,000   |   |            | $      | 959,181     |            |   | $ | 886,193 |   |
|                                          |   | Durable                           |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| VAC Germany Holding GmbH                      |   | Metals & Mining               |   | 5% (LIBOR +4%)        |   | 02/26/2018                 |   | 03/08/2025     |   |                | 2,917,500 |   |            |   | 2,908,791   |            |   |   | 2,173,538 |   |
| Total Germany                                 |   |                              |   |                  |   |                       |   |           |   |                |      |   |            | $      | 3,867,972   |            |   | $ | 3,059,731 |   |
| Luxembourg                                    |   |                              |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Connect Finco SARL                            |   | Telecommunications                |   | 5.5% (LIBOR +4.5%)    |   | 09/23/2019                 |   | 12/11/2026     |   | $                   | 1,421,080 |   |            | $      | 1,396,741.0 |            |   | $ | 1,429,329 |   |
| Travelport Finance (Luxembourg) S.à r.l. |   | Services: Consumer                |   | 9.0% (LIBOR +1.5%)    |   | 09/22/2020                 |   | 02/28/2025     |   |                | 1,630,393 |   |            |   | 1,467,991   |            |   |   | 1,612,556 |   |
|                                          |   |                              |   | (2.5%Cash + 6.5% PIK) |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Travelport Finance (Luxembourg) S.à r.l. |   | Services: Consumer                |   | 5.25% (LIBOR +5%)     |   | 03/18/2019                 |   | 05/30/2026     |   |                | 1,747,115 |   |            |   | 1,719,978   |            |   |   | 1,198,233 |   |
| Total Luxembourg                              |   |                              |   |                  |   |                       |   |           |   |                |      |   |            | $      | 4,584,710   |            |   | $ | 4,240,118 |   |
| United Kingdom                                |   |                              |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Auxey Bidco Ltd.                              |   | Services: Consumer                |   | 5.52% (LIBOR +5.25%)  |   | 08/07/2018                 |   | 06/16/2025     |   | $                   | 5,000,000 |   |            | $      | 4,866,311   |            |   | $ | 4,533,325 |   |
| EG Group                                      |   | Retail                            |   | 4.25% (LIBOR +4%)     |   | 03/23/2018                 |   | 02/07/2025     |   |                | 2,787,871 |   |            |   | 2,779,453   |            |   |   | 2,763,143 |   |
| Total United Kingdom                          |   |                              |   |                  |   |                       |   |           |   |                |      |   |            | $      | 7,645,764   |            |   | $ | 7,296,468 |   |
| United States of America                      |   |                              |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| 1A Smart Start LLC                            |   | Services: Consumer                |   | 5.75% (LIBOR +4.75%)  |   | 08/14/2020                 |   | 08/13/2027     |   | $                   | 2,394,000 |   |            | $      | 2,371,211   |            |   | $ | 2,394,000 |   |
| A Place for Mom Inc                           |   | Media: Advertising, Printing      |   | 4.75% (LIBOR +3.75%)  |   | 07/28/2017                 |   | 08/10/2024     |   |                | 3,870,000 |   |            |   | 3,859,979   |            |   |   | 3,618,450 |   |
|                                          |   | & Publishing                  |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| A10 Capital, LLC                              |   | Banking, Finance, Insurance & |   | 7.5% (LIBOR +6.5%)    |   | 04/25/2018                 |   | 05/01/2023     |   |                | 5,000,000 |   |            |   | 4,976,764   |            |   |   | 4,875,000 |   |
|                                          |   | Real Estate                       |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| Acproducts Inc                                |   | Construction & Building       |   | 7.5% (LIBOR +6.5%)    |   | 02/14/2020                 |   | 08/13/2025     |   |                | 490,625   |   |            |   | 498,992     |            |   |   | 505,113 |   |
| Advanced Integration Technology LP            |   | Aerospace & Defense           |   | 5.75% (LIBOR +4.75%)  |   | 07/15/2016                 |   | 04/03/2023     |   |                | 1,915,375 |   |            |   | 1,908,189   |            |   |   | 1,608,915 |   |
| Advisor Group Holdings Inc                    |   | Banking, Finance, Insurance & |   | 5.15% (LIBOR +5%)     |   | 07/31/2019                 |   | 07/31/2026     |   |                | 3,182,143 |   |            |   | 3,165,342   |            |   |   | 3,162,254 |   |
|                                          |   | Real Estate                       |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |
| AG Parent Holdings LLC                        |   | High Tech Industries              |   | 5.15% (LIBOR +5%)     |   | 07/30/2019                 |   | 07/31/2026     |   |                | 2,640,000 |   |            |   | 2,618,930   |            |   |   | 2,607,000 |   |
| AgroFresh Inc.                                |   | Chemicals, Plastics & Rubber  |   | 7.25% (LIBOR +6.25%)  |   | 12/01/2015                 |   | 12/31/2024     |   |                | 1,294,118 |   |            |   | 1,292,484   |            |   |   | 1,286,838 |   |
| Alcami Carolinas Corp                         |   | Healthcare & Pharmaceuticals  |   | 4.4% (LIBOR +4.25%)   |   | 07/09/2018                 |   | 07/06/2025     |   |                | 3,910,000 |   |            |   | 3,897,238   |            |   |   | 3,294,175 |   |
| Alchemy US Holdco 1 LLC                       |   | Chemicals, Plastics & Rubber  |   | 5.65% (LIBOR +5.5%)   |   | 10/01/2018                 |   | 10/10/2025     |   |                | 1,900,000 |   |            |   | 1,880,562   |            |   |   | 1,835,885 |   |
| Allen Media LLC                               |   | Media: Broadcasting &         |   | 5.75% (LIBOR +5.5%)   |   | 02/06/2020                 |   | 02/10/2027     |   |                | 2,977,027 |   |            |   | 2,963,967   |            |   |   | 2,970,820 |   |
|                                          |   | Subscription                      |   |                  |   |                       |   |           |   |                |      |   |            |   |        |            |   |   |   |   |

 

 

 

The accompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

12

 

----

|                                                                                  |        |
|----------------------------------------------------------------------------------|--------|
| First Eagle Logan JV LLC

ConsolidatedScheduleofInvestments

AsofDecember31,2020 |   |

 

 

 

| Company/Security/Country (13)                     |   | Industry                          |   | Interest Rate (1)    |   | Initial

Acquisition

Date |   | Maturity Date |   | Principal /

Shares |      |   | Amortized

Cost |   |      | Fair Value (2) |   |
|---------------------------------------------------|--------|-----------------------------------|--------|----------------------|--------|----------------------------|--------|---------------|--------|---------------------|-----------|--------|-----------------|--------|-----------|----------------|--------|
| AMCP Clean Acquisition Co LLC                     |   | Wholesale                         |   | 4.4% (LIBOR +4.25%)  |   | 07/10/2018                 |   | 06/15/2025    |   | $                   | 2,358,914 |   |            | $      | 2,351,231 |           |   | $ | 1,627,651 |   |
| AMCP Clean Acquisition Co LLC                     |   | Wholesale                         |   | 4.4% (LIBOR +4.25%)  |   | 07/10/2018                 |   | 06/15/2025    |   |                | 570,799   |   |            |   | 568,940   |           |   |   | 393,851 |   |
| Anne Arundel Dermatology Management, LLC (3)      |   | Healthcare & Pharmaceuticals  |   | 7% (LIBOR +6%)       |   | 10/12/2020                 |   | 10/16/2025    |   |                | 1,362,166 |   |            |   | 379,558   |           |   |   | 378,410 |   |
| Anne Arundel Dermatology Management, LLC (4) (12) |   | Healthcare & Pharmaceuticals  |   | 7% (LIBOR +6%)       |   | 10/12/2020                 |   | 10/16/2025    |   |                | 451,128   |   |            |   | (8,642    | )              |   |   | (9,023 | ) |
| Anne Arundel Dermatology Management, LLC          |   | Healthcare & Pharmaceuticals  |   | 7% (LIBOR +6%)       |   | 10/12/2020                 |   | 10/16/2025    |   |                | 2,043,249 |   |            |   | 2,004,107 |           |   |   | 2,002,384 |   |
| Ansira Holdings, Inc.                             |   | Media: Diversified &          |   | 7.5% (LIBOR +6.5%)   |   | 04/17/2018                 |   | 12/20/2024    |   |                | 632,237   |   |            |   | 630,602   |           |   |   | 486,822 |   |
|                                              |   | Production                        |   |                 |   |                       |   |          |   |                |      |   |            |   |      |           |   |   |   |   |
| Ansira Holdings, Inc.                             |   | Media: Diversified &          |   | 7.5% (LIBOR +6.5%)   |   | 12/20/2016                 |   | 12/20/2024    |   |                | 1,899,097 |   |            |   | 1,890,228 |           |   |   | 1,462,304 |   |
|                                              |   | Production                        |   |                 |   |                       |   |          |   |                |      |   |            |   |      |           |   |   |   |   |
| AP Gaming I LLC                                   |   | Hotel, Gaming & Leisure       |   | 4.5% (LIBOR +3.5%)   |   | 06/06/2016                 |   | 02/15/2024    |   |                | 2,413,203 |   |            |   | 2,410,077 |           |   |   | 2,320,983 |   |
| APFS Staffing Holdings Inc                        |   | Services: Consumer                |   | 4.9% (LIBOR +4.75%)  |   | 04/04/2019                 |   | 04/15/2026    |   |                | 1,970,000 |   |            |   | 1,939,884 |           |   |   | 1,939,229 |   |
| AQA Acquisition Holding, Inc.                     |   | High Tech Industries              |   | 4.25% (LIBOR +3.25%) |   | 10/01/2018                 |   | 05/24/2023    |   |                | 1,954,430 |   |            |   | 1,954,430 |           |   |   | 1,954,430 |   |
| Ascend Performance Materials Operations LLC       |   | Chemicals, Plastics & Rubber  |   | 6.25% (LIBOR +5.25%) |   | 08/16/2019                 |   | 08/27/2026    |   |                | 870,730   |   |            |   | 856,634   |           |   |   | 875,084 |   |
| BCP Qualtek Merger Sub LLC                        |   | Telecommunications                |   | 7.25% (LIBOR +6.25%) |   | 07/16/2018                 |   | 07/18/2025    |   |                | 3,775,000 |   |            |   | 3,725,707 |           |   |   | 3,573,679 |   |
| Brand Energy & Infrastructure Services, Inc.  |   | Energy: Oil & Gas             |   | 5.25% (LIBOR +4.25%) |   | 06/16/2017                 |   | 06/21/2024    |   |                | 2,895,000 |   |            |   | 2,880,565 |           |   |   | 2,829,327 |   |
| California Cryobank LLC                           |   | Healthcare & Pharmaceuticals  |   | 4.25% (LIBOR +4%)    |   | 08/03/2018                 |   | 08/06/2025    |   |                | 3,136,146 |   |            |   | 3,125,827 |           |   |   | 3,108,705 |   |
| Cambium Learning Group, Inc.                      |   | Services: Consumer                |   | 4.75% (LIBOR +4.5%)  |   | 12/18/2018                 |   | 12/18/2025    |   |                | 1,959,968 |   |            |   | 1,889,579 |           |   |   | 1,953,108 |   |
| Canister International Group Inc                  |   | Forest Products & Paper       |   | 4.9% (LIBOR +4.75%)  |   | 12/18/2019                 |   | 12/21/2026    |   |                | 1,985,000 |   |            |   | 1,968,037 |           |   |   | 1,978,797 |   |
| CC Amulet Intermediate, LLC                       |   | Healthcare & Pharmaceuticals  |   | 5.75% (LIBOR +4.75%) |   | 06/18/2018                 |   | 04/30/2024    |   |                | 282,962   |   |            |   | 281,354   |           |   |   | 280,132 |   |
| CC Amulet Intermediate, LLC (5)                   |   | Healthcare & Pharmaceuticals  |   | 5.75% (LIBOR +4.75%) |   | 05/01/2020                 |   | 04/30/2024    |   |                | 1,251,077 |   |            |   | 551,077   |           |   |   | 538,566 |   |
| CC Amulet Intermediate, LLC                       |   | Healthcare & Pharmaceuticals  |   | 5.75% (LIBOR +4.75%) |   | 06/18/2018                 |   | 04/30/2024    |   |                | 3,375,000 |   |            |   | 3,355,829 |           |   |   | 3,341,250 |   |
| Clear Balance Holdings, LLC                       |   | Banking, Finance, Insurance & |   | 6.75% (LIBOR +5.75%) |   | 07/07/2015                 |   | 10/05/2023    |   |                | 4,734,191 |   |            |   | 4,724,218 |           |   |   | 4,639,507 |   |
|                                              |   | Real Estate                       |   |                 |   |                       |   |          |   |                |      |   |            |   |      |           |   |   |   |   |
| Conyers Park Parent Merger Sub Inc                |   | Beverage, Food & Tobacco      |   | 4.75% (LIBOR +3.75%) |   | 06/21/2017                 |   | 07/07/2024    |   |                | 1,734,298 |   |            |   | 1,729,916 |           |   |   | 1,742,701 |   |
| Discovery Practice Management, Inc.               |   | Healthcare & Pharmaceuticals  |   | 5.5% (LIBOR +4.5%)   |   | 07/22/2019                 |   | 06/15/2024    |   |                | 4,924,372 |   |            |   | 4,907,027 |           |   |   | 4,875,129 |   |
| Drilling Info Inc.                                |   | High Tech Industries              |   | 4.4% (LIBOR +4.25%)  |   | 07/27/2018                 |   | 07/30/2025    |   |                | 4,398,159 |   |            |   | 4,383,712 |           |   |   | 4,269,886 |   |
| E2open, LLC                                       |   | Services: Business                |   | 6.75% (LIBOR +5.75%) |   | 06/21/2019                 |   | 11/26/2024    |   |                | 4,937,500 |   |            |   | 4,901,839 |           |   |   | 4,931,352 |   |
| Eliassen Group, LLC                               |   | Services: Business                |   | 4.4% (LIBOR +4.25%)  |   | 10/19/2018                 |   | 11/05/2024    |   |                | 4,620,620 |   |            |   | 4,605,494 |           |   |   | 4,574,413 |   |
| Empower Payments Acquisition                      |   | Services: Business                |   | 4.4% (LIBOR +4.25%)  |   | 10/05/2018                 |   | 10/05/2025    |   |                | 3,920,000 |   |            |   | 3,913,246 |           |   |   | 3,841,600 |   |
| Gold Standard Baking, Inc. (14)                   |   | Wholesale                         |   | 7.5% (LIBOR +6.5%)   |   | 05/19/2015                 |   | 07/23/2022    |   |                | 2,609,295 |   |            |   | 2,227,158 |           |   |   | 1,017,625 |   |
| Golden West Packaging Group LLC                   |   | Containers, Packaging & Glass |   | 6.25% (LIBOR +5.25%) |   | 02/09/2018                 |   | 06/20/2023    |   |                | 4,547,973 |   |            |   | 4,537,379 |           |   |   | 4,502,493 |   |
| Granite Holdings US Acquisition Co                |   | Capital Equipment                 |   | 5.5% (LIBOR +5.25%)  |   | 09/25/2019                 |   | 09/30/2026    |   |                | 2,896,667 |   |            |   | 2,824,720 |           |   |   | 2,903,908 |   |
| Gruden Acquisition Inc.                           |   | Transportation: Cargo             |   | 6.5% (LIBOR +5.5%)   |   | 06/21/2017                 |   | 08/18/2022    |   |                | 1,928,934 |   |            |   | 1,913,575 |           |   |   | 1,913,667 |   |

