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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Amendment No. 1)
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED
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:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Zip Code) |
(
(Registrant’s Telephone Number, Including Area Code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered |
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.
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).
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 |
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☐ |
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Accelerated filer |
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☐ |
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☒ |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of August 3, 2022 was
`
EXPLANATORY NOTE:
No changes have been made to the registrant’s Form 10-Q. This Amendment No. 1 does not reflect any subsequent events occurring after the original filing date of the Form 10-Q or modify or update in any way disclosures made in the original filing.
`
2
PENNANTPARK INVESTMENT CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022
TABLE OF CONTENTS
3
PART I—CONSOLIDATED FINANCIAL INFORMATION
We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where context suggest otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Investment Corporation and its consolidated subsidiaries; “PennantPark Investment” refers to only PennantPark Investment Corporation; “our SBIC Fund” refers collectively to our consolidated subsidiaries, PennantPark SBIC II LP, or SBIC II, and its general partner, PennantPark SBIC GP II, LLC; “Funding I” refers to PennantPark Investment Funding I, LLC, a wholly-owned subsidiary prior to deconsolidation on July 31, 2020; “Taxable Subsidiary” refers to PNNT Investment Holdings, LLC; “PSLF” refers to PennantPark Senior Loan Fund, LLC, an unconsolidated joint venture; “PTSF II” refers to PennantPark-TSO Senior Loan Fund II, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “SBA” refers to the Small Business Administration; “SBIC” refers to a small business investment company under the Small Business Investment Act of 1958, as amended, or the “1958 Act”; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas prior to deconsolidation of Funding I; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank (formerly SunTrust Bank), as amended and restated; “2024 Notes” refers to our 5.50% Notes due 2024; “2026 Notes” refers to our 4.50% Notes due May 2026; “2026 Notes-2” refers to our 4.00% Notes due November 2026; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 Act”; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; and “RIC” refers to a regulated investment company under the Code. References to our portfolio, our investments and our business include investments we make through SBIC II and other consolidated subsidiaries.
4
Item 1. Consolidated Financial Statements
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share data)
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|
June 30, 2022 |
|
|
September 30, 2021 |
|
||
|
|
(unaudited) |
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|
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||
Assets |
|
|
|
|
|
|
||
Investments at fair value |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments (cost—$921,967 and $729,811, respectively) |
|
$ |
961,032 |
|
|
$ |
820,500 |
|
Non-controlled, affiliated investments (cost—$75,825 and $78,723, respectively) |
|
|
49,097 |
|
|
|
50,161 |
|
Controlled, affiliated investments (cost—$381,904 and $412,587, respectively) |
|
|
304,699 |
|
|
|
384,629 |
|
Total investments (cost—$1,379,696 and $1,221,121, respectively) |
|
|
1,314,828 |
|
|
|
1,255,290 |
|
