`
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, 2021
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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MARYLAND |
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20-8250744 |
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(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 |
|
(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 August 4, 2021 was 67,045,105.
PENNANTPARK INVESTMENT CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021
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” 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 CI (Galls) Prime Investment Holdings, LLC, and PNNT Investment Holdings, 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 the Truist Credit Facility collectively; “2024 Notes” refers to our 5.50% Notes due 2024; “2026 Notes” refers to our 4.50% Notes due 2026; “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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June 30, 2021 |
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September 30, 2020 |
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||
|
|
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(unaudited) |
|
|
|
|
|
|
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Assets |
|
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$634,123,304 and $713,683,209, respectively) |
|
$ |
719,327,212 |
|
|
$ |
735,674,666 |
|
|
Non-controlled, affiliated investments (cost—$77,628,920 and $77,628,920, respectively) |
|
|
48,882,776 |
|
|
|
27,753,893 |
|
|
Controlled, affiliated investments (cost—$409,894,837 and $374,260,162, respectively) |
|
|
379,988,526 |
|
|
|
318,342,859 |
|
|
Total investments (cost—$1,121,647,060 and $1,165,572,291, respectively) |
|
|
1,148,198,514 |
|
|
|
1,081,771,418 |
|
|
Cash and cash equivalents (cost—$14,207,092 and $25,801,087, respectively) |
|
|
14,212,253 |
|
|
|
25,806,002 |
|
|
Interest receivable |
|
|
4,881,211 |
|
|
|
5,005,715 |
|
|
Distribution receivable |
|
|
1,694,000 |
|
|
|
1,393,716 |
|
|
Prepaid expenses and other assets |
|
|
— |
|
|
|
376,030 |
|
|
Total assets |
|
|
1,168,985,978 |
|
|
|
1,114,352,881 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Distributions payable |
|
|
8,045,413 |
|
|
|
8,045,413 |
|
|
Payable for investments purchased |
|
|
3,017,500 |
|
|
|
5,461,508 |
|
|
Truist Credit Facility payable, at fair value (cost—$214,544,900 and $388,252,000, respectively) (See Notes 5 and 10) |
|
|
213,489,240 |
|
|
|
368,701,972 |
|
|
2024 Notes payable, net (par—$86,250,000) (See Notes 5 and 10) |
|
|
84,336,685 |
|
|
|
83,837,560 |
|
|
2026 Notes payable, net (par—$150,000,000) (See Notes 5 and 10) |
|
|
145,639,797 |
|
|
|
— |
|
|
SBA debentures payable, net (par—$63,500,000 and $118,500,000, respectively) (See Notes 5 and 10) |
|
|
62,110,290 |
|
|
|
115,772,677 |
|
|
Base management fee payable, net (See Note 3) |
|
|
4,357,898 |
|
|
|
4,369,637 |
|
|
Interest payable on debt |
|
|
3,765,084 |
|
|
|
2,022,614 |
|
|
Accrued other expenses |
|
|
1,142,576 |
|
|
|
432,648 |
|
|
Total liabilities |
|
|
525,904,483 |
|
|
|
588,644,029 |
|
|
Commitments and contingencies (See Note 11) |
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
|
|
|
|
|
|
Common stock, 67,045,105 shares issued and outstanding 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 |
|
|
(144,610,581 |
) |
|
|
(261,983,224 |
) |
|
Total net assets |
|
$ |
643,081,495 |
|
|
$ |
525,708,852 |
|
|
Total liabilities and net assets |
|
$ |
