UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2018
OR
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☐ |
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)
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MARYLAND |
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20-8250744 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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590 Madison Avenue, 15th Floor New York, N.Y. |
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10022 |
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(Address of principal executive offices) |
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(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.
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Large accelerated filer |
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Accelerated filer |
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☒ |
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Non-accelerated filer |
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☐ (Do not check if a smaller reporting company) |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
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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 8, 2018 was 69,988,077.
PENNANTPARK INVESTMENT CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 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, “Company,” “we,” “our” or “us” refer to PennantPark Investment Corporation and its consolidated subsidiaries unless the context suggests otherwise. “PennantPark Investment” refers to only PennantPark Investment Corporation; “our SBIC Funds” refers collectively to our consolidated subsidiaries, PennantPark SBIC LP, or SBIC I, and its general partner, PennantPark SBIC GP, LLC, and PennantPark SBIC II LP, or SBIC II, and its general partner, PennantPark SBIC GP II, LLC; “Taxable Subsidiaries” refers to PNNT Cascade Environmental Holdings, LLC, PNNT CI (Galls) Prime Investment Holdings, LLC, PNNT ecoserve, LLC, PNNT Investment Holdings, LLC and PNNT New Gulf Resources, LLC; “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”; “Credit Facility” refers to our multi-currency, senior secured revolving credit facility, as amended and restated; “2025 Notes” refers to our 6.25% notes due 2025; “2019 Notes” refers to our 4.50% notes due 2019; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 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 or investments include investments we make through our SBIC Funds and other consolidated subsidiaries.
3
Item 1.Consolidated Financial Statements
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
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June 30, 2018 |
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September 30, 2017 |
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(unaudited) |
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Assets |
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Investments at fair value |
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Non-controlled, non-affiliated investments (cost—$790,789,351 and $824,106,322, respectively) |
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$ |
800,681,196 |
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$ |
849,351,548 |
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Non-controlled, affiliated investments (cost—$91,509,529 and $185,799,943, respectively) |
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75,815,977 |
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189,674,977 |
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Controlled, affiliated investments (cost—$249,001,007 and $200,120,407, respectively) |
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148,247,663 |
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114,550,983 |
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Total of investments (cost—$1,131,299,887 and $1,210,026,672, respectively) |
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1,024,744,836 |
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1,153,577,508 |
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Cash and cash equivalents (cost—$107,125,512 and $38,182,373, respectively) |
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107,091,091 |
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38,202,068 |
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Interest receivable |
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7,967,079 |
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5,906,976 |
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Prepaid expenses and other assets |
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1,578,759 |
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4,509,289 |
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Total assets |
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1,141,381,765 |
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1,202,195,841 |
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Liabilities |
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Distributions payable |
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12,597,854 |
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12,790,950 |
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Payable for investments purchased |
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14,700,000 |
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1,014,000 |
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Credit Facility payable (cost—$41,520,000 and $79,392,900, respectively) (See Notes 5 and 10) |
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39,310,563 |
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76,037,341 |
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2019 Notes payable (par—$250,000,000) (See Notes 5 and 10) |
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251,432,500 |
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255,665,000 |
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SBA debentures payable, net (par—$180,000,000 and $199,000,000, respectively) (See Notes 5 and 10) |
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175,240,289 |
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194,364,653 |
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Base management fee payable, net (See Note 3) |
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3,772,670 |
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4,845,237 |
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Performance-based incentive fee payable, net (See Note 3) |
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2,497,843 |
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2,270,008 |
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Interest payable on debt |
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5,001,613 |
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6,876,756 |