 

 

The accompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

13

 

----

|                                                                                  |        |
|----------------------------------------------------------------------------------|--------|
| First Eagle Logan JV LLC

ConsolidatedScheduleofInvestments

AsofDecember31,2020 |   |

 

 

 

| Company/Security/Country (13)                  |   | Industry                                      |   | Interest Rate (1)    |   | Initial

Acquisition

Date |   | Maturity Date      |   | Principal /

Shares |      |   | Amortized

Cost |   |      | Fair Value (2)  |   |
|------------------------------------------------|--------|-----------------------------------------------|--------|----------------------|--------|----------------------------|--------|--------------------|--------|---------------------|-----------|--------|-----------------|--------|-----------|-----------------|--------|
| Hertz Corporation (6)                          |   | Services: Business                            |   | 8.25% (LIBOR +7.25%) |   | 10/26/2020                 |   | 12/31/2021         |   | $                   | 3,000,000 |   |            | $      | 415,730   |            |   | $ | 537,690 |   |
| High Street Insurance Partners, Inc. (7)       |   | Banking, Finance, Insurance & Real Estate |   | 7.5% (LIBOR +6.5%)   |   | 08/07/2020                 |   | 12/03/2025         |   |                | 1,000,000 |   |            |   | 669,331   |            |   |   | 672,500 |   |
| High Street Insurance Partners, Inc.           |   | Banking, Finance, Insurance &             |   | 7.5% (LIBOR +6.5%)   |   | 08/07/2020                 |   | 12/03/2025         |   |                | 2,984,971 |   |            |   | 2,915,812 |            |   |   | 2,925,272 |   |
|                                           |   | Real Estate                                   |   |                 |   |                       |   |               |   |                |      |   |            |   |      |            |   |   |   |   |
| Hoffman Southwest Corporation                  |   | Environmental Industries                      |   | 6% (LIBOR +5%)5.5%   |   | 05/16/2019                 |   | 08/14/2023         |   |                | 1,578,454 |   |            |   | 1,568,621 |            |   |   | 1,538,993 |   |
| Hornblower Sub LLC                             |   | Hotel, Gaming & Leisure                   |   | (LIBOR +4.5%)4.75%   |   | 03/08/2019                 |   | 04/28/2025         |   |                | 1,771,192 |   |            |   | 1,469,642 |            |   |   | 1,527,654 |   |
| Institutional Shareholder Services, Inc.       |   | Services: Business                            |   | (LIBOR +4.5%)5.37%   |   | 03/04/2019                 |   | 02/26/2026         |   |                | 1,965,000 |   |            |   | 1,950,446 |            |   |   | 1,957,631 |   |
| International Textile Group Inc                |   | Consumer goods: Durable                       |   | (LIBOR +5%)          |   | 04/20/2018                 |   | 05/01/2024         |   |                | 937,500   |   |            |   | 934,896   |            |   |   | 851,564 |   |
| Isagenix International LLC                     |   | Services: Consumer                            |   | 6.75% (LIBOR +5.75%) |   | 04/26/2018                 |   | 06/14/2025         |   |                | 1,733,571 |   |            |   | 1,722,528 |            |   |   | 973,695 |   |
| Lifescan Global Corporation                    |   | Healthcare & Pharmaceuticals              |   | 6.23% (LIBOR +6%)    |   | 06/19/2018                 |   | 10/01/2024         |   |                | 1,935,000 |   |            |   | 1,898,626 |            |   |   | 1,848,535 |   |
| LSCS Holdings Inc.                             |   | Healthcare & Pharmaceuticals              |   | 4.51% (LIBOR +4.25%) |   | 03/09/2018                 |   | 03/17/2025         |   |                | 461,156   |   |            |   | 459,765   |            |   |   | 451,933 |   |
| LSCS Holdings Inc.                             |   | Healthcare & Pharmaceuticals              |   | 4.51% (LIBOR +4.25%) |   | 03/09/2018                 |   | 03/17/2025         |   |                | 1,786,489 |   |            |   | 1,781,106 |            |   |   | 1,750,759 |   |
| MAG DS Corp.                                   |   | Aerospace & Defense                       |   | 6.5% (LIBOR +5.5%)   |   | 09/21/2020                 |   | 04/01/2027         |   |                | 1,246,875 |   |            |   | 1,186,847 |            |   |   | 1,193,883 |   |
| Miller's Ale House Inc                         |   | Hotel, Gaming & Leisure                   |   | 4.75% (LIBOR +4.75%) |   | 05/24/2018                 |   | 05/21/2025         |   |                | 2,340,000 |   |            |   | 2,332,580 |            |   |   | 2,063,588 |   |
| MRI Software LLC (8)                           |   | Construction & Building                   |   | 6.5% (LIBOR +5.5%)   |   | 01/31/2020                 |   | 02/10/2026         |   |                | 41,567    |   |            |   | (177      | )               |   |   | (104 | ) |
| MRI Software LLC                               |   | Construction & Building                   |   | 6.5% (LIBOR +5.5%)   |   | 01/31/2020                 |   | 02/10/2026         |   |                | 1,447,552 |   |            |   | 1,442,152 |            |   |   | 1,443,933 |   |
| NAC Holding Corporation                        |   | Banking, Finance, Insurance &             |   | 6.75% (LIBOR +5.75%) |   | 10/02/2020                 |   | 09/28/2024         |   |                | 3,875,359 |   |            |   | 3,802,341 |            |   |   | 3,797,851 |   |
|  

New Constellis Borrower LLC            |   | Real Estate Aerospace & Defense           |   | 8.5% (LIBOR +7.5%)   |   |  

03/27/2020         |   |  

03/27/2024 |   |  

331,112     |      |   |  

309,700 |   |      |  

321,730 |   |
| New Insight Holdings Inc                       |   | Services: Business                            |   | 6.5% (LIBOR +5.5%)   |   | 12/08/2017                 |   | 12/20/2024         |   |                | 1,940,000 |   |            |   | 1,885,036 |            |   |   | 1,916,720 |   |
| NextCare, Inc. (9)                             |   | Healthcare & Pharmaceuticals              |   | 5.5% (LIBOR +4.5%)   |   | 02/13/2018                 |   | 06/30/2024         |   |                | 629,847   |   |            |   | 71,880    |            |   |   | 72,266 |   |
| NextCare, Inc.                                 |   | Healthcare & Pharmaceuticals              |   | 5.5% (LIBOR +4.5%)   |   | 02/13/2018                 |   | 06/30/2024         |   |                | 3,778,309 |   |            |   | 3,756,806 |            |   |   | 3,759,417 |   |
| Northern Star Holdings Inc.                    |   | Utilities: Electric                           |   | 5.75% (LIBOR +4.75%) |   | 03/28/2018                 |   | 03/28/2025         |   |                | 4,133,125 |   |            |   | 4,120,529 |            |   |   | 4,050,463 |   |
| Oak Point Partners, LLC                        |   | Banking, Finance, Insurance &             |   | 6.25% (LIBOR +5.25%) |   | 09/13/2017                 |   | 09/13/2023         |   |                | 2,925,000 |   |            |   | 2,908,563 |            |   |   | 2,837,250 |   |
|                                           |   | Real Estate                                   |   |                 |   |                       |   |               |   |                |      |   |            |   |      |            |   |   |   |   |
| OB Hospitalist Group Inc                       |   | Healthcare & Pharmaceuticals              |   | 5% (LIBOR +4%)       |   | 08/08/2017                 |   | 08/01/2024         |   |                | 2,191,714 |   |            |   | 2,186,064 |            |   |   | 2,169,797 |   |
| Odyssey Logistics & Technology Corporation |   | Transportation: Cargo                         |   | 5% (LIBOR +4%)       |   | 10/06/2017                 |   | 10/12/2024         |   |                | 1,937,565 |   |            |   | 1,931,817 |            |   |   | 1,893,165 |   |
| Orion Business Innovations                     |   | High Tech Industries                          |   | 5.5% (LIBOR +4.5%)   |   | 10/18/2018                 |   | 10/19/2024         |   |                | 554,637   |   |            |   | 551,095   |            |   |   | 554,637 |   |
| Orion Business Innovations                     |   | High Tech Industries                          |   | 5.5% (LIBOR +4.5%)   |   | 03/04/2019                 |   | 10/21/2024         |   |                | 818,750   |   |            |   | 813,194   |            |   |   | 818,750 |   |
| Orion Business Innovations                     |   | High Tech Industries                          |   | 5.5% (LIBOR +4.5%)   |   | 10/18/2018                 |   | 10/19/2024         |   |                | 1,896,774 |   |            |   | 1,884,662 |            |   |   | 1,896,774 |   |
| OSM MSO, LLC                                   |   | Healthcare & Pharmaceuticals              |   | 5.25% (LIBOR +5%)    |   | 10/16/2018                 |   | 08/09/2023         |   |                | 3,858,052 |   |            |   | 3,837,180 |            |   |   | 3,279,344 |   |
| Output Services Group Inc                      |   | Services: Business                            |   | 5.5% (LIBOR +4.5%)   |   | 03/26/2018                 |   | 03/21/2024         |   |                | 4,378,173 |   |            |   | 4,366,199 |            |   |   | 3,283,630 |   |
| Parts Town                                     |   | Beverage, Food & Tobacco                  |   | 6.5% (LIBOR +5.5%)   |   | 11/07/2019                 |   | 10/15/2025         |   |                | 990,000   |   |            |   | 986,000   |            |   |   | 925,650 |   |
| Patriot Rail Co LLC                            |   | Transportation: Cargo                         |   | 5.49% (LIBOR +5.25%) |   | 10/15/2019                 |   | 10/11/2026         |   |                | 3,473,750 |   |            |   | 3,416,132 |            |   |   | 3,495,461 |   |

