-
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, 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.
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Large accelerated filer |
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☐ |
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Accelerated filer |
|
☒ |
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|
|
|||
|
Non-accelerated filer |
|
☐ |
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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 9, 2021 was 38,772,074.
PENNANTPARK FLOATING RATE CAPITAL LTD.
FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2020
TABLE OF CONTENTS
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” refers 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 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 Loans 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
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
|
|
|
December 31, 2020 |
|
|
September 30, 2020 |
|
||
|
|
(unaudited) |
|
|
|
|
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$848,575,368 and $915,874,757, respectively) |
|
$ |
868,035,566 |
|
|
$ |
910,552,309 |
|
|
Non-controlled, affiliated investments (cost—$22,908,099 and $21,964,181, respectively) |
|
|
7,356,141 |
|
|
|
11,086,834 |
|
|
Controlled, affiliated investments (cost—$202,994,878 and $179,112,500, respectively) |
|
|
191,953,675 |
|
|
|
165,289,324 |
|
|
Total of investments (cost—$1,074,478,345 and $1,116,951,438, respectively) |
|
|
1,067,345,382 |
|
|
|
1,086,928,467 |
|
|
Cash and cash equivalents (cost—$28,487,798 and $57,534,421, respectively) |
|
|
28,488,111 |
|
|
|
57,511,928 |
|
|
Interest receivable |
|
|
2,820,458 |
|
|
|
3,673,502 |
|
|
Prepaid expenses and other assets |
|
|
186,656 |
|
|
|
173,318 |
|
|
Total assets |
|
|
1,098,840,607 |
|
|
|
1,148,287,215 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Distributions payable |
|
|
3,683,347 |
|
|
|
3,683,347 |
|
|
Payable for investments purchased |
|
|
9,578,076 |
|
|
|
3,800,000 |
|
|
Credit Facility payable, at fair value (cost—$256,900,000 and $308,598,500, respectively) (See Notes 5 and 10) |
|
|
253,303,400 |
|
|
|
299,047,275 |
|
|
2023 Notes payable, at fair value (par—$117,792,879 and $138,579,858, respectively) (See Notes 5 and 10) |
|
|
106,567,218 |
|
|
|
129,295,008 |
|
|
2031 Asset-Backed Debt, net (par—$228,000,000 and $228,000,000, respectively) (See Notes 5 and 10) |
|
|
225,024,045 |
|
|
|
224,866,334 |
|
|
Interest payable on debt |
|
|
1,891,525 |
|
|
|
3,601,479 |
|
|
Base management fee payable (See Note 3) |
|
|
2,716,172 |
|
|
|
2,776,477 |
|
|
Performance-based incentive fee payable (See Note 3) |
|
|
1,761,874 |
|
|
|
2,071,622 |
|
|
Accrued other expenses |
|
|
1,964,011 |
|
|
|
1,875,281 |
|
|
Total liabilities |
|
|
606,489,668 |
|
|
|
671,016,823 |
|
|
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 |
|
|
538,151,528 |
|
|
|
538,151,528 |
|
|
Accumulated distributable net loss |
|
|
(45,839,361 |
