pflt-10q_20200630.htm

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 JUNE 30, 2020

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 August 5, 2020 was 38,772,074. 

 


PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2020

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2020 (unaudited) and September 30, 2019

  

4

 

 

Consolidated Statements of Operations for the three and nine months ended June 30, 2020 and 2019 (unaudited)

  

5

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2020 and 2019 (unaudited)

  

6

 

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2020 and 2019 (unaudited)

  

7

 

 

Consolidated Schedules of Investments as of June 30, 2020 (unaudited) and September 30, 2019

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

16

 

 

Report of Independent Registered Public Accounting Firm

  

31

 

 

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

  

32

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

44

 

 

Item 4. Controls and Procedures

  

45

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

46

 

 

Item 1A. Risk Factors

  

46

 

 

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

  

48

 

 

Item 3. Defaults Upon Senior Securities

  

48

 

 

Item 4. Mine Safety Disclosures

  

48

 

 

Item 5. Other Information

  

48

 

 

Item 6. Exhibits

  

49

 

 

SIGNATURES

  

50


 

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” refer to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refer to PennantPark Investment Administration, LLC; “2023 Notes” refer to our 4.3% 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; “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; and “Depositor” refers to PennantPark CLO I Depositor, LLC. References to our portfolio, our investments, our 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

 

 

 

June 30, 2020

 

 

September 30, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$956,767,973 and $886,955,156, respectively)

 

$

935,279,231

 

 

$

889,113,264

 

Non-controlled, affiliated investments (cost—$21,136,074 and $23,645,693, respectively)

 

 

9,677,605

 

 

 

20,430,565

 

Controlled, affiliated investments (cost—$176,312,500 and $174,562,500, respectively)

 

 

159,396,415

 

 

 

172,163,080

 

Total of investments (cost—$1,154,216,547 and $1,085,172,349, respectively)

 

 

1,104,353,251

 

 

 

1,081,706,909

 

Cash and cash equivalents (cost—$53,473,103 and $63,367,237, respectively)

 

 

53,405,925

 

 

 

63,337,728

 

Receivable for investments sold

 

 

8,441,713

 

 

 

2,997,546

 

Interest receivable

 

 

3,626,998

 

 

 

3,892,292

 

Distribution receivable from controlled, affiliated investment

 

 

1,225,000

 

 

 

 

Prepaid expenses and other assets

 

 

614,370

 

 

 

441,337

 

Total assets

 

 

1,171,667,257

 

 

 

1,152,375,812

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,683,347

 

Payable for investments purchased

 

 

 

 

 

12,033,794

 

Credit Facility payable, at fair value (cost—$351,598,500 and $265,307,500, respectively) (See Notes 5 and 10)

 

 

340,926,080

 

 

 

263,988,583

 

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

 

 

121,853,269

 

 

 

135,240,084

 

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

 

 

224,708,624

 

 

 

224,321,845

 

Interest payable on debt

 

 

2,644,746

 

 

 

3,275,481

 

Base management fee payable (See Note 3)

 

 

2,872,725

 

 

 

2,728,019

 

Performance-based incentive fee payable (See Note 3)

 

 

1,975,831

 

 

 

2,532,205

 

Accrued other expenses

 

 

1,668,257

 

 

 

1,514,943

 

Total liabilities

 

 

700,332,879

 

 

 

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

 

 

(67,337,222

)

 

 

(35,614,089

)

Total net assets

 

$

471,334,378

 

 

$

503,057,511

 

Total liabilities and net assets

 

$

1,171,667,257

 

 

$

1,152,375,812

 

Net asset value per share

 

$

12.16

 

 

$

12.97

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

17,543,157

 

 

$

16,670,408

 

 

$

56,760,434

 

 

$

50,888,582

 

Other income

 

 

820,997

 

 

 

974,760

 

 

 

2,734,600

 

 

 

2,971,768

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

195,904

 

 

 

305,217

 

 

 

655,029

 

 

 

1,082,208

 

Other income

 

 

36,170

 

 

 

109,863

 

 

 

36,170

 

 

 

124,734

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

2,944,290

 

 

 

3,240,760

 

 

 

9,169,399

 

 

 

9,273,287

 

Dividend

 

 

1,225,000

 

 

 

1,575,000

 

 

 

4,375,000

 

 

 

4,725,000

 

Total investment income

 

 

22,765,518

 

 

 

22,876,008

 

 

 

73,730,632

 

 

 

69,065,579

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,872,725

 

 

 

2,564,074

 

 

 

8,651,825

 

 

 

7,481,546

 

Performance-based incentive fee (See Note 3)

 

 

