pflt-10q_20181231.htm

7 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 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 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 6, 2019 was 38,772,074.

 


PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2018

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2018 (unaudited) and September 30, 2018

  

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2018 and 2017 (unaudited)

  

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2018 and 2017 (unaudited)

  

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2018 and 2017 (unaudited)

  

7

 

 

Consolidated Schedules of Investments as of December 31, 2018 (unaudited) and September 30, 2018

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

15

 

 

Report of Independent Registered Public Accounting Firm

  

29

 

 

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

  

30

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

41

 

 

Item 4. Controls and Procedures

  

41

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

42

 

 

Item 1A. Risk Factors

  

42

 

 

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

  

43

 

 

Item 3. Defaults Upon Senior Securities

  

43

 

 

Item 4. Mine Safety Disclosures

  

43

 

 

Item 5. Other Information

  

43

 

 

Item 6. Exhibits

  

44

 

 

SIGNATURES

  

45


 

2


PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refer to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PennantPark Investment Advisers” or “Investment Adviser” 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

 

 

 

 

December 31, 2018

 

 

September 30, 2018

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$830,609,329 and $856,893,017, respectively)

 

$

818,667,554

 

 

$

854,753,064

 

Controlled, affiliated investments (cost—$161,875,000 and $144,375,000, respectively)

 

 

160,995,761

 

 

 

145,860,229

 

Total of investments (cost—$992,484,329 and $1,001,268,017, respectively)

 

 

979,663,315

 

 

 

1,000,613,293

 

Cash and cash equivalents (cost—$35,296,899 and $72,231,801, respectively)

 

 

35,180,396

 

 

 

72,224,183

 

Interest receivable

 

 

3,182,120

 

 

 

2,813,808

 

Prepaid expenses and other assets

 

 

651,627

 

 

 

792,069

 

Total assets

 

 

1,018,677,458

 

 

 

1,076,443,353

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,683,347

 

Payable for investments purchased

 

 

161,625

 

 

 

59,587,222

 

Credit Facility payable (cost—$350,907,500 and $333,727,520, respectively) (See Notes 5 and 10)

 

 

345,867,658

 

 

 

332,128,815

 

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

 

 

133,410,829

 

 

 

135,503,385

 

Interest payable on debt

 

 

1,621,060

 

 

 

2,638,504

 

Base management fee payable (See Note 3)

 

 

2,498,766

 

 

 

2,419,629

 

Performance-based incentive fee payable (See Note 3)

 

 

187,202

 

 

 

3,298,404

 

Accrued other expenses

 

 

1,460,249

 

 

 

1,342,479

 

Total liabilities

 

 

488,890,736

 

 

 

540,601,785

 

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

 

 

539,462,336

 

 

 

539,462,336

 

Distributions in excess of net investment income

 

 

(5,259,447

)

 

 

(5,153,449

)

Accumulated net realized loss on investments

 

 

(1,407,764

)

 

 

(2,331,230

)

Net unrealized depreciation on investments

 

 

(13,256,046

)

 

 

(850,039

)

Net unrealized depreciation on debt

 

 

10,208,871

 

 

 

4,675,178

 

Total net assets

 

$

529,786,722

 

 

$

535,841,568

 

Total liabilities and net assets

 

$

1,018,677,458

 

 

$

1,076,443,353

 

Net asset value per share

 

$

13.66

 

 

$

13.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

Three Months Ended December 31,

 

 

 

2018

 

 

2017

 

Investment income:

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

$

18,169,998

 

 

$

13,867,420

 

Other income

 

 

621,189

 

 

 

433,180

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

2,818,045

 

 

 

535,760

 

Dividend

 

 

1,575,000

 

 

 

 

Total investment income

 

 

23,184,232

 

 

 

14,836,360

 

Expenses:

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,498,766

 

 

 

1,822,063

 

Performance-based incentive fee (See Note 3)

 

 

(1,192,409

)

 

 

148,010

 

Interest and expenses on debt (See Note 10)

 

 

5,305,478

 

 

 

2,618,308

 

Administrative services expenses (See Note 3)

 

 

500,000

 

 

 

500,000

 

Other general and administrative expenses

 

 

616,075

 

 

 

618,751

 

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

 

 

7,727,910

 

 

 

5,707,132

 

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

 

 

4,512,279

 

 

 

10,869,098

 

Provision for taxes

 

 

 

 

 

200,000

 

Total expenses

 

 

12,240,189

 

 

 

16,776,230

 

Net investment income (loss)

 

 

10,944,043

 

 

 

(1,939,870

)

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

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

923,466

 

 

 

(2,786,551

)

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(10,041,539

)

 

 

3,198,156

 

Controlled, affiliated investments

 

