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Published: 2022-02-09 16:05:47 ET
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10-Q 1 pflt-10q-20211231-no_xbr.htm 10-Q 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 DECEMBER 31, 2021

OR

 

☐

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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00891

 

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

 

MARYLAND

 

27-3794690

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

1691 Michigan Avenue

Miami Beach, Florida

 

33139

(Address of principal executive offices)

 

(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

 

590 Madison Avenue, 15th Floor

New York, New York 10022

(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

PFLT

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 9, 2022 was 39,150,794.

 

 

 

 

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2021

TABLE OF CONTENTS

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2021 (unaudited) and September 30, 2021

 

4

 

 

Consolidated Statements of Operations for the three months ended December 31, 2021 and 2020 (unaudited)

 

5

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2021 and 2020 (unaudited)

 

6

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2021 and 2020 (unaudited)

 

7

 

 

Consolidated Schedules of Investments as of December 31, 2021 (unaudited) and September 30, 2021

 

8

 

 

Notes to Consolidated Financial Statements (unaudited)

 

18

 

 

Report of Independent Registered Public Accounting Firm

 

37

 

 

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 the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PTSF” refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refer to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “2023 Notes” refers to our 4.3% Series A notes due 2023; “2026 Notes” refers to our 4.25% Notes due 2026; “1940 Act” refers to the Investment Company Act of 1940, as amended; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act; “MCG” refers to MCG Capital Corporation; “Prior Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended and restated with Truist Bank (formerly SunTrust Bank) and other lenders, originally entered into on June 23, 2011 and terminated on August 12, 2021; “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the “Lenders,” entered into on August 12, 2021; “Securitization Issuer” refers to PennantPark CLO I, Ltd.; “Securitization Issuers” refers to the Securitization Issuer and PennantPark CLO I, LLC; “Debt Securitization” refers to the $301.4 million term debt securitization completed by the Securitization Issuers; “2031 Asset-Backed Debt” refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A‑1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; and “Depositor” refers to PennantPark CLO I Depositor, LLC. References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business include investments we make through our subsidiaries.

3

 

Item 1. Consolidated Financial Statements

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

 

 

 

December 31, 2021

 

 

September 30, 2021

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost— $908,298,246 and $824,541,549, respectively

 

$

945,338,180

 

 

$

856,806,437

 

Non-controlled, affiliated investments (cost— $22,380,092 and $22,380,092, respectively

 

 

640,457

 

 

 

7,432,896

 

Controlled, affiliated investments (cost— $241,268,951 and $223,714,366, respectively

 

 

233,842,905

 

 

 

217,380,079

 

Total investments (cost— $1,171,947,289 and $1,070,636,007, respectively

 

 

1,179,821,542

 

 

 

1,081,619,412

 

Cash and cash equivalents (cost—$61,266,283 and $49,825,527, respectively)

 

 

61,266,942

 

 

 

49,825,527

 

Interest receivable

 

 

5,737,043

 

 

 

5,445,726

 

Receivable for investments sold

 

 

18,429,923

 

 

 

33,965,807

 

Prepaid expenses and other assets

 

 

96,209

 

 

 

—

 

Total assets

 

 

1,265,351,659

 

 

 

1,170,856,472

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

3,718,603

 

 

 

3,690,320

 

Payable for investments purchased

 

 

1,058,400

 

 

 

13,545,522

 

Credit Facility payable, at fair value (cost—$256,653,500 and $219,400,000, respectively) (See Notes 5 and 11)

 

 

256,670,500

 

 

 

218,851,500

 

2023 Notes payable, at fair value (par—$97,005,901 and $117,792,879, respectively) (See Notes 5 and 11)

 

 

86,150,940

 

 

 

111,114,023

 

2026 Notes payable, net (par—$185,000,000 and $100,000,000, respectively) (See Notes 5 and 11)

 

 

181,693,294

 

 

 

97,170,665

 

2031 Asset-Backed Debt, net (par—$228,000,000 ) (See Notes 5 and 11)

 

 

225,654,887

 

 

 

225,497,177

 

Interest payable on debt

 

 

4,014,294

 

 

 

5,454,784

 

Base-management fee payable (See Note 3)

 

 

2,896,251

 

 

 

2,706,828

 

Performance-based incentive fee payable (See Note 3)

 

 

3,180,464

 

 

 

623,718

 

Deferred tax liability

 

 

1,539,871

 

 

 

—

 

Accrued other expenses

 

 

1,368,667

 

 

 

1,590,679

 

Total liabilities

 

 

767,946,171

 

 

 

680,245,216

 

Commitments and contingencies (See Note 12)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 39,150,794 and 38,880,728 shares issued and outstanding, respectively
   Par value $0.001 per share and 100,000,000 shares authorized

 

 

39,151

 

 

 

38,881

 

Paid-in capital in excess of par value

 

 

542,281,346

 

 

 

538,814,549

 

Accumulated Deficit

 

 

(44,915,009

)

 

 

(48,242,174

)

Total net assets

 

$

497,405,488

 

 

$

490,611,256

 

Total liabilities and net assets

 

$

1,265,351,659

 

 

$

1,170,856,472

 

Net asset value per share

 

$

12.70

 

 

$

12.62

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2021

 

 

2020

 

Investment income:

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

Interest

 

$

16,857,701

 

 

$

15,301,431

 

Dividend

 

 

576,923

 

 

 

—

 

Other income

 

 

2,823,467

 

 

 

881,785

 

From non-controlled, affiliated investments:

 

 

 

 

 

 

Interest

 

 

112,082

 

 

 

96,462

 

Other income

 

 

—

 

 

 

20,307

 

From controlled, affiliated investments:

 

 

 

 

 

 

Interest

 

 

3,165,289

 

 

 

2,662,876

 

Dividend

 

 

2,800,000

 

 

 

1,575,000

 

Other Income

 

 

—

 

 

 

195,630

 

Total investment income

 

 

26,335,462

 

 

 

20,733,491

 

Expenses:

 

 

 

 

 

 

Base-management fee (See Note 3)

 

 

2,896,252

 

 

 

2,716,172

 

Performance-based incentive fee (See Note 3)

 

 

3,180,464

 

 

 

1,761,874

 

Interest and expenses on debt (See Note 11)

 

 

6,638,782

 

 

 

5,341,340

 

Administrative services expenses (See Note 3)

 

 

143,750

 

 

 

300,000

 

Other general and administrative expenses

 

 

654,600

 

 

 

400,000

 

Expenses before provision for taxes

 

 

13,513,848

 

 

 

10,519,386

 

Provision for taxes

 

 

100,000

 

 

 

100,000

 

Total expenses

 

 

13,613,848

 

 

 

10,619,386

 

Net investment income

 

 

12,721,614

 

 

 

10,114,105

 

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

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,072,810

 

 

 

(1,707,698

)

Non-controlled and controlled, affiliated investments

 

 

65,244

 

 

 

(1,052,048

)

Net realized gain (loss) on investments

 

 

3,138,054

 

 

 

(2,759,746

)

Net change in unrealized (depreciation) appreciation on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

4,386,904

 

 

 

22,537,278

 

Controlled and non-controlled, affiliated investments

 

 

(7,884,198

)

 

 

252,766

 

Provision for taxes on unrealized appreciation on investments

 

 

(1,539,871

)

 

 

—

 

Debt depreciation (appreciation) (See Note 5 and 11)

 

 

3,610,604

 

 

 

(4,013,815

)

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

 

 

(1,426,561

)

 

 

18,776,229

 

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

 

 

1,711,493

 

 

 

16,016,483

 

Net increase in net assets resulting from operations

 

$

14,433,107

 

 

$

26,130,588

 

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

 

$

0.37

 

 

$

0.67

 

Net investment income per common share

 

$

0.33

 

 

$

0.26

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

 

 

 

Three Months Ended December 31,

 

 

 

2021

 

 

2020

 

Net increase in net assets from operations:

 

 

 

 

 

 

Net investment income

 

$

12,721,614

 

 

$

10,114,105

 

Net realized gain (loss) on investments

 

 

3,138,054

 

 

 

(2,759,746

)

Net change in unrealized (depreciation) appreciation on investments

 

 

(3,497,294

)

 

 

22,790,044

 

Net change in provision for taxes on unrealized appreciation on investments

 

 

(1,539,871

)

 

 

—

 

Net change in unrealized depreciation (appreciation) on debt

 

 

3,610,604

 

 

 

(4,013,815

)

Net increase in net assets resulting from operations

 

 

14,433,107

 

 

 

26,130,588

 

Distributions to stockholders:

 

 

 

 

 

 

Distribution of net investment income

 

 

(11,105,942

)

 

 

(11,050,041

)

Total distributions to stockholders

 

 

(11,105,942

)

 

 

(11,050,041

)

Capital transactions

 

 

 

 

 

 

Public offering (See Note 1)

 

 

3,519,865

 

 

 

—

 

Offering costs

 

 

(52,798

)

 

 

—

 

Net increase in net assets resulting from capital transactions

 

 

3,467,067

 

 

 

—

 

Net increase in net assets

 

 

6,794,232

 

 

 

15,080,547

 

Net assets:

 

 

 

 

 

 

Beginning of period

 

 

490,611,256

 

 

 

477,270,392

 

End of period

 

$

497,405,488

 

 

$

492,350,939

 

Capital share activity:

 

 

 

 

 

 

Shares issued from public offering

 

 

270,066

 

 

 

—

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three months ended December 31,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

14,433,107

 

 

$

26,130,588

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash
   (used in) provided by operating activities:

 

 

 

 

 

 

Net change in unrealized depreciation on investments

 

 

3,497,294

 

 

 

(22,790,044

)

Net change in unrealized (depreciation) appreciation on debt

 

 

(3,610,604

)

 

 

4,013,815

 

Net realized loss on investments

 

 

(3,138,054

)

 

 

2,759,746

 

Net accretion of discount and amortization of premium

 

 

(1,357,680

)

 

 

(557,400

)

Purchases of investments

 

 

(335,103,427

)

 

 

(66,964,523

)

Payment-in-kind interest

 

 

(440,720

)

 

 

(1,522,805

)

Proceeds from dispositions of investments

 

 

238,368,492

 

 

 

109,603,991

 

Amortization of deferred financing costs

 

 

(319,660

)

 

 

157,711

 

(Increase) decrease in interest receivable

 

 

(291,317

)

 

 

853,044

 

Decrease in receivable for investments sold

 

 

15,535,884

 

 

 

—

 

Increase in prepaid expenses and other assets

 

 

(96,209

)

 

 

(13,338

)

(Decrease) increase in payable for investments purchased

 

 

(12,487,122

)

 

 

5,778,076

 

Decrease in interest payable on debt

 

 

(1,440,490

)

 

 

(1,709,954

)

Increase (decrease) in base management fee payable

 

 

189,423

 

 

 

(60,305

)

Increase (decrease) in performance-based incentive fee payable

 

 

2,556,746

 

 

 

(309,748

)

Increase in deferred tax liability

 

 

1,539,871

 

 

 

—

 

(Decrease) increase in accrued other expenses

 

 

(222,012

)

 

 

88,730

 

Net cash (used in) provided by operating activities

 

 

(82,386,478

)

 

 

55,457,584

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from public offering

 

 

3,519,865

 

 

 

—

 

Offering costs

 

 

(52,798

)

 

 

—

 

Distributions paid to stockholders

 

 

(11,077,659

)

 

 

(11,050,041

)

Repayment of 2023 Notes issuance (See Notes 5 and 11)

 

 

(20,786,979

)

 

 

(20,786,979

)

Proceeds from 2026 Notes issuance (See Notes 5 and 11)

 

 

84,332,500

 

 

 

—

 

Borrowings under Credit Facility (See Notes 5 and 11)

 

 

137,253,500

 

 

 

27,500,000

 

Repayments under Credit Facility (See Notes 5 and 11)

 

 

(100,000,000

)

 

 

(79,198,500

)

Net cash provided by (used in) financing activities

 

 

93,188,429

 

 

 

(83,535,520

)

Net (decrease) increase in cash equivalents

 

 

10,801,951

 

 

 

(28,077,936

)

Effect of exchange rate changes on cash

 

 

639,464

 

 

 

(945,881

)

Cash and cash equivalents, beginning of period

 

 

49,825,527

 

 

 

57,511,928

 

Cash and cash equivalents, end of period

 

$

61,266,942

 

 

$

28,488,111

 

Supplemental disclosures:

 

 

 

 

 

 

Interest paid

 

$

7,931,433

 

 

