First Eagle Alternative Capital BDC 10K 2021 Annual report | FCRX Filing

Exhibit 99.1

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

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

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Table of Contents

		Page(s)

Report of Independent Auditors		1-2

Financial Statements:

Consolidated Statements of Assets, Liabilities and Members’ Capital		3

Consolidated Statements of Operations		4

Consolidated Statements of Changes in Members’ Capital		5

Consolidated Statements of Cash Flows		6

Consolidated Schedules of Investments		7-16

Notes to Consolidated Financial Statements		17-32

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.

•	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

First Eagle Logan JV LLC

Consolidated Statements of Assets, Liabilities and Members' Capital As of December 31, 2021 and 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

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Statements of Operations

For the years ended December 31, 2021, 2020, and 2019

	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

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Statements of Changes in Members' Capital

For the years ended December 31, 2021, 2020, and 2019

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

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Statements of Cash Flows

For the years ended December 31, 2021, 2020, and 2019

	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			—

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 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

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2021

Company/Security/Country ⁽¹⁶⁾

Industry

Interest Rate ⁽¹⁾

Initial

Acquisition

Date

Maturity

Date

Principal /

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

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2021

Company/Security/Country ⁽¹⁶⁾

Industry

Interest Rate ⁽¹⁾

Initial

Acquisition

Date

Maturity

Date

Principal /

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

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2021

Company/Security/Country ⁽¹⁶⁾

Industry

Interest Rate ⁽¹⁾

Initial

Acquisition

Date

Maturity

Date

Principal /

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

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 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 interest rates indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates, at the borrower’s option. LIBOR rates may be subject to interest rate floors.

⁽²⁾ Represents fair value in accordance with ASC Topic 820.

⁽³⁾ Represents a revolver commitment of $1,469,807, which was unfunded as of December 31, 2021. Issuer pays 0.75% unfunded commitment fee on revolver term loan and/or revolving loan facilities.

⁽⁴⁾ Represents a delayed draw commitment of $1,357,843, of which $103,797 was unfunded as of December 31, 2021. Unfunded amounts of a delayed draw position have a lower

rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽⁵⁾ Represents a revolver commitment of $451,128, which was unfunded as of December 31, 2021. Issuer pays 0.5% unfunded commitment fee on revolver term loan and/or revolving loan facilities.

⁽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 term loan and/or revolving loan facilities.

⁽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 lower rate than the contractual fully funded rate. Issuer pays 4.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽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 a rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽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 a rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽¹⁰⁾ Represents a delayed draw commitment of $605,958, which was unfunded as of December 31, 2021. Issuer pays 1.0% unfunded commitment fee on delayed draw term

loan and/or revolving loan facilities.

⁽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 a rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽¹²⁾ Represents a delayed draw commitment of $185,185, of which $107,408 was unfunded as of December 31, 2021. Unfunded amounts of a delayed draw position have a

rate than the contractual fully funded rate. Issuer pays 4.50% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽¹³⁾ Represents a revolver commitment of $299,252, which was unfunded as of December 31, 2021. Issuer pays 4.5% unfunded commitment fee on revolver term loan and/or revolving loan facilities.

⁽¹⁴⁾ Represents a revolver commitment of $373,134, of which $298,507 was unfunded as of December 31, 2021. Issuer pays 0.5% unfunded commitment fee on revolver term

loan and/or revolving loan facilities.

⁽¹⁵⁾ Unfunded amount will start to accrue interest when the position is funded. 3 month LIBOR as of December 31, 2021 or LIBOR floor is shown to reflect possible projected interest rate.

⁽¹⁶⁾ All investments are pledged as collateral for loans payable unless otherwise noted.

⁽¹⁷⁾ Loan was on non-accrual as of December 31, 2021.

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 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 accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2020

Company/Security/Country (13)

Industry

Interest Rate (1)

Initial

Acquisition

Date

Maturity Date

Principal /

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

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 accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 2020

Company/Security/Country (13)

Industry

Interest Rate (1)

Initial

Acquisition

Date

Maturity Date

Principal /

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 accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 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 accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

Consolidated Schedule of Investments

As of December 31, 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⁾ Variable interest rates indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates, at the borrower’s option. LIBOR rates may be subject to interest rate floors.

