v3.26.1
Agreements and Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Summary of Investments in Affiliates

The Company’s investments in non-controlled affiliates for the six months ended June 30, 2026 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2025

 

Gross
Additions (1)

 

Gross
Reductions (2)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2026

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Care, Inc. (ACI)

$

—

 

$

7,290

 

$

—

 

$

—

 

$

6

 

$

7,296

 

$

23

 

AX VI INV2 Holding AB

 

18,262

 

 

406

 

 

(12,512

)

 

1,598

 

 

(3,170

)

 

4,584

 

 

456

 

ASP MCS Acquisition

 

60

 

 

—

 

 

—

 

 

—

 

 

12

 

 

72

 

 

—

 

Bayside Opco, LLC

 

9,918

 

 

213

 

 

(27

)

 

—

 

 

138

 

 

10,242

 

 

437

 

Isagenix International, LLC

 

1,354

 

 

83

 

 

(22

)

 

—

 

 

(269

)

 

1,146

 

 

19

 

Transportation Insight, LLC

 

—

 

 

5,161

 

 

—

 

 

—

 

 

755

 

 

5,916

 

 

134

 

TSX Fiber

 

—

 

 

1,429

 

 

—

 

 

—

 

 

368

 

 

1,797

 

 

13

 

Total Non-Controlled Affiliates

$

29,594

 

$

14,582

 

$

(12,561

)

$

1,598

 

$

(2,160

)

$

31,053

 

$

1,082

 

 

The Company’s investments in non-controlled affiliates for the six months ended June 30, 2025 were as follows (in thousands):

 

Fair Value as of December 31, 2024

 

Gross
Additions (1)

 

Gross
Reductions (2)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2025

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

15,110

 

$

289

 

$

—

 

$

—

 

$

1,790

 

$

17,189

 

$

748

 

ASP MCS Acquisition

 

728

 

 

—

 

 

—

 

 

—

 

 

-

 

 

728

 

 

—

 

Bayside Opco, LLC

 

7,920

 

 

205

 

 

(27

)

 

—

 

 

1,294

 

 

9,392

 

 

562

 

Isagenix International, LLC

 

2,005

 

 

164

 

 

—

 

 

—

 

 

(445

)

 

1,724

 

 

212

 

Slickdeals Holdings, LLC

 

14,766

 

 

577

 

 

(38

)

 

—

 

 

(2,332

)

 

12,973

 

 

784

 

Vivid Seats Ltd.

 

910

 

 

—

 

 

—

 

 

—

 

 

(321

)

 

589

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

5,354

 

 

—

 

 

(4,957

)

 

—

 

 

(397

)

 

-

 

 

430

 

Total Non-Controlled Affiliates

$

46,793

 

$

1,235

 

$

(5,022

)

$

—

 

$

(411

)

$

42,595

 

$

2,736

 

 

 

(1)
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

The Company’s investments in controlled affiliates for the six months ended June 30, 2026 were as follows (in thousands):

 

 

 

Fair Value as of
December 31, 2025

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2026

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore LLC

$

10,333

 

$

—

 

$

(10,292

)

$

(3,427

)

$

3,386

 

$

-

 

$

53

 

First Eagle Logan JV, LLC(1)

 

33,386

 

 

—

 

 

—

 

 

—

 

 

(5,447

)

 

27,939

 

 

3,240

 

Loadmaster Derrick & Equipment, Inc.

 

3,438

 

 

—

 

 

(63

)

 

—

 

 

—

 

 

3,375

 

 

24

 

Lion Cashmere Bidco Limited

 

—

 

 

13,654

 

 

—

 

 

(7,482

)

 

6,988

 

 

13,160

 

 

44

 

Slickdeals Holdings, LLC

 

13,194

 

 

—

 

 

(146

)

 

—

 

 

(2,990

)

 

10,058

 

 

222

 

Total Controlled Affiliates

$

60,351

 

$

13,654

 

$

(10,501

)

$

(10,909

)

$

1,937

 

$

54,532

 

$

3,583

 

 

The Company’s investments in controlled affiliates for the six months ended June 30, 2025 were as follows (in thousands)

 

Fair Value as of December 31, 2024

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2025

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore LLC

$

9,221

 

$

1,397

 

$

(1,285

)

$

—

 

$

1,245

 

$

10,578

 

$

348

 

First Eagle Logan JV, LLC(1)

 

32,575

 

 

—

 

 

(80

)

 

—

 

 

1,716

 

 

34,211

 

 

2,800

 

Loadmaster Derrick & Equipment, Inc.

 

3,476

 

 

—

 

 

(63

)

 

—

 

 

928

 

 

4,341

 

 

75

 

OEM Group, LLC

 

2,779

 

 

—

 

 

(2,214

)

 

(3,800

)

 

3,235

 

 

—

 

 

—

 

Total Controlled Affiliates

$

48,051

 

$

1,397

 

$

(3,642

)

$

(3,800

)

$

7,124

 

$

49,130

 

$

3,223

 

 

 

(1)
Together with Perspecta Trident LLC (“Perspecta”), the Company invests through First Eagle Logan JV, LLC, which holds 100% of the subordinated notes and 100% of the Class E Notes issued by LJV I MM CLO LLC, its consolidated subsidiary (together, "Logan JV"). Logan JV is not an extension of the Company’s investment operations given shared power/voting rights with Perspecta. The Company owns 80% of the voting securities of the Logan JV, but the Company does not have control over the Logan JV (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Logan JV focuses primarily on senior secured syndicated loans to larger issuers.
(2)
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(3)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.