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 JUNE 30, 2022

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)

 

None

(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 New York Stock Exchange

 

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 3, 2022 was 41,345,638.

 

 

 


 

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

TABLE OF CONTENTS

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and September 30, 2021

 

4

 

 

Consolidated Statements of Operations for the three and nine months ended June 30, 2022 and 2021 (unaudited)

 

5

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2022 and 2021 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 and 2021 (unaudited)

 

7

 

 

Consolidated Schedules of Investments as of June 30, 2022 (unaudited) and September 30, 2021

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

19

 

 

Report of Independent Registered Public Accounting Firm

 

37

 

 

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

 

39

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

54

 

 

Item 4. Controls and Procedures

 

54

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1. Legal Proceedings

 

55

 

 

Item 1A. Risk Factors

 

55

 

 

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

 

57

 

 

Item 3. Defaults Upon Senior Securities

 

57

 

 

Item 4. Mine Safety Disclosures

 

57

 

 

Item 5. Other Information

 

57

 

 

Item 6. Exhibits

 

58

 

 

SIGNATURES

 

59

 

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; “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

(in thousands, except per share data)

 

 

 

June 30, 2022

 

 

September 30, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost— $924,233 and $824,542, respectively

 

$

944,658

 

 

$

856,806

 

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

 

 

 

 

 

7,433

 

Controlled, affiliated investments (cost— $294,469 and $223,714, respectively

 

 

281,784

 

 

 

217,380

 

Total investments (cost— $1,218,702 and $1,070,636, respectively

 

 

1,226,442

 

 

 

1,081,619

 

Cash and cash equivalents (cost—$40,632 and $49,825, respectively)

 

 

40,616

 

 

 

49,825

 

Interest receivable

 

 

6,209

 

 

 

5,446

 

Receivable for investments sold

 

 

6,609

 

 

 

33,966

 

Prepaid expenses and other assets

 

 

11,278

 

 

 

 

Total assets

 

 

1,291,154

 

 

 

1,170,856

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

3,928

 

 

 

3,690

 

Payable for investments purchased

 

 

9,800

 

 

 

13,546

 

Credit Facility payable, at fair value (cost—$259,277 and $219,400, respectively) (See Notes 5 and 10)

 

 

253,443

 

 

 

218,851

 

2023 Notes payable, at fair value (par—$97,006 and $117,793, respectively) (See Notes 5 and 10)

 

 

94,717

 

 

 

111,114

 

2026 Notes payable, net (par—$185,000 and $100,000, respectively) (See Notes 5 and 10)

 

 

182,082

 

 

 

97,171

 

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

 

 

225,970

 

 

 

225,497

 

Interest payable on debt

 

 

4,500

 

 

 

5,455

 

Base management fee payable (See Note 3)

 

 

3,062

 

 

 

2,707

 

Performance-based incentive fee payable (See Note 3)

 

 

2,576

 

 

 

624

 

Deferred tax liability

 

 

5,340

 

 

 

 

Accrued other expenses

 

 

823

 

 

 

1,590

 

Total liabilities

 

 

786,241

 

 

 

680,245

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 41,345,638 and 38,880,728 shares issued and outstanding, respectively
   Par value $0.001 per share and 100,000,000 shares authorized

 

 

41

 

 

 

39

 

Paid-in capital in excess of par value

 

 

570,663

 

 

 

538,814

 

Accumulated deficit

 

 

(65,791

)

 

 

(48,242

)

Total net assets

 

$

504,913

 

 

$

490,611

 

Total liabilities and net assets

 

$

1,291,154

 

 

$

1,170,856

 

Net asset value per share

 

$

12.21

 

 

$

12.62

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

16,701

 

 

$

14,495

 

 

$

49,753

 

 

$

43,521

 

Dividend

 

 

577

 

 

 

 

 

 

1,731

 

 

 

 

Other income

 

 

285

 

 

 

1,161

 

 

 

3,795

 

 

 

2,534

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

112

 

 

 

280

 

Other income

 

 

 

 

 

 

 

 

 

 

 

122

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

4,228

 

 

 

2,931

 

 

 

10,633

 

 

 

8,253

 

Dividend

 

 

3,938

 

 

 

2,319

 

 

 

10,675

 

 

 

6,169

 

Other Income

 

 

 

 

 

 

 

 

 

 

 

195

 

Total investment income

 

 

25,729

 

 

 

20,906

 

 

 

76,699

 

 

 

61,074

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

3,062

 

 

 

2,622

 

 

 

8,904

 

 

 

7,972

 

Performance-based incentive fee (See Note 3)

 

 

2,576

 

 

 

1,652

 

 

 

8,461

 

 

 

4,716

 

Interest and expenses on debt (See Note 10)

 

 

7,369

 

 

 

5,903

 

 

 

20,713

 

 

 

16,025

 

Administrative services expenses (See Note 3)

 

 

144

 

 

 

150

 

 

 

431

 

 

