10-Q 1 pnnt-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: 814-00736

 

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.)

 

 

1691 Michigan Avenue,

Miami Beach, Florida

 

33319

(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

PNNT

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 66,131,651.

 

 

 

 


 

PENNANTPARK INVESTMENT CORPORATION

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

 

34

 

 

 

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

 

35

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

48

 

 

 

Item 4. Controls and Procedures

 

49

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

50

 

 

 

Item 1A. Risk Factors

 

50

 

 

 

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

 

51

 

 

 

Item 3. Defaults Upon Senior Securities

 

51

 

 

 

Item 4. Mine Safety Disclosures

 

51

 

 

 

Item 5. Other Information

 

51

 

 

 

Item 6. Exhibits

 

52

 

 

 

SIGNATURES

 

53

 

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 Subsidiary” refers to PNNT Investment Holdings, LLC; “PSLF” refers to PennantPark Senior Loan Fund, LLC, an unconsolidated joint venture; “PTSF II” refers to PennantPark-TSO Senior Loan Fund II, LP, an unconsolidated limited partnership; “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 May 2026; “2026 Notes-2” refers to our 4.00% Notes due November 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

(In thousands, except share data)

 

 

 

March 31, 2022

 

 

September 30, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$875,230 and $729,811, respectively)

 

$

901,587

 

 

$

820,500

 

Non-controlled, affiliated investments (cost—$47,450 and $78,723, respectively)

 

 

36,730

 

 

 

50,161

 

Controlled, affiliated investments (cost—$361,809 and $412,587, respectively)

 

 

275,640

 

 

 

384,628

 

Total investments (cost—$1,284,490 and $1,221,121, respectively)

 

 

1,213,957

 

 

 

1,255,290

 

Cash and cash equivalents (cost—$26,259 and $20,383, respectively)

 

 

26,251

 

 

 

20,357

 

Interest receivable

 

 

3,394

 

 

 

4,958

 

Receivable for investments sold

 

 

 

 

 

12,793

 

Distribution receivable

 

 

2,420

 

 

 

1,694

 

Total assets

 

 

1,246,022

 

 

 

1,295,092

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

9,386

 

 

 

8,045

 

Payable for investments purchased

 

 

9,620

 

 

 

8,407

 

Truist Credit Facility payable, at fair value (cost—$217,920 and $316,545, respectively) (See Notes 5 and 10)

 

 

215,899

 

 

 

314,813

 

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

 

 

 

 

 

84,503

 

2026 Notes payable, net (par— $150,000) (See Notes 5 and 10)

 

 

146,316

 

 

 

145,865

 

2026 Notes-2 payable, net (par— $165,000 and zero, respectively) (See Notes 5 and 10)

 

 

160,946

 

 

 

 

SBA debentures payable, net (par—$27,500 and $63,500, respectively) (See Notes 5 and 10)

 

 

27,026

 

 

 

62,159

 

Base-management fee payable, net (See Note 3)

 

 

4,981

 

 

 

4,580

 

Performance based-incentive fee payable (See Note 3)

 

 

 

 

 

575

 

Interest payable on debt

 

 

6,686

 

 

 

4,943

 

Accrued other expenses

 

 

837

 

 

 

1,058

 

Total liabilities

 

 

581,697

 

 

 

634,948

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 66,131,651 and 67,045,105, respectively, shares issued and outstanding
   Par value $0.001 per share and 100,000,000 shares authorized

 

 

66

 

 

 

67

 

Paid-in capital in excess of par value

 

 

779,938

 

 

 

786,993

 

Accumulated deficit

 

 

(115,679

)

 

 

(126,916

)

Total net assets

 

$

664,325

 

 

$

660,144

 

Total liabilities and net assets

 

$

1,246,022

 

 

$

1,295,092

 

Net asset value per share

 

$

10.05

 

 

$

9.85

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

14,543

 

 

$

11,669

 

 

$

30,083

 

 

$

23,101

 

