10-Q 1 pnnt-10q_20201231.htm 10-Q pnnt-10q_20201231.htm

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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, 2020

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)

 

 

 

 

 

 

MARYLAND

 

20-8250744

(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

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.

 

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 9, 2021 was 67,045,105.

 


 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2020

TABLE OF CONTENTS

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2020 (unaudited) and September 30, 2020

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2020 and 2019 (unaudited)

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2020 and 2019 (unaudited)

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2020 and 2019 (unaudited)

7

 

 

Consolidated Schedules of Investments as of December 31, 2020 (unaudited) and September 30, 2020

8

 

 

Notes to Consolidated Financial Statements (unaudited)

16

 

 

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

44

 

 

Item 1A. Risk Factors

44

 

 

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

44

 

 

Item 3. Defaults Upon Senior Securities

45

 

 

Item 4. Mine Safety Disclosures

45

 

 

Item 5. Other Information

45

 

 

Item 6. Exhibits

46

 

 

SIGNATURES

47

 

 

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” refers 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, a wholly-owned subsidiary prior to deconsolidation on July 31, 2020; “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; “PSLF” refers to PennantPark Senior Loan Fund, 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; “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 prior to deconsolidation of Funding I; “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; “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


 

 

Item 1.

Consolidated Financial Statements

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

 

 

December 31, 2020

 

 

September 30, 2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$634,147,235 and $713,683,209, respectively)

 

$

749,948,744

 

 

$

735,674,666

 

Non-controlled, affiliated investments (cost—$104,375,033 and $77,628,920, respectively)

 

 

62,002,633

 

 

 

27,753,893

 

Controlled, affiliated investments (cost—$378,901,433 and $374,260,162, respectively)

 

 

315,139,688

 

 

 

318,342,859

 

Total of investments (cost—$1,117,423,701 and $1,165,572,291, respectively)

 

 

1,127,091,065

 

 

 

1,081,771,418

 

Cash and cash equivalents (cost—$20,114,225 and $25,801,087, respectively)

 

 

20,157,299

 

 

 

25,806,002

 

Interest receivable

 

 

5,121,432

 

 

 

5,005,715

 

Distribution receivable

 

 

1,089,000

 

 

 

1,393,716

 

Prepaid expenses and other assets

 

 

376,573

 

 

 

376,030

 

Total assets

 

 

1,153,835,369

 

 

 

1,114,352,881

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

8,045,413

 

 

 

8,045,413

 

Payable for investments purchased

 

 

139,220

 

 

 

5,461,508

 

Truist Credit Facility payable, at fair value (cost—$355,544,900 and $388,252,000, respectively) (See Notes 5 and 10)

 

 

349,104,144

 

 

 

368,701,972

 

2024 Notes payable, net (par—$86,250,000 and $86,250,000, respectively) (See Notes 5 and 10)

 

 

84,003,935

 

 

 

83,837,560

 

SBA debentures payable, net (par—$118,500,000 and $118,500,000, respectively) (See Notes 5 and 10)

 

 

115,862,617

 

 

 

115,772,677

 

Base management fee payable, net (See Note 3)

 

 

4,114,428

 

 

 

4,369,637

 

Interest payable on debt

 

 

2,971,453

 

 

 

2,022,614

 

Accrued other expenses

 

 

796,969

 

 

 

432,648

 

Total liabilities

 

 

565,038,179

 

 

 

588,644,029

 

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

 

 

787,625,031

 

 

 

787,625,031

 

Accumulated distributable net loss

 

 

(198,894,886

)

 

 

(261,983,224

)

Total net assets

 

$

588,797,190

 

 

$

525,708,852

 

Total liabilities and net assets

 

$

1,153,835,369

 

 

$

1,114,352,881

 

Net asset value per share

 

$

8.78

 

 

$

7.84

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2020

 

 

2019

 

Investment income:

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

$

11,432,511

 

 

$

20,384,914

 

Payment-in-kind

 

 

1,458,798

 

 

 

1,884,506

 

Other income

 

 

481,125

 

