Company Quick10K Filing
PennantPark Floating Rate Capital
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-05
10-K 2019-09-30 Filed 2019-11-20
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
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10-K 2018-09-30 Filed 2018-11-14
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8-K 2018-01-10
8-K 2018-01-05

PFLT 10Q Quarterly Report

Part I - Consolidated Financial Information
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6.Exhibits
EX-3.2 pflt-ex32_144.htm
EX-31.1 pflt-ex311_8.htm
EX-31.2 pflt-ex312_9.htm
EX-32.1 pflt-ex321_7.htm
EX-32.2 pflt-ex322_6.htm

PennantPark Floating Rate Capital Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 pflt-10q_20200331.htm 10-Q pflt-10q_20200331.htm

7 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 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: 814-00891 

 

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

 

MARYLAND

 

27-3794690

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

590 Madison Avenue, 15th Floor

New York, N.Y.

 

10022

(Address of principal executive offices)

 

(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PFLT

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 11, 2020 was 38,772,074. 

 


PENNANTPARK FLOATING RATE CAPITAL LTD.

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

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2020 (unaudited) and September 30, 2019

  

4

 

 

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

  

5

 

 

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

  

6

 

 

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

  

7

 

 

Consolidated Schedules of Investments as of March 31, 2020 (unaudited) and September 30, 2019

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

16

 

 

Report of Independent Registered Public Accounting Firm

  

31

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

32

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

44

 

 

Item 4. Controls and Procedures

  

45

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

46

 

 

Item 1A. Risk Factors

  

46

 

 

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

  

47

 

 

Item 3. Defaults Upon Senior Securities

  

47

 

 

Item 4. Mine Safety Disclosures

  

47

 

 

Item 5. Other Information

  

47

 

 

Item 6. Exhibits

  

49

 

 

SIGNATURES

  

50


 

2


PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refer to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refer to PennantPark Investment Administration, LLC; “2023 Notes” refer to our 4.3% Series A notes due 2023; “1940 Act” refers to the Investment Company Act of 1940, as amended; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act; “MCG” refers to MCG Capital Corporation; “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended and restated with Truist Bank (formerly SunTrust Bank) and other lenders, or the Lenders; “Securitization Issuer” refers to PennantPark CLO I, Ltd.; “Securitization Issuers” refers to the Securitization Issuer and PennantPark CLO I, LLC; “Debt Securitization” refers to the $301.4 million term debt securitization completed by the Securitization Issuers; “2031 Asset-Backed Debt” refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A‑1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; and “Depositor” refers to PennantPark CLO I Depositor, LLC. References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business include investments we make through our subsidiaries.

 

 

 

3

 


Item 1.

Consolidated Financial Statements

 

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

 

 

March 31, 2020

 

 

September 30, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$1,048,160,082 and $886,955,156, respectively)

 

$

1,012,983,114

 

 

$

889,113,264

 

Non-controlled, affiliated investments (cost—$25,970,270 and $23,645,693, respectively)

 

 

11,138,636

 

 

 

20,430,565

 

Controlled, affiliated investments (cost—$176,312,500 and $174,562,500, respectively)

 

 

154,838,109

 

 

 

172,163,080

 

Total of investments (cost—$1,250,442,852 and $1,085,172,349, respectively)

 

 

1,178,959,859

 

 

 

1,081,706,909

 

Cash and cash equivalents (cost—$30,223,951 and $63,367,237, respectively)

 

 

29,993,752

 

 

 

63,337,728

 

Interest receivable

 

 

4,146,825

 

 

 

3,892,292

 

Receivable for investments sold

 

 

9,050,000

 

 

 

2,997,546

 

Prepaid expenses and other assets

 

 

464,179

 

 

 

441,337

 

Total assets

 

 

1,222,614,615

 

 

 

1,152,375,812

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,683,347

 

Payable for investments purchased

 

 

 

 

 

12,033,794

 

Credit Facility payable, at fair value (cost—$413,307,500 and $265,307,500, respectively) (See Notes 5 and 10)

 

 

400,592,492

 