) |
|
|
(60,919,908 |
) |
|
Total net assets |
|
$ |
492,350,939 |
|
|
$ |
477,270,392 |
|
|
Total liabilities and net assets |
|
$ |
1,098,840,607 |
|
|
$ |
1,148,287,215 |
|
|
Net asset value per share |
|
$ |
12.70 |
|
|
$ |
12.31 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended December 31, |
|
|||||
|
|
|
2020 |
|
|
2019 |
|
||
|
Investment income: |
|
|
|
|
|
|
|
|
|
From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
15,301,431 |
|
|
$ |
18,909,894 |
|
|
Other income |
|
|
881,785 |
|
|
|
773,103 |
|
|
From non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
Interest |
|
|
96,462 |
|
|
|
225,353 |
|
|
Other income |
|
|
20,307 |
|
|
|
— |
|
|
From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
Interest |
|
|
2,662,876 |
|
|
|
3,155,324 |
|
|
Dividend |
|
|
1,575,000 |
|
|
|
1,575,000 |
|
|
Other income |
|
|
195,630 |
|
|
|
— |
|
|
Total investment income |
|
|
20,733,491 |
|
|
|
24,638,674 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Base management fee (See Note 3) |
|
|
2,716,172 |
|
|
|
2,830,159 |
|
|
Performance-based incentive fee (See Note 3) |
|
|
1,761,874 |
|
|
|
2,315,834 |
|
|
Interest and expenses on debt (See Note 10) |
|
|
5,341,340 |
|
|
|
7,307,264 |
|
|
Administrative services expenses (See Note 3) |
|
|
300,000 |
|
|
|
350,000 |
|
|
Other general and administrative expenses |
|
|
400,000 |
|
|
|
616,077 |
|
|
Expenses before provision for taxes |
|
|
10,519,386 |
|
|
|
13,419,334 |
|
|
Provision for taxes |
|
|
100,000 |
|
|
|
100,000 |
|
|
Total expenses |
|
|
10,619,386 |
|
|
|
13,519,334 |
|
|
Net investment income |
|
|
10,114,105 |
|
|
|
11,119,340 |
|
|
Realized and unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
Net realized (loss) gain on investments: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(1,707,698 |
) |
|
|
1,012,313 |
|
|
Controlled and non-controlled, affiliated investments |
|
|
(1,052,048 |
) |
|
|
— |
|
|
Net realized (loss) gain on investments |
|
|
(2,759,746 |
) |
|
|
1,012,313 |
|
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
22,537,278 |
|
|
|
2,379,358 |
|
|
Controlled and non-controlled, affiliated investments |
|
|
252,766 |
|
|
|
(5,899,705 |
) |
|
Debt (appreciation) depreciation (See Notes 5 and 10) |
|
|
(4,013,815 |
) |
|
|
1,361,588 |
|
|
Net change in unrealized appreciation (depreciation) on investments and debt |
|
|
18,776,229 |
|
|
|
(2,158,759 |
) |
|
Net realized and unrealized gain (loss) from investments and debt |
|
|
16,016,483 |
|
|
|
(1,146,446 |
) |
|
Net increase in net assets resulting from operations |
|
$ |
26,130,588 |
|
|
$ |
9,972,894 |
|
|
Net increase in net assets resulting from operations per common share (See Note 7) |
|
$ |
0.67 |
|
|
$ |
0.26 |
|
|
Net investment income per common share |
|
$ |
0.26 |
|
|
$ |
0.29 |
|
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, |
|
|||||
|
|
|
2020 |
|
|
2019 |
|
||
|
Net increase in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
10,114,105 |
|
|
$ |
11,119,340 |
|
|