 

 

189,918

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Payment-in-kind

 

 

76,727

 

 

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

2,276,776

 

 

 

635,615

 

Payment-in-kind

 

 

1,485,523

 

 

 

2,908,812

 

Dividend income

 

 

1,521,000

 

 

 

 

Total investment income

 

 

18,732,460

 

 

 

26,003,765

 

Expenses:

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

4,114,428

 

 

 

4,742,430

 

Performance-based incentive fee (See Note 3)

 

 

 

 

 

744,626

 

Interest and expenses on debt (See Note 10)

 

 

5,004,131

 

 

 

8,866,549

 

Administrative services expenses (See Note 3)

 

 

505,020

 

 

 

521,520

 

Other general and administrative expenses

 

 

643,483

 

 

 

643,480

 

Expenses before performance-based incentive fee waiver and provision for taxes

 

 

10,267,062

 

 

 

15,518,605

 

Performance-based incentive fee waiver (See Note 3)

 

 

 

 

 

 

Provision for taxes

 

 

150,000

 

 

 

300,000

 

Net expenses

 

 

10,417,062

 

 

 

15,818,605

 

Net investment income

 

 

8,315,398

 

 

 

10,185,160

 

Realized and unrealized gain on investments and debt:

 

 

 

 

 

 

 

 

Net realized loss on investments on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,130,958

 

 

 

(12,034,153

)

Non-controlled and controlled, affiliated investments

 

 

(19,708,359

)

 

 

 

Net realized loss on investments

 

 

(17,577,401

)

 

 

(12,034,153

)

Net change in unrealized appreciation on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

76,405,417

 

 

 

17,052,596

 

Non-controlled and controlled, affiliated investments

 

 

17,099,609

 

 

 

6,570,228

 

Debt appreciation (See Notes 5 and 10)

 

 

(13,109,272

)

 

 

(2,571,321

)

Net change in unrealized appreciation on investments and debt

 

 

80,395,754

 

 

 

21,051,503

 

Net realized and unrealized gain from investments and debt

 

 

62,818,353

 

 

 

9,017,350

 

Net increase in net assets resulting from operations

 

$

71,133,751

 

 

$

19,202,510

 

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

 

$

1.06

 

 

$

0.29

 

Net investment income per common share

 

$

0.12

 

 

$

0.15

 

 

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,

 

 

 

2020

 

 

2019

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

8,315,398

 

 

$

10,185,160

 

Net realized loss on investments

 

 

(17,577,401

)

 

 

(12,034,153

)

Net change in unrealized appreciation on investments

 

 

93,505,026

 

 

 

23,622,824

 

Net change in unrealized appreciation on debt

 

 

(13,109,272

)

 

 

(2,571,321

)

Net increase in net assets resulting from operations

 

 

71,133,751

 

 

 

19,202,510

 

Distributions to stockholders

 

 

(8,045,413

)

 

 

(12,068,119

)

Net increase in net assets

 

 

63,088,338

 

 

 

7,134,391

 

Net assets:

 

 

 

 

 

 

 

 

Beginning of period

 

 

525,708,852

 

 

 

581,905,668

 

End of period

 

$

588,797,190

 

 

$

589,040,059

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2020

 

 

2019

 

Cash flows used for operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

71,133,751

 

 

$

19,202,510

 

Adjustments to reconcile net increase in net assets resulting from

   operations to net cash provided (used) by operating activities:

 

 

 

 

 

 

 

 

Net change in net unrealized appreciation on investments

 

 

(93,505,026

)

 

 

(23,622,824

)

Net change in unrealized appreciation on debt

 

 

13,109,272

 

 

 

2,571,321

 

Net realized loss on investments

 

 

17,577,401

 

 

 

12,034,153

 

Net accretion of discount and amortization of premium

 

 

(391,947

)

 

 

(568,692

)

Purchases of investments

 

 

(68,209,636

)

 

 

(173,691,052

)

Payment-in-kind income

 

 

(3,446,716

)

 

 

(4,792,602

)

Proceeds from dispositions of investments

 

