10-Q 1 pflt-10q-2022.03.31-no_x.htm 10-Q 10-Q

 

 

 

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, 2022

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.)

 

 

1691 Michigan Avenue

Miami Beach, Florida

 

33139

(Address of principal executive offices)

 

(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

None

(Former name, former address and former fiscal year, if changed since last report)

 

 

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 New York Stock Exchange

 

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 4, 2022 was 41,313,145.

 

 

 


 

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

TABLE OF CONTENTS

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and September 30, 2021

 

4

 

 

Consolidated Statements of Operations for the three and six months ended March 31, 2022 and 2021 (unaudited)

 

5

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2022 and 2021 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows for the six months ended March 31, 2022 and 2021 (unaudited)

 

7

 

 

Consolidated Schedules of Investments as of March 31, 2022 (unaudited) and September 30, 2021

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

18

 

 

Report of Independent Registered Public Accounting Firm

 

37

 

 

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

 

38

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

Item 4. Controls and Procedures

 

53

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1. Legal Proceedings

 

54

 

 

Item 1A. Risk Factors

 

54

 

 

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

 

56

 

 

Item 3. Defaults Upon Senior Securities

 

56

 

 

Item 4. Mine Safety Disclosures

 

56

 

 

Item 5. Other Information

 

56

 

 

Item 6. Exhibits

 

57

 

 

SIGNATURES

 

58

 

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” refers 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; “PTSF” refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refer to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “2023 Notes” refers to our 4.3% Series A notes due 2023; “2026 Notes” refers to our 4.25% Notes due 2026; “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; “Prior 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, originally entered into on June 23, 2011 and terminated on August 12, 2021; “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the “Lenders,” entered into on August 12, 2021; “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

(in thousands, except per share data)

 

 

 

March 31, 2022

 

 

September 30, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost— $901,437 and $824,542, respectively

 

$

933,041

 

 

$

856,806

 

Non-controlled, affiliated investments (cost— $ — and $22,380, respectively

 

 

 

 

 

7,433

 

Controlled, affiliated investments (cost— $265,824 and $223,714, respectively

 

 

259,571

 

 

 

217,380

 

Total investments (cost— $1,167,262 and $1,070,636, respectively

 

 

1,192,613

 

 

 

1,081,619

 

Cash and cash equivalents (cost—$50,053 and $49,825, respectively)

 

 

50,064

 

 

 

49,826

 

Interest receivable

 

 

5,316

 

 

 

5,446

 

Receivable for investments sold

 

 

38,542

 

 

 

33,966

 

Prepaid expenses and other assets

 

 

1,356

 

 

 

 

Total assets

 

 

1,287,891

 

 

 

1,170,856

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

3,814

 

 

 

3,690

 

Payable for investments purchased

 

 

 

 

 

13,546

 

Credit Facility payable, at fair value (cost—$249,654 and $219,400, respectively) (See Notes 5 and 11)

 

 

249,910

 

 

 

218,852

 

2023 Notes payable, at fair value (par—$97,006 and $117,793, respectively) (See Notes 5 and 11)

 

 

88,275

 

 

 

111,114

 

2026 Notes payable, net (par—$185,000 and $100,000, respectively) (See Notes 5 and 11)

 

 

181,888

 

 

 

97,171

 

2031 Asset-Backed Debt, net (par—$228,000) (See Notes 5 and 11)

 

 

225,813

 

 

 

225,497

 

Interest payable on debt

 

 

6,975

 

 

 

5,455

 

Base management fee payable (See Note 3)

 

 

2,945

 

 

 

2,707

 

Performance-based incentive fee payable (See Note 3)

 

 

2,704

 

 

 

624

 

Deferred tax liability

 

 

5,340

 

 

 

 

Accrued other expenses

 

 

241

 

 

 

1,591

 

Total liabilities

 

 

767,904

 

 

 

680,245

 

Commitments and contingencies (See Note 12)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 41,209,566 and 38,880,728 shares issued and outstanding, respectively
   Par value $0.001 per share and 100,000,000 shares authorized