 

750

 

Other general and administrative expenses

 

 

655

 

 

 

200

 

 

 

1,964

 

 

 

1,000

 

Expenses before provision for taxes

 

 

13,806

 

 

 

10,527

 

 

 

40,473

 

 

 

30,463

 

Provision for taxes on net investment income

 

 

100

 

 

 

100

 

 

 

300

 

 

 

300

 

Total expenses

 

 

13,906

 

 

 

10,627

 

 

 

40,773

 

 

 

30,763

 

Net investment income

 

 

11,823

 

 

 

10,279

 

 

 

35,926

 

 

 

30,311

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

701

 

 

 

7,614

 

 

 

10,694

 

 

 

6,380

 

Non-controlled and controlled, affiliated investments

 

 

 

 

 

(20,588

)

 

 

(22,315

)

 

 

(21,640

)

Net realized gain (loss) on investments

 

 

701

 

 

 

(12,974

)

 

 

(11,621

)

 

 

(15,260

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(11,204

)

 

 

(6,281

)

 

 

(12,243

)

 

 

28,407

 

Controlled and non-controlled, affiliated investments

 

 

(6,431

)

 

 

20,451

 

 

 

8,597

 

 

 

20,370

 

Provision for taxes on unrealized appreciation on investments

 

 

 

 

 

 

 

 

(5,340

)

 

 

 

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

 

 

26

 

 

 

3,232

 

 

 

1,273

 

 

 

(11,317

)

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

 

 

(17,609

)

 

 

17,402

 

 

 

(7,713

)

 

 

37,460

 

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

 

 

(16,908

)

 

 

4,428

 

 

 

(19,334

)

 

 

22,200

 

Net increase (decrease) in net assets resulting from operations

 

$

(5,085

)

 

$

14,707

 

 

$

16,592

 

 

$

52,511

 

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

 

$

(0.12

)

 

$

0.38

 

 

$

0.42

 

 

$

1.35

 

Net investment income per common share

 

$

0.29

 

 

$

0.27

 

 

$

0.90

 

 

$

0.78

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(in thousands, except share issue data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

11,823

 

 

$

10,279

 

 

$

35,926

 

 

$

30,311

 

Net realized gain (loss) on investments

 

 

701

 

 

 

(12,974

)

 

 

(11,621

)

 

 

(15,260

)

Net change in unrealized appreciation (depreciation) on investments

 

 

(17,635

)

 

 

14,170

 

 

 

(3,646

)

 

 

48,777

 

Net change in provision for taxes on unrealized appreciation on investments

 

 

 

 

 

 

 

 

(5,340

)

 

 

 

Net change in unrealized (appreciation) depreciation on debt

 

 

26

 

 

 

3,232

 

 

 

1,273

 

 

 

(11,317

)

Net increase (decrease) in net assets resulting from operations

 

 

(5,085

)

 

 

14,707

 

 

 

16,592

 

 

 

52,511

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of net investment income

 

 

(11,780

)

 

 

(11,050

)

 

 

(34,141

)

 

 

(33,150

)

Total distributions to stockholders

 

 

(11,780

)

 

 

(11,050

)

 

 

(34,141

)

 

 

(33,150

)

Capital transactions

 

 

 

 

 

 

 

 

 

 

 

 

Public offering (See Note 1)

 

 

1,820

 

 

 

 

 

 

32,336

 

 

 

 

Offering costs

 

 

(28

)

 

 

 

 

 

(486

)

 

 

 

Net increase in net assets resulting from capital transactions

 

 

1,792

 

 

 

 

 

 

31,850

 

 

 

 

Net increase (decrease) in net assets

 

 

(15,073

)

 

 

3,657

 

 

 

14,300

 

 

 

19,361

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

519,986

 

 

 

492,974

 

 

 

490,611

 

 

 

477,270

 

End of period

 

$

504,913

 

 

$

496,631

 

 

$

504,912

 

 

$

496,631

 

Capital share activity:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued from public offering

 

 

136,072

 

 

 

 

 

 

2,464,910

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

 

Nine months ended June 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

16,593

 

 

$

52,511

 

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 (appreciation) on investments

 

 

3,645

 

 

 

(48,777

)

Net change in unrealized (depreciation) appreciation on debt

 

 

(1,273

)

 

 

11,317

 

Net realized loss on investments

 

 

11,621

 

 

 

15,260

 

Net accretion of discount and amortization of premium

 

 

(2,920

)

 

 

(1,927

)

Purchases of investments

 

 

(553,106

)

 

 

(475,456

)

Payment-in-kind interest

 

 

(1,203

)

 

 

(2,589

)

Proceeds from dispositions of investments

 

 

397,184

 

 

 

565,539

 

Amortization of deferred financing costs

 

 

385

 

 

 

646

 

(Increase) decrease in interest receivable

 

 

(1,913

)

 

 

(2,646

)

Decrease (increase) in receivable for investments sold

 

 