Net realized (loss) gain on investments |
|
|
(2,759,746 |
) |
|
|
1,012,313 |
|
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
22,790,044 |
|
|
|
(3,520,347 |
) |
|
Net change in unrealized (appreciation) depreciation on debt |
|
|
(4,013,815 |
) |
|
|
1,361,588 |
|
|
Net increase in net assets resulting from operations |
|
|
26,130,588 |
|
|
|
9,972,894 |
|
|
Distributions to stockholders |
|
|
(11,050,041 |
) |
|
|
(11,050,041 |
) |
|
Net increase (decrease) in net assets |
|
|
15,080,547 |
|
|
|
(1,077,147 |
) |
|
Net assets: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
477,270,392 |
|
|
|
503,057,511 |
|
|
End of period |
|
$ |
492,350,939 |
|
|
$ |
501,980,364 |
|
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, |
|
|||||
|
|
|
2020 |
|
|
2019 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
$ |
26,130,588 |
|
|
$ |
9,972,894 |
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
|
Net change in unrealized (appreciation) depreciation on investments |
|
|
(22,790,044 |
) |
|
|
3,520,347 |
|
|
Net change in unrealized appreciation (depreciation) on debt |
|
|
4,013,815 |
|
|
|
(1,361,588 |
) |
|
Net realized loss (gain) on investments |
|
|
2,759,746 |
|
|
|
(1,012,313 |
) |
|
Net accretion of discount and amortization of premium |
|
|
(557,400 |
) |
|
|
(486,937 |
) |
|
Purchases of investments |
|
|
(66,964,523 |
) |
|
|
(239,443,417 |
) |
|
Payment-in-kind interest |
|
|
(1,522,805 |
) |
|
|
(822,850 |
) |
|
Proceeds from dispositions of investments |
|
|
109,603,991 |
|
|
|
143,743,301 |
|
|
Amortization of deferred financing costs |
|
|
157,711 |
|
|
|
72,101 |
|
|
Decrease in interest receivable |
|
|
853,044 |
|
|
|
747,597 |
|
|
Increase in receivable for investments sold |
|
|
— |
|
|
|
(55,428,416 |
) |
|
(Increase) decrease in prepaid expenses and other assets |
|
|
(13,338 |
) |
|
|
38,577 |
|
|
Increase in payable for investments purchased |
|
|
5,778,076 |
|
|
|
73,423,853 |
|
|
(Decrease) increase in interest payable on debt |
|
|
(1,709,954 |
) |
|
|
809,575 |
|
|
(Decrease) increase in base management fee payable |
|
|
(60,305 |
) |
|
|
102,140 |
|
|
Decrease in performance-based incentive fee payable |
|
|
(309,748 |
) |
|
|
(216,371 |
) |
|
Increase in accrued other expenses |
|
|
88,730 |
|
|
|
253,496 |
|
|
Net cash provided (used) by operating activities |
|
|
55,457,584 |
|
|
|
(66,088,011 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Distributions paid to stockholders |
|
|
(11,050,041 |
) |
|
|
(11,050,041 |
) |
|
Repayments of 2023 Notes (See Notes 5 and 10) |
|
|
(20,786,979 |
) |
|
|
— |
|
|
Borrowings under Credit Facility (See Notes 5 and 10) |
|
|
27,500,000 |
|
|
|
86,000,000 |
|
|
Repayments under Credit Facility (See Notes 5 and 10) |
|
|
(79,198,500 |
) |
|
|
(16,000,000 |
) |
|
Net cash (used) provided by financing activities |
|
|
(83,535,520 |
) |
|
|
58,949,959 |
|
|
Net decrease in cash and cash equivalents |
|
|
(28,077,936 |
) |
|
|
(7,138,052 |
) |
|
Effect of exchange rate changes on cash |