 

102,590,824

 

 

 

31,151,013

 

Amortization of deferred financing costs

 

 

256,315

 

 

 

746,080

 

(Increase) decrease in interest receivable

 

 

(115,717

)

 

 

171,335

 

Decrease in distribution receivable

 

 

304,716

 

 

 

 

Increase in prepaid expenses and other assets

 

 

(543

)

 

 

(371,909

)

(Decrease) increase in payable for investments purchased

 

 

(5,322,288

)

 

 

62,528,206

 

Increase in interest payable on debt

 

 

948,839

 

 

 

2,392,195

 

(Decrease) increase in base management fee payable, net

 

 

(255,209

)

 

 

100,950

 

Increase in performance-based incentive fee payable, net

 

 

 

 

 

744,626

 

Increase in accrued other expenses

 

 

364,321

 

 

 

81,881

 

Net cash provided (used) by operating activities

 

 

35,038,357

 

 

 

(71,322,809

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(8,045,413

)

 

 

(12,068,119

)

Proceeds from 2024 Notes issuance

 

 

 

 

 

10,912,500

 

Repayments of SBA debentures

 

 

 

 

 

(16,500,000

)

Borrowings under BNP Credit Facility

 

 

 

 

 

48,500,000

 

Repayments under BNP Credit Facility

 

 

 

 

 

(16,000,000

)

Borrowings under Truist Credit Facility

 

 

16,292,900

 

 

 

63,000,000

 

Repayments under Truist Credit Facility

 

 

(49,000,000

)

 

 

(34,000,000

)

Net cash (used) provided by financing activities

 

 

(40,752,513

)

 

 

43,844,381

 

Net decrease in cash and cash equivalents

 

 

(5,714,156

)

 

 

(27,478,428

)

Effect of exchange rate changes on cash

 

 

65,453

 

 

 

69,841

 

Cash and cash equivalents, beginning of period

 

 

25,806,002

 

 

 

59,516,236

 

Cash and cash equivalents, end of period

 

$

20,157,299

 

 

$

32,107,649

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

3,798,977

 

 

$

5,727,794

 

Taxes paid

 

$

3,528

 

 

$

180,700

 

Non-cash exchanges and conversions

 

$

16,515,842

 

 

$

47,919,106

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(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—127.4 (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—65.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 Freemont Street Acquisition, LLC

 

08/11/2025

 

Hotels, Motels, Inns and Gaming

 

 

9.50

%

 

1M L+800

 

 

 

8,302,303

 

 

$

7,516,678

 

 

$

8,219,280

 

Altamira Technologies, LLC (Revolver)

 

07/24/2025

 

Aerospace and Defense

 

 

7.00

%

 

3M L+600

 

 

 

50,000

 

 

 

50,000

 

 

 

47,750

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

137,500

 

 

 

 

 

 

(6,188

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Materials

 

 

6.50

%

 

3M L+550

 

 

 

15,916,651

 

 

 

15,712,234

 

 

 

15,677,901

 

Apex Service Partners, LLC

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.25

%

 

1M L+525

 

 

 

1,339,750

 

 

 

1,339,750

 

 

 

1,339,750

 

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

6.75

%

 

3M L+550

 

 

 

7,500,000

 

 

 

7,331,762

 

 

 

7,331,250

 

Applied Technical Services, LLC (7)

 

06/29/2022

 

Environmental Services

 

 

 

 

 

 

 

 

2,500,000

 

 

 

 

 

 

 

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Environmental Services

 

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

Bottom Line Systems, LLC

 

02/13/2023

 

Healthcare, Education and Childcare

 

 

6.25

%

 

1M L+550

 

 

 

6,705,463

 

 

 

6,662,572

 

 

 

6,635,727

 

Broder Bros., Co.

 

12/02/2022

 

Consumer Products

 

 

9.75

%

 

3M L+850

 

 

 

25,763,753

 

 

 

25,763,753

 

 

 

23,702,653

 

Compex Legal Services, Inc.

