10-Q

 

 

 

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, 2021

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.)

 

 

1691 Michigan Avenue

Miami Beach, Florida

 

33139

(Address of principal executive offices)

 

(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

590 Madison Avenue, 15th Floor

New York, New York 10022

(Former name, former address and former fiscal year, if changed since last report)

 

 

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 9, 2022 was 39,150,794.

 

 

 


 

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2021

TABLE OF CONTENTS

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2021 (unaudited) and September 30, 2021

 

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2021 and 2020 (unaudited)

 

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2021 and 2020 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2021 and 2020 (unaudited)

 

7

 

 

Consolidated Schedules of Investments as of December 31, 2021 (unaudited) and September 30, 2021

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

18

 

 

Report of Independent Registered Public Accounting Firm

 

37

 

 

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

 

38

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

51

 

 

Item 4. Controls and Procedures

 

52

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1. Legal Proceedings

 

53

 

 

Item 1A. Risk Factors

 

53

 

 

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

 

54

 

 

Item 3. Defaults Upon Senior Securities

 

54

 

 

Item 4. Mine Safety Disclosures

 

54

 

 

Item 5. Other Information

 

54

 

 

Item 6. Exhibits

 

55

 

 

SIGNATURES

 

56

 

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; “PTSF” refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refer 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; “2026 Notes” refers to our 4.25% Notes due 2026; “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; “Prior 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, originally entered into on June 23, 2011 and terminated on August 12, 2021; “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the “Lenders,” entered into on August 12, 2021; “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 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, 2021

 

 

September 30, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost— $908,298,246 and $824,541,549, respectively

 

$

945,338,180

 

 

$

856,806,437

 

Non-controlled, affiliated investments (cost— $22,380,092 and $22,380,092, respectively

 

 

640,457

 

 

 

7,432,896

 

Controlled, affiliated investments (cost— $241,268,951 and $223,714,366, respectively

 

 

233,842,905

 

 

 

217,380,079

 

Total investments (cost— $1,171,947,289 and $1,070,636,007, respectively

 

 

1,179,821,542

 

 

 

1,081,619,412

 

Cash and cash equivalents (cost—$61,266,283 and $49,825,527, respectively)

 

 

61,266,942

 

 

 

49,825,527

 

Interest receivable

 

 

5,737,043

 

 

 

5,445,726

 

Receivable for investments sold

 

 

18,429,923

 

 

 

33,965,807

 

Prepaid expenses and other assets

 

 

96,209

 

 

 

 

Total assets

 

 

1,265,351,659

 

 

 

1,170,856,472

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

3,718,603

 

 

 

3,690,320

 

Payable for investments purchased

 

 

1,058,400

 

 

 

13,545,522

 

Credit Facility payable, at fair value (cost—$256,653,500 and $219,400,000, respectively) (See Notes 5 and 11)

 

 

256,670,500

 

 

 

218,851,500

 

2023 Notes payable, at fair value (par—$97,005,901 and $117,792,879, respectively) (See Notes 5 and 11)

 

 

86,150,940

 

 

 

111,114,023

 

2026 Notes payable, net (par—$185,000,000 and $100,000,000, respectively) (See Notes 5 and 11)

 

 

181,693,294

 

 

 

97,170,665

 

2031 Asset-Backed Debt, net (par—$228,000,000 ) (See Notes 5 and 11)

 

 

225,654,887

 

 

 

225,497,177

 

Interest payable on debt

 

 

4,014,294

 

 

 

5,454,784

 

Base-management fee payable (See Note 3)

 

 

2,896,251

 

 

 

2,706,828

 

Performance-based incentive fee payable (See Note 3)

 

 

3,180,464

 

 

 

623,718

 

Deferred tax liability

 

 

1,539,871

 

 

 

 

Accrued other expenses

 

 

1,368,667

 

 

 

1,590,679

 

Total liabilities

 

 

767,946,171

 

 

 

680,245,216

 

Commitments and contingencies (See Note 12)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 39,150,794 and 38,880,728 shares issued and outstanding, respectively
   Par value $0.001 per share and 100,000,000 shares authorized

 

 

39,151

 

 

 

38,881

 

Paid-in capital in excess of par value

 

 

542,281,346

 

 

 

538,814,549

 

Accumulated Deficit

 

 

(44,915,009

)

 

 

(48,242,174

)

Total net assets

 

$

497,405,488

 

 

$

490,611,256

 

Total liabilities and net assets

 

$

1,265,351,659

 

 

$

1,170,856,472

 

Net asset value per share

 

$

12.70

 

 

$

12.62

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2021

 

 

2020

 

Investment income:

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

Interest

 

$

16,857,701

 

 

$

15,301,431

 

Dividend

 