|
|
(945,881 |
) |
|
|
92,865 |
|
|
Cash and cash equivalents, beginning of period |
|
|
57,511,928 |
|
|
|
63,337,728 |
|
|
Cash and cash equivalents, end of period |
|
$ |
28,488,111 |
|
|
$ |
56,292,541 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
6,893,583 |
|
|
$ |
6,425,587 |
|
|
Taxes paid |
|
$ |
3,682 |
|
|
$ |
37,086 |
|
|
Non-cash exchanges and conversions |
|
$ |
20,334,379 |
|
|
$ |
— |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 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—176.3% (3), (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
First Lien Secured Debt—157.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 Freemont Street Acquisition, LLC |
|
08/11/2025 |
|
Hotels, Restaurants and Leisure |
|
|
9.50 |
% |
|
1M L+800 |
|
|
|
6,697,697 |
|
|
$ |
6,585,517 |
|
|
$ |
6,630,720 |
|
|
|
Altamira Technologies, LLC |
|
07/24/2025 |
|
IT Services |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
6,231,751 |
|
|
|
6,156,590 |
|
|
|
5,951,323 |
|
|
|
Altamira Technologies, LLC (Revolver) (7) |
|
07/24/2025 |
|
IT Services |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
575,000 |
|
|
|
575,000 |
|
|
|
549,125 |
|
|
|
Altamira Technologies, LLC (Revolver) (7), (9) |
|
07/24/2025 |
|
IT Services |
|
|
— |
|
|
|
— |
|
|
|
1,581,250 |
|
|
|
— |
|
|
|
(71,156 |
) |
|
American Auto Auction Group, LLC |
|
01/02/2024 |
|
Transportation: Consumer |
|
|
6.00 |
% |
|
3M L+500 |
|
|
|
7,366,113 |
|
|
|
7,303,354 |
|
|
|
7,145,129 |
|
|
|
American Insulated Glass, LLC |
|
12/21/2023 |
|
Building Products |
|
|
6.50 |
% |
|
3M L+550 |
|
|
|
14,737,640 |
|
|
|
14,551,784 |
|
|
|
14,516,575 |
|
|
|
American Teleconferencing Services, Ltd. |
|
06/08/2023 |
|
Telecommunications |
|
|
7.50 |
% |
|
3M L+650 |
|
|
|
9,646,899 |
|
|
|
9,551,068 |
|
|
|
8,103,395 |
|
|
|
Apex Service Partners, LLC |
|
07/31/2025 |
|
Energy Equipment and Services |
|
|
6.25 |
% |
|
1M L+525 |
|
|
|
10,396,314 |
|
|
|
10,296,575 |
|
|
|
10,396,314 |
|
|
|
Apex Service Partners, LLC (7), (9) |
|
07/31/2021 |
|
Energy Equipment and Services |
|
|
— |
|
|
|
— |
|
|
|
1,866,535 |
|
|
|
— |
|
|
|
— |
|
|
API Technologies Corp. |
|
05/11/2026 |
|
Electronic Equipment, Instruments, and Components |
|
|
4.40 |
% |
|
1M L+425 |
|
|
|
5,910,000 |
|
|
|
5,883,546 |
|
|
|
5,599,725 |
|
|
|
Applied Technical Services, LLC |
|
12/29/2026 |
|
Commercial Services & Supplies |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
9,545,455 |
|
|
|
9,331,335 |
|
|
|
9,330,682 |
|
|
|
Applied Technical Services, LLC (7), (9) |
|
06/29/2022 |
|
Commercial Services & Supplies |
|
|
— |
|
|
|
— |
|
|
|
3,181,818 |
|
|
|
— |
|
|
|
— |
|
|
Applied Technical Services, LLC (Revolver) (7), (9) |
|
12/29/2026 |
|
Commercial Services & Supplies |
|
|
— |
|
|
|
— |
|
|
|
1,272,727 |
|
|
|
— |
|
|
|
— |
|
|
BEI Precision Systems & Space Company, Inc. |
|
04/28/2023 |
|
Aerospace and Defense |
|
|
6.50 |
% |
|
3M L+550 |
|
|
|
11,580,000 |
|
|
|
11,506,491 |
|
|
|
11,522,100 |