 

02/09/2026

 

Business Services

 

 

6.75

%

 

3M L+575

 

 

 

3,596,834

 

 

 

3,533,256

 

 

 

3,487,490

 

Compex Legal Services, Inc. (Revolver)

 

02/07/2025

 

Business Services

 

 

6.75

%

 

3M L+575

 

 

 

458,962

 

 

 

458,962

 

 

 

445,010

 

Compex Legal Services, Inc. (Revolver) (7)

 

02/07/2025

 

Business Services

 

 

 

 

 

 

 

 

196,698

 

 

 

 

 

 

(5,980

)

Datalot Inc. (Revolver) (7)

 

01/24/2025

 

Insurance

 

 

 

 

 

 

 

 

1,788,165

 

 

 

 

 

 

 

DermaRite Industries LLC

 

03/03/2022

 

Manufacturing / Basic Industries

 

 

8.00

%

 

1M L+700

 

 

 

8,975,884

 

 

 

8,933,952

 

 

 

8,975,884

 

DRS Holdings III, Inc. (Revolver) (7)

 

11/03/2025

 

Consumer Products

 

 

 

 

 

 

 

 

1,528,102

 

 

 

 

 

 

1,528

 

ECM Industries, LLC (Revolver)

 

12/23/2025

 

Electronics

 

 

5.50

%

 

1M L+450

 

 

 

517,594

 

 

 

517,594

 

 

 

517,594

 

GCOM Software LLC

 

11/14/2022

 

Business Services

 

 

7.75

%

 

1M L+625

 

 

 

1,103,616

 

 

 

1,083,361

 

 

 

1,103,616

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

6.25

%

 

3M L+525

 

 

 

6,000,000

 

 

 

5,850,295

 

 

 

5,850,000

 

Hancock Roofing and Construction L.L.C. (7)

 

12/31/2022

 

Insurance

 

 

 

 

 

 

 

 

1,500,000

 

 

 

 

 

 

 

Hancock Roofing and Construction L.L.C. (Revolver) (7)

 

12/31/2026

 

Insurance

 

 

 

 

 

 

 

 

750,000

 

 

 

 

 

 

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

5.50

%

 

3M L+450

 

 

 

2,560,645

 

 

 

2,541,912

 

 

 

2,496,629

 

HW Holdco, LLC (Revolver) (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,387,097

 

 

 

 

 

 

(84,677

)

IMIA Holdings, Inc.

 

10/26/2025

 

Aerospace and Defense

 

 

7.00

%

 

3M L+600

 

 

 

5,559,035

 

 

 

5,453,403

 

 

 

5,531,240

 

Impact Group, LLC

 

06/27/2023

 

Personal, Food and Miscellaneous Services

 

 

8.37

%

 

1M L+737

 

 

 

19,835,121

 

 

 

19,765,568

 

 

 

20,033,472

 

Integrity Marketing Acquisition, LLC

 

08/27/2025

 

Insurance

 

 

6.50

%

 

3M L+550

 

 

 

16,625,229

 

 

 

16,507,692

 

 

 

16,043,346

 

Juniper Landscaping of Florida, LLC

 

12/22/2021

 

Personal, Food and Miscellaneous Services

 

 

9.50

%

 

1M L+850

 

 

 

13,145,966

 

 

 

13,078,763

 

 

 

13,145,966

 

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

1M L+700

 

 

 

11,890,667

 

 

 

11,776,037

 

 

 

11,682,580

 

K2 Pure Solutions NoCal, L.P. (Revolver)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

1M L+700

 

 

 

872,143

 

 

 

872,143

 

 

 

856,880

 

K2 Pure Solutions NoCal, L.P. (Revolver) (7)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,065,952

 

 

 

 

 

 

(18,654

)

Kentucky Downs, LLC (7)

 

03/07/2025

 

Hotels, Motels, Inns and Gaming

 

 

 

 

 

 

 

 

827,586

 

 

 

 

 

 

(10,345

)

LAV Gear Holdings, Inc.