 

 

The accompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

14

 

----

|                                                                                  |        |
|----------------------------------------------------------------------------------|--------|
| First Eagle Logan JV LLC

ConsolidatedScheduleofInvestments

AsofDecember31,2020 |   |

 

 

| Company/Security/Country (13)                  |   | Industry                          |   | Interest Rate (1)    |   | Initial Acquisition

Date |   | Maturity Date |   | Principal / Shares |      |   | Amortized Cost |   |        | Fair Value (2) |   |
|------------------------------------------------|--------|-----------------------------------|--------|----------------------|--------|---------------------------|--------|---------------|--------|--------------------|-----------|--------|----------------|--------|-------------|----------------|--------|
| PH Beauty Holdings III, Inc.                   |   | Containers, Packaging & Glass |   | 5.23% (LIBOR +5%)    |   | 10/04/2018                |   | 09/28/2025    |   | $                  | 2,932,500 |   |           | $      | 2,912,316   |           |   | $ | 2,580,600 |   |
| PLH Group Inc                                  |   | Energy: Oil & Gas             |   | 6.21% (LIBOR +6%)    |   | 08/01/2018                |   | 07/25/2023    |   |               | 3,646,788 |   |           |   | 3,599,623   |           |   |   | 3,368,720 |   |
| Portillo's Holdings, LLC                       |   | Beverage, Food & Tobacco      |   | 6.5% (LIBOR +5.5%)   |   | 11/27/2019                |   | 09/06/2024    |   |               | 1,975,000 |   |           |   | 1,959,621   |           |   |   | 1,970,063 |   |
| Premise Health Holding Corp                    |   | Healthcare & Pharmaceuticals  |   | 3.75% (LIBOR +3.5%)  |   | 08/14/2018                |   | 07/10/2025    |   |               | 880,229   |   |           |   | 877,315     |           |   |   | 859,324 |   |
| PSC Industrial Outsourcing, LP                 |   | Chemicals, Plastics & Rubber  |   | 4.75% (LIBOR +3.75%) |   | 10/05/2017                |   | 10/11/2024    |   |               | 1,940,000 |   |           |   | 1,929,497   |           |   |   | 1,885,438 |   |
| Pure Fishing Inc                               |   | Consumer goods: Non-              |   | 4.65% (LIBOR +4.5%)  |   | 12/20/2018                |   | 12/22/2025    |   |               | 1,179,000 |   |           |   | 1,145,104   |           |   |   | 1,141,101 |   |
|                                           |   | Durable                           |   |                 |   |                      |   |          |   |               |      |   |           |   |        |           |   |   |   |   |
| Quidditch Acquisition Inc                      |   | Beverage, Food & Tobacco      |   | 8% (LIBOR +7%)       |   | 03/16/2018                |   | 03/21/2025    |   |               | 993,191   |   |           |   | 981,209     |           |   |   | 937,737 |   |
| Red Ventures, LLC                              |   | Media: Advertising, Printing      |   | 2.65% (LIBOR +2.5%)  |   | 10/18/2017                |   | 11/08/2024    |   |               | 1,997,766 |   |           |   | 1,986,950   |           |   |   | 1,968,898 |   |
|                                           |   | & Publishing                  |   |                 |   |                      |   |          |   |               |      |   |           |   |        |           |   |   |   |   |
| Sentry Data Systems, Inc.                      |   | High Tech Industries              |   | 7.75% (LIBOR +6.75%) |   | 09/29/2020                |   | 10/06/2025    |   |               | 3,181,818 |   |           |   | 3,121,224   |           |   |   | 3,118,182 |   |
| Sentry Data Systems, Inc. (10) (12)            |   | High Tech Industries              |   | 8% (LIBOR +6.75%)    |   | 09/29/2020                |   | 10/06/2025    |   |               | 318,182   |   |           |   | (6,059      | )              |   |   | (6,364 | ) |
| Silverback Merger Sub Inc                      |   | High Tech Industries              |   | 4.5% (LIBOR +3.5%)   |   | 08/11/2017                |   | 08/21/2024    |   |               | 1,161,000 |   |           |   | 1,159,380   |           |   |   | 1,161,000 |   |
| Starfish- V Merger Sub Inc                     |   | High Tech Industries              |   | 7% (LIBOR +6%)       |   | 11/06/2019                |   | 08/16/2024    |   |               | 990,000   |   |           |   | 928,938     |           |   |   | 991,549 |   |
| Starfish- V Merger Sub Inc                     |   | High Tech Industries              |   | 6.48% (LIBOR +6.25%) |   | 08/11/2017                |   | 08/16/2024    |   |               | 1,209,656 |   |           |   | 1,203,346   |           |   |   | 1,209,203 |   |
| Teneo Holdings LLC                             |   | Services: Business                |   | 6.25% (LIBOR +5.25%) |   | 07/15/2019                |   | 07/11/2025    |   |               | 2,221,875 |   |           |   | 2,154,680   |           |   |   | 2,206,144 |   |
| Titan Sub LLC                                  |   | Aerospace & Defense           |   | 5.15% (LIBOR +5%)    |   | 09/19/2019                |   | 09/21/2026    |   |               | 3,224,978 |   |           |   | 3,194,808   |           |   |   | 3,220,946 |   |
| Tupelo Buyer Inc                               |   | Transportation: Cargo             |   | 4.75% (LIBOR +3.75%) |   | 10/02/2017                |   | 10/07/2024    |   |               | 2,159,923 |   |           |   | 2,150,672   |           |   |   | 2,152,503 |   |
| Upstream Newco, Inc.                           |   | Healthcare & Pharmaceuticals  |   | 4.65% (LIBOR +4.5%)  |   | 10/24/2019                |   | 11/20/2026    |   |               | 2,911,333 |   |           |   | 2,899,090   |           |   |   | 2,909,514 |   |
| US Shipping Corp                               |   | Utilities: Oil & Gas          |   | 5.25% (LIBOR +4.25%) |   | 03/09/2016                |   | 06/26/2021    |   |               | 205,934   |   |           |   | 204,839     |           |   |   | 186,371 |   |
| W3 Topco LLC                                   |   | Energy: Oil & Gas             |   | 7% (LIBOR +6%)       |   | 08/13/2019                |   | 08/16/2025    |   |               | 1,875,000 |   |           |   | 1,773,650   |           |   |   | 1,813,125 |   |
| Yak Access LLC                                 |   | Energy: Oil & Gas             |   | 5.25% (LIBOR +5%)    |   | 06/29/2018                |   | 07/11/2025    |   |               | 2,737,500 |   |           |   | 2,683,727   |           |   |   | 2,429,531 |   |
| Zenith American Holding, Inc.                  |   | Services: Business                |   | 6.25% (LIBOR +5.25%) |   | 03/11/2019                |   | 12/13/2024    |   |               | 3,908,300 |   |           |   | 3,900,971   |           |   |   | 3,869,217 |   |
| Zenith American Holding, Inc. (11)             |   | Services: Business                |   | 6.25% (LIBOR +5.25%) |   | 03/11/2019                |   | 12/13/2024    |   |               | 494,607   |   |           |   | 190,825     |           |   |   | 189,270 |   |
| Total United States of America                 |   |                              |   |                 |   |                      |   |          |   |               |      |   |           | $      | 201,383,795 |           |   | $ | 193,378,923 |   |
| Total Senior Secured First Lien Term Loans     |   |                              |   |                 |   |                      |   |          |   |               |      |   |           | $      | 224,470,571 |           |   | $ | 214,678,837 |   |
|  

Second Lien Term Loans                 |   |                              |   |                 |   |                      |   |          |   |               |      |   |           |   |        |           |   |   |   |   |
| United States of America                       |   |                              |   |                 |   |                      |   |          |   |               |      |   |           |   |        |           |   |   |   |   |
| AQA Acquisition Holding, Inc.                  |   | High Tech Industries              |   | 9% (LIBOR +8%)       |   | 10/01/2018                |   | 05/24/2024    |   | $                  | 1,000,000 |   |           | $      | 993,875     |           |   | $ | 975,000 |   |
| DiversiTech Holdings Inc                       |   | Consumer goods: Durable           |   | 8.5% (LIBOR +7.5%)   |   | 05/18/2017                |   | 06/02/2025    |   |               | 2,000,000 |   |           |   | 1,988,921   |           |   |   | 1,990,000 |   |
| Gruden Acquisition Inc.                        |   | Transportation: Cargo             |   | 9.5% (LIBOR +8.5%)   |   | 07/31/2015                |   | 08/18/2023    |   |               | 500,000   |   |           |   | 491,789     |           |   |   | 458,750 |   |
| Midwest Physician Administrative Services, LLC |   | Healthcare & Pharmaceuticals  |   | 7.75% (LIBOR +7%)    |   | 08/11/2017                |   | 08/15/2025    |   |               | 979,043   |   |           |   | 973,393     |           |   |   | 959,462 |   |
| New Constellis Borrower LLC                    |   | Aerospace & Defense           |   | 12% (LIBOR +11%)     |   | 03/27/2020                |   | 03/27/2025    |   |               | 281,779   |   |           |   | 71,539      |           |   |   | 203,352 |   |
| TKC Holdings Inc                               |   | Services: Business                |   | 9% (LIBOR +8%)       |   | 01/31/2017                |   | 02/01/2024    |   |               | 1,849,630 |   |           |   | 1,842,701   |           |   |   | 1,655,418 |   |

 

 

The accompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

15

 

----

|                                                                                  |        |
|----------------------------------------------------------------------------------|--------|
| First Eagle Logan JV LLC

ConsolidatedScheduleofInvestments

AsofDecember31,2020 |   |

 

 

| Company/Security/Country (13)           |   | Industry                |   | Interest Rate (1) |   | Initial

Acquisition

Date |   | Maturity

Date |   | Principal /

Shares |    |   | Amortized Cost |   |        | Fair Value (2) |   |
|-----------------------------------------|--------|-------------------------|--------|-------------------|--------|----------------------------|--------|----------------|--------|---------------------|---------|--------|----------------|--------|-------------|----------------|--------|
| Wash Multifamily Acquisition Inc.       |   | Services: Consumer      |   | 8% (LIBOR +7%)    |   | 05/04/2015                 |   | 05/15/2023     |   | $                   | 425,479 |   |           | $      | 424,532     |           |   | $ | 395,696 |   |
| Wash Multifamily Acquisition Inc.       |   | Services: Consumer      |   | 8% (LIBOR +7%)    |   | 05/04/2015                 |   | 05/12/2023     |   |                | 74,521  |   |           |   | 74,355      |           |   |   | 69,304 |   |
| Total United States of America          |   |                    |   |              |   |                       |   |           |   |                |    |   |           | $      | 6,861,105   |           |   | $ | 6,706,982 |   |
| Total Second Lien Term Loans            |   |                    |   |              |   |                       |   |           |   |                |    |   |           | $      | 6,861,105   |           |   | $ | 6,706,982 |   |
| Equity Investments                      |   |                    |   |              |   |                       |   |           |   |                |    |   |           |   |        |           |   |   |   |   |
| United States of America                |   |                    |   |              |   |                       |   |           |   |                |    |   |           |   |        |           |   |   |   |   |
| New Constellis Borrower LLC             |   | Aerospace & Defense |   |              |   | 03/27/2020                 |   |           |   |                | 19,843  |   |           | $      | 203,695     |           |   | $ | 32,255 |   |
| Total United States of America          |   |                    |   |              |   |                       |   |           |   |                |    |   |           | $      | 203,695     |           |   | $ | 32,255 |   |
| Total Equity Investments                |   |                    |   |              |   |                       |   |           |   |                |    |   |           | $      | 203,695     |           |   | $ | 32,255 |   |
| Total Investments                       |   |                    |   |              |   |                       |   |           |   |                |    |   |           | $      | 231,535,371 |           |   | $ | 221,418,074 |   |
| Cash equivalents                        |   |                    |   |              |   |                       |   |           |   |                |    |   |           |   |        |           |   |   |   |   |
| Dreyfus Government Cash Management Fund |   |                    |   |              |   |                       |   |           |   |                |    |   |           | $      | 31,631,587  |           |   | $ | 31,631,587 |   |
| Other cash accounts                     |   |                    |   |              |   |                       |   |           |   |                |    |   |           |   | 555,291     |           |   |   | 555,291 |   |
| Total Cash equivalents                  |   |                    |   |              |   |                       |   |           |   |                |    |   |           | $      | 32,186,878  |           |   | $ | 32,186,878 |   |

 

 

(1)Variableinterestratesindexedto30-day,60-day,90-dayor180-dayLIBORrates,attheborrower’soption.LIBORratesmaybesubjecttointerestratefloors.