Payment-in-kind

 

 

996

 

 

 

2,012

 

 

 

3,406

 

 

 

3,471

 

Other income

 

 

2,612

 

 

 

24

 

 

 

6,803

 

 

 

505

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Payment-in-kind

 

 

 

 

 

380

 

 

 

 

 

 

457

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

2,343

 

 

 

2,177

 

 

 

4,609

 

 

 

4,454

 

Payment-in-kind

 

 

1,425

 

 

 

1,519

 

 

 

3,551

 

 

 

3,004

 

Dividend income

 

 

2,420

 

 

 

1,452

 

 

 

4,235

 

 

 

2,973

 

Total investment income

 

 

24,339

 

 

 

19,233

 

 

 

52,687

 

 

 

37,966

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

4,981

 

 

 

4,282

 

 

 

10,090

 

 

 

8,397

 

Performance-based incentive fee (See Note 3)

 

 

 

 

 

 

 

 

2,657

 

 

 

 

Interest and expenses on debt (See Note 10)

 

 

6,498

 

 

 

4,890

 

 

 

13,385

 

 

 

9,894

 

Administrative services expenses (See Note 3)

 

 

250

 

 

 

505

 

 

 

500

 

 

 

1,010

 

Other general and administrative expenses

 

 

723

 

 

 

643

 

 

 

1,446

 

 

 

1,287

 

Expenses before provision for taxes

 

 

12,452

 

 

 

10,320

 

 

 

28,078

 

 

 

20,588

 

Provision for taxes on net investment income

 

 

200

 

 

 

150

 

 

 

400

 

 

 

300

 

Net expenses

 

 

12,652

 

 

 

10,470

 

 

 

28,478

 

 

 

20,888

 

Net investment income

 

 

11,687

 

 

 

8,763

 

 

 

24,209

 

 

 

17,078

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,889

 

 

 

319

 

 

 

7,090

 

 

 

2,450

 

Non-controlled and controlled, affiliated investments

 

 

140,898

 

 

 

 

 

 

109,624

 

 

 

(19,708

)

Debt extinguishment

 

 

(1,132

)

 

 

 

 

 

(2,801

)

 

 

 

Provision for taxes on realized gain on investments

 

 

(5,060

)

 

 

 

 

 

(5,060

)

 

 

 

Net realized gain (loss) on investments and debt

 

 

136,595

 

 

 

319

 

 

 

108,853

 

 

 

(17,258

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(158,062

)

 

 

11,207

 

 

 

(207,665

)

 

 

87,612

 

Non-controlled and controlled, affiliated investments

 

 

6,610

 

 

 

21,969

 

 

 

102,982

 

 

 

39,069

 

Provision for taxes on unrealized appreciation on investments

 

 

5,045

 

 

 

 

 

 

 

 

 

 

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

 

 

1,285

 

 

 

(3,763

)

 

 

289

 

 

 

(16,873

)

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

 

 

(145,122

)

 

 

29,413

 

 

 

(104,394

)

 

 

109,809

 

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

 

 

(8,528

)

 

 

29,732

 

 

 

4,459

 

 

 

92,551

 

Net increase (decrease) in net assets resulting from operations

 

 

3,160

 

 

 

38,495

 

 

$

28,668

 

 

 

109,629

 

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

 

$

0.05

 

 

$

0.57

 

 

$

0.43

 

 

$

1.64

 

Net investment income per common share

 

$

0.18

 

 

$

0.13

 

 

$

0.36

 

 

$

0.25

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share and per share data)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

11,687

 

 

$

8,763

 

 

$

24,209

 

 

$

17,078

 

Net realized gain (loss) on investments and debt

 

 

141,655

 

 

 

319

 

 

 

113,913

 

 

 

(17,258

)

Net change in unrealized (depreciation) appreciation on investments

 

 

(151,452

)

 

 

33,176

 

 

 

(104,683

)

 

 

126,681

 

