10-Q 1 pflt-10q_20201231.htm 10-Q pflt-10q_20201231.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 DECEMBER 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 February 9, 2021 was 38,772,074. 

 


PENNANTPARK FLOATING RATE CAPITAL LTD.

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

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

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

  

4

 

 

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

  

5

 

 

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

  

6

 

 

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

  

7

 

 

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

  

8

 

 

Notes to Consolidated Financial Statements (unaudited)

  

16

 

 

Report of Independent Registered Public Accounting Firm

  

32

 

 

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

  

33

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

46

 

 

Item 4. Controls and Procedures

  

46

 

 

PART II. OTHER INFORMATION

  

 

 

 

Item 1. Legal Proceedings

  

47

 

 

Item 1A. Risk Factors

  

47

 

 

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

  

47

 

 

Item 3. Defaults Upon Senior Securities

  

47

 

 

Item 4. Mine Safety Disclosures

  

48

 

 

Item 5. Other Information

  

48

 

 

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” 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; “PennantPark Investment Advisers” or “Investment Adviser” refers 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; “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 Loans 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 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

 

 

 

December 31, 2020

 

 

September 30, 2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$848,575,368 and $915,874,757, respectively)

 

$

868,035,566

 

 

$

910,552,309

 

Non-controlled, affiliated investments (cost—$22,908,099 and $21,964,181, respectively)

 

 

7,356,141

 

 

 

11,086,834

 

Controlled, affiliated investments (cost—$202,994,878 and $179,112,500, respectively)

 

 

191,953,675

 

 

 

165,289,324

 

Total of investments (cost—$1,074,478,345 and $1,116,951,438, respectively)

 

 

1,067,345,382

 

 

 

1,086,928,467

 

Cash and cash equivalents (cost—$28,487,798 and $57,534,421, respectively)

 

 

28,488,111

 

 

 

57,511,928

 

Interest receivable

 

 

2,820,458

 

 

 

3,673,502

 

Prepaid expenses and other assets

 

 

186,656

 

 

 

173,318

 

Total assets

 

 

1,098,840,607

 

 

 

1,148,287,215

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

3,683,347

 

 

 

3,683,347

 

Payable for investments purchased

 

 

9,578,076

 

 

 

3,800,000

 

Credit Facility payable, at fair value (cost—$256,900,000 and $308,598,500, respectively) (See Notes 5 and 10)

 

 

253,303,400

 

 

 

299,047,275

 

2023 Notes payable, at fair value (par—$117,792,879 and $138,579,858, respectively) (See Notes 5 and 10)

 

 

106,567,218

 

 

 

129,295,008

 

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

 

 

225,024,045

 

 

 

224,866,334

 

Interest payable on debt

 

 

1,891,525

 

 

 

3,601,479

 

Base management fee payable (See Note 3)

 

 

2,716,172

 

 

 

2,776,477

 

Performance-based incentive fee payable (See Note 3)

 

 

1,761,874

 

 

 

2,071,622

 

Accrued other expenses

 

 

1,964,011

 

 

 

1,875,281

 

Total liabilities

 

 

606,489,668

 

 

 

671,016,823

 

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

 

 

538,151,528

 

 

 

538,151,528

 

Accumulated distributable net loss

 

 

(45,839,361

)

 

 

(60,919,908

)

Total net assets

 

$

492,350,939

 

 

$

477,270,392

 

Total liabilities and net assets

 

$

1,098,840,607

 

 

$

1,148,287,215

 

Net asset value per share

 

$

12.70

 

 

$

12.31

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2020

 

 

2019

 

Investment income:

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

$

15,301,431

 

 

$

18,909,894

 

Other income

 

 

881,785

 

 

 

773,103

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

96,462

 

 

 

225,353

 

Other income

 

 

20,307

 

 

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

2,662,876

 

 

 

3,155,324

 

Dividend

 

 

1,575,000

 

 

 

1,575,000

 

Other income

 

 

195,630

 

 

 

 

Total investment income

 

 

20,733,491

 

 

 

24,638,674

 

Expenses:

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

2,716,172

 

 

 

2,830,159

 

Performance-based incentive fee (See Note 3)

 

 

1,761,874

 

 

 

2,315,834

 

Interest and expenses on debt (See Note 10)

 

 

5,341,340

 

 

 

7,307,264

 

Administrative services expenses (See Note 3)

 

 

300,000

 

 

 

350,000

 

Other general and administrative expenses

 

 

400,000

 

 

 

616,077

 

Expenses before provision for taxes

 

 

10,519,386

 

 

 

13,419,334

 

Provision for taxes

 

 

100,000

 

 

 