(2)RepresentsfairvalueinaccordancewithASCTopic820.

(3)Representsadelayeddrawcommitmentof$1,362,166,ofwhich$956,513wasunfundedasofDecember31,2020.Unfundedamountsofadelayeddrawpositionhavealowerratethanthecontractualfullyfundedrate.Issuerpays1.00%unfundedcommitmentfee ondelayeddrawtermloanand/orrevolvingloanfacilities.

(4)Representsarevolvercommitmentof$451,128,whichwasunfundedasofDecember31,2020.Issuerpays0.5%unfundedcommitmentfeeonrevolvertermloanand/orrevolvingloanfacilities.

(5)Representsadelayeddrawcommitmentof$1,251,077,ofwhich$700,000wasunfundedasofDecember31,2020.Unfundedamountsofadelayeddrawpositionhavealowerratethanthecontractualfullyfundedrate.Issuerpays1.00%unfundedcommitmentfee ondelayeddrawtermloanand/orrevolvingloanfacilities.

(6)Representsadelayeddrawcommitmentof$3,000,000,ofwhich$2,545,455wasunfundedasofDecember31,2020.Unfundedamountsofadelayeddrawpositionhavealower

ratethanthecontractualfullyfundedrate.Issuerpays3.75%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(7)Representsadelayeddrawcommitmentof$1,000,000,ofwhich$307,500wasunfundedasofDecember31,2020.Unfundedamountsofadelayeddrawpositionhavearatethanthecontractualfullyfundedrate.Issuerpays1.00%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(8)Representsadelayeddrawcommitmentof$41,567,whichwasunfundedasofDecember31,2020.Issuerpays0.5%unfundedcommitmentfeeondelayeddrawtermloan and/or revolvingloan facilities.

(9)Representsadelayeddrawcommitmentof$629,847,ofwhich$554,431wasunfundedasofDecember31,2020.Unfundedamountsofadelayeddrawpositionhavearatethanthecontractualfullyfundedrate.Issuerpays1.00%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(10)Representsarevolvercommitmentof$318,182,whichwasunfundedasofDecember31,2020.Issuerpays0.5%unfundedcommitmentfeeonrevolvertermloanand/orrevolvingloanfacilities.

(11)Representsadelayeddrawcommitmentof$494,607,ofwhich$300,391wasunfundedasofDecember31,2020.Unfundedamountsofadelayeddrawpositionhavearatethanthecontractualfullyfundedrate.Issuerpays1.00%unfundedcommitmentfeeondelayeddrawtermloanand/orrevolvingloanfacilities.

(12)Unfundedamountwillstarttoaccrueinterestwhenthepositionisfunded.3monthLIBORasofDecember31,2020orLIBORfloorisshowntoreflectpossibleprojectedinterestrate.

(13)Allinvestmentsarepledgedascollateralforloanspayableunlessotherwisenoted.

(14)Loanwasonnon-accrualasofDecember31,2020.

 

The accompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

 

16

 

----

|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

 

| 1. | OrganizationandStructure |
|----|--------------------------|

 

OnDecember2,2014,FirstEagleLoganJV,LLC(the“LoganJV”)wasformedasaDelawarelimitedliabilitycompanytoinvest primarilyin seniorsecured firstlien term loans.

 

LoganJVoperatesunderalimitedliabilityagreementdatedDecember3,2014(the“Agreement”),byandamongFirstEagleAlternativeCapitalBDC,Inc.,aDelawarecorporation (“FCRD”), and Perspecta Trident LLC, an affiliate of Perspecta Trust LLC,(“Perspecta”), each, a “Member” and,collectively, the “Members”. All Logan JV investmentdecisions must be unanimously approved by Logan JV’s investment committee consisting ofonerepresentative from each of FCRDandPerspecta.

 

Logan JV is capitalized with capital contributions which are called from the Members, on apro-ratabasisbasedontheircapitalcommitments,astransactionsarecompleted.Anydecisionby Logan JV to call down on capital commitments requires the explicit authorization of eachMember,andeachMembermaywithholdsuchauthorization for anyreason initssolediscretion.

 

Logan JV invests capital contributions into its wholly owned investment company subsidiary,FirstEagleLoganJVSPVI,LLC(the“LoganJVSPV”),aDelawarelimitedliabilitycompanyformed on December 1, 2014. The SPV operates under a limited liability agreement datedDecember3,2014,withLoganJV,its“InitialMember”and“DesignatedManager”.LoganJVshallcontinue withoutdissolution untilallinvestments areliquidatedbythecompany.

 

TheSPVinvestscapitalcontributionsfromLoganJV,alongwithborrowingsfromasyndicatedsenior credit facility, primarily in broadly syndicated loans, in addition to directly originatedloans.

 

Thefullyconsolidatedcompany is hereinreferredto asthe “Company”.

 

| 2. | SignificantAccountingPolicies |
|----|-------------------------------|

 

Basis of Presentation

 

The accompanying consolidated financial statements of Logan JV have been prepared inconformity with accounting principles generally accepted in the United States of America(“GAAP”). The Designated Manager has determined Logan JV is an investment companyunder ASC 946 in accordance with GAAP. Therefore Logan JV follows the accounting andreportingguidanceforinvestment companies.

 

Useof Estimates

 

ThepreparationofthefinancialstatementsinconformitywithGAAPrequirestheuseofcertainestimates and assumptions that may affect the reported amount of assets and liabilities anddisclosureofcontingentassetsandliabilitiesatthedateoftheconsolidatedfinancialstatementsandthereportedamountsofrevenuesandexpensesduringthereportingperiod.Actualamounts coulddiffersignificantlyfromtheestimatesincludedinthefinancialstatements,andsuchdifferences could bematerial.

 

Consolidation

 

LoganJVfollowstheguidanceinASCTopic946FinancialServices—InvestmentCompanies(“ASC Topic 946”) and will not generally consolidate its investment in a company other thananinvestmentcompanysubsidiaryoracontrolledoperatingcompanywhosebusinessconsistsof providing services to Logan JV. Logan JV has consolidated its wholly owned subsidiary,theSPV.Allinter-companyaccounts andtransactionshavebeen eliminatedin consolidation.

 

 

17

----

|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

CashandCashEquivalents

 

CashandcashequivalentsconsistofdemanddepositsandamoneymarketfundheldwithonefinancialinstitutionasofDecember31,2021and2020.CashheldindemanddepositaccountsmayexceedtheFederalDepositInsuranceCorporationinsuredlimitandthereforeissubjecttocredit risk. Cash equivalents are assets with an original maturity of three months or less. As ofDecember31,2021and2020,LoganJVheld$14,985,492and$31,631,587ofcashequivalents,respectively.

 

DeferredFinancingCosts

 

Deferred financing costs consist of fees and expenses paid in connection with the closing andsubsequentamendmentsofthecreditfacility.Thesecostsarecapitalizedatthetimeofpaymentandareamortizedusingthestraightlinemethodoverthetermofthecreditfacility.Capitalizeddeferred financing costs related to the credit facility are presented net against the respectivebalance outstanding on the Consolidated Statements of Assets, Liabilities and Members’Capital.

 

Distributions

 

Logan JV intends to make regular quarterly cash distributions of all or a portion of its netinvestmentincome and netrealized gains.

 

InvestmentTransactionsandInvestmentIncome

 

Investment transactions are recorded on a trade-date basis. Logan JV measures realized gainsor losses by the difference between the net proceeds from the repayment or sale and theamortized cost basis of the investment, using the specific identification method. Logan JVreports changes in fair value of investments that are measured at fair value as a component ofnet change in unrealized appreciation or depreciation on investments in the ConsolidatedStatementsofOperations.

 

Interest income, adjusted for amortization of premium and accretion of discount, is recordedonanaccrual basistotheextentthat Logan JVexpectstocollectsuchamounts.Originalissuediscount,principallyrepresentingthemarketdiscountorpremiumarecapitalizedandaccretedor amortized into interest income over the life of the respective security using the effectiveyield method. The amortized cost of investments represents the original cost adjusted for theaccretion/amortizationof discounts and premiumsandupfrontloanoriginationfees.

 

LoganJVcapitalizesandamortizesupfrontloanoriginationfeesreceivedinconnectionwiththeclosingofinvestments.Theunearnedincomefromsuchfeesisaccretedintointerestincomeover the contractual life of the loan based on the effective interest method. Upon prepaymentofaloanordebtsecurity,anyprepaymentpenalties,unamortizedupfrontloanoriginationfees,andunamortized discountsarerecorded asinterest income.

 

Logan JV may have investments in its portfolio which contain a contractual paid-in-kind, orPIK, interest provision. PIK interest is computed at the contractual rate specified in eachinvestment agreement, is added to the principal balance of the investment, and is recorded asincome. Logan JV will cease accruing PIK interest if there is insufficient value to support theaccrual or if amounts are not expected to be collectible and will generally only begin torecognizePIKincomeagainwhenallprincipalandinteresthavebeenpaidoruponarestructuring oftheinvestment wheretheinterestisdeemedcollectable.

 

Loans are placed on non-accrual status when principal or interest payments are past due 30days or more and/or when it is no longer probable that principal or interest will be collected.However, Logan JV may make exceptions to this policy if the loan has sufficient collateralvalueandisintheprocessof collection. Asof December 31,2021,theCompanyhas oneloanon non-accrual with an amortized cost basis of $1,674,041 and fair value of $94,312. As ofDecember31,2020,theCompanyhadoneloanonnon-accrualwithanamortizedcostbasisof $2,227,158 and fair value of $1,017,625.For additional information, please refer to theConsolidated Schedules of Investments as of December 31, 2021 and 2020. Any reversals ofpreviouslyaccruedincomearerecordedagainstthesameincomecategoryintheConsolidatedStatementsofOperations.

 

 

18

----

|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

Other income includes unused commitment fees associated with investments in portfoliocompanies and amendmentfees.

 

Expensesare recordedonan accrual basis.

 

RevolvingandUnfundedDelayedDrawLoans

 

For Logan JV’s investments in revolving and delayed draw loans, the cost basis of theinvestments purchased is adjusted for the cash received for the discount on the total balancecommitted. The fair value is also adjusted for unrealized appreciation or depreciation on theunfundedportion.Asaresult,the purchaseofcommitmentsnotcompletelyfunded mayresultin a negative value until it is offset by the future amounts called and funded. As of December31, 2021 and 2020, Logan JV had $4,590,778 and $6,175,167 of unfunded commitments,respectively.

 

IncomeTaxes

 

As a limited liability company, Logan JV itself is not subject to U.S. Federal income taxes.Each Member is individually liable for income taxes, if any, on its share of Logan JV’s nettaxable income. Interest, dividends and other income realized by Logan JV from non-U.S.sources and capital gains realized on the sale of securities of non-U.S. issuers may be subjecttowithholdingsandothertaxesleviedbythejurisdictioninwhichtheincomeissourced.EachMemberisrequiredforincometax purposestotake into accountits distributive shareof all items of Logan JV’s income, gain, loss, deductions, and other items for such taxable year ofLogan JV. The tax basis income and losses may differ from the income and losses in theStatementsofOperations,whichis preparedinaccordance with GAAP.

 

Logan JV determines whether a tax position is more likely than not to be sustained uponexamination, including resolution of any related appeals or litigation processes, based on thetechnical merits of the position.For tax positions meeting the more likely than not threshold,anytaxamountrecognizedinthefinancialstatementsisreducedbythelargestbenefitthathasa greater than fifty percent likelihood of being realized upon ultimate settlement with therelevant taxing authority. There were no uncertain tax positions as of December 31, 2021 and2020. Logan JV’s federal tax years 2019 forward remain subject to examination by taxingauthorities.