 

(2,364,468

)

 

 

318,442

 

Debt depreciation (See Notes 5 and 10)

 

 

5,533,693

 

 

 

3,128,605

 

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

 

 

(6,872,314

)

 

 

6,645,203

 

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

 

 

(5,948,848

)

 

 

3,858,652

 

Net increase in net assets resulting from operations

 

$

4,995,195

 

 

$

1,918,782

 

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

 

$

0.13

 

 

$

0.05

 

Net investment income (loss) per common share

 

$

0.28

 

 

$

(0.05

)

 

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,

 

 

 

2018

 

 

2017

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment income (loss)

 

$

10,944,043

 

 

$

(1,939,870

)

Net realized gain (loss) on investments

 

 

923,466

 

 

 

(2,786,551

)

Net change in unrealized (depreciation) appreciation on investments

 

 

(12,406,007

)

 

 

3,516,598

 

Net change in unrealized depreciation on debt

 

 

5,533,693

 

 

 

3,128,605

 

Net increase in net assets resulting from operations

 

 

4,995,195

 

 

 

1,918,782

 

Distributions to stockholders

 

 

(11,050,041

)

 

 

(10,424,561

)

Capital transactions

 

 

 

 

 

 

 

 

Public offering (See Note 1)

 

 

 

 

 

89,031,800

 

Offering costs

 

 

 

 

 

(1,012,044

)

Net increase in net assets resulting from capital transactions

 

 

 

 

 

88,019,756

 

Net (decrease) increase in net assets

 

 

(6,054,846

)

 

 

79,513,977

 

Net assets:

 

 

 

 

 

 

 

 

Beginning of period

 

 

535,841,568

 

 

 

457,906,274

 

End of period

 

$

529,786,722

 

 

$

537,420,251

 

Distribution in excess of net investment income, end of period

 

$

(5,259,447

)

 

$

(9,200,786

)

Capital share activity:

 

 

 

 

 

 

 

 

Shares issued from public offering

 

 

 

 

 

6,292,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2018

 

 

2017

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

4,995,195

 

 

$

1,918,782

 

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

   used in operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized depreciation (appreciation) on investments

 

 

12,406,007

 

 

 

(3,516,598

)

Net change in unrealized depreciation on debt

 

 

(5,533,693

)

 

 

(3,128,605

)

Net realized (gain) loss on investments

 

 

(923,466

)

 

 

2,786,551

 

Net accretion of discount and amortization of premium

 

 

(416,480

)

 

 

(382,250

)

Purchases of investments

 

 

(180,731,899

)

 

 

(176,867,446

)

Payment-in-kind interest

 

 

(90,696

)

 

 

(160,484

)

Proceeds from dispositions of investments

 

 

190,294,479

 

 

 

149,082,954

 

Increase in interest receivable

 

 

(368,312

)

 

 

(112,488

)

Decrease in receivable for investments sold

 

 

 

 

 

2,995,802

 

Decrease in prepaid expenses and other assets

 

 

140,442

 

 

 

422,939

 

Decrease in payable for investments purchased

 

 

(59,425,597

)

 

 

(16,131,273

)

(Decrease) increase in interest payable on debt

 

 

(1,017,444

)

 

 

495,481

 

Increase in base management fee payable

 

 

79,137

 

 

 

37,257

 

Decrease in performance-based incentive fee payable

 

 

(3,111,202

)

 

 

(2,488,756

)

Increase in accrued other expenses

 

 

117,770

 

 

 

438,632

 

Net cash used in operating activities

 

 

(43,585,759

)

 

 

(44,609,502

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Public offering

 

 

 

 

 

89,031,800

 

Offering costs

 

 

 

 

 

(1,012,044

)

Distributions paid to stockholders

 

 

(11,050,041

)

 

 

(9,826,821

)

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

 

 

 

 

 

138,579,858

 

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

104,500,000

 

 

 

11,485,010

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(87,320,020

)

 

 

(74,900,000

)

Net cash provided by financing activities

 

 

6,129,939

 

 

 

153,357,803

 

Net (decrease) increase in cash equivalents

 

 

(37,455,820

)

 

 

108,748,301

 

Effect of exchange rate changes on cash

 

 

412,033

 

 

 

126,281

 

Cash and cash equivalents, beginning of period

 

 

72,224,183

 

 

 

18,910,756

 

Cash and cash equivalents, end of period

 

$

35,180,396

 

 

$

127,785,338

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

6,322,922

 

 

$

12,991,925

 

Taxes paid

 

$

 

 

$

2,984

 

Non-cash exchanges and conversions

 

$

 

 

$

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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—154.5% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—146.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied America, Inc.