⁽²⁾ Represents fair value in accordance with ASC Topic 820.

⁽³⁾ Represents a delayed draw commitment of $1,362,166, of which $956,513 was unfunded as of December 31, 2020. Unfunded amounts of a delayed draw position have a lower rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽⁴⁾ Represents a revolver commitment of $451,128, which was unfunded as of December 31, 2020. Issuer pays 0.5% unfunded commitment fee on revolver term loan and/or revolving loan facilities.

⁽⁵⁾ Represents a delayed draw commitment of $1,251,077, of which $700,000 was unfunded as of December 31, 2020. Unfunded amounts of a delayed draw position have a lower rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽⁶⁾ Represents a delayed draw commitment of $3,000,000, of which $2,545,455 was unfunded as of December 31, 2020. Unfunded amounts of a delayed draw position have a lower

rate than the contractual fully funded rate. Issuer pays 3.75% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽⁷⁾ Represents a delayed draw commitment of $1,000,000, of which $307,500 was unfunded as of December 31, 2020. Unfunded amounts of a delayed draw position have a rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽⁸⁾ Represents a delayed draw commitment of $41,567, which was unfunded as of December 31, 2020. Issuer pays 0.5% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽⁹⁾ Represents a delayed draw commitment of $629,847, of which $554,431 was unfunded as of December 31, 2020. Unfunded amounts of a delayed draw position have a rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽¹⁰⁾ Represents a revolver commitment of $318,182, which was unfunded as of December 31, 2020. Issuer pays 0.5% unfunded commitment fee on revolver term loan and/or revolving loan facilities.

⁽¹¹⁾ Represents a delayed draw commitment of $494,607, of which $300,391 was unfunded as of December 31, 2020. Unfunded amounts of a delayed draw position have a rate than the contractual fully funded rate. Issuer pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.

⁽¹²⁾ Unfunded amount will start to accrue interest when the position is funded. 3 month LIBOR as of December 31, 2020 or LIBOR floor is shown to reflect possible projected interest rate.

⁽¹³⁾ All investments are pledged as collateral for loans payable unless otherwise noted.

⁽¹⁴⁾ Loan was on non-accrual as of December 31, 2020.

The accompanying notes are an integral part of these consolidated financial statements.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

1.	Organization and Structure

On December 2, 2014, First Eagle Logan JV, LLC (the “Logan JV”) was formed as a Delaware limited liability company to invest primarily in senior secured first lien term loans.

Logan JV operates under a limited liability agreement dated December 3, 2014 (the “Agreement”), by and among First Eagle Alternative Capital BDC, Inc., a Delaware corporation (“FCRD”), and Perspecta Trident LLC, an affiliate of Perspecta Trust LLC, (“Perspecta”), each, a “Member” and, collectively, the “Members”. All Logan JV investment decisions must be unanimously approved by Logan JV’s investment committee consisting of one representative from each of FCRD and Perspecta.

Logan JV is capitalized with capital contributions which are called from the Members, on a pro-rata basis based on their capital commitments, as transactions are completed. Any decision by Logan JV to call down on capital commitments requires the explicit authorization of each Member, and each Member may withhold such authorization for any reason in its sole discretion.

Logan JV invests capital contributions into its wholly owned investment company subsidiary, First Eagle Logan JV SPV I, LLC (the “Logan JV SPV”), a Delaware limited liability company formed on December 1, 2014. The SPV operates under a limited liability agreement dated December 3, 2014, with Logan JV, its “Initial Member” and “Designated Manager”. Logan JV shall continue without dissolution until all investments are liquidated by the company.

The SPV invests capital contributions from Logan JV, along with borrowings from a syndicated senior credit facility, primarily in broadly syndicated loans, in addition to directly originated loans.

The fully consolidated company is herein referred to as the “Company”.

2.	Significant Accounting Policies

Basis of Presentation

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

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires the use of certain estimates and assumptions that may affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ significantly from the estimates included in the financial statements, and such differences could be material.

