Consolidation
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, 2018
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)
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 |
|
☐ (Do not check if a smaller reporting company) |
|
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 10, 2018 was 38,772,074.
PENNANTPARK FLOATING RATE CAPITAL LTD.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2018
TABLE OF CONTENTS
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 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” refers to PennantPark Investment Administration, LLC; “Credit Facility” refers to our multi-currency, senior secured revolving credit facility, as amended and restated; “2023 Notes” refers to our 3.83% Series A notes due 2023; “1940 Act” refers to the Investment Company Act of 1940, as amended; “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. 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
|
|
|
March 31, 2018 |
|
|
September 30, 2017 |
|
||
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$752,786,913 and $665,514,821, respectively) |
|
$ |
756,508,349 |
|
|
$ |
666,973,639 |
|
|
Controlled, affiliated investments (cost—$76,000,000 and $43,000,000, respectively) |
|
|
77,278,843 |
|
|
|
43,525,143 |
|
|
Total of investments (cost—$828,786,913 and $708,514,821, respectively) |
|
|
833,787,192 |
|
|
|
710,498,782 |
|
|
Cash and cash equivalents (cost—$48,414,852 and $18,847,673, respectively) |
|
|
48,407,896 |
|
|
|
18,910,756 |
|
|
Interest receivable |
|
|
2,726,987 |
|
|
|
2,520,506 |
|
|
Receivable for investments sold |
|
|
1,062,342 |
|
|
|
14,185,850 |
|
|
Prepaid expenses and other assets |
|
|
718,042 |
|
|
|
1,229,505 |
|
|
Total assets |
|
|
886,702,459 |
|
|
|
747,345,399 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Distributions payable |
|
|
3,683,347 |
|
|
|
3,085,607 |
|
|
Payable for investments purchased |
|
|
9,826,176 |
|
|
|
21,730,512 |
|
|
Credit Facility payable (cost—$190,173,311 and $253,783,301, respectively) (See Notes 5 and 10) |
|
|
191,522,414 |
|
|
|
256,858,457 |
|
|
2023 Notes payable (cost—$138,579,858 and zero, respectively) (See Notes 5 and 10) |
|
|
131,872,593 |
|
|
|
— |
|
|
Interest payable on debt |
|
|
2,610,482 |
|
|
|
693,787 |
|
|
Base management fee payable (See Note 3) |
|
|
1,929,703 |
|
|
|
1,784,806 |
|
|
Performance-based incentive fee payable (See Note 3) |
|
|
2,947,562 |
|
|
|
5,061,217 |
|
|
Accrued other expenses |
|
|
350,212 |
|
|
|
224,739 |
|
|
Total liabilities |
|
|
344,742,489 |
|
|
|
289,439,125 |
|
|
Commitments and contingencies (See Note 11) |
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
|
|
|
|
|
|
Common stock, 38,772,074 and 32,480,074 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized |
|
|
38,772 |
|
|
|
32,480 |
|
|
Paid-in capital in excess of par value |
|
|
539,462,336 |
|
|
|
451,448,872 |
|
|
(Distributions in excess of) undistributed net investment income |
|
|
(10,850,935 |
) |
|
|
