pnnt-10q_20191231.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2019

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.)

 

 

590 Madison Avenue, 15th Floor

New York, N.Y.

 

10022

(Address of principal executive offices)

 

(Zip Code)

 

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PNNT

The Nasdaq Stock Market LLC

5.50% Notes due 2024

PNNTG

The Nasdaq Stock Market LLC

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

☐  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐  No  

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 6, 2020 was 67,045,105.

 


 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2019

TABLE OF CONTENTS

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2019 (unaudited) and September 30, 2019

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2019 and 2018 (unaudited)

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2019 and 2018 (unaudited)

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2019 and 2018 (unaudited)

7

 

 

Consolidated Schedules of Investments as of December 31, 2019 (unaudited) and September 30, 2019

8

 

 

Notes to Consolidated Financial Statements (unaudited)

14

 

 

Report of Independent Registered Public Accounting Firm

25

 

 

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

26

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

33

 

 

Item 4. Controls and Procedures

34

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

35

 

 

Item 1A. Risk Factors

35

 

 

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

35

 

 

Item 3. Defaults Upon Senior Securities

36

 

 

Item 4. Mine Safety Disclosures

37

 

 

Item 5. Other Information

36

 

 

Item 6. Exhibits

37

 

 

SIGNATURES

38

 

 

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” refer 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; “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”; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank (formerly SunTrust Bank), as amended and restated; “Credit Facilities” refers to the BNP Credit Facility and Truist Credit Facility collectively; “2019 Notes” refers to our 4.50% notes due 2019, which we redeemed in March 2019; “2024 Notes” refers to our 5.50% Notes due 2024; “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

 

 

 

December 31, 2019

 

 

September 30, 2019

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$1,042,324,490 and $922,304,099, respectively)

 

$

1,073,644,309

 

 

$

936,632,099

 

Non-controlled, affiliated investments (cost—$77,600,816 and $77,600,816, respectively)

 

 

48,994,005

 

 

 

49,349,338

 

Controlled, affiliated investments (cost—$272,955,525 and $257,117,800, respectively)

 

 

256,214,645

 

 

 

233,451,359

 

Total of investments (cost—$1,392,880,831 and $1,257,022,715, respectively)

 

 

1,378,852,959

 

 

 

1,219,432,796

 

Cash and cash equivalents (cost—$32,075,367 and $59,546,438, respectively)

 

 

32,107,649

 

 

 

59,516,236

 

Interest receivable

 

 

6,055,204

 

 

 

6,226,539

 

Prepaid expenses and other assets

 

 

1,034,351

 

 

 

662,442

 

Total assets

 

 

1,418,050,163

 

 

 

1,285,838,013

 

Liabilities

 

 

 

 

 

 

 

 

Distributions payable

 

 

12,068,119

 

 

 

12,068,119

 

Payable for investments purchased

 

 

62,528,206

 

 

 

 

BNP Credit Facility payable, at fair value (cost—$203,500,000 and $171,000,000, respectively) (See Notes 5 and 10)

 

 

202,584,250

 

 

 

170,145,000

 

Truist Credit Facility payable, at fair value (cost—$330,636,000 and $301,636,000, respectively) (See Notes 5 and 10)

 

 

326,877,285

 

 

 

295,245,214

 

2024 Notes payable, net (par—$86,250,000 and $75,000,000, respectively) (See Notes 5 and 10)

 

 

83,338,434

 

 

 

72,256,607

 

SBA debentures payable, net (par—$133,500,000 and $150,000,000, respectively) (See Notes 5 and 10)

 

 

130,187,808

 

 

 

146,111,055

 

Base management fee payable, net (See Note 3)

 

 

4,742,430

 

 

 

4,641,480

 

Performance-based incentive fee payable, net (See Note 3)

 

 

744,626

 

 

 

 

Interest payable on debt

 

 

5,287,890

 

 

 

2,895,695

 

Accrued other expenses

 

 

651,056

 

 

 

569,175

 

Total liabilities

 

 

829,010,104

 

 

 

703,932,345

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Common stock, 67,045,105 and 67,045,105 shares issued and outstanding, respectively

   Par value $0.001 per share and 100,000,000 shares authorized

 

 

67,045

 

 

 

67,045

 

Paid-in capital in excess of par value

 

 

788,192,159

 

 

 

788,192,159

 

Accumulated distributable net loss

 

 

(199,219,145

)

 

 

(206,353,536

)

Total net assets

 

$

589,040,059

 