$

6,893,583

 

Taxes paid

 

$

182,588

 

 

$

3,682

 

Non-cash exchanges and conversions

 

$

—

 

 

$

20,334,379

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021

(Unaudited)

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—190.1% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—169.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/06/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

4,975,000

 

 

 

4,908,538

 

 

 

4,975,000

 

Ad.net Acquisition, LLC (Revolver) (7), (9)

 

05/06/2026

 

Media

 

 

—

 

 

 

—

 

 

 

1,244,444

 

 

 

—

 

 

 

—

 

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

9.00

%

 

3M L+800

 

 

 

5,000,282

 

 

 

4,951,372

 

 

 

4,687,764

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

IT Services

 

 

9.00

%

 

3M L+800

 

 

 

575,000

 

 

 

575,000

 

 

 

539,062

 

Altamira Technologies, LLC (Revolver) (7), (9)

 

07/24/2025

 

IT Services

 

 

—

 

 

 

—

 

 

 

1,581,250

 

 

 

—

 

 

 

(98,828

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

6.50

%

 

3M L+550

 

 

 

7,669,797

 

 

 

7,603,106

 

 

 

7,669,797

 

American Teleconferencing Services, Ltd.(7)

 

09/09/2021

 

Telecommunications

 

0.00%

 

(6)

 

—

 

 

 

7,986,133

 

 

 

7,915,290

 

 

 

1,038,198

 

American Teleconferencing Services, Ltd. (Revolver) (7)

 

12/08/2022

 

Telecommunications

 

0.00%

 

(6)

 

—

 

 

 

1,656,423

 

 

 

1,641,729

 

 

 

1,656,423

 

Any Hour Services

 

07/21/2027

 

Energy Equipment and Services

 

 

6.75

%

 

3M L+575

 

 

 

9,993,750

 

 

 

9,835,645

 

 

 

9,993,750

 

Any Hour Services (7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

—

 

 

 

—

 

 

 

313,529

 

 

 

—

 

 

 

3,135

 

Any Hour Services (Revolver) (7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

—

 

 

 

—

 

 

 

1,147,059

 

 

 

—

 

 

 

—

 

Apex Service Partners, LLC

 

07/31/2025

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

6,256,015

 

 

 

6,203,837

 

 

 

6,177,815

 

Apex Service Partners, LLC Term Loan B

 

07/31/2025

 

Diversified Consumer Services

 

 

6.50

%

 

1M L+550

 

 

 

300,396

 

 

 

300,396

 

 

 

296,642

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

20,038,791

 

 

 

19,847,465

 

 

 

19,788,306

 

Apex Service Partners, LLC (Revolver) (7)

 

07/29/2024

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

738,043

 

 

 

738,043

 

 

 

721,438

 

Apex Service Partners, LLC (Revolver) (7), (9)

 

07/29/2024

 

Diversified Consumer Services

 

 

—

 

 

 

—

 

 

 

1,107,065

 

 

 

—

 

 

 

(24,909

)

API Technologies Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

4.35

%

 

1M L+425

 

 

 

5,850,000

 

 

 

5,826,933

 

 

 

5,557,500

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

6.75

%

 

3M L+575

 

 

 

8,395,534

 

 

 

8,261,891

 

 

 

8,290,590

 

Applied Technical Services, LLC (7), (9)

 

06/29/2022

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

5,116,391

 

 

 

—

 

 

 

(6,395

)

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Commercial Services & Supplies

 

 

8.00

%

 

3M L+475

 

 

 

318,182

 

 

 

318,182

 

 

 

314,205

 

Applied Technical Services, LLC (Revolver) (7), (9)

 

12/29/2026

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

954,545

 

 

 

—

 

 

 

(11,932

)

Broder Bros., Co.

 

12/02/2022

 

Textiles, Apparel and Luxury Goods

 

 

8.00

%

 

3M L+700

 

 

 

6,521,284

 

 

 

6,521,284

 

 

 

6,521,284

 

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

7.25

%

 

3M L+625

 

 

 

45,208,541

 

 

 

44,757,509

 

 

 

44,304,370

 

By Light Professional IT Services, LLC (Revolver) (9)

 

05/16/2022

 

High Tech Industries

 

 

—

 

 

 

—

 

 

 

4,065,354

 

 

 

—

 

 

 

(81,307

)

Cadence Aerospace, LLC (7)

 

11/14/2023

 

Aerospace and Defense

 

 

9.50

%

 

3M L+850

 

 

 

3,009,525

 

 

 

2,994,688

 

 

 

2,988,459

 

 

 

 

 

 

 

(PIK 9.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

CF512, Inc.

 

08/20/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

8,158,977

 

 

 

8,028,486

 

 

 

8,077,388

 

CF512, Inc. (7), (9)

 

08/20/2026

 

Media

 

 

—

 

 

 

—

 

 

 

190,909

 

 

 

—

 

 

 

—

 

CF512, Inc. (Revolver) (7), (9)

 

08/20/2026

 

Media

 

 

—

 

 

 

—

 

 

 

954,545

 

 

 

—

 

 

 

(9,545

)

CHA Holdings, Inc.

 

04/10/2025

 

Environmental Industries

 

 

5.50

%

 

3M L+450

 

 

 

1,593,262

 

 

 

1,588,869

 

 

 

1,585,295

 

Challenger Performance Optimization, Inc. (Revolver) (7)

 

08/31/2023

 

Business Services

 

 

8.00

%

 

3M L+675

 

 

 

24

 

 

 

24

 

 

 

23

 

Challenger Performance Optimization, Inc. (Revolver) (7), (9)

 

08/31/2023

 

Business Services

 

 

—

 

 

 

—

 

 

 

711,447

 

 

 

—

 

 

 

(21,343

)

Compex Legal Services, Inc.

 

02/09/2026

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

7,633,503

 

 

 

7,516,648

 

 

 

7,633,503

 

Compex Legal Services, Inc. (Revolver) (7)

 

02/07/2025

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

843,396

 

 

 

843,396

 

 

 

843,396

 

Compex Legal Services, Inc. (Revolver) (7), (9)

 

02/07/2025

 

Professional Services

 

 

—

 

 

 

—

 

 

 

562,264

 

 

 

—

 

 

 

-

 

Confluent Health, LLC

 

06/24/2026

 

Health Providers and Services

 

 

5.08

%

 

1M L+500

 

 

 

3,910,000

 

 

 

 

 

 

 

Connatix Buyer, Inc.

 

07/13/2027

 

Media

 

 

6.25

%

 

3M L+550

 

 

 

3,990,000

 

 

 

3,913,088

 

 

 

4,009,949

 

Connatix Buyer, Inc. (7), (9)

 

01/13/2023

 

Media

 

 

—

 

 

 

—

 

 

 

2,105,263

 

 

 

—

 

 

 

31,579

 

Connatix Buyer, Inc. (Revolver) (7), (9)

 

07/13/2027

 

Media

 

 

—

 

 

 

—

 

 

 

1,234,375

 

 

 

—

 

 

 

-

 

Crane 1 Services, Inc. (7), (9)

 

08/16/2023

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

897,129

 

 

 

—

 

 

 

(2,242

)

Crane 1 Services, Inc. (Revolver) (7), (9)

 

08/16/2027

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

336,423

 

 

 

—

 

 

 

(3,364

)

Crash Champions, LLC

 

08/05/2025

 

Automobiles

 

 

5.96

%

 

3M L+525

 

 

 

19,973,600

 

 

 

19,719,678

 

 

 

19,574,128

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

6,528,135

 

 

 

6,503,667

 

 

 

6,528,135

 

Douglas Products and Packaging Company LLC (Revolver)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

P+475

 

 

 

2,488,333

 

 

 

2,488,333

 

 

 

2,488,333

 

Douglas Products and Packaging Company LLC (Revolver) (9)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

1,902,843

 

 

 

—

 

 

 

—

 

Douglas Sewer Intermediate, LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

3,950,887

 

 

 

3,935,718

 

 

 

3,950,887

 

Dr. Squatch, LLC

 

08/27/2026

 

Personal Products

 

 

7.00

%

 

3M L+600

 

 

 

9,461,573

 

 

 

9,280,861

 

 

 

9,461,573

 

Dr. Squatch, LLC (Revolver) (7)

 

08/27/2026

 

Personal Products

 

 

7.00

%

 

3M L+600

 

 

 

2,459,120

 

 

 

2,459,120

 

 

 

2,459,120

 

Dr. Squatch, LLC (Revolver) (7), (9)

 

08/27/2026

 

Personal Products

 

 

—

 

 

 

—

 

 

 

894,225

 

 

 

—

 

 

 

—

 

DRS Holdings III, Inc.

 

11/03/2025

 

Personal Products

 

 

6.75

%

 

3M L+575

 

 

 

17,626,527

 

 

 

17,478,099

 

 

 

17,520,769

 

DRS Holdings III, Inc. (Revolver) (7), (9)

 

11/03/2025

 

Personal Products

 

 

—

 

 

 

—

 

 

 

1,426,470

 

 

 

—

 

 

 

(8,559

)

Duraco Specialty Tapes LLC

 

06/30/2024

 

Containers and Packaging

 

 

6.50

%

 

3M L+550

 

 

 

3,275,696

 

 

 

3,220,537

 

 

 

3,223,285

 

ECL Entertainment, LLC

 

03/31/2028

 

Hotels, Restaurants and Leisure

 

 

8.25

%

 

1M L+750

 

 

 

5,242,885

 

 

 

5,192,642

 

 

 

5,321,528

 

ECM Industries, LLC (Revolver)

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

5.75

%

 

1M L+475

 

 

 

285,755

 

 

 

285,755

 

 

 

278,611

 

ECM Industries, LLC (Revolver) (9)

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

628,661

 

 

 

—

 

 

 

(15,717

)

eCommission Financial Services, Inc. (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

6.00

%

 

1M L+500

 

 

 

6,765,000

 

 

 

6,765,000

 

 

 

6,765,000

 

eCommission Financial Services, Inc. (Revolver) (7), (9), (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

—

 

 

 

—

 

 

 

5,000,000

 

 

 

—

 

 

 

—

 

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2022

 

Media: Diversified and Production

 

 

7.75

%

 

3M L+675

 

 

 

7,189,139

 

 

 

7,183,481

 

 

 

7,153,193

 

Findex Group Limited (5)(10)(11)

 

05/31/2024

 

Diversified Financial Services

 

 

5.10

%

 

3M L+500

 

 

 

AUD 10,000,000

 

 

 

7,358,345

 

 

 

7,270,500

 

Gantech Acquisition Corp.

 

05/14/2026

 

IT Services

 

 

7.25

%

 

1M L+625

 

 

 

22,319,447

 

 

 

21,907,857

 

 

 

22,096,253

 

Gantech Acquisition Corp. (Revolver) (7), (9)

 

05/14/2026

 

IT Services

 

 

—

 

 

 

—

 

 

 

3,733,280

 

 

 

—

 

 

 

(37,333

)

Global Holdings InterCo LLC

 

03/16/2026

 

Diversified Financial Services

 

 

7.00

%

 

3M L+600

 

 

 

3,473,750

 

 

 

3,428,171

 

 

 

3,456,381

 

Graffiti Buyer, Inc. (7), (9)

 

08/10/2023

 

Trading Companies & Distributors

 

 

—

 

 

 

—

 

 

 

1,071,429

 

 

 

—

 

 

 

214

 

Graffiti Buyer, Inc. (Revolver) (7)

 

08/10/2027

 

Trading Companies & Distributors

 

 

6.75

%

 

3M L+575

 

 

 

158,531

 

 

 

158,531

 

 

 

155,439

 

Graffiti Buyer, Inc. (Revolver) (7), (9)

 

08/10/2027

 

Trading Companies & Distributors

 

 

—

 

 

 

—

 

 

 

706,182

 

 

 

—

 

 

 

(13,771

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

6.00

%

 

3M L+500

 

 

 

4,565,000

 

 

 

4,490,677

 

 

 

4,565,000

 

Hancock Roofing and Construction L.L.C. (7), (9)

 

12/31/2022

 

Insurance

 

 

—

 

 

 

—

 

 

 

400,000

 

 

 

—

 

 

 

—

 

Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)

 

12/31/2026

 

Insurance

 

 

—

 

 

 

—

 

 

 

750,000

 

 

 

—

 

 

 

—

 

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

7.00

%

 

3M L+600

 

 

 

9,801,984

 

 

 

9,801,984

 

 

 

9,800,000

 

Holdco Sands Intermediate, LLC (Revolver) (9)

 

11/23/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(35,825

)

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

6.75

%

 

1M L+575

 

 

 

7,321,936

 

 

 

7,279,772

 

 

 

7,175,497

 

HW Holdco, LLC (Revolver) (9)

 

12/10/2024

 

Media

 

 

—

 

 

 

—

 

 

 

2,887,174

 

 

 

—

 

 

 

(28,872

)

HW Holdco, LLC (Revolver) (7), (9)

 

12/10/2024

 

Media

 

 

—

 

 

 

—

 

 

 

1,451,613

 

 

 

—

 

 

 

(29,032

)

IDC Infusion Services, Inc.