3,163,645 |
|
|
Accumulated net realized gain on investments |
|
|
2,965,895 |
|
|
|
4,289,389 |
|
|
Net unrealized appreciation on investments |
|
|
4,985,740 |
|
|
|
2,047,044 |
|
|
Net unrealized depreciation (appreciation) on debt |
|
|
5,358,162 |
|
|
|
(3,075,156 |
) |
|
Total net assets |
|
$ |
541,959,970 |
|
|
$ |
457,906,274 |
|
|
Total liabilities and net assets |
|
$ |
886,702,459 |
|
|
$ |
747,345,399 |
|
|
Net asset value per share |
|
$ |
13.98 |
|
|
$ |
14.10 |
|
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, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
14,639,839 |
|
|
$ |
12,917,094 |
|
|
$ |
28,507,259 |
|
|
$ |
24,868,929 |
|
|
Other income |
|
|
262,878 |
|
|
|
303,804 |
|
|
|
696,058 |
|
|
|
983,237 |
|
|
From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
898,103 |
|
|
|
— |
|
|
|
1,433,863 |
|
|
|
— |
|
|
Dividend |
|
|
700,000 |
|
|
|
— |
|
|
|
700,000 |
|
|
|
— |
|
|
Total investment income |
|
|
16,500,820 |
|
|
|
13,220,898 |
|
|
|
31,337,180 |
|
|
|
25,852,166 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee (See Note 3) |
|
|
1,929,703 |
|
|
|
1,731,417 |
|
|
|
3,751,766 |
|
|
|
3,327,144 |
|
|
Performance-based incentive fee (See Note 3) |
|
|
375,101 |
|
|
|
453,666 |
|
|
|
523,111 |
|
|
|
1,923,035 |
|
|
Interest and expenses on debt (See Note 10) |
|
|
3,477,374 |
|
|
|
1,998,347 |
|
|
|
6,095,682 |
|
|
|
3,799,072 |
|
|
Administrative services expenses (See Note 3) |
|
|
500,000 |
|
|
|
561,250 |
|
|
|
1,000,000 |
|
|
|
1,122,500 |
|
|
Other general and administrative expenses |
|
|
618,750 |
|
|
|
357,500 |
|
|
|
1,237,501 |
|
|
|
715,000 |
|
|
Expenses before amendment costs, debt issuance costs and provision for taxes |
|
|
6,900,928 |
|
|
|
5,102,180 |
|
|
|
12,608,060 |
|
|
|
10,886,751 |
|
|
Credit Facility amendment costs and debt issuance costs (See Notes 5 and 10) |
|
|
— |
|
|
|
— |
|
|
|
10,869,098 |
|
|
|
— |
|
|
Provision for taxes |
|
|
200,000 |
|
|
|
90,000 |
|
|
|
400,000 |
|
|
|
115,000 |
|
|
Total expenses |
|
|
7,100,928 |
|
|
|
5,192,180 |
|
|
|
23,877,158 |
|
|
|
11,001,751 |
|
|
Net investment income |
|
|
9,399,892 |
|
|
|
8,028,718 |
|
|
|
7,460,022 |
|
|
|
14,850,415 |
|
|
Realized and unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments |
|
|
1,463,057 |
|
|
|
1,960,610 |
|
|
|
(1,323,494 |
) |
|
|
2,510,011 |
|
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(1,013,160 |
) |
|
|
(2,744,991 |
) |
|
|
2,184,996 |
|
|
|
(198,966 |
) |
|
Controlled, affiliated investments |
|
|
435,258 |
|
|
|
— |
|
|
|
753,700 |
|
|
|
— |
|
|
Debt depreciation (appreciation) (See Notes 5 and 10) |
|
|
5,304,713 |
|
|
|
38,808 |
|
|
|
8,433,318 |
|
|
|
(1,029,406 |
) |
|
Net change in unrealized appreciation (depreciation) on investments and debt |
|
|
4,726,811 |
|
|
|
(2,706,183 |
) |
|
|
11,372,014 |
|
|
|
(1,228,372 |
) |
|
Net realized and unrealized gain (loss) from investments and debt |
|
|
6,189,868 |
|
|
|
(745,573 |
) |
|
|
10,048,520 |
|
