pflt-10q_20190630.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 JUNE 30, 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 August 7, 2019 was 38,772,074. 

 


PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2019

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

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

  

4

 

 

Consolidated Statements of Operations for the three and nine months ended June 30, 2019 and 2018 (unaudited)

  

5

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2019 and 2018 (unaudited)

  

6

 

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2019 and 2018 (unaudited)

  

7

 

 

Consolidated Schedules of Investments as of June 30, 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

  

42

 

 

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

 

 

 

June 30, 2019

 

 

September 30, 2018

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$895,394,733 and $856,893,017, respectively)

 

$

884,350,757

 

 

$

854,753,064

 

Non-controlled, affiliated investments (cost—$17,893,712 and $0 respectively)

 

 

16,108,205.00

 

 

 

 

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

 

 

171,694,804

 

 

 

145,860,229

 

Total of investments (cost—$1,086,100,945 and $1,001,268,017, respectively)

 

 

1,072,153,766

 

 

 

1,000,613,293

 

Cash and cash equivalents (cost—$25,360,185 and $72,231,801, respectively)

 

 

25,364,034

 

 

 

72,224,183

 

Interest receivable

 

 

3,366,168

 

 

 

2,813,808

 

Receivable for investments sold

 

 

2,977,500

 

 

 

 

Prepaid expenses and other assets

 

 

77,922

 

 

 

792,069

 

Total assets

 

 

1,103,939,390

 

 

 

1,076,443,353

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,683,347

 

Payable for investments purchased

 

 

36,480,000

 

 

 

59,587,222

 

Credit Facility payable (cost—$415,307,500 and $333,727,520, respectively) (See Notes 5 and 10)

 

 

412,129,078

 

 

 

332,128,815

 

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

 

 

137,526,651

 

 

 

135,503,385

 

Interest payable on debt

 

 

1,776,766

 

 

 

2,638,504

 

Base management fee payable (See Note 3)

 

 

2,564,074

 

 

 

2,419,629

 

Performance-based incentive fee payable (See Note 3)

 

 

2,350,269

 

 

 

3,298,404

 

Accrued other expenses

 

 

695,474

 

 

 

1,342,479

 

Total liabilities

 

 

597,205,659

 

 

 

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

 

 

38,722

 

 

 

38,772

 

Paid-in capital in excess of par value

 

 

539,462,336

 

 

 

539,462,336

 

Accumulated distributable net loss

 

 

(32,767,327

)

 

 

(3,659,540

)

Total net assets

 

$

506,733,731

 

 

$

535,841,568

 

Total liabilities and net assets

 

$

1,103,939,390

 

 

$

1,076,443,353

 

Net asset value per share

 

$

13.07

 

 

$

13.82

 

 

 

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,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

16,670,408

 

 

$

16,718,163

 

 

$

50,888,582

 

 

$

45,225,422

 

Other income

 

 

974,760

 

 

 

559,708

 

 

 

2,971,768

 

 

 

1,255,766

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

305,217

 

 

 

 

 

 

1,082,208

 

 

 

 

Other income

 

 

109,863

 

 

 

 

 

 

124,734

 

 

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

3,240,760

 

 

 

1,551,198

 

 

 

9,273,287

 

 

 

2,985,061

 

Dividend

 

 

1,575,000

 

 

 

700,000

 

 

 

4,725,000

 

 

 

1,400,000

 

Total investment income

 

 

22,876,008

 

 

 

19,529,069

 

 

 

69,065,579

 

 

 

50,866,249

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,564,074

 

 

 

2,180,258

 

 

 

7,481,546

 

 

 

5,932,024

 

Performance-based incentive fee (See Note 3)

 

 

2,350,270

 

 

 

329,567

 

 

 

3,671,908

 

 

 

852,678

 

Interest and expenses on debt (See Note 10)

 

 

5,663,183

 

 

 

3,862,037

 

 

 

16,284,841

 

 

 

9,957,719

 

Administrative services expenses (See Note 3)

 

 

350,000

 

 

 

500,000

 

 

 

1,200,000

 

 

 

1,500,000

 

Other general and administrative expenses

 

 

616,077

 

 

 

622,025

 

 

 

1,848,229

 

 

 

1,859,526

 

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

 

 

11,543,604

 

 

 

7,493,887

 

 

 

30,486,524

 

 

 

20,101,947

 

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

 

 

 

 

 

 

 

 

4,517,292

 

 

 

10,869,098

 

Provision for taxes

 

 

 

 

 

200,000

 

 

 

 

 

 

600,000

 

Total expenses

 

 

11,543,604

 

 

 

7,693,887

 

 

 

35,003,816

 

 

 

31,571,045

 

Net investment income

 

 

11,332,404

 

 

 

11,835,182

 

 

 

34,061,763

 

 

 

19,295,204

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized loss on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(11,230,236

)

 

 

(1,790,048

)

 

 

(9,227,422

)

 

 

(3,113,542

)

Non-controlled and controlled, affiliated investments

 

 

(7,164,304

)

 

 

 

 

 

(7,164,304

)

 

 

 

Net realized loss on investments

 

 

(18,394,540

)