 

12/30/2026

 

Healthcare Equipment and Supplies

 

 

7.00

%

 

3M L+600

 

 

 

500,000

 

 

 

490,012

 

 

 

490,000

 

IDC Infusion Services, Inc. (9)

 

06/30/2023

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

12,500,000

 

 

 

—

 

 

 

—

 

IDC Infusion Services, Inc. (Revolver) (9)

 

12/30/2026

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

4,166,667

 

 

 

—

 

 

 

—

 

IG Investments Holdings, LLC (7)

 

09/22/2028

 

Professional Services

 

 

6.75

%

 

3M L+600

 

 

 

4,507,009

 

 

 

4,417,617

 

 

 

4,416,869

 

IG Investments Holdings, LLC (Revolver) (7)

 

09/22/2027

 

Professional Services

 

 

6.75

%

 

3M L+600

 

 

 

238,439

 

 

 

238,439

 

 

 

233,671

 

IG Investments Holdings, LLC (Revolver) (7), (9)

 

09/22/2027

 

Professional Services

 

 

—

 

 

 

—

 

 

 

238,439

 

 

 

—

 

 

 

(4,769

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

8

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2021

(Unaudited)

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

Software

 

 

6.50

%

 

3M L+550

 

 

 

4,008,612

 

 

$

3,929,541

 

 

$

3,928,440

 

Imagine Acquisitionco, LLC (9)

 

11/15/2027

 

Software

 

 

—

 

 

 

—

 

 

 

1,656,603

 

 

 

—

 

 

 

(16,566

)

Imagine Acquisitionco, LLC (Revolver) (9)

 

11/15/2027

 

Software

 

 

—

 

 

 

—

 

 

 

1,192,754

 

 

 

—

 

 

 

(23,855

)

Inception Fertility Ventures, LLC

 

12/07/2023

 

Healthcare Providers and Services

 

 

6.50

%

 

3M L+550

 

 

 

3,482,388

 

 

 

3,399,755

 

 

 

3,395,328

 

Inception Fertility Ventures, LLC (9)

 

12/07/2023

 

Healthcare Providers and Services

 

 

—

 

 

 

—

 

 

 

9,185,272

 

 

 

—

 

 

 

(114,816

)

Infolinks Media Buyco, LLC

 

11/01/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

2,644,552

 

 

 

2,593,121

 

 

 

2,591,661

 

Infolinks Media Buyco, LLC- Unfunded Term Loan

 

11/01/2023

 

Media

 

 

—

 

 

 

—

 

 

 

968,644

 

 

 

—

 

 

 

(9,686

)

Innova Medical Ophthalmics Inc. (5), (10)

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

3,244,904

 

 

 

3,227,166

 

 

 

3,244,904

 

Innova Medical Ophthalmics Inc. (Revolver) (5), (7), (10)

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

533,525

 

 

 

533,525

 

 

 

533,525

 

Integrative Nutrition, LLC

 

09/29/2023

 

Consumer Services

 

 

5.50

%

 

3M L+450

 

 

 

16,114,175

 

 

 

16,051,093

 

 

 

16,114,175

 

Integrative Nutrition, LLC (Revolver) (7), (9)

 

09/29/2023

 

Consumer Services

 

 

—

 

 

 

—

 

 

 

5,000,000

 

 

 

—

 

 

 

—

 

Integrity Marketing Acquisition, LLC (7)

 

08/27/2025

 

Insurance

 

 

6.25

%

 

3M L+550

 

 

 

18,105,120

 

 

 

17,971,638

 

 

 

18,014,594

 

Integrity Marketing Acquisition, LLC (7), (9)

 

07/09/2023

 

Insurance

 

 

—

 

 

 

—

 

 

 

3,841,538

 

 

 

—

 

 

 

9,604

 

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

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

1M L+700

 

 

 

642,857

 

 

 

642,857

 

 

 

630,000

 

K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

785,714

 

 

 

—

 

 

 

(15,714

)

Kinetic Purchaser, LLC

 

11/10/2027

 

Personal Products

 

 

7.00

%

 

3M L+600

 

 

 

21,025,154

 

 

 

20,609,268

 

 

 

20,604,650

 

Kinetic Purchaser, LLC - (Revolver)

 

11/10/2026

 

Personal Products

 

 

7.00

%

 

3M L+600

 

 

 

1,648,651

 

 

 

1,648,651

 

 

 

1,615,678

 

Kinetic Purchaser, LLC - (Revolver) (9)

 

11/10/2026

 

Personal Products

 

 

—

 

 

 

—

 

 

 

1,786,039

 

 

 

—

 

 

 

(35,721

)

Lash OpCo, LLC

 

02/18/2027

 

Personal Products

 

 

8.00

%

 

1M L+700

 

 

 

17,119,082

 

 

 

16,757,462

 

 

 

16,947,892

 

Lash OpCo, LLC (Revolver) (7), (9)

 

08/16/2026

 

Personal Products

 

 

—

 

 

 

—

 

 

 

1,920,443

 

 

 

—

 

 

 

(19,204

)

LAV Gear Holdings, Inc.

 

10/31/2024

 

Capital Equipment

 

 

8.50

%

 

1M L+750

 

 

 

9,512,965

 

 

 

9,480,648

 

 

 

9,065,855

 

 

 

 

 

 

 

(PIK 5.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

LAV Gear Holdings, Inc. (Revolver) (7)

 

10/31/2024

 

Capital Equipment

 

 

8.50

%

 

1M L+750

 

 

 

1,699,283

 

 

 

1,699,283

 

 

 

1,619,416

 

 

 

 

 

 

 

(PIK 5.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc.

 

11/09/2026

 

Leisure Products

 

 

7.25

%

 

3M L+625

 

 

 

3,775,397

 

 

 

3,701,297

 

 

 

3,699,889

 

Ledge Lounger, Inc. (Revolver)

 

11/09/2026

 

Leisure Products

 

 

7.25

%

 

3M L+625

 

 

 

526,061

 

 

 

526,061

 

 

 

515,540

 

Ledge Lounger, Inc. (Revolver) (9)

 

11/09/2026

 

Leisure Products

 

 

—

 

 

 

—

 

 

 

263,030

 

 

 

—

 

 

 

(5,261

)

Lightspeed Buyer Inc.

 

02/03/2026

 

Healthcare Technology

 

 

6.75

%

 

1M L+575

 

 

 

24,544,628

 

 

 

24,197,861

 

 

 

23,869,650

 

Lightspeed Buyer Inc. (Revolver) (7)

 

02/03/2026

 

Healthcare Technology

 

 

6.75

%

 

1M L+575

 

 

 

666,480

 

 

 

666,480

 

 

 

648,152

 

Lightspeed Buyer Inc. (Revolver) (7) (9)

 

02/03/2026

 

Healthcare Technology

 

 

—

 

 

 

—

 

 

 

1,832,819

 

 

 

—

 

 

 

(50,403

)

Lombart Brothers, Inc.

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

14,247,442

 

 

 

14,179,437

 

 

 

14,247,442

 

Lombart Brothers, Inc. (Revolver) (7)

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

516,105

 

 

 

516,105

 

 

 

516,105

 

Lucky Bucks, LLC

 

07/20/2027

 

Hotels, Restaurants and Leisure

 

 

6.25

%

 

3M L+550

 

 

 

4,500,000

 

 

 

4,413,607

 

 

 

4,415,625

 

MAG DS Corp.

 

04/01/2027

 

Aerospace and Defense

 

 

6.50

%

 

1M L+550

 

 

 

3,812,401

 

 

 

3,651,144

 

 

 

3,459,754

 

Management Consulting & Research, LLC

 

8/16/2027

 

Aerospace and Defense

 

 

7.00

%

 

3M L+600

 

 

 

18,700,000

 

 

 

18,333,196

 

 

 

18,326,000

 

Management Consulting & Research, LLC (Revolver) (9)

 

8/16/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

5,188,416

 

 

 

—

 

 

 

(103,768

)

Mars Acquisition Holdings Corp.

 

05/14/2026

 

Media

 

 

6.50

%

 

3M L+550

 

 

 

6,097,621

 

 

 

5,987,827

 

 

 

6,067,132

 

Mars Acquisition Holdings Corp. (Revolver)(7)(9)

 

05/14/2026

 

Media

 

 

—

 

 

 

—

 

 

 

1,623,661

 

 

 

—

 

 

 

(8,118

)

MBS Holdings, Inc. (Revolver)(7)(9)

 

04/16/2027

 

Internet Software and Services

 

 

—

 

 

 

—

 

 

 

1,157,407

 

 

 

—

 

 

 

(11,574

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

Professional Services

 

 

6.50

%

 

3M L+550

 

 

 

2,413,793

 

 

 

2,389,683

 

 

 

2,389,655

 

Meadowlark Acquirer, LLC - Term Loan I (9)

 

12/10/2027

 

Professional Services

 

 

—

 

 

 

—

 

 

 

3,103,448

 

 

 

—

 

 

 

—

 

Meadowlark Acquirer, LLC - Term Loan II (9)

 

12/10/2027

 

Professional Services

 

 

—

 

 

 

—

 

 

 

9,482,759

 

 

 

—

 

 

 

—

 

Meadowlark Acquirer, LLC (Revolver) (9)

 

12/10/2027

 

Professional Services

 

 

—

 

 

 

—

 

 

 

1,692,790

 

 

 

—

 

 

 

—

 

MeritDirect, LLC

 

05/23/2024

 

Media

 

 

6.50

%

 

3M L+550

 

 

 

15,153,628

 

 

 

15,031,784

 

 

 

15,002,092

 

MeritDirect, LLC (Revolver) (7), (9)

 

05/23/2024

 

Media

 

 

—

 

 

 

—

 

 

 

2,869,470

 

 

 

—

 

 

 

(28,695

)

Mission Critical Electronics, Inc.

 

09/28/2022

 

Capital Equipment

 

 

6.00

%

 

1M L+500

 

 

 

604,461

 

 

 

602,768

 

 

 

604,461

 

Mission Critical Electronics, Inc. (Revolver) (7)

 

09/28/2022

 

Capital Equipment

 

 

6.00

%

 

1M L+500

 

 

 

468,198

 

 

 

468,198

 

 

 

468,198

 

Mission Critical Electronics, Inc. (Revolver) (7), (9)

 

09/28/2022

 

Capital Equipment

 

 

—

 

 

 

—

 

 

 

856,890

 

 

 

—

 

 

 

—

 

Municipal Emergency Services, Inc. (7), (9)

 

09/28/2027

 

Distributors

 

 

—

 

 

 

—

 

 

 

946,586

 

 

 

—

 

 

 

(5,679

)

Municipal Emergency Services, Inc. (Revolver) (7), (9)

 

09/28/2027

 

Distributors

 

 

—

 

 

 

—

 

 

 

946,586

 

 

 

—

 

 

 

(15,145

)

NBH Group LLC (Revolver) (7), (9)

 

08/19/2026

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

1,676,672

 

 

 

—

 

 

 

(16,767

)

OIS Management Services, LLC

 

07/09/2026

 

Healthcare Equipment and Supplies

 

 

5.50

%

 

3M L+450

 

 

 

5,098,111

 

 

 

5,047,323

 

 

 

5,047,130

 

OIS Management Services, LLC (Revolver) (7)

 

07/09/2026

 

Healthcare Equipment and Supplies

 

 

5.50

%

 

3M L+450

 

 

 

444,444

 

 

 

444,444

 

 

 

440,000

 

One Stop Mailing, LLC

 

05/07/2027

 

Air Freight and Logistics

 

 

7.25

%

 

3M L+625

 

 

 

8,929,288

 

 

 

8,762,330

 

 

 

8,773,023

 

ORL Acquisition, Inc. (7)

 

09/03/2027

 

Consumer Finance

 

 

6.25

%

 

3M L+525

 

 

 

7,249,717

 

 

 

7,106,788

 

 

 

7,177,220

 

ORL Acquisition, Inc. (Revolver) (7), (9)

 

09/03/2027

 

Consumer Finance

 

 

—

 

 

 

—

 

 

 

860,692

 

 

 

—

 

 

 

(8,607

)

Output Services Group, Inc.