 

576,923

 

 

 

 

Other income

 

 

2,823,467

 

 

 

881,785

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

Interest

 

 

112,082

 

 

 

96,462

 

Other income

 

 

 

 

 

20,307

 

From controlled, affiliated investments:

 

 

 

 

 

 

Interest

 

 

3,165,289

 

 

 

2,662,876

 

Dividend

 

 

2,800,000

 

 

 

1,575,000

 

Other Income

 

 

 

 

 

195,630

 

Total investment income

 

 

26,335,462

 

 

 

20,733,491

 

Expenses:

 

 

 

 

 

 

Base-management fee (See Note 3)

 

 

2,896,252

 

 

 

2,716,172

 

Performance-based incentive fee (See Note 3)

 

 

3,180,464

 

 

 

1,761,874

 

Interest and expenses on debt (See Note 11)

 

 

6,638,782

 

 

 

5,341,340

 

Administrative services expenses (See Note 3)

 

 

143,750

 

 

 

300,000

 

Other general and administrative expenses

 

 

654,600

 

 

 

400,000

 

Expenses before provision for taxes

 

 

13,513,848

 

 

 

10,519,386

 

Provision for taxes

 

 

100,000

 

 

 

100,000

 

Total expenses

 

 

13,613,848

 

 

 

10,619,386

 

Net investment income

 

 

12,721,614

 

 

 

10,114,105

 

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

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,072,810

 

 

 

(1,707,698

)

Non-controlled and controlled, affiliated investments

 

 

65,244

 

 

 

(1,052,048

)

Net realized gain (loss) on investments

 

 

3,138,054

 

 

 

(2,759,746

)

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

4,386,904

 

 

 

22,537,278

 

Controlled and non-controlled, affiliated investments

 

 

(7,884,198

)

 

 

252,766

 

Provision for taxes on unrealized appreciation on investments

 

 

(1,539,871

)

 

 

 

Debt depreciation (appreciation) (See Note 5 and 11)

 

 

3,610,604

 

 

 

(4,013,815

)

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

 

 

(1,426,561

)

 

 

18,776,229

 

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

 

 

1,711,493

 

 

 

16,016,483

 

Net increase in net assets resulting from operations

 

$

14,433,107

 

 

$

26,130,588

 

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

 

$

0.37

 

 

$

0.67

 

Net investment income per common share

 

$

0.33

 

 

$

0.26

 

 

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,

 

 

 

2021

 

 

2020

 

Net increase in net assets from operations:

 

 

 

 

 

 

Net investment income

 

$

12,721,614

 

 

$

10,114,105

 

Net realized gain (loss) on investments

 

 

3,138,054

 

 

 

(2,759,746

)

Net change in unrealized (depreciation) appreciation on investments

 

 

(3,497,294

)

 

 

22,790,044

 

Net change in provision for taxes on unrealized appreciation on investments

 

 

(1,539,871

)

 

 

 

Net change in unrealized depreciation (appreciation) on debt

 

 

3,610,604

 

 

 

(4,013,815

)

Net increase in net assets resulting from operations

 

 

14,433,107

 

 

 

26,130,588

 

Distributions to stockholders:

 

 

 

 

 

 

Distribution of net investment income

 

 

(11,105,942

)

 

 

(11,050,041

)

Total distributions to stockholders

 

 

(11,105,942

)

 

 

(11,050,041

)

Capital transactions

 

 

 

 

 

 

Public offering (See Note 1)

 

 

3,519,865

 

 

 

 

Offering costs

 

 

(52,798

)

 

 

 

Net increase in net assets resulting from capital transactions

 

 

3,467,067

 

 

 

 

Net increase in net assets

 

 

6,794,232

 

 

 

15,080,547

 

Net assets:

 

 

 

 

 

 

Beginning of period

 

 

490,611,256

 

 

 

477,270,392

 

End of period

 

$

497,405,488

 

 

$

492,350,939

 

Capital share activity:

 

 

 

 

 

 

Shares issued from public offering

 

 

270,066

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

14,433,107

 

 

$

26,130,588

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash
   (used in) provided by operating activities:

 

 

 

 

 

 

Net change in unrealized depreciation on investments

 

 

3,497,294

 

 

 

(22,790,044

)

Net change in unrealized (depreciation) appreciation on debt

 

 

(3,610,604

)

 

 

4,013,815

 

Net realized loss on investments

 

 

(3,138,054

)

 

 

2,759,746

 

Net accretion of discount and amortization of premium

 

 

(1,357,680

)

 

 

(557,400

)

Purchases of investments

 

 

(335,103,427

)

 

 

(66,964,523

)

Payment-in-kind interest

 

 

(440,720

)

 

 

(1,522,805

)