1,168,985,978 |
|
|
$ |
1,114,352,881 |
|
|
Net asset value per share |
|
$ |
9.59 |
|
|
$ |
7.84 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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|
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Three Months Ended June 30, |
|
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Nine Months Ended June 30, |
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||||||||||
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2021 |
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2020 |
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|
2021 |
|
|
2020 |
|
||||
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
11,972,559 |
|
|
$ |
20,118,883 |
|
|
$ |
35,073,841 |
|
|
$ |
63,252,326 |
|
|
Payment-in-kind |
|
|
2,095,094 |
|
|
|
2,099,536 |
|
|
|
5,565,833 |
|
|
|
5,962,936 |
|
|
Other income |
|
|
474,749 |
|
|
|
1,165,825 |
|
|
|
979,816 |
|
|
|
2,107,027 |
|
|
From non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment-in-kind |
|
|
— |
|
|
|
— |
|
|
|
456,998 |
|
|
|
— |
|
|
From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
2,278,866 |
|
|
|
588,818 |
|
|
|
6,732,901 |
|
|
|
1,793,442 |
|
|
Payment-in-kind |
|
|
1,977,974 |
|
|
|
1,434,567 |
|
|
|
4,982,468 |
|
|
|
5,830,555 |
|
|
Dividend income |
|
|
1,694,000 |
|
|
|
— |
|
|
|
4,667,000 |
|
|
|
— |
|
|
Total investment income |
|
|
20,493,242 |
|
|
|
25,407,629 |
|
|
|
58,458,857 |
|
|
|
78,946,286 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee (See Note 3) |
|
|
4,357,897 |
|
|
|
4,643,273 |
|
|
|
12,754,455 |
|
|
|
14,266,402 |
|
|
Performance-based incentive fee (See Note 3) |
|
|
— |
|
|
|
1,921,984 |
|
|
|
— |
|
|
|
4,579,657 |
|
|
Interest and expenses on debt (See Note 10) |
|
|
6,941,877 |
|
|
|
8,316,571 |
|
|
|
16,835,861 |
|
|
|
26,145,154 |
|
|
Administrative services expenses (See Note 3) |
|
|
380,020 |
|
|
|
521,520 |
|
|
|
1,390,060 |
|
|
|
1,564,560 |
|
|
Other general and administrative expenses |
|
|
518,480 |
|
|
|
643,480 |
|
|
|
1,805,443 |
|
|
|
1,936,322 |
|
|
Expenses before performance-based incentive fee waiver and provision for taxes |
|
|
12,198,274 |
|
|
|
16,046,828 |
|
|
|
32,785,819 |
|
|
|
48,492,095 |
|
|
Performance-based incentive fee waiver (See Note 3) |
|
|
— |
|
|
|
(1,921,984 |
) |
|
|
— |
|
|
|
(1,921,984 |
) |
|
Provision for taxes |
|
|
150,000 |
|
|
|
300,000 |
|
|
|
450,000 |
|
|
|
900,000 |
|
|
Net expenses |
|
|
12,348,274 |
|
|
|
14,424,844 |
|
|
|
33,235,819 |
|
|
|
47,470,111 |
|
|
Net investment income |
|
|
8,144,968 |
|
|
|
10,982,785 |
|
|
|
25,223,038 |
|
|
|
31,476,175 |
|
|
Realized and unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
41,687,247 |
|
|
|
(109,739 |
) |
|
|
44,137,637 |
|
|
|
(10,719,114 |
) |
|
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
(19,708,359 |
) |
|
|
— |
|
|
Net realized gain (loss) on investments |
|
|
41,687,247 |
|
|
|
(109,739 |
) |
|
|
24,429,278 |
|
|
|
(10,719,114 |
) |
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(41,842,629 |
) |
|
|
11,319,274 |
|
|
|
45,769,638 |
|
|
|
(12,334,358 |
) |
|
Non-controlled and controlled, affiliated investments |
|
|
25,512,201 |
|
|
|
18,495,283 |
|
|
|
64,581,297 |
|
|
|
(55,200,078 |
) |
|
Debt (appreciation) depreciation (See Notes 5 and 10) |
|
|
(1,621,774 |
) |
|
|
(25,073,673 |
) |
|
|
(18,494,368 |
) |
|
|
21,301,111 |
|
|
Net change in unrealized appreciation (depreciation) on investments and debt |
|
|
(17,952,202 |
) |
|
|
4,740,884 |
|
|
|
91,856,567 |
|
|
|
(46,233,325 |