 

03/27/2024

 

Business Services

 

 

5.50

%

 

1M L+450

 

 

 

4,887,690

 

 

 

4,474,897

 

 

 

4,398,920

 

Ox Two, LLC

 

05/18/2026

 

Construction and Building

 

 

7.00

%

 

1M L+600

 

 

 

22,579,375

 

 

 

22,260,103

 

 

 

22,127,788

 

Ox Two, LLC (Revolver) (7)

 

05/18/2026

 

Construction and Building

 

 

7.00

%

 

1M L+600

 

 

 

2,483,871

 

 

 

2,483,871

 

 

 

2,434,194

 

Ox Two, LLC (Revolver) (7), (9)

 

05/18/2026

 

Construction and Building

 

 

—

 

 

 

—

 

 

 

903,226

 

 

 

—

 

 

 

(18,065

)

PL Acquisitionco, LLC

 

11/09/2027

 

Textiles, Apparel and Luxury Goods

 

 

7.50

%

 

3M L+650

 

 

 

6,156,436

 

 

 

6,049,751

 

 

 

6,048,698

 

PL Acquisitionco, LLC (Revolver)

 

11/09/2027

 

Textiles, Apparel and Luxury Goods

 

 

7.50

%

 

3M L+650

 

 

 

610,612

 

 

 

610,612

 

 

 

599,926

 

PL Acquisitionco, LLC - (Revolver) (9)

 

11/09/2027

 

Textiles, Apparel and Luxury Goods

 

 

—

 

 

 

—

 

 

 

1,679,182

 

 

 

—

 

 

 

(29,386

)

Plant Health Intermediate, Inc.

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

642,366

 

 

 

640,601

 

 

 

642,366

 

PlayPower, Inc.

 

05/08/2026

 

Leisure Products

 

 

5.72

%

 

1M L+575

 

 

 

3,468,324

 

 

 

3,444,191

 

 

 

3,387,408

 

PRA Events, Inc.

 

08/07/2025

 

Business Services

 

 

11.50

%

 

1M L+1,050

 

 

 

3,250,039

 

 

 

2,816,020

 

 

 

3,136,287

 

 

 

 

 

 

 

(PIK 11.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantic Electronics, LLC

 

11/19/2026

 

Electronic Equipment, Instruments, and Components

 

 

7.25

%

 

1M L+625

 

 

 

4,742,142

 

 

 

4,654,000

 

 

 

4,647,299

 

Quantic Electronics, LLC (7), (9)

 

11/19/2026

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

2,809,953

 

 

 

—

 

 

 

(28,099

)

Quantic Electronics, LLC (Revolver) (7), (9)

 

11/19/2026

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

669,972

 

 

 

—

 

 

 

(13,399

)

Questex, LLC

 

09/09/2024

 

Media: Diversified and Production

 

 

6.00

%

 

3M L+500

 

 

 

7,256,250

 

 

 

7,183,661

 

 

 

6,748,313

 

Questex, LLC (Revolver)

 

09/09/2024

 

Media: Diversified and Production

 

 

6.00

%

 

3M L+500

 

 

 

718,085

 

 

 

718,085

 

 

 

667,819

 

Questex, LLC (Revolver) (7), (9)

 

09/09/2024

 

Media: Diversified and Production

 

 

—

 

 

 

—

 

 

 

478,723

 

 

 

—

 

 

 

(33,511

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

9

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2021

(Unaudited)

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Rancho Health MSO, Inc. (7)

 

12/18/2025

 

Healthcare Equipment and Supplies

 

 

6.75

%

 

3M L+575

 

 

 

1,047,375

 

 

$

1,047,375

 

 

$

1,047,375

 

Rancho Health MSO, Inc. (Revolver) (7), (9)

 

12/18/2025

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

525,000

 

 

 

—

 

 

 

—

 

Recteq, LLC

 

01/29/2026

 

Leisure Products

 

 

7.00

%

 

3M L+600

 

 

 

1,488,750

 

 

 

1,463,642

 

 

 

1,466,419

 

Recteq, LLC (Revolver) (7), (9)

 

01/29/2026

 

Leisure Products

 

 

—

 

 

 

—

 

 

 

1,295,775

 

 

 

—

 

 

 

(19,437

)

Research Horizons, LLC

 

06/28/2022

 

Media: Advertising, Printing and Publishing

 

 

7.25

%

 

3M L+625

 

 

 

6,534,713

 

 

 

6,518,284

 

 

 

6,469,366

 

Research Now Group, Inc. and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

6.50

%

 

3M L+550

 

 

 

17,277,093

 

 

 

17,069,921

 

 

 

17,028,821

 

Riverpoint Medical, LLC

 

06/20/2025

 

Healthcare Equipment and Supplies

 

 

6.75

%

 

3M L+575

 

 

 

8,094,205

 

 

 

8,023,148

 

 

 

8,037,545

 

Riverpoint Medical, LLC (Revolver) (7), (9)

 

03/10/2025

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

909,091

 

 

 

—

 

 

 

(6,364

)

Riverside Assessments, LLC

 

03/10/2025

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

15,474,375

 

 

 

15,275,291

 

 

 

15,319,631

 

Sales Benchmark Index LLC

 

01/03/2025

 

Professional Services

 

 

7.75

%

 

3M L+600

 

 

 

7,526,789

 

 

 

7,429,129

 

 

 

7,413,888

 

Sales Benchmark Index LLC (Revolver) (7), (9)

 

01/03/2025

 

Professional Services

 

—

 

 

 

—

 

 

 

1,292,683

 

 

 

—

 

 

 

(19,390

)

Sargent & Greenleaf Inc.

 

12/20/2024

 

Electronic Equipment, Instruments, and Components

 

 

7.00

%

 

1M L+550

 

 

 

3,664,672

 

 

 

3,629,699

 

 

 

3,664,672

 

Sargent & Greenleaf Inc. (Revolver)

 

12/20/2024

 

Electronic Equipment, Instruments, and Components

 

 

7.00

%

 

1M L+550

 

 

 

871,503

 

 

 

871,503

 

 

 

871,503

 

Sargent & Greenleaf Inc. (Revolver) (7),(9)

 

12/20/2024

 

Electronic Equipment, Instruments, and Components

 

—

 

 

 

—

 

 

 

184,864

 

 

 

—

 

 

 

—

 

Schlesinger Global, Inc.

 

07/14/2025

 

Professional Services

 

 

8.00

%

 

1M L+700

 

 

 

13,411,280

 

 

 

13,313,113

 

 

 

12,975,413

 

Schlesinger Global, Inc. (Revolver)

 

07/14/2025

 

Professional Services

 

 

8.00

%

 

1M L+700

 

 

 

1,478,438

 

 

 

1,478,438

 

 

 

1,430,388

 

Schlesinger Global, Inc. (Revolver) (7), (9)

 

07/14/2025

 

Professional Services

 

 

—

 

 

 

—

 

 

 

391,864

 

 

 

—

 

 

 

(12,736

)

Sigma Defense Systems, LLC

 

12/18/2025

 

IT Services

 

 

9.50

%

 

3M L+850

 

 

 

13,017,869

 

 

 

12,700,308

 

 

 

12,692,422

 

Sigma Defense Systems, LLC (Revolver) (7), (9)

 

12/18/2025

 

IT Services

 

 

—

 

 

 

—

 

 

 

2,620,725

 

 

 

—

 

 

 

(65,518

)

Signature Systems Holding Company

 

05/03/2024

 

Commercial Services & Supplies

 

 

8.50

%

 

1M L+750

 

 

 

11,537,500

 

 

 

11,446,742

 

 

 

11,422,125

 

Signature Systems Holding Company (Revolver) (9)

 

05/03/2024

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

1,747,312

 

 

 

—

 

 

 

(17,473

)

Smile Brands Inc.

 

10/14/2024

 

Healthcare and Pharmaceuticals

 

 

5.25

%

 

1M L+450

 

 

 

1,952,988

 

 

 

1,952,988

 

 

 

1,879,751

 

Smile Brands Inc. (Revolver) (7)

 

10/14/2024

 

Healthcare and Pharmaceuticals

 

 

6.75

%

 

 

 

 

 

88,159

 

 

 

88,159

 

 

 

84,853

 

Smile Brands Inc. (Revolver) (7), (9)

 

10/14/2024

 

Healthcare and Pharmaceuticals

 

 

—

 

 

 

—

 

 

 

1,420,340

 

 

 

—

 

 

 

(53,263

)

Smile Brands Inc. LC (Revolver) (7), (9)

 

10/14/2024

 

Healthcare and Pharmaceuticals

 

 

—

 

 

 

—

 

 

 

107,751

 

 

 

—

 

 

 

(4,041

)

Snak Club, LLC (Revolver) (7)

 

07/19/2021

 

Beverage, Food and Tobacco

 

 

7.00

%

 

3M L+600

 

 

 

33,333

 

 

 

33,333

 

 

 

33,333

 

Snak Club, LLC (Revolver) (7), (9)

 

07/19/2021

 

Beverage, Food and Tobacco

 

 

—

 

 

 

—

 

 

 

450,000

 

 

 

—

 

 

 

—

 

Solutionreach, Inc.

 

01/17/2024

 

Healthcare Technology

 

 

6.75

%

 

3M L+575

 

 

 

5,972,701

 

 

 

5,917,760

 

 

 

5,972,701

 

Solutionreach, Inc. (Revolver) (7), (9)

 

01/17/2024

 

Healthcare Technology

 

—

 

 

 

—

 

 

 

1,665,000

 

 

 

—

 

 

 

—

 

Spear Education, LLC

 

02/26/2025

 

Professional Services

 

 

6.00

%

 

3M L+500

 

 

 

14,860,313

 

 

 

14,723,214

 

 

 

14,860,313

 

Spear Education, LLC (7), (9)

 

02/26/2022

 

Professional Services

 

—

 

 

 

—

 

 

 

6,875,000

 

 

 

—

 

 

 

—

 

STV Group Incorporated

 

12/11/2026

 

Construction & Engineering

 

 

5.35

%

 

1M L+525

 

 

 

4,751,892

 

 

 

4,713,780

 

 

 

4,728,132

 

TAC LifePort Purchaser, LLC

 

03/01/2026

 

Aerospace and Defense

 

 

7.00

%

 

3M L+600

 

 

 

499,294

 

 

 

490,724

 

 

 

499,294

 

TAC LifePort Purchaser, LLC (Revolver) (7), (9)

 

03/01/2026

 

Aerospace and Defense

 

—

 

 

—

 

 

 

1,302,326

 

 

 

—

 

 

 

—

 

TeleGuam Holdings, LLC

 

11/20/2025

 

Wireless Telecommunication Services

 

 

5.50

%

 

1M L+450

 

 

 

3,118,449

 

 

 

3,095,290

 

 

 

3,087,264

 

Teneo Holdings LLC

 

07/18/2025

 

Diversified Financial Services

 

 

6.25

%

 

1M L+525

 

 

 

5,837,665

 

 

 

5,745,195

 

 

 

5,847,414

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

7.00

%

 

3M L+600

 

 

 

4,958,556

 

 

 

4,893,314

 

 

 

4,908,971

 

The Bluebird Group LLC

 

07/27/2026

 

Professional Services

 

 

8.00

%

 

3M L+700

 

 

 

4,820,188

 

 

 

4,730,406

 

 

 

4,916,591

 

The Bluebird Group LLC (Revolver) (7), (9)

 

07/27/2026

 

Professional Services

 

—

 

 

—

 

 

 

862,381

 

 

 

—

 

 

 

17,248

 

The Infosoft Group, LLC

 

09/16/2024

 

Media: Broadcasting and Subscription

 

 

6.75

%

 

3M L+575

 

 

 

15,624,451

 

 

 

15,519,378

 

 

 

15,624,451

 

The Vertex Companies, LLC (7), (9)

 

08/30/2027

 

Construction & Engineering

 

 

—

 

 

 

—

 

 

 

2,733,889

 

 

 

—

 

 

 

(2,734

)

The Vertex Companies, LLC (Revolver) (7), (9)

 

08/30/2027

 

Construction & Engineering

 

 

—

 

 

 

—

 

 

 

911,296

 

 

 

—

 

 

 

(10,024

)

TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10)

 

11/24/2025

 

Food Products

 

 

6.25

%

 