 

08/08/2022

 

Business Services

 

 

9.81

%

 

3M L+700

 

 

 

10,945,808

 

 

$

10,764,743

 

 

$

10,959,491

 

American Auto Auction Group, LLC

 

11/30/2021

 

Transportation: Consumer

 

 

7.80

%

 

3M L+525

 

 

 

5,842,972

 

 

 

5,789,736

 

 

 

5,755,328

 

American Insulated Glass, LLC (7)

 

12/21/2023

 

Building Products

 

 

7.98

%

 

3M L+550

 

 

 

15,000,000

 

 

 

14,702,107

 

 

 

14,700,000

 

American Insulated Glass, LLC (7), (8)

 

12/21/2023

 

Building Products

 

 

 

 

 

 

 

 

649,351

 

 

 

 

 

 

 

American Scaffold

 

03/31/2022

 

Aerospace and Defense

 

 

9.30

%

 

3M L+650

 

 

 

4,437,500

 

 

 

4,396,345

 

 

 

4,393,125

 

American Teleconferencing Services, Ltd.

 

12/08/2021

 

Telecommunications

 

 

8.93

%

 

3M L+650

 

 

 

9,962,564

 

 

 

9,852,697

 

 

 

8,219,115

 

API Technologies Corp.

 

04/22/2024

 

Aerospace and Defense

 

 

8.27

%

 

1M L+575

 

 

 

4,962,500

 

 

 

4,904,626

 

 

 

4,888,063

 

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

 

04/22/2024

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,968,504

 

 

 

 

 

 

(19,685

)

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

8.31

%

 

3M L+550

 

 

 

11,820,000

 

 

 

11,727,519

 

 

 

11,701,800

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

9.73

%

 

1M L+725

 

 

 

12,555,281

 

 

 

12,328,065

 

 

 

12,555,281

 

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

 

 

9.11

%

 

3M L+650

 

 

 

10,890,000

 

 

 

10,801,992

 

 

 

10,811,973

 

Cano Health, LLC (7)

 

12/23/2021

 

Healthcare and Pharmaceuticals

 

 

8.55

%

 

1M L+625

 

 

 

1,525,698

 

 

 

1,511,407

 

 

 

1,525,698

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

8.27

%

 

1M L+575

 

 

 

3,864,458

 

 

 

3,871,349

 

 

 

3,806,492

 

CD&R TZ Purchaser, Inc.

 

07/21/2023

 

Consumer Goods: Durable

 

 

8.80

%

 

3M L+600

 

 

 

16,119,920

 

 

 

15,833,996

 

 

 

15,676,622

 

CHA Holdings, Inc. (7)

 

04/10/2025

 

Environmental Industries

 

 

7.30

%

 

3M L+450

 

 

 

6,129,911

 

 

 

6,101,233

 

 

 

6,091,599

 

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

 

04/10/2025

 

Environmental Industries

 

 

 

 

 

 

 

 

1,339,286

 

 

 

 

 

 

(8,371

)

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

 

08/31/2023

 

Business Services

 

 

8.19

%

 

1M L+575

 

 

 

711,447

 

 

 

711,447

 

 

 

700,776

 

Country Fresh Holdings, LLC

 

03/31/2023

 

Beverage, Food and Tobacco

 

 

7.80

%

 

3M L+500

 

 

 

17,727,205

 

 

 

17,693,756

 

 

 

15,068,124

 

Credit Infonet, Inc.

 

03/13/2023

 

High Tech Industries

 

 

7.99

%

 

3M L+550

 

 

 

11,427,733

 

 

 

11,352,364

 

 

 

11,427,733

 

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

 

03/13/2023

 

High Tech Industries

 

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

DBI Holding, LLC (7)

 

02/03/2020

 

Business Services

 

 

15.00

%

 

 

 

 

 

562,820

 

 

 

562,820

 

 

 

562,820

 

 

 

 

 

 

 

 

(PIK 15.00

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DBI Holding, LLC

 

08/02/2021

 

Business Services

 

 

7.76

%

 

1M L+525

 

 

 

17,351,031

 

 

 

17,261,090

 

 

 

17,177,520

 

Deva Holdings, Inc.

 

10/31/2023

 

Consumer Goods: Non-Durable

 

 

8.77

%

 

3M L+625

 

 

 

4,962,240

 

 

 

4,878,577

 

 

 

4,962,240

 

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

 

10/31/2022

 

Consumer Goods: Non-Durable

 

 

 

 

 

 

 

 

2,115,000

 

 

 

 

 

 

 

Digital Room Holdings, Inc.