1,975,831

 

 

 

2,350,270

 

 

 

7,228,690

 

 

 

3,671,908

 

Interest and expenses on debt (See Note 10)

 

 

6,653,045

 

 

 

5,663,183

 

 

 

21,586,859

 

 

 

16,284,841

 

Administrative services expenses (See Note 3)

 

 

350,000

 

 

 

350,000

 

 

 

1,050,000

 

 

 

1,200,000

 

Other general and administrative expenses

 

 

616,077

 

 

 

616,077

 

 

 

1,848,230

 

 

 

1,848,229

 

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

 

 

12,467,678

 

 

 

11,543,604

 

 

 

40,365,604

 

 

 

30,486,524

 

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

 

 

 

 

 

 

 

 

 

 

 

4,517,292

 

Provision for taxes

 

 

100,000

 

 

 

 

 

 

300,000

 

 

 

 

Total expenses

 

 

12,567,678

 

 

 

11,543,604

 

 

 

40,665,604

 

 

 

35,003,816

 

Net investment income

 

 

10,197,840

 

 

 

11,332,404

 

 

 

33,065,028

 

 

 

34,061,763

 

Realized and unrealized gain (loss) on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized loss on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(1,694,710

)

 

 

(11,230,236

)

 

 

(2,281,683

)

 

 

(9,227,422

)

Non-controlled and controlled, affiliated investments

 

 

(5,683,145

)

 

 

(7,164,304

)

 

 

(5,683,145

)

 

 

(7,164,304

)

Net realized loss on investments

 

 

(7,377,855

)

 

 

(18,394,540

)

 

 

(7,964,828

)

 

 

(16,391,726

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

13,962,606

 

 

 

8,492,044

 

 

 

(23,662,521

)

 

 

(9,292,141

)

Controlled and non-controlled, affiliated investments

 

 

7,931,471

 

 

 

3,444,481

 

 

 

(22,751,006

)

 

 

(3,892,061

)

Debt (appreciation) depreciation (See Notes 5 and 10)

 

 

(12,158,917

)

 

 

(355,573

)

 

 

22,740,317

 

 

 

(443,549

)

Net change in unrealized appreciation (depreciation) on investments and debt

 

 

9,735,160

 

 

 

11,580,952

 

 

 

(23,673,210

)

 

 

(13,627,751

)

Net realized and unrealized gain (loss) from investments and debt

 

 

2,357,305

 

 

 

(6,813,588

)

 

 

(31,638,038

)

 

 

(30,019,477

)

Net increase in net assets resulting from operations

 

$

12,555,145

 

 

$

4,518,816

 

 

$

1,426,990

 

 

$

4,042,286

 

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

 

$

0.32

 

 

$

0.12

 

 

$

0.04

 

 

$

0.10

 

Net investment income per common share

 

$

0.26

 

 

$

0.29

 

 

$

0.85

 

 

$

0.88

 

 

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 June 30,

 

 

Nine Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

10,197,840

 

 

$

11,332,404

 

 

$

33,065,028

 

 

$

34,061,763

 

Net realized loss on investments

 

 

(7,377,855

)

 

 

(18,394,540

)

 

 

(7,964,828

)

 

 

(16,391,726

)

Net change in unrealized appreciation (depreciation) on investments

 

 

21,894,077

 

 

 

11,936,525

 

 

 

(46,413,527

)

 

 

(13,184,202

)

Net change in unrealized (appreciation) depreciation on debt

 

 

(12,158,917

)

 

 

(355,573

)

 

 

22,740,317

 

 

 

(443,549

)

Net increase in net assets resulting from operations

 

 

12,555,145

 

 

 

4,518,816

 

 

 

1,426,990

 

 

 

4,042,286

 

Distributions to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

 

 

(33,150,123

)

 

 

(33,150,123

)

Net increase (decrease) in net assets

 

 

1,505,104

 

 

 

(6,531,225

)

 

 

(31,723,133

)

 

 

(29,107,837

)

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

469,829,274

 

 

 

513,264,956

 

 

 

503,057,511

 

 

 

535,841,568

 

End of period

 

$

471,334,378

 

 

$

506,733,731

 

 

$

471,334,378

 

 

$

506,733,731

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Nine Months Ended June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

1,426,990

 

 

$

4,042,286

 

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

 

 

46,413,527

 

 

 

13,184,202

 

Net change in unrealized depreciation (appreciation) on debt

 

 

(22,740,317

)

 

 

443,549

 

Net realized loss on investments

 

 

7,964,828

 

 

 

16,391,726

 

Net accretion of discount and amortization of premium

 

 

