pflt-10q_20180630.htm

 

 

 

 

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, 2018

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)

 

 

 

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  ☐  No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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

 

☐  (Do not check if a smaller reporting company)

  

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 8, 2018 was 38,772,074.

 


PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2018

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2018 (unaudited) and September 30, 2017

  

4

 

 

Consolidated Statements of Operations for the three and nine months ended June 30, 2018 and 2017 (unaudited)

  

5

 

 

Consolidated Statements of Changes in Net Assets for the nine months ended June 30, 2018 and 2017 (unaudited)

  

6

 

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2018 and 2017 (unaudited)

  

7

 

 

Consolidated Schedules of Investments as of June 30, 2018 (unaudited) and September 30, 2017

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

14

 

 

Report of Independent Registered Public Accounting Firm

  

28

 

 

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

  

29

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

40

 

 

Item 4. Controls and Procedures

  

40

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

41

 

 

Item 1A. Risk Factors

  

41

 

 

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

  

41

 

 

Item 3. Defaults Upon Senior Securities

  

41

 

 

Item 4. Mine Safety Disclosures

  

41

 

 

Item 5. Other Information

  

41

 

 

Item 6. Exhibits

  

42

 

 

SIGNATURES

  

43


 

 

 

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 promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refer to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “Credit Facility” refers to our multi-currency, senior secured revolving credit facility, as amended and restated; “2023 Notes” refers to our 3.83% Series A notes due 2023; “1940 Act” refers to the Investment Company Act of 1940, as amended; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; and “BDC” refers to a business development company under the 1940 Act. 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, 2018

 

 

September 30, 2017

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$786,884,573 and $665,514,821, respectively)

 

$

787,566,315

 

 

$

666,973,639

 

Controlled, affiliated investments (cost—$118,125,000 and $43,000,000, respectively)

 

 

119,586,472

 

 

 

43,525,143

 

Total of investments (cost—$905,009,573 and $708,514,821, respectively)

 

 

907,152,787

 

 

 

710,498,782

 

Cash and cash equivalents (cost—$31,303,697 and $18,847,673, respectively)

 

 

31,178,070

 

 

 

18,910,756

 

Interest receivable

 

 

2,846,350

 

 

 

2,520,506

 

Receivable for investments sold

 

 

 

 

 

14,185,850

 

Prepaid expenses and other assets

 

 

704,720

 

 

 

1,229,505

 

Total assets

 

 

941,881,927

 

 

 

747,345,399

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,085,607

 

Payable for investments purchased

 

 

4,430,012

 

 

 

21,730,512

 

Credit Facility payable (cost—$255,673,311 and $253,783,301, respectively) (See Notes 5 and 10)

 

 

255,862,159

 

 

 

256,858,457

 

2023 Notes payable (cost—$138,579,858 and zero, respectively) (See Notes 5 and 10)

 

 

134,921,350

 

 

 

 

Interest payable on debt

 

 

1,152,999

 

 

 

693,787

 

Base management fee payable (See Note 3)

 

 

2,180,258

 

 

 

1,784,806

 

Performance-based incentive fee payable (See Note 3)

 

 

3,077,059

 

 

 

5,061,217

 

Accrued other expenses

 

 

696,427

 

 

 

224,739

 

Total liabilities

 

 

406,003,611

 

 

 

289,439,125

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Common stock, 38,772,074 and 32,480,074 shares issued and outstanding, respectively

   Par value $0.001 per share and 100,000,000 shares authorized

 

 

38,772

 

 

 

32,480

 

Paid-in capital in excess of par value

 

 

539,462,336

 

 

 

451,448,872

 

(Distributions in excess of) undistributed net investment income

 

 

(10,065,794

)

 

 

3,163,645

 

Accumulated net realized gain on investments

 

 

1,175,847

 

 

 

4,289,389

 

Net unrealized appreciation on investments

 

 

1,797,495

 

 

 

2,047,044

 