Proceeds from dispositions of investments

 

 

238,368,492

 

 

 

109,603,991

 

Amortization of deferred financing costs

 

 

(319,660

)

 

 

157,711

 

(Increase) decrease in interest receivable

 

 

(291,317

)

 

 

853,044

 

Decrease in receivable for investments sold

 

 

15,535,884

 

 

 

 

Increase in prepaid expenses and other assets

 

 

(96,209

)

 

 

(13,338

)

(Decrease) increase in payable for investments purchased

 

 

(12,487,122

)

 

 

5,778,076

 

Decrease in interest payable on debt

 

 

(1,440,490

)

 

 

(1,709,954

)

Increase (decrease) in base management fee payable

 

 

189,423

 

 

 

(60,305

)

Increase (decrease) in performance-based incentive fee payable

 

 

2,556,746

 

 

 

(309,748

)

Increase in deferred tax liability

 

 

1,539,871

 

 

 

 

(Decrease) increase in accrued other expenses

 

 

(222,012

)

 

 

88,730

 

Net cash (used in) provided by operating activities

 

 

(82,386,478

)

 

 

55,457,584

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from public offering

 

 

3,519,865

 

 

 

 

Offering costs

 

 

(52,798

)

 

 

 

Distributions paid to stockholders

 

 

(11,077,659

)

 

 

(11,050,041

)

Repayment of 2023 Notes issuance (See Notes 5 and 11)

 

 

(20,786,979

)

 

 

(20,786,979

)

Proceeds from 2026 Notes issuance (See Notes 5 and 11)

 

 

84,332,500

 

 

 

 

Borrowings under Credit Facility (See Notes 5 and 11)

 

 

137,253,500

 

 

 

27,500,000

 

Repayments under Credit Facility (See Notes 5 and 11)

 

 

(100,000,000

)

 

 

(79,198,500

)

Net cash provided by (used in) financing activities

 

 

93,188,429

 

 

 

(83,535,520

)

Net (decrease) increase in cash equivalents

 

 

10,801,951

 

 

 

(28,077,936

)

Effect of exchange rate changes on cash

 

 

639,464

 

 

 

(945,881

)

Cash and cash equivalents, beginning of period

 

 

49,825,527

 

 

 

57,511,928

 

Cash and cash equivalents, end of period

 

$

61,266,942

 

 

$

28,488,111

 

Supplemental disclosures:

 

 

 

 

 

 

Interest paid

 

$

7,931,433

 

 

$

6,893,583

 

Taxes paid

 

$

182,588

 

 

$

3,682

 

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, 2021

(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—190.1% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—169.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/06/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

4,975,000

 

 

 

4,908,538

 

 

 

4,975,000

 

Ad.net Acquisition, LLC (Revolver) (7), (9)

 

05/06/2026

 

Media

 

 

 

 

 

 

 

 

1,244,444

 

 

 

 

 

 

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

9.00

%

 

3M L+800

 

 

 

5,000,282

 

 

 

4,951,372

 

 

 

4,687,764

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

IT Services

 

 

9.00

%

 

3M L+800

 

 

 

575,000

 

 

 

575,000

 

 

 

539,062

 

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

 

07/24/2025

 

IT Services

 

 

 

 

 

 

 

 

1,581,250

 

 

 

 

 

 

(98,828

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

6.50

%

 

3M L+550

 

 

 

7,669,797

 

 

 

7,603,106

 

 

 

7,669,797

 

American Teleconferencing Services, Ltd.(7)

 

09/09/2021

 

Telecommunications

 

0.00%

 

(6)

 

 

 

 

7,986,133

 

 

 

7,915,290

 

 

 

1,038,198

 

American Teleconferencing Services, Ltd. (Revolver) (7)

 

12/08/2022

 

Telecommunications

 

0.00%

 

(6)

 

 

 

 

1,656,423

 

 

 

1,641,729

 

 

 

1,656,423

 

Any Hour Services

 

07/21/2027

 

Energy Equipment and Services

 

 

6.75

%

 

3M L+575

 

 

 

9,993,750

 

 

 

9,835,645

 

 

 

9,993,750

 

Any Hour Services (7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

313,529

 

 

 

 

 

 

3,135

 

Any Hour Services (Revolver) (7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,147,059

 

 

 

 

 

 

 

Apex Service Partners, LLC

 

07/31/2025

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

6,256,015

 

 

 

6,203,837

 

 

 

6,177,815

 

Apex Service Partners, LLC Term Loan B

 

07/31/2025

 

Diversified Consumer Services

 

 

6.50

%

 

1M L+550

 

 

 

300,396

 

 

 

300,396

 

 

 

296,642

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

20,038,791

 

 

 

19,847,465

 

 

 