 

 

41

 

 

 

39

 

Paid-in capital in excess of par value

 

 

568,869

 

 

 

538,815

 

Accumulated deficit

 

 

(48,924

)

 

 

(48,242

)

Total net assets

 

$

519,986

 

 

$

490,611

 

Total liabilities and net assets

 

$

1,287,891

 

 

$

1,170,856

 

Net asset value per share

 

$

12.62

 

 

$

12.62

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

16,195

 

 

$

13,725

 

 

$

33,052

 

 

$

29,026

 

Dividend

 

 

577

 

 

 

 

 

 

1,154

 

 

 

 

Other income

 

 

686

 

 

 

491

 

 

 

3,510

 

 

 

1,373

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

183

 

 

 

112

 

 

 

280

 

Other income

 

 

 

 

 

102

 

 

 

 

 

 

123

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

3,240

 

 

 

2,659

 

 

 

6,405

 

 

 

5,322

 

Dividend

 

 

3,938

 

 

 

2,275

 

 

 

6,738

 

 

 

3,850

 

Other Income

 

 

 

 

 

 

 

 

 

 

 

196

 

Total investment income

 

 

24,635

 

 

 

19,435

 

 

 

50,971

 

 

 

40,169

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,945

 

 

 

2,634

 

 

 

5,841

 

 

 

5,350

 

Performance-based incentive fee (See Note 3)

 

 

2,704

 

 

 

1,302

 

 

 

5,885

 

 

 

3,064

 

Interest and expenses on debt (See Note 11)

 

 

6,705

 

 

 

4,781

 

 

 

13,344

 

 

 

10,122

 

Administrative services expenses (See Note 3)

 

 

144

 

 

 

300

 

 

 

287

 

 

 

600

 

Other general and administrative expenses

 

 

655

 

 

 

400

 

 

 

1,309

 

 

 

800

 

Expenses before provision for taxes

 

 

13,153

 

 

 

9,417

 

 

 

26,667

 

 

 

19,936

 

Provision for taxes on net investment income

 

 

100

 

 

 

100

 

 

 

200

 

 

 

200

 

Total expenses

 

 

13,253

 

 

 

9,517

 

 

 

26,867

 

 

 

20,136

 

Net investment income

 

 

11,382

 

 

 

9,918

 

 

 

24,104

 

 

 

20,032

 

Realized and unrealized (loss) gain on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

6,920

 

 

 

474

 

 

 

9,993

 

 

 

(1,234

)

Non-controlled and controlled, affiliated investments

 

 

(22,380

)

 

 

 

 

 

(22,315

)

 

 

(1,052

)

Net realized gain (loss) on investments

 

 

(15,460

)

 

 

474

 

 

 

(12,322

)

 

 

(2,286

)

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(5,425

)

 

 

12,151

 

 

 

(1,038

)

 

 

34,688

 

Controlled and non-controlled, affiliated investments

 

 

22,913

 

 

 

(334

)

 

 

15,029

 

 

 

(81

)

Provision for taxes on unrealized appreciation on investments

 

 

(3,800

)

 

 

 

 

 

(5,340

)

 

 

 

Debt depreciation (appreciation) (See Note 5 and 11)

 

 

(2,363

)

 

 

(10,535

)

 

 

1,247

 

 

 

(14,549

)

Net change in unrealized (depreciation) appreciation on investments and debt

 

 

11,324

 

 

 

1,282

 

 

 

9,897

 

 

 

20,058

 

Net realized and unrealized (loss) gain from investments and debt

 

 

(4,136

)

 

 

1,755

 

 

 

(2,424

)

 

 

17,772

 

Net increase in net assets resulting from operations

 

$

7,246

 

 

$

11,673

 

 

$

21,679

 

 

$

37,804

 

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

 

$

0.18

 

 

$

0.30

 

 

$

0.55

 

 

$

0.98

 

Net investment income per common share

 

$

0.29

 

 

$

0.26

 

 

$

0.61

 

 

$

0.52

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(in thousands, except share issue data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net increase in net assets from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