 

 

263,988,583

 

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

 

 

111,736,940

 

 

 

135,240,084

 

2031 Asset-Backed Debt, net (par—$228,000,000) (See Notes 5 and 10)

 

 

224,550,913

 

 

 

224,321,845

 

Interest payable on debt

 

 

4,903,259

 

 

 

3,275,481

 

Base management fee payable (See Note 3)

 

 

2,948,941

 

 

 

2,728,019

 

Performance-based incentive fee payable (See Note 3)

 

 

2,937,024

 

 

 

2,532,205

 

Accrued other expenses

 

 

1,432,425

 

 

 

1,514,943

 

Total liabilities

 

 

752,785,341

 

 

 

649,318,301

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Common stock, 38,772,074 shares issued and outstanding Par value $0.001 per share and 100,000,000

   shares authorized

 

 

38,772

 

 

 

38,772

 

Paid-in capital in excess of par value

 

 

538,632,828

 

 

 

538,632,828

 

Distributable income

 

 

(68,842,326

)

 

 

(35,614,089

)

Total net assets

 

$

469,829,274

 

 

$

503,057,511

 

Total liabilities and net assets

 

$

1,222,614,615

 

 

$

1,152,375,812

 

Net asset value per share

 

$

12.12

 

 

$

12.97

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

20,307,380

 

 

$

16,825,167

 

 

$

39,217,274

 

 

$

34,995,165

 

Other income

 

 

1,140,500

 

 

 

1,390,690

 

 

 

1,913,603

 

 

 

2,011,879

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

233,772

 

 

 

 

 

 

459,125

 

 

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

3,069,785

 

 

 

3,214,482

 

 

 

6,225,109

 

 

 

6,032,527

 

Dividend

 

 

1,575,000

 

 

 

1,575,000

 

 

 

3,150,000

 

 

 

3,150,000

 

Total investment income

 

 

26,326,437

 

 

 

23,005,339

 

 

 

50,965,111

 

 

 

46,189,571

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,948,941

 

 

 

2,418,706

 

 

 

5,779,100

 

 

 

4,917,472

 

Performance-based incentive fee (See Note 3)

 

 

2,937,024

 

 

 

2,514,047

 

 

 

5,252,859

 

 

 

1,321,638

 

Interest and expenses on debt (See Note 10)

 

 

7,626,550

 

 

 

5,316,180

 

 

 

14,933,814

 

 

 

10,621,658

 

Administrative services expenses (See Note 3)

 

 

350,000

 

 

 

350,000

 

 

 

700,000

 

 

 

850,000

 

Other general and administrative expenses

 

 

616,077

 

 

 

616,077

 

 

 

1,232,153

 

 

 

1,232,152

 

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

 

 

14,478,592

 

 

 

11,215,010

 

 

 

27,897,926

 

 

 

18,942,920

 

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

 

 

 

 

 

5,013

 

 

 

 

 

 

4,517,292

 

Provision for taxes

 

 

100,000

 

 

 

 

 

 

200,000

 

 

 

 

Total expenses

 

 

14,578,592

 

 

 

11,220,023

 

 

 

28,097,926

 

 

 

23,460,212

 

Net investment income

 

 

11,747,845

 

 

 

11,785,316

 

 

 

22,867,185

 

 

 

22,729,359

 

Realized and unrealized loss on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(1,599,285

)

 

 

1,079,348

 

 

 

(586,972

)

 

 

2,002,814

 

Net realized (loss) gain on investments

 

 

(1,599,285

)

 

 

1,079,348

 

 

 

(586,972

)

 

 

2,002,814

 

Net change in unrealized depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(40,004,484

)

 

 

(13,288,572

)

 

 

(37,625,126

)

 

 

(23,330,111

)

Controlled and non-controlled, affiliated investments

 

 

(24,782,772

)

 

 

573,851

 

 

 

(30,682,477

)

 

 

(1,790,617

)

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

 

 

33,537,647

 

 

 

(5,621,668

)

 

 

34,899,235

 

 

 

(87,975

)