Consolidation

Logan JV follows the guidance in ASC Topic 946 Financial Services—Investment Companies (“ASC Topic 946”) and will not generally consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to Logan JV. Logan JV has consolidated its wholly owned subsidiary, the SPV. All inter-company accounts and transactions have been eliminated in consolidation.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and a money market fund held with one financial institution as of December 31, 2021 and 2020. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation insured limit and therefore is subject to credit risk. Cash equivalents are assets with an original maturity of three months or less. As of December 31, 2021 and 2020, Logan JV held $14,985,492 and $31,631,587 of cash equivalents, respectively.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing and subsequent amendments of the credit facility. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the credit facility. Capitalized deferred financing costs related to the credit facility are presented net against the respective balance 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 net investment income and net realized gains.

Investment Transactions and Investment Income

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

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that Logan JV expects to collect such amounts. Original issue discount, principally representing the market discount or premium are capitalized and accreted or amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion/amortization of discounts and premiums and upfront loan origination fees.

Logan JV capitalizes and amortizes upfront loan origination fees received in connection with the closing of investments. The unearned income from such fees is accreted into interest income over the contractual life of the loan based on the effective interest method. Upon prepayment of a loan or debt security, any prepayment penalties, unamortized upfront loan origination fees, and unamortized discounts are recorded as interest income.

Logan JV may have investments in its portfolio which contain a contractual paid-in-kind, or PIK, interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. Logan JV will cease accruing PIK interest if there is insufficient value to support the accrual or if amounts are not expected to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon a restructuring of the investment where the interest is deemed collectable.

Loans are placed on non-accrual status when principal or interest payments are past due 30 days 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 collateral value and is in the process of collection. As of December 31, 2021, the Company has one loan on non-accrual with an amortized cost basis of $1,674,041 and fair value of $94,312. As of December 31, 2020, the Company had one loan on non-accrual with an amortized cost basis of $2,227,158 and fair value of $1,017,625. For additional information, please refer to the Consolidated Schedules of Investments as of December 31, 2021 and 2020. Any reversals of previously accrued income are recorded against the same income category in the Consolidated Statements of Operations.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

Other income includes unused commitment fees associated with investments in portfolio companies and amendment fees.

Expenses are recorded on an accrual basis.

Revolving and Unfunded Delayed Draw Loans

For Logan JV’s investments in revolving and delayed draw loans, the cost basis of the investments purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for unrealized appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative value until it is offset by the future amounts called and funded. As of December 31, 2021 and 2020, Logan JV had $4,590,778 and $6,175,167 of unfunded commitments, respectively.

Income Taxes

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 net taxable 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 subject to withholdings and other taxes levied by the jurisdiction in which the income is sourced. Each Member is required for income tax purposes to take into account its distributive share of all items of Logan JV’s income, gain, loss, deductions, and other items for such taxable year of Logan JV. The tax basis income and losses may differ from the income and losses in the Statements of Operations, which is prepared in accordance with GAAP.

Logan JV determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, any tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. There were no uncertain tax positions as of December 31, 2021 and 2020. Logan JV’s federal tax years 2019 forward remain subject to examination by taxing authorities.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

3.	Investment Valuation

The following is a summary of the industry classification in which Logan JV was invested as of December 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	%

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

The following is a summary of the industry classification in which Logan JV was invested as of December 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 investment portfolio as of December 31, 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	%

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

The following is a summary of the geographical concentration of Logan JV’s investment portfolio as 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 market quotations, which are generally obtained from an independent pricing service, broker-dealers or market makers.

Investments for which market quotations are not readily available, or are not considered to be the best estimate of fair value, are valued at fair value as determined in good faith by Logan JV. Consequently, it is expected that certain portfolio investments’ values will be determined in good faith by Logan JV following its documented valuation policy. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of Logan JV’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

With respect to investments for which market quotations are not readily available or not considered to be the best estimate, Logan JV develops a valuation for each investment in the Company. Logan JV may also use independent valuation firms to provide independent appraisals and present a valuation recommendation that it considers in determining the fair value of certain investments in the Company.

