pflt-10q_20191231.htm

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7 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2019

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM              TO            

COMMISSION FILE NUMBER: 814-00891 

 

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

 

MARYLAND

 

27-3794690

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

590 Madison Avenue, 15th Floor

New York, N.Y.

 

10022

(Address of principal executive offices)

 

(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PFLT

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 5, 2020 was 38,772,074. 

 


PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2019

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2019 (unaudited) and September 30, 2019

  

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2019 and 2018 (unaudited)

  

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2019 and 2018 (unaudited)

  

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2019 and 2018 (unaudited)

  

7

 

 

Consolidated Schedules of Investments as of December 31, 2019 (unaudited) and September 30, 2019

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

16

 

 

Report of Independent Registered Public Accounting Firm

  

30

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

31

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

42

 

 

Item 4. Controls and Procedures

  

43

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

44

 

 

Item 1A. Risk Factors

  

44

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

44

 

 

Item 3. Defaults Upon Senior Securities

  

44

 

 

Item 4. Mine Safety Disclosures

  

45

 

 

Item 5. Other Information

  

45

 

 

Item 6. Exhibits

  

46

 

 

SIGNATURES

  

47


 

2


PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refer to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “2023 Notes” refers to our 3.83% Series A notes due 2023; “1940 Act” refers to the Investment Company Act of 1940, as amended; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act; “MCG” refers to MCG Capital Corporation; and “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended and restated with Truist Bank (formerly SunTrust Bank) and other lenders, or the Lenders; “Securitization Issuer” refers to PennantPark CLO I, Ltd.; “Securitization Issuers” refers to the Securitization Issuer and PennantPark CLO I, LLC; “Debt Securitization” refers to the $301.4 million term debt securitization completed by the Securitization Issuers; “2031 Asset-Backed Debt” refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A‑1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; “Depositor” refers to PennantPark CLO I Depositor, LLC. References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business include investments we make through our subsidiaries.

 

 

3

 


Item 1.

Consolidated Financial Statements

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

 

 

December 31, 2019

 

 

September 30, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$983,709,595 and $886,955,156, respectively)

 

$

988,154,489

 

 

$

889,113,264

 

Non-controlled, affiliated investments (cost—$24,922,178 and $23,645,693, respectively)

 

 

16,039,827

 

 

 

20,430,565

 

Controlled, affiliated investments (cost—$174,562,500 and $174,562,500, respectively)

 

 

171,921,598

 

 

 

172,163,080

 

Total of investments (cost—$1,183,194,273 and $1,085,172,349, respectively)

 

 

1,176,115,914

 

 

 

1,081,706,909

 

Cash and cash equivalents (cost—$56,261,842 and $63,367,237, respectively)

 

 

56,292,541

 

 

 

63,337,728

 

Interest receivable

 

 

3,144,695

 

 

 

3,892,292

 

Receivable for investments sold

 

 

58,425,962

 

 

 

2,997,546

 

Prepaid expenses and other assets

 

 

402,760

 

 

 

441,337

 

Total assets

 

 

1,294,381,872

 

 

 

1,152,375,812

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,683,347

 

Payable for investments purchased

 

 

85,457,647

 

 

 

12,033,794

 

Credit Facility payable, at fair value (cost—$335,307,500 and $265,307,500, respectively) (See Notes 5 and 10)

 

 

334,040,510

 

 

 

263,988,583

 

2023 Notes payable, at fair value (par—$138,579,858) (See Notes 5 and 10)

 

 

133,826,569

 

 

 

135,240,084

 

2031 Asset-Backed Debt, net (par—$228,000,000) (See Notes 5 and 10)

 

 

224,393,947

 

 

 

224,321,845

 

Interest payable on debt

 

 

4,085,056

 

 

 

3,275,481

 

Base management fee payable (See Note 3)

 

 

2,830,159

 

 

 

2,728,019

 

Performance-based incentive fee payable (See Note 3)

 

 

2,315,834

 

 

 

2,532,205

 

Accrued other expenses

 

 

1,768,439

 

 

 

1,514,943

 

Total liabilities

 

 

792,401,508

 

 

 

649,318,301

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Common stock, 38,772,074 shares issued and outstanding Par value $0.001 per share and 100,000,000

   shares authorized

 

 

38,772

 

 

 