|
|
|
By Light Professional IT Services, LLC |
|
05/16/2022 |
|
High Tech Industries |
|
|
7.25 |
% |
|
3M L+625 |
|
|
|
28,618,332 |
|
|
|
28,489,487 |
|
|
|
28,618,332 |
|
|
|
By Light Professional IT Services, LLC (Revolver) (9) |
|
05/16/2022 |
|
High Tech Industries |
|
|
— |
|
|
|
— |
|
|
|
3,062,602 |
|
|
|
— |
|
|
|
— |
|
|
Cadence Aerospace, LLC (7) |
|
11/14/2023 |
|
Aerospace and Defense |
|
|
9.50 |
% |
|
3M L+650 |
|
|
|
2,922,677 |
|
|
|
2,900,655 |
|
|
|
2,834,412 |
|
|
|
|
|
|
|
|
|
|
(PIK 9.50 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cardenas Markets LLC |
|
11/29/2023 |
|
Beverage, Food and Tobacco |
|
|
6.75 |
% |
|
1M L+575 |
|
|
|
3,785,592 |
|
|
|
3,788,605 |
|
|
|
3,690,952 |
|
|
|
CHA Holdings, Inc. |
|
04/10/2025 |
|
Environmental Industries |
|
|
5.50 |
% |
|
3M L+450 |
|
|
|
7,273,133 |
|
|
|
7,249,615 |
|
|
|
7,127,670 |
|
|
|
Challenger Performance Optimization, Inc. (Revolver) (7), (9) |
|
08/31/2023 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
711,447 |
|
|
|
— |
|
|
|
(39,130 |
) |
|
Compex Legal Services, Inc. |
|
02/09/2026 |
|
Professional Services |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
7,711,197 |
|
|
|
7,569,066 |
|
|
|
7,476,777 |
|
|
|
Compex Legal Services, Inc. (Revolver) (7) |
|
02/07/2025 |
|
Professional Services |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
983,962 |
|
|
|
983,962 |
|
|
|
954,050 |
|
|
|
Compex Legal Services, Inc. (Revolver) (7), (9) |
|
02/07/2025 |
|
Professional Services |
|
|
— |
|
|
|
— |
|
|
|
421,698 |
|
|
|
— |
|
|
|
(12,820 |
) |
|
Confluent Health, LLC |
|
06/24/2026 |
|
Health Providers and Services |
|
|
5.15 |
% |
|
1M L+500 |
|
|
|
3,940,000 |
|
|
|
3,905,138 |
|
|
|
3,871,050 |
|
|
|
Datalot Inc. |
|
01/24/2025 |
|
Insurance |
|
|
6.25 |
% |
|
3M L+525 |
|
|
|
15,219,468 |
|
|
|
14,956,248 |
|
|
|
15,219,468 |
|
|
|
Datalot Inc. (Revolver) (7), (9) |
|
01/24/2025 |
|
Insurance |
|
|
— |
|
|
|
— |
|
|
|
3,833,619 |
|
|
|
— |
|
|
|
— |
|
|
Digital Room Holdings, Inc. |
|
05/22/2026 |
|
Media: Advertising, Printing and Publishing |
|
|
5.27 |
% |
|
1M L+500 |
|
|
|
9,850,000 |
|
|
|
9,716,191 |
|
|
|
9,234,375 |
|
|
|
Douglas Products and Packaging Company LLC |
|
10/19/2022 |
|
Chemicals, Plastics and Rubber |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
6,595,960 |
|
|
|
6,543,215 |
|
|
|
6,530,000 |
|
|
|
Douglas Products and Packaging Company LLC |
|
10/19/2022 |
|
Chemicals, Plastics and Rubber |
|
|
8.00 |
% |
|
P+475 |
|
|
|
1,463,725 |
|
|
|
1,463,725 |
|
|
|
1,449,088 |
|
|
|
(Revolver) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Douglas Products and Packaging Company LLC |
|
10/19/2022 |
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
2,927,451 |
|
|
|
— |
|
|
|
(29,274 |
) |
|
(Revolver) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Douglas Sewer Intermediate, LLC |
|
10/19/2022 |
|
Chemicals, Plastics and Rubber |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
3,014,109 |
|
|
|
3,002,009 |
|
|
|