) |
|
Net realized and unrealized gain (loss) from investments and debt |
|
|
23,735,045 |
|
|
|
4,631,145 |
|
|
|
116,285,845 |
|
|
|
(56,952,439 |
) |
|
Net increase (decrease) in net assets resulting from operations |
|
|
31,880,013 |
|
|
|
15,613,930 |
|
|
$ |
141,508,883 |
|
|
$ |
(25,476,264 |
) |
|
Net increase (decrease) in net assets resulting from operations per common share (See Note 7) |
|
$ |
0.48 |
|
|
$ |
0.23 |
|
|
$ |
2.11 |
|
|
$ |
(0.38 |
) |
|
Net investment income per common share |
|
$ |
0.12 |
|
|
$ |
0.16 |
|
|
$ |
0.38 |
|
|
$ |
0.47 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
Net increase (decrease) in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
8,144,968 |
|
|
$ |
10,982,785 |
|
|
$ |
25,223,038 |
|
|
$ |
31,476,175 |
|
|
Net realized gain (loss) on investments |
|
|
41,687,247 |
|
|
|
(109,739 |
) |
|
|
24,429,278 |
|
|
|
(10,719,114 |
) |
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
(16,330,428 |
) |
|
|
29,814,557 |
|
|
|
110,350,935 |
|
|
|
(67,534,436 |
) |
|
Net change in unrealized (appreciation) depreciation on debt |
|
|
(1,621,774 |
) |
|
|
(25,073,673 |
) |
|
|
(18,494,368 |
) |
|
|
21,301,111 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
31,880,013 |
|
|
|
15,613,930 |
|
|
|
141,508,883 |
|
|
|
(25,476,264 |
) |
|
Distributions to stockholders |
|
|
(8,045,413 |
) |
|
|
(8,045,413 |
) |
|
|
(24,136,240 |
) |
|
|
(32,181,650 |
) |
|
Net increase (decrease) in net assets |
|
|
23,834,600 |
|
|
|
7,568,517 |
|
|
|
117,372,643 |
|
|
|
(57,657,914 |
) |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
619,246,895 |
|
|
|
516,679,237 |
|
|
|
525,708,852 |
|
|
|
581,905,668 |
|
|
End of period |
|
$ |
643,081,495 |
|
|
$ |
524,247,754 |
|
|
$ |
643,081,495 |
|
|
$ |
524,247,754 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Nine Months Ended June 30, |
|
|||||
|
|
|
2021 |
|
|
2020 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
141,508,883 |
|
|
$ |
(25,476,264 |
) |
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Net change in net unrealized (appreciation) depreciation on investments |
|
|
(110,350,935 |
) |
|
|
67,534,436 |
|
|
Net change in unrealized appreciation (depreciation) on debt |
|
|
18,494,368 |
|
|
|
(21,301,111 |
) |
|
Net realized (gain) loss on investments |
|
|
(24,429,278 |
) |
|
|
10,719,114 |
|
|
Net accretion of discount and amortization of premium |
|
|
(2,919,367 |
) |
|
|
(2,184,545 |
) |
|
Purchases of investments |
|
|
(276,375,611 |
) |
|
|
(292,216,763 |
) |
|
Payment-in-kind income |
|
|
(11,048,827 |
) |
|
|
(11,825,750 |
) |
|
Proceeds from dispositions of investments |
|
|
358,632,487 |
|
|
|
114,085,199 |
|
|
Amortization of deferred financing costs |
|
|
2,012,037 |
|
|
|
1,302,122 |
|
|
Decrease in interest receivable |
|
|
124,503 |
|
|
|
995,645 |
|
|
Increase in distribution receivable |
|
|
(300,284 |
) |
|
|
— |
|
|
Decrease (Increase) in prepaid expenses and other assets |
|
|
376,030 |
|
|
|
(437,143 |
) |
|
Increase in payable for investments purchased |
|
|
(2,444,008 |
) |
|
|
— |
|
|
Increase in interest payable on debt |
|
|
1,742,470 |
|
|
|
2,770,690 |
|
|
(Decrease) increase in base management fee payable, net |
|
|
(11,739 |
) |
|
|
1,793 |
|
|
Increase (decrease) in accrued other expenses |
|
|
709,928 |
|
|
|
(71,729 |
) |
|
Net cash provided by (used in) operating activities |
|
|
95,720,657 |
|
|
|
(156,104,306 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Distributions paid to stockholders |
|
|
(24,136,238 |
) |
|
|