Net change in provision for taxes on net realized gain (loss) on investments

 

 

(5,060

)

 

 

 

 

 

(5,060

)

 

 

 

Net change in provision for taxes on unrealized appreciation on investments

 

 

5,045

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation depreciation on debt

 

 

1,285

 

 

 

(3,763

)

 

 

289

 

 

 

(16,873

)

Net increase (decrease) in net assets resulting from operations

 

 

3,160

 

 

 

38,495

 

 

 

28,668

 

 

 

109,629

 

Distributions to stockholders:

 

 

(9,386

)

 

 

(8,045

)

 

 

(17,432

)

 

 

(16,091

)

Capital Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock (See Note 13)

 

 

(7,055

)

 

 

 

 

 

(7,055

)

 

 

 

Net increase in net assets

 

 

(13,281

)

 

 

30,450

 

 

 

4,181

 

 

 

93,538

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

677,609

 

 

 

588,797

 

 

 

660,144

 

 

 

525,709

 

End of period

 

$

664,327

 

 

$

619,246

 

 

$

664,324

 

 

$

619,246

 

Capital share activity:

 

 

 

 

 

 

 

 

 

 

 

 

Shares of common stock repurchased

 

 

913,454

 

 

 

 

 

 

913,454

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands, except share and per share data)

 

 

 

Six months ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

28,669

 

 

$

109,629

 

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

 

 

 

 

 

 

Net change in net unrealized (appreciation) depreciation on investments

 

 

104,683

 

 

 

(126,681

)

Net change in unrealized appreciation (depreciation) on debt

 

 

(289

)

 

 

16,873

 

Net realized (gain) loss on investments

 

 

(116,714

)

 

 

17,258

 

Debt extinguishment realized loss

 

 

2,801

 

 

 

 

Net accretion of discount and amortization of premium

 

 

(3,515

)

 

 

(1,643

)

Purchases of investments

 

 

(473,128

)

 

 

(143,008

)

Payment-in-kind income

 

 

(7,688

)

 

 

(7,058

)

Proceeds from dispositions of investments

 

 

537,695

 

 

 

167,585

 

Amortization of deferred financing costs

 

 

1,049

 

 

 

689

 

Decrease in interest receivable

 

 

1,565

 

 

 

90

 

Decrease in receivables from investments sold

 

 

12,793

 

 

 

 

Increase in distribution receivable

 

 

(726

)

 

 

(58

)

Increase in prepaid expenses and other assets

 

 

 

 

 

(1

)

Increase in payable for investments purchased

 

 

1,213

 

 

 

13,120

 

Increase (decrease) in interest payable on debt

 

 

1,742

 

 

 

(15

)

Increase (decrease) in base management fee payable, net

 

 

401

 

 

 

(88

)

Decrease in performance-based incentive fee payable, net

 

 

(575

)

 

 

 

(Decrease) increase in accrued other expenses

 

 

(223

)

 

 

75

 

Net cash (used in) provided by operating activities

 

 

89,753

 

 

 

46,767

 

Cash flows from financing activities:

 

 

 

 

 

 

Repurchase of common stock

 

 

(7,055

)

 

 

 

Distributions paid to stockholders

 

 

(16,091

)

 

 

(16,091

)

Net repayments of the 2024 Notes issuance

 

 

(86,250

)

 

 

 

Proceeds from 2026 Notes-2 issuance

 

 

160,519

 

 

 

 

Repayments under SBA debentures

 

 

(36,358

)

 

 

(10,000

)

Borrowings under Truist Credit Facility

 

 

496,841

 

 

 

91,564

 

Repayments under Truist Credit Facility

 

 

(595,466

)

 

 

(104,271

)

Net cash provided by (used in) financing activities

 

 

(83,859

)

 

 

(38,798

)

Net increase (decrease) in cash equivalents

 

 

5,894

 

 

 

7,969

 

Effect of exchange rate changes on cash

 

 

-

 

 

 