Net unrealized depreciation (appreciation) on debt

 

 

3,469,660

 

 

 

(3,075,156

)

Total net assets

 

$

535,878,316

 

 

$

457,906,274

 

Total liabilities and net assets

 

$

941,881,927

 

 

$

747,345,399

 

Net asset value per share

 

$

13.82

 

 

$

14.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

16,718,163

 

 

$

14,695,276

 

 

$

45,225,422

 

 

$

39,564,205

 

Other income

 

 

559,708

 

 

 

451,597

 

 

 

1,255,766

 

 

 

1,434,834

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

1,551,198

 

 

 

43,962

 

 

 

2,985,061

 

 

 

43,962

 

Dividend

 

 

700,000

 

 

 

 

 

 

1,400,000

 

 

 

 

Total investment income

 

 

19,529,069

 

 

 

15,190,835

 

 

 

50,866,249

 

 

 

41,043,001

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,180,258

 

 

 

1,790,695

 

 

 

5,932,024

 

 

 

5,117,839

 

Performance-based incentive fee (See Note 3)

 

 

329,567

 

 

 

1,444,896

 

 

 

852,678

 

 

 

3,367,931

 

Interest and expenses on debt (See Note 10)

 

 

3,862,037

 

 

 

2,398,520

 

 

 

9,957,719

 

 

 

6,197,592

 

Administrative services expenses (See Note 3)

 

 

500,000

 

 

 

561,250

 

 

 

1,500,000

 

 

 

1,683,750

 

Other general and administrative expenses

 

 

622,025

 

 

 

607,499

 

 

 

1,859,526

 

 

 

1,322,499

 

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

 

 

7,493,887

 

 

 

6,802,860

 

 

 

20,101,947

 

 

 

17,689,611

 

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

 

 

 

 

 

112,736

 

 

 

10,869,098

 

 

 

112,736

 

Provision for taxes

 

 

200,000

 

 

 

90,000

 

 

 

600,000

 

 

 

205,000

 

Total expenses

 

 

7,693,887

 

 

 

7,005,596

 

 

 

31,571,045

 

 

 

18,007,347

 

Net investment income

 

 

11,835,182

 

 

 

8,185,239

 

 

 

19,295,204

 

 

 

23,035,654

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments

 

 

(1,790,048

)

 

 

2,451,169

 

 

 

(3,113,542

)

 

 

4,961,180

 

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(3,370,875

)

 

 

625,872

 

 

 

(1,185,879

)

 

 

426,906

 

Controlled, affiliated investments

 

 

182,630

 

 

 

22,425

 

 

 

936,330

 

 

 

22,425

 

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

 

 

(1,888,502

)

 

 

(1,942,856

)

 

 

6,544,816

 

 

 

(2,972,262

)

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

 

 

(5,076,747

)

 

 

(1,294,559

)

 

 

6,295,267

 

 

 

(2,522,931

)

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

 

 

(6,866,795

)

 

 

1,156,610

 

 

 

3,181,725

 

 

 

2,438,249

 

Net increase in net assets resulting from operations

 

$

4,968,387

 

 

$

9,341,849

 

 

$

22,476,929

 

 

$

25,473,903

 

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

 

$

0.13

 

 

$

0.29

 

 

$

0.59

 

 

$

0.86

 

Net investment income per common share

 

$

0.31

 

 

$

0.25

 

 

$

0.51

 

 

$

0.78

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

 

Nine Months Ended June 30,

 

 

 

2018

 

 

2017

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

19,295,204

 

 

$

23,035,654

 

Net realized (loss) gain on investments

 

 

(3,113,542

)

 

 

4,961,180

 

Net change in unrealized appreciation on investments

 

 

(249,549

)

 

 

449,331

 

Net change in unrealized depreciation (appreciation) on debt

 

 

6,544,816

 

 

 

(2,972,262

)

Net increase in net assets resulting from operations

 

 

22,476,929

 

 

 

25,473,903

 