Cash and cash equivalents (cost—$29,630 and $20,383, respectively) |
|
|
29,547 |
|
|
|
20,357 |
|
Interest receivable |
|
|
3,312 |
|
|
|
4,958 |
|
Receivable for investments sold |
|
|
57,407 |
|
|
|
12,793 |
|
Distribution receivable |
|
|
2,420 |
|
|
|
1,694 |
|
Prepaid expenses and other assets |
|
|
23,571 |
|
|
|
— |
|
Total assets |
|
|
1,431,085 |
|
|
|
1,295,092 |
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Liabilities |
|
|
|
|
|
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||
Distributions payable |
|
|
9,504 |
|
|
|
8,045 |
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Payable for investments purchased |
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20,435 |
|
|
|
8,407 |
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Truist Credit Facility payable, at fair value (cost—$422,920 and $316,545, respectively) (See Notes 5 and 10) |
|
|
412,005 |
|
|
|
314,813 |
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2024 Notes payable, net (par— zero and $86,250, respectively) (See Notes 5 and 10) |
|
|
— |
|
|
|
84,503 |
|
2026 Notes payable, net (par— $150,000) (See Notes 5 and 10) |
|
|
146,542 |
|
|
|
145,865 |
|
2026 Notes-2 payable, net (par— $165,000 and zero, respectively) (See Notes 5 and 10) |
|
|
161,159 |
|
|
|
— |
|
SBA debentures payable, net (par—$27,500 and $63,500, respectively) (See Notes 5 and 10) |
|
|
27,046 |
|
|
|
62,159 |
|
Base-management fee payable, net (See Note 3) |
|
|
4,887 |
|
|
|
4,580 |
|
Performance based-incentive fee payable (See Note 3) |
|
|
— |
|
|
|
575 |
|
Interest payable on debt |
|
|
3,387 |
|
|
|
4,943 |
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Deferred tax liability |
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|
8,127 |
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|
|
— |
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Accrued other expenses |
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6,483 |
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|
|
1,058 |
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Total liabilities |
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799,575 |
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634,948 |
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Commitments and contingencies (See Note 11) |
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Net assets |
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|
|
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Common stock, 65,413,942 and 67,045,105, respectively, shares issued and outstanding |
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|
65 |
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|
67 |
|
Paid-in capital in excess of par value |
|
|
795,865 |
|
|
|
786,993 |
|
Accumulated deficit |
|
|
(164,420 |
) |
|
|
(126,916 |
) |
Total net assets |
|
$ |
631,510 |
|
|
$ |
660,144 |
|
Total liabilities and net assets |
|
$ |
1,431,085 |
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$ |
1,295,092 |
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Net asset value per share |
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$ |
9.65 |
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$ |
9.85 |
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share and per share data)
|
|
Three Months Ended June 30, |
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Nine Months Ended June 30, |
|
||||||||||
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2022 |
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2021 |
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2022 |
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|
2021 |
|
||||
Investment income: |
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|
|
|
|
|
|
|
|
|
|
|
||||
From non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest |