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Accrued other expenses |
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735,749 |
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1,523,425 |
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Total liabilities |
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505,289,081 |
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555,387,370 |
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Commitments and contingencies (See Note 11) |
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Net assets |
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Common stock, 69,988,077 and 71,060,836 shares issued and outstanding, respectively. Par value $0.001 per share and 100,000,000 shares authorized |
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69,988 |
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71,061 |
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Paid-in capital in excess of par value |
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810,962,271 |
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818,737,784 |
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Undistributed net investment income |
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4,512,842 |
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3,333,195 |
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Accumulated net realized loss on investments |
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(73,643,974 |
) |
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(116,598,355 |
) |
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Net unrealized depreciation on investments |
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(106,585,380 |
) |
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(56,425,773 |
) |
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Net unrealized depreciation (appreciation) on debt |
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776,937 |
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(2,309,441 |
) |
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Total net assets |
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$ |
636,092,684 |
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$ |
646,808,471 |
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Total liabilities and net assets |
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$ |
1,141,381,765 |
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$ |
1,202,195,841 |
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Net asset value per share |
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$ |
9.09 |
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$ |
9.10 |
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Three Months Ended June 30, |
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Nine Months Ended June 30, |
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2018 |
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2017 |
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2018 |
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2017 |
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Investment income: |
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From non-controlled, non-affiliated investments: |
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Interest |
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$ |
19,491,552 |
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$ |
20,154,976 |
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$ |
60,608,891 |
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$ |
64,687,668 |
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Payment in kind |
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1,585,945 |
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1,211,753 |
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4,545,929 |
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2,641,506 |
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Other income |
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1,494,072 |
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946,587 |
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5,567,138 |
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4,614,740 |
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From non-controlled, affiliated investments: |
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Interest |
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253,191 |
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2,415,807 |
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2,845,090 |
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8,197,246 |
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Payment in kind |
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— |
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1,334,809 |
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1,807,655 |
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4,219,437 |
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Other income |
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— |
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1,587,435 |
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— |
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1,609,935 |
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From controlled, affiliated investments: |
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Interest |
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1,480,768 |
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208,432 |
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2,931,462 |
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598,976 |
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Payment in kind |
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453,974 |
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3,224,520 |
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2,347,371 |
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10,098,714 |
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Total investment income |
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24,759,502 |
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31,084,319 |
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80,653,536 |
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96,668,222 |
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Expenses: |
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Base management fee (See Note 3) |
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3,772,669 |
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5,842,601 |
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13,381,545 |
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18,449,890 |
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Performance-based incentive fee (See Note 3) |
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2,497,843 |