 

 

19

----

|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

| 3. | InvestmentValuation |
|----|---------------------|

 

The following is a summary of the industry classification in which Logan JV was invested asofDecember 31, 2021:

 

| Industry                                      |   | Cost   |        |   | Fair Value |   |        | % of Members'

Capital |   |
|-----------------------------------------------|--------|--------|-------------|--------|------------|--------|-------------|------------------------|--------|
| Aerospace & Defense                       |   | $      | 12,431,246  |   |       | $      | 12,447,544  |                   |   |   | 13.68 | % |
| Banking, Finance, Insurance & Real Estate |   |   | 7,572,782   |   |       |   | 7,647,238   |                   |   |   | 8.40 | % |
| Beverage, Food & Tobacco                  |   |   | 7,656,373   |   |       |   | 7,743,387   |                   |   |   | 8.51 | % |
| Chemicals, Plastics & Rubber              |   |   | 3,729,204   |   |       |   | 3,773,162   |                   |   |   | 4.15 | % |
| Construction & Building                   |   |   | 1,470,090   |   |       |   | 1,473,247   |                   |   |   | 1.62 | % |
| Consumer goods: Durable                       |   |   | 910,734     |   |       |   | 847,868     |                   |   |   | 0.93 | % |
| Consumer goods: Non-Durable                   |   |   | 2,091,905   |   |       |   | 2,029,742   |                   |   |   | 2.23 | % |
| Containers, Packaging & Glass             |   |   | 7,874,189   |   |       |   | 7,740,027   |                   |   |   | 8.51 | % |
| Energy: Oil & Gas                         |   |   | 10,459,609  |   |       |   | 10,248,361  |                   |   |   | 11.26 | % |
| Environmental Industries                      |   |   | 3,844,525   |   |       |   | 3,837,593   |                   |   |   | 4.22 | % |
| Fire: Finance                                 |   |   | 7,680,653   |   |       |   | 7,510,697   |                   |   |   | 8.25 | % |
| Fire: Insurance                               |   |   | 3,783,213   |   |       |   | 3,836,179   |                   |   |   | 4.22 | % |
| Fire: Real Estate                             |   |   | 1,976,172   |   |       |   | 1,996,666   |                   |   |   | 2.19 | % |
| Forest Products & Paper                   |   |   | 1,951,019   |   |       |   | 1,974,010   |                   |   |   | 2.17 | % |
| Healthcare & Pharmaceuticals              |   |   | 29,324,372  |   |       |   | 29,073,964  |                   |   |   | 31.95 | % |
| High Tech Industries                          |   |   | 27,577,169  |   |       |   | 27,607,136  |                   |   |   | 30.34 | % |
| Hotel, Gaming & Leisure                   |   |   | 3,849,343   |   |       |   | 3,910,534   |                   |   |   | 4.30 | % |
| Media: Broadcasting & Subscription        |   |   | 3,423,307   |   |       |   | 3,447,517   |                   |   |   | 3.79 | % |
| Media: Advertising, Printing & Publishing |   |   | 7,792,178   |   |       |   | 7,752,933   |                   |   |   | 8.52 | % |
| Media: Diversified & Production           |   |   | 4,668,521   |   |       |   | 4,165,351   |                   |   |   | 4.58 | % |
| Metals & Mining                           |   |   | 2,880,924   |   |       |   | 2,822,531   |                   |   |   | 3.10 | % |
| Retail                                        |   |   | 3,733,021   |   |       |   | 3,737,516   |                   |   |   | 4.11 | % |
| Services: Business                            |   |   | 34,067,952  |   |       |   | 33,571,363  |                   |   |   | 36.89 | % |
| Services: Consumer                            |   |   | 14,397,827  |   |       |   | 13,868,299  |                   |   |   | 15.24 | % |
| Telecommunications                            |   |   | 3,637,570   |   |       |   | 3,633,656   |                   |   |   | 3.99 | % |
| Transportation: Cargo                         |   |   | 11,127,800  |   |       |   | 11,134,662  |                   |   |   | 12.24 | % |
| Utilities: Electric                           |   |   | 4,081,100   |   |       |   | 4,100,852   |                   |   |   | 4.51 | % |
| Wholesale                                     |   |   | 4,566,515   |   |       |   | 2,517,457   |                   |   |   | 2.77 | % |
| Total investments                             |   | $      | 228,559,313 |   |       | $      | 224,449,492 |                   |   |   | 246.64 | % |

 

 

20

----

|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

The following is a summary of the industry classification in which Logan JV was invested asofDecember 31, 2020:

 

| Industry                                      |   | Cost   |        |   | Fair Value |   |        | % of

Members

Capital |   |
|-----------------------------------------------|--------|--------|-------------|--------|------------|--------|-------------|------------------------|--------|
| Aerospace & defense                       |   | $      | 6,874,778   |   |       | $      | 6,581,081   |                   |   |   | 7.73 | % |
| Banking, finance, insurance & real estate |   |   | 23,162,371  |   |       |   | 22,909,634  |                   |   |   | 26.90 | % |
| Beverage, food & tobacco                  |   |   | 5,656,746   |   |       |   | 5,576,151   |                   |   |   | 6.55 | % |
| Capital equipment                             |   |   | 2,824,720   |   |       |   | 2,903,908   |                   |   |   | 3.41 | % |
| Chemicals, plastics & rubber              |   |   | 5,959,177   |   |       |   | 5,883,245   |                   |   |   | 6.91 | % |
| Construction & Building                   |   |   | 1,940,967   |   |       |   | 1,948,942   |                   |   |   | 2.29 | % |
| Consumer goods                                |   |   | 5,028,102   |   |       |   | 4,868,858   |                   |   |   | 5.72 | % |
| Containers, packaging & glass             |   |   | 7,449,695   |   |       |   | 7,083,093   |                   |   |   | 8.32 | % |
| Energy                                        |   |   | 10,937,565  |   |       |   | 10,440,703  |                   |   |   | 12.26 | % |
| Environmental industries                      |   |   | 1,568,621   |   |       |   | 1,538,993   |                   |   |   | 1.81 | % |
| Forest Products & Paper                   |   |   | 1,968,037   |   |       |   | 1,978,797   |                   |   |   | 2.32 | % |
| Healthcare & pharmaceuticals              |   |   | 37,234,600  |   |       |   | 35,870,079  |                   |   |   | 42.12 | % |
| High tech industries                          |   |   | 21,254,005  |   |       |   | 21,138,313  |                   |   |   | 24.82 | % |
| Hotel, gaming & leisure                   |   |   | 6,212,299   |   |       |   | 5,912,225   |                   |   |   | 6.94 | % |
| Media                                         |   |   | 11,331,726  |   |       |   | 10,507,294  |                   |   |   | 12.34 | % |
| Metals & Mining                           |   |   | 2,908,791   |   |       |   | 2,173,538   |                   |   |   | 2.55 | % |
| Retail                                        |   |   | 2,779,453   |   |       |   | 2,763,143   |                   |   |   | 3.24 | % |
| Services                                      |   |   | 51,944,588  |   |       |   | 49,147,562  |                   |   |   | 57.71 | % |
| Telecommunications                            |   |   | 5,122,448   |   |       |   | 5,003,008   |                   |   |   | 5.87 | % |
| Transportation                                |   |   | 9,903,985   |   |       |   | 9,913,546   |                   |   |   | 11.64 | % |
| Utilities                                     |   |   | 4,325,368   |   |       |   | 4,236,834   |                   |   |   | 4.97 | % |
| Wholesale                                     |   |   | 5,147,329   |   |       |   | 3,039,127   |                   |   |   | 3.57 | % |
| Total investments                             |   | $      | 231,535,371 |   |       | $      | 221,418,074 |                   |   |   | 259.99 | % |

 

 

The following is a summary of the geographical concentration of Logan JV’s investmentportfolioas of December31, 2021:

 

|                     |   | Cost   |        |   | Fair Value |   |        | % of

Members

Capital |   |
|--------------------------|--------|--------|-------------|--------|------------|--------|-------------|------------------------|--------|
| Australia                |   | $      | 1,463,258   |   |       | $      | 1,431,991   |                   |   |   | 1.57 | % |
| Canada                   |   |   | 7,379,162   |   |       |   | 7,442,350   |                   |   |   | 8.18 | % |
| Germany                  |   |   | 3,832,553   |   |       |   | 3,717,605   |                   |   |   | 4.09 | % |
| Luxembourg               |   |   | 3,781,180   |   |       |   | 3,709,229   |                   |   |   | 4.08 | % |
| United Kingdom           |   |   | 7,649,224   |   |       |   | 7,596,266   |                   |   |   | 8.35 | % |
| United States of America |   |   | 204,453,936 |   |       |   | 200,552,051 |                   |   |   | 220.37 | % |
| Total investments        |   | $      | 228,559,313 |   |       | $      | 224,449,492 |                   |   |   | 246.64 | % |

 

 

21

----

|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

The following is a summary of the geographical concentration of Logan JV’s investmentportfolioas of December 31, 2020:

 

|                     |   | Cost   |        |   | Fair Value |   |        | % of

Members

Capital |   |
|--------------------------|--------|--------|-------------|--------|------------|--------|-------------|------------------------|--------|
| Australia                |   | $      | 1,475,986   |   |       | $      | 1,384,537   |                   |   |   | 1.63 | % |
| Canada                   |   |   | 5,512,344   |   |       |   | 5,319,060   |                   |   |   | 6.25 | % |
| Germany                  |   |   | 3,867,972   |   |       |   | 3,059,731   |                   |   |   | 3.59 | % |
| Luxembourg               |   |   | 4,584,710   |   |       |   | 4,240,118   |                   |   |   | 4.98 | % |
| United Kingdom           |   |   | 7,645,764   |   |       |   | 7,296,468   |                   |   |   | 8.57 | % |
| United States of America |   |   | 208,448,595 |   |       |   | 200,118,160 |                   |   |   | 234.97 | % |
| Total investments        |   | $      | 231,535,371 |   |       | $      | 221,418,074 |                   |   |   | 259.99 | % |

 

Investments, for which market quotations are readily available, are valued using marketquotations, which are generally obtained from an independent pricing service, broker-dealersor marketmakers.

 

Investments for which market quotations are not readily available, or are not considered to bethe best estimate of fair value, are valued at fair value as determined in good faith by LoganJV. Consequently, it is expected that certain portfolio investments’ values will be determinedin good faith by Logan JV following its documented valuation policy. Due to the inherentuncertainty of determining the fair value of investments that do not have a readily availablemarketvalue,thefairvalueofLoganJV’sinvestmentsmaydiffersignificantlyfromthevaluesthat would have been used had a readily available market value existed for such investments,andthe differences could be material.

 

With respect to investments for which market quotations are not readily available or notconsidered to be the best estimate, Logan JV develops a valuation for each investment in theCompany.LoganJVmayalsouseindependentvaluationfirmstoprovideindependentappraisals and present a valuation recommendation that it considers in determining the fairvalueofcertaininvestments inthe Company.

 

ThetypesoffactorsthatLoganJVmaytakeintoaccountinestimatingfairvaluepricingofitsinvestmentsinclude,asrelevant,thenatureandrealizablevalueofanycollateral,the portfoliocompany’sabilitytomakepaymentsanditsearningsanddiscountedcashflow,themarketsinwhichtheportfoliocompanydoesbusiness,comparisontopubliclytradedsecuritiesandotherrelevant factors. Logan JV generally utilizes an income approach to value its debt investmentsandacombinationofincomeandmarketapproachestovalueequityinvestments,ifapplicable.Withrespecttounquotedsecurities,LoganJV,inperiodicconsultationwithindependentthirdparty valuation firm, values each investment considering, among other measures, discountedcash flow models, comparisons of financial ratios of peer companies that are public and otherfactors. For debt investments, Logan JV determines the fair value primarily using an incomeor yield approach that analyzes the discounted cash flows of interest and principal for the debtsecurity, as set forth in the associated loan agreements, as well as the financial position andcreditrisk ofeach portfolioinvestment.Logan JV’s estimateoftheexpectedrepayment date isgenerallythelegalmaturitydateoftheinstrument.Theyieldanalysisconsiderschangesinleveragelevels, creditquality,portfolio company performanceandother factors.

 

InaccordancewiththeauthoritativeguidanceonfairvaluemeasurementsanddisclosuresunderGAAP,LoganJVdisclosesthefairvalueofitsinvestmentsinahierarchythatprioritizesthe inputs to valuation techniques used to measure fair value. The hierarchy gives the highestpriority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1measurements)andthelowestprioritytounobservableinputs(Level3measurements).Theguidanceestablishesthree levels ofthefairvalue hierarchyas follows:

 

Level1–Unadjustedquotedpricesinactivemarketsthatareaccessibleatthemeasurementdatefor identical, unrestricted assets orliabilities;

 

Level2–Quotedpricesinmarketsthatarenotconsideredtobeactiveorfinancialinstrumentsforwhichsignificantinputsare observable,either directly orindirectly;

 

22

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

Level3–Pricesorvaluationsthatrequireinputsthatarebothsignificanttothefairvaluemeasurementandunobservable.

 

The level of an asset or liability within the fair value hierarchy is based on the lowest level ofanyinputthatissignificanttothefairvaluemeasurement.However,thedeterminationofwhatconstitutes“observable”requires significantjudgmentby management.