 

$

581,905,668

 

Total liabilities and net assets

 

$

1,418,050,163

 

 

$

1,285,838,013

 

Net asset value per share

 

$

8.79

 

 

$

8.68

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2019

 

 

2018

 

Investment income:

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

$

20,384,914

 

 

$

23,508,581

 

Payment-in-kind

 

 

1,884,506

 

 

 

1,246,016

 

Other income

 

 

189,918

 

 

 

618,071

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

105,105

 

Payment-in-kind

 

 

 

 

 

108,625

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

Interest

 

 

635,615

 

 

 

1,788,603

 

Payment-in-kind

 

 

2,908,812

 

 

 

5,000

 

Total investment income

 

 

26,003,765

 

 

 

27,380,001

 

Expenses:

 

 

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

4,742,430

 

 

 

4,419,262

 

Performance-based incentive fee (See Note 3)

 

 

744,626

 

 

 

2,667,270

 

Interest and expenses on debt (See Note 10)

 

 

8,866,549

 

 

 

6,278,847

 

Administrative services expenses (See Note 3)

 

 

521,520

 

 

 

521,625

 

Other general and administrative expenses

 

 

643,480

 

 

 

618,367

 

Expenses before provision for taxes

 

 

15,518,605

 

 

 

14,505,371

 

Provision for taxes

 

 

300,000

 

 

 

300,000

 

Net expenses

 

 

15,818,605

 

 

 

14,805,371

 

Net investment income

 

 

10,185,160

 

 

 

12,574,630

 

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

 

 

 

 

 

 

 

 

Net realized (loss) gain on investments on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(12,034,153

)

 

 

3,737,919

 

Non-controlled and controlled, affiliated investments

 

 

 

 

 

4,792,067

 

Net realized (loss) gain on investments

 

 

(12,034,153

)

 

 

8,529,986

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

17,052,596

 

 

 

(6,929,882

)

Non-controlled and controlled, affiliated investments

 

 

6,570,228

 

 

 

(13,462,697

)

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

 

 

(2,571,321

)

 

 

6,066,152

 

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

 

 

21,051,503

 

 

 

(14,326,427

)

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

 

 

9,017,350

 

 

 

(5,796,441

)

Net increase in net assets resulting from operations

 

$

19,202,510

 

 

$

6,778,189

 

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

 

$

0.29

 

 

$

0.10

 

Net investment income per common share

 

$

0.15

 

 

$

0.18

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2019

 

 

2018

 

Net increase in net assets resulting from operations:

 

 

 

 

 

 

 

 

Net investment income

 

$

10,185,160

 

 

$

12,574,630

 

Net realized (loss) gain on investments

 

 

(12,034,153

)

 

 

8,529,986

 

Net change in unrealized appreciation (depreciation) on investments

 

 

23,622,824

 

 

 

(20,392,579

)

Net change in unrealized (appreciation) depreciation on debt

 

 

(2,571,321

)

 

 

6,066,152

 

Net increase in net assets resulting from operations

 

 

19,202,510

 

 

 

6,778,189

 

Distributions to stockholders

 

 

(12,068,119

)

 

 

(12,244,957

)

Capital transactions:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(7,494,022

)

Net increase (decrease) in net assets

 

 

7,134,391

 

 

 

(12,960,790

)

Net assets:

 

 

 

 

 

 

 

 

Beginning of period

 

 

581,905,668

 

 

 

628,901,895

 

End of period

 

$

589,040,059

 

 

$

615,941,105

 

Capital share activity:

 

 

 

 

 

 

 

 

Shares of common stock repurchased

 

 

 

 

 

(1,026,421

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2019

 

 

2018

 

Cash flows used for operating activities:

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

19,202,510

 

 

$

6,778,189

 

Adjustments to reconcile net increase in net assets resulting from

   operations to net cash used by operating activities:

 

 

 

 

 

 

 

 

Net change in net unrealized (appreciation) depreciation on investments

 

 

(23,622,824

)

 

 

20,392,579

 

Net change in unrealized appreciation (depreciation) on debt

 

 

2,571,321

 

 

 

(6,066,152

)

Net realized loss (gain) on investments

 

 

12,034,153

 

 

 

(8,529,986

)

Net accretion of discount and amortization of premium

 

 

(568,692

)

 

 

(729,769

)

Purchases of investments

 

 

(173,691,052

)

 

 

(194,455,970

)

Payment-in-kind income

 

 

(4,792,602

)

 

 

(1,922,358

)