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1,358,165 |
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8,528,663 |
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8,375,564 |
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Interest and expenses on debt (See Note 10) |
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5,565,240 |
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6,723,980 |
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17,363,511 |
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20,638,611 |
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Administrative services expenses (See Note 3) |
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521,625 |
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894,000 |
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1,564,875 |
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2,682,000 |
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Other general and administrative expenses |
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626,213 |
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665,653 |
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1,882,793 |
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2,002,643 |
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Expenses before Management Fees waiver and provision for taxes |
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12,983,590 |
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15,484,399 |
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42,721,387 |
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52,148,708 |
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Management Fees waiver (See Note 3) |
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— |
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(1,152,123 |
) |
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(1,427,253 |
) |
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(4,292,073 |
) |
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Provision for taxes |
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— |
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425,000 |
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— |
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1,275,000 |
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Credit Facility amendment costs (See Notes 5 and 10) |
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— |
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3,866,633 |
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— |
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3,866,633 |
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Net expenses |
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12,983,590 |
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18,623,909 |
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41,294,134 |
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52,998,268 |
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Net investment income |
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11,775,912 |
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12,460,410 |
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39,359,402 |
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43,669,954 |
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Realized and unrealized (loss) gain on investments and debt: |
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Net realized gain (loss) on investments on: |
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Non-controlled, non-affiliated investments |
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17,085,362 |
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11,693,836 |
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31,754,691 |
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2,746,747 |
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Non-controlled and controlled, affiliated investments |
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342,086 |
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(1,546,075 |
) |
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11,199,690 |
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(33,537,057 |
) |
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Net realized gain (loss) on investments |
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17,427,448 |
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10,147,761 |
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42,954,381 |
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(30,790,310 |
) |
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Net change in unrealized (depreciation) appreciation on: |
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Non-controlled, non-affiliated investments |
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(12,925,765 |
) |
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(5,731,239 |
) |
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(15,407,098 |
) |
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7,625,092 |
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Non-controlled and controlled, affiliated investments |
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(927,824 |
) |
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4,039,995 |
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(34,752,509 |
) |
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36,206,851 |
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Debt depreciation (appreciation) (See Notes 5 and 10) |
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1,560,376 |
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(2,137,862 |
) |
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3,086,378 |
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(2,423,726 |
) |
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Net change in unrealized (depreciation) appreciation on investments and debt |
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(12,293,213 |
) |
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(3,829,106 |
) |
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(47,073,229 |
) |
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41,408,217 |
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Net realized and unrealized gain (loss) from investments and debt |
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5,134,235 |
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6,318,655 |
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(4,118,848 |
) |
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10,617,907 |
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Net increase in net assets resulting from operations |
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$ |
16,910,147 |
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$ |
18,779,065 |
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$ |