The types of factors that Logan JV may take into account in estimating fair value pricing of its investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. Logan JV generally utilizes an income approach to value its debt investments and a combination of income and market approaches to value equity investments, if applicable. With respect to unquoted securities, Logan JV, in periodic consultation with independent third party valuation firm, values each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. For debt investments, Logan JV determines the fair value primarily using an income or yield approach that analyzes the discounted cash flows of interest and principal for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of each portfolio investment. Logan JV’s estimate of the expected repayment date is generally the legal maturity date of the instrument. The yield analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, Logan JV discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly;

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management.

Logan JV considers whether the volume and level of activity for the asset or liability have significantly decreased and identifying transactions that are not orderly in determining fair value. Accordingly, if Logan JV determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances.

The following is a summary of the levels within the fair value hierarchy in which Logan JV was invested as of December 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 JV was invested as of December 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, 2021 for investments classified within 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

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

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

The following table rolls forward the changes in fair during the year ended December 31, 2020 for investments classified within 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 of December 31, 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⁾ Included within the Level 3 assets of $139,947,541 an amount of $99,626,237 for which Logan JV did not develop the unobservable inputs for the determination of fair value (examples included single source quotation and prior or pending transactions).

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

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

The following provides quantitative information about Level 3 fair value measurements as of December 31, 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 for which Logan JV did not develop the unobservable inputs for the determination of fair value (examples included single source quotation and prior or pending transactions).

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

The two primary significant unobservable inputs used in the fair value measurement of the Company’s debt securities are the weighted average cost of capital, or WACC, and the comparative yield. Significant increases (decreases) in the WACC or in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. In determining the WACC, for the income, or yield approach, the Company considers current market yields and multiples, portfolio company performance, leverage levels, credit quality, among other factors, the performance of the portfolio company and the expected term of the investment. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate WACC to use in the income approach. In determining the comparative yield, for the income, or yield approach, the Company considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate comparative yield to use in the income approach. To determine the multiple for the market approach, the Company considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market approach. Significant increases (decreases) in the multiple, in isolation would result in a significantly higher (lower) fair value measurement.

The significant unobservable input used in the fair value measurement of the Company’s debt investments using a market approach is the EBITDA multiple adjusted by management for differences between the investment and referenced comparables, or the multiple. Significant increases (decreases) in the multiple in isolation would result in a significantly higher (lower) fair value measurement. To determine the multiple for the market approach, the Company

considers current market trading and/or transaction multiples, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate multiple to use in the market approach.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

4.	Credit Facility

On December 17, 2014, Logan JV, through Logan JV SPV, entered into a senior credit facility (the “Facility”) with Deutsche Bank AG. The facility was amended on January 9, 2021 to decrease the size of the facility from $275,000,000 to $225,000,000 subject to a borrowing base from Deutsche Bank AG and other co-lenders. As amended on January 9, 2021, the revolving loan period is scheduled to end on July 12, 2023 with a final maturity date of July 12, 2025.

As of December 31, 2021 and 2020, the Company had $147,041,123 and $166,541,123 of outstanding borrowings under the Facility, respectively. As amended on January 9, 2021, the Facility requires payment of interest on a quarterly basis using three month LIBOR (with a 0.35% LIBOR floor) plus 2.50%. The Facility’s previous interest rate utilized three month LIBOR (with no LIBOR floor) plus 2.20%. The Facility’s all-in interest rate as of December 31, 2021 and 2020 was 2.85% and 2.44%, respectively. The Company borrowed $9,500,000 under the Credit Facility and repaid $29,000,000 to the Facility during the year ended December 31, 2021.

Borrowings under the Facility are subject to, among other things, a minimum borrowings base. The Facility has certain collateral requirements and/or financial covenants, including covenants related to: (a) limitations on the incurrence of additional indebtedness, (b) eligibility of certain investments, (c) limitations on concentrations, (d) collateral quality tests, and (e) compliance with certain financial maintenance standards including minimum Members’ capital. In addition to the financial maintenance standards, described in the preceding sentence, borrowings under the Facility are subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio.