Proceeds from dispositions of investments

 

 

31,151,013

 

 

 

125,791,017

 

Amortization of deferred financing costs

 

 

746,080

 

 

 

416,548

 

Decrease in interest receivable

 

 

171,335

 

 

 

2,100,400

 

(Increase) decrease in prepaid expenses and other assets

 

 

(371,909

)

 

 

767,691

 

Increase in payable for investments purchased

 

 

62,528,206

 

 

 

18,172,125

 

Increase (decrease) in interest payable on debt

 

 

2,392,195

 

 

 

(1,569,299

)

Increase in base management fee payable, net

 

 

100,950

 

 

 

332,431

 

Increase (decrease) in performance-based incentive fee payable, net

 

 

744,626

 

 

 

(296,995

)

Increase in accrued other expenses

 

 

81,881

 

 

 

188,868

 

Net cash used for operating activities

 

 

(71,322,809

)

 

 

(38,630,681

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

(7,494,022

)

Distributions paid to stockholders

 

 

(12,068,119

)

 

 

(12,429,712

)

Proceeds from 2024 Notes issuance

 

 

10,912,500

 

 

 

 

Repayments under SBA debentures

 

 

(16,500,000

)

 

 

(30,000,000

)

Borrowings under BNP Credit Facility

 

 

48,500,000

 

 

 

 

Repayments under BNP Credit Facility

 

 

(16,000,000

)

 

 

 

Borrowings under Truist Credit Facility

 

 

63,000,000

 

 

 

217,000,000

 

Repayments under Truist Credit Facility

 

 

(34,000,000

)

 

 

(123,384,000

)

Net cash provided by financing activities

 

 

43,844,381

 

 

 

43,692,266

 

Net (decrease) increase in cash and cash equivalents

 

 

(27,478,428

)

 

 

5,061,585

 

Effect of exchange rate changes on cash

 

 

69,841

 

 

 

86,150

 

Cash and cash equivalents, beginning of period

 

 

59,516,236

 

 

 

19,506,154

 

Cash and cash equivalents, end of period

 

$

32,107,649

 

 

$

24,653,889

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

5,727,794

 

 

$

7,431,597

 

Taxes paid

 

$

180,700

 

 

$

3,617

 

Non-cash exchanges and conversions

 

$

47,919,106

 

 

$

12,697,510

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019

(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—182.3 (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—121.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Sales & Marketing (5)

 

07/23/2021

 

Grocery

 

 

5.01

%

 

1M L+325

 

 

 

10,597,123

 

 

$

10,126,215

 

 

$

10,221,772

 

Altamira Technologies, LLC (5)

 

07/24/2025

 

Aerospace and Defense

 

 

7.93

%

 

3M L+600

 

 

 

993,750

 

 

 

979,428

 

 

 

993,750

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

187,500

 

 

 

 

 

 

 

American Insulated Glass, LLC (5)

 

12/21/2023

 

Building Materials

 

 

7.79

%

 

3M L+550

 

 

 

30,966,000

 

 

 

30,454,351

 

 

 

30,346,680

 

American Insulated Glass, LLC (7)

 

12/21/2023

 

Building Materials

 

 

 

 

 

 

 

 

1,350,649

 

 

 

 

 

 

(27,013

)

Bazaarvoice, Inc. (5)

 

02/01/2024

 

Printing and Publishing

 

 

7.45

%

 

1M L+575

 

 

 

14,738,904

 

 

 

14,621,749

 

 

 

14,591,515

 

Bottom Line Systems, LLC (5)

 

02/13/2023

 

Healthcare, Education and Childcare

 

 

7.80

%

 

1M L+600

 

 

 

21,722,525

 

 

 

21,523,583

 

 

 

21,700,803

 

Broder Bros., Co.

 

12/02/2022

 

Consumer Products

 

 

10.47

%

 

3M L+850

 

 

 

27,075,004

 

 

 

27,075,158

 

 

 

27,075,004

 

Cano Health, LLC (5)

 

12/23/2021

 

Healthcare, Education and Childcare

 

 

7.97

%

 

1M L+625

 

 

 

38,505,824

 

 

 

38,157,270

 

 

 

38,505,824

 

DermaRite Industries LLC

 

03/03/2022

 

Manufacturing / Basic Industries

 

 

8.80

%

 

1M L+700

 

 

 

9,725,000

 

 

 

9,644,618

 

 

 

9,231,943

 

DRS Holdings III, Inc. (5)

 