35,240,554 |
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$ |
54,287,861 |
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Net increase in net assets resulting from operations per common share (See Note 7) |
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$ |
0.24 |
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$ |
0.26 |
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$ |
0.50 |
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$ |
0.77 |
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Net investment income per common share |
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$ |
0.17 |
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$ |
0.18 |
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$ |
0.55 |
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$ |
0.61 |
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
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Nine Months Ended June 30, |
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2018 |
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2017 |
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Net increase in net assets resulting from operations: |
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Net investment income |
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$ |
39,359,402 |
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$ |
43,669,954 |
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Net realized gain (loss) on investments |
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|
42,954,381 |
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(30,790,310 |
) |
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Net change in unrealized (depreciation) appreciation on investments |
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(50,159,607 |
) |
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43,831,943 |
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Net change in unrealized depreciation (appreciation) on debt |
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3,086,378 |
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(2,423,726 |
) |
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Net increase in net assets resulting from operations |
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35,240,554 |
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54,287,861 |
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Distributions to stockholders: |
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(38,179,755 |
) |
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(45,478,935 |
) |
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Capital transactions: |
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Repurchase of common stock (See Note 12) |
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(7,776,586 |
) |
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— |
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Net (decrease) increase in net assets |
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(10,715,787 |
) |
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|
8,808,926 |
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Net assets: |
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|
|
|
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|
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Beginning of period |
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646,808,471 |
|
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|
643,366,856 |
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End of period |
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$ |
636,092,684 |
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$ |
652,175,782 |
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Undistributed net investment income, at end of period |
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$ |
4,512,842 |
|
|
$ |
1,310,399 |
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Capital share activity: |
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|
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Shares of common stock repurchased |
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(1,072,759 |
) |
|
|
— |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
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Nine Months Ended June 30, |
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2018 |
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2017 |
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Cash flows from operating activities: |
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|
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|
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Net increase in net assets resulting from operations |
|
$ |
35,240,554 |
|
|
$ |
54,287,861 |
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Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
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Net change in net unrealized depreciation (appreciation) on investments |
|
|
50,159,607 |
|
|
|
(43,831,943 |
) |
|
Net change in unrealized (depreciation) appreciation on debt |
|
|
(3,086,378 |
) |
|
|
2,423,726 |
|
|
Net realized (gain) loss on investments |
|
|
(42,954,381 |
) |
|
|
30,790,310 |
|
|
Net accretion of discount and amortization of premium |
|
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(1,684,494 |
) |
|
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(2,327,068 |
) |
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Purchases of investments |
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(423,297,254 |
) |
|
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(378,816,543 |
) |
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Payment-in-kind income |
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(9,698,374 |
) |
|
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(17,060,002 |
) |
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Proceeds from dispositions of investments |
|
|
556,356,780 |
|
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|
465,353,962 |
|
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Amortization of deferred financing costs |
|
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1,597,386 |
|
|
|
512,619 |
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Increase in interest receivable |
|
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(2,060,103 |
) |
|
|
(866,582 |
) |
|
Increase in receivable for investments sold |
|
|
— |
|
|
|
(12,478,824 |
) |
|
Decrease (increase) in prepaid expenses and other assets |
|
|
2,930,530 |
|
|
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(2,535,065 |
) |
|
Increase in payable for investments purchased |
|
|
13,686,000 |
|
|
|
— |
|
|
Decrease in interest payable on debt |
|
|
(1,875,143 |
) |
|
|
(1,557,797 |
) |
|
Decrease in base management fee payable, net |
|
|
(1,072,567 |
) |
|
|
(167,046 |
) |
|