(36,204,356 |
) |
|
Proceeds from 2024 Notes issuance |
|
|
— |
|
|
|
10,912,500 |
|
|
Proceeds from 2026 Notes issuance |
|
|
145,464,500 |
|
|
|
— |
|
|
Repayments under SBA debentures |
|
|
(55,000,000 |
) |
|
|
(16,500,000 |
) |
|
Borrowings under BNP Credit Facility |
|
|
— |
|
|
|
90,000,000 |
|
|
Repayments under BNP Credit Facility |
|
|
— |
|
|
|
(16,000,000 |
) |
|
Borrowings under Truist Credit Facility |
|
|
148,311,500 |
|
|
|
304,000,000 |
|
|
Repayments under Truist Credit Facility |
|
|
(322,018,601 |
) |
|
|
(188,000,000 |
) |
|
Net cash (used in) provided by financing activities |
|
|
(107,378,839 |
) |
|
|
148,208,144 |
|
|
Net increase (decrease) in cash equivalents |
|
|
(11,658,182 |
) |
|
|
(7,896,162 |
) |
|
Effect of exchange rate changes on cash |
|
|
64,433 |
|
|
|
(55,030 |
) |
|
Cash and cash equivalents, beginning of period |
|
|
25,806,002 |
|
|
|
59,516,236 |
|
|
Cash and cash equivalents, end of period |
|
$ |
14,212,253 |
|
|
$ |
51,565,044 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
13,081,354 |
|
|
$ |
22,072,342 |
|
|
Taxes paid |
|
$ |
658,317 |
|
|
$ |
805,976 |
|
|
Non-cash exchanges and conversions |
|
$ |
16,515,842 |
|
|
$ |
91,204,799 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2021
(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—98.6% (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
First Lien Secured Debt—67.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
18 Freemont Street Acquisition, LLC |
|
08/11/2025 |
|
Hotels, Motels, Inns and Gaming |
|
|
9.50 |
% |
|
1M L+800 |
|
|
|
8,281,547 |
|
|
$ |
7,559,230 |
|
|
$ |
8,447,178 |
|
|
|
Ad.net Acquisition, LLC |
|
05/06/2026 |
|
Media |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
6,666,667 |
|
|
|
6,568,578 |
|
|
|
6,566,667 |
|
|
|
Ad.net Acquisition, LLC (Revolver) |
|
05/06/2026 |
|
Media |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
94,444 |
|
|
|
94,444 |
|
|
|
93,028 |
|
|
|
Ad.net Acquisition, LLC (Revolver) (7) |
|
05/06/2026 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
461,111 |
|
|
|
— |
|
|
|
(6,917 |
) |
|
Altamira Technologies, LLC (Revolver) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
8.00 |
% |
|
3M L+700 |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
47,250 |
|
|
|
Altamira Technologies, LLC (Revolver) (7) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
137,500 |
|
|
|
— |
|
|
|
(7,562 |
) |
|
American Insulated Glass, LLC |
|
12/21/2023 |
|
Building Materials |
|
|
6.50 |
% |
|
3M L+550 |
|
|
|
15,835,726 |
|
|
|
15,662,946 |
|
|
|
15,677,369 |
|
|
|
Apex Service Partners, LLC |
|
07/31/2025 |
|
Personal, Food and Miscellaneous Services |
|
|
6.25 |
% |
|
1M L+525 |
|
|
|
1,335,239 |
|
|
|
1,335,239 |
|
|
|
1,335,239 |
|
|
|
Applied Technical Services, LLC (7) |
|
06/29/2022 |
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
2,500,000 |
|
|
|
— |
|
|
|
(9,375 |
) |
|
Applied Technical Services, LLC (Revolver) (7) |
|
12/29/2026 |
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
1,000,000 |
|
|
|
— |
|
|
|
(15,000 |
) |
|
Bottom Line Systems, LLC |
|
02/13/2023 |
|
Healthcare, Education and Childcare |
|
|
6.25 |
% |
|
1M L+550 |
|
|
|
6,153,097 |
|
|
|
6,122,942 |
|
|
|
6,153,097 |
|
|
|
Broder Bros., Co. |
|
12/02/2022 |
|
Consumer Products |
|
|
9.75 |
% |
|
3M L+850 |
|
|
|
25,476,418 |
|
|
|
25,477,026 |
|
|
|
24,712,126 |
|
|
|
Compex Legal Services, Inc. |
|
02/09/2026 |
|
Business Services |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
3,578,714 |
|
|
|
