pflt-10q_20190331.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 MARCH 31, 2019

OR

 

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

FOR THE TRANSITION PERIOD FROM              TO            

COMMISSION FILE NUMBER: 814-00891 

 

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

MARYLAND

 

27-3794690

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

590 Madison Avenue, 15th Floor

New York, N.Y.

 

10022

(Address of principal executive offices)

 

(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PFLT

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

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 May 8, 2019 was 38,772,074. 


PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2019

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2019 (unaudited) and September 30, 2018

  

4

 

 

Consolidated Statements of Operations for the three and six months ended March 31, 2019 and 2018 (unaudited)

  

5

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2019 and 2018 (unaudited)

  

6

 

 

Consolidated Statements of Cash Flows for the six months ended March 31, 2019 and 2018 (unaudited)

  

7

 

 

Consolidated Schedules of Investments as of March 31, 2019 (unaudited) and September 30, 2018

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

15

 

 

Report of Independent Registered Public Accounting Firm

  

30

 

 

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

  

31

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

41

 

 

Item 4. Controls and Procedures

  

42

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

43

 

 

Item 1A. Risk Factors

  

43

 

 

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

  

44

 

 

Item 3. Defaults Upon Senior Securities

  

44

 

 

Item 4. Mine Safety Disclosures

  

44

 

 

Item 5. Other Information

  

44

 

 

Item 6. Exhibits

  

45

 

 

SIGNATURES

  

46


 

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

 

 

 

 

March 31, 2019

 

 

September 30, 2018

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$814,383,877 and $856,893,017, respectively)

 

$

788,954,496

 

 

$

854,753,064

 

Controlled, affiliated investments (cost—$172,812,500 and $144,375,000, respectively)

 

 

172,507,113

 

 

 

145,860,229

 

Total of investments (cost—$987,196,377 and $1,001,268,017, respectively)

 

 

961,461,609

 

 

 

1,000,613,293

 

Cash and cash equivalents (cost—$33,800,646 and $72,231,801, respectively)

 

 

33,742,035

 

 

 

72,224,183

 

Interest receivable

 

 

2,818,212

 

 

 

2,813,808

 

Receivable for investments sold

 

 

13,945,000

 

 

 

 

Prepaid expenses and other assets

 

 

106,097

 

 

 

792,069

 

Total assets

 

 

1,012,072,953

 

 

 

1,076,443,353

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,683,347

 

Payable for investments purchased

 

 

 

 

 

59,587,222

 

Credit Facility payable (cost—$352,307,500 and $333,727,520, respectively) (See Notes 5 and 10)

 

 

348,939,801

 

 

 

332,128,815

 

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

 

 

137,360,355

 

 

 

135,503,385

 

Interest payable on debt

 

 

2,961,963

 

 

 

2,638,504

 

Base management fee payable (See Note 3)

 

 

2,418,706

 

 

 

2,419,629

 

Performance-based incentive fee payable (See Note 3)

 

 

2,514,047

 

 

 

3,298,404

 

Accrued other expenses

 

 

929,778

 

 

 

1,342,479

 

Total liabilities

 

 

498,807,997

 

 

 

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

 

Accumulated distributable net loss

 

 

(26,236,152

)

 

 

(3,659,540

)

Total net assets

 

$

513,264,956

 

 

$

535,841,568

 

Total liabilities and net assets

 

$

1,012,072,953

 

 

$

1,076,443,353

 

Net asset value per share

 

$

13.24

 

 

$

13.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

16,825,167

 

 

$

14,639,839

 

 

$

34,995,165

 

 

$

28,507,259

 

Other income

 

 

1,390,690

 

 

 

262,878

 

 

 

2,011,879

 

 

 

696,058

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

3,214,482

 

 

 

898,103

 

 

 

6,032,527

 

 

 

1,433,863

 

Dividend

 

 

1,575,000

 

 

 

700,000

 

 

 

3,150,000

 

 

 

700,000

 

Total investment income

 

 

23,005,339

 

 

 