Increase (decrease) in performance-based incentive fee payable, net |
|
|
227,835 |
|
|
|
(1,724,585 |
) |
|
(Decrease) increase in accrued other expenses |
|
|
(787,676 |
) |
|
|
174,591 |
|
|
Net cash provided by operating activities |
|
|
173,682,322 |
|
|
|
92,177,614 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Repurchase of common stock |
|
|
(7,776,586 |
) |
|
|
— |
|
|
Capitalized borrowing costs |
|
|
(1,721,750 |
) |
|
|
(666,875 |
) |
|
Distributions paid to stockholders |
|
|
(38,372,850 |
) |
|
|
(52,585,018 |
) |
|
Repayments under 2025 Notes |
|
|
— |
|
|
|
(71,250,000 |
) |
|
Borrowings under SBA debentures |
|
|
71,000,000 |
|
|
|
27,500,000 |
|
|
Repayments under SBA debentures |
|
|
(90,000,000 |
) |
|
|
— |
|
|
Borrowings under Credit Facility |
|
|
132,520,000 |
|
|
|
363,760,000 |
|
|
Repayments under Credit Facility |
|
|
(170,392,900 |
) |
|
|
(331,994,400 |
) |
|
Net cash used in by financing activities |
|
|
(104,744,086 |
) |
|
|
(65,236,293 |
) |
|
Net increase in cash and cash equivalents |
|
|
68,938,236 |
|
|
|
26,941,321 |
|
|
Effect of exchange rate changes on cash |
|
|
(49,213 |
) |
|
|
646,698 |
|
|
Cash and cash equivalents, beginning of period |
|
|
38,202,068 |
|
|
|
75,608,113 |
|
|
Cash and cash equivalents, end of period |
|
$ |
107,091,091 |
|
|
$ |
103,196,132 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
17,641,268 |
|
|
$ |
21,683,789 |
|
|
Taxes paid |
|
$ |
322,693 |
|
|
$ |
1,280,898 |
|
|
Non-cash exchanges and conversions |
|
$ |
31,942,605 |
|
|
$ |
37,712,296 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2018
(Unaudited)
|
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—125.9% (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
First Lien Secured Debt—52.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Allied America, Inc. |
|
08/08/2022 |
|
|
Business Services |
|
|
9.34 |
% |
|
3M L+700 |
|
|
|
21,489,783 |
|
|
$ |
21,152,064 |
|
|
$ |
21,597,231 |
|
||
|
Allied America, Inc. (Revolver) (7) |
|
08/08/2022 |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,000,000 |
|
|
|
— |
|
|
|
— |
|
|
|
Bazaarvoice, Inc. |
|
02/01/2024 |
|
|
Printing and Publishing |
|
|
10.09 |
% |
|
1M L+800 |
|
|
|
14,962,500 |
|
|
|
14,818,609 |
|
|
|
14,812,875 |
|
||
|
Bottom Line Systems, LLC |
|
02/13/2023 |
|
|
Healthcare, Education and Childcare |
|
|
9.59 |
% |
|
1M L+750 |
|
|
|
19,583,330 |
|
|
|
19,337,572 |
|
|
|
19,583,330 |
|
||
|
Broder Bros., Co. |
|
12/02/2022 |
|
|
Consumer Products |
|
|
10.31 |
% |
|
3M L+800 |
|
|
|
31,838,384 |
|
|
|
31,838,384 |
|
|
|
31,838,384 |
|
||
|
Cano Health, LLC |
|
12/23/2021 |
|
|
Healthcare, Education and Childcare |
|
|
10.49 |
% |
|
1M L+850 |
|
|
|
24,973,016 |
|
|
|
24,443,469 |
|
|
|
24,973,016 |
|
||
|
Cano Health, LLC (Revolver) |
|
09/21/2018 |
|
|
Healthcare, Education and Childcare |
|
|
10.51 |
% |
|
1M L+850 |
|
|
|
1,305,000 |
|
|
|
1,305,000 |
|
|
|
1,305,000 |
|
||
|
Cano Health, LLC (Revolver) (7) |
|
09/21/2018 |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
1,845,000 |
|
|
|
— |
|
|
|
— |
|
|
|
DermaRite Industries LLC |
|
03/03/2022 |
|
|
Manufacturing / Basic Industries |
|
|
9.09 |
% |
|
1M L+700 |
|
|
|
9,875,000 |
|
|
|
9,756,920 |
|
|
|
9,719,077 |
|
||
|
Deva Holdings, Inc. |
|
10/31/2023 |
|
|
Consumer Products |
|
|
8.34 |
% |
|
3M L+625 |
|
|
|
4,975,000 |
|
|
|
4,885,570 |
|
|
|
4,975,000 |
|
||
|
Deva Holdings, Inc. (7) |
|
10/31/2022 |
|
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
385,000 |
|
|
|
— |
|
|
|
— |
|
|
|
eCommission Financial Services, Inc. (11) |
|
08/29/2022 |
|
|
Financial Services |
|
|
9.59 |
% |
|
1M L+750 |
|
|
|
19,850,000 |
|
|
|
19,507,541 |
|
|
|
19,850,000 |
|
||
|
eCommission Financial Services, Inc. (7), (11) |
|
08/29/2022 |
|
|
Financial Services |
|
|
— |
|
|
|
— |
|
|
|
4,000,000 |
|
|
|
— |
|
|
|
— |
|
|
|
eCommission Financial Services, Inc. (Revolver) (7), (11) |
|
08/29/2022 |
|
|
Financial Services |
|
|
— |
|
|
|
— |
|
|
|
4,000,000 |
|
|
|
— |
|
|
|
— |
|
|
|
Hollander Sleep Products, LLC |
|
06/09/2023 |
|
|
Consumer Products |
|
|
10.33 |
% |
|
3M L+800 |
|
|
|
19,713,838 |
|
|
|
19,372,604 |
|
|
|
19,713,838 |
|
||
|
Impact Group, LLC |
|
06/27/2023 |
|
|
Personal, Food and Miscellaneous Services |
|
|
8.84 |
% |
|
3M L+650 |
|
|
|
20,427,156 |
|
|
|
20,183,705 |
|
|
|
20,183,437 |
|
||
|
Impact Group, LLC (7) |
|
06/27/2023 |
|
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
14,572,844 |
|
|
|
— |
|
|
|
— |
|
|
|
Juniper Landscaping of Florida, LLC |
|
12/22/2021 |
|
|
Personal, Food and Miscellaneous Services |
|
|
11.49 |
% |
|
1M L+950 |
|
|
|
13,361,625 |
|
|
|
13,160,932 |
|
|
|
13,361,625 |
|
||
|
K2 Pure Solutions NoCal, L.P. |
|
02/19/2021 |
|
|
Chemicals, Plastics and Rubber |
|
|
10.98 |
% |
|
1M L+900 |
|
|
|
14,522,529 |
|
|
|
14,303,451 |
|
|
|
14,522,529 |
|
||
|
Ox Two, LLC |
|
02/27/2023 |
|
|
Building Materials |
|
|
12.25 |
% |
|
P+725 |
|
|
|
22,359,375 |
|
|
|
21,912,188 |
|
|
|
22,135,782 |
|
||
|
Ox Two, LLC (Revolver) |
|
02/27/2023 |
|
|
Building Materials |
|
|
12.25 |
% |
|
P+725 |
|
|
|
750,000 |
|
|
|
750,000 |
|
|
|
750,000 |
|
||
|
Ox Two, LLC (Revolver) (7) |
|
02/27/2023 |
|
|
Building Materials |
|
|
— |
|
|
|
— |
|
|
|
1,750,000 |
|
|
|
— |
|
|
|
— |
|
|
|
Research Horizons, LLC |
|
06/28/2022 |
|
|
Media |
|
|
8.35 |
% |
|
3M L+625 |
|
|
|
22,500,000 |
|
|
|
22,050,431 |
|
|
|
22,050,000 |
|
||
|
Research Horizons, LLC (7) |
|
06/28/2022 |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
9,121,622 |
|
|
|
— |
|
|
|
— |
|
|
|
Research Horizons, LLC (Revolver) |
|
06/28/2022 |
|
|
Media |
|
|
8.35 |
% |
|
3M L+625 |
|
|
|
1,783,784 |
|
|
|
1,783,784 |
|
|
|
1,783,784 |
|
||
|
Research Horizons, LLC (Revolver) (7) |
|
06/28/2022 |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
2,270,270 |
|
|
|
— |
|
|
|
— |
|
|
|
SFP Holding, Inc. |
|
09/01/2022 |
|
|
Buildings and Real Estate |
|
|
8.19 |
% |
|
3M L+625 |
|
|
|
20,529,688 |
|
|
|
20,232,051 |
|
|
|
20,529,688 |
|
||
|
SFP Holding, Inc. (7) |
|
09/01/2022 |
|
|
Buildings and Real Estate |
|
|
— |
|
|
|
— |
|
|
|
1,875,000 |
|
|
|
— |
|
|
|
— |
|
|
|
SFP Holding, Inc. (Revolver) |
|
09/01/2022 |
|
|
Buildings and Real Estate |
|
|
8.62 |
% |
|
3M L+625 |
|
|
|
2,000,000 |
|
|
|
2,000,000 |
|
|
|
2,000,000 |
|
||
|
SFP Holding, Inc. (Revolver) (7) |
|
09/01/2022 |
|
|
Buildings and Real Estate |
|
|
— |
|
|
|
— |
|
|
|
500,000 |
|
|
|
— |
|
|
|
— |
|
|
|
Triad Manufacturing, Inc. |
|
12/28/2020 |
|
|
Manufacturing / Basic Industries |
|
|
13.34 |
% |
|
1M L+1,125 |
|
|
|
23,718,379 |
|
|
|
23,441,530 |
|
|
|
23,125,419 |
|
||
|
US Med Acquisition, Inc. |
|
08/13/2021 |
|
|
Healthcare, Education and Childcare |
|
|
11.33 |
% |
|
1M L+900 |
|
|
|
8,498,438 |
|
|
|
8,498,438 |
|
|
|
8,073,515 |
|
||
|
Whitney, Bradley & Brown, Inc. |
|
10/18/2022 |
|
|
Aerospace and Defense |
|
|
11.10 |
% |
|
1M L+900 |
|
|
|
19,353,750 |
|
|
|
19,009,708 |
|
|
|
19,353,750 |
|
||
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||