Net change in unrealized depreciation on investments and debt

 

 

(31,249,609

)

 

 

(18,336,389

)

 

 

(33,408,368

)

 

 

(25,208,703

)

Net realized and unrealized loss from investments and debt

 

 

(32,848,894

)

 

 

(17,257,041

)

 

 

(33,995,340

)

 

 

(23,205,889

)

Net decrease in net assets resulting from operations

 

$

(21,101,049

)

 

$

(5,471,725

)

 

$

(11,128,155

)

 

$

(476,530

)

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

 

$

(0.54

)

 

$

(0.14

)

 

$

(0.29

)

 

$

(0.01

)

Net investment income per common share

 

$

0.30

 

 

$

0.30

 

 

$

0.59

 

 

$

0.59

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net decrease in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

11,747,845

 

 

$

11,785,316

 

 

$

22,867,185

 

 

$

22,729,359

 

Net realized (loss) gain on investments

 

 

(1,599,285

)

 

 

1,079,348

 

 

 

(586,972

)

 

 

2,002,814

 

Net change in unrealized depreciation on investments

 

 

(64,787,256

)

 

 

(12,714,721

)

 

 

(68,307,603

)

 

 

(25,120,728

)

Net change in unrealized depreciation (appreciation) on debt

 

 

33,537,647

 

 

 

(5,621,668

)

 

 

34,899,235

 

 

 

(87,975

)

Net decrease in net assets resulting from operations

 

 

(21,101,049

)

 

 

(5,471,725

)

 

 

(11,128,155

)

 

 

(476,530

)

Distributions to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

 

 

(22,100,082

)

 

 

(22,100,082

)

Net decrease in net assets

 

 

(32,151,090

)

 

 

(16,521,766

)

 

 

(33,228,237

)

 

 

(22,576,612

)

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

501,980,364

 

 

 

529,786,722

 

 

 

503,057,511

 

 

 

535,841,568

 

End of period

 

$

469,829,274

 

 

$

513,264,956

 

 

$

469,829,274

 

 

$

513,264,956

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net decrease in net assets resulting from operations

 

$

(11,128,155

)

 

$

(476,530

)

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

   used in operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized depreciation on investments

 

 

68,307,603

 

 

 

25,120,728

 

Net change in unrealized (depreciation) appreciation on debt

 

 

(34,899,235

)

 

 

87,975

 

Net realized loss (gain) on investments

 

 

586,972

 

 

 

(2,002,814

)

Net accretion of discount and amortization of premium

 

 

(887,519

)

 

 

(760,733

)

Purchases of investments

 

 

(406,983,072

)

 

 

(316,812,305

)

Payment-in-kind interest

 

 

(1,089,736

)

 

 

(524,049

)

Proceeds from dispositions of investments

 

 

243,107,247

 

 

 

333,519,118

 

Amortization of deferred financing costs

 

 

229,072

 

 

 

 

Increase in interest receivable

 

 

(254,533

)

 

 

(4,404

)

Increase in receivable for investments sold

 

 

(6,052,454

)

 

 

(13,945,000

)

(Increase) decrease in prepaid expenses and other assets

 

 

(22,842

)

 

 

685,972

 

Decrease in payable for investments purchased

 

 

(12,033,794

)

 

 

(59,587,222

)

Increase in interest payable on debt

 

 

1,627,778

 

 

 

323,459

 

Increase (decrease) in base management fee payable

 

 

220,921

 

 

 

(923

)

Increase (decrease) in performance-based incentive fee payable

 

 

404,820

 

 

 

(784,357

)

Decrease in accrued other expenses

 

 

(82,519

)

 

 

(412,701

)

Net cash used in operating activities

 

 

(158,949,446

)

 

 

(35,573,786

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(22,100,082

)

 

 

(22,100,082

)

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

245,000,000

 

 

 

190,700,000

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(97,000,000

)

 

 

(172,120,020

)

Net cash provided by (used in) financing activities

 

 

125,899,918

 

 

 

(3,520,102

)

Net decrease in cash and cash equivalents

 

 