|
$ |
15,890 |
|
|
$ |
11,972 |
|
|
$ |
45,973 |
|
|
$ |
35,074 |
|
Payment-in-kind |
|
|
665 |
|
|
|
2,095 |
|
|
|
4,071 |
|
|
|
5,566 |
|
Other income |
|
|
1,247 |
|
|
|
475 |
|
|
|
8,050 |
|
|
|
980 |
|
From non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Payment-in-kind |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
457 |
|
From controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
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Interest |
|
|
2,694 |
|
|
|
2,279 |
|
|
|
7,303 |
|
|
|
6,733 |
|
Payment-in-kind |
|
|
432 |
|
|
|
1,978 |
|
|
|
3,983 |
|
|
|
4,982 |
|
Dividend income |
|
|
2,420 |
|
|
|
1,694 |
|
|
|
6,655 |
|
|
|
4,667 |
|
Total investment income |
|
|
23,348 |
|
|
|
20,493 |
|
|
|
76,035 |
|
|
|
58,459 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Base management fee (See Note 3) |
|
|
4,887 |
|
|
|
4,358 |
|
|
|
14,977 |
|
|
|
12,755 |
|
Performance-based incentive fee (See Note 3) |
|
|
— |
|
|
|
— |
|
|
|
2,657 |
|
|
|
— |
|
Interest and expenses on debt (See Note 10) |
|
|
6,737 |
|
|
|
6,942 |
|
|
|
20,122 |
|
|
|
16,836 |
|
Administrative services expenses (See Note 3) |
|
|
250 |
|
|
|
380 |
|
|
|
750 |
|
|
|
1,390 |
|
Other general and administrative expenses |
|
|
723 |
|
|
|
518 |
|
|
|
2,169 |
|
|
|
1,805 |
|
Expenses before provision for taxes |
|
|
12,597 |
|
|
|
12,198 |
|
|
|
40,675 |
|
|
|
32,786 |
|
Provision for taxes on net investment income |
|
|
200 |
|
|
|
150 |
|
|
|
600 |
|
|
|
450 |
|
Net expenses |
|
|
12,797 |
|
|
|
12,348 |
|
|
|
41,275 |
|
|
|
33,236 |
|
Net investment income |
|
|
10,551 |
|
|
|
8,145 |
|
|
|
34,760 |
|
|
|
25,223 |
|
Realized and unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
113 |
|
|
|
41,687 |
|
|
|
7,203 |
|
|
|
44,137 |
|
Non-controlled and controlled, affiliated investments |
|
|
(34,381 |
) |
|
|
— |
|
|
|
75,243 |
|
|
|
(19,708 |
) |
Debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(2,801 |
) |
|
|
— |
|
Provision for taxes on realized gain on investments |
|
|
(1,123 |
) |
|
|
— |
|
|
|
(6,183 |
) |
|
|
— |
|
Net realized gain (loss) on investments and debt |
|
|
(35,391 |
) |
|
|
41,687 |
|
|
|
73,462 |
|
|
|
24,429 |
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
14,317 |
|
|
|
(41,842 |
) |
|
|
(193,348 |
) |
|
|
45,770 |
|
Non-controlled and controlled, affiliated investments |
|
|
(8,725 |
) |
|
|
25,512 |
|
|
|
94,257 |
|
|
|
64,581 |
|
Provision for taxes on unrealized appreciation on investments |
|
|
(8,127 |
) |
|
|
— |
|
|
|
(8,127 |
) |
|
|
— |
|
Debt (appreciation) depreciation (See Notes 5 and 10) |
|
|
8,894 |
|
|
|
(1,622 |
) |
|
|
9,183 |
|
|
|
(18,494 |
) |
Net change in unrealized appreciation (depreciation) on investments and debt |
|
|
6,359 |
|
|
|
(17,952 |
) |
|
|
(98,035 |
) |
|
|
91,857 |
|
Net realized and unrealized gain (loss) from investments and debt |
|
|
(29,032 |
) |
|
|
23,735 |
|
|
|
(24,573 |
) |
|
|
116,286 |
|
Net increase (decrease) in net assets resulting from operations |
|
|
(18,481 |
) |
|
|
31,880 |
|
|
$ |
10,187 |
|
|
|
141,509 |
|
Net increase (decrease) in net assets resulting from operations per common share (See Note 7) |
|
$ |
(0.28 |
) |
|
$ |
0.48 |
|
|
$ |
0.15 |
|
|
$ |
2.11 |
|
Net investment income per common share |
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
$ |
0.52 |
|
|
$ |
0.38 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(In thousands, except share and per share data)
|
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net increase (decrease) in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income |
|
$ |
10,551 |
|
|
$ |
8,145 |
|
|
$ |
34,760 |
|
|
$ |
25,223 |
|
Net realized gain (loss) on investments and debt |
|
|
(34,268 |
) |
|
|
41,687 |
|
|
|
79,645 |
|
|
|
24,429 |
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
5,592 |
|
|
|
(16,330 |