11/03/2025

 

Consumer Products

 

 

7.61

%

 

1M L+575

 

 

 

13,667,230

 

 

 

13,531,815

 

 

 

13,533,291

 

DRS Holdings III, Inc. (Revolver)

 

11/03/2025

 

Consumer Products

 

 

7.55

%

 

1M L+575

 

 

 

61,124

 

 

 

61,124

 

 

 

60,525

 

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

 

11/03/2025

 

Consumer Products

 

 

 

 

 

 

 

 

1,466,978

 

 

 

 

 

 

(14,377

)

ECM Industries, LLC (5)

 

12/23/2025

 

Electronics

 

 

6.29

%

 

1M L+450

 

 

 

2,887,628

 

 

 

2,858,751

 

 

 

2,858,751

 

ECM Industries, LLC (Revolver)

 

12/23/2025

 

Electronics

 

 

6.29

%

 

1M L+450

 

 

 

175,594

 

 

 

175,594

 

 

 

175,594

 

ECM Industries, LLC (Revolver) (7)

 

12/23/2025

 

Electronics

 

 

 

 

 

 

 

 

342,000

 

 

 

 

 

 

 

Holdco Sands Intermediate, LLC (5)

 

12/19/2025

 

Aerospace and Defense

 

 

7.76

%

 

3M L+600

 

 

 

12,285,714

 

 

 

12,101,429

 

 

 

12,101,429

 

HW Holdco, LLC (5)

 

12/10/2024

 

Media

 

 

8.14

%

 

3M L+625

 

 

 

17,436,774

 

 

 

17,281,207

 

 

 

17,436,774

 

HW Holdco, LLC (Revolver)

 

12/10/2024

 

Media

 

 

8.14

%

 

3M L+625

 

 

 

216,774

 

 

 

216,774

 

 

 

216,774

 

HW Holdco, LLC (Revolver) (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,170,323

 

 

 

 

 

 

 

Impact Group, LLC (5)

 

06/27/2023

 

Personal, Food and Miscellaneous Services

 

 

8.41

%

 

1M L+650

 

 

 

20,048,550

 

 

 

19,953,096

 

 

 

19,747,822

 

Juniper Landscaping of Florida, LLC

 

12/22/2021

 

Personal, Food and Miscellaneous Services

 

 

10.20

%

 

1M L+850

 

 

 

14,442,047

 

 

 

14,297,097

 

 

 

14,442,047

 

K2 Pure Solutions NoCal, L.P. (5)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

7.05

%

 

1M L+525

 

 

 

26,862,000

 

 

 

26,528,024

 

 

 

26,413,404

 

K2 Pure Solutions NoCal, L.P. (Revolver)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

7.05

%

 

1M L+525

 

 

 

969,048

 

 

 

969,048

 

 

 

952,865

 

K2 Pure Solutions NoCal, L.P. (Revolver) (7)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

969,048

 

 

 

 

 

 

(16,183

)

Kentucky Downs, LLC (5)

 

03/07/2025

 

Hotels, Motels, Inns and Gaming

 

 

9.94

%

 

1M L+800

 

 

 

10,024,046

 

 

 

9,834,351

 

 

 

10,024,046

 

Kentucky Downs, LLC (7)

 

03/07/2025

 

Hotels, Motels, Inns and Gaming

 

 

 

 

 

 

 

 

2,482,759

 

 

 

 

 

 

 

Lash Opco, LLC - Term Loan (5)

 

12/12/2024

 

Consumer Products

 

 

9.25

%

 

P+450

 

 

 

9,911,671

 

 

 

9,616,414

 

 

 

9,614,320

 

Lash Opco, LLC (Revolver)

 

12/12/2024

 

Consumer Products

 

 

9.25

%

 

P+450

 

 

 

655,322

 

 

 

655,322

 

 

 

655,322

 

Lash Opco, LLC (Revolver) (7)

 

12/12/2024

 

Consumer Products

 

 

 

 

 

 

 

 

388,011

 

 

 

 

 

 

 

LAV Gear Holdings, Inc.

