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, 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: 814-00736
PENNANTPARK INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
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|
|
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MARYLAND |
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20-8250744 |
|
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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590 Madison Avenue, 15th Floor New York, N.Y. |
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10022 |
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(Address of principal executive offices) |
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(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 |
PNNT |
The Nasdaq Stock Market LLC |
|
5.50% Notes due 2024 |
PNNTG |
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.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☒ |
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|||
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Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
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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, 2020 was 67,045,105.
PENNANTPARK INVESTMENT CORPORATION
FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2019
TABLE OF CONTENTS
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 context suggest otherwise, the terms “Company,” “we,” “our” or “us” refer to PennantPark Investment Corporation and its consolidated subsidiaries; “PennantPark Investment” refers to only PennantPark Investment Corporation; “our SBIC Fund” refers collectively to our consolidated subsidiaries, PennantPark SBIC II LP, or SBIC II, and its general partner, PennantPark SBIC GP II, LLC; “Funding I” refers to PennantPark Investment Funding I, LLC; “Taxable Subsidiaries” refers to PNNT Cascade Environmental Holdings, LLC, PNNT CI (Galls) Prime Investment Holdings, LLC, PNNT ecoserve, LLC, PNNT Investment Holdings, LLC and PNNT New Gulf Resources, LLC; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “SBA” refers to the Small Business Administration; “SBIC” refers to a small business investment company under the Small Business Investment Act of 1958, as amended, or the “1958 Act”; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank (formerly SunTrust Bank), as amended and restated; “Credit Facilities” refers to the BNP Credit Facility and Truist Credit Facility collectively; “2019 Notes” refers to our 4.50% notes due 2019, which we redeemed in March 2019; “2024 Notes” refers to our 5.50% Notes due 2024; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 Act”; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; and “RIC” refers to a regulated investment company under the Code. References to our portfolio, our investments and our business include investments we make through SBIC II and other consolidated subsidiaries.
3
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
|
|
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December 31, 2019 |
|
|
September 30, 2019 |
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||
|
|
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(unaudited) |
|
|
|
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Assets |
|
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$1,042,324,490 and $922,304,099, respectively) |
|
$ |
1,073,644,309 |
|
|
$ |
936,632,099 |
|
|
Non-controlled, affiliated investments (cost—$77,600,816 and $77,600,816, respectively) |