) |
|
|
(99,091 |
) |
|
|
110,351 |
|
Net change in provision for taxes on net realized gain (loss) on investments |
|
|
(1,123 |
) |
|
|
— |
|
|
|
(6,183 |
) |
|
|
— |
|
Net change in provision for taxes on unrealized appreciation on investments |
|
|
(8,127 |
) |
|
|
— |
|
|
|
(8,127 |
) |
|
|
— |
|
Net change in unrealized (appreciation) depreciation on debt |
|
|
8,894 |
|
|
|
(1,622 |
) |
|
|
9,183 |
|
|
|
(18,494 |
) |
Net increase (decrease) in net assets resulting from operations |
|
|
(18,481 |
) |
|
|
31,880 |
|
|
|
10,187 |
|
|
|
141,509 |
|
Distributions to stockholders: |
|
|
(9,378 |
) |
|
|
(8,045 |
) |
|
|
(26,808 |
) |
|
|
(24,136 |
) |
Capital Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Repurchase of common stock (See Note 13) |
|
|
(4,958 |
) |
|
|
— |
|
|
|
(12,012 |
) |
|
|
— |
|
Net increase (decrease) in net assets |
|
|
(32,817 |
) |
|
|
23,835 |
|
|
|
(28,633 |
) |
|
|
117,373 |
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning of period |
|
|
664,327 |
|
|
|
619,247 |
|
|
|
660,144 |
|
|
|
525,709 |
|
End of period |
|
$ |
631,510 |
|
|
$ |
643,082 |
|
|
$ |
631,511 |
|
|
$ |
643,082 |
|
Capital share activity: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares of common stock repurchased |
|
|
717,709 |
|
|
|
— |
|
|
|
1,631,163 |
|
|
|
— |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands, except share and per share data)
|
|
Nine months ended June 30, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net increase in net assets resulting from operations |
|
$ |
10,186 |
|
|
$ |
141,509 |
|
Adjustments to reconcile net increase (decrease) in net assets resulting from |
|
|
|
|
|
|
||
Net change in net unrealized (appreciation) depreciation on investments |
|
|
99,091 |
|
|
|
(110,351 |
) |
Net change in unrealized appreciation (depreciation) on debt |
|
|
(9,183 |
) |
|
|
18,494 |
|
Net realized (gain) loss on investments |
|
|
(82,446 |
) |
|
|
(24,429 |
) |
Debt extinguishment realized loss |
|
|
2,801 |
|
|
|
— |
|
Net accretion of discount and amortization of premium |
|
|
(3,763 |
) |
|
|
(2,919 |
) |
Purchases of investments |
|
|
(799,414 |
) |
|
|
(276,376 |
) |
Payment-in-kind income |
|
|
(8,785 |
) |
|
|
(11,049 |
) |
Proceeds from dispositions of investments |
|
|
736,031 |
|
|
|
358,633 |
|
Amortization of deferred financing costs |
|
|
1,507 |
|
|
|
2,012 |
|
Decrease in interest receivable |
|
|
1,646 |
|
|
|
125 |
|
Increase in receivables from investments sold |
|
|
(44,614 |
) |
|
|
— |
|
Increase in distribution receivable |
|
|
(726 |
) |
|
|
(300 |
) |
(Increase) decrease in prepaid expenses and other assets |
|
|
(23,571 |
) |
|
|
376 |
|
(Increase) decrease in payable for investments purchased |
|
|
12,028 |
|
|
|
(2,444 |
) |
Increase (decrease) in interest payable on debt |
|
|
(1,556 |
) |
|
|
1,742 |
|
Increase (decrease) in base management fee payable, net |
|
|
307 |
|
|
|
(12 |
) |
Decrease in performance-based incentive fee payable, net |
|
|
(575 |
) |
|
|
— |
|
Increase in deferred tax liability |
|
|
8,127 |
|
|
|
— |
|
(Decrease) increase in accrued other expenses |
|
|
5,425 |
|
|
|
710 |
|
Net cash (used in) provided by operating activities |
|
|
(97,483 |
) |
|
|
95,721 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Repurchase of common stock |
|
|
(12,014 |
) |
|
|
— |
|
Distributions paid to stockholders |
|
|
(25,348 |
) |
|
|
(24,136 |
) |
Net repayments of the 2024 Notes issuance |
|
|
(86,250 |
) |
|
|
— |
|
Proceeds from 2026 Notes issuance |
|
|
— |
|
|
|
145,464 |
|
Proceeds from 2026 Notes-2 issuance |
|
|
160,519 |
|
|
|
— |
|
Repayments under SBA debentures |
|
|
(36,358 |
) |
|
|
(55,000 |
) |
Borrowings under Truist Credit Facility |
|
|
815,841 |
|
|
|
148,312 |
|
Repayments under Truist Credit Facility |
|
|
(709,466 |
) |
|
|
(322,019 |
) |