 

10/31/2024

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

7.44

%

 

1M L+550

 

 

 

2,000,000

 

 

 

1,980,477

 

 

 

2,008,800

 

Lombart Brothers, Inc. (5)

 

04/13/2023

 

Healthcare, Education and Childcare

 

 

8.19

%

 

3M L+625

 

 

 

17,048,964

 

 

 

16,866,989

 

 

 

16,878,474

 

Lombart Brothers, Inc. (Revolver)

 

04/13/2023

 

Healthcare, Education and Childcare

 

 

9.75

%

 

P+500

 

 

 

728,787

 

 

 

728,787

 

 

 

725,143

 

Lombart Brothers, Inc. (Revolver) (7)

 

04/13/2023

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,041,125

 

 

 

 

 

 

(5,206

)

MeritDirect, LLC (5)

 

05/23/2024

 

Media

 

 

7.44

%

 

3M L + 550

 

 

 

19,292,325

 

 

 

19,032,248

 

 

 

19,099,402

 

MeritDirect, LLC (Revolver) (7)

 

05/23/2024

 

Media

 

 

 

 

 

 

 

 

2,518,345

 

 

 

 

 

 

(25,183

)

Montreign Operating Company, LLC

 

01/24/2023

 

Hotels, Motels, Inns and Gaming

 

 

10.01

%

 

1M L+825

 

 

 

8,360,733

 

 

 

7,161,829

 

 

 

7,185,047

 

Ox Two, LLC

 

02/27/2023

 

Building Materials

 

 

8.05

%

 

1M L+625

 

 

 

21,677,123

 

 

 

21,373,053

 

 

 

21,677,123

 

Ox Two, LLC (Revolver)

 

02/27/2023

 

Building Materials

 

 

8.05

%

 

1M L+625

 

 

 

1,038,000

 

 

 

1,038,000

 

 

 

1,038,000

 

Ox Two, LLC (Revolver) (7)

 

02/27/2023

 

Building Materials

 

 

 

 

 

 

 

 

1,462,000

 

 

 

 

 

 

 

Peninsula Pacific Entertainment LLC

 

11/13/2024

 

Hotels, Motels, Inns and Gaming

 

 

9.19

%

 

3M L+725

 

 

 

8,495,190

 

 

 

8,480,326

 

 

 

8,452,714

 

PlayPower, Inc. (5)

 

05/08/2026

 

Consumer Products

 

 

7.46

%

 

3M L+550

 

 

 

4,179,000

 

 

 

4,139,034

 

 

 

4,126,763

 

PRA Events, Inc.

 

08/08/2022

 

Business Services

 

 

8.95

%

 

3M L+700

 

 

 

19,280,420

 

 

 

19,057,388

 

 

 

19,280,420

 

PRA Events, Inc. (Revolver) (7)

 

08/08/2022

 

Business Services

 

 

 

 

 

 

 

 

2,000,000

 

 

 

 

 

 

 

Provation Medical, Inc.

 

03/11/2024

 

Electronics

 

 

8.98

%

 

3M L+700

 

 

 

26,730,000

 

 

 

26,219,848

 

 

 

26,446,663

 

Questex, LLC

 

09/09/2024

 

Media

 

 

6.89

%

 

3M L+500

 

 

 

22,218,750

 

 

 

21,851,410

 

 

 

21,996,563

 

Questex, LLC (Revolver)

 

09/09/2024

 

Media

 

 

6.91

%

 

3M L+500

 

 

 

957,447

 

 

 

957,447

 

 

 

947,872

 

Questex, LLC (Revolver) (7)

 

09/09/2024

 

Media

 

 

 

 

 

 

 

 

2,632,979

 

 

 

 

 

 

(26,330

)

Radius Aerospace, Inc. (5)

 

03/31/2025

 

Aerospace and Defense

 

 

7.70

%

 

3M L+575

 

 

 

13,884,143

 

 

 

13,688,534

 

 

 

13,734,194

 

Radius Aerospace, Inc. (Revolver)

 

03/31/2025

 

Aerospace and Defense

 

 

9.03

%

 

P+525

 

 

 

273,290

 

 

 

273,290

 

 

 

270,339

 

Radius Aerospace, Inc. (Revolver) (7)

 

03/31/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,953,852

 

 

 

 

 

 

(21,101

)

Research Horizons, LLC

 

06/28/2022

 

Media

 

 

7.95

%

 

1M L+625

 

 

 

30,732,264

 

 

 

30,430,917

 

 

 

29,810,295

 

Research Now Group, Inc. and Survey

   Sampling International LLC (5)

 

12/20/2024

 

Business Services

 

 

7.41

%

 

3M L+550

 

 

 

17,898,034

 

 

 

17,759,720

 

 

 

17,871,187

 

Riverpoint Medical, LLC (5)

 

06/20/2025

 

Healthcare, Education and Childcare

 

 

6.97

%