100,000

 

Total expenses

 

 

10,619,386

 

 

 

13,519,334

 

Net investment income

 

 

10,114,105

 

 

 

11,119,340

 

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

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(1,707,698

)

 

 

1,012,313

 

Controlled and non-controlled, affiliated investments

 

 

(1,052,048

)

 

 

 

Net realized (loss) gain on investments

 

 

(2,759,746

)

 

 

1,012,313

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

22,537,278

 

 

 

2,379,358

 

Controlled and non-controlled, affiliated investments

 

 

252,766

 

 

 

(5,899,705

)

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

 

 

(4,013,815

)

 

 

1,361,588

 

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

 

 

18,776,229

 

 

 

(2,158,759

)

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

 

 

16,016,483

 

 

 

(1,146,446

)

Net increase in net assets resulting from operations

 

$

26,130,588

 

 

$

9,972,894

 

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

 

$

0.67

 

 

$

0.26

 

Net investment income per common share

 

$

0.26

 

 

$

0.29

 

 

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 December 31,

 

 

 

2020

 

 

2019

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

10,114,105

 

 

$

11,119,340

 

Net realized (loss) gain on investments

 

 

(2,759,746

)

 

 

1,012,313

 

Net change in unrealized appreciation (depreciation) on investments

 

 

22,790,044

 

 

 

(3,520,347

)

Net change in unrealized (appreciation) depreciation on debt

 

 

(4,013,815

)

 

 

1,361,588

 

Net increase in net assets resulting from operations

 

 

26,130,588

 

 

 

9,972,894

 

Distributions to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

Net increase (decrease) in net assets

 

 

15,080,547

 

 

 

(1,077,147

)

Net assets:

 

 

 

 

 

 

 

 

Beginning of period

 

 

477,270,392

 

 

 

503,057,511

 

End of period

 

$

492,350,939

 

 

$

501,980,364

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

26,130,588

 

 

$

9,972,894

 

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

   provided (used) by operating activities:

 

 

 

 

 

 

 

 

Net change in unrealized (appreciation) depreciation on investments

 

 

(22,790,044

)

 

 

3,520,347

 

Net change in unrealized appreciation (depreciation) on debt

 

 

4,013,815

 

 

 

(1,361,588

)

Net realized loss (gain) on investments

 

 

2,759,746

 

 

 

(1,012,313

)

Net accretion of discount and amortization of premium

 

 

(557,400

)

 

 

(486,937

)

Purchases of investments

 

 

(66,964,523

)

 

 

(239,443,417

)

Payment-in-kind interest

 

 

(1,522,805

)

 

 

(822,850

)

Proceeds from dispositions of investments

 

 

109,603,991

 

 

 

143,743,301

 

Amortization of deferred financing costs

 

 

157,711

 

 

 

72,101

 

Decrease in interest receivable

 

 

853,044

 

 

 

747,597

 

Increase in receivable for investments sold

 

 

 

 

 

(55,428,416

)

(Increase) decrease in prepaid expenses and other assets

 

 

(13,338

)

 

 

38,577

 

Increase in payable for investments purchased

 

 

5,778,076

 

 

 

73,423,853

 

(Decrease) increase in interest payable on debt

 

 

(1,709,954

)

 

 

809,575

 

(Decrease) increase in base management fee payable

 

 

(60,305

)

 

 

102,140

 

Decrease in performance-based incentive fee payable

 

 

(309,748

)

 

 

(216,371

)

Increase in accrued other expenses

 

 

88,730

 

 

 

253,496

 

Net cash provided (used) by operating activities

 

 

55,457,584

 

 

 

(66,088,011

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(11,050,041

)

 

 

(11,050,041

)

Repayments of 2023 Notes (See Notes 5 and 10)

 

 

(20,786,979

)

 

 

 

Borrowings under Credit Facility (See Notes 5 and 10)

 

 

27,500,000

 

 

 

86,000,000

 

Repayments under Credit Facility (See Notes 5 and 10)

 

 

(79,198,500

)

 

 

(16,000,000

)

Net cash (used) provided by financing activities

 

 

(83,535,520

)

 

 

58,949,959

 

Net decrease in cash and cash equivalents

 

 

(28,077,936

)

 

 

(7,138,052

)

Effect of exchange rate changes on cash

 

 

(945,881

)

 

 

92,865

 

Cash and cash equivalents, beginning of period

 

 

57,511,928

 

 

 

63,337,728

 

Cash and cash equivalents, end of period

 

$

28,488,111

 

 

$

56,292,541

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

6,893,583

 

 

$

6,425,587

 

Taxes paid

 

$

3,682

 

 

$

37,086

 