16,500,820

 

 

 

46,189,571

 

 

 

31,337,180

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,418,706

 

 

 

1,929,703

 

 

 

4,917,472

 

 

 

3,751,766

 

Performance-based incentive fee (See Note 3)

 

 

2,514,047

 

 

 

375,101

 

 

 

1,321,638

 

 

 

523,111

 

Interest and expenses on debt (See Note 10)

 

 

5,316,180

 

 

 

3,477,374

 

 

 

10,621,658

 

 

 

6,095,682

 

Administrative services expenses (See Note 3)

 

 

350,000

 

 

 

500,000

 

 

 

850,000

 

 

 

1,000,000

 

Other general and administrative expenses

 

 

616,077

 

 

 

618,750

 

 

 

1,232,152

 

 

 

1,237,501

 

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

 

 

11,215,010

 

 

 

6,900,928

 

 

 

18,942,920

 

 

 

12,608,060

 

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

 

 

5,013

 

 

 

 

 

 

4,517,292

 

 

 

10,869,098

 

Provision for taxes

 

 

 

 

 

200,000

 

 

 

 

 

 

400,000

 

Total expenses

 

 

11,220,023

 

 

 

7,100,928

 

 

 

23,460,212

 

 

 

23,877,158

 

Net investment income

 

 

11,785,316

 

 

 

9,399,892

 

 

 

22,729,359

 

 

 

7,460,022

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

1,079,348

 

 

 

1,463,057

 

 

 

2,002,814

 

 

 

(1,323,494

)

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(13,288,572

)

 

 

(1,013,160

)

 

 

(23,330,111

)

 

 

2,184,996

 

Controlled, affiliated investments

 

 

573,851

 

 

 

435,258

 

 

 

(1,790,617

)

 

 

753,700

 

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

 

 

(5,621,668

)

 

 

5,304,713

 

 

 

(87,975

)

 

 

8,433,318

 

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

 

 

(18,336,389

)

 

 

4,726,811

 

 

 

(25,208,703

)

 

 

11,372,014

 

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

 

 

(17,257,041

)

 

 

6,189,868

 

 

 

(23,205,889

)

 

 

10,048,520

 

Net (decrease) increase in net assets resulting from operations

 

$

(5,471,725

)

 

$

15,589,760

 

 

$

(476,530

)

 

$

17,508,542

 

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

 

$

(0.14

)

 

$

0.40

 

 

$

(0.01

)

 

$

0.46

 

Net investment income per common share

 

$

0.30

 

 

$

0.24

 

 

$

0.59

 

 

$

0.20

 

 

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 March 31,

 

 

Six Months Ended March 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net (decrease) increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

11,785,316

 

 

$

9,399,892

 

 

$

22,729,359

 

 

$

7,460,022

 

Net realized gain (loss) on investments

 

 

1,079,348

 

 

 

1,463,057

 

 

 

2,002,814

 

 

 

(1,323,494

)

Net change in unrealized (depreciation) appreciation on investments

 

 

(12,714,721

)

 

 

(577,902

)

 

 

(25,120,728

)

 

 

2,938,696

 

Net change in unrealized (appreciation) depreciation on debt

 

 

(5,621,668

)

 

 

5,304,713

 

 

 

(87,975

)

 

 

8,433,318

 

Net (decrease) increase in net assets resulting from operations

 

 

(5,471,725

)

 

 

15,589,760

 

 

 

(476,530

)

 

 

17,508,542

 

Distributions to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

 

 

(22,100,082

)

 

 

(21,474,602

)

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

 

 

(16,521,766

)

 

 

4,539,719

 

 

 

(22,576,612

)

 

 

84,053,696

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

529,786,722

 

 

 

537,420,251

 

 

 

535,841,568

 

 

 

457,906,274

 

End of period

 

$

513,264,956

 

 

$

541,959,970

 

 

$

513,264,956

 

 

$

541,959,970

 

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)

 

 

 

 

Six Months Ended March 31,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net (decrease) increase in net assets resulting from operations