 

10/31/2024

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

8.50

%

 

1M L+750

 

 

 

761,082

 

 

 

755,016

 

 

 

705,219

 

 

 

 

 

 

 

 

(PIK 5.00

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer Inc.

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

6.50

%

 

1M L+550

 

 

 

1,560,293

 

 

 

1,545,716

 

 

 

1,529,087

 

Lightspeed Buyer Inc. (7)

 

08/03/2021

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

882,075

 

 

 

 

 

 

(8,821

)

Lightspeed Buyer Inc. (Revolver)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

6.50

%

 

1M L+550

 

 

 

388,593

 

 

 

388,593

 

 

 

380,822

 

Lightspeed Buyer Inc. (Revolver) (7)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

777,187

 

 

 

 

 

 

(15,544

)

Lombart Brothers, Inc. (Revolver)

 

04/13/2023

 

Healthcare, Education and Childcare

 

 

9.25

%

 

1M L+825

 

 

 

1,773,894

 

 

 

1,773,894

 

 

 

1,694,069

 

 

 

 

 

 

 

 

(PIK 1.00

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lombart Brothers, Inc. (Revolver) (7)

 

04/13/2023

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

493

 

 

 

 

 

 

(22

)

MeritDirect, LLC

 

05/23/2024

 

Media

 

 

6.50

%

 

3M L+550

 

 

 

2,868,309

 

 

 

2,837,507

 

 

 

2,753,576

 

MeritDirect, LLC (Revolver) (7)

 

05/23/2024

 

Media

 

 

 

 

 

 

 

 

2,518,345

 

 

 

 

 

 

(100,734

)

Ox Two, LLC

 

02/27/2023

 

Building Materials

 

 

7.25

%

 

1M L+625

 

 

 

21,243,821

 

 

 

21,027,529

 

 

 

21,243,821

 

Ox Two, LLC (Revolver)

 

02/27/2023

 

Building Materials

 

 

7.25

%

 

1M L+625

 

 

 

488,000

 

 

 

488,000

 

 

 

488,000

 

Ox Two, LLC (Revolver) (7)

 

02/27/2023

 

Building Materials

 

 

 

 

 

 

 

 

2,012,000

 

 

 

 

 

 

 

PRA Events, Inc.

 

08/07/2025

 

Business Services

 

 

11.50

%

 

3M L+1,050

 

 

 

21,724,506

 

 

 

18,471,025

 

 

 

18,791,698

 

PRA Events, Inc. (Revolver)

 

08/07/2025

 

Business Services

 

 

11.50

%

 

3M L+1,050

 

 

 

2,258,461

 

 

 

1,920,232

 

 

 

1,953,568

 

Questex, LLC

 

09/09/2024

 

Media

 

 

6.75

%

 

3M L+575

 

 

 

21,993,750

 

 

 

21,696,449

 

 

 

20,014,313

 

Questex, LLC (Revolver)

 

09/09/2024

 

Media

 

 

6.75

%

 

3M L+575

 

 

 

2,632,979

 

 

 

2,632,979

 

 

 

2,396,011

 

Questex, LLC (Revolver) (7)

 

09/09/2024

 

Media

 

 

 

 

 

 

 

 

957,447

 

 

 

 

 

 

(86,170

)

Radius Aerospace, Inc. (Revolver)

 

03/31/2025

 

Aerospace and Defense

 

 

6.75

%

 

3M L+575

 

 

 

296,952

 

 

 

296,952

 

 

 

288,578

 

Radius Aerospace, Inc. (Revolver) (7)

 

03/31/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,930,190

 

 

 

 

 

 

(54,431

)

Rancho Health MSO, Inc.

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

6.75

%

 

3M L+575

 

 

 

3,675,000

 

 

 

3,592,994

 

 

 

3,592,313

 

Rancho Health MSO, Inc. (7)

 

12/18/2022

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,050,000

 

 

 

 

 

 

 

Rancho Health MSO, Inc. (Revolver) (7)

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

525,000

 

 

 

 

 

 

 

Research Horizons, LLC

 

06/28/2022

 

Media

 

 

7.25

%