10-Q 1 pnnt-10q_20210630.htm 10-Q pnnt-10q_20210630.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 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)

 

 

 

 

 

 

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 August 4, 2021 was 67,045,105.

 


 

 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021

TABLE OF CONTENTS

 

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and September 30, 2020

 

4

 

 

 

Consolidated Statements of Operations for the three and nine months ended June 30, 2021 and 2020 (unaudited)

 

5

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2021 and 2020 (unaudited)

 

6

 

 

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2021 and 2020 (unaudited)

 

7

 

 

 

Consolidated Schedules of Investments as of June 30, 2021 (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

 

43

 

 

 

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 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


 

 

Item 1.

Consolidated Financial Statements

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

 

 

June 30, 2021

 

 

September 30, 2020

 

 

 

(unaudited)

 

 

 

 

 

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)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

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

 

 

 

872,143