The Facility’s document also includes default provisions such as the failure to make timely payments, uncured breach of the borrowing base, borrower bankruptcy, the occurrence of a change in control, and the Company’s failure to materially perform under the operative agreements governing the Facility, which, if not complied with, could, at the option of the lender, accelerate repayment under the Facility, thereby materially and adversely affecting liquidity, financial condition and results of operations. Each loan originated under the Facility is subject to the satisfaction of certain conditions. It cannot be assured that Logan JV will be able to borrow funds under the Facility at any particular time or at all. The Company is currently in compliance with all financial covenants under the Facility; and was so during the period.

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

For the years ended December 31, 2021, 2020, and 2019, the Company incurred interest expense and related fees, excluding amortization of deferred financing costs, 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 financing costs totaled $639,527, $808,353, and $805,229 respectively. The unamortized fees and expenses 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 straight line method.

The Company has agreed, with the various parties to the Facility, to reasonably cooperate with each other, in good faith, to amend the Facility’s agreement and replace references to LIBOR with any alternative floating reference rate (and any associated terms and provisions) that is being generally used in U. S. credit markets for similar types of facilities, should LIBOR cease to exist, or is reasonably expected to cease within the succeeding three months.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

5.	Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022, at the Company’s election. Logan JV is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.

In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” which clarifies certain optional expedients and exceptions for applying GAAP to derivatives affected by reference rate reform. ASU 2021-01 is effective as of January 7, 2021 through December 31, 2022, at the Company’s election. Logan JV is currently evaluating the impact of adopting ASU 2021-01 on its consolidated financial statements.

6.	Investment Risk

Logan JV’s investing activities expose it to various types of risks that are associated with the markets and financial instruments in which it invests. The significant types of financial risks to which Logan JV is exposed include, but are not limited to, market risk, credit risk, liquidity risk, and interest risk.

Market Risk

Market risk encompasses the potential for both losses and gains and includes, but is not limited to, price risk. Logan JV’s investments are long-term and illiquid and there is no assurance that Logan JV will achieve investment objectives including targeted returns.

Credit Risk

The value of Logan JV’s investments will generally fluctuate in response to company, political, or economic developments and can decline significantly over short periods of time or during periods of general or regional economic difficulty. Lower-quality debt securities involve

greater risk of default or price changes due to changes in the credit quality of the issuer. Lower- quality debt securities can be thinly traded or have restrictions on resale, making them difficult to sell at an acceptable price. The default rate for lower-quality debt securities is likely to be higher during economic recessions or periods of high interest rates.

Liquidity Risk

Logan JV invests in syndicated bank loans. Syndicated loans are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter (“OTC”) secondary market, although no formal market- makers exist. This market, while having grown substantially, generally has fewer trades and less liquidity than the secondary market for other types of securities. Some syndicated loans have few or no trades, or trade infrequently, and information regarding a specific senior loan may not be widely available or may be incomplete. For loans that are provided directly to borrowers, all of these positions are subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of its investments may make it difficult for Logan JV to sell such investments if the need arises. In addition, if Logan JV is required to liquidate all or a portion of its portfolio quickly, Logan JV may realize significantly less than the value at which it had previously recorded its investments. The extent of this exposure is reflected in the carrying value of these financial assets and recorded in the Consolidated Statements of Assets, Liabilities and Members’ Capital. Further, Logan JV may face other restrictions on its ability to liquidate an investment in a portfolio company to the extent that it, or an affiliated entity, has material non-public information regarding such portfolio company.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

Interest Risk

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 certain financial markets, developments or trends in any particular industry and the financial condition of the issuer. Some of Logan JV’s investments involve the acquisitions of fixed income securities. Any increase to prevailing interest rates may result in a decrease in the value of fixed income securities held or vice versa. Additionally, changes in market rates may result in declining yields upon reinvestment of excess cash balances.

