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 JUNE 30, 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 August 3, 2022 was 65,413,942.

 

 

 

 


 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

 

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

 

4

 

 

 

Consolidated Statements of Operations for the three and nine months ended June 30, 2022 and 2021 (unaudited)

 

5

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2022 and 2021 (unaudited)

 

6

 

 

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2022 and 2021 (unaudited)

 

7

 

 

 

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

 

8

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

19

 

 

 

Report of Independent Registered Public Accounting Firm

 

36

 

 

 

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

 

38

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

51

 

 

 

Item 4. Controls and Procedures

 

52

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

53

 

 

 

Item 1A. Risk Factors

 

53

 

 

 

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

 

54

 

 

 

Item 3. Defaults Upon Senior Securities

 

54

 

 

 

Item 4. Mine Safety Disclosures

 

54

 

 

 

Item 5. Other Information

 

54

 

 

 

Item 6. Exhibits

 

55

 

 

 

SIGNATURES

 

56

 

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; “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)

 

 

 

June 30, 2022

 

 

September 30, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$921,967 and $729,811, respectively)

 

$

961,032

 

 

$

820,500

 

Non-controlled, affiliated investments (cost—$75,825 and $78,723, respectively)

 

 

49,097

 

 

 

50,161

 

Controlled, affiliated investments (cost—$381,904 and $412,587, respectively)

 

 

304,699

 

 

 

384,629

 

Total investments (cost—$1,379,696 and $1,221,121, respectively)

 

 

1,314,828

 

 

 

1,255,290

 

Cash and cash equivalents (cost—$29,630 and $20,383, respectively)

 

 

29,547

 

 

 

20,357

 

Interest receivable

 

 

3,312

 

 

 

4,958

 

Receivable for investments sold

 

 

57,407

 

 

 

12,793

 

Distribution receivable

 

 

2,420

 

 

 

1,694

 

Prepaid expenses and other assets

 

 

23,571

 

 

 

 

Total assets

 

 

1,431,085

 

 

 

1,295,092

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

9,504

 

 

 

8,045

 

Payable for investments purchased

 

 

20,435

 

 

 

8,407

 

Truist Credit Facility payable, at fair value (cost—$422,920 and $316,545, respectively) (See Notes 5 and 10)

 

 

412,005

 

 

 

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)

 

 

146,542

 

 

 

145,865

 

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

 

 

161,159

 

 

 

 

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

 

 

27,046

 

 

 

62,159

 

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

 

 

4,887

 

 

 

4,580

 

Performance based-incentive fee payable (See Note 3)

 

 

 

 

 

575

 

Interest payable on debt

 

 

3,387

 

 

 

4,943

 

Deferred tax liability

 

 

8,127

 

 

 

 

Accrued other expenses

 

 

6,483

 

 

 

1,058

 

Total liabilities

 

 

799,575

 

 

 

634,948

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 65,413,942 and 67,045,105, respectively, shares issued and outstanding
   Par value $0.001 per share and 100,000,000 shares authorized

 

 

65

 

 

 

67

 

Paid-in capital in excess of par value

 

 

795,865

 

 

 

786,993

 

Accumulated deficit

 

 

(164,420

)

 

 

(126,916

)

Total net assets

 

$

631,510

 

 

$

660,144

 

Total liabilities and net assets

 

$

1,431,085

 

 

$

1,295,092

 

Net asset value per share

 

$

9.65

 

 

$

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 June 30,

 

 

Nine Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

15,890

 

 

$

11,972

 

 

$

45,973

 

 

$

35,074

 

Payment-in-kind

 

 

665

 

 

 

2,095

 

 

 

4,071

 

 

 

5,566

 

Other income

 

 

1,247

 

 

 

475

 

 

 

8,050

 

 

 

980

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Payment-in-kind

 

 

 

 

 

 

 

 

 

 

 

457

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

2,694

 

 

 

2,279

 

 

 

7,303

 

 

 

6,733

 

Payment-in-kind

 

 

432

 

 

 

1,978

 

 

 

3,983

 

 

 

4,982

 

Dividend income

 

 

2,420

 

 

 

1,694

 

 

 

6,655

 

 

 

4,667

 

Total investment income

 

 

23,348

 

 

 

20,493

 

 

 

76,035

 

 

 

58,459

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

4,887

 

 

 

4,358

 

 

 

14,977

 

 

 

12,755

 

Performance-based incentive fee (See Note 3)

 

 

 

 

 

 

 

 

2,657

 

 

 

 

Interest and expenses on debt (See Note 10)

 

 

6,737

 

 

 

6,942

 

 

 

20,122

 

 

 

16,836

 

Administrative services expenses (See Note 3)

 

 

250

 

 

 

380

 

 

 

750

 

 

 

1,390

 

Other general and administrative expenses

 

 

723

 

 

 

518

 

 

 

2,169

 

 

 

1,805

 

Expenses before provision for taxes

 

 

12,597

 

 

 

12,198

 

 

 