27,357

 

 

 

(11,954

)

(Decrease) increase in prepaid expenses and other assets

 

 

(10,127

)

 

 

173

 

(Decrease) increase in payable for investments purchased

 

 

(3,746

)

 

 

23,477

 

Decrease in interest payable on debt

 

 

(955

)

 

 

(503

)

Increase (decrease) in base management fee payable

 

 

355

 

 

 

(155

)

Increase (decrease) in performance-based incentive fee payable

 

 

1,952

 

 

 

(419

)

Increase in deferred tax liability

 

 

5,340

 

 

 

 

(Decrease) in accrued other expenses

 

 

(768

)

 

 

(66

)

Net cash (used in) provided by operating activities

 

 

(111,578

)

 

 

124,431

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from public offering

 

 

32,336

 

 

 

 

Offering costs

 

 

(485

)

 

 

 

Distributions paid to stockholders

 

 

(33,904

)

 

 

(33,150

)

Repayment of 2023 Notes issuance (See Notes 5 and 10)

 

 

(20,787

)

 

 

(20,787

)

Proceeds from 2026 Notes issuance (See Notes 5 and 10)

 

 

84,333

 

 

 

96,841

 

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

147,254

 

 

 

255,500

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(107,000

)

 

 

(430,699

)

Net cash provided by (used in) financing activities

 

 

101,747

 

 

 

(132,295

)

Net decrease in cash equivalents

 

 

(9,832

)

 

 

(7,864

)

Effect of exchange rate changes on cash

 

 

622

 

 

 

(945

)

Cash and cash equivalents, beginning of period

 

 

49,826

 

 

 

57,512

 

Cash and cash equivalents, end of period

 

$

40,616

 

 

$

48,703

 

Supplemental disclosures:

 

 

 

 

 

 

Interest paid

 

$

(20,610

)

 

$

15,883

 

Taxes paid

 

$

2,557

 

 

$

405

 

Non-cash exchanges and conversions

 

$

50,352

 

 

$

20,491

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(in thousands, except share data)

(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—187.1% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—166.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/06/2026

 

Media

 

 

8.25

%

 

3M L+600

 

 

 

4,950

 

 

 

4,890

 

 

 

4,950

 

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

 

05/06/2026

 

Media

 

 

 

 

 

 

 

 

1,244

 

 

 

 

 

 

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

9.24

%

 

3M L+800

 

 

 

4,863

 

 

 

4,821

 

 

 

4,632

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

IT Services

 

 

10.25

%

 

3M L+800

 

 

 

575

 

 

 

575

 

 

 

548

 

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

 

07/24/2025

 

IT Services

 

 

 

 

 

 

 

 

1,581

 

 

 

 

 

 

(75

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

6.50

%

 

3M L+550

 

 

 

7,624

 

 

 

7,574

 

 

 

7,624

 

American Teleconferencing Services, Ltd.(7)

 

06/08/2023

 

Telecommunications

 

0.00%

 

(6)

 

 

 

 

7,986

 

 

 

7,915

 

 

 

-

 

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

 

12/08/2022

 

Telecommunications

 

0.00%

 

(6)

 

 

 

 

1,656

 

 

 

1,642

 

 

 

994

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/2025

 

Media

 

 

8.65

%

 

3M L+625

 

 

 

14,140

 

 

 

13,974

 

 

 

14,069

 

Any Hour Services

 

07/21/2027

 

Energy Equipment and Services

 

 

6.55

%

 

3M L+525

 

 

 

13,103

 

 

 

12,961

 

 

 

12,972

 

Any Hour Services Term Loan II(7), (9)

 

01/14/2024

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

979

 

 

 

 

 

 

 

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

 

07/21/2027

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,147

 

 

 

 

 

 

(11

)

Apex Service Partners, LLC

 

07/31/2025

 

Diversified Consumer Services

 

 

6.72

%

 

1M L+525

 

 

 

6,224

 

 

 

6,179

 

 

 

6,193

 

Apex Service Partners, LLC Term Loan B

 

07/31/2025

 

Diversified Consumer Services

 

 

7.75

%

 

1M L+550

 

 

 

297

 

 

 

297

 

 

 

295

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Diversified Consumer Services

 

 

6.80

%

 

1M L+525

 

 

 

12,938

 

 

 

12,832

 

 

 

12,874

 

Apex Service Partners, LLC (Revolver) (7)

 

07/31/2025

 

Diversified Consumer Services

 

 

6.72

%

 

1M L+525

 

 

 

369

 

 

 

369

 

 

 

367

 

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

 

07/31/2025

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,476

 

 

 

 

 

 

(7

)

API Holding III Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

5.92

%

 

1M L+425

 

 

 

5,820

 

 

 

5,799

 

 

 

5,165

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

8.00

%

 

3M L+575

 

 

 

6,680

 

 

 

6,574

 

 

 

6,596

 

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

 

8/23/2022

 

Commercial Services & Supplies