38,772

 

Paid-in capital in excess of par value

 

 

538,632,828

 

 

 

538,632,828

 

Distributable income

 

 

(36,691,236

)

 

 

(35,614,089

)

Total net assets

 

$

501,980,364

 

 

$

503,057,511

 

Total liabilities and net assets

 

$

1,294,381,872

 

 

$

1,152,375,812

 

Net asset value per share

 

$

12.95

 

 

$

12.97

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2019

 

 

2018

 

Investment income:

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

$

18,909,894

 

 

$

18,169,998

 

Other income

 

 

773,103

 

 

 

621,189

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

225,353

 

 

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

3,155,324

 

 

 

2,818,045

 

Dividend

 

 

1,575,000

 

 

 

1,575,000

 

Total investment income

 

 

24,638,674

 

 

 

23,184,232

 

Expenses:

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,830,159

 

 

 

2,498,766

 

Performance-based incentive fee (See Note 3)

 

 

2,315,834

 

 

 

(1,192,409

)

Interest and expenses on debt (See Note 10)

 

 

7,307,264

 

 

 

5,305,478

 

Administrative services expenses (See Note 3)

 

 

350,000

 

 

 

500,000

 

Other general and administrative expenses

 

 

616,077

 

 

 

616,075

 

Expenses before amendment costs, debt issuance costs and provision for taxes

 

 

13,419,334

 

 

 

7,727,910

 

Credit Facility amendment costs and debt issuance costs (See Notes 5 and 10)

 

 

 

 

 

4,512,279

 

Provision for taxes

 

 

100,000

 

 

 

 

Total expenses

 

 

13,519,334

 

 

 

12,240,189

 

Net investment income

 

 

11,119,340

 

 

 

10,944,043

 

Realized and unrealized loss on investments and debt:

 

 

 

 

 

 

 

 

Net realized gain on investments:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,012,313

 

 

 

923,466

 

Net realized gain on investments

 

 

1,012,313

 

 

 

923,466

 

Net change in unrealized depreciation on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,379,358

 

 

 

(10,041,539

)

Controlled and non-controlled, affiliated investments

 

 

(5,899,705

)

 

 

(2,364,468

)

Debt depreciation (See Notes 5 and 10)

 

 

1,361,588

 

 

 

5,533,693

 

Net change in unrealized depreciation on investments and debt

 

 

(2,158,759

)

 

 

(6,872,314

)

Net realized and unrealized loss from investments and debt

 

 

(1,146,446

)

 

 

(5,948,848

)

Net increase in net assets resulting from operations

 

$

9,972,894

 

 

$

4,995,195

 

Net increase in net assets resulting from operations per common share (See Note 7)

 

$

0.26

 

 

$

0.13

 

Net investment income per common share

 

$

0.29

 

 

$

0.28

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2019

 

 

2018

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

11,119,340

 

 

$

10,944,043

 

Net realized gain on investments

 

 

1,012,313

 

 

 

923,466

 

Net change in unrealized depreciation on investments

 

 

(3,520,347

)

 

 

(12,406,007

)

Net change in unrealized depreciation on debt

 

 

1,361,588

 

 

 

5,533,693

 

Net increase in net assets resulting from operations

 

 

9,972,894

 

 

 

4,995,195

 

Distributions to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

Net decrease in net assets

 

 

(1,077,147

)

 

 

(6,054,846

)

Net assets:

 

 

 

 

 

 

 

 

Beginning of period

 

 

503,057,511

 

 

 

535,841,568

 

End of period

 

$

501,980,364

 

 

$

529,786,722

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

9,972,894

 

 

$

4,995,195

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash

   used in operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized depreciation on investments

 

 

3,520,347

 

 

 

12,406,007

 

Net change in unrealized depreciation on debt

 

 

(1,361,588

)

 

 

(5,533,693

)

Net realized gain on investments

 

 

(1,012,313

)

 

 

(923,466

)

Net accretion of discount and amortization of premium

 

 

(486,937

)

 

 

(416,480

)

Purchases of investments

 

 

(239,443,417

)

 

 

(180,731,899

)

Payment-in-kind interest

 

 

(822,850

)

 

 

(90,696

)

Proceeds from dispositions of investments

 

 

143,743,301

 

 

 

190,294,479

 

Amortization of deferred financing costs

 