(33,049,528

)

 

 

(39,093,888

)

Effect of exchange rate changes on cash

 

 

(294,448

)

 

 

611,740

 

Cash and cash equivalents, beginning of period

 

 

63,337,728

 

 

 

72,224,183

 

Cash and cash equivalents, end of period

 

$

29,993,752

 

 

$

33,742,035

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

13,076,964

 

 

$

10,298,199

 

Taxes paid

 

$

501,633

 

 

$

273,941

 

Non-cash exchanges and conversions

 

$

8,025,882

 

 

$

18,032,254

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2020

(Unaudited)

 

Issuer Name

 

Maturity

 

Industry

 

Current

Coupon

 

 

Basis Point

Spread

Above

Index (1)

 

 

Par /

Shares

 

 

Cost

 

 

Fair Value (2)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—215.6% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—201.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 Freemont Street Acquisition, LLC

 

08/11/2025

 

Hotels, Restaurants and Leisure

 

 

9.50

%

 

1M L+800

 

 

 

6,697,697

 

 

$

6,572,409

 

 

$

6,228,858

 

Advantage Sales & Marketing

 

07/23/2021

 

Food and Staples Retailing

 

 

4.70

%

 

1M L+325

 

 

 

1,279,281

 

 

 

1,231,422

 

 

 

1,228,110

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

7.78

%

 

3M L+600

 

 

 

6,418,750

 

 

 

6,329,916

 

 

 

6,290,375

 

Altamira Technologies, LLC (Revolver) (7), (9)

 

07/24/2025

 

IT Services

 

 

 

 

 

 

 

2,156,250

 

 

 

 

 

 

(43,125

)

American Auto Auction Group, LLC

 

01/02/2024

 

Transportation: Consumer

 

 

5.75

%

 

3M L+475

 

 

 

7,423,069

 

 

 

7,346,860

 

 

 

7,348,838

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

7.40

%

 

3M L+550

 

 

 

14,850,035

 

 

 

14,621,881

 

 

 

14,256,034

 

American Teleconferencing Services, Ltd.

 

06/08/2023

 

Telecommunications

 

 

8.24

%

 

3M L+650

 

 

 

9,659,927

 

 

 

9,547,066

 

 

 

7,341,544

 

Apex Service Partners, LLC

 

07/31/2025

 

Energy Equipment and Services

 

 

6.25

%

 

1M L+500

 

 

 

6,367,833

 

 

 

6,304,948

 

 

 

6,320,075

 

Apex Service Partners, LLC (7), (9)

 

07/31/2021

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,844,019

 

 

 

 

 

 

(13,830

)

API Holdings III Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

5.24

%

 

1M L+425

 

 

 

5,955,000

 

 

 

5,926,012

 

 

 

5,776,350

 

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

6.58

%

 

3M L+550

 

 

 

11,670,000

 

 

 

11,600,897

 

 

 

11,436,600

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

7.52

%

 

3M L+625

 

 

 

29,352,996

 

 

 

29,160,577

 

 

 

28,472,406

 

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

 

05/16/2022

 

High Tech Industries

 

 

7.67

%

 

3M L+625

 

 

 

3,166,448

 

 

 

3,166,448

 

 

 

3,071,455

 

By Light Professional IT Services, LLC (Revolver) (7), (9)

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

1,013,175

 

 

 

 

 

 

(30,395

)

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

8.28

%

 

3M L+650

 

 

 

2,853,510

 

 

 

2,826,599

 

 

 

2,754,779

 

Cano Health, LLC

 

12/23/2021

 

Healthcare and Pharmaceuticals

 

 

7.84

%

 

1M L+625

 

 

 

33,684,743

 

 

 

33,424,149

 

 

 

33,684,743

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

6.75

%

 

1M L+575

 

 

 

3,815,167

 

 

 

3,819,235

 

 

 

3,777,015

 

Centauri Group Holdings, LLC

 

02/12/2024

 

Aerospace and Defense

 

 

6.71

%

 

3M L+525

 

 

 

3,265,353

 

 

 

3,260,122