(1,094,712

)

 

 

(1,000,912

)

Purchases of investments

 

 

(421,374,980

)

 

 

(499,505,698

)

Payment-in-kind interest

 

 

(1,666,533

)

 

 

(1,512,612

)

Proceeds from dispositions of investments

 

 

347,191,798

 

 

 

400,143,184

 

Amortization of deferred financing costs

 

 

386,773

 

 

 

 

Decrease (increase) in interest receivable

 

 

265,294

 

 

 

(552,360

)

Increase in receivable for investments sold

 

 

(5,444,167

)

 

 

(2,977,500

)

Increase in distribution receivable from controlled, affiliated investment

 

 

(1,225,000

)

 

 

 

(Increase) decrease in prepaid expenses and other assets

 

 

(173,033

)

 

 

714,146

 

Decrease in payable for investments purchased

 

 

(12,033,794

)

 

 

(23,107,222

)

Decrease in interest payable on debt

 

 

(630,735

)

 

 

(861,738

)

Increase in base management fee payable

 

 

144,706

 

 

 

144,445

 

Decrease in performance-based incentive fee payable

 

 

(556,374

)

 

 

(948,135

)

Increase (decrease) in accrued other expenses

 

 

153,314

 

 

 

(647,005

)

Net cash used in operating activities

 

 

(62,992,415

)

 

 

(96,049,644

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(33,150,123

)

 

 

(33,150,123

)

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

265,000,000

 

 

 

283,700,000

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(178,709,000

)

 

 

(202,120,020

)

Net cash provided by financing activities

 

 

53,140,877

 

 

 

48,429,857

 

Net decrease in cash and cash equivalents

 

 

(9,851,538

)

 

 

(47,619,787

)

Effect of exchange rate changes on cash

 

 

(80,265

)

 

 

759,638

 

Cash and cash equivalents, beginning of period

 

 

63,337,728

 

 

 

72,224,183

 

Cash and cash equivalents, end of period

 

$

53,405,925

 

 

$

25,364,034

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

21,747,764

 

 

$

17,146,578

 

Taxes paid

 

$

501,633

 

 

$

276,657

 

Non-cash exchanges and conversions

 

$

8,025,882

 

 

$

33,587,726

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2020

(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—198.4% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—183.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 Freemont Street Acquisition, LLC

 

08/11/2025

 

Hotels, Restaurants and Leisure

 

 

9.50

%

 

1M L+800

 

 

 

6,697,697

 

 

$

6,576,571

 

 

$

6,295,835

 

Advantage Sales & Marketing

 

07/23/2021

 

Food and Staples Retailing

 

 

4.25

%

 

1M L+325

 

 

 

3,166,536

 

 

 

3,070,883

 

 

 

2,883,131

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

7.00

%

 

3M L+600

 

 

 

6,353,626

 

 

 

6,269,444

 

 

 

6,067,713

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

IT Services

 

 

7.00

%

 

3M L+600

 

 

 

1,437,500

 

 

 

1,437,500

 

 

 

1,372,813

 

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

 

07/24/2025

 

IT Services

 

 

 

 

 

 

 

718,750

 

 

 

 

 

 

(32,344

)

American Auto Auction Group, LLC

 

01/02/2024

 

Transportation: Consumer

 

 

6.00

%

 

3M L+500

 

 

 

7,404,083

 

 

 

7,332,038

 

 

 

7,181,961

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

6.87

%

 

3M L+550

 

 

 

14,812,570

 

 

 

14,598,114

 

 

 

14,220,067

 

American Teleconferencing Services, Ltd.

 

06/08/2023

 

Telecommunications

 

 

7.50

%

 

3M L+650

 

 

 

9,655,594

 

 

 

9,547,918

 

 

 

7,917,587

 

Apex Service Partners, LLC

 

07/31/2025

 

Energy Equipment and Services

 

 

6.25

%

 

1M L+525

 

 

 

6,811,686

 

 

 

6,751,278

 

 

 

6,624,365

 

Apex Service Partners, LLC (7), (9)

 

07/31/2021

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,383,015

 

 

 

 

 

 

(38,033

)

API Holdings III Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

4.43

%

 

1M L+425

 

 

 

5,940,000

 

 

 

5,911,669

 

 

 

5,761,800

 

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

6.58

%

 

3M L+550

 

 

 

11,640,000

 

 

 

11,547,732

 

 

 

11,465,400

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

7.25

%

 

3M L+625

 

 

 

29,108,108

 

 

 

28,937,552

 

 

 

28,234,865

 

By Light Professional IT Services, LLC (Revolver)

 

05/16/2022

 