3M L+525

 

 

 

4,900,000

 

 

 

4,865,865

 

 

 

4,753,000

 

TVC Enterprises, LLC

 

03/26/2026

 

Commercial Services & Supplies

 

 

6.75

%

 

1M L+575

 

 

 

24,923,795

 

 

 

24,618,802

 

 

 

24,923,795

 

TVC Enterprises, LLC (Revolver) (7), (9)

 

03/26/2026

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

1,303,813

 

 

 

—

 

 

 

—

 

TWS Acquisition Corporation

 

06/16/2025

 

Diversified Consumer Services

 

 

7.25

%

 

1M L+625

 

 

 

6,636,062

 

 

 

6,530,195

 

 

 

6,636,062

 

TWS Acquisition Corporation (Revolver) (7), (9)

 

06/16/2025

 

Diversified Consumer Services

 

 

—

 

 

 

—

 

 

 

2,627,857

 

 

 

—

 

 

 

—

 

Tyto Athene, LLC

 

04/01/2028

 

IT Services

 

 

6.25

%

 

1M L+550

 

 

 

12,739,804

 

 

 

12,563,592

 

 

 

12,644,255

 

Tyto Athene, LLC (Revolver) (7), (9)

 

04/01/2026

 

IT Services

 

 

—

 

 

 

—

 

 

 

1,039,799

 

 

 

—

 

 

 

(7,799

)

UBEO, LLC

 

04/03/2024

 

Capital Equipment

 

 

5.50

%

 

3M L+450

 

 

 

18,065,444

 

 

 

17,978,310

 

 

 

17,975,117

 

UBEO, LLC (Revolver) (9)

 

04/03/2024

 

Capital Equipment

 

 

—

 

 

 

—

 

 

 

2,933,333

 

 

 

—

 

 

 

(14,667

)

Vision Purchaser Corporation

 

06/10/2025

 

Media

 

 

7.75

%

 

3M L+675

 

 

 

14,212,480

 

 

 

14,021,143

 

 

 

14,070,355

 

Walker Edison Furniture Company LLC

 

03/31/2027

 

Wholesale

 

 

9.75

%

 

1M L+875

 

 

 

12,492,395

 

 

 

12,210,715

 

 

 

12,305,009

 

Wildcat Buyerco, Inc.

 

02/27/2026

 

Electronic Equipment, Instruments, and Components

 

 

6.00

%

 

3M L+575

 

 

 

9,003,293

 

 

 

8,881,925

 

 

 

8,958,277

 

Wildcat Buyerco, Inc. Term Loan B (9)

 

02/15/2022

 

Electronic Equipment, Instruments, and Components

 

—

 

 

 

—

 

 

 

1,451,623

 

 

 

—

 

 

 

25,403

 

Wildcat Buyerco, Inc. Term Loan C (9)

 

05/11/2023

 

Electronic Equipment, Instruments, and Components

 

—

 

 

 

—

 

 

 

1,961,652

 

 

 

—

 

 

 

12,260

 

Wildcat Buyerco, Inc. (Revolver) (7), (9)

 

02/27/2026

 

Electronic Equipment, Instruments, and Components

 

—

 

 

 

—

 

 

 

533,824

 

 

 

—

 

 

 

(7,046

)

Zips Car Wash, LLC

 

03/01/2024

 

Automobiles

 

 

7.99

%

 

3M L+675

 

 

 

18,458,089

 

 

 

18,203,563

 

 

 

18,088,924

 

Zips Car Wash, LLC (9)

 

03/01/2024

 

Automobiles

 

—

 

 

 

—

 

 

 

2,546,662

 

 

 

—

 

 

 

(25,467

)

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

851,126,092

 

 

 

842,291,665

 

Second Lien Secured Debt—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailsouth Inc. (7)

 

04/23/2025

 

Media: Advertising, Printing and Publishing

 

 

15.00

%

 

 

—

 

 

 

896,967

 

 

 

896,967

 

 

 

896,967

 

 

 

 

 

 

 

(PIK 15.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

PT Network Intermediate Holdings, LLC

 

11/30/24

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.00

%

 

 

—

 

 

 

2,752,289

 

 

 

2,727,439

 

 

 

2,752,289

 

 

 

 

 

 

 

(PIK 11.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

QuantiTech LLC

 

02/04/2027

 

Aerospace and Defense

 

 

11.00

%

 

3M L+1,000

 

 

 

150,000

 

 

 

147,326

 

 

 

150,000

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,771,732

 

 

 

3,799,256

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

10

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2021

(Unaudited)

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Preferred Equity— 1.7% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc. (7),(8)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

6,720

 

 

$

672,000

 

 

$

672,000

 

CI (PTN) Investment Holdings II, LLC

 

 

—

 

 

Healthcare and Pharmaceuticals

 

 

—

 

 

 

—

 

 

 

1,458

 

 

 

21,870

 

 

 

—

 

(PT Network, LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Imagine Topco, LP

 

 

—

 

 

Software

 

 

—

 

 

 

—

 

 

 

1,236,027

 

 

 

1,236,027

 

 

 

1,236,027

 

Mars Intermediate Holdings II, Inc. (7)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

835

 

 

 

835,000

 

 

 

896,853

 

MeritDirect Holdings, LP (7), (8)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

2,018

 

 

 

2,018,400

 

 

 

2,348,389

 

NXOF Holdings, Inc. (Tyto Athene, LLC) (7)

 

 

—

 

 

IT Services

 

 

—

 

 

 

—

 

 

 

733

 

 

 

733,049

 

 

 

734,618

 

ORL Holdco, Inc. (7)

 

 

—

 

 

Consumer Finance

 

 

—

 

 

 

—

 

 

 

1,327

 

 

 

132,654

 

 

 

135,898

 

PT Network Intermediate Holdings, LLC (7),(8)

 

 

—

 

 

Healthcare and Pharmaceuticals

 

 

11.00

%

 

3M L+1,000

 

 

 

33

 

 

 

429,000

 

 

 

548,404

 

Signature CR Intermediate Holdco, Inc. (7)

 

 

—

 

 

Commercial Services & Supplies

 

 

12.00

%

 

 

—

 

 

 

1,323

 

 

 

1,323,421

 

 

 

1,237,495

 

TPC Holding Company, LP (5), (7), (10)

 

 

—

 

 

Food Products

 

 

—

 

 

 

—

 

 

 

409

 

 

 

409,011

 

 

 

502,327

 

TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)

 

 

—

 

 

Construction & Engineering

 

 

—

 

 

 

—

 

 

 

37

 

 

 

36,686

 

 

 

37,909

 

UniTek Global Services, Inc. -

 

 

—

 

 

Telecommunications

 

 

20.00

%

 

 

—

 

 

 

343,861

 

 

 

343,861

 

 

 

—

 

Super Senior Preferred Equity (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UniTek Global Services, Inc. - Senior Preferred Equity (7)

 

 

—

 

 

Telecommunications

 

 

19.00

%

 

 

—

 

 

 

448,851

 

 

 

448,851

 

 

 

—

 

UniTek Global Services, Inc. (7)

 

 

—

 

 

Telecommunications

 

 

13.50

%

 

 

—

 

 

 

1,047,317

 

 

 

670,283

 

 

 

—

 

Total Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,310,113

 

 

 

8,349,920

 

Common Equity/Warrants— 18.3% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc. (7),(8)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

7,467

 

 

 

74,667

 

 

 

191,160

 

Affinion Group Holdings, Inc. (Warrants)(7)

 

04/10/2024

 

 

Consumer Goods: Durable

 

 

—

 

 

 

—

 

 

 

8,893

 

 

 

244,998

 

 

 

—

 

AG Investco LP (7), (8)

 

 

—

 

 

Software

 

 

—

 

 

 

—

 

 

 

805,164

 

 

 

805,164

 

 

 

1,161,409

 

AG Investco LP (7), (8), (9)

 

 

—

 

 

Software

 

 

—

 

 

 

—

 

 

 

194,836

 

 

 

—

 

 

 

—

 

Altamira Intermediate Company II, Inc. (7)

 

 

—

 

 

IT Services

 

 

—

 

 

 

—

 

 

 

1,437,500

 

 

 

1,437,500

 

 

 

351,000

 

By Light Investco LP (7), (8)

 

 

—

 

 

High Tech Industries

 

 

—

 

 

 

—

 

 

 

21,908

 

 

 

—

 

 

 

13,603,960

 

By Light Investco LP (7), (8), (9)

 

 

—

 

 

High Tech Industries

 

 

—

 

 

 

—

 

 

 

7,401

 

 

 

—

 

 

 

—

 

CI (Allied) Investment Holdings, LLC

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

120,962

 

 

 

1,243,217

 

 

 

612,281

 

(PRA Events, Inc.) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CI (PTN) Investment Holdings II, LLC

 

 

—

 

 

Healthcare and Pharmaceuticals

 

 

—

 

 

 

—

 

 

 

13,333

 

 

 

200,000

 

 

 

—

 

(PT Network, LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connatix Parent, LLC (7)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

38,278

 

 

 

421,058

 

 

 

558,161

 

Crane 1 Acquisition Parent Holdings, L.P. (7)

 

 

—

 

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

130

 

 

 

120,000

 

 

 

132,289

 

Crash Champions Holdings, LLC (7),(8)

 

 

—

 

 

Automobiles

 

 

—

 

 

 

—

 

 

 

75

 

 

 

677,778

 

 

 

1,477,543

 

Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8)

 

 

—

 

 

IT Services

 

 

—

 

 

 

—

 

 

 

615,484

 

 

 

615,484

 

 

 

999,868

 

Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9)

 

 

—

 

 

IT Services

 

 

—

 

 

 

—

 

 

 

389,386

 

 

 

—

 

 

 

—

 

ECM Investors, LLC (7), (8)

 

 

—

 

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

295,982

 

 

 

71,965

 

 

 

801,341

 

eCommission Holding Corporation (7), (10)

 

 

—

 

 

Banking, Finance, Insurance & Real Estate

 

 

—

 

 

 

—

 

 

 

20

 

 

 

251,156

 

 

 

317,150

 

FedHC InvestCo LP (7),(8)

 

 

—

 

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

8,672

 

 

 

867,188

 

 

 

2,371,856

 

FedHC InvestCo LP (7),(8),(9)

 

 

—

 

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

2,330

 

 

 

—

 

 

 

—

 

Gauge InfosoftCoInvest, LLC

 

 

—

 

 

Media: Broadcasting and Subscription

 

 

—

 

 

 

—

 

 

 

500

 

 

 

143,663

 

 

 

2,312,217

 

(The Infosoft Group, LLC) (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gauge Lash Coinvest LLC (7)

 

 

—

 

 

Personal Products

 

 

—

 

 

 

—

 

 

 

1,485,953

 

 

 

226,555

 

 

 

7,663,802

 

Gauge Schlesinger Coinvest LLC (7)

 

 

—

 

 

Professional Services

 

 

—

 

 

 

—

 

 

 

437

 

 

 

437,371

 

 

 

733,245

 

Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7)

 

 

—

 

 

Professional Services

 

 

—

 

 

 

—

 

 

 

391,144

 

 

 

—

 

 

 

1,584,864

 

GCOM InvestCo LP (7),(8)

 

 

—

 

 

IT Services

 

 

—

 

 

 

—

 

 

 

19,184

 

 

 

3,342,015

 

 

 

4,550,858

 

Go Dawgs Capital III, LP

 

 

—

 

 

Building Products

 

 

—

 

 

 

—

 

 

 

324,675

 

 

 

324,675

 

 

 

431,818

 

(American Insulated Glass, LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hancock Claims Consultants Investors, LLC (7), (8)

 

 

—

 

 

Insurance

 

 

—

 

 

 

—

 

 

 

450,000

 

 

 

450,000

 

 

 

614,151

 

Icon Partners V C, L.P.

 

 

—

 

 

Internet Software and Services

 

 

—

 

 

 

—

 

 

 

1,851,852

 

 

 

1,851,852

 

 

 

1,851,852

 

Icon Partners V C, L.P. (7)(8)

 

 

—

 

 

Internet Software and Services

 

 

—

 

 

 

—

 

 

 

648,148

 

 

 

—

 

 

 

—

 

IIN Group Holdings, LLC

 

 

—

 

 

Consumer Services

 

 

—

 

 

 

—

 

 

 

1,000

 

 

 

1,000,000

 

 

 

1,454,874

 

(Integrative Nutrition, LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8)

 

 

—

 

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

5,811

 

 

 

573,082

 

 

 

702,301

 

ITC Rumba, LLC (Cano Health, LLC) (7),(8)

 

 

—

 

 

Healthcare and Pharmaceuticals

 

 

—

 

 

 

—

 

 

 

46,763

 

 

 

110,105

 

 

 

5,394,886

 

JWC-WE Holdings, L.P.