Distributions to stockholders

 

 

(32,524,643

)

 

 

(25,585,463

)

Capital transactions

 

 

 

 

 

 

 

 

Public offering (See Note 1)

 

 

89,031,800

 

 

 

80,986,450

 

Offering costs

 

 

(1,012,044

)

 

 

(470,000

)

Net increase in net assets resulting from capital transactions

 

 

88,019,756

 

 

 

80,516,450

 

Net increase in net assets

 

 

77,972,042

 

 

 

80,404,890

 

Net assets:

 

 

 

 

 

 

 

 

Beginning of period

 

 

457,906,274

 

 

 

375,906,828

 

End of period

 

$

535,878,316

 

 

$

456,311,718

 

(Distributions in excess of) undistributed net investment income, end of period

 

$

(10,065,794

)

 

$

2,009,837

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares issued from public offering

 

 

6,292,000

 

 

 

5,750,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

22,476,929

 

 

$

25,473,903

 

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

   used in operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized appreciation on investments

 

 

249,549

 

 

 

(449,331

)

Net change in unrealized (depreciation) appreciation on debt

 

 

(6,544,816

)

 

 

2,972,262

 

Net realized loss (gain) on investments

 

 

3,113,542

 

 

 

(4,961,180

)

Net accretion of discount and amortization of premium

 

 

(1,160,019

)

 

 

(1,375,901

)

Purchases of investments

 

 

(480,647,540

)

 

 

(407,800,909

)

Payment-in-kind interest

 

 

(536,132

)

 

 

(389,796

)

Proceeds from dispositions of investments

 

 

283,586,945

 

 

 

314,807,488

 

Increase in interest receivable

 

 

(325,844

)

 

 

(689,411

)

Decrease (increase) in receivable for investments sold

 

 

14,185,850

 

 

 

(24,940,277

)

Decrease (increase) in prepaid expenses and other assets

 

 

524,785

 

 

 

(121,042

)

(Decrease) increase in payable for investments purchased

 

 

(17,300,500

)

 

 

3,485,909

 

Increase in interest payable on debt

 

 

459,212

 

 

 

320,026

 

Increase in base management fee payable

 

 

395,452

 

 

 

332,070

 

Decrease in performance-based incentive fee payable

 

 

(1,984,158

)

 

 

(417,973

)

Increase (decrease) in accrued other expenses

 

 

471,688

 

 

 

(111,775

)

Net cash used in operating activities

 

 

(183,035,057

)

 

 

(93,865,937

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Public offering

 

 

89,031,800

 

 

 

80,986,450

 

Offering costs

 

 

(1,012,044

)

 

 

(470,000

)

Distributions paid to stockholders

 

 

(31,926,903

)

 

 

(25,039,213

)

Proceeds from 2023 Notes issuance (See Notes 5 and 10)

 

 

138,579,858

 

 

 

 

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

143,985,010

 

 

 

259,802,000

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(142,095,000

)

 

 

(201,500,000

)

Net cash provided by financing activities

 

 

196,562,721

 

 

 

113,779,237

 

Net increase in cash and cash equivalents

 

 

13,527,664

 

 

 

19,913,300

 

Effect of exchange rate changes on cash

 

 

(1,260,350

)

 

 

127,473

 

Cash and cash equivalents, beginning of period

 

 

18,910,756

 

 

 

28,910,973

 

Cash and cash equivalents, end of period

 

$

31,178,070

 

 

$

48,951,746

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

20,367,605

 

 

$

5,990,302

 

Taxes paid

 

$

377,706

 

 

$

256,575

 

Non-cash exchanges and conversions

 

$

53,200,000

 

 

$

35,659,395

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2018

(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—147.0% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—137.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group Intermediate Holdings, Inc.