19,788,306

 

Apex Service Partners, LLC (Revolver) (7)

 

07/29/2024

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

738,043

 

 

 

738,043

 

 

 

721,438

 

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

 

07/29/2024

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,107,065

 

 

 

 

 

 

(24,909

)

API Technologies Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

4.35

%

 

1M L+425

 

 

 

5,850,000

 

 

 

5,826,933

 

 

 

5,557,500

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

6.75

%

 

3M L+575

 

 

 

8,395,534

 

 

 

8,261,891

 

 

 

8,290,590

 

Applied Technical Services, LLC (7), (9)

 

06/29/2022

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

5,116,391

 

 

 

 

 

 

(6,395

)

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Commercial Services & Supplies

 

 

8.00

%

 

3M L+475

 

 

 

318,182

 

 

 

318,182

 

 

 

314,205

 

Applied Technical Services, LLC (Revolver) (7), (9)

 

12/29/2026

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

954,545

 

 

 

 

 

 

(11,932

)

Broder Bros., Co.

 

12/02/2022

 

Textiles, Apparel and Luxury Goods

 

 

8.00

%

 

3M L+700

 

 

 

6,521,284

 

 

 

6,521,284

 

 

 

6,521,284

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

7.25

%

 

3M L+625

 

 

 

45,208,541

 

 

 

44,757,509

 

 

 

44,304,370

 

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

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

4,065,354

 

 

 

 

 

 

(81,307

)

Cadence Aerospace, LLC (7)

 

11/14/2023

 

Aerospace and Defense

 

 

9.50

%

 

3M L+850

 

 

 

3,009,525

 

 

 

2,994,688

 

 

 

2,988,459

 

 

 

 

 

 

 

(PIK 9.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

CF512, Inc.

 

08/20/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

8,158,977

 

 

 

8,028,486

 

 

 

8,077,388

 

CF512, Inc. (7), (9)

 

08/20/2026

 

Media

 

 

 

 

 

 

 

 

190,909

 

 

 

 

 

 

 

CF512, Inc. (Revolver) (7), (9)

 

08/20/2026

 

Media

 

 

 

 

 

 

 

 

954,545

 

 

 

 

 

 

(9,545

)

CHA Holdings, Inc.

 

04/10/2025

 

Environmental Industries

 

 

5.50

%

 

3M L+450

 

 

 

1,593,262

 

 

 

1,588,869

 

 

 

1,585,295

 

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

 

08/31/2023

 

Business Services

 

 

8.00

%

 

3M L+675

 

 

 

24

 

 

 

24

 

 

 

23

 

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

 

08/31/2023

 

Business Services

 

 

 

 

 

 

 

 

711,447

 

 

 

 

 

 

(21,343

)

Compex Legal Services, Inc.

 

02/09/2026

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

7,633,503

 

 

 

7,516,648

 

 

 

7,633,503

 

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

 

02/07/2025

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

843,396

 

 

 

843,396

 

 

 

843,396

 

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

 

02/07/2025

 

Professional Services

 

 

 

 

 

 

 

 

562,264

 

 

 

 

 

 

-

 

Confluent Health, LLC

 

06/24/2026

 

Health Providers and Services

 

 

5.08

%

 

1M L+500

 

 

 

3,910,000

 

 

 

 

 

 

 

Connatix Buyer, Inc.

 

07/13/2027

 

Media

 

 

6.25

%

 

3M L+550

 

 

 

3,990,000

 

 

 

3,913,088

 

 

 

4,009,949

 

Connatix Buyer, Inc. (7), (9)

 

01/13/2023

 

Media

 

 

 

 

 

 

 

 

2,105,263

 

 

 

 

 

 

31,579

 

Connatix Buyer, Inc. (Revolver) (7), (9)

 

07/13/2027

 

Media

 

 

 

 

 

 

 

 

1,234,375

 

 

 

 

 

 

-

 

Crane 1 Services, Inc. (7), (9)

 

08/16/2023

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

897,129

 

 

 

 

 

 

(2,242

)

Crane 1 Services, Inc. (Revolver) (7), (9)

 

08/16/2027

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

336,423

 

 

 

 

 

 

(3,364

)

Crash Champions, LLC

 

08/05/2025

 

Automobiles

 

 

5.96

%

 

3M L+525

 

 

 

19,973,600

 

 

 

19,719,678

 

 

 

19,574,128

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

6,528,135

 

 

 

6,503,667

 

 

 

6,528,135

 

Douglas Products and Packaging Company LLC (Revolver)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

P+475

 

 

 

2,488,333

 

 

 

2,488,333

 

 

 

2,488,333

 

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

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,902,843

 

 

 

 

 

 

 

Douglas Sewer Intermediate, LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75