 

 

(1,790,048

)

 

 

(16,391,726

)

 

 

(3,113,542

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

8,492,044

 

 

 

(3,370,875

)

 

 

(9,292,141

)

 

 

(1,185,879

)

Controlled and non-controlled, affiliated investments

 

 

3,444,481

 

 

 

182,630

 

 

 

(3,892,061

)

 

 

936,330

 

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

 

 

(355,573

)

 

 

(1,888,502

)

 

 

(443,549

)

 

 

6,544,816

 

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

 

 

11,580,952

 

 

 

(5,076,747

)

 

 

(13,627,751

)

 

 

6,295,267

 

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

 

 

(6,813,588

)

 

 

(6,866,795

)

 

 

(30,019,477

)

 

 

3,181,725

 

Net increase in net assets resulting from operations

 

$

4,518,816

 

 

$

4,968,387

 

 

$

4,042,286

 

 

$

22,476,929

 

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

 

$

0.12

 

 

$

0.13

 

 

$

0.10

 

 

$

0.59

 

Net investment income per common share

 

$

0.29

 

 

$

0.31

 

 

$

0.88

 

 

$

0.51

 

 

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 June 30,

 

 

Nine Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

11,332,404

 

 

$

11,835,182

 

 

$

34,061,763

 

 

$

19,295,204

 

Net realized loss on investments

 

 

(18,394,540

)

 

 

(1,790,048

)

 

$

(16,391,726

)

 

 

(3,113,542

)

Net change in unrealized appreciation (depreciation) on investments

 

 

11,936,525

 

 

 

(3,188,245

)

 

 

(13,184,202

)

 

 

(249,549

)

Net change in unrealized (appreciation) depreciation on debt

 

 

(355,573

)

 

 

(1,888,502

)

 

 

(443,549

)

 

 

6,544,816

 

Net increase in net assets resulting from operations

 

 

4,518,816

 

 

 

4,968,387

 

 

 

4,042,286

 

 

 

22,476,929

 

Distributions to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

 

 

(33,150,123

)

 

 

(32,524,643

)

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

 

 

(6,531,225

)

 

 

(6,081,654

)

 

 

(29,107,837

)

 

 

77,972,042

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

513,264,956

 

 

 

541,959,970

 

 

 

535,841,568

 

 

 

457,906,274

 

End of period

 

$

506,733,731

 

 

$

535,878,316

 

 

$

506,733,731

 

 

$

535,878,316

 

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)

 

 

 

Nine Months Ended June 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

4,042,286

 

 

$

22,476,929

 

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

   used in operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized depreciation on investments

 

 

13,184,202

 

 

 

249,549

 

Net change in unrealized appreciation (depreciation) on debt

 

 

443,549

 

 

 

(6,544,816

)

Net realized loss on investments

 

 

16,391,726

 

 

 

3,113,542

 

Net accretion of discount and amortization of premium

 

 

(1,000,912

)

 

 

(1,160,019

)

Purchases of investments

 

 

(499,505,698

)

 

 

(480,647,540

)

Payment-in-kind interest

 

 

(1,512,612

)

 

 

(536,132

)

Proceeds from dispositions of investments

 

 

400,143,184

 

 

 

283,586,945

 

Increase in interest receivable

 

 

(552,360

)

 

 

(325,844

)

(Increase) decrease in receivable for investments sold

 

 

(2,977,500

)

 

 

14,185,850

 

Decrease in prepaid expenses and other assets

 

 

714,146

 

 

 

524,785

 

Decrease in payable for investments purchased

 

 

(23,107,222

)

 

 

(17,300,500

)

Decrease (increase) in interest payable on debt

 

 

(861,738

)

 

 

459,212

 

Increase in base management fee payable

 

 

144,445

 

 

 

395,452

 

Decrease in performance-based incentive fee payable

 

 

(948,135

)

 

 

(1,984,158

)

(Decrease) increase in accrued other expenses

 

 

(647,005

)

 

 

471,688

 

Net cash used in operating activities

 

 

(96,049,644

)

 

 

(183,035,057

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Public offering

 

 

 

 

 

89,031,800

 

Offering costs

 

 

 

 

 

(1,012,044

)

Distributions paid to stockholders

 

 

(33,150,123

)

 

 

(31,926,903

)

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

 

 

 

 

 

138,579,858

 

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

283,700,000

 

 

 

143,985,010

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(202,120,020

)

 

 

(142,095,000

)

Net cash (used in) provided by financing activities

 

 

48,429,857

 

 

 

196,562,721

 

Net (decrease) increase in cash equivalents

 

 

(47,619,787

)

 

 

13,527,664

 

Effect of exchange rate changes on cash

 

 

759,638

 

 

 

(1,260,350

)

Cash and cash equivalents, beginning of period

 

 

72,224,183

 

 

 

18,910,756

 

Cash and cash equivalents, end of period

 

$

25,364,034

 

 

$

31,178,070

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

17,146,578

 

 

$

9,525,005

 

Taxes paid

 

$

276,657

 

 

$

377,706

 

Non-cash exchanges and conversions

 

$

33,587,726

 

 