Net cash provided by (used in) financing activities |
|
|
106,924 |
|
|
|
(107,379 |
) |
Net increase (decrease) in cash equivalents |
|
|
9,441 |
|
|
|
(11,658 |
) |
Effect of exchange rate changes on cash |
|
|
(251 |
) |
|
|
64 |
|
Cash and cash equivalents, beginning of period |
|
|
20,357 |
|
|
|
25,806 |
|
Cash and cash equivalents, end of period |
|
$ |
29,547 |
|
|
$ |
14,212 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
Interest paid |
|
$ |
20,170 |
|
|
$ |
13,081 |
|
Taxes paid |
|
$ |
5,255 |
|
|
$ |
658 |
|
Non-cash exchanges and conversions |
|
$ |
(59,651 |
) |
|
$ |
16,516 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
JUNE 30, 2022
(In thousands, except share data)
Issuer Name |
|
Maturity / Expiration |
|
Industry |
|
Current |
|
|
Basis Point |
|
|
Par / |
|
|
Cost |
|
|
Fair Value (3) |
|
|||||
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—152.2% (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
First Lien Secured Debt—106.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ad.net Acquisition, LLC (Revolver) (7) |
|
05/06/2026 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
444 |
|
|
$ |
— |
|
|
$ |
— |
|
Altamira Technologies, LLC (Revolver) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
10.25 |
% |
|
3M L+800 |
|
|
|
50 |
|
|
|
50 |
|
|
|
48 |
|
|
Altamira Technologies, LLC (Revolver) (7) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
138 |
|
|
|
— |
|
|
|
(7 |
) |
American Insulated Glass, LLC |
|
12/21/2023 |
|
Building Materials |
|
|
6.50 |
% |
|
3M L+550 |
|
|
|
5,842 |
|
|
|
5,803 |
|
|
|
5,842 |
|
|
Any Hour Services |
|
07/21/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
7.51 |
% |
|
3M L+525 |
|
|
|
3,151 |
|
|
|
3,121 |
|
|
|
3,120 |
|
|
Any Hour Services Term Loan II(7) |
|
01/14/2024 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
979 |
|
|
|
— |
|
|
|
— |
|
Any Hour Services (Revolver) (7) |
|
07/21/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
1,147 |
|
|
|
— |
|
|
|
(11 |
) |
Apex Service Partners, LLC |
|
07/31/2025 |
|
Personal, Food and Miscellaneous Services |
|
|
6.50 |
% |
|
1M L+550 |
|
|
|
1,331 |
|
|
|
1,331 |
|
|
|
1,324 |
|
|
Apex Service Partners, LLC Term Loan C |
|
07/31/2025 |
|
Personal, Food and Miscellaneous Services |
|
|
6.62 |
% |
|
1M L+550 |
|
|
|
1,893 |
|
|
|
1,872 |
|
|
|
1,883 |
|
|
Apex Service Partners, LLC (Revolver) |
|
07/31/2025 |
|
Personal, Food and Miscellaneous Services |
|
|
6.62 |
% |
|
3M L+525 |
|
|
|
249 |
|
|
|
249 |
|
|
|
247 |
|
|
Apex Service Partners, LLC (Revolver) (7) |
|
07/31/2025 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
684 |
|
|
|
— |
|
|
|
(3 |
) |
Applied Technical Services, LLC |
|
12/29/2026 |
|
Environmental Services |
|
|
7.42 |
% |
|
3M L+575 |
|
|
|
2,520 |
|
|
|
2,493 |
|
|
|
2,489 |
|
|
Applied Technical Services, LLC (7) |
|
08/23/2022 |
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
1,955 |
|
|
|
— |
|
|
|
(2 |
) |
Applied Technical Services, LLC (Revolver) |
|
12/29/2026 |
|
Environmental Services |
|
|
9.50 |
% |
|
3M P+475 |
|
|
|
400 |
|
|
|
400 |
|
|
|
395 |
|
|
Applied Technical Services, LLC (Revolver) (7) |
|
12/29/2026 |
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
— |
|
|
|
(8 |
) |
Arcfield Acquisition Corp. |
|
03/07/2028 |
|
Aerospace and Defense |
|
|
7.44 |
% |
|
SOFR+575 |
|
|
|
11,970 |
|
|
|
11,741 |
|
|
|
11,671 |
|
|
Arcfield Acquisition Corp. (Revolver) (7) |
|
03/07/2028 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
2,263 |
|
|
|
— |
|
|
|
(57 |
) |
Berwick Industrial Park |
|
04/28/2023 |
|
Buildings and Real Estate |
|
|
11.00 |
% |
|
|
— |
|
|
|
4,000 |
|
|
|
3,933 |
|
|
|
3,924 |
|
Beta Plus Technologies, Inc. |
|
07/01/2029 |
|
Business Services |
|
|
6.85 |
% |
|
SOFR+525 |
|
|
|
20,000 |
|
|
|
19,600 |
|
|
|
19,600 |
|
|
Blackhawk Industrial Distribution, Inc. |
|