 

72,101

 

 

 

 

Decrease (increase) in interest receivable

 

 

747,597

 

 

 

(368,312

)

Increase in receivable for investments sold

 

 

(55,428,416

)

 

 

 

Decrease in prepaid expenses and other assets

 

 

38,577

 

 

 

140,442

 

Increase (decrease) in payable for investments purchased

 

 

73,423,853

 

 

 

(59,425,597

)

Increase (decrease) in interest payable on debt

 

 

809,575

 

 

 

(1,017,444

)

Increase in base management fee payable

 

 

102,140

 

 

 

79,137

 

Decrease in performance-based incentive fee payable

 

 

(216,371

)

 

 

(3,111,202

)

Increase in accrued other expenses

 

 

253,496

 

 

 

117,770

 

Net cash used in operating activities

 

 

(66,088,011

)

 

 

(43,585,759

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

86,000,000

 

 

 

104,500,000

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(16,000,000

)

 

 

(87,320,020

)

Net cash provided by financing activities

 

 

58,949,959

 

 

 

6,129,939

 

Net decrease in cash and cash equivalents

 

 

(7,138,052

)

 

 

(37,455,820

)

Effect of exchange rate changes on cash

 

 

92,865

 

 

 

412,033

 

Cash and cash equivalents, beginning of period

 

 

63,337,728

 

 

 

72,224,183

 

Cash and cash equivalents, end of period

 

$

56,292,541

 

 

$

35,180,396

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

6,425,587

 

 

$

6,322,922

 

Taxes paid

 

$

37,086

 

 

$

 

Non-cash exchanges and conversions

 

$

 

 

$

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019

(Unaudited)

 

Issuer Name

 

Maturity

 

Industry

 

Current

Coupon

 

 

Basis Point

Spread

Above

Index (1)

 

 

Par /

Shares

 

 

Cost

 

 

Fair Value (2)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—196.9% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—182.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 Freemont Street Acquisition, LLC

 

08/11/2025

 

Hotels, Restaurants and Leisure

 

 

10.04

%

 

1M L+800

 

 

 

15,000,000

 

 

$

14,709,949

 

 

$

15,075,000

 

Advantage Sales & Marketing

 

07/23/2021

 

Food and Staples Retailing

 

 

4.98

%

 

1M L+325

 

 

 

11,324,401

 

 

 

10,826,427

 

 

 

10,923,291

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

7.93

%

 

3M L+600

 

 

 

6,459,375

 

 

 

6,366,284

 

 

 

6,459,375

 

Altamira Technologies, LLC (Revolver) (7), (9)

 

07/24/2025

 

IT Services

 

 

 

 

 

 

 

2,156,250

 

 

 

 

 

 

 

American Auto Auction Group, LLC

 

01/02/2024

 

Transportation: Consumer

 

 

6.60

%

 

3M L+475

 

 

 

7,446,285

 

 

 

7,366,113

 

 

 

7,371,822

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

7.79

%

 

3M L+550

 

 

 

14,887,500

 

 

 

14,645,994

 

 

 

14,589,750

 

American Insulated Glass, LLC (7), (9)

 

12/21/2023

 

Building Products

 

 

 

 

 

 

 

649,351

 

 

 

 

 

 

(12,987

)

American Teleconferencing Services, Ltd.

 

12/08/2021

 

Telecommunications

 

 

8.40

%

 

3M L+650

 

 

 

9,664,269

 

 

 

9,590,682

 

 

 

6,958,274

 

API Holdings III Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

6.05

%

 

 

1M L+425

 

 

 

5,970,000

 

 

 

5,940,568

 

 

 

5,940,150

 

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

7.45

%

 

3M L+550

 

 

 

11,695,406

 

 

 

11,621,807

 

 

 

11,578,452

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

7.98

%

 

3M L+625

 

 

 

29,597,884

 

 

 

29,384,020

 

 

 

29,597,884

 

By Light Professional IT Services, LLC (Revolver) (7), (9)

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

2,504,092

 

 

 

 

 

 

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

8.43

%

 

3M L+650

 

 

 

2,860,808

 

 

 

2,842,366

 

 

 

2,857,375

 

Cano Health, LLC

 

12/23/2021

 

Healthcare and Pharmaceuticals

 

 

7.98

%

 

1M L+650

 

 

 

33,743,008

 

 

 

33,449,063

 

 

 

33,743,008

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

7.45

%

 

1M L+575

 

 

 

3,825,025

 

 

 

3,829,551

 

 

 

3,672,024

 

Centauri Group Holdings, LLC

 

02/12/2024

 

Aerospace and Defense

 

 

7.20

%

 

3M L+525

 

 

 

3,273,579

 

 

 

3,267,972

 

 

 

3,257,212

 

CHA Holdings, Inc.