High Tech Industries

 

 

7.25

%

 

3M L+625

 

 

 

3,062,602

 

 

 

3,062,602

 

 

 

2,970,724

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

7.50

%

 

3M L+650

 

 

 

2,846,212

 

 

 

2,821,125

 

 

 

2,738,910

 

Cano Health, LLC

 

12/23/2021

 

Healthcare and Pharmaceuticals

 

 

8.00

%

 

1M L+700

 

 

 

18,290,520

 

 

 

18,163,721

 

 

 

18,290,520

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

6.75

%

 

1M L+575

 

 

 

3,805,309

 

 

 

3,808,963

 

 

 

3,767,255

 

Centauri Group Holdings, LLC

 

02/12/2024

 

Aerospace and Defense

 

 

6.25

%

 

3M L+525

 

 

 

3,257,126

 

 

 

3,252,312

 

 

 

3,191,984

 

CHA Holdings, Inc.

 

04/10/2025

 

Environmental Industries

 

 

5.57

%

 

3M L+450

 

 

 

7,310,360

 

 

 

7,284,915

 

 

 

7,164,153

 

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

 

08/31/2023

 

Business Services

 

 

 

 

 

 

 

711,447

 

 

 

 

 

 

(60,473

)

Compex Legal Services, Inc.

 

02/09/2026

 

Professional Services

 

 

7.34

%

 

3M L+575

 

 

 

7,750,045

 

 

 

7,596,238

 

 

 

7,393,543

 

Compex Legal Services, Inc. (7), (9)

 

02/08/2021

 

Professional Services

 

 

 

 

 

 

 

 

3,322,470

 

 

 

 

 

 

(119,609

)

Compex Legal Services, Inc. (Revolver) (7)

 

02/07/2025

 

Professional Services

 

 

6.82

%

 

3M L+575

 

 

 

1,405,660

 

 

 

1,405,660

 

 

 

1,341,000

 

Confluent Health, LLC

 

06/24/2026

 

Healthcare Providers and Services

 

 

5.44

%

 

1M L+500

 

 

 

3,960,000

 

 

 

3,922,114

 

 

 

3,861,000

 

Datalot Inc.

 

01/24/2025

 

Insurance

 

 

6.27

%

 

3M L+525

 

 

 

15,296,141

 

 

 

15,003,013

 

 

 

15,071,287

 

Datalot Inc. (Revolver) (7)

 

01/24/2025

 

Insurance

 

 

6.25

%

 

3M L+525

 

 

 

3,833,619

 

 

 

3,833,619

 

 

 

3,777,265

 

Digital Room Holdings, Inc.

 

05/22/2026

 

Media: Advertising, Printing and Publishing

 

 

6.07

%

 

1M L+500

 

 

 

9,900,000

 

 

 

9,756,237

 

 

 

9,306,000

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

6,629,872

 

 

 

6,564,593

 

 

 

6,497,275

 

Douglas Products and Packaging Company LLC (Revolver)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

P+475

 

 

 

4,391,176

 

 

 

4,391,176

 

 

 

4,303,353

 

Douglas Sewer Intermediate, LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

3,029,487

 

 

 

3,014,796

 

 

 

2,968,897

 

DRS Holdings III, Inc.

 

11/03/2025

 

Personal Products

 

 

6.75

%

 

1M L+575

 

 

 

4,975,000

 

 

 

4,928,723

 

 

 

4,863,062

 

DRS Holdings III, Inc. (Revolver)

 

11/03/2025

 

Personal Products

 

 

6.75

%

 

1M L+575

 

 

 

361,486

 

 

 

361,486

 

 

 

353,353

 

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

 

11/03/2025

 

Personal Products

 

 

 

 

 

 

 

542,230

 

 

 

 

 

 

(12,200

)

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

9.07

%

 

3M L+800

 

 

 

18,870,295

 

 

 

18,730,064

 

 

 

18,304,186

 

ECM Industries, LLC

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

5.50

%

 

1M L+450

 

 

 

5,088,717

 

 

 

5,038,881

 

 

 

5,012,386

 

ECM Industries, LLC (Revolver)

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

5.50

%

 

1M L+450

 

 

 

914,415

 

 

 

914,415

 

 

 

893,201

 

eCommission Financial Services, Inc. (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

6.00

%

 

1M L+500

 

 

 

16,255,000

 

 

 

16,255,000

 

 

 

16,011,175

 

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

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

6.00

%

 

1M L+500

 

 

 

5,000,000

 

 

 

5,000,000

 

 

 

4,925,000

 

Education Networks of America, Inc.

 

05/06/2021

 

Telecommunications