LIBOR Risk

On July 27, 2017, the United Kingdom Financial Conduct Authority (“FCA”) announced that it would phase out the London Interbank Offered Rate (“LIBOR”) as a benchmark by the end of 2021. On November 30, 2020, the FCA announced that subject to confirmation following its consultation with the administrator of LIBOR, it would cease publication of the one-week and two-month USD LIBOR immediately after December 31, 2021 and cease publication of the remaining tenors immediately after June 30, 2023. Additionally, the Federal Reserve Board has advised banks to stop entering into new USD LIBOR based contracts. It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021 and has indicated that market participants should not rely on LIBOR being available after 2023. As an alternative to LIBOR, for example, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is considering replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate ("SOFR"), a new index calculated by short-term repurchase agreements, backed by Treasury securities. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and our existing financial instruments which reference

LIBOR. While some instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments may have such provisions and there is significant uncertainty regarding the effectiveness of any such alternative methodologies. Abandonment of or modifications to LIBOR could lead to significant short-term and long-term uncertainty and market instability. If LIBOR ceases to exist, we and our investments may need to amend or restructure our existing LIBOR-based debt instruments and any related hedging arrangements that extend beyond 2021, which may be difficult, costly and time consuming. In addition, from time to time we invest in floating rate loans and investment securities whose interest rates are indexed to LIBOR. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to LIBOR, or any changes announced with respect to such reforms, may result in a sudden or prolonged increase or decrease in the reported LIBOR rates and the value of LIBOR-based loans and securities, including those of other issuers we or our funds currently own or may in the future own. It remains uncertain how such changes would be implemented and the effects such changes would have on us, issuers of instruments in which we invest and financial markets generally.

The expected discontinuation of LIBOR could have a significant impact on the Company’s business. The dollar amount of our outstanding debt investments and borrowings that are linked to LIBOR with maturity dates after the anticipated discontinuation date of 2023 is material. We anticipate significant operational challenges for the transition away from LIBOR including, but not limited to, amending existing loan agreements with borrowers on investments that may have not been modified with fallback language and adding effective fallback language to new agreements in the event that LIBOR is discontinued before maturity. Beyond these challenges, we anticipate there may be additional risks to our current processes and information systems that will need to be identified and evaluated by us. Due to the uncertainty of the replacement for LIBOR, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined. In addition, the cessation of LIBOR could:

•

Adversely impact the pricing, liquidity, value of, return on and trading for a broad array of financial products, including any LIBOR-linked securities, loans and derivatives that are included in our assets and liabilities;

•

Require extensive changes to documentation that governs or references LIBOR or LIBOR-based products, including, for example, pursuant to time-consuming renegotiations of existing documentation to modify the terms of outstanding investments;

•

Result in inquiries or other actions from regulators in respect of our preparation and readiness for the replacement of LIBOR with one or more alternative reference rates;

•

Result in disputes, litigation or other actions with investments, or other counterparties, regarding the interpretation and enforceability of provisions in our LIBOR-based investments, such as fallback language or other related provisions,

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

including, in the case of fallbacks to the alternative reference rates, any economic, legal, operational or other impact resulting from the fundamental differences between LIBOR and the various alternative reference rates;

•

Require the transition and/or development of appropriate systems and analytics to effectively transition our risk management processes from LIBOR-based products to those based on one or more alternative reference rates, which may prove challenging given the limited history of the proposed alternative reference rates; and

•

Cause us to incur additional costs in relation to any of the above factors.

There is no guarantee that a transition from LIBOR to an alternative will not result in financial market 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 of operations, financial condition, and unit price. In addition, the transition to a successor rate could potentially cause (i) increased volatility or illiquidity in markets for instruments that currently rely on LIBOR, (ii) a reduction in the value of certain instruments held by the Company, or (iii) reduced effectiveness of related Company transactions, such as hedging. It remains uncertain how such changes would be implemented and the effects such changes would have on the Company, issuers of instruments in which the Company invests and financial markets generally.