 

04/10/2025

 

Environmental Industries

 

 

6.46

%

 

3M L+450

 

 

 

7,347,589

 

 

 

7,321,580

 

 

 

7,310,851

 

CHA Holdings, Inc. (7), (9)

 

04/10/2025

 

Environmental Industries

 

 

 

 

 

 

 

53,571

 

 

 

 

 

 

(268

)

Challenger Performance Optimization, Inc. (Revolver) (7)

 

08/31/2023

 

Business Services

 

 

7.51

%

 

1M L+575

 

 

 

569,158

 

 

 

569,158

 

 

 

549,237

 

Challenger Performance Optimization, Inc. (Revolver) (7), (9)

 

08/31/2023

 

Business Services

 

 

 

 

 

 

 

142,289

 

 

 

 

 

 

(4,980

)

Confluent Health, LLC

 

06/24/2026

 

Health Providers and Services

 

 

6.80

%

 

1M L+500

 

 

 

3,980,000

 

 

 

3,940,819

 

 

 

3,960,100

 

Digital Room Holdings, Inc.

 

05/22/2026

 

Media: Advertising, Printing and Publishing

 

 

6.80

%

 

 

1M L+500

 

 

 

9,950,000

 

 

 

9,806,465

 

 

 

9,800,750

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

7.69

%

 

3M L+575

 

 

 

14,304,044

 

 

 

14,135,098

 

 

 

14,161,004

 

Douglas Products and Packaging Company LLC (Revolver) (7)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

9.50

%

 

P+475

 

 

 

585,490

 

 

 

585,490

 

 

 

579,635

 

Douglas Products and Packaging Company LLC (Revolver) (7), (9)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

3,805,686

 

 

 

 

 

 

(38,057

)

Douglas Sewer Intermediate, LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

7.69

%

 

3M L+575

 

 

 

9,791,985

 

 

 

9,734,134

 

 

 

9,694,065

 

DRS Holdings III, Inc.

 

11/03/2025

 

Personal Products

 

 

7.61

%

 

1M L+575

 

 

 

5,000,000

 

 

 

4,950,412

 

 

 

4,951,000

 

DRS Holdings III, Inc. (Revolver) (7)

 

11/03/2025

 

Personal Products

 

 

7.55

%

 

1M L+575

 

 

 

36,149

 

 

 

36,149

 

 

 

35,794

 

DRS Holdings III, Inc. (Revolver) (7), (9)

 

11/03/2025

 

Personal Products

 

 

 

 

 

 

 

867,568

 

 

 

 

 

 

(8,503

)

East Valley Tourist Development Authority

 

09/30/2020

 

Hotel, Gaming and Leisure

 

 

10.06

%

 

3M L+800

 

 

 

18,540,775

 

 

 

18,437,131

 

 

 

18,355,367

 

ECM Industries, LLC

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

6.29

%

 

 

1M L+450

 

 

 

5,101,476

 

 

 

5,050,601

 

 

 

5,050,461

 

ECM Industries, LLC (Revolver) (7)

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

6.29

%

 

1M L+450

 

 

 

310,215

 

 

 

310,215

 

 

 

310,215

 

ECM Industries, LLC (Revolver) (7), (9)

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

 

604,200

 

 

 

 

 

 

 

 

 

eCommission Financial Services, Inc. (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

6.70

%

 

1M L+500

 

 

 

16,502,500

 

 

 

16,502,500

 

 

 

16,502,500

 

eCommission Financial Services, Inc. (Revolver) (7), (9), (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

5,000,000

 

 

 

 

 

 

 

Education Networks of America, Inc.