 

12/30/2022

 

Banking, Finance, Insurance and Real Estate

 

 

7.48

%

 

1M L+550

 

 

 

15,318,805

 

 

$

15,246,773

 

 

$

15,318,805

 

Alera Group Intermediate Holdings, Inc. (Revolver) (7), (8)

 

12/30/2021

 

Banking, Finance, Insurance and Real Estate

 

 

 

 

 

 

 

 

1,771,962

 

 

 

 

 

 

 

Alera Group Intermediate Holdings, Inc. (7), (8)

 

12/30/2022

 

Banking, Finance, Insurance and Real Estate

 

 

 

 

 

 

 

 

1,078,893

 

 

 

 

 

 

 

Allied America, Inc.

 

08/08/2022

 

Business Services

 

 

9.34

%

 

3M L+700

 

 

 

1,689,717

 

 

 

1,689,717

 

 

 

1,698,165

 

American Auto Auction Group, LLC

 

11/30/2021

 

Transportation: Consumer

 

 

7.25

%

 

1M L+525

 

 

 

5,887,689

 

 

 

5,825,207

 

 

 

5,799,374

 

American Scaffold

 

03/31/2022

 

Aerospace and Defense

 

 

8.83

%

 

3M L+650

 

 

 

4,562,500

 

 

 

4,514,483

 

 

 

4,516,875

 

American Teleconferencing Services, Ltd.

 

12/08/2021

 

Telecommunications

 

 

8.58

%

 

2M L+650

 

 

 

10,252,173

 

 

 

10,119,663

 

 

 

9,880,532

 

API Technologies Corp.

 

04/22/2024

 

Aerospace and Defense

 

 

8.10

%

 

1M L+600

 

 

 

5,000,000

 

 

 

4,938,457

 

 

 

4,950,000

 

API Technologies Corp. (Revolver) (7), (8)

 

04/22/2024

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,968,504

 

 

 

 

 

 

(9,843

)

Beauty Industry Group Opco, LLC

 

04/06/2023

 

Consumer Goods: Non-Durable

 

 

6.85

%

 

1M L+475

 

 

 

33,255,844

 

 

 

32,923,285

 

 

 

32,923,285

 

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

7.84

%

 

3M L+550

 

 

 

11,880,000

 

 

 

11,777,888

 

 

 

11,761,200

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

9.58

%

 

3M L+725

 

 

 

15,454,395

 

 

 

15,139,879

 

 

 

15,454,395

 

By Light Professional IT Services, LLC (Revolver) (7), (8)

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

2,311,784

 

 

 

 

 

 

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

8.86

%

 

3M L+650

 

 

 

10,945,000

 

 

 

10,846,816

 

 

 

10,932,603

 

Camin Cargo Control, Inc.

 

06/30/2021

 

Transportation: Cargo

 

 

6.84

%

 

1M L+475

 

 

 

2,425,000

 

 

 

2,411,577

 

 

 

2,328,000

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

7.84

%

 

1M L+575

 

 

 

3,884,175

 

 

 

3,892,081

 

 

 

3,903,596

 

CD&R TZ Purchaser, Inc.

 

07/21/2023

 

Consumer Goods: Durable

 

 

8.33

%

 

3M L+600

 

 

 

16,202,420

 

 

 

15,889,366

 

 

 

15,878,372

 

CHA Holdings, Inc. (7)

 

04/10/2025

 

Environmental Industries

 

 

6.58

%

 

2M L+450

 

 

 

6,160,714

 

 

 

6,130,344

 

 

 

6,160,714

 

CHA Holdings, Inc. (7), (8)

 

04/10/2025

 

Environmental Industries

 

 

 

 

 

 

 

 

1,339,286

 

 

 

 

 

 

 

Chicken Soup for the Soul Publishing, LLC

 

01/08/2019

 

Media: Advertising, Printing and Publishing

 

 

8.23

%

 

1M L+625

 

 

 

4,564,286

 

 

 

4,557,894

 

 

 

3,925,286

 

Country Fresh Holdings, LLC

 

03/31/2023

 

Beverage, Food and Tobacco

 

 

7.33

%

 

3M L+500

 

 

 

19,111,481

 

 

 

19,071,142

 

 

 

18,920,366

 

Credit Infonet, Inc.