|
|
1,281,639 |
|
|
Net increase in net assets resulting from operations |
|
$ |
15,589,760 |
|
|
$ |
7,283,145 |
|
|
$ |
17,508,542 |
|
|
$ |
16,132,054 |
|
|
Net increase in net assets resulting from operations per common share (See Note 7) |
|
$ |
0.40 |
|
|
$ |
0.25 |
|
|
$ |
0.46 |
|
|
$ |
0.57 |
|
|
Net investment income per common share |
|
$ |
0.24 |
|
|
$ |
0.27 |
|
|
$ |
0.20 |
|
|
$ |
0.53 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
|
|
|
Six Months Ended March 31, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
Net increase in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
7,460,022 |
|
|
$ |
14,850,415 |
|
|
Net realized (loss) gain on investments |
|
|
(1,323,494 |
) |
|
|
2,510,011 |
|
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
2,938,696 |
|
|
|
(198,966 |
) |
|
Net change in unrealized depreciation (appreciation) on debt |
|
|
8,433,318 |
|
|
|
(1,029,406 |
) |
|
Net increase in net assets resulting from operations |
|
|
17,508,542 |
|
|
|
16,132,054 |
|
|
Distributions to stockholders |
|
|
(21,474,602 |
) |
|
|
(16,328,642 |
) |
|
Capital transactions |
|
|
|
|
|
|
|
|
|
Public offering (See Note 1) |
|
|
89,031,800 |
|
|
|
80,986,450 |
|
|
Offering costs |
|
|
(1,012,044 |
) |
|
|
(470,000 |
) |
|
Net increase in net assets resulting from capital transactions |
|
|
88,019,756 |
|
|
|
80,516,450 |
|
|
Net increase in net assets |
|
|
84,053,696 |
|
|
|
80,319,862 |
|
|
Net assets: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
457,906,274 |
|
|
|
375,906,828 |
|
|
End of period |
|
$ |
541,959,970 |
|
|
$ |
456,226,690 |
|
|
(Distribution in excess of) undistributed net investment income, end of period |
|
$ |
(10,850,935 |
) |
|
$ |
3,081,419 |
|
|
Capital share activity: |
|
|
|
|
|
|
|
|
|
Shares issued from public offering |
|
|
6,292,000 |
|
|
|
5,750,000 |
|
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, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
$ |
17,508,542 |
|
|
$ |
16,132,054 |
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Net change in unrealized (appreciation) depreciation on investments |
|
|
(2,938,696 |
) |
|
|
198,966 |
|
|
Net change in unrealized (depreciation) appreciation on debt |
|
|
(8,433,318 |
) |
|
|
1,029,406 |
|
|
Net realized loss (gain) on investments |
|
|
1,323,494 |
|
|
|
(2,510,011 |
) |
|
Net accretion of discount and amortization of premium |
|
|
(793,775 |
) |
|
|
(914,309 |
) |
|
Purchases of investments |
|
|
(315,338,526 |
) |
|
|
(271,128,128 |
) |
|
Payment-in-kind interest |
|
|
(327,152 |
) |
|
|
(199,470 |
) |
|
Proceeds from dispositions of investments |
|
|
195,684,288 |
|
|
|
141,939,924 |
|
|
Increase in interest receivable |
|
|
(206,481 |
) |
|
|
(736,514 |
) |
|
Decrease (increase) in receivable for investments sold |
|
|
13,123,508 |
|
|
|
(1,421,888 |
) |
|
Decrease in prepaid expenses and other assets |
|
|
511,463 |
|
|
|
134,576 |
|
|
(Decrease) increase in payable for investments purchased |
|