11,382

 

 

$

9,918

 

 

$

24,104

 

 

$

20,032

 

Net realized gain (loss) on investments

 

 

(15,460

)

 

 

474

 

 

 

(12,322

)

 

 

(2,286

)

Net change in unrealized (depreciation) appreciation on investments

 

 

17,487

 

 

 

11,817

 

 

 

13,990

 

 

 

34,607

 

Net change in provision for taxes on unrealized appreciation on investments

 

 

(3,800

)

 

 

 

 

 

(5,340

)

 

 

 

Net change in unrealized depreciation (appreciation) on debt

 

 

(2,363

)

 

 

(10,535

)

 

 

1,247

 

 

 

(14,549

)

Net increase in net assets resulting from operations

 

 

7,246

 

 

 

11,673

 

 

 

21,679

 

 

 

37,804

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of net investment income

 

 

(11,255

)

 

 

(11,050

)

 

 

(22,361

)

 

 

(22,100

)

Total distributions to stockholders

 

 

(11,255

)

 

 

(11,050

)

 

 

(22,361

)

 

 

(22,100

)

Capital transactions

 

 

 

 

 

 

 

 

 

 

 

 

Public offering (See Note 1)

 

 

26,995

 

 

 

 

 

 

30,514

 

 

 

 

Offering costs

 

 

(405

)

 

 

 

 

 

(458

)

 

 

 

Net increase in net assets resulting from capital transactions

 

 

26,590

 

 

 

 

 

 

30,057

 

 

 

 

Net increase in net assets

 

 

22,581

 

 

 

623

 

 

 

29,375

 

 

 

15,704

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

497,405

 

 

 

492,351

 

 

 

490,611

 

 

 

477,270

 

End of period

 

$

519,986

 

 

$

492,974

 

 

$

519,986

 

 

$

492,974

 

Capital share activity:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued from public offering

 

 

2,058,772

 

 

 

 

 

 

2,328,838

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

 

Six months ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

21,679

 

 

$

37,804

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash
   (used in) provided by operating activities:

 

 

 

 

 

 

Net change in unrealized depreciation on investments

 

 

(13,990

)

 

 

(34,607

)

Net change in unrealized (depreciation) appreciation on debt

 

 

(1,247

)

 

 

14,549

 

Net realized loss on investments

 

 

12,322

 

 

 

2,286

 

Net accretion of discount and amortization of premium

 

 

(2,337

)

 

 

(1,355

)

Purchases of investments

 

 

(448,352

)

 

 

(227,201

)

Payment-in-kind interest

 

 

(844

)

 

 

(2,056

)

Proceeds from dispositions of investments

 

 

342,226

 

 

 

281,670

 

Amortization of deferred financing costs

 

 

32

 

 

 

331

 

(Increase) decrease in interest receivable

 

 

129

 

 

 

855

 

Decrease in receivable for investments sold

 

 

(4,577

)

 

 

 

Increase in prepaid expenses and other assets

 

 

(1,356

)

 

 

173

 

(Decrease) increase in payable for investments purchased

 

 

(13,546

)

 

 

46,669

 

Decrease in interest payable on debt

 

 

1,520

 

 

 

(575

)

Increase (decrease) in base management fee payable

 

 

238

 

 

 

(143

)

Increase (decrease) in performance-based incentive fee payable

 

 

2,081

 

 

 

(770

)

Increase in deferred tax liability

 

 

5,340

 

 

 

 

(Decrease) increase in accrued other expenses

 

 

(1,349

)

 

 

120

 

Net cash (used in) provided by operating activities

 

 

(102,030

)

 

 

117,751

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from public offering

 

 

30,514

 

 

 

 

Offering costs

 

 

(458

)

 

 

 

Distributions paid to stockholders

 

 

(22,238

)

 

 

(22,100

)

Repayment of 2023 Notes issuance (See Notes 5 and 11)

 

 

(20,787

)

 

 

(20,787

)

Proceeds from 2026 Notes issuance (See Notes 5 and 11)

 

 

84,333

 

 

 

96,841

 