 

 

—

 

 

Wholesale

 

 

—

 

 

 

—

 

 

 

1,698

 

 

 

316,433

 

 

 

2,648,880

 

(Walker Edison Furniture Company LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kinetic Purchaser, LLC

 

 

—

 

 

Personal Products

 

 

—

 

 

 

—

 

 

 

1,734,775

 

 

 

1,734,775

 

 

 

1,734,775

 

KL Stockton Co-Invest LP (Any Hour Services) (7),(8)

 

 

—

 

 

Energy Equipment and Services

 

 

—

 

 

 

—

 

 

 

382,353

 

 

 

382,353

 

 

 

478,094

 

Kentucky Racing Holdco, LLC (Warrants) (7), (8)

 

 

—

 

 

Hotels, Restaurants and Leisure

 

 

—

 

 

 

—

 

 

 

87,345

 

 

 

—

 

 

 

673,427

 

Lightspeed Investment Holdco LLC (7)

 

 

—

 

 

Healthcare Technology

 

 

—

 

 

 

—

 

 

 

585,587

 

 

 

585,587

 

 

 

571,123

 

Mars Intermediate Holdings II, Inc. (7)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

835

 

 

 

—

 

 

 

436,670

 

MeritDirect Holdings, LP (7), (8)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

2,018

 

 

 

—

 

 

 

297,220

 

Meadowlark Title, LLC

 

 

—

 

 

Professional Services

 

 

—

 

 

 

—

 

 

 

819,231

 

 

 

819,231

 

 

 

819,231

 

MSpark, LLC (Mailsouth Inc.)

 

 

—

 

 

Media: Advertising, Printing and Publishing

 

 

—

 

 

 

—

 

 

 

3,988

 

 

 

1,287,502

 

 

 

—

 

Municipal Emergency Services, Inc. (7)

 

 

—

 

 

Distributors

 

 

—

 

 

 

—

 

 

 

1,973,370

 

 

 

2,005,405

 

 

 

1,973,370

 

NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8)

 

 

—

 

 

Leisure Products

 

 

—

 

 

 

—

 

 

 

1,494

 

 

 

1,451,801

 

 

 

1,483,031

 

NXOF Holdings, Inc. (Tyto Athene, LLC) (7)

 

 

—

 

 

IT Services

 

 

—

 

 

 

—

 

 

 

14,960

 

 

 

14,960

 

 

 

1,511,875

 

OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8)

 

 

—

 

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

173,638

 

 

 

1,729,029

 

 

 

2,670,243

 

OHCP V BC COI, L.P.

 

 

—

 

 

Distributors

 

 

—

 

 

 

—

 

 

 

743,750

 

 

 

743,750

 

 

 

743,750

 

OHCP V BC COI, L.P. (8)

 

 

—

 

 

Distributors

 

 

—

 

 

 

—

 

 

 

506,250

 

 

 

—

 

 

 

—

 

Oral Surgery (ITC) Holdings, LLC (OIS Management Services, LLC) (7),(8)

 

 

—

 

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

3,872

 

 

 

83,333

 

 

 

94,809

 

ORL Holdco, Inc. (7)

 

 

—

 

 

Consumer Finance

 

 

—

 

 

 

—

 

 

 

1,474

 

 

 

14,739

 

 

 

114,699

 

PennantPark-TSO Senior Loan Fund, LP (7)

 

 

—

 

 

Financial Services

 

 

—

 

 

 

—

 

 

 

11,167,847

 

 

 

11,167,847

 

 

 

11,428,089

 

Pink Lily Holdco, LLC (PL Acquisitions, LLC)

 

 

—

 

 

Textiles, Apparel and Luxury Goods

 

 

—

 

 

 

—

 

 

 

1,735

 

 

 

1,734,775

 

 

 

1,627,623

 

PT Network Intermediate Holdings, LLC (7),(8)

 

 

—

 

 

Healthcare and Pharmaceuticals

 

 

—

 

 

 

—

 

 

 

25

 

 

 

301,730

 

 

 

5,660,238

 

QuantiTech InvestCo LP (7), (8)

 

 

—

 

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

700

 

 

 

65,957

 

 

 

338,275

 

QuantiTech InvestCo LP (7), (8), (9)

 

 

—

 

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

967

 

 

 

—

 

 

 

—

 

QuantiTech InvestCo II LP (7), (8),

 

 

—

 

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

40

 

 

 

24,000

 

 

 

40,378

 

RFMG Parent, LP (Rancho Health MSO, Inc.) (7)

 

 

—

 

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

1,050,000

 

 

 

1,050,000

 

 

 

1,154,150

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

11

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2021

(Unaudited)

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7), (8)

 

 

—

 

 

Professional Services

 

 

—

 

 

 

—

 

 

 

64,634

 

 

$

646,341

 

 

$

553,446

 

Signature CR Intermediate Holdco, Inc. (7)

 

 

—

 

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

70

 

 

 

69,654

 

 

 

—

 

SP L2 Holdings, LLC (Ledge Lounger, Inc.)

 

 

—

 

 

Leisure Products

 

 

—

 

 

 

—

 

 

 

360,103

 

 

 

360,103

 

 

 

360,103

 

SSC Dominion Holdings, LLC

 

 

—

 

 

Capital Equipment

 

 

—

 

 

 

—

 

 

 

500

 

 

 

500,000

 

 

 

629,856

 

Class A (US Dominion, Inc.) (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SSC Dominion Holdings, LLC

 

 

—

 

 

Capital Equipment

 

 

—

 

 

 

—

 

 

 

500

 

 

 

—

 

 

 

1,243,271

 

Class B (US Dominion, Inc.) (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StellPen Holdings, LLC (CF512, Inc.) (7)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

161,538

 

 

 

161,538

 

 

 

189,000

 

TAC LifePort Holdings, LLC (7),(8)

 

 

—

 

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

488,372

 

 

 

488,372

 

 

 

503,023

 

Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

215,326

 

 

 

215,326

 

 

 

215,326

 

Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8)

 

 

—

 

 

Media

 

 

—

 

 

 

—

 

 

 

150,280

 

 

 

—

 

 

 

—

 

TPC Holding Company, LP (5), (7), (10)

 

 

—

 

 

Food Products

 

 

—

 

 

 

—

 

 

 

21,527

 

 

 

21,531

 

 

 

6,029

 

TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)

 

 

—

 

 

Construction & Engineering

 

 

—

 

 

 

—

 

 

 

749

 

 

 

749

 

 

 

644

 

UniTek Global Services, Inc. (7)

 

 

—

 

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

213,739

 

 

 

—

 

 

 

—

 

UniTek Global Services, Inc. (Warrants) (7)

 

 

—

 

 

Telecommunications

 

 

—

 

 

 

—

 

 

 

23,889

 

 

 

—

 

 

 

—

 

UniVista Insurance (7),(8)

 

 

—

 

 

Insurance

 

 

—

 

 

 

—

 

 

 

400

 

 

 

400,000

 

 

 

412,768

 

Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7), (8)

 

 

—

 

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

2,240

 

 

 

223,995

 

 

 

411,037

 

Total Common Equity/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,090,309

 

 

 

90,897,339

 

Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

908,298,246

 

 

 

945,338,180

 

Investments in Non-Controlled, Affiliated Portfolio Companies—0.1% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Lien Secured Debt—0.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DBI Holdings, LLC, Term Loan B

 

02/02/2026

 

 

Business Services

 

 

11.00

%

(6)

 

—

 

 

 

3,404,590

 

 

 

3,404,590

 

 

 

-

 

 

 

 

 

 

 

 

(PIK 3.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

DBI Holding, LLC - 1.5 Lien Term Loan (7)

 

05/01/2023

 

 

Business Services

 

 

14.00

%

 

 

—

 

 

 

2,189,596

 

 

 

2,189,596

 

 

 

640,457

 

 

 

 

 

 

 

 

(PIK 14.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,594,186

 

 

 

640,457

 

Preferred Equity— 0.0% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DBI Intermediate HoldCo LLC, Series A-1 (8)

 

 

—

 

 

Business Services

 

 

14.00

%

(6)

 

—

 

 

 

9,488

 

 

 

7,040,844

 

 

 

-

 

DBI Intermediate HoldCo LLC, Series AA (8)

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

9,800

 

 

 

9,414,271

 

 

 

-

 

Total Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,455,115

 

 

 

—

 

Common Equity— 0.0% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DBI Intermediate HoldCo LLC, Series B  (8)

 

 

—

 

 

Business Services

 

 

—

 

 

 

—

 

 

 

1,489,508

 

 

 

330,791

 

 

 

—

 

Total Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

330,791

 

 

 

—

 

Total Investments in Non-Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

22,380,092

 

 

 

640,457

 

Investments in Controlled, Affiliated Portfolio Companies—47.0% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—36.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events, LLC - Super Priority First Lien Term Loan (7)

 

09/30/2025

 

 

Media: Diversified and Production

 

 

6.25

%

 

3M L+525

 

 

 

3,472,075

 

 

 

3,472,075

 

 

 

3,472,075

 

 

 

 

 

 

 

 

(PIK 6.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events, LLC - Super Priority First Lien (7), (9)

 

09/30/2025

 

 

Media: Diversified and Production

 

 

—

 

 

 

—

 

 

 

3,260,502

 

 

 

—

 

 

 

—

 

Marketplace Events, LLC

 

09/30/2026

 

 

Media: Diversified and Production

 

 

0.00

%

(6)

 

—

 

 

 

25,541,622

 

 

 

19,046,876

 

 

 

25,949,579

 

PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)

 

05/06/2024

 

 

Financial Services

 

 

8.13

%

 

3M L+800

 

 

 

153,125,000

 

 

 

153,125,000

 

 

 

153,125,000

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

175,643,951

 

 

 

182,546,654

 

Equity Interests—10.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8)

 

 

—

 

 

Media: Diversified and Production

 

 

—

 

 

 

—

 

 

 

349

 

 

 

—

 

 

 

3,156,172

 

PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)

 

 

—

 

 

Financial Services

 

 

—

 

 

 

—

 

 

 

65,625

 

 

 

65,625,000

 

 

 

48,140,079

 

Total Equity Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,625,000

 

 

 

51,296,251

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

241,268,951

 

 

 

233,842,905

 

Total Investments—237.2%

 

 

 

 

 

 

 

 

 

 

 

1,171,947,289

 

 

 

1,179,821,542

 

Cash and Cash Equivalents—12.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,902,575

 

 

 

24,902,575

 

BNY Mellon Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,363,708

 

 

 

36,364,366

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,266,283

 

 

 

61,266,941

 

Total Investments and Cash Equivalents—249.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,233,213,572

 

 

$

1,241,088,483

 

Liabilities in Excess of Other Assets—(149.5)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(743,682,995

)

Net Assets—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

497,405,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—————

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or “L”, or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes payment-in-kind, or PIK, interest and other fee rates, if any.
(2)
Valued based on our accounting policy (See Note 2). The value of all securities was determined using significant unobservable inputs (See Note 5).
(3)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5)
Non-U.S. company or principal place of business outside the United States.
(6)
Non-income producing securities.
(7)
The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2031 Asset-Backed Debt (See Note 10) and held through PennantPark CLO I, Ltd.
(8)
Investment is held through our Taxable Subsidiary (See Note 1).
(9)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(10)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2021, qualifying assets represent 81% of our total assets and non-qualifying assets represent 19% of our total assets.
(11)
Par amount is denominated in Australian Dollars (AUD) as denoted.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

12

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—174.6% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—155.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18 Freemont Street Acquisition, LLC

 

08/11/2025

 

Hotels, Restaurants and Leisure

 

 

9.50

%

 

1M L+800

 

 

 

5,996,299

 

 

$

5,910,250

 

 

$

6,101,235

 

Ad.net Acquisition, LLC

 

05/06/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

4,987,500

 

 

 

4,916,586

 

 

 

4,912,688

 

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

 

05/06/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

211,556

 

 

 

211,556

 

 

 

208,382

 

Ad.net Acquisition, LLC (Revolver) (7), (9)

 

05/06/2026

 

Media

 

 

—

 

 

 

—

 

 

 

1,032,889

 

 

 

—

 

 

 

(15,493

)

Altamira Technologies, LLC

 

07/24/2025

 

IT Services

 