COVID-19 Developments

We are closely monitoring developments related to the COVID-19 pandemic to assess its impact on the Company’s business; while, due to the evolving and highly uncertain nature of this event, it currently is not possible to estimate its impact precisely, the COVID-19 pandemic has and may in the future adversely impact the Company’s business, financial condition, results of operations, liquidity or prospects in a number of ways. For instance, our investment portfolio (and, specifically, the valuations of investment assets we hold) has been, and may continue to be, adversely affected as a result of market developments from the COVID-19 pandemic and uncertainty regarding its outcome.. Moreover, changes in interest rates, reduced liquidity or a continued slowdown in U.S. and globally or global economic conditions may also adversely affect the Company’s business, financial condition, results of operations, liquidity or prospects. Further, extreme market volatility may leave us unable to react to market events in a prudent manner consistent with our historical practices in dealing with more orderly markets. Although it is impossible to predict with certainty the potential full magnitude of the business and economic ramifications, COVID-19 has impacted, and may further impact, the Company’s business in various ways, including but not limited to:

•

From an operational perspective, the workforces of our vendors, service providers and counterparties, may be adversely affected by the COVID-19 pandemic or efforts to mitigate the pandemic, including government-mandated shutdowns, vaccine mandates, requests or orders for employees to work remotely, and other social distancing measures, in the U.S., which could result in an adverse impact on our ability to conduct the Company’s business;

•

While the market dislocation caused by COVID-19 may present attractive investment opportunities, due to increased volatility in the financial markets, we may not be able to complete those investments;

•

If the impact of COVID-19 worsens, we may have more limited opportunities to successfully exit existing investments, due to, among other reasons, lower valuations, decreased revenues and earnings, or lack of potential buyers with financial resources to pursue an acquisition, resulting in a reduced ability to realize value from such investments;

•

Our investments are facing or may face in the future increased credit and liquidity risk due to volatility in financial markets, reduced revenue streams, supply chain disruptions, and limited or higher cost of access to preferred sources of funding, which may result in potential impairment of our investments. Changes in the debt financing markets are impacting, or, if the volatility in financial market continues, may in the future impact, the ability of our investments to meet their respective financial obligations;

•

Borrowers of loans, notes and other credit instruments in our portfolio may be unable to meet their principal or interest payment obligations or satisfy financial covenants, resulting in a decrease in value of our investments and lower than expected return. In addition, for variable interest instruments, lower reference rates resulting from government stimulus programs in response to COVID-19 could lead to lower interest income;

•

Many of our investments operate in industries that are materially impacted by COVID-19, including but not limited to healthcare, travel, entertainment and hospitality. Many of these companies are facing operational and financial hardships

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

resulting from the spread of COVID-19 and related governmental measures, such as the closure of stores, restrictions on travel, quarantines or stay- at-home orders. If the disruptions caused by COVID-19 continue and the restrictions put in place are not lifted, the businesses of these investments could suffer materially or become insolvent, which would decrease the value of our investments;

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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 be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic; and

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COVID-19 presents a significant threat to the Administrator’s employees’ well- being and morale. While the Administrator has implemented a business continuity plan to protect the health of its employees and has contingency plans in place for key employees or executive officers who may become sick or otherwise unable to perform their duties for an extended period of time, such plans cannot anticipate all scenarios, and Logan JV may experience potential loss of productivity or a delay in the roll out of certain strategic plans.

The full extent of COVID-19 pandemic continues to be uncertain. Although vaccines have been developed and are being distributed throughout the U.S. and worldwide, the uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19 and acceptance of vaccines and other factors may continue to contribute to significant volatility in the global markets and impact our operations. COVID-19 and the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our performance, financial condition, results of operations and ability to pay distributions.

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

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.	Related Party Transactions

Administration Expenses

Administration services are provided by First Eagle Alternative Credit, LLC, (the “Administrator”) a Delaware limited liability company, through an administration agreement approved by Logan JV on December 3, 2014. In accordance with the agreement, the Administrator shall provide such services necessary for the operation of Logan JV; including, but not limited to, office facilities, clerical, bookkeeping and record keeping services. In connection with these services, the Administrator is entitled to be reimbursed for the costs and expenses incurred by the Administrator in performing its responsibilities under the agreement. Logan JV will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator in performance of its duties under the administration agreement. For the years ended December 31, 2021, 2020, and 2019, Logan JV incurred $145,669, $159,725, and $161,645, respectively, that are included in other general and administrative expenses in the Consolidated Statements of Operations. As of December 31, 2021 and 2020, $20,000 and $50,000 was payable

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

to the Administrator, respectively, and is included within accrued expenses on the Consolidated Statements of Assets, Liabilities and Members’ Capital.