 

12/29/2023

 

Media: Advertising, Printing and Publishing

 

 

7.53

%

 

1M L+500

 

 

 

16,335,000

 

 

 

16,208,822

 

 

 

16,253,325

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.56

%

 

3M L+575

 

 

 

14,449,632

 

 

 

14,231,369

 

 

 

14,341,260

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

4,391,176

 

 

 

 

 

 

(32,934

)

(Revolver) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Sewer Intermediate, LLC (7)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.56

%

 

3M L+575

 

 

 

9,890,893

 

 

 

9,817,055

 

 

 

9,816,712

 

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

10.80

%

 

3M L+800

 

 

 

19,869,686

 

 

 

19,718,836

 

 

 

19,670,989

 

eCommission Financial Services, Inc. (9)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

7.31

%

 

1M L+500

 

 

 

24,688,125

 

 

 

24,688,125

 

 

 

24,688,125

 

eCommission Financial Services, Inc. (Revolver) (7), (8), (9)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

5,000,000

 

 

 

 

 

 

 

Education Networks of America, Inc.

 

05/06/2021

 

Telecommunications

 

 

9.53

%

 

3M L+700

 

 

 

20,473,106

 

 

 

20,386,651

 

 

 

20,370,740

 

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

 

05/06/2021

 

Telecommunications

 

 

9.76

%

 

3M L+700

 

 

 

1,739,130

 

 

 

1,739,130

 

 

 

1,730,434

 

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

 

05/06/2021

 

Telecommunications

 

 

 

 

 

 

 

 

434,783

 

 

 

 

 

 

(2,174

)

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2022

 

Media: Diversified and Production

 

 

9.56

%

 

3M L+675

 

 

 

15,435,771

 

 

 

15,347,010

 

 

 

15,358,593

 

GCOM Software LLC

 

11/14/2022

 

High Tech Industries

 

 

9.98

%

 

1M L+750

 

 

 

5,300,412

 

 

 

5,171,752

 

 

 

5,300,412

 

GCOM Software LLC (Revolver) (7)

 

11/14/2022

 

High Tech Industries

 

 

11.00

%

 

P+550

 

 

 

1,466,667

 

 

 

1,466,667

 

 

 

1,466,667

 

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

 

11/14/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

1,200,000

 

 

 

 

 

 

 

Good2Grow LLC

 

11/18/2024

 

Beverages

 

 

6.88

%

 

3M L+425

 

 

 

7,500,000

 

 

 

7,425,790

 

 

 

7,425,000

 

Good2Grow LLC (Revolver) (7)

 

11/16/2023

 

Beverages

 

 

6.88

%

 

3M L+425

 

 

 

313,700

 

 

 

313,700

 

 

 

310,563

 

Good2Grow LLC (Revolver) (7), (8)

 

11/16/2023

 

Beverages

 

 

 

 

 

 

 

 

2,823,300

 

 

 

 

 

 

(28,233

)

GSM Holdings, Inc. (7)

 

06/03/2024

 

Consumer Goods: Durable

 

 

7.30

%

 

3M L+450

 

 

 

5,081,754

 

 

 

5,057,897

 

 

 

5,081,754

 

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

 

06/03/2024

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

4,751,000

 

 

 

 

 

 

 

Hollander Sleep Products, LLC

 

06/09/2023

 

Consumer Goods: Non-Durable

 

 

10.80

%

 

3M L+800

 

 

 

10,952,132

 

 

 

10,778,209

 

 

 

10,404,526

 

iEnergizer Limited and Aptara, Inc. (5), (9)

 

05/01/2019

 

Business Services

 

 

8.53

%

 

1M L+600

 

 

 

5,091,434

 

 

 

5,085,308

 

 

 

5,078,705

 

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

 

10/28/2024

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,968,504

 

 

 

 

 

 

(9,843

)

Impact Group, LLC (7)

 

06/27/2023

 

Wholesale

 

 

9.30

%

 

3M L+650

 

 

 

17,460,052

 

 

 

17,380,508

 

 

 

17,372,752

 

Innova Medical Ophthalmics Inc. (5), (9)

 

04/13/2022

 

Capital Equipment

 

 

9.55

%

 

3M L+675

 

 

 

3,331,134

 

 

 

3,297,162

 

 

 

3,297,823

 

Innova Medical Ophthalmics Inc. (Revolver) (5), (7), (9)

 

04/13/2022

 

Capital Equipment

 

 

11.00

%

 

P+550

 

 

 

70,796

 

 

 

70,796

 

 

 

70,088

 

Innova Medical Ophthalmics Inc. (Revolver) (5), (7), (8), (9)

 

04/13/2022

 

Capital Equipment

 

 

 

 

 

 

 

 

460,177

 

 

 

 

 

 

(4,602

)

Integrative Nutrition, LLC

 

09/29/2023

 

Consumer Services

 

 

7.55

%