Borrowings under Credit Facility (See Notes 5 and 11)

 

 

137,254

 

 

 

113,500

 

Repayments under Credit Facility (See Notes 5 and 11)

 

 

(107,000

)

 

 

(275,199

)

Net cash provided by (used in) financing activities

 

 

101,618

 

 

 

(107,745

)

Net (decrease) increase in cash equivalents

 

 

(411

)

 

 

10,007

 

Effect of exchange rate changes on cash

 

 

650

 

 

 

(946

)

Cash and cash equivalents, beginning of period

 

 

49,826

 

 

 

57,512

 

Cash and cash equivalents, end of period

 

$

50,064

 

 

$

66,573

 

Supplemental disclosures:

 

 

 

 

 

 

Interest paid

 

$

11,356

 

 

$

10,366

 

Taxes paid

 

$

1,733

 

 

$

404

 

Non-cash exchanges and conversions

 

$

22,380

 

 

$

20,334

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2022

(in thousands, except share data)

(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—179.4% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—160.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/06/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

4,963

 

 

 

4,899

 

 

 

4,963

 

Ad.net Acquisition, LLC (Revolver) (7), (9)

 

05/06/2026

 

Media

 

 

 

 

 

 

 

 

1,244

 

 

 

 

 

 

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

9.00

%

 

3M L+800

 

 

 

4,932

 

 

 

4,886

 

 

 

4,734

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

IT Services

 

 

9.00

%

 

3M L+800

 

 

 

575

 

 

 

575

 

 

 

552

 

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

 

07/24/2025

 

IT Services

 

 

 

 

 

 

 

 

1,581

 

 

 

 

 

 

(63

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

6.50

%

 

3M L+550

 

 

 

7,647

 

 

 

7,588

 

 

 

7,647

 

American Teleconferencing Services, Ltd.(7)

 

06/08/2023

 

Telecommunications

 

0.00%

 

(6)

 

 

 

 

7,986

 

 

 

7,915

 

 

 

-

 

American Teleconferencing Services, Ltd. (Revolver) (7)

 

12/08/2022

 

Telecommunications

 

0.00%

 

(6)

 

 

 

 

1,656

 

 

 

1,642

 

 

 

1,375

 

Any Hour Services

 

07/21/2027

 

Energy Equipment and Services

 

 

6.75

%

 

3M L+575

 

 

 

9,978

 

 

 

9,852

 

 

 

9,978

 

Any Hour Services Term Loan I(7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

314

 

 

 

 

 

 

3

 

Any Hour Services Term Loan II(7), (9)

 

01/14/2024

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

3,824

 

 

 

 

 

 

38

 

Any Hour Services (Revolver) (7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,147

 

 

 

 

 

 

 

Apex Service Partners, LLC

 

07/31/2025

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

6,240

 

 

 

6,191

 

 

 

6,240

 

Apex Service Partners, LLC Term Loan B

 

07/31/2025

 

Diversified Consumer Services

 

 

6.50

%

 

1M L+550

 

 

 

298

 

 

 

298

 

 

 

298

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Diversified Consumer Services

 

 

6.37

%

 

1M L+525

 

 

 

19,989

 

 

 

19,821

 

 

 

19,989

 

Apex Service Partners, LLC (Revolver) (7)

 

07/29/2024

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

492

 

 

 

492

 

 

 

492

 

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

 

07/29/2024

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,353

 

 

 

 

 

 

 

API Technologies Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

4.71

%

 

1M L+425

 

 

 

5,835

 

 

 

5,813

 

 

 

5,354

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

6.76

%

 

3M L+575

 

 

 

8,913

 

 

 

8,780

 

 

 

8,802

 

Applied Technical Services, LLC (7), (9)

 

06/29/2022

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

4,578

 

 

 

 

 

 

(6

)

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Commercial Services & Supplies

 

 

8.25

%

 

3M L+475

 

 

 

191

 

 

 

191

 

 

 

189

 

Applied Technical Services, LLC (Revolver) (7), (9)

 

12/29/2026

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,082

 

 

 

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