|
(11,904,336 |
) |
|
|
1,809,030 |
|
|
Increase in interest payable on debt |
|
|
1,916,695 |
|
|
|
158,057 |
|
|
Increase in base management fee payable |
|
|
144,897 |
|
|
|
272,793 |
|
|
Decrease in performance-based incentive fee payable |
|
|
(2,113,655 |
) |
|
|
(1,252,326 |
) |
|
Increase (decrease) in accrued other expenses |
|
|
125,473 |
|
|
|
(202,977 |
) |
|
Net cash used in operating activities |
|
|
(111,717,579 |
) |
|
|
(116,690,817 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Public offering |
|
|
89,031,800 |
|
|
|
80,986,450 |
|
|
Offering costs |
|
|
(1,012,044 |
) |
|
|
(470,000 |
) |
|
Distributions paid to stockholders |
|
|
(20,876,862 |
) |
|
|
(15,782,392 |
) |
|
Proceeds from 2023 Notes issuance (See Notes 5 and 10) |
|
|
138,579,858 |
|
|
|
— |
|
|
Borrowings under Credit Facility (See Notes 5 and 10) |
|
|
61,485,010 |
|
|
|
196,502,000 |
|
|
Repayments under Credit Facility (See Notes 5 and 10) |
|
|
(125,095,000 |
) |
|
|
(129,500,000 |
) |
|
Net cash provided by financing activities |
|
|
142,112,762 |
|
|
|
131,736,058 |
|
|
Net increase in cash equivalents |
|
|
30,395,183 |
|
|
|
15,045,241 |
|
|
Effect of exchange rate changes on cash |
|
|
(898,043 |
) |
|
|
17,839 |
|
|
Cash and cash equivalents, beginning of period |
|
|
18,910,756 |
|
|
|
28,910,973 |
|
|
Cash and cash equivalents, end of period |
|
$ |
48,407,896 |
|
|
$ |
43,974,053 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
15,048,085 |
|
|
$ |
3,641,015 |
|
|
Taxes paid |
|
$ |
377,618 |
|
|
$ |
— |
|
|
Non-cash exchanges and conversions |
|
$ |
53,200,000 |
|
|
$ |
709,685 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2018
(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—139.6% (3), (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
First Lien Secured Debt—130.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Cable Communications, LLC |
|
08/09/2021 |
|
Telecommunications |
|
|
8.06 |
% |
|
3M L+575 |
|
|
|
15,988,750 |
|
|
$ |
15,817,878 |
|
|
$ |
15,988,750 |
|
|
|
Alera Group Intermediate Holdings, Inc. |
|
12/30/2022 |
|
Banking, Finance, Insurance and Real Estate |
|
|
7.16 |
% |
|
1M L+550 |
|
|
|
12,545,263 |
|
|
|
12,470,434 |
|
|
|
12,545,263 |
|
|
|
Alera Group Intermediate Holdings, Inc. (Revolver) (8), (9) |
|
12/30/2021 |
|
Banking, Finance, Insurance and Real Estate |
|
|
— |
|
|
|
— |
|
|
|
1,771,962 |
|
|
|
— |
|
|
|
— |
|
|
Alera Group Intermediate Holdings, Inc. (8), (9) |
|
12/30/2022 |
|
Banking, Finance, Insurance and Real Estate |
|
|
— |
|
|
|
— |
|
|
|
3,884,016 |
|
|
|
— |
|
|
|
— |
|
|
Allied America, Inc. (8) |
|
08/08/2022 |
|
Business Services |
|
|
9.31 |
% |
|
3M L+700 |
|
|
|
1,694,346 |
|
|
|
1,694,346 |
|
|
|
1,702,818 |
|
|
|
American Auto Auction Group, LLC |
|
11/30/2021 |
|
Transportation: Consumer |
|
|
6.94 |
% |
|
3M L+525 |
|
|
|
5,902,594 |
|
|
|
5,835,968 |
|
|
|
5,814,056 |
|
|
|
American Scaffold |
|
03/31/2022 |
|
Aerospace and Defense |
|
|
8.80 |
% |