 

Logan JV considers whether the volume and level of activity for the asset or liability havesignificantly decreased and identifying transactions that are not orderly in determining fairvalue. Accordingly, if Logan JV determines that either the volume and/or level of activity foran asset or liability has significantly decreased (from normal conditions for that asset orliability) or price quotations or observable inputs are not associated with orderly transactions,increasedanalysisandmanagementjudgmentwillberequiredtoestimatefairvalue.Valuationtechniquessuchasanincomeapproachmightbeappropriatetosupplementorreplaceamarketapproachin thosecircumstances.

 

The following is a summary of the levels within the fair value hierarchy in which Logan JVwasinvestedas ofDecember 31,2021:

 

|                       |   | Fair Value |        |   | Level 1 |   |       | Level 2 |   |   | Level 3    |   |
|----------------------------|--------|------------|-------------|--------|---------|--------|------------|---------|--------|--------|------------|--------|
| First Lien                 |   | $          | 222,257,744 |   |    | $      | —    |    |   | $      | 84,501,951 |   |   | $ | 137,755,793 |   |
| Second Lien                |   |       | 2,191,748   |   |    |   | —    |    |   |   | —    |   |   |   | 2,191,748 |   |
| Equity                     |   |       | —     |   |    |   | —    |    |   |   | —    |   |   |   | — |   |
| Total investments          |   |       | 224,449,492 |   |    |   | —    |    |   |   | 84,501,951 |   |   |   | 139,947,541 |   |
| Cash equivalents           |   |       | 14,985,492  |   |    |   | 14,985,492 |    |   |   | —    |   |   |   | — |   |
| Total assets at fair value |   | $          | 239,434,984 |   |    | $      | 14,985,492 |    |   | $      | 84,501,951 |   |   | $ | 139,947,541 |   |

 

The following is a summary of the levels within the fair value hierarchy in which Logan JVwasinvestedas ofDecember 31,2020:

 

|                       |   | Fair Value |        |   | Level 1 |   |       | Level 2 |   |   | Level 3    |   |
|----------------------------|--------|------------|-------------|--------|---------|--------|------------|---------|--------|--------|------------|--------|
| First Lien                 |   | $          | 214,678,837 |   |    | $      | —    |    |   | $      | 42,949,605 |   |   | $ | 171,729,232 |   |
| Second Lien                |   |       | 6,706,982   |   |    |   | —    |    |   |   | 2,614,880  |   |   |   | 4,092,102 |   |
| Equity                     |   |       | 32,255      |   |    |   | —    |    |   |   | —    |   |   |   | 32,255 |   |
| Total investments          |   |       | 221,418,074 |   |    |   | —    |    |   |   | 45,564,485 |   |   |   | 175,853,589 |   |
| Cash equivalents           |   |       | 31,631,587  |   |    |   | 31,631,587 |    |   |   | —    |   |   |   | — |   |
| Total assets at fair value |   | $          | 253,049,661 |   |    | $      | 31,631,587 |    |   | $      | 45,564,485 |   |   | $ | 175,853,589 |   |

 

The following table rolls forward the changes in fair during the year ended December 31,2021for investments classifiedwithin Level 3:

 

|                                          |   | First Lien |        |   | Second Lien |   |       | Equity |   |   | Total    |   |
|-----------------------------------------------|--------|------------|-------------|--------|-------------|--------|------------|--------|--------|--------|----------|--------|
| Balance as of January. 1. 2021                |   | $          | 171,729,232 |   |        | $      | 4,092,102  |   |   | $      | 32,255   |   |   | $ | 175,853,589 |   |
| Purchases                                     |   |       | 41,811,705  |   |        |   | 1,970,000  |   |   |   | —  |   |   |   | 43,781,705 |   |
| Sales and repayments                          |   |       | (67,253,397 | )      |        |   | (4,000,000 | )      |   |   | (2.408   | )      |   |   | (71,255,805 | ) |
| Unrealized (depreciation) appreciation        |   |       | 4,762,608   |   |        |   | 49,801     |   |   |   | 171,440  |   |   |   | 4,983,849 |   |
| Net realized loss                             |   |       | 209,042     |   |        |   | —    |   |   |   | (201,215 | )      |   |   | 7,827 |   |
| Net accretion of premiums. discounts and fees |   |       | 708,834     |   |        |   | 79,845     |   |   |   | (72      | )      |   |   | 788,607 |   |
| Transfers into Level 3                        |   |       | 7,766,438   |   |        |   | —    |   |   |   | —  |   |   |   | 7,766,438 |   |
| Transfers out of Level 3                      |   |       | (21,978,669 | )      |        |   | —    |   |   |   | —  |   |   |   | (21,978,548 | ) |
| Balance as of December 31. 2021               |   | $          | 137,755,793 |   |        | $      | 2,191,748  |   |   | $      | —  |   |   | $ | 139.947.541 |   |

 

 

23

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

Transfers into and out of Level 3 are primarily attributable to changes in the level of marketactivity during the period. It is Logan JV’s policy to recognize transfers into and out of Level3atthe beginning ofthereporting period.

 

The following table rolls forward the changes in fair during the year ended December 31,2020for investments classifiedwithin Level 3:

 

|                                          |   | First Lien |         |   | Second Lien |   |       | Equity |   |   | Total    |   |
|-----------------------------------------------|--------|------------|--------------|--------|-------------|--------|------------|--------|--------|--------|----------|--------|
| Balance as of January 1, 2020                 |   | $          | 275,009,211  |   |        | $      | 7,366,700  |   |   | $      | —  |   |   | $ | 282,375,911 |   |
| Purchases                                     |   |       | 19,900,842   |   |        |   | 28,461     |   |   |   | 203,695  |   |   |   | 20,132,998 |   |
| Sales and repayments                          |   |       | (100,150,652 | )      |        |   | (700,000   | )      |   |   | —  |   |   |   | (100,850,652 | ) |
| Unrealized (depreciation) appreciation        |   |       | (3,281,600   | )      |        |   | 968,233    |   |   |   | 404,222  |   |   |   | (1,909,145 | ) |
| Net realized loss                             |   |       | (8,262,155   | )      |        |   | (985,064   | )      |   |   | (575,662 | )      |   |   | (9,822,881 | ) |
| Net accretion of premiums, discounts and fees |   |       | 691,953      |   |        |   | 51,502     |   |   |   | —  |   |   |   | 743,455 |   |
| Transfers into Level 3                        |   |       | 5,827,741    |   |        |   | —    |   |   |   | —  |   |   |   | 5,827,741 |   |
| Transfers out of Level 3                      |   |       | (18,006,108  | )      |        |   | (2,637,730 | )      |   |   | —  |   |   |   | (20,643,838 | ) |
| Balance as of December 31, 2020               |   | $          | 171,729,232  |   |        | $      | 4,092,102  |   |   | $      | 32,255   |   |   | $ | 175,853,589 |   |

 

The following provides quantitative information about Level 3 fair value measurements as ofDecember31, 2021:

 

| Description |   | Fair Value at

December 31,

2021 (1) |       |   | Valuation

Technique |              | Unobservable

Inputs |            | Weighted

Average(2) |
|-------------|--------|---------------------------------------|------------|--------|----------------------|-------------------|----------------------|-----------------|----------------------|
| First Lien  |   | $                                     | 37,219,828 |   |                 | Discounted Cash   |                 | Comparative     |                 | 5.1%-16.2% |
|        |   |                                  |       |   |                 | Flows (income     |                 | Yield           |                 | (7.6%) |
|        |   |                                  |       |   |                 | approach)         |                 |            |                 |   |
|        |   |                                  | 3,101,476  |   |                 | Market comparable |                 | EBITDA multiple |                 | 2.3x-12.1x |
|        |   |                                  |       |   |                 | Companies (market |                 |            |                 | (11.6x) |
|        |   |                                  |       |   |                 | approach)         |                 |            |                 |   |
|        |   | $                                     | 40,321,304 |   |                 |              |                 |            |                 |   |

 

(1)Includedwithinthe Level 3assets of $139,947,541anamount of $99,626,237forwhichLogan JV did not develop the unobservable inputs for the determination of fair value(examplesincludedsingle sourcequotationand prior or pendingtransactions).

(2)Weightedaveragebaseduponthefairvalueoftheinvestmentsineachinvestmentcategory.

 

 

24

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

The following provides quantitative information about Level 3 fair value measurements as ofDecember31, 2020:

 

| Description |   | Fair Value at

December 31,

2020 (1) |       |   | Valuation Technique |              | Unobservable Inputs |             | Weighted

Average(2) |       |
|-------------|--------|---------------------------------------|------------|--------|---------------------|-------------------|---------------------|------------------|----------------------|------------|
| First Lien  |   | $                                     | 46,678,173 |   |                | Discounted Cash   |                | Comparative      |                 | 5.6%-14.9% |   |
|        |   |                                  |       |   |                | Flows (income     |                | Yield            |                 | (8.1%)     |   |
|        |   |                                  |       |   |                | approach)         |                |             |                 |       |   |   |
|        |   |                                  | 7,909,668  |   |                | Discounted Cash   |                | Weighted Average |                 | 5.2%-7.9%  |   |
|        |   |                                  |       |   |                | Flows (income     |                | Cost of Capital  |                 | (6.6%)     |   |
|        |   |                                  |       |   |                | approach)         |                |             |                 |       |   |   |
|        |   |                                  | 5,592,039  |   |                | Market comparable |                | EBITDA multiple  |                 | 4.5x-5.0x  |   |
|        |   |                                  |       |   |                | companies (market |                |             |                 | (4.6x)     |   |
|        |   |                                  |       |   |                | approach)         |                |             |                 |       |   |   |
|        |   | $                                     | 60,179,880 |   |                |              |                |             |                 |       |   |   |

 

(1)Included within the Level 3 assets of $175,853,589 is an amount of $115,673,709 forwhich Logan JV did not develop the unobservable inputs for the determination of fairvalue(examples includedsinglesource quotationand priororpendingtransactions).

(2)Weighted average based upon the fair value of the investments in each investmentcategory.

 

The two primary significant unobservable inputs used in the fair value measurement of theCompany’s debt securities are the weighted average cost of capital, or WACC, and thecomparative yield. Significant increases (decreases) in the WACC or in the comparative yieldinisolationwouldresultinasignificantlylower(higher)fairvaluemeasurement.Indetermining the WACC, for the income, or yield approach, the Company considers currentmarket yields and multiples, portfolio company performance, leverage levels, credit quality,among other factors, the performance of the portfolio company and the expected term of theinvestment. Changes in one or more of these factors can have a similar directional change onotherfactorsindeterminingtheappropriateWACCtouseintheincomeapproach.Indetermining the comparative yield, for the income, or yield approach, the Company considerscurrent market yields and multiples, weighted average cost of capital, portfolio companyperformance, leverage levels, credit quality, among other factors. Changes in one or more ofthesefactorscanhaveasimilardirectionalchangeonotherfactorsindeterminingtheappropriatecomparativeyieldtouseintheincomeapproach.Todeterminethemultipleforthemarket approach, the Company considers current market trading and/or transaction multiples,portfoliocompanyperformance(financialratios)relativetopublicandprivatepeercompaniesand leverage levels, among other factors. Changes in one or more of these factors can have asimilardirectionalchangeonotherfactorsindeterminingtheappropriatemultipletouseinthemarket approach. Significant increases (decreases) in the multiple, in isolation would result inasignificantly higher(lower)fair valuemeasurement.

 

The significant unobservable input used in the fair value measurement of the Company’s debtinvestments using a market approach is the EBITDA multiple adjusted by management fordifferences between the investment and referenced comparables, or the multiple. Significantincreases (decreases) in the multiple in isolation would result in a significantly higher (lower)fairvaluemeasurement. Todetermine the multipleforthemarket approach, the Company

 

considers current market trading and/or transaction multiples, portfolio company performance(financialratios)relativetopublicandprivatepeercompaniesandleveragelevels,amongotherfactors.Changesinoneormoreofthesefactorscanhaveasimilardirectionalchangeonotherfactors indeterminingthe appropriatemultiple to usein themarketapproach.

 

 

25

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

| 4. | CreditFacility |
|----|----------------|

 

OnDecember17,2014,LoganJV,throughLoganJVSPV,enteredintoaseniorcreditfacility(the “Facility”) with Deutsche Bank AG. The facility was amended on January 9, 2021 todecreasethesizeofthefacilityfrom$275,000,000to$225,000,000subjecttoaborrowingbasefrom Deutsche Bank AG and other co-lenders. As amended on January 9, 2021, the revolvingloan periodis scheduled toend onJuly12, 2023with afinalmaturity dateof July12, 2025.