$

53,200,000

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 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—174.5% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—161.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Auto Auction Group, LLC

 

01/02/2024

 

Transportation: Consumer

 

 

7.34

%

 

3M L+525

 

 

 

5,828,129

 

 

$

5,755,067

 

 

$

5,769,853

 

American Insulated Glass, LLC (7)

 

12/21/2023

 

Building Products

 

 

7.99

%

 

3M L+550

 

 

 

14,962,500

 

 

 

14,697,130

 

 

 

14,738,063

 

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

 

12/21/2023

 

Building Products

 

 

 

 

 

 

 

 

649,351

 

 

 

 

 

 

(9,740

)

American Scaffold

 

03/31/2022

 

Aerospace and Defense

 

 

8.83

%

 

3M L+650

 

 

 

3,980,888

 

 

 

3,948,828

 

 

 

3,941,079

 

American Teleconferencing Services, Ltd.

 

12/08/2021

 

Telecommunications

 

 

9.06

%

 

3M L+650

 

 

 

9,672,954

 

 

 

9,584,736

 

 

 

6,190,690

 

API Holdings III Corp.

 

05/11/2026

 

Aerospace and Defense

 

 

6.70

%

 

1M L+425

 

 

 

6,000,000

 

 

 

5,970,000

 

 

 

5,977,500

 

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

7.83

%

 

3M L+550

 

 

 

11,760,000

 

 

 

11,676,792

 

 

 

11,642,400

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

8.66

%

 

1M L+725

 

 

 

12,285,837

 

 

 

12,028,858

 

 

 

12,285,837

 

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

 

05/16/2022

 

High Tech Industries

 

 

8.67

%

 

1M L+725

 

 

 

481,119

 

 

 

481,119

 

 

 

481,119

 

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

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

1,932,115

 

 

 

 

 

 

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

8.83

%

 

3M L+650

 

 

 

2,875,404

 

 

 

2,854,471

 

 

 

2,848,858

 

Cano Health, LLC (7)

 

12/23/2021

 

Healthcare and Pharmaceuticals

 

 

8.68

%

 

1M L+625

 

 

 

5,866,767

 

 

 

5,813,118

 

 

 

5,866,767

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

8.19

%

 

1M L+575

 

 

 

3,844,742

 

 

 

3,850,581

 

 

 

3,729,400

 

CD&R TZ Purchaser, Inc.

 

07/21/2023

 

Consumer Goods: Durable

 

 

8.48

%

 

3M L+600

 

 

 

16,037,420

 

 

 

15,778,455

 

 

 

15,970,544

 

CHA Holdings, Inc. (7)

 

04/10/2025

 

Environmental Industries

 

 

6.83

%

 

3M L+450

 

 

 

7,384,821

 

 

 

7,357,941

 

 

 

7,347,897

 

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

 

04/10/2025

 

Environmental Industries

 

 

 

 

 

 

 

 

53,571

 

 

 

 

 

 

(268

)

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

 

08/31/2023

 

Business Services

 

 

8.18

%

 

1M L+575

 

 

 

142,289

 

 

 

142,289

 

 

 

140,866

 

Challenger Performance Optimization, Inc.

 

08/31/2023

 

Business Services

 

 

 

 

 

 

 

 

569,158

 

 

 

 

 

 

(5,692

)

(Revolver) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Confluent Health, LLC

 

06/24/2026

 

Health Providers and Services

 

 

7.40

%

 

1M L+500

 

 

 

4,000,000

 

 

 

3,960,000

 

 

 

3,980,000

 

Deva Holdings, Inc.

 

10/31/2023

 

Consumer Goods: Non-Durable

 

 

8.65

%

 

3M L+625

 

 

 

947,304

 

 

 

932,690

 

 

 

947,304

 

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

 

10/31/2022

 

Consumer Goods: Non-Durable

 

 

 

 

 

 

 

 

2,115,000

 

 

 

 

 

 

 

Digital Room Holdings, Inc.

 

05/22/2026

 

Media: Advertising, Printing and Publishing

 

 

6.00

%

 

1M L+500

 

 

 

10,000,000

 

 

 

9,850,000

 

 

 

9,700,000

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.08

%

 

3M L+575

 

 

 

14,376,838

 

 

 

14,183,241

 

 

 

14,233,069

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.17

%

 

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

 

 

8.08

%

 

3M L+575

 

 

 

9,841,439

 

 

 

9,776,115

 

 

 

9,743,024

 

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

10.40

%

 

3M L+800

 

 

 

18,787,565

 

 

 

18,664,364

 

 

 

18,599,689

 

eCommission Financial Services, Inc. (9)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

7.47

%

 

1M L+500

 

 

 

21,626,250

 

 

 

21,626,250

 

 

 

21,626,250

 

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

 

 

10.02

%

 

3M L+700

 

 

 

10,336,020

 

 

 

10,315,565

 

 

 

10,284,338

 

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

 

05/06/2021

 

Telecommunications

 

 

9.82

%

 

3M L+700

 

 

 

2,176,691

 

 

 

2,176,691

 

 

 

2,165,807

 

Efficient Collaborative Retail Marketing Company, LLC