81

 

Cash and cash equivalents, beginning of period

 

 

20,357

 

 

 

25,806

 

Cash and cash equivalents, end of period

 

$

26,251

 

 

$

33,855

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid

 

$

10,594

 

 

$

9,220

 

Taxes paid

 

$

5,055

 

 

$

656

 

Non-cash exchanges and conversions

 

$

(31,274

)

 

$

16,516

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

MARCH 31, 2022

(In thousands, except share data)

 

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—135.7% (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—92.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

05/06/2026

 

Media

 

 

 

 

 

 

 

 

444

 

 

$

 

 

$

 

Altamira Technologies, LLC (Revolver)

 

07/24/2025

 

Aerospace and Defense

 

 

9.00

%

 

3M L+800

 

 

 

50

 

 

 

50

 

 

 

48

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

138

 

 

 

 

 

 

(6

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Materials

 

 

6.50

%

 

3M L+550

 

 

 

10,815

 

 

 

10,730

 

 

 

10,815

 

Any Hour Services

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

6.75

%

 

3M L+575

 

 

 

3,510

 

 

 

3,477

 

 

 

3,510

 

Any Hour Services Term Loan (7)

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

314

 

 

 

 

 

 

3

 

Any Hour Services Term Loan II(7)

 

01/14/2024

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

3,824

 

 

 

 

 

 

38

 

Any Hour Services (Revolver) (7)

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,147

 

 

 

 

 

 

 

Apex Service Partners, LLC

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.50

%

 

1M L+550

 

 

 

3,936

 

 

 

3,936

 

 

 

3,936

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.50

%

 

1M L+550

 

 

 

6,895

 

 

 

6,837

 

 

 

6,895

 

Apex Service Partners, LLC (Revolver)

 

07/29/2024

 

Personal, Food and Miscellaneous Services

 

 

6.36

%

 

3M L+525

 

 

 

249

 

 

 

249

 

 

 

249

 

Apex Service Partners, LLC (Revolver) (7)

 

07/29/2024

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

684

 

 

 

 

 

 

 

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

6.76

%

 

3M L+575

 

 

 

1,306

 

 

 

1,292

 

 

 

1,290

 

Applied Technical Services, LLC (7)

 

06/29/2022

 

Environmental Services

 

 

 

 

 

 

 

 

3,175

 

 

 

 

 

 

(4

)

Applied Technical Services, LLC (Revolver)

 

12/29/2026

 

Environmental Services

 

 

8.25

%

 

3M P +475

 

 

 

150

 

 

 

150

 

 

 

148

 

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Environmental Services

 

 

 

 

 

 

 

 

850

 

 

 

 

 

 

(11

)

Arcfield Acquisition Corp.

 

03/07/2028

 

Aerospace and Defense

 

 

6.50

%

 

3M L+575

 

 

 

12,000

 

 

 

11,762

 

 

 

11,760

 

Arcfield Acquisition Corp. (7)

 

03/07/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,263

 

 

 

 

 

 

 

Blackhawk Industrial Distribution, Inc.

 

09/17/2024

 

Distribution

 

 

6.00

%

 

3M L+500

 

 

 

16,433

 

 

 

16,192

 

 

 

16,186

 

Blackhawk Industrial Distribution, Inc.(7)

 

09/17/2024

 

Distribution

 

 

 

 

 

 

 

 

2,288

 

 

 

 

 

 

(17

)

Blackhawk Industrial Distribution, Inc. (Revolver)

 

09/17/2024

 

Distribution

 

 

6.00

%

 

3M L+500

 

 

 

229

 

 

 

229

 

 

 

225

 

Blackhawk Industrial Distribution, Inc. (Revolver) (7)

 

09/17/2024

 

Distribution

 

 

 

 

 

 

 

 

2,059

 

 

 

 

 

 

(31

)

Bottom Line Systems, LLC

 

02/13/2023

 

Healthcare, Education and Childcare

 

 

6.25