 

05/06/2021

 

Telecommunications

 

 

9.41

%

 

1M L+750

 

 

 

10,308,317

 

 

 

10,308,317

 

 

 

10,205,234

 

Education Networks of America, Inc. (Revolver) (7), (9)

 

05/06/2021

 

Telecommunications

 

 

9.42

%

 

1M L+750

 

 

 

2,196,986

 

 

 

2,196,986

 

 

 

2,175,016

 

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2022

 

Media: Diversified and Production

 

 

8.69

%

 

3M L+675

 

 

 

7,189,139

 

 

 

7,161,466

 

 

 

7,117,247

 

FlexPrint, LLC

 

01/02/2024

 

Professional Services

 

 

8.41

%

 

3M L+649

 

 

 

4,281,014

 

 

 

4,213,816

 

 

 

4,216,798

 

FlexPrint, LLC (7), (9)

 

01/02/2024

 

Professional Services

 

 

 

 

 

 

 

3,772,226

 

 

 

 

 

 

(28,291

)

GCOM Software LLC

 

11/14/2022

 

High Tech Industries

 

 

8.12

%

 

1M L+625

 

 

 

14,196,100

 

 

 

13,921,708

 

 

 

14,196,100

 

GCOM Software LLC (Revolver) (7)

 

11/14/2022

 

High Tech Industries

 

 

9.00

%

 

P+425

 

 

 

1,520,000

 

 

 

1,520,000

 

 

 

1,520,000

 

GCOM Software LLC (Revolver) (7), (9)

 

11/14/2022

 

High Tech Industries

 

 

 

 

 

 

 

1,146,667

 

 

 

 

 

 

 

Good2Grow LLC

 

11/18/2024

 

Beverages

 

 

6.19

%

 

3M L+425

 

 

 

6,797,549

 

 

 

6,739,179

 

 

 

6,729,574

 

Good2Grow LLC (Revolver) (7), (9)

 

11/16/2023

 

Beverages

 

 

 

 

 

 

 

3,137,000

 

 

 

 

 

 

(31,370

)

GSM Holdings, Inc.

 

06/03/2024

 

Consumer Goods: Durable

 

 

6.51

%

 

3M L+450

 

 

 

19,276,633

 

 

 

19,171,231

 

 

 

19,083,867

 

GSM Holdings, Inc. (Revolver) (7)

 

06/03/2024

 

Consumer Goods: Durable

 

 

8.00

%

 

3M L+450

 

 

 

1,662,846

 

 

 

1,662,846

 

 

 

1,646,218

 

GSM Holdings, Inc. (Revolver) (7), (9)

 

06/03/2024

 

Consumer Goods: Durable

 

 

 

 

 

 

 

5,463,638

 

 

 

 

 

 

(54,636

)

Holdco Sands Intermediate, LLC

 

12/19/2025

 

Aerospace and Defense

 

 

7.76

%

 

3M L+600

 

 

 

21,704,762

 

 

 

21,379,190

 

 

 

21,379,190

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

8.14

%

 

1M L+625

 

 

 

7,472,903

 

 

 

7,406,970

 

 

 

7,472,903

 

HW Holdco, LLC (Revolver) (7)

 

12/10/2024

 

Media

 

 

8.14

%

 

1M L+625

 

 

 

92,903

 

 

 

92,903

 

 

 

92,903

 

HW Holdco, LLC (Revolver) (7), (9)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

1,358,710

 

 

 

 

 

 

 

IMIA Holdings, Inc. (Revolver) (7), (9)

 

10/28/2024

 

Aerospace and Defense

 

 

 

 

 

 

 

1,968,504

 

 

 

 

 

 

 

Impact Group, LLC

 

06/27/2023

 

Wholesale

 

 

8.50

%

 

1M L+650

 

 

 

12,773,147

 

 

 

12,711,909

 

 

 

12,581,550

 

Innova Medical Ophthalmics Inc. (5), (10)

 

04/13/2023

 

Capital Equipment

 

 

8.19

%

 

3M L+625

 

 

 

3,305,640

 

 

 

3,272,670

 

 

 

3,272,584

 

Innova Medical Ophthalmics Inc. (Revolver) (5), (7), (10)

 

04/13/2023

 

Capital Equipment

 

 

8.84

%

 

P+500

 

 

 

150,442

 

 

 

150,442

 

 

 

149,690

 

Innova Medical Ophthalmics Inc. (Revolver) (5), (7), (9), (10)

 

04/13/2023

 

Capital Equipment