`
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
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 |
|
|
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 |
|
|
|
|
|
|
||
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 |
|
|
Basis Point |
|
|
Par / |
|
|
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 |
|
|
||||||||||||||||||