 

As of December 31, 2021 and 2020, the Company had $147,041,123 and $166,541,123 ofoutstanding borrowings under the Facility, respectively. As amended on January 9, 2021, theFacility requires payment of interest on a quarterly basis using three month LIBOR (with a0.35% LIBOR floor) plus 2.50%. The Facility’s previous interest rate utilized three monthLIBOR (with no LIBOR floor) plus 2.20%. The Facility’s all-in interest rate as of December31, 2021 and 2020 was 2.85% and 2.44%, respectively. The Company borrowed $9,500,000undertheCreditFacilityandrepaid$29,000,000totheFacilityduringtheyearendedDecember31, 2021.

 

BorrowingsundertheFacilityaresubjectto,amongotherthings,aminimumborrowingsbase.TheFacilityhascertaincollateralrequirementsand/orfinancialcovenants,includingcovenantsrelatedto:(a)limitationsontheincurrenceofadditionalindebtedness,(b)eligibilityofcertaininvestments, (c) limitations on concentrations, (d) collateral quality tests, and (e) compliancewithcertainfinancialmaintenancestandardsincludingminimumMembers’capital.Inadditionto the financial maintenance standards, described in the preceding sentence, borrowings undertheFacilityaresubjecttocompliancewithaborrowingbasethatappliesdifferentadvanceratestodifferenttypes ofassets inthe Company’s portfolio.

 

The Facility’s document also includes default provisions such as the failure to make timelypayments, uncured breach of the borrowing base, borrower bankruptcy, the occurrence of achange in control, and the Company’s failure to materially perform under the operativeagreements governing the Facility, which, if not complied with, could, at the option of thelender, accelerate repayment under the Facility, thereby materially and adversely affectingliquidity, financial condition and results of operations. Each loan originated under the Facilityis subject to the satisfaction of certain conditions. It cannot be assured that Logan JV will beabletoborrowfundsundertheFacilityatanyparticulartimeoratall.TheCompanyiscurrentlyincompliance withall financialcovenantsunderthe Facility;and wasso duringthe period.

 

As of December 31, 2021 and 2020, the carrying amount of the Company’s outstanding loanapproximated fair value. The fair values of the Company’s loan is determined in accordancewith ASC 820, which defines fair value in terms of the price that would be paid to transfer aliability in an orderly transaction between market participants at the measurement date undercurrent market conditions. The fair value of the Company’s loan is estimated based uponmarket interest rates and entities with similar credit risk. As of December 31, 2021 and 2020,theloan would be deemed to be Level 3ofthefairvalue hierarchy.

 

For the years ended December 31, 2021, 2020, and 2019, the Company incurred interestexpenseandrelatedfees,excludingamortizationofdeferredfinancingcosts,of$5,211,566, $7,370,914,and$11,838,691,respectively.

 

For the years ended December 31, 2021, 2020, and 2019, amortization of deferred financingcoststotaled$639,527,$808,353,and$805,229respectively.Theunamortizedfeesandexpenses are presented in the Consolidated Statements of Assets, Liabilities and Members’Capital as a reduction to the loans payable balance and are being amortized using the straightline method.

 

TheCompanyhasagreed,withthevariouspartiestotheFacility,toreasonablycooperatewitheach other, in good faith, to amend the Facility’s agreement and replace references to LIBORwith any alternative floating reference rate (and any associated terms and provisions) that isbeinggenerallyusedinU.S.creditmarketsforsimilartypesoffacilities,shouldLIBORceaseto exist, orisreasonablyexpected to cease withinthe succeedingthreemonths.

 

 

26

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

| 5. | RecentAccountingPronouncements |
|----|--------------------------------|

 

InMarch2020,theFASBissuedASU2020-04,“ReferenceRateReform(Topic848),”whichprovidesoptionalexpedientsandexceptionsforapplyingGAAPtocontractsandothertransactionsaffectedbyreferenceratereformifcertaincriteriaaremet.TheamendmentsapplyonlytocontractsandothertransactionsthatreferenceLIBOR oranotherreference rateexpected to be discontinued because of reference rate reform. ASU 2020-04 is effective as ofMarch12,2020throughDecember31,2022,attheCompany’selection.LoganJViscurrentlyevaluatingtheimpact of adopting ASU2020-04 onitsconsolidated financial statements.

 

InJanuary2021,theFASBissuedASU2021-01,“ReferenceRateReform(Topic848),”whichclarifiescertainoptionalexpedientsandexceptionsforapplyingGAAPtoderivativesaffectedby reference rate reform. ASU 2021-01 is effective as of January 7, 2021 through December31, 2022, at the Company’s election. Logan JV is currently evaluating the impact of adoptingASU2021-01 onitsconsolidatedfinancial statements.

 

| 6. | InvestmentRisk |
|----|----------------|

 

Logan JV’s investing activities expose it to various types of risks that are associated with themarketsandfinancialinstrumentsinwhichitinvests.Thesignificanttypesoffinancialriskstowhich Logan JV is exposed include, but are not limited to, market risk, credit risk, liquidityrisk,andinterest risk.

 

MarketRisk

Marketriskencompassesthepotentialforbothlossesandgainsandincludes,butisnotlimitedto,pricerisk.LoganJV’sinvestments arelong-termand illiquidandthereisnoassurancethatLoganJVwill achieve investment objectivesincludingtargeted returns.

 

CreditRisk

ThevalueofLoganJV’sinvestmentswillgenerallyfluctuateinresponsetocompany,political,or economic developments and can decline significantly over short periods of time or duringperiodsofgeneralor regionaleconomicdifficulty.Lower-qualitydebtsecurities involve

 

greaterriskofdefaultorpricechangesduetochangesinthecreditqualityoftheissuer.Lower-qualitydebtsecuritiescanbethinlytradedorhaverestrictionsonresale,makingthemdifficultto sell at an acceptable price. The default rate for lower-quality debt securities is likely to behigherduring economicrecessions or periods ofhigh interest rates.

 

LiquidityRisk

Logan JV invests in syndicated bank loans. Syndicated loans are typically bought and sold byinstitutional investors in individually negotiated private transactions that function in manyrespects like an over-the-counter (“OTC”) secondary market, although no formal market-makers exist. This market, while having grown substantially, generally has fewer trades andless liquidity than the secondary market for other types of securities. Some syndicated loanshave few or no trades, or trade infrequently, and information regarding a specific senior loanmay not be widely available or may be incomplete. For loans that are provided directly toborrowers, all of these positions are subject to legal and other restrictions on resale or will beotherwiselessliquidthanpubliclytradedsecurities.Theilliquidityofitsinvestmentsmaymakeit difficult for Logan JV to sell such investments if the need arises. In addition, if Logan JV isrequiredtoliquidatealloraportionofitsportfolioquickly,LoganJVmayrealizesignificantlyless than the value at which it had previously recorded its investments. The extent of thisexposure is reflected in the carrying value of these financial assets and recorded in theConsolidated Statements of Assets, Liabilities and Members’ Capital. Further, Logan JV mayface other restrictions on its ability to liquidate an investment in a portfolio company to theextent that it, or an affiliated entity, has material non-public information regarding suchportfoliocompany.

 

 

27

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

InterestRisk

The value of Logan JV’s investments will generally fluctuate with, among other things,changes in prevailing interest rates, general economic conditions, the condition of certainfinancialmarkets,developmentsortrendsinanyparticularindustryandthefinancialconditionof the issuer. Some of Logan JV’s investments involve the acquisitions of fixed incomesecurities.Anyincreasetoprevailinginterestratesmayresultinadecreaseinthevalueoffixedincome securities held or vice versa. Additionally, changes in market rates may result indecliningyields upon reinvestment of excesscash balances.

 

LIBORRisk

On July 27, 2017, the United Kingdom Financial Conduct Authority (“FCA”) announced thatit would phase out the London Interbank Offered Rate (“LIBOR”) as a benchmark by the endof 2021. On November 30, 2020, the FCA announced that subject to confirmation followingits consultation with the administrator of LIBOR, it would cease publication of the one-weekand two-month USD LIBOR immediately after December 31, 2021 and cease publication oftheremainingtenorsimmediatelyafterJune30,2023.Additionally,theFederalReserveBoardhasadvisedbankstostopenteringintonewUSDLIBORbasedcontracts.ItisunclearwhethernewmethodsofcalculatingLIBORwillbeestablishedsuchthatitcontinuestoexistafter2021andhasindicatedthatmarketparticipantsshouldnotrelyonLIBORbeingavailableafter2023.As an alternative to LIBOR, for example, the U.S. Federal Reserve, in conjunction with theAlternativeReferenceRatesCommittee,asteeringcommitteecomprisedoflargeU.S.financialinstitutions,isconsideringreplacingU.S.-dollarLIBORwiththeSecuredOvernightFinancingRate ("SOFR"), a new index calculated by short-term repurchase agreements, backed byTreasury securities.Abandonment of or modifications to LIBOR could have adverse impactsonnewlyissuedfinancialinstruments andourexistingfinancialinstruments whichreference

 

LIBOR. While some instruments may contemplate a scenario where LIBOR is no longeravailablebyprovidingforanalternativeratesettingmethodology,notallinstrumentsmayhavesuch provisions and there is significant uncertainty regarding the effectiveness of any suchalternativemethodologies.AbandonmentoformodificationstoLIBORcouldleadtosignificant short-term and long-term uncertainty and market instability. If LIBOR ceases toexist, we and our investments may need to amend or restructure our existing LIBOR-baseddebt instruments and any related hedging arrangements that extend beyond 2021, which maybedifficult,costlyandtimeconsuming.Inaddition,fromtimetotimeweinvestinfloatingrateloans and investment securities whose interest rates are indexed to LIBOR. Uncertainty as tothenatureofalternativereferenceratesandastopotentialchangesorotherreformstoLIBOR,or any changes announced with respect to such reforms, may result in a sudden or prolongedincrease or decrease in the reported LIBOR rates and the value of LIBOR-based loans andsecurities, including those of other issuers we or our funds currently own or may in the futureown. It remains uncertain how such changes would be implemented and the effects suchchanges would have on us, issuers of instruments in which we invest and financial marketsgenerally.

 

The expected discontinuation of LIBOR could have a significant impact on the Company’sbusiness.ThedollaramountofouroutstandingdebtinvestmentsandborrowingsthatarelinkedtoLIBORwithmaturitydatesaftertheanticipateddiscontinuationdateof2023ismaterial.WeanticipatesignificantoperationalchallengesforthetransitionawayfromLIBORincluding,butnot limited to, amending existing loan agreements with borrowers on investments that mayhave not been modified with fallback language and adding effective fallback language to newagreementsintheeventthatLIBORisdiscontinuedbeforematurity.Beyondthesechallenges,we anticipate there may be additional risks to our current processes and information systemsthat will need to be identified and evaluated by us. Due to the uncertainty of the replacementfor LIBOR, the potential effect of any such event on our cost of capital and net investmentincomecannot yet bedetermined.  Inaddition,the cessationof LIBORcould:

 

|   | • | Adverselyimpactthepricing,liquidity,valueof,returnonandtradingforabroadarray of financial products, including any LIBOR-linked securities, loans andderivativesthatare included inour assets and liabilities; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | RequireextensivechangestodocumentationthatgovernsorreferencesLIBORorLIBOR-basedproducts,including,forexample,pursuanttotime-consumingrenegotiationsofexistingdocumentationtomodifythetermsofoutstandinginvestments; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Result in inquiries or other actions from regulators in respect of our preparationandreadinessforthereplacementofLIBORwithoneormorealternativereferencerates; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Resultindisputes,litigationorotheractionswithinvestments,orothercounterparties, regarding the interpretation and enforceability of provisions in ourLIBOR-based investments, such as fallback language or other related provisions, |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

|   |  | including,inthecaseoffallbackstothealternativereferencerates,anyeconomic,legal, operational or other impact resulting from the fundamental differencesbetweenLIBORand thevarious alternative referencerates; |
|--------|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | • | Require the transition and/or development of appropriate systems and analytics toeffectivelytransitionourriskmanagementprocessesfromLIBOR-basedproductsto those based on one or more alternative reference rates, which may provechallenging given the limited history of the proposed alternative reference rates;and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

|   | • | Causeus toincur additionalcosts inrelation toany ofthe abovefactors. |
|--------|---------|----------------------------------------------------------------------|

 

ThereisnoguaranteethatatransitionfromLIBORtoanalternativewillnotresultinfinancialmarket disruptions, significant increases in benchmark rates, or borrowing costs to borrowers,any of which could have a material adverse effect on the Company’s business, result ofoperations, financial condition, and unit price. In addition, the transition to a successor ratecould potentially cause (i) increased volatility or illiquidity in markets for instruments thatcurrently rely on LIBOR, (ii) a reduction in the value of certain instruments held by theCompany, or (iii) reduced effectiveness of related Company transactions, such as hedging. Itremains uncertain how such changes would be implemented and the effects such changeswould have on the Company, issuers of instruments in which the Company invests and financialmarkets generally.