 

03/13/2023

 

High Tech Industries

 

 

8.41

%

 

3M L+600

 

 

 

27,799,338

 

 

 

27,598,591

 

 

 

27,799,338

 

Credit Infonet, Inc. (Revolver) (7), (8)

 

03/13/2023

 

High Tech Industries

 

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

DBI Holding, LLC

 

08/02/2021

 

Business Services

 

 

7.35

%

 

1M L+525

 

 

 

17,439,105

 

 

 

17,330,765

 

 

 

17,439,105

 

Deva Holdings, Inc.

 

10/31/2023

 

Consumer Goods: Non-Durable

 

 

8.34

%

 

3M L+625

 

 

 

27,362,500

 

 

 

26,862,478

 

 

 

27,362,500

 

Deva Holdings, Inc. (Revolver) (7), (8)

 

10/31/2022

 

Consumer Goods: Non-Durable

 

 

 

 

 

 

 

 

2,115,000

 

 

 

 

 

 

 

Digital Room Holdings, Inc. (7)

 

12/29/2023

 

Media: Advertising, Printing and Publishing

 

 

7.10

%

 

1M L+500

 

 

 

16,417,500

 

 

 

16,261,987

 

 

 

16,376,456

 

Douglas Products and Packaging Company LLC

 

03/29/2022

 

Chemicals, Plastics and Rubber

 

 

8.08

%

 

3M L+575

 

 

 

14,522,426

 

 

 

14,275,040

 

 

 

14,268,294

 

Douglas Products and Packaging Company LLC

 

03/29/2022

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,941,176

 

 

 

 

 

 

(51,468

)

(Revolver) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Driven Performance Brands, Inc.

 

09/30/2022

 

Consumer Goods: Durable

 

 

6.78

%

 

1M L+475

 

 

 

10,219,140

 

 

 

10,195,344

 

 

 

10,219,140

 

Driven Performance Brands, Inc. (Revolver) (7), (8)

 

09/30/2022

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

10.33

%

 

3M L+800

 

 

 

19,684,749

 

 

 

19,512,675

 

 

 

19,980,021

 

Education Networks of America, Inc.

 

05/06/2021

 

Telecommunications

 

 

9.09

%

 

3M L+700

 

 

 

21,011,872

 

 

 

20,907,817

 

 

 

21,011,872

 

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

 

05/06/2021

 

Telecommunications

 

 

9.36

%

 

3M L+700

 

 

 

608,696

 

 

 

608,696

 

 

 

608,696

 

Education Networks of America, Inc. (Revolver) (7), (8)

 

05/06/2021

 

Telecommunications

 

 

 

 

 

 

 

 

1,565,217

 

 

 

 

 

 

 

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2022

 

Media: Diversified and Production

 

 

9.08

%

 

3M L+675

 

 

 

9,331,620

 

 

 

9,265,111

 

 

 

9,331,620

 

ENC Holding Corporation (7), (8)

 

05/30/2025

 

Transportation: Cargo

 

 

 

 

 

 

 

 

628,571

 

 

 

 

 

 

 

GCOM Software LLC (Revolver) (7)

 

11/14/2022

 

High Tech Industries

 

 

10.50

%

 

P+550

 

 

 

333,333

 

 

 

333,333

 

 

 

333,333

 

GCOM Software LLC (Revolver) (7), (8)

 

11/14/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

2,333,333

 

 

 

 

 

 

 

GSM Holdings, Inc. (Revolver) (7)

 

06/03/2024

 

Consumer Goods: Durable

 

 

6.81

%

 

3M L+450

 

 

 

2,256,725

 

 

 

2,256,725

 

 

 

2,234,158

 

GSM Holdings, Inc. (Revolver) (7), (8)

 

06/03/2024

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

2,494,275

 

 

 

 

 

 

(24,943

)