Non-cash exchanges and conversions

 

$

20,334,379

 

 

$

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 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—176.3% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—157.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 Freemont Street Acquisition, LLC

 

08/11/2025

 

Hotels, Restaurants and Leisure

 

 

9.50

%

 

1M L+800

 

 

 

6,697,697

 

 

$

6,585,517

 

 

$

6,630,720

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

7.00

%

 

3M L+600

 

 

 

6,231,751

 

 

 

6,156,590

 

 

 

5,951,323

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

IT Services

 

 

7.00

%

 

3M L+600

 

 

 

575,000

 

 

 

575,000

 

 

 

549,125

 

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

 

07/24/2025

 

IT Services

 

 

 

 

 

 

 

 

1,581,250

 

 

 

 

 

 

(71,156

)

American Auto Auction Group, LLC

 

01/02/2024

 

Transportation: Consumer

 

 

6.00

%

 

3M L+500

 

 

 

7,366,113

 

 

 

7,303,354

 

 

 

7,145,129

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

6.50

%

 

3M L+550

 

 

 

14,737,640

 

 

 

14,551,784

 

 

 

14,516,575

 

American Teleconferencing Services, Ltd.

 

06/08/2023

 

Telecommunications

 

 

7.50

%

 

3M L+650

 

 

 

9,646,899

 

 

 

9,551,068

 

 

 

8,103,395

 

Apex Service Partners, LLC

 

07/31/2025

 

Energy Equipment and Services

 

 

6.25

%

 

1M L+525

 

 

 

10,396,314

 

 

 

10,296,575

 

 

 

10,396,314

 

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

 

07/31/2021

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,866,535

 

 

 

 

 

 

 

API Technologies Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

4.40

%

 

1M L+425

 

 

 

5,910,000

 

 

 

5,883,546

 

 

 

5,599,725

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

6.75

%

 

3M L+575

 

 

 

9,545,455

 

 

 

9,331,335

 

 

 

9,330,682

 

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

 

06/29/2022

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

3,181,818

 

 

 

 

 

 

 

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

 

12/29/2026

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,272,727

 

 

 

 

 

 

 

BEI Precision Systems & Space Company, Inc.

 

04/28/2023

 

Aerospace and Defense

 

 

6.50

%

 

3M L+550

 

 

 

11,580,000

 

 

 

11,506,491

 

 

 

11,522,100

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

7.25

%

 

3M L+625

 

 

 

28,618,332

 

 

 

28,489,487

 

 

 

28,618,332

 

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

 

05/16/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

3,062,602

 

 

 

 

 

 

 

Cadence Aerospace, LLC (7)

 

11/14/2023

 

Aerospace and Defense

 

 

9.50

%

 

3M L+650

 

 

 

2,922,677

 

 

 

2,900,655

 

 

 

2,834,412

 

 

 

 

 

 

 

 

(PIK 9.50

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cardenas Markets LLC

 

11/29/2023

 

Beverage, Food and Tobacco

 

 

6.75

%

 

1M L+575

 

 

 

3,785,592

 

 

 

3,788,605

 

 

 

3,690,952

 

CHA Holdings, Inc.

 

04/10/2025

 

Environmental Industries

 

 

5.50

%

 

3M L+450

 

 

 

7,273,133

 

 

 

7,249,615

 

 

 

7,127,670

 

Challenger Performance Optimization, Inc. (Revolver) (7), (9)

 

08/31/2023

 

Business Services

 

 

 

 

 

 

 

 

711,447

 

 

 

 

 

 

(39,130

)

Compex Legal Services, Inc.

 

02/09/2026

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

7,711,197

 

 

 

7,569,066

 

 

 

7,476,777

 

Compex Legal Services, Inc. (Revolver) (7)

 

02/07/2025

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

983,962

 

 

 

983,962

 

 

 

954,050

 

Compex Legal Services, Inc. (Revolver) (7), (9)

 

02/07/2025

 

Professional Services

 

 

 

 

 

 

 

 

421,698

 

 

 

 

 

 

(12,820

)

Confluent Health, LLC

 

06/24/2026

 

Health Providers and Services

 

 

5.15

%

 

1M L+500

 

 

 

3,940,000

 

 

 

3,905,138

 

 

 

3,871,050

 

Datalot Inc.

 

01/24/2025

 

Insurance

 

 

6.25

%

 

3M L+525

 

 

 

15,219,468

 

 

 

14,956,248

 

 

 

15,219,468

 

Datalot Inc. (Revolver) (7), (9)

 

01/24/2025

 

Insurance

 

 

 

 

 

 

 

 

3,833,619

 

 

 

 

 

 

 

Digital Room Holdings, Inc.