|
|
48,994,005 |
|
|
|
49,349,338 |
|
|
Controlled, affiliated investments (cost—$272,955,525 and $257,117,800, respectively) |
|
|
256,214,645 |
|
|
|
233,451,359 |
|
|
Total of investments (cost—$1,392,880,831 and $1,257,022,715, respectively) |
|
|
1,378,852,959 |
|
|
|
1,219,432,796 |
|
|
Cash and cash equivalents (cost—$32,075,367 and $59,546,438, respectively) |
|
|
32,107,649 |
|
|
|
59,516,236 |
|
|
Interest receivable |
|
|
6,055,204 |
|
|
|
6,226,539 |
|
|
Prepaid expenses and other assets |
|
|
1,034,351 |
|
|
|
662,442 |
|
|
Total assets |
|
|
1,418,050,163 |
|
|
|
1,285,838,013 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Distributions payable |
|
|
12,068,119 |
|
|
|
12,068,119 |
|
|
Payable for investments purchased |
|
|
62,528,206 |
|
|
|
— |
|
|
BNP Credit Facility payable, at fair value (cost—$203,500,000 and $171,000,000, respectively) (See Notes 5 and 10) |
|
|
202,584,250 |
|
|
|
170,145,000 |
|
|
Truist Credit Facility payable, at fair value (cost—$330,636,000 and $301,636,000, respectively) (See Notes 5 and 10) |
|
|
326,877,285 |
|
|
|
295,245,214 |
|
|
2024 Notes payable, net (par—$86,250,000 and $75,000,000, respectively) (See Notes 5 and 10) |
|
|
83,338,434 |
|
|
|
72,256,607 |
|
|
SBA debentures payable, net (par—$133,500,000 and $150,000,000, respectively) (See Notes 5 and 10) |
|
|
130,187,808 |
|
|
|
146,111,055 |
|
|
Base management fee payable, net (See Note 3) |
|
|
4,742,430 |
|
|
|
4,641,480 |
|
|
Performance-based incentive fee payable, net (See Note 3) |
|
|
744,626 |
|
|
|
— |
|
|
Interest payable on debt |
|
|
5,287,890 |
|
|
|
2,895,695 |
|
|
Accrued other expenses |
|
|
651,056 |
|
|
|
569,175 |
|
|
Total liabilities |
|
|
829,010,104 |
|
|
|
703,932,345 |
|
|
Commitments and contingencies (See Note 11) |
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
|
|
|
|
|
|
Common stock, 67,045,105 and 67,045,105 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized |
|
|
67,045 |
|
|
|
67,045 |
|
|
Paid-in capital in excess of par value |
|
|
788,192,159 |
|
|
|
788,192,159 |
|
|
Accumulated distributable net loss |
|
|
(199,219,145 |
) |
|
|
(206,353,536 |
) |
|
Total net assets |
|
$ |
589,040,059 |
|
|
$ |
581,905,668 |
|
|
Total liabilities and net assets |
|
$ |
1,418,050,163 |
|
|
$ |
1,285,838,013 |
|
|
Net asset value per share |
|
$ |
8.79 |
|
|
$ |
8.68 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended December 31, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
||
|
Investment income: |
|
|
|
|
|
|
|
|
|
From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
20,384,914 |
|
|
$ |
23,508,581 |
|
|
Payment-in-kind |
|
|
1,884,506 |
|
|
|
1,246,016 |
|
|
Other income |
|
|
189,918 |
|
|
|
618,071 |
|
|
From non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
105,105 |
|
|
Payment-in-kind |
|
|
— |
|
|
|
108,625 |
|
|
From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
Interest |
|
|
635,615 |
|
|
|
1,788,603 |
|
|
Payment-in-kind |
|
|
2,908,812 |
|
|
|
5,000 |
|
|
Total investment income |
|
|
26,003,765 |
|
|
|
27,380,001 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Base management fee (See Note 3) |
|
|
4,742,430 |
|
|
|
4,419,262 |
|
|
Performance-based incentive fee (See Note 3) |
|
|
744,626 |
|
|
|
2,667,270 |
|
|
Interest and expenses on debt (See Note 10) |
|
|
8,866,549 |
|
|
|
6,278,847 |
|
|
Administrative services expenses (See Note 3) |
|
|
521,520 |
|
|
|
521,625 |
|
|
Other general and administrative expenses |
|
|
643,480 |
|
|
|
618,367 |
|
|
Expenses before provision for taxes |
|
|