3,520,673 |
|
|
|
3,474,573 |
|
|
|
Compex Legal Services, Inc. (Revolver) |
|
02/07/2025 |
|
Business Services |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
458,962 |
|
|
|
458,962 |
|
|
|
445,606 |
|
|
|
Compex Legal Services, Inc. (Revolver) (7) |
|
02/07/2025 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
196,698 |
|
|
|
— |
|
|
|
(5,724 |
) |
|
Crash Champions, LLC |
|
08/05/2025 |
|
Auto Sector |
|
|
6.25 |
% |
|
3M L+525 |
|
|
|
2,800,000 |
|
|
|
2,773,287 |
|
|
|
2,730,000 |
|
|
|
Crash Champions, LLC (Revolver) (7) |
|
05/14/2022 |
|
Auto Sector |
|
|
— |
|
|
|
— |
|
|
|
3,200,000 |
|
|
|
— |
|
|
|
(48,000 |
) |
|
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 |
|
|
|
8,433,635 |
|
|
|
8,410,936 |
|
|
|
8,433,635 |
|
|
|
DRS Holdings III, Inc. |
|
11/03/2025 |
|
Consumer Products |
|
|
7.25 |
% |
|
3M L+625 |
|
|
|
10,000,000 |
|
|
|
9,900,538 |
|
|
|
9,950,000 |
|
|
|
DRS Holdings III, Inc. (Revolver) (7) |
|
11/03/2025 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,782,555 |
|
|
|
— |
|
|
|
(8,913 |
) |
|
ECL Entertainment, LLC |
|
03/31/2028 |
|
Hotels, Motels, Inns and Gaming |
|
|
8.25 |
% |
|
1M L+750 |
|
|
|
8,769,231 |
|
|
|
8,683,050 |
|
|
|
8,944,615 |
|
|
|
ECM Industries, LLC (Revolver) (7) |
|
12/23/2025 |
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
517,594 |
|
|
|
— |
|
|
|
(2,588 |
) |
|
Gantech Acquisition Corp. |
|
05/14/2026 |
|
Business Services |
|
|
7.25 |
% |
|
1M L+625 |
|
|
|
20,000,000 |
|
|
|
19,606,416 |
|
|
|
19,600,000 |
|
|
|
Gantech Acquisition Corp. (Revolver) (7) |
|
05/14/2026 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,991,084 |
|
|
|
— |
|
|
|
(39,822 |
) |
|
Hancock Roofing and Construction L.L.C. (7) |
|
12/31/2022 |
|
Insurance |
|
|
— |
|
|
|
— |
|
|
|
1,500,000 |
|
|
|
— |
|
|
|
(15,000 |
) |
|
Hancock Roofing and Construction L.L.C. (Revolver) (7) |
|
12/31/2026 |
|
Insurance |
|
|
— |
|
|
|
— |
|
|
|
750,000 |
|
|
|
— |
|
|
|
(7,500 |
) |
|
HW Holdco, LLC |
|
12/10/2024 |
|
Media |
|
|
5.50 |
% |
|
3M L+450 |
|
|
|
2,547,581 |
|
|
|
2,531,061 |
|
|
|
2,509,367 |
|
|
|
HW Holdco, LLC (Revolver) |
|
12/10/2024 |
|
Media |
|
|
5.50 |
% |
|
3M L+450 |
|
|
|
2,167,742 |
|
|
|
2,167,742 |
|
|
|
2,135,226 |
|
|
|
HW Holdco, LLC (Revolver) (7) |
|
12/10/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
1,219,355 |
|
|
|
— |
|
|
|
(18,290 |
) |
|
Impact Group, LLC |
|
06/27/2023 |
|
Personal, Food and Miscellaneous Services |
|
|
8.37 |
% |
|
1M L+737 |
|
|
|
19,514,976 |
|
|
|
19,458,342 |
|
|
|
19,563,764 |
|
|
|
IMIA Holdings, Inc. |
|
04/09/2027 |
|
Aerospace and Defense |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
13,623,288 |
|
|
|
13,362,534 |
|
|
|
13,350,822 |
|
|
|
IMIA Holdings, Inc. (Revolver) (7) |
|
04/09/2027 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
1,673,705 |
|
|
|
— |
|
|
|
(33,474 |
) |
|
Integrity Marketing Acquisition, LLC |
|
08/27/2025 |
|
Insurance |
|
|
6.50 |
% |
|
3M L+550 |
|
|
|
16,541,605 |
|
|
|
16,436,870 |
|
|
|
16,293,481 |
|
|
|
Juniper Landscaping of Florida, LLC |
|
12/22/2021 |
|
Personal, Food and Miscellaneous Services |
|
|
6.50 |
% |
|
1M L+550 |
|
|
|
2,695,203 |
|
|
|
2,686,815 |
|
|
|
2,695,203 |
|
|
|
K2 Pure Solutions NoCal, L.P. |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
8.00 |
% |
|
1M L+700 |
|
|
|
11,830,000 |
|
|
|
11,733,297 |
|
|
|
11,517,688 |
|
|
|
K2 Pure Solutions NoCal, L.P. (Revolver) |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
8.00 |
% |
|
1M L+700 |
|
|
|
872,143 |
|
|
|
|||||||