Logan JV does not pay management fees or incentive fees.

8.	Members’ Capital

Commitments and Contributions

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 is deemed to be a Managing Member. Aggregate commitments totaling $250,000,000 have been raised from the Members. On July 1, 2020, the Agreement was amended and the aggregate commitments were reduced to $137,500,000. FCRD has committed to provide 80%, or $110,000,000, of the total commitment, of which $100,600,000 has been called through December 31, 2021. The remaining 20%, or $27,500,000, of the total commitment will be provided by Perspecta, of which $25,150,000 has been called through December 31, 2021. For the years ended December 31, 2021, 2020 and 2019, $0, $0 and $10,000,000 of capital was called, respectively. The Members had contributed 91.5%, 91.5% and 50.3% of their capital commitments as of December 31, 2021, 2020 and 2019, respectively. In February 2019, the Company returned $4,000,000 to the Members and in March of 2020 the Company returned $6,000,000 to the Members. FCRD’s and Perspecta’s commitment as of December 31, 2021 were $92,600,000 and $23,150,000, respectively.

Capital Accounts

Capital Accounts are maintained for each Member consisting of the Members’ Capital Contribution, 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) of property distributed to the Member (giving net effect to any liabilities to which the property is subject or which the Member assumes), and otherwise maintained consistent with this Agreement. In the event that the Administrator under the agreement, determines that it is prudent to modify the manner in which capital accounts, including all debits and credits to the capital accounts, are computed in order to be maintained consistent with the Agreement, the Administrator is authorized to make those modifications to the extent that they do not result in a material adverse effect to any Member.

Allocations of Profit and Loss

Subject to the Agreement, Profit or Loss is allocated among the Members on a pro rata basis. Loss is allocated among the Members pro rata in accordance with their capital accounts. Profit is allocated among the Members (i) first, pro rata until the cumulative amount of profit allocated to a Member (or any transferee of any Member) equals the cumulative amount of Loss previously allocated to the Member (or any transferee of that Member) and (ii) thereafter pro rata in accordance with the Members' capital accounts. All allocations for the years ended December 31, 2021, 2020 and 2019 were based on each Member’s pro rata share in accordance with their capital accounts.

Distributions

To the extent of available cash and cash equivalents after payment of expenses, Logan JV shall make distributions quarterly in the amounts as determined by board approval, shared among the Members in proportion to their respective capital accounts after payment of any temporary advances or fees related thereto. All distributions for the years ended December 31, 2021, 2020 and 2019 were based on Members’ pro rata share of their capital accounts. For the years ended December 31, 2021, 2020 and 2019 $8,500,000, $9,000,000 and $12,350,000 of distributions were declared, respectively. As of December 31, 2021, 2020 and 2019 $2,900,000, $2,100,000 and $3,650,000 of distributions were payable to Members, respectively.

9.	Commitments and Contingencies

From time to time, Logan JV or the Administrator, in its capacity as the investment adviser to Logan JV, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of Logan JV’s rights under contracts with its portfolio companies. Neither Logan JV, nor the Administrator, in such capacity, is currently subject to any material legal proceedings.

First Eagle Logan JV LLC

(A Delaware Limited Liability Company)

Notes to Consolidated Financial Statements

As of December 31, 2021 and 2020, Logan JV did not have any additional commitments or contingencies except revolving and unfunded delayed draw loans as described in Note 2.

10.	Financial Highlights

Nonpublic investment vehicles, such as Logan JV, are required to disclose certain financial highlights related to their investment performance and operations. However, since the Members are responsible for all investment making and business decisions, there is no requirement to show financial highlights in accordance with ASC Topic 946. Therefore, since Logan JV only consists of Managing Members, the financial highlights have been omitted.

11.	Subsequent Events

Logan JV has evaluated the events or transactions that may require disclosure in Logan JV’s financial statements and no items were noted that required disclosure or adjustment through March 3, 2022, the date that the financial statements were available to be issued.

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Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. junior Avg

First Eagle Alternative Capital BDC (FCRX) 10-K2021 FY Annual report

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