 

8.00

%

 

3M L+700

 

 

 

5,069,063

 

 

 

5,016,492

 

 

 

4,752,247

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

IT Services

 

 

8.00

%

 

3M L+700

 

 

 

575,000

 

 

 

575,000

 

 

 

539,063

 

Altamira Technologies, LLC (Revolver) (7), (9)

 

07/24/2025

 

IT Services

 

 

—

 

 

 

—

 

 

 

1,581,250

 

 

 

—

 

 

 

(98,828

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

6.50

%

 

3M L+550

 

 

 

8,904,554

 

 

 

8,818,053

 

 

 

8,815,508

 

American Teleconferencing Services, Ltd.(7)

 

09/09/2021

 

Telecommunications

 

0.00%

 

(6)

 

—

 

 

 

7,986,133

 

 

 

7,915,290

 

 

 

1,277,781

 

American Teleconferencing Services, Ltd. (Revolver) (7)

 

12/08/2022

 

Telecommunications

 

0.00%

 

(6)

 

—

 

 

 

1,656,423

 

 

 

1,641,729

 

 

 

1,656,423

 

Any Hour Services

 

07/21/2027

 

Energy Equipment and Services

 

 

6.75

%

 

3M L+575

 

 

 

6,500,000

 

 

 

6,372,736

 

 

 

6,370,000

 

Any Hour Services (7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

—

 

 

 

—

 

 

 

3,823,529

 

 

 

—

 

 

 

(38,235

)

Any Hour Services (Revolver) (7), (9)

 

07/21/2027

 

Energy Equipment and Services

 

 

—

 

 

 

—

 

 

 

1,147,059

 

 

 

—

 

 

 

(22,941

)

Apex Service Partners, LLC

 

07/31/2025

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

6,271,978

 

 

 

6,216,394

 

 

 

6,209,258

 

Apex Service Partners, LLC Term Loan B

 

07/31/2025

 

Diversified Consumer Services

 

 

6.50

%

 

1M L+550

 

 

 

300,396

 

 

 

300,396

 

 

 

297,393

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

6,896,739

 

 

 

6,802,200

 

 

 

6,827,772

 

Apex Service Partners, LLC Term Loan C (7),(9)

 

01/31/2022

 

Diversified Consumer Services

 

 

—

 

 

 

—

 

 

 

13,179,348

 

 

 

—

 

 

 

(16,474

)

Apex Service Partners, LLC (Revolver) (7)

 

07/29/2024

 

Diversified Consumer Services

 

 

6.25

%

 

1M L+525

 

 

 

473,105

 

 

 

473,105

 

 

 

464,825

 

Apex Service Partners, LLC (Revolver) (7), (9)

 

07/29/2024

 

Diversified Consumer Services

 

 

—

 

 

 

—

 

 

 

1,372,004

 

 

 

—

 

 

 

(24,010

)

API Technologies Corp.

 

05/11/2026

 

Electronic Equipment, Instruments, and Components

 

 

4.33

%

 

1M L+425

 

 

 

5,865,000

 

 

 

5,840,911

 

 

 

5,689,050

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

6.75

%

 

3M L+575

 

 

 

4,962,500

 

 

 

4,862,688

 

 

 

4,863,250

 

Applied Technical Services, LLC (7), (9)

 

06/29/2022

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

8,567,493

 

 

 

—

 

 

 

(74,966

)

Applied Technical Services, LLC (Revolver) (7), (9)

 

12/29/2026

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

1,272,727

 

 

 

—

 

 

 

(25,455

)

By Light Professional IT Services, LLC

 

05/16/2022

 

High Tech Industries

 

 

7.25

%

 

3M L+625

 

 

 

22,681,315

 

 

 

22,626,521

 

 

 

22,681,315

 

By Light Professional IT Services, LLC (Revolver) (9)

 

05/16/2022

 

High Tech Industries

 

 

—

 

 

 

—

 

 

 

3,062,602

 

 

 

—

 

 

 

—

 

Cadence Aerospace, LLC (7)

 

11/14/2023

 

Aerospace and Defense

 

 

9.50

%

 

3M L+850

 

 

 

3,001,623

 

 

 

2,984,907

 

 

 

2,928,083

 

 

 

 

 

 

 

(PIK 9.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cano Health, LLC

 

11/23/2027

 

Healthcare and Pharmaceuticals

 

 

5.25

%

 

1M L+450

 

 

 

2,653,333

 

 

 

2,646,700

 

 

 

2,654,448

 

CF512, Inc.

 

08/20/2026

 

Media

 

 

7.00

%

 

3M L+600

 

 

 

10,500,000

 

 

 

10,292,565

 

 

 

10,290,000

 

CF512, Inc. (7), (9)

 

08/20/2026

 

Media

 

 

—

 

 

 

—

 

 

 

2,863,636

 

 

 

—

 

 

 

(28,636

)

CF512, Inc. (Revolver) (7), (9)

 

08/20/2026

 

Media

 

 

—

 

 

 

—

 

 

 

954,545

 

 

 

—

 

 

 

(19,091

)

CHA Holdings, Inc.

 

04/10/2025

 

Environmental Industries

 

 

5.50

%

 

3M L+450

 

 

 

1,597,377

 

 

 

1,592,764

 

 

 

1,573,417

 

Challenger Performance Optimization, Inc. (Revolver) (7), (9)

 

08/31/2023

 

Business Services

 

 

—

 

 

 

—

 

 

 

711,447

 

 

 

—

 

 

 

(21,344

)

Compex Legal Services, Inc.

 

02/09/2026

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

7,652,926

 

 

 

7,529,620

 

 

 

7,565,683

 

Compex Legal Services, Inc. (Revolver) (7)

 

02/07/2025

 

Professional Services

 

 

6.75

%

 

3M L+575

 

 

 

983,962

 

 

 

983,962

 

 

 

972,745

 

Compex Legal Services, Inc. (Revolver) (7), (9)

 

02/07/2025

 

Professional Services

 

 

—

 

 

 

—

 

 

 

421,698

 

 

 

—

 

 

 

(4,807

)

Confluent Health, LLC

 

06/24/2026

 

Health Providers and Services

 

 

5.08

%

 

1M L+500

 

 

 

3,910,000

 

 

 

3,879,252

 

 

 

3,910,000

 

Connatix Buyer, Inc.

 

07/13/2027

 

Media

 

 

6.25

%

 

3M L+550

 

 

 

4,000,000

 

 

 

3,920,501

 

 

 

3,920,000

 

Connatix Buyer, Inc. (7), (9)

 

01/13/2023

 

Media

 

 

—

 

 

 

—

 

 

 

2,105,263

 

 

 

—

 

 

 

(21,053

)

Connatix Buyer, Inc. (Revolver) (7)

 

07/13/2027

 

Media

 

 

6.25

%

 

3M L+550

 

 

 

123,438

 

 

 

123,438

 

 

 

120,969

 

Connatix Buyer, Inc. (Revolver) (7), (9)

 

07/13/2027

 

Media

 

 

—

 

 

 

—

 

 

 

1,110,938

 

 

 

—

 

 

 

(22,219

)

CoolSys, Inc.

 

08/04/2028

 

Commercial Services & Supplies

 

 

5.50

%

 

3M L+475

 

 

 

1,909,091

 

 

 

1,890,159

 

 

 

1,913,864

 

CoolSys, Inc. (7), (9)

 

08/04/2028

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

848,485

 

 

 

—

 

 

 

2,121

 

Crane 1 Services, Inc. (7), (9)

 

08/16/2023

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

897,129

 

 

 

—

 

 

 

(2,243

)

Crane 1 Services, Inc. (Revolver) (7), (9)

 

08/16/2027

 

Commercial Services & Supplies

 

 

—

 

 

 

—

 

 

 

336,423

 

 

 

—

 

 

 

(3,364

)

Crash Champions, LLC

 

08/05/2025

 

Automobiles

 

 

5.85

%

 

3M L+500

 

 

 

13,078,403

 

 

 

12,889,464

 

 

 

12,816,835

 

Crash Champions, LLC (7)(9)

 

05/14/2022

 

Automobiles

 

 

—

 

 

 

—

 

 

 

12,911,597

 

 

 

—

 

 

 

(129,116

)

Digital Room Holdings, Inc.

 

05/22/2026

 

Media: Advertising, Printing and Publishing

 

 

5.08

%

 

1M L+500

 

 

 

6,546,999

 

 

 

6,467,615

 

 

 

6,461,888

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

6,545,091

 

 

 

6,514,467

 

 

 

6,545,091

 

Douglas Products and Packaging Company LLC (Revolver)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

P+475

 

 

 

2,927,451

 

 

 

2,927,451

 

 

 

2,927,451

 

Douglas Products and Packaging Company LLC (Revolver) (9)

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

1,463,725

 

 

 

—

 

 

 

—

 

Douglas Sewer Intermediate, LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

3,961,006

 

 

 

3,941,701

 

 

 

3,961,006

 

Dr. Squatch, LLC

 

08/27/2026

 

Personal Products

 

 

7.00

%

 

3M L+600

 

 

 

9,485,286

 

 

 

9,297,453

 

 

 

9,295,580

 

Dr. Squatch, LLC (Revolver) (7)

 

08/27/2026

 

Personal Products

 

 

7.00

%

 

3M L+600

 

 

 

2,459,120

 

 

 

2,459,120

 

 

 

2,409,937

 

Dr. Squatch, LLC (Revolver) (7), (9)

 

08/27/2026

 

Personal Products

 

 

—

 

 

 

—

 

 

 

894,225

 

 

 

—

 

 

 

(17,885

)

DRS Holdings III, Inc.

 

11/03/2025

 

Personal Products

 

 

7.25

%

 

3M L+625

 

 

 

17,671,003

 

 

 

17,514,528

 

 

 

17,547,307

 

DRS Holdings III, Inc. (Revolver) (7), (9)

 

11/03/2025

 

Personal Products

 

 

—

 

 

 

—

 

 

 

1,426,470

 

 

 

—

 

 

 

(9,985

)

East Valley Tourist Development Authority

 

03/07/2022

 

Hotel, Gaming and Leisure

 

 

9.00

%

 

3M L+800

 

 

 

13,217,455

 

 

 

13,191,359

 

 

 

13,019,193

 

 

 

 

 

 

 

(PIK 3.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

ECL Entertainment, LLC

 

03/31/2028

 

Hotels, Restaurants and Leisure

 

 

8.25

%

 

1M L+750

 

 

 

5,256,058

 

 

 

5,204,780

 

 

 

5,374,319

 

ECM Industries, LLC (Revolver) (9)

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

914,415

 

 

 

—

 

 

 

(4,572

)

eCommission Financial Services, Inc. (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

6.00

%

 

1M L+500

 

 

 

6,950,625

 

 

 

6,950,625

 

 

 

6,950,625

 

eCommission Financial Services, Inc. (Revolver) (7), (9), (10)

 

10/05/2023

 

Banking, Finance, Insurance & Real Estate

 

 

—

 

 

 

—

 

 

 

5,000,000

 

 

 

—

 

 

 

—

 

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2022

 

Media: Diversified and Production

 

 

7.75

%

 

3M L+675

 

 

 

7,189,139

 

 

 

7,179,891

 

 

 

7,153,193

 

Findex Group Limited (5)(10)(11)

 

05/31/2024

 

Diversified Financial Services

 

 

5.07

%

 

3M L+500

 

 

 

AUD 10,000,000

 

 

 

7,323,360

 

 

 

7,151,265

 

Gantech Acquisition Corp.