2,983,968 |
|
|
|
DRS Holdings III, Inc. |
|
11/03/2025 |
|
Personal Products |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
4,950,000 |
|
|
|
4,907,849 |
|
|
|
4,954,950 |
|
|
|
DRS Holdings III, Inc. (Revolver) (7), (9) |
|
11/03/2025 |
|
Personal Products |
|
|
— |
|
|
|
— |
|
|
|
903,716 |
|
|
|
— |
|
|
|
904 |
|
|
East Valley Tourist Development Authority |
|
03/07/2022 |
|
Hotel, Gaming and Leisure |
|
|
9.00 |
% |
|
3M L+800 |
|
|
|
19,039,079 |
|
|
|
18,939,595 |
|
|
|
18,277,516 |
|
|
|
|
|
|
|
|
|
|
(PIK 3.50 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ECM Industries, LLC |
|
12/23/2025 |
|
Electronic Equipment, Instruments, and Components |
|
|
5.50 |
% |
|
1M L+450 |
|
|
|
5,063,199 |
|
|
|
5,017,551 |
|
|
|
5,063,199 |
|
|
|
ECM Industries, LLC (Revolver) |
|
12/23/2025 |
|
Electronic Equipment, Instruments, and Components |
|
|
5.50 |
% |
|
1M L+450 |
|
|
|
914,415 |
|
|
|
914,415 |
|
|
|
914,415 |
|
|
|
eCommission Financial Services, Inc. (10) |
|
10/05/2023 |
|
Banking, Finance, Insurance & Real Estate |
|
|
6.00 |
% |
|
1M L+500 |
|
|
|
16,007,500 |
|
|
|
16,007,500 |
|
|
|
15,767,388 |
|
|
|
eCommission Financial Services, Inc. (Revolver) (7), (9), (10) |
|
10/05/2023 |
|
Banking, Finance, Insurance & Real Estate |
|
|
— |
|
|
|
— |
|
|
|
5,000,000 |
|
|
|
— |
|
|
|
(75,000 |
) |
|
Education Networks of America, Inc. |
|
05/06/2021 |
|
Telecommunications |
|
|
10.00 |
% |
|
1M L+925 |
|
|
|
9,853,742 |
|
|
|
9,853,742 |
|
|
|
9,853,742 |
|
|
|
|
|
|
|
|
|
|
(PIK 4.75 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education Networks of America, Inc. (Revolver) |
|
05/06/2021 |
|
Telecommunications |
|
|
10.00 |
% |
|
1M L+925 |
|
|
|
2,212,930 |
|
|
|
2,212,930 |
|
|
|
2,212,930 |
|
|
|
|
|
|
|
|
|
|
(PIK 4.75 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education Networks of America, Inc. (Revolver) (9) |
|
05/06/2021 |
|
Telecommunications |
|
|
— |
|
|
|
— |
|
|
|
57,236 |
|
|
|
— |
|
|
|
— |
|
|
Efficient Collaborative Retail Marketing Company, LLC |
|
06/15/2022 |
|
Media: Diversified and Production |
|
|
7.75 |
% |
|
3M L+675 |
|
|
|
7,189,139 |
|
|
|
7,171,800 |
|
|
|
6,560,089 |
|
|
|
Empire Resorts, Inc. |
|
03/22/2021 |
|
Hotel, Gaming and Leisure |
|
|
3.40 |
% |
|
1M L+325 |
|
|
|
7,500,000 |
|
|
|
7,476,667 |
|
|
|
7,250,025 |
|
|
|
FlexPrint, LLC |
|
01/02/2024 |
|
Professional Services |
|
|
7.29 |
% |
|
3M L+705 |
|
|
|
4,769,595 |
|
|
|
4,716,502 |
|
|
|
4,721,899 |
|
|
|
GCOM Software LLC |
|
11/14/2022 |
|
High Tech Industries |
|
|
7.75 |
% |
|
1M L+625 |
|
|
|
13,588,109 |
|
|
|
13,409,248 |
|
|
|
13,588,109 |
|
|
|
GCOM Software LLC (Revolver) (7) |
|
11/14/2022 |
|
High Tech Industries |
|
|
8.75 |
% |
|
1M L+550 |
|
|
|
266,667 |
|
|
|
266,667 |
|
|
|
266,667 |
|
|
|
GCOM Software LLC (Revolver) (7), (9) |
|
11/14/2022 |
|
High Tech Industries |
|
|
— |
|
|
|
— |
|
|
|
2,400,000 |
|
|
|
— |
|
|
|
— |
|
|
Good2Grow LLC |
|
11/18/2024 |
|
Beverages |
|
|
5.25 |
% |
|
3M L+425 |
|
|||||||||||||