 

COVID-19Developments

We are closely monitoring developments related to the COVID-19 pandemic to assess itsimpact on the Company’s business; while, due to the evolving and highly uncertain nature ofthisevent,itcurrentlyisnotpossibletoestimateitsimpactprecisely,theCOVID-19pandemichasandmayinthefutureadverselyimpacttheCompany’sbusiness,financialcondition,resultsofoperations,liquidityorprospectsinanumberofways.Forinstance,ourinvestmentportfolio(and, specifically, the valuations of investment assets we hold) has been, and may continue tobe, adversely affected as a result of market developments from the COVID-19 pandemic anduncertainty regarding its outcome.. Moreover, changes in interest rates, reduced liquidity or acontinued slowdown in U.S. and globally or global economic conditions may also adverselyaffecttheCompany’sbusiness,financialcondition,resultsofoperations,liquidityorprospects.Further, extreme market volatility may leave us unable to react to market events in a prudentmannerconsistentwithourhistoricalpracticesindealingwithmoreorderlymarkets.Althoughit is impossible to predict with certainty the potential full magnitude of the business andeconomic ramifications, COVID-19 has impacted, and may further impact, the Company’sbusinessinvarious ways,including but notlimitedto:

 

|   | • | Fromanoperationalperspective,theworkforcesofourvendors,serviceprovidersand counterparties, may be adversely affected by the COVID-19 pandemic orefforts to mitigate the pandemic, including government-mandated shutdowns,vaccine mandates, requests or orders for employees to work remotely, and othersocial distancing measures, in the U.S., which could result in an adverseimpacton our abilityto conduct theCompany’sbusiness; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | WhilethemarketdislocationcausedbyCOVID-19maypresentattractiveinvestment opportunities, due to increased volatility in the financial markets, wemaynot be ableto completethose investments; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | If the impact of COVID-19 worsens, we may have more limited opportunities tosuccessfullyexitexistinginvestments,dueto,amongotherreasons,lowervaluations, decreased revenues and earnings, or lack of potential buyers withfinancialresourcestopursueanacquisition,resultinginareducedabilitytorealizevaluefromsuchinvestments; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Ourinvestmentsarefacingormayfaceinthefutureincreasedcredit andliquidityrisk due to volatility in financial markets, reduced revenue streams, supply chaindisruptions, and limited or higher cost of access to preferred sources of funding,which may result in potential impairment of our investments. Changes in the debtfinancingmarketsareimpacting,or,ifthevolatilityinfinancialmarketcontinues,may in the future impact, the ability of our investments to meet their respectivefinancialobligations; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Borrowers of loans, notes and other credit instruments in our portfolio may beunable to meet their principal or interest payment obligations or satisfy financialcovenants, resulting in a decrease in value of our investments and lower thanexpectedreturn.Inaddition,forvariableinterestinstruments,lowerreferenceratesresultingfromgovernmentstimulusprogramsinresponsetoCOVID-19couldleadto lowerinterestincome; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Many of our investments operate in industries that are materially impacted byCOVID-19, including but not limited to healthcare, travel, entertainment andhospitality.Manyofthesecompaniesarefacingoperationalandfinancialhardships |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

|   |  | resultingfromthespreadofCOVID-19andrelatedgovernmentalmeasures, such as the closure of stores, restrictions on travel, quarantines or stay-at-homeorders.IfthedisruptionscausedbyCOVID-19continueandtherestrictions put in place are not lifted, the businesses of these investments couldsuffer materially or become insolvent, which would decrease the value of ourinvestments; |
|--------|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | An extended period of remote working by the Administrator’s (see note 7 below)employees could strain its technology resources and introduce operational risks,including heightened cybersecurity risk. Remote working environments may beless secure and more susceptible to hacking attacks, including phishing and socialengineeringattempts thatseek toexploitthe COVID-19 pandemic;and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | COVID-19 presents a significant threat to the Administrator’s employees’ well-beingandmorale.WhiletheAdministratorhasimplementedabusinesscontinuityplan to protect the health of its employees and has contingency plans in place forkey employeesorexecutiveofficers whomaybecomesickorotherwiseunabletoperform their duties for an extended period of time, such plans cannot anticipateall scenarios, and Logan JV may experience potential loss of productivity or adelayintherollout of certain strategicplans. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

ThefullextentofCOVID-19pandemiccontinuestobeuncertain.Althoughvaccineshavebeendeveloped and arebeing distributed throughoutthe U.S. and worldwide, the uncertaintysurroundingtheCOVID-19pandemic,includinguncertaintyregardingnewvariantsofCOVID-19andacceptanceofvaccinesandotherfactorsmaycontinuetocontributetosignificant volatility in the global markets and impact our operations. COVID-19 and thecurrentfinancial,economicandcapitalmarketsenvironment,andfuturedevelopmentsintheseandotherareaspresentuncertaintyandriskwithrespecttoourperformance,financialcondition, results of operations andabilityto pay distributions.

 

In addition to the foregoing, the pandemic is exacerbating many of the other risks describedherein.

Developments in Russian Ukrainian Conflict

Commencing in 2021, Russian President Vladimir Putin ordered the Russian military to begin massing thousands of military personnel and equipment near its border with Ukraine and in Crimea, representing the largest mobilization since the illegal annexation of Crimea in 2014. President Putin has initiated troop movements into the eastern portion of Ukraine and continues to threaten an all-out invasion of Ukraine. On February 22, 2022, the United States and several European nations announced sanctions against Russia in response to Russia’s actions. On February 24, 2022, President Putin commenced a full-scale invasion of Russia’s pre-positioned forces into Ukraine, which could have a negative impact on the economy and business activity globally (including in the countries in which the Company invests), and therefore could adversely affect the performance of the Company’s investments. Furthermore, the conflict between the two nations and the varying involvement of the United States and other NATO countries could preclude prediction as to their ultimate adverse impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Company and the performance of its investments or operations, and the ability of the Company to achieve its investment objectives. Additionally, to the extent that third parties, investors, or related customer bases have material operations or assets in Russia or Ukraine, they may have adverse consequences related to the ongoing conflict.

 

| 7. | RelatedPartyTransactions |
|----|--------------------------|

 

AdministrationExpenses

AdministrationservicesareprovidedbyFirstEagleAlternativeCredit,LLC,(the“Administrator”) a Delaware limited liability company, through an administration agreementapprovedbyLoganJVonDecember3,2014.Inaccordancewiththeagreement,theAdministratorshallprovidesuchservicesnecessaryfortheoperationofLoganJV;including, but not limited to, office facilities, clerical, bookkeeping and record keeping services. Inconnectionwiththeseservices,theAdministratorisentitledtobereimbursedforthecostsandexpensesincurredbytheAdministratorinperformingitsresponsibilitiesundertheagreement.Logan JV will reimburse the Administrator for its allocable portion of the costs and expensesincurredbytheAdministratorinperformanceofitsdutiesundertheadministrationagreement.FortheyearsendedDecember31,2021,2020,and2019,LoganJVincurred$145,669, $159,725, and $161,645, respectively, that are included in other general and administrativeexpensesintheConsolidatedStatementsofOperations.AsofDecember31,2021and2020, $20,000 and $50,000 was payable 

 

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

to the Administrator, respectively, and is included withinaccruedexpensesontheConsolidatedStatementsofAssets,LiabilitiesandMembers’Capital.

 

LoganJVdoes not paymanagement fees or incentivefees.

 

| 8. | Members’Capital |
|----|-----------------------|

 

CommitmentsandContributions

Member interests in Logan JV, as defined in the Agreement, refer to percentage interests (the“Percentages”) based on capital commitments. As set forth in the Agreement, each Member isdeemed to be a Managing Member. Aggregate commitments totaling $250,000,000 have beenraised from the Members. On July 1, 2020, the Agreement was amended and the aggregatecommitmentswerereducedto$137,500,000.FCRDhascommittedtoprovide80%,or $110,000,000, of the total commitment, of which $100,600,000 has been called throughDecember 31, 2021. The remaining 20%, or $27,500,000, of the total commitment will beprovidedbyPerspecta,ofwhich$25,150,000hasbeencalledthroughDecember31,2021.Forthe years ended December 31, 2021, 2020 and 2019, $0, $0 and $10,000,000 of capital wascalled, respectively. The Members had contributed 91.5%, 91.5% and 50.3% of their capitalcommitments as of December 31, 2021, 2020 and 2019, respectively. In February 2019, theCompanyreturned$4,000,000totheMembersandinMarchof2020theCompanyreturned $6,000,000 to the Members. FCRD’s and Perspecta’s commitment as of December 31, 2021were $92,600,000 and$23,150,000,respectively.

 

CapitalAccounts

CapitalAccountsaremaintainedforeachMemberconsistingoftheMembers’CapitalContribution, increased or decreased by Profit or Loss (each as defined in the Agreement)allocated to the Member, decreased by the cash or Value (as defined in the Agreement) ofproperty distributed to the Member (giving net effect to any liabilities to which the property issubjectorwhichtheMemberassumes),andotherwisemaintainedconsistentwiththisAgreement.Intheeventthat theAdministratorunder theagreement, determines thatitis prudent to modify the manner in which capital accounts, including all debits and credits to thecapital accounts, are computed in order to be maintained consistent with the Agreement, theAdministratorisauthorizedtomakethosemodificationstotheextentthattheydonotresultina material adverseeffecttoany Member.

 

Allocationsof ProfitandLoss

Subject to the Agreement, Profit or Loss is allocated among the Members on a pro rata basis.LossisallocatedamongtheMembersproratainaccordancewiththeircapitalaccounts.ProfitisallocatedamongtheMembers(i)first,proratauntilthecumulativeamountofprofitallocatedto aMember (or any transfereeofany Member) equals thecumulativeamountofLoss previously allocated to the Member (or any transferee of that Member) and (ii) thereafter prorata in accordance with the Members' capital accounts. All allocations for the years endedDecember31,2021,2020and2019werebasedoneachMember’sproratashareinaccordancewiththeircapital accounts.

 

Distributions

Totheextentofavailablecashandcashequivalentsafterpaymentofexpenses,LoganJVshallmake distributions quarterly in the amounts as determined by board approval, shared amongtheMembersinproportiontotheirrespectivecapitalaccountsafterpaymentofanytemporaryadvancesorfeesrelatedthereto.AlldistributionsfortheyearsendedDecember31,2021,2020and2019werebasedonMembers’proratashareoftheircapitalaccounts.FortheyearsendedDecember31,2021,2020and2019$8,500,000,$9,000,000and$12,350,000ofdistributions weredeclared,respectively.AsofDecember31,2021,2020and2019$2,900,000,$2,100,000and$3,650,000of distributions were payable toMembers,respectively.

 

| 9. | CommitmentsandContingencies |
|----|-----------------------------|

 

From time to time, Logan JV or the Administrator, in its capacity as the investment adviser toLoganJV,maybecomepartytolegalproceedingsintheordinarycourseofbusiness,includingproceedings related to the enforcement of Logan JV’s rights under contracts with its portfoliocompanies. Neither Logan JV, nor the Administrator, in such capacity, is currently subject toany materiallegalproceedings.

 

31

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|                                                                                                  |        |
|--------------------------------------------------------------------------------------------------|--------|
| FirstEagleLoganJVLLC

(ADelawareLimitedLiabilityCompany)

NotestoConsolidatedFinancialStatements |   |

 

 

As of December 31, 2021 and 2020, Logan JV did not have any additional commitments orcontingenciesexceptrevolving andunfundeddelayeddrawloansas described inNote 2.

 

| 10. | FinancialHighlights |
|-----|---------------------|

 

Nonpublic investment vehicles, such as Logan JV, are required to disclose certain financialhighlightsrelatedtotheirinvestmentperformanceandoperations.However,sincetheMembersareresponsibleforallinvestmentmakingandbusinessdecisions,thereisnorequirement to show financial highlights in accordance with ASC Topic 946. Therefore, sinceLoganJVonly consists ofManagingMembers,thefinancial highlightshave beenomitted.

 

| 11. | SubsequentEvents |
|-----|------------------|

 

Logan JV has evaluated the events or transactions that may require disclosure in Logan JV’sfinancial statements and no items were noted that required disclosure or adjustment throughMarch3, 2022,the datethat thefinancial statements wereavailabletobe issued.

 

32