 

$

(476,530

)

 

$

17,508,542

 

Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash

   used in operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized depreciation (appreciation) on investments

 

 

25,120,728

 

 

 

(2,938,696

)

Net change in unrealized appreciation (depreciation) on debt

 

 

87,975

 

 

 

(8,433,318

)

Net realized (gain) loss on investments

 

 

(2,002,814

)

 

 

1,323,494

 

Net accretion of discount and amortization of premium

 

 

(760,733

)

 

 

(793,775

)

Purchases of investments

 

 

(316,812,305

)

 

 

(315,338,526

)

Payment-in-kind interest

 

 

(524,049

)

 

 

(327,152

)

Proceeds from dispositions of investments

 

 

333,519,118

 

 

 

195,684,288

 

Increase in interest receivable

 

 

(4,404

)

 

 

(206,481

)

(Increase) decrease in receivable for investments sold

 

 

(13,945,000

)

 

 

13,123,508

 

Decrease in prepaid expenses and other assets

 

 

685,972

 

 

 

511,463

 

Decrease in payable for investments purchased

 

 

(59,587,222

)

 

 

(11,904,336

)

Increase in interest payable on debt

 

 

323,459

 

 

 

1,916,695

 

(Decrease) increase in base management fee payable

 

 

(923

)

 

 

144,897

 

Decrease in performance-based incentive fee payable

 

 

(784,357

)

 

 

(2,113,655

)

(Decrease) increase in accrued other expenses

 

 

(412,701

)

 

 

125,473

 

Net cash used in operating activities

 

 

(35,573,786

)

 

 

(111,717,579

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Public offering

 

 

 

 

 

89,031,800

 

Offering costs

 

 

 

 

 

(1,012,044

)

Distributions paid to stockholders

 

 

(22,100,082

)

 

 

(20,876,862

)

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

 

 

 

 

 

138,579,858

 

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

190,700,000

 

 

 

61,485,010

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(172,120,020

)

 

 

(125,095,000

)

Net cash (used in) provided by financing activities

 

 

(3,520,102

)

 

 

142,112,762

 

Net (decrease) increase in cash equivalents

 

 

(39,093,888

)

 

 

30,395,183

 

Effect of exchange rate changes on cash

 

 

611,740

 

 

 

(898,043

)

Cash and cash equivalents, beginning of period

 

 

72,224,183

 

 

 

18,910,756

 

Cash and cash equivalents, end of period

 

$

33,742,035

 

 

$

48,407,896

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

10,298,199

 

 

$

15,048,085

 

Taxes paid

 

$

273,941

 

 

$

377,618

 

Non-cash exchanges and conversions

 

$

18,032,254

 

 

$

53,200,000

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2019

(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—153.7% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—142.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Auto Auction Group, LLC

 

01/02/2024

 

Transportation: Consumer

 

 

7.73

%

 

3M L+525

 

 

 

5,842,972

 

 

$

5,767,681

 

 

$

5,784,543

 

American Insulated Glass, LLC (7)

 

12/21/2023

 

Building Products

 

 

7.98

%

 

3M L+550

 

 

 

15,000,000

 

 

 

14,717,734

 

 

 

14,700,000

 

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

 

12/21/2023

 

Building Products

 

 

 

 

 

 

 

 

649,351

 

 

 

 

 

 

(12,987

)

American Scaffold

 

03/31/2022

 

Aerospace and Defense

 

 

9.10

%

 

3M L+650

 

 

 

4,375,000

 

 

 

4,337,135

 

 

 

4,331,250

 

American Teleconferencing Services, Ltd.

 

12/08/2021

 

Telecommunications

 

 

9.24

%

 

3M L+650

 

 

 

9,817,759

 

 

 

9,718,823

 

 

 

7,166,964

 

API Technologies Corp.