 

05/14/2026

 

IT Services

 

 

7.25

%

 

1M L+625

 

 

 

17,412,500

 

 

 

17,081,919

 

 

 

17,064,250

 

Gantech Acquisition Corp. (Revolver) (7)

 

05/14/2026

 

IT Services

 

 

7.25

%

 

1M L+625

 

 

 

933,320

 

 

 

933,320

 

 

 

914,654

 

Gantech Acquisition Corp. (Revolver) (7), (9)

 

05/14/2026

 

IT Services

 

 

—

 

 

 

—

 

 

 

2,799,960

 

 

 

—

 

 

 

(55,999

)

Global Holdings InterCo LLC

 

03/16/2026

 

Diversified Financial Services

 

 

7.00

%

 

3M L+600

 

 

 

3,482,500

 

 

 

3,434,795

 

 

 

3,465,088

 

Graffiti Buyer, Inc. (7), (9)

 

08/10/2023

 

Trading Companies & Distributors

 

 

—

 

 

 

—

 

 

 

1,071,429

 

 

 

—

 

 

 

(5,357

)

Graffiti Buyer, Inc. (Revolver) (7), (9)

 

08/10/2027

 

Trading Companies & Distributors

 

 

—

 

 

 

—

 

 

 

864,713

 

 

 

—

 

 

 

(20,061

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

6.00

%

 

3M L+500

 

 

 

3,473,750

 

 

 

3,396,559

 

 

 

3,439,013

 

Hancock Roofing and Construction L.L.C. (7), (9)

 

12/31/2022

 

Insurance

 

 

—

 

 

 

—

 

 

 

1,500,000

 

 

 

—

 

 

 

(15,000

)

Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)

 

12/31/2026

 

Insurance

 

 

—

 

 

 

—

 

 

 

750,000

 

 

 

—

 

 

 

(7,500

)

Holdco Sands Intermediate, LLC

 

12/19/2025

 

Aerospace and Defense

 

 

7.50

%

 

3M L+600

 

 

 

2,982,525

 

 

 

2,940,710

 

 

 

2,967,612

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

5.50

%

 

1M L+450

 

 

 

7,340,806

 

 

 

7,295,603

 

 

 

7,267,398

 

HW Holdco, LLC (Revolver) (7)

 

12/10/2024

 

Media

 

 

5.50

%

 

1M L+450

 

 

 

522,581

 

 

 

522,581

 

 

 

517,355

 

HW Holdco, LLC (Revolver) (7), (9)

 

12/10/2024

 

Media

 

 

—

 

 

 

—

 

 

 

929,032

 

 

 

—

 

 

 

(9,290

)

IG Investments Holdings, LLC (7)

 

09/22/2028

 

Professional Services

 

 

6.75

%

 

3M L+600

 

 

 

4,518,304

 

 

 

4,428,218

 

 

 

4,427,938

 

IG Investments Holdings, LLC (Revolver) (7), (9)

 

09/22/2027

 

Professional Services

 

 

—

 

 

 

—

 

 

 

476,879

 

 

 

—

 

 

 

—

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

13

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2021

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

IMIA Holdings, Inc.

 

04/09/2027

 

Aerospace and Defense

 

 

6.75

%

 

3M L+600

 

 

 

13,143,859

 

 

$

12,903,562

 

 

$

12,880,981

 

IMIA Holdings, Inc. (Revolver) (7), (9)

 

04/09/2027

 

Aerospace and Defense

 

 

—

 

 

 

—

 

 

 

2,343,187

 

 

 

—

 

 

 

(46,864

)

Innova Medical Ophthalmics Inc. (5), (10)

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

3,253,402

 

 

 

3,233,718

 

 

 

3,253,402

 

Innova Medical Ophthalmics Inc. (Revolver) (5), (7), (10)

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

533,525

 

 

 

533,525

 

 

 

533,525

 

Integrative Nutrition, LLC

 

09/29/2023

 

Consumer Services

 

 

5.50

%

 

3M L+450

 

 

 

16,166,639

 

 

 

16,094,784

 

 

 

16,166,639

 

Integrative Nutrition, LLC (Revolver) (7), (9)

 

09/29/2023

 

Consumer Services

 

 

—

 

 

 

—

 

 

 

5,000,000

 

 

 

—

 

 

 

—

 

Integrity Marketing Acquisition, LLC (7)

 

08/27/2025

 

Insurance

 

 

6.25

%

 

3M L+550

 

 

 

3,170,208

 

 

 

3,146,750

 

 

 

3,154,357

 

Integrity Marketing Acquisition, LLC (7), (9)

 

07/09/2023

 

Insurance

 

 

—

 

 

 

—

 

 

 

18,821,846

 

 

 

—

 

 

 

47,055

 

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

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

8.00

%

 

1M L+700

 

 

 

642,857

 

 

 

642,857

 

 

 

625,757

 

K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9)

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

—

 

 

 

—

 

 

 

785,714

 

 

 

—

 

 

 

(20,900

)

Lash OpCo, LLC

 

02/18/2027

 

Personal Products

 

 

8.00

%

 

1M L+700

 

 

 

31,661,987

 

 

 

30,959,997

 

 

 

31,028,748

 

Lash OpCo, LLC (Revolver) (7)

 

08/16/2026

 

Personal Products

 

 

8.00

%

 

1M L+700

 

 

 

307,271

 

 

 

307,271

 

 

 

301,125

 

Lash OpCo, LLC (Revolver) (7), (9)

 

08/16/2026

 

Personal Products

 

 

—

 

 

 

—

 

 

 

1,613,172

 

 

 

—

 

 

 

(32,263

)

LAV Gear Holdings, Inc.

 

10/31/2024

 

Capital Equipment

 

 

8.50

%

 

1M L+750

 

 

 

9,487,062

 

 

 

9,453,067

 

 

 

8,892,223

 

 

 

 

 

 

 

(PIK 5.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

LAV Gear Holdings, Inc. (Revolver) (7)

 

10/31/2024

 

Capital Equipment

 

 

8.50

%

 

1M L+750

 

 

 

1,690,642

 

 

 

1,690,642

 

 

 

1,584,638

 

 

 

 

 

 

 

(PIK 5.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer Inc.

 

02/03/2026

 

Healthcare Technology

 

 

6.75

%

 

1M L+575

 

 

 

29,607,026

 

 

 

29,160,427

 

 

 

29,607,026

 

Lightspeed Buyer Inc. (Revolver) (7), (9)

 

02/03/2026

 

Healthcare Technology

 

 

—

 

 

 

—

 

 

 

2,499,299

 

 

 

—

 

 

 

—

 

Lombart Brothers, Inc.

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

14,285,424

 

 

 

14,207,771

 

 

 

14,285,424

 

Lombart Brothers, Inc. (Revolver) (7)

 

04/13/2023

 

Capital Equipment

 

 

7.25

%

 

3M L+625

 

 

 

516,105

 

 

 

516,105

 

 

 

516,105

 

Lucky Bucks, LLC

 

07/20/2027

 

Hotels, Restaurants and Leisure

 

 

6.25

%

 

3M L+550

 

 

 

4,500,000

 

 

 

4,411,262

 

 

 

4,424,085

 

MAG DS Corp.

 

04/01/2027

 

Aerospace and Defense

 

 

6.50

%

 

1M L+550

 

 

 

3,891,201

 

 

 

3,720,793

 

 

 

3,502,081

 

Magenta Buyer, LLC

 

07/31/2028

 

Software

 

 

5.75

%

 

3M L+500

 

 

 

10,000,000

 

 

 

9,901,033

 

 

 

9,996,900

 

Mars Acquisition Holdings Corp.

 

05/14/2026

 

Media

 

 

6.50

%

 

3M L+550

 

 

 

6,112,903

 

 

 

5,997,919

 

 

 

6,051,774

 

Mars Acquisition Holdings Corp. (Revolver)(7)(9)

 

05/14/2026

 

Media

 

 

—

 

 

 

—

 

 

 

1,623,661

 

 

 

—

 

 

 

(16,237

)

MBS Holdings, Inc. (Revolver)(7)(9)

 

04/16/2027

 

Internet Software and Services

 

 

—

 

 

 

—

 

 

 

1,157,407

 

 

 

—

 

 

 

(23,148

)

MeritDirect, LLC

 

05/23/2024

 

Media

 

 

6.50

%

 

3M L+550

 

 

 

25,249,919

 

 

 

25,028,932

 

 

 

24,997,420

 

MeritDirect, LLC (Revolver) (7), (9)

 

05/23/2024

 

Media

 

 

—

 

 

 

—

 

 

 

4,481,655

 

 

 

—

 

 

 

(44,817

)

Mission Critical Electronics, Inc.

 

09/28/2022

 

Capital Equipment

 

 

6.00

%

 

1M L+500

 

 

 

606,003

 

 

 

603,747

 

 

 

606,003

 

Mission Critical Electronics, Inc. (Revolver) (7)

 

09/28/2022

 

Capital Equipment

 

 

6.00

%

 

1M L+500

 

 

 

468,198

 

 

 

468,198

 

 

 

468,198

 

Mission Critical Electronics, Inc. (Revolver) (7), (9)

 

09/28/2022

 

Capital Equipment

 

 

—

 

 

 

—

 

 

 

856,890

 

 

 

—

 

 

 

—

 

Municipal Emergency Services, Inc. (7)

 

09/28/2027

 

Distributors

 

 

6.00

%

 

3M L+500

 

 

 

3,500,000

 

 

 

3,430,000

 

 

 

3,430,000

 

Municipal Emergency Services, Inc. (7), (9)

 

09/28/2027

 

Distributors

 

 

—

 

 

 

—

 

 

 

946,586

 

 

 

—

 

 

 

—

 

Municipal Emergency Services, Inc. (Revolver) (7), (9)

 

09/28/2027

 

Distributors

 

 

—

 

 

 

—

 

 

 

946,586

 

 

 

—

 

 

 

—

 

NBH Group LLC (Revolver) (7), (9)

 

08/19/2026

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

1,676,672

 

 

 

—

 

 

 

(33,533

)

OIS Management Services, LLC

 

07/09/2026

 

Healthcare Equipment and Supplies

 

 

5.75

%

 

3M L+475

 

 

 

3,195,000

 

 

 

3,156,452

 

 

 

3,147,075

 

OIS Management Services, LLC (7), (9)

 

07/09/2023

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

1,911,111

 

 

 

—

 

 

 

(14,333

)

OIS Management Services, LLC (Revolver) (7), (9)

 

07/09/2026

 

Healthcare Equipment and Supplies

 

 

—

 

 

 

—

 

 

 

444,444

 

 

 

—

 

 

 

(6,667

)

One Stop Mailing, LLC

 

05/07/2027

 

Air Freight and Logistics

 

 

7.25

%

 

3M L+625

 

 

 

8,951,786

 

 

 

8,778,983

 

 

 

8,795,129

 

ORL Acquisition, Inc. (7)

 

09/03/2027

 

Consumer Finance

 

 

6.25

%

 

3M L+525

 

 

 

7,267,887

 

 

 

7,123,600

 

 

 

7,122,529

 

ORL Acquisition, Inc. (Revolver) (7), (9)

 

09/03/2027

 

Consumer Finance

 

 

—

 

 

 

—

 

 

 

860,692

 

 

 

—

 

 

 

—

 

Output Services Group, Inc.

 

03/27/2024

 

Business Services

 

 

5.50

%

 

1M L+450

 

 

 

4,900,379

 

 

 

4,448,254

 

 

 

4,459,345

 

Ox Two, LLC

 

05/18/2026

 

Construction and Building

 

 

7.00

%

 

1M L+600

 

 

 

22,636,250

 

 

 

22,296,294

 

 

 

22,183,526

 

Ox Two, LLC (Revolver) (7)

 

05/18/2026

 

Construction and Building

 

 

7.00

%

 

1M L+600

 

 

 

903,226

 

 

 

903,226

 

 

 

885,161

 

Ox Two, LLC (Revolver) (7), (9)

 

05/18/2026

 

Construction and Building

 

 

—

 

 

 

—

 

 

 

2,483,871

 

 

 

—

 

 

 

(49,677

)

Plant Health Intermediate, Inc.

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

6.75

%

 

3M L+575

 

 

 

644,022

 

 

 

641,696

 

 

 

644,022

 

PlayPower, Inc.

 

05/08/2026

 

Leisure Products

 

 

5.70

%

 

1M L+550

 

 

 

5,073,921

 

 

 

5,036,905

 

 

 

4,980,916

 

PRA Events, Inc.

 

08/07/2025

 

Business Services

 

 

11.50

%

 

1M L+1,050

 

 

 

3,158,231

 

 

 

2,724,212

 

 

 

2,984,528

 

 

 

 

 

 

 

(PIK 11.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Quantic Electronics, LLC

 

11/19/2026

 

Electronic Equipment, Instruments, and Components

 

 

7.25

%

 

1M L+625

 

 

 

8,716,039

 

 

 

8,582,843

 

 

 

8,541,720

 

Quantic Electronics, LLC (7), (9)

 

11/19/2026

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

2,809,953

 

 

 

—

 

 

 

(28,099

)

Quantic Electronics, LLC (Revolver) (7), (9)

 

11/19/2026

 

Electronic Equipment, Instruments, and Components

 

 

—

 

 

 

—

 

 

 

669,972

 

 

 

—

 

 

 

(13,399

)

Questex, LLC

 

09/09/2024

 

Media: Diversified and Production

 

 

6.00

%

 

3M L+500

 

 

 

7,275,000