15,518,605 |
|
|
|
14,505,371 |
|
|
Provision for taxes |
|
|
300,000 |
|
|
|
300,000 |
|
|
Net expenses |
|
|
15,818,605 |
|
|
|
14,805,371 |
|
|
Net investment income |
|
|
10,185,160 |
|
|
|
12,574,630 |
|
|
Realized and unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
Net realized (loss) gain on investments on: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(12,034,153 |
) |
|
|
3,737,919 |
|
|
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
4,792,067 |
|
|
Net realized (loss) gain on investments |
|
|
(12,034,153 |
) |
|
|
8,529,986 |
|
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
17,052,596 |
|
|
|
(6,929,882 |
) |
|
Non-controlled and controlled, affiliated investments |
|
|
6,570,228 |
|
|
|
(13,462,697 |
) |
|
Debt (appreciation) depreciation (See Notes 5 and 10) |
|
|
(2,571,321 |
) |
|
|
6,066,152 |
|
|
Net change in unrealized appreciation (depreciation) on investments and debt |
|
|
21,051,503 |
|
|
|
(14,326,427 |
) |
|
Net realized and unrealized gain (loss) from investments and debt |
|
|
9,017,350 |
|
|
|
(5,796,441 |
) |
|
Net increase in net assets resulting from operations |
|
$ |
19,202,510 |
|
|
$ |
6,778,189 |
|
|
Net increase in net assets resulting from operations per common share (See Note 7) |
|
$ |
0.29 |
|
|
$ |
0.10 |
|
|
Net investment income per common share |
|
$ |
0.15 |
|
|
$ |
0.18 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
|
|
|
Three Months Ended December 31, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
||
|
Net increase in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
10,185,160 |
|
|
$ |
12,574,630 |
|
|
Net realized (loss) gain on investments |
|
|
(12,034,153 |
) |
|
|
8,529,986 |
|
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
23,622,824 |
|
|
|
(20,392,579 |
) |
|
Net change in unrealized (appreciation) depreciation on debt |
|
|
(2,571,321 |
) |
|
|
6,066,152 |
|
|
Net increase in net assets resulting from operations |
|
|
19,202,510 |
|
|
|
6,778,189 |
|
|
Distributions to stockholders |
|
|
(12,068,119 |
) |
|
|
(12,244,957 |
) |
|
Capital transactions: |
|
|
|
|
|
|
|
|
|
Repurchase of common stock |
|
|
— |
|
|
|
(7,494,022 |
) |
|
Net increase (decrease) in net assets |
|
|
7,134,391 |
|
|
|
(12,960,790 |
) |
|
Net assets: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
581,905,668 |
|
|
|
628,901,895 |
|
|
End of period |
|
$ |
589,040,059 |
|
|
$ |
615,941,105 |
|
|
Capital share activity: |
|
|
|
|
|
|
|
|
|
Shares of common stock repurchased |
|
|
— |
|
|
|
(1,026,421 |
) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Three Months Ended December 31, |
|
|||||
|
|
|
2019 |
|
|
2018 |
|
||
|
Cash flows used for operating activities: |
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
$ |
19,202,510 |
|
|
$ |
6,778,189 |
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash used by operating activities: |
|
|
|
|
|
|
|
|
|
Net change in net unrealized (appreciation) depreciation on investments |
|
|
(23,622,824 |
) |
|
|
20,392,579 |
|
|
Net change in unrealized appreciation (depreciation) on debt |
|
|
2,571,321 |
|
|
|
(6,066,152 |
) |
|
Net realized loss (gain) on investments |
|
|
12,034,153 |
|
|
|
(8,529,986 |
) |
|
Net accretion of discount and amortization of premium |
|
|
(568,692 |
) |
|
|
(729,769 |
) |
|
Purchases of investments |
|
|
(173,691,052 |
) |
|
|
(194,455,970 |
) |
|
Payment-in-kind income |
|
|
(4,792,602 |
) |
|
|
(1,922,358 |
) |
|
Proceeds from dispositions of investments |
|
|
31,151,013 |
|
|
|
125,791,017 |
|
|
Amortization of deferred financing costs |