|
3M L+650 |
|
|
|
4,625,000 |
|
|
|
4,573,553 |
|
|
|
4,578,750 |
|
|
|
American Teleconferencing Services, Ltd. |
|
12/08/2021 |
|
Telecommunications |
|
|
8.29 |
% |
|
3M L+650 |
|
|
|
10,396,978 |
|
|
|
10,252,904 |
|
|
|
10,350,191 |
|
|
|
Anesthesia Consulting & Management, LP |
|
10/31/2022 |
|
Healthcare and Pharmaceuticals |
|
|
8.24 |
% |
|
2M L+625 |
|
|
|
3,586,667 |
|
|
|
3,557,811 |
|
|
|
3,505,967 |
|
|
|
API Technologies Corp. |
|
04/22/2022 |
|
Aerospace and Defense |
|
|
8.23 |
% |
|
3M L+650 |
|
|
|
4,819,553 |
|
|
|
4,749,960 |
|
|
|
4,843,651 |
|
|
|
Beauty Industry Group Opco, LLC |
|
06/14/2021 |
|
Consumer Goods: Non-Durable |
|
|
6.92 |
% |
|
1M L+450 |
|
|
|
14,741,911 |
|
|
|
14,594,677 |
|
|
|
14,594,492 |
|
|
|
BEI Precision Systems & Space Company, Inc. |
|
04/28/2023 |
|
Aerospace and Defense |
|
|
7.81 |
% |
|
3M L+550 |
|
|
|
11,910,000 |
|
|
|
11,803,218 |
|
|
|
11,790,900 |
|
|
|
By Light Professional IT Services, LLC |
|
05/16/2022 |
|
High Tech Industries |
|
|
9.11 |
% |
|
3M L+725 |
|
|
|
15,563,421 |
|
|
|
15,235,192 |
|
|
|
15,563,421 |
|
|
|
By Light Professional IT Services, LLC (Revolver) (8), (9) |
|
05/16/2022 |
|
High Tech Industries |
|
|
— |
|
|
|
— |
|
|
|
2,311,784 |
|
|
|
— |
|
|
|
— |
|
|
Cadence Aerospace, LLC |
|
11/14/2023 |
|
Aerospace and Defense |
|
|
8.33 |
% |
|
3M L+650 |
|
|
|
10,972,500 |
|
|
|
10,869,193 |
|
|
|
10,985,573 |
|
|
|
Camin Cargo Control, Inc. |
|
06/30/2021 |
|
Transportation: Cargo |
|
|
6.63 |
% |
|
1M L+475 |
|
|
|
2,431,250 |
|
|
|
2,416,865 |
|
|
|
2,334,000 |
|
|
|
Cardenas Markets LLC |
|
11/29/2023 |
|
Beverage, Food and Tobacco |
|
|
7.63 |
% |
|
1M L+575 |
|
|
|
3,894,033 |
|
|
|
3,902,552 |
|
|
|
3,913,504 |
|
|
|
CD&R TZ Purchaser, Inc. |
|
07/21/2023 |
|
Consumer Goods: Durable |
|
|
8.30 |
% |
|
3M L+600 |
|
|
|
12,312,500 |
|
|
|
12,052,563 |
|
|
|
12,035,469 |
|
|
|
Chicken Soup for the Soul Publishing, LLC |
|
01/08/2019 |
|
Media: Advertising, Printing and Publishing |
|
|
7.92 |
% |
|
1M L+625 |
|
|
|
4,564,286 |
|
|
|
4,554,375 |
|
|
|
4,244,786 |
|
|
|
Clarus Glassboards LLC |
|
03/16/2023 |
|
Construction and Building |
|
|
7.13 |
% |
|
1M L+525 |
|
|
|
3,815,000 |
|
|
|
3,781,490 |
|
|
|
3,815,000 |
|
|
|
Country Fresh Holdings, LLC |
|
03/31/2023 |
|
Beverage, Food and Tobacco |
|
|
7.30 |
% |
|
3M L+500 |
|
|
|
19,365,736 |
|
|
|
19,322,714 |
|
|
|
18,584,580 |
|
|
|
Credit Infonet, Inc. (8) |
|
03/13/2023 |
|
High Tech Industries |
|
|
8.09 |
% |
|
3M L+600 |
|
|
|
28,668,067 |
|
|
|
28,453,915 |
|
|
|
28,453,057 |
|
|
|
Credit Infonet, Inc. (Revolver) (8), (9) |
|
03/13/2023 |
|
High Tech Industries |
|
|
— |
|
|
|
— |
|
|
|
1,000,000 |
|
|
|
— |
|
|
|
— |
|
|
DBI Holding, LLC |
|
08/02/2021 |
|
Business Services |
|
|
7.13 |
% |
|
1M L+525 |
|
|
|
14,228,082 |
|
|
|
14,112,152 |
|
|
|
14,228,082 |
|
|
|
DBI Holding, LLC (Revolver) (8), (9) |
|
08/02/2021 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
3,246,944 |
|
|
|
— |