40,675

 

 

 

32,786

 

Provision for taxes on net investment income

 

 

200

 

 

 

150

 

 

 

600

 

 

 

450

 

Net expenses

 

 

12,797

 

 

 

12,348

 

 

 

41,275

 

 

 

33,236

 

Net investment income

 

 

10,551

 

 

 

8,145

 

 

 

34,760

 

 

 

25,223

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

113

 

 

 

41,687

 

 

 

7,203

 

 

 

44,137

 

Non-controlled and controlled, affiliated investments

 

 

(34,381

)

 

 

 

 

 

75,243

 

 

 

(19,708

)

Debt extinguishment

 

 

 

 

 

 

 

 

(2,801

)

 

 

 

Provision for taxes on realized gain on investments

 

 

(1,123

)

 

 

 

 

 

(6,183

)

 

 

 

Net realized gain (loss) on investments and debt

 

 

(35,391

)

 

 

41,687

 

 

 

73,462

 

 

 

24,429

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

14,317

 

 

 

(41,842

)

 

 

(193,348

)

 

 

45,770

 

Non-controlled and controlled, affiliated investments

 

 

(8,725

)

 

 

25,512

 

 

 

94,257

 

 

 

64,581

 

Provision for taxes on unrealized appreciation on investments

 

 

(8,127

)

 

 

 

 

 

(8,127

)

 

 

 

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

 

 

8,894

 

 

 

(1,622

)

 

 

9,183

 

 

 

(18,494

)

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

 

 

6,359

 

 

 

(17,952

)

 

 

(98,035

)

 

 

91,857

 

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

 

 

(29,032

)

 

 

23,735

 

 

 

(24,573

)

 

 

116,286

 

Net increase (decrease) in net assets resulting from operations

 

 

(18,481

)

 

 

31,880

 

 

$

10,187

 

 

 

141,509

 

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

 

$

(0.28

)

 

$

0.48

 

 

$

0.15

 

 

$

2.11

 

Net investment income per common share

 

$

0.16

 

 

$

0.12

 

 

$

0.52

 

 

$

0.38

 

 

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 June 30,

 

 

Nine Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

10,551

 

 

$

8,145

 

 

$

34,760

 

 

$

25,223

 

Net realized gain (loss) on investments and debt

 

 

(34,268

)

 

 

41,687

 

 

 

79,645

 

 

 

24,429

 

Net change in unrealized appreciation (depreciation) on investments

 

 

5,592

 

 

 

(16,330

)

 

 

(99,091

)

 

 

110,351

 

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

 

 

(1,123

)

 

 

 

 

 

(6,183

)

 

 

 

Net change in provision for taxes on unrealized appreciation on investments

 

 

(8,127

)

 

 

 

 

 

(8,127

)

 

 

 

Net change in unrealized (appreciation) depreciation on debt

 

 

8,894

 

 

 

(1,622

)

 

 

9,183

 

 

 

(18,494

)

Net increase (decrease) in net assets resulting from operations

 

 

(18,481

)

 

 

31,880

 

 

 

10,187

 

 

 

141,509

 

Distributions to stockholders:

 

 

(9,378

)

 

 

(8,045

)

 

 

(26,808

)

 

 

(24,136

)

Capital Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock (See Note 13)

 

 

(4,958

)

 

 

 

 

 

(12,012

)

 

 

 

Net increase (decrease) in net assets

 

 

(32,817

)

 

 

23,835

 

 

 

(28,633

)

 

 

117,373

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

664,327

 

 

 

619,247

 

 

 

660,144

 

 

 

525,709

 

End of period

 

$

631,510

 

 

$

643,082

 

 

$

631,511

 

 

$

643,082

 

Capital share activity:

 

 

 

 

 

 

 

 

 

 

 

 

Shares of common stock repurchased

 

 

717,709

 

 

 

 

 

 

1,631,163

 

 

 

 

 

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)

 

 

 

Nine months ended June 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

10,186

 

 

$

141,509

 

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

 

 

99,091

 

 

 

(110,351

)

Net change in unrealized appreciation (depreciation) on debt

 

 

(9,183

)

 

 

18,494

 

Net realized (gain) loss on investments

 

 

(82,446

)

 

 

(24,429

)

Debt extinguishment realized loss

 

 

2,801

 

 

 

 

Net accretion of discount and amortization of premium

 

 

(3,763

)

 

 

(2,919

)

Purchases of investments

 

 

(799,414

)

 

 

(276,376

)

Payment-in-kind income

 

 

(8,785

)

 

 

(11,049

)

Proceeds from dispositions of investments

 

 

736,031

 

 

 

358,633

 

Amortization of deferred financing costs

 

 

1,507

 

 

 

2,012

 

Decrease in interest receivable

 

 

1,646

 

 

 

125

 

Increase in receivables from investments sold

 

 

(44,614

)

 

 

 

Increase in distribution receivable

 

 

(726

)

 

 

(300

)

(Increase) decrease in prepaid expenses and other assets

 