 

05/22/2026

 

Media: Advertising, Printing and Publishing

 

 

5.27

%

 

1M L+500

 

 

 

9,850,000

 

 

 

9,716,191

 

 

 

9,234,375

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

6,595,960

 

 

 

6,543,215

 

 

 

6,530,000

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

P+475

 

 

 

1,463,725

 

 

 

1,463,725

 

 

 

1,449,088

 

(Revolver)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,927,451

 

 

 

 

 

 

(29,274

)

(Revolver) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas Sewer Intermediate, LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

3,014,109

 

 

 

3,002,009

 

 

 

2,983,968

 

DRS Holdings III, Inc.

 

11/03/2025

 

Personal Products

 

 

6.75

%

 

3M L+575

 

 

 

4,950,000

 

 

 

4,907,849

 

 

 

4,954,950

 

DRS Holdings III, Inc. (Revolver) (7), (9)

 

11/03/2025

 

Personal Products

 

 

 

 

 

 

 

 

903,716

 

 

 

 

 

 

904

 

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

9.00

%

 

3M L+800

 

 

 

19,039,079

 

 

 

18,939,595

 

 

 

18,277,516

 

 

 

 

 

 

 

 

(PIK 3.50

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ECM Industries, LLC

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

5.50

%

 

1M L+450

 

 

 

5,063,199

 

 

 

5,017,551

 

 

 

5,063,199

 

ECM Industries, LLC (Revolver)

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

5.50

%

 

1M L+450

 

 

 

914,415

 

 

 

914,415

 

 

 

914,415

 

eCommission Financial Services, Inc. (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

6.00

%

 

1M L+500

 

 

 

16,007,500

 

 

 

16,007,500

 

 

 

15,767,388

 

eCommission Financial Services, Inc. (Revolver) (7), (9), (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

5,000,000

 

 

 

 

 

 

(75,000

)

Education Networks of America, Inc.

 

05/06/2021

 

Telecommunications

 

 

10.00

%

 

1M L+925

 

 

 

9,853,742

 

 

 

9,853,742

 

 

 

9,853,742

 

 

 

 

 

 

 

 

(PIK 4.75

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Education Networks of America, Inc. (Revolver)

 

05/06/2021

 

Telecommunications

 

 

10.00

%

 

1M L+925

 

 

 

2,212,930

 

 

 

2,212,930

 

 

 

2,212,930

 

 

 

 

 

 

 

 

(PIK 4.75

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Education Networks of America, Inc. (Revolver) (9)

 

05/06/2021

 

Telecommunications

 

 

 

 

 

 

 

 

57,236

 

 

 

 

 

 

 

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2022

 

Media: Diversified and Production

 

 

7.75

%

 

3M L+675

 

 

 

7,189,139

 

 

 

7,171,800

 

 

 

6,560,089

 

Empire Resorts, Inc.

 

03/22/2021

 

Hotel, Gaming and Leisure

 

 

3.40

%

 

1M L+325

 

 

 

7,500,000

 

 

 

7,476,667

 

 

 

7,250,025

 

FlexPrint, LLC

 

01/02/2024

 

Professional Services

 

 

7.29

%

 

3M L+705

 

 

 

4,769,595

 

 

 

4,716,502

 

 

 

4,721,899

 

GCOM Software LLC

 

11/14/2022

 

High Tech Industries

 

 

7.75

%

 

1M L+625

 

 

 

13,588,109

 

 

 

13,409,248

 

 

 

13,588,109

 

GCOM Software LLC (Revolver) (7)

 

11/14/2022

 

High Tech Industries

 

 

8.75

%

 

1M L+550

 

 

 

266,667

 

 

 

266,667

 

 

 

266,667

 

GCOM Software LLC (Revolver) (7), (9)

 

11/14/2022

 

High Tech Industries

 

 

 

 

 

 

 

 

2,400,000

 

 

 

 

 

 

 

Good2Grow LLC

 

11/18/2024

 

Beverages

 

 

5.25

%

 

3M L+425

 

 

 

5,699,510

 

 

 

5,659,192

 

 

 

5,699,510

 

Good2Grow LLC (Revolver) (7), (9)

 

11/16/2023

 

Beverages

 

 

 

 

 

 

 

 

3,137,000

 

 

 

 

 

 

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

6.25

%

 

3M L+450

 

 

 

6,000,000

 

 

 

5,850,295

 

 

 

5,850,000

 

Hancock Roofing and Construction L.L.C. (7), (9)

 

12/31/2022

 

Insurance

 

 

 

 

 

 

 

 

1,500,000

 

 

 

 

<