|
|
|
— |
|
|
Deva Holdings, Inc. |
|
10/31/2023 |
|
Consumer Goods: Non-Durable |
|
|
8.14 |
% |
|
3M L+675 |
|
|
|
27,431,250 |
|
|
|
26,911,319 |
|
|
|
27,156,938 |
|
|
|
Deva Holdings, Inc. (Revolver) (8), (9) |
|
10/31/2022 |
|
Consumer Goods: Non-Durable |
|
|
— |
|
|
|
— |
|
|
|
2,115,000 |
|
|
|
— |
|
|
|
— |
|
|
Digital Room Holdings, Inc. (8) |
|
12/29/2023 |
|
Media: Advertising, Printing and Publishing |
|
|
6.88 |
% |
|
1M L+500 |
|
|
|
16,458,750 |
|
|
|
16,297,045 |
|
|
|
16,335,309 |
|
|
|
Douglas Products and Packaging Company LLC |
|
03/29/2022 |
|
Chemicals, Plastics and Rubber |
|
|
8.05 |
% |
|
3M L+575 |
|
|
|
14,558,824 |
|
|
|
14,304,409 |
|
|
|
14,304,044 |
|
|
|
Douglas Products and Packaging Company LLC |
|
03/29/2022 |
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
2,941,176 |
|
|
|
— |
|
|
|
— |
|
|
(Revolver) (8), (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Driven Performance Brands, Inc. |
|
09/30/2022 |
|
Consumer Goods: Durable |
|
|
6.47 |
% |
|
1M L+475 |
|
|
|
10,353,130 |
|
|
|
10,327,979 |
|
|
|
10,353,130 |
|
|
|
Driven Performance Brands, Inc. (Revolver) (8), (9) |
|
09/30/2022 |
|
Consumer Goods: Durable |
|
|
— |
|
|
|
— |
|
|
|
1,000,000 |
|
|
|
— |
|
|
|
— |
|
|
East Valley Tourist Development Authority |
|
03/07/2022 |
|
Hotel, Gaming and Leisure |
|
|
10.30 |
% |
|
3M L+800 |
|
|
|
16,658,500 |
|
|
|
16,463,812 |
|
|
|
16,908,378 |
|
|
|
Education Networks of America, Inc. |
|
05/06/2021 |
|
Telecommunications |
|
|
9.30 |
% |
|
3M L+700 |
|
|
|
12,198,851 |
|
|
|
12,085,984 |
|
|
|
12,198,851 |
|
|
|
Education Networks of America, Inc. (Revolver) (8) |
|
05/06/2021 |
|
Telecommunications |
|
|
8.88 |
% |
|
3M L+700 |
|
|
|
608,696 |
|
|
|
608,696 |
|
|
|
608,696 |
|
|
|
Education Networks of America, Inc. (Revolver) (8), (9) |
|
05/06/2021 |
|
Telecommunications |
|
|
— |
|
|
|
— |
|
|
|
1,565,217 |
|
|
|
— |
|
|
|
— |
|
|
Efficient Collaborative Retail Marketing Company, LLC |
|
06/15/2022 |
|
Media: Diversified and Production |
|
|
9.05 |
% |
|
3M L+675 |
|
|
|
9,543,702 |
|
|
|
9,472,029 |
|
|
|
9,543,702 |
|
|
|
GCOM Software LLC (8) |
|
11/14/2022 |
|
High Tech Industries |
|
|
9.26 |
% |
|
1M L+750 |
|
|
|
14,933,333 |
|
|
|
14,582,371 |
|
|
|
14,858,666 |
|
|
|
GCOM Software LLC (Revolver) (8), (9) |
|
11/14/2022 |
|
High Tech Industries |
|
|
— |
|
|
|
— |
|
|
|
2,666,667 |
|
|
|
— |
|
|
|
— |
|
|
Hollander Sleep Products, LLC |
|
06/09/2023 |
|
Consumer Goods: Non-Durable |
|
|
10.30 |
% |
|
3M L+800 |
|
|
|
10,952,132 |
|
|
|
10,755,101 |
|
|
|
10,952,132 |
|
|
|
iEnergizer Limited and Aptara, Inc. (6), (10) |
|
05/01/2019 |
|
Business Services |
|
|
7.88 |
% |
|
1M L+600 |
|
|
|
6,323,883 |
|
|
|
6,304,511 |
|
|
|
6,308,074 |
|
|
|
IGM RFE1 B.V. (6), (10), (11) |
|
10/12/2021 |
|
Chemicals, Plastics and Rubber |
|
|
8.00 |
% |
|
3M E+800 |
|
|
€ |
6,972,954 |
|
|
|
7,247,688 |
|
|
|
8,577,033 |
|
|
|
Impact Sales, LLC |
|
12/30/2021 |
|
|||||||||||||||||||||