|
|
746,080 |
|
|
|
416,548 |
|
|
Decrease in interest receivable |
|
|
171,335 |
|
|
|
2,100,400 |
|
|
(Increase) decrease in prepaid expenses and other assets |
|
|
(371,909 |
) |
|
|
767,691 |
|
|
Increase in payable for investments purchased |
|
|
62,528,206 |
|
|
|
18,172,125 |
|
|
Increase (decrease) in interest payable on debt |
|
|
2,392,195 |
|
|
|
(1,569,299 |
) |
|
Increase in base management fee payable, net |
|
|
100,950 |
|
|
|
332,431 |
|
|
Increase (decrease) in performance-based incentive fee payable, net |
|
|
744,626 |
|
|
|
(296,995 |
) |
|
Increase in accrued other expenses |
|
|
81,881 |
|
|
|
188,868 |
|
|
Net cash used for operating activities |
|
|
(71,322,809 |
) |
|
|
(38,630,681 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repurchase of common stock |
|
|
— |
|
|
|
(7,494,022 |
) |
|
Distributions paid to stockholders |
|
|
(12,068,119 |
) |
|
|
(12,429,712 |
) |
|
Proceeds from 2024 Notes issuance |
|
|
10,912,500 |
|
|
|
— |
|
|
Repayments under SBA debentures |
|
|
(16,500,000 |
) |
|
|
(30,000,000 |
) |
|
Borrowings under BNP Credit Facility |
|
|
48,500,000 |
|
|
|
— |
|
|
Repayments under BNP Credit Facility |
|
|
(16,000,000 |
) |
|
|
— |
|
|
Borrowings under Truist Credit Facility |
|
|
63,000,000 |
|
|
|
217,000,000 |
|
|
Repayments under Truist Credit Facility |
|
|
(34,000,000 |
) |
|
|
(123,384,000 |
) |
|
Net cash provided by financing activities |
|
|
43,844,381 |
|
|
|
43,692,266 |
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(27,478,428 |
) |
|
|
5,061,585 |
|
|
Effect of exchange rate changes on cash |
|
|
69,841 |
|
|
|
86,150 |
|
|
Cash and cash equivalents, beginning of period |
|
|
59,516,236 |
|
|
|
19,506,154 |
|
|
Cash and cash equivalents, end of period |
|
$ |
32,107,649 |
|
|
$ |
24,653,889 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
5,727,794 |
|
|
$ |
7,431,597 |
|
|
Taxes paid |
|
$ |
180,700 |
|
|
$ |
3,617 |
|
|
Non-cash exchanges and conversions |
|
$ |
47,919,106 |
|
|
$ |
12,697,510 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(Unaudited)
|
Issuer Name |
|
Maturity / Expiration |
|
Industry |
|
Current Coupon |
|
|
Basis Point Spread Above Index (4) |
|
|
Par / Shares |
|
|
Cost |
|
|
Fair Value (3) |
|
|||||
|
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—182.3 (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
First Lien Secured Debt—121.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Advantage Sales & Marketing (5) |
|
07/23/2021 |
|
Grocery |
|
|
5.01 |
% |
|
1M L+325 |
|
|
|
10,597,123 |
|
|
$ |
10,126,215 |
|
|
$ |
10,221,772 |
|
|
|
Altamira Technologies, LLC (5) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
7.93 |
% |
|
3M L+600 |
|
|
|
993,750 |
|
|
|
979,428 |
|
|
|
993,750 |
|
|
|
Altamira Technologies, LLC (Revolver) (7) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
187,500 |
|
|
|
— |
|
|
|
— |
|
|
American Insulated Glass, LLC (5) |
|
12/21/2023 |
|
Building Materials |
|
|
7.79 |
% |
|
3M L+550 |
|
|
|
30,966,000 |
|
|
|
30,454,351 |
|
|
|
30,346,680 |
|
|
|
American Insulated Glass, LLC (7) |
|
12/21/2023 |
|
Building Materials |
|
|
— |
|
|
|
— |
|
|
|
1,350,649 |
|
|
|
— |
|
|
|
(27,013 |
) |
|
Bazaarvoice, Inc. (5) |
|
02/01/2024 |
|
Printing and Publishing |
|
|
7.45 |
% |
|
1M L+575 |
|
|
|
14,738,904 |
|
|
|
14,621,749 |
|
|
|
14,591,515 |
|
|
|
Bottom Line Systems, LLC (5) |
|
02/13/2023 |
|
Healthcare, Education and Childcare |
|
|
7.80 |
% |
|
1M L+600 |
|
|
|
21,722,525 |
|
|
|
21,523,583 |
|
|
|
21,700,803 |
|
|
|
Broder Bros., Co. |
|
12/02/2022 |
|