 

(23,571

)

 

 

376

 

(Increase) decrease in payable for investments purchased

 

 

12,028

 

 

 

(2,444

)

Increase (decrease) in interest payable on debt

 

 

(1,556

)

 

 

1,742

 

Increase (decrease) in base management fee payable, net

 

 

307

 

 

 

(12

)

Decrease in performance-based incentive fee payable, net

 

 

(575

)

 

 

 

Increase in deferred tax liability

 

 

8,127

 

 

 

 

(Decrease) increase in accrued other expenses

 

 

5,425

 

 

 

710

 

Net cash (used in) provided by operating activities

 

 

(97,483

)

 

 

95,721

 

Cash flows from financing activities:

 

 

 

 

 

 

Repurchase of common stock

 

 

(12,014

)

 

 

 

Distributions paid to stockholders

 

 

(25,348

)

 

 

(24,136

)

Net repayments of the 2024 Notes issuance

 

 

(86,250

)

 

 

 

Proceeds from 2026 Notes issuance

 

 

 

 

 

145,464

 

Proceeds from 2026 Notes-2 issuance

 

 

160,519

 

 

 

 

Repayments under SBA debentures

 

 

(36,358

)

 

 

(55,000

)

Borrowings under Truist Credit Facility

 

 

815,841

 

 

 

148,312

 

Repayments under Truist Credit Facility

 

 

(709,466

)

 

 

(322,019

)

Net cash provided by (used in) financing activities

 

 

106,924

 

 

 

(107,379

)

Net increase (decrease) in cash equivalents

 

 

9,441

 

 

 

(11,658

)

Effect of exchange rate changes on cash

 

 

(251

)

 

 

64

 

Cash and cash equivalents, beginning of period

 

 

20,357

 

 

 

25,806

 

Cash and cash equivalents, end of period

 

$

29,547

 

 

$

14,212

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid

 

$

20,170

 

 

$

13,081

 

Taxes paid

 

$

5,255

 

 

$

658

 

Non-cash exchanges and conversions

 

$

(59,651

)

 

$

16,516

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

JUNE 30, 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—152.2% (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—106.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

05/06/2026

 

Media

 

 

 

 

 

 

 

 

444

 

 

$

 

 

$

 

Altamira Technologies, LLC (Revolver)

 

07/24/2025

 

Aerospace and Defense

 

 

10.25

%

 

3M L+800

 

 

 

50

 

 

 

50

 

 

 

48

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

138

 

 

 

 

 

 

(7

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Materials

 

 

6.50

%

 

3M L+550

 

 

 

5,842

 

 

 

5,803

 

 

 

5,842

 

Any Hour Services

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

7.51

%

 

3M L+525

 

 

 

3,151

 

 

 

3,121

 

 

 

3,120

 

Any Hour Services Term Loan II(7)

 

01/14/2024

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

979

 

 

 

 

 

 

 

Any Hour Services (Revolver) (7)

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,147

 

 

 

 

 

 

(11

)

Apex Service Partners, LLC

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.50

%

 

1M L+550

 

 

 

1,331

 

 

 

1,331

 

 

 

1,324

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.62

%

 

1M L+550

 

 

 

1,893

 

 

 

1,872

 

 

 

1,883

 

Apex Service Partners, LLC (Revolver)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.62

%

 

3M L+525

 

 

 

249

 

 

 

249

 

 

 

247

 

Apex Service Partners, LLC (Revolver) (7)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

684

 

 

 

 

 

 

(3

)

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

7.42

%

 

3M L+575

 

 

 

2,520

 

 

 

2,493

 

 

 

2,489

 

Applied Technical Services, LLC (7)

 

08/23/2022

 

Environmental Services

 

 

 

 

 

 

 

 

1,955

 

 

 

 

 

 

(2

)

Applied Technical Services, LLC (Revolver)

 

12/29/2026

 

Environmental Services

 

 

9.50

%

 

3M P+475

 

 

 

400

 

 

 

400

 

 

 

395

 

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Environmental Services

 

 

 

 

 

 

 

 

600

 

 

 

 

 

 

(8

)

Arcfield Acquisition Corp.

 

03/07/2028

 

Aerospace and Defense

 

 

7.44

%

 

SOFR+575

 

 

 

11,970

 

 

 

11,741

 

 

 

11,671

 

Arcfield Acquisition Corp. (Revolver) (7)

 

03/07/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,263

 

 

 

 

 

 

(57

)

Berwick Industrial Park

 

04/28/2023

 

Buildings and Real Estate

 

 

11.00

%

 

 

 

 

 

4,000

 

 

 

3,933

 

 

 

3,924

 

Beta Plus Technologies, Inc.

 

07/01/2029

 

Business Services

 

 

6.85

%

 

SOFR+525

 

 

 

20,000

 

 

 

19,600

 

 

 

19,600

 

Blackhawk Industrial Distribution, Inc.

 

09/17/2024

 

Distribution

 

 

6.59

%