 

04/22/2024

 

Aerospace and Defense

 

 

8.25

%

 

1M L+575

 

 

 

4,844,390

 

 

 

4,789,552

 

 

 

4,771,724

 

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

 

 

8.11

%

 

3M L+550

 

 

 

11,790,000

 

 

 

11,702,224

 

 

 

11,672,100

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

9.74

%

 

1M L+725

 

 

 

8,048,666

 

 

 

7,853,653

 

 

 

8,048,666

 

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

 

05/16/2022

 

High Tech Industries

 

 

9.74

%

 

1M L+725

 

 

 

554,828

 

 

 

554,828

 

 

 

554,828

 

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

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

1,756,956

 

 

 

 

 

 

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

9.10

%

 

3M L+650

 

 

 

2,882,702

 

 

 

2,860,586

 

 

 

2,859,356

 

Cano Health, LLC (7)

 

12/23/2021

 

Healthcare and Pharmaceuticals

 

 

8.74

%

 

1M L+625

 

 

 

1,123,791

 

 

 

1,114,009

 

 

 

1,123,791

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

8.25

%

 

1M L+575

 

 

 

3,854,600

 

 

 

3,861,036

 

 

 

3,758,235

 

CD&R TZ Purchaser, Inc.

 

07/21/2023

 

Consumer Goods: Durable

 

 

8.56

%

 

3M L+600

 

 

 

16,078,670

 

 

 

15,805,789

 

 

 

15,797,294

 

CHA Holdings, Inc. (7)

 

04/10/2025

 

Environmental Industries

 

 

7.10

%

 

3M L+450

 

 

 

6,114,509

 

 

 

6,086,790

 

 

 

6,076,293

 

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

 

 

8.23

%

 

1M L+575

 

 

 

569,158

 

 

 

569,158

 

 

 

563,466

 

Challenger Performance Optimization, Inc.

 

08/31/2023

 

Business Services

 

 

 

 

 

 

 

 

142,289

 

 

 

 

 

 

(1,423

)

(Revolver) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country Fresh Holdings, LLC

 

03/31/2023

 

Beverage, Food and Tobacco

 

 

9.50

%

 

P+400

 

 

 

17,713,095

 

 

 

17,681,757

 

 

 

11,630,461

 

Country Fresh Holdings, LLC, First Out (7)

 

05/07/2019

 

Beverage, Food and Tobacco

 

 

7.49

%

 

1M L+500

 

 

 

594,875

 

 

 

585,876

 

 

 

594,875

 

Country Fresh Holdings, LLC, First Out (7), (8)

 

05/07/2019

 

Beverage, Food and Tobacco

 

 

 

 

 

 

 

 

148,719

 

 

 

 

 

 

 

Deva Holdings, Inc.

 

10/31/2023

 

Consumer Goods: Non-Durable

 

 

8.75

%

 

3M L+625

 

 

 

949,709

 

 

 

934,365

 

 

 

949,709

 

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

 

 

7.50

%

 

1M L+500

 

 

 

11,293,750

 

 

 

11,210,044

 

 

 

11,209,047

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.35

%

 

3M L+575

 

 

 

14,413,235

 

 

 

14,207,165

 

 

 

14,269,103

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.38

%

 

3M L+575

 

 

 

1,317,353

 

 

 

1,317,353

 

 

 

1,304,179

 

(Revolver) (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

3,073,824

 

 

 

 

 

 

(30,738

)

(Revolver) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Sewer Intermediate, LLC (7)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.35

%

 

3M L+575

 

 

 

9,866,166

 

 

 

9,796,462

 

 

 

9,767,504

 

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

10.60

%

 

3M L+800

 

 

 

19,240,505

 

 

 

19,103,997

 

 

 

19,048,100

 

eCommission Financial Services, Inc. (9)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

7.48

%

 

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

 

 

9.63

%

 

3M L+700

 

 

 

10,335,302

 

 

 

10,312,372

 

 

 

10,283,626

 

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

 

05/06/2021

 

Telecommunications

 

 

9.64

%

 

3M L+700

 

 

 

2,173,913

 

 

 

2,173,913

 

 

 

2,163,043

 

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

 

05/06/2021

 

Telecommunications