Consumer Products |
|
|
10.47 |
% |
|
3M L+850 |
|
|
|
27,075,004 |
|
|
|
27,075,158 |
|
|
|
27,075,004 |
|
|
|
Cano Health, LLC (5) |
|
12/23/2021 |
|
Healthcare, Education and Childcare |
|
|
7.97 |
% |
|
1M L+625 |
|
|
|
38,505,824 |
|
|
|
38,157,270 |
|
|
|
38,505,824 |
|
|
|
DermaRite Industries LLC |
|
03/03/2022 |
|
Manufacturing / Basic Industries |
|
|
8.80 |
% |
|
1M L+700 |
|
|
|
9,725,000 |
|
|
|
9,644,618 |
|
|
|
9,231,943 |
|
|
|
DRS Holdings III, Inc. (5) |
|
11/03/2025 |
|
Consumer Products |
|
|
7.61 |
% |
|
1M L+575 |
|
|
|
13,667,230 |
|
|
|
13,531,815 |
|
|
|
13,533,291 |
|
|
|
DRS Holdings III, Inc. (Revolver) |
|
11/03/2025 |
|
Consumer Products |
|
|
7.55 |
% |
|
1M L+575 |
|
|
|
61,124 |
|
|
|
61,124 |
|
|
|
60,525 |
|
|
|
DRS Holdings III, Inc. (Revolver) (7) |
|
11/03/2025 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,466,978 |
|
|
|
— |
|
|
|
(14,377 |
) |
|
ECM Industries, LLC (5) |
|
12/23/2025 |
|
Electronics |
|
|
6.29 |
% |
|
1M L+450 |
|
|
|
2,887,628 |
|
|
|
2,858,751 |
|
|
|
2,858,751 |
|
|
|
ECM Industries, LLC (Revolver) |
|
12/23/2025 |
|
Electronics |
|
|
6.29 |
% |
|
1M L+450 |
|
|
|
175,594 |
|
|
|
175,594 |
|
|
|
175,594 |
|
|
|
ECM Industries, LLC (Revolver) (7) |
|
12/23/2025 |
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
342,000 |
|
|
|
— |
|
|
|
— |
|
|
Holdco Sands Intermediate, LLC (5) |
|
12/19/2025 |
|
Aerospace and Defense |
|
|
7.76 |
% |
|
3M L+600 |
|
|
|
12,285,714 |
|
|
|
12,101,429 |
|
|
|
12,101,429 |
|
|
|
HW Holdco, LLC (5) |
|
12/10/2024 |
|
Media |
|
|
8.14 |
% |
|
3M L+625 |
|
|
|
17,436,774 |
|
|
|
17,281,207 |
|
|
|
17,436,774 |
|
|
|
HW Holdco, LLC (Revolver) |
|
12/10/2024 |
|
Media |
|
|
8.14 |
% |
|
3M L+625 |
|
|
|
216,774 |
|
|
|
216,774 |
|
|
|
216,774 |
|
|
|
HW Holdco, LLC (Revolver) (7) |
|
12/10/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
3,170,323 |
|
|
|
— |
|
|
|
— |
|
|
Impact Group, LLC (5) |
|
06/27/2023 |
|
Personal, Food and Miscellaneous Services |
|
|
8.41 |
% |
|
1M L+650 |
|
|
|
20,048,550 |
|
|
|
19,953,096 |
|
|
|
19,747,822 |
|
|
|
Juniper Landscaping of Florida, LLC |
|
12/22/2021 |
|
Personal, Food and Miscellaneous Services |
|
|
10.20 |
% |
|
1M L+850 |
|
|
|
14,442,047 |
|
|
|
14,297,097 |
|
|
|
14,442,047 |
|
|
|
K2 Pure Solutions NoCal, L.P. (5) |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
7.05 |
% |
|
1M L+525 |
|
|
|
26,862,000 |
|
|
|
26,528,024 |
|
|
|
26,413,404 |
|
|
|
K2 Pure Solutions NoCal, L.P. (Revolver) |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
7.05 |
% |
|
1M L+525 |
|
|
|
969,048 |
|
|
|
969,048 |
|
|
|
952,865 |
|
|
|
K2 Pure Solutions NoCal, L.P. (Revolver) (7) |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
969,048 |
|
|
|
— |
|
|
|
(16,183 |
) |
|
Kentucky Downs, LLC (5) |
|
03/07/2025 |
|
Hotels, Motels, Inns and Gaming |
|
|
9.94 |
% |
|
1M L+800 |
|
|
|
10,024,046 |
|
|
|
9,834,351 |
|
|
|
10,024,046 |
|
|
|
Kentucky Downs, LLC (7) |
|
03/07/2025 |
|
Hotels, Motels, Inns and Gaming |
|
|
— |
|
|
|
— |
|
|
|
2,482,759 |
|
|
|
— |
|
|
|
— |
|
|
Lash Opco, LLC - Term Loan (5) |
|
12/12/2024 |
|
Consumer Products |
|
|
9.25 |
% |
|
P+450 |
|
|
|
9,911,671 |
|
|
|
9,616,414 |
|
|
|
9,614,320 |
|
|
|
Lash Opco, LLC (Revolver) |
|
12/12/2024 |
|
Consumer Products |
|
|
9.25 |
% |
|
P+450 |
|
|
|
655,322 |
|
|
|
655,322 |
|
|
|
655,322 |
|
|
|
Lash Opco, LLC (Revolver) (7) |
|
12/12/2024 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
388,011 |
|
|
|
— |
|
|
|
— |
|
|
LAV Gear Holdings, Inc. |
|
10/31/2024 |
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
|
7.44 |
% |
|
1M L+550 |
|
|
|
2,000,000 |
|
|
|
1,980,477 |
|
|
|
2,008,800 |
|
|
|
Lombart Brothers, Inc. (5) |
|
04/13/2023 |
|
Healthcare, Education and Childcare |
|
|
8.19 |
% |
|
3M L+625 |
|
|
|
17,048,964 |
|
|
|
16,866,989 |
|
|
|
16,878,474 |
|
|
|
Lombart Brothers, Inc. (Revolver) |
|
04/13/2023 |
|
Healthcare, Education and Childcare |
|
|
9.75 |
% |
|
P+500 |
|
|
|
728,787 |
|
|
|
728,787 |
|
|
|
725,143 |
|
|
|
Lombart Brothers, Inc. (Revolver) (7) |
|
04/13/2023 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
1,041,125 |
|
|
|
— |
|
|
|
(5,206 |
) |
|
MeritDirect, LLC (5) |
|
05/23/2024 |
|
Media |
|
|
7.44 |
% |
|
3M L + 550 |
|
|
|
19,292,325 |
|
|
|
19,032,248 |
|
|
|
19,099,402 |
|
|
|
MeritDirect, LLC (Revolver) (7) |
|
05/23/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
2,518,345 |
|
|
|
— |
|
|
|
(25,183 |
) |
|
Montreign Operating Company, LLC |
|
01/24/2023 |
|
Hotels, Motels, Inns and Gaming |
|
|
10.01 |
% |
|
1M L+825 |
|
|
|
8,360,733 |
|
|
|
7,161,829 |
|
|
|
7,185,047 |
|
|
|
Ox Two, LLC |
|
02/27/2023 |
|
Building Materials |
|
|
8.05 |
% |
|
1M L+625 |
|
|
|
21,677,123 |
|
|
|
21,373,053 |
|
|
|
21,677,123 |
|
|
|
Ox Two, LLC (Revolver) |
|
02/27/2023 |
|
Building Materials |
|
|
8.05 |
% |
|
1M L+625 |
|
|
|
1,038,000 |
|
|
|
1,038,000 |
|
|
|
1,038,000 |
|
|
|
Ox Two, LLC (Revolver) (7) |
|
02/27/2023 |
|
Building Materials |
|
|
— |
|
|
|
— |
|
|
|
1,462,000 |
|
|
|
— |
|
|
|
— |
|
|
Peninsula Pacific Entertainment LLC |
|
11/13/2024 |
|
Hotels, Motels, Inns and Gaming |
|
|
9.19 |
% |
|
3M L+725 |
|
|
|
8,495,190 |
|
|
|
8,480,326 |
|
|
|
8,452,714 |
|
|
|
PlayPower, Inc. (5) |
|
05/08/2026 |
|
Consumer Products |
|
|
7.46 |
% |
|
3M L+550 |
|
|
|
4,179,000 |
|
|
|
4,139,034 |
|
|
|
4,126,763 |
|
|
|
PRA Events, Inc. |
|
08/08/2022 |
|
Business Services |
|
|
8.95 |
% |
|
3M L+700 |
|
|
|
19,280,420 |
|
|
|
19,057,388 |
|
|
|
19,280,420 |
|
|
|
PRA Events, Inc. (Revolver) (7) |
|
08/08/2022 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,000,000 |
|
|
|
— |
|
|
|
— |
|
|
Provation Medical, Inc. |
|
03/11/2024 |
|
Electronics |
|
|
8.98 |
% |
|
3M L+700 |
|
|
|
26,730,000 |
|
|
|
26,219,848 |
|
|
|
26,446,663 |
|
|
|
Questex, LLC |
|
09/09/2024 |
|
Media |
|
|
6.89 |
% |
|
3M L+500 |
|
|
|
22,218,750 |
|
|
|
21,851,410 |
|
|
|
21,996,563 |
|
|
|
Questex, LLC (Revolver) |
|
09/09/2024 |
|
Media |
|
|
6.91 |
% |
|
3M L+500 |
|
|
|
957,447 |
|
|
|
957,447 |
|
|
|
947,872 |
|
|
|
Questex, LLC (Revolver) (7) |
|
09/09/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
2,632,979 |
|
|
|
— |
|
|
|
(26,330 |
) |
|
Radius Aerospace, Inc. (5) |
|
03/31/2025 |
|
Aerospace and Defense |
|
|
7.70 |
% |
|
3M L+575 |
|
|
|
13,884,143 |
|
|
|
13,688,534 |
|
|
|
13,734,194 |
|
|
|
Radius Aerospace, Inc. (Revolver) |
|
03/31/2025 |
|
Aerospace and Defense |
|
|
9.03 |
% |
|
P+525 |
|
|
|
273,290 |
|
|
|
273,290 |
|
|
|
270,339 |
|
|
|
Radius Aerospace, Inc. (Revolver) (7) |
|
03/31/2025 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
1,953,852 |
|
|
|
— |
|
|
|
(21,101 |
) |
|
Research Horizons, LLC |
|
06/28/2022 |
|
Media |
|
|
7.95 |
% |
|
1M L+625 |
|
|
|
30,732,264 |
|
|
|
30,430,917 |
|
|
|
29,810,295 |
|
|
|
Research Now Group, Inc. and Survey Sampling International LLC (5) |
|
12/20/2024 |
|
Business Services |
|
|
7.41 |
% |
|
3M L+550 |
|
|
|
17,898,034 |
|
|
|
17,759,720 |
|
|
|
17,871,187 |
|
|
|
Riverpoint Medical, LLC (5) |
|
06/20/2025 |
|
Healthcare, Education and Childcare |
|
|
6.97 |
% |
|
3M L+500 |
|
|
|
|||||||||||