09/17/2024 |
|
Distribution |
|
|
6.59 |
% |
|
3M L+500 |
|
|
|
1,143 |
|
|
|
1,126 |
|
|
|
1,132 |
|
|
Blackhawk Industrial Distribution, Inc.(7) |
|
09/17/2024 |
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
4,075 |
|
|
|
— |
|
|
|
(20 |
) |
Blackhawk Industrial Distribution, Inc. (Revolver) |
|
09/17/2024 |
|
Distribution |
|
|
7.20 |
% |
|
3M L+500 |
|
|
|
343 |
|
|
|
343 |
|
|
|
340 |
|
|
Blackhawk Industrial Distribution, Inc. (Revolver) (7) |
|
09/17/2024 |
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
3,089 |
|
|
|
— |
|
|
|
(31 |
) |
Broder Bros., Co. |
|
12/02/2022 |
|
Consumer Products |
|
|
7.39 |
% |
|
3M L+600 |
|
|
|
20,160 |
|
|
|
20,161 |
|
|
|
20,160 |
|
|
Cartessa Aesthetics, LLC |
|
05/13/2028 |
|
Distribution |
|
|
8.05 |
% |
|
1M L+600 |
|
|
|
57,000 |
|
|
|
55,865 |
|
|
|
55,860 |
|
|
Cartessa Aesthetics, LLC - (Revolver) |
|
05/13/2028 |
|
Distribution |
|
|
8.05 |
% |
|
1M L+600 |
|
|
|
1,265 |
|
|
|
1,265 |
|
|
|
1,265 |
|
|
Cartessa Aesthetics, LLC - (Revolver) (7) |
|
05/13/2028 |
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
2,297 |
|
|
|
— |
|
|
|
— |
|
CF512, Inc. |
|
08/20/2026 |
|
Media |
|
|
7.36 |
% |
|
3M L+600 |
|
|
|
6,743 |
|
|
|
6,648 |
|
|
|
6,642 |
|
|
CF512, Inc.(Revolver) (7) |
|
08/20/2026 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
909 |
|
|
|
— |
|
|
|
(14 |
) |
Compex Legal Services, Inc. |
|
02/09/2026 |
|
Business Services |
|
|
6.78 |
% |
|
3M L+525 |
|
|
|
858 |
|
|
|
846 |
|
|
|
854 |
|
|
Compex Legal Services, Inc. (Revolver) |
|
02/07/2025 |
|
Business Services |
|
|
7.50 |
% |
|
3M L+525 |
|
|
|
393 |
|
|
|
393 |
|
|
|
392 |
|
|
Compex Legal Services, Inc. (Revolver) (7) |
|
02/07/2025 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
262 |
|
|
|
— |
|
|
|
(1 |
) |
Connatix Buyer, Inc. (7) |
|
01/13/2023 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
3,158 |
|
|
|
— |
|
|
|
(24 |
) |
Connatix Buyer, Inc. (Revolver) (7) |
|
07/13/2027 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
1,859 |
|
|
|
— |
|
|
|
(33 |
) |
Crane 1 Services, Inc. |
|
08/16/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
7.12 |
% |
|
3M L+575 |
|
|
|
2,608 |
|
|
|
2,578 |
|
|
|
2,569 |
|
|
Crane 1 Services, Inc. (Revolver) |
|
08/16/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
7.98 |
% |
|
1M L+575 |
|
|
|
58 |
|
|
|
58 |
|
|
|
57 |
|
|
Crane 1 Services, Inc. (Revolver) (7) |
|
08/16/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
233 |
|
|
|
— |
|
|
|
(3 |
) |
Crash Champions, LLC |
|
08/05/2025 |
|
Auto Sector |
|
|
6.00 |
% |
|
3M L+500 |
|
|
|
19,972 |
|
|
|
19,607 |
|
|
|
19,872 |
|
|
Crash Champions, LLC (7) |
|
08/05/2025 |
|
Auto Sector |
|
|
— |
|
|
|
— |
|
|
|
111 |
|
|
|
— |
|
|
|
— |
|
DermaRite Industries LLC |
|
06/30/2023 |
|
Manufacturing / Basic Industries |
|
|
9.25 |
% |
|
1M L+700 |
|
|
|
8,553 |
|
|
|
8,519 |
|
|
|
7,124 |
|
|
Dr. Squatch, LLC |
|
08/31/2027 |
|
Personal and Non-Durable Consumer Products |
|
|
7.89 |
% |
|
3M L+600 |
|
|
|
9,452 |
|
|
|
9,290 |
|
|
|
9,452 |
|
|
Dr. Squatch, LLC (7) |
|
08/27/2026 |
|
Personal and Non-Durable Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
5,500 |
|
|
|
— |
|
|
|
55 |
|
Dr. Squatch, LLC (Revolver) |
|
08/31/2027 |
|
Personal and Non-Durable Consumer Products |
|
|
7.50 |
% |
|
1M L+600 |
|
|
|
465 |
|
|
|
465 |
|
|
|
465 |
|
|
Dr. Squatch, LLC (Revolver) (7) |
|
08/31/2027 |
|
Personal and Non-Durable Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,861 |
|
|
|
— |
|
|
|
— |
|
DRS Holdings III, Inc. (Revolver) (7) |
|
11/03/2025 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,783 |
|
|
|
— |
|
|
|
(52 |
) |
ECL Entertainment, LLC |
|
05/01/2028 |
|
Hotels, Motels, Inns and Gaming |
|
|
9.75 |
% |
|
1M L+750 |
|
|
|
19,205 |
|
|
|
19,062 |
|
|
|
18,713 |
|
|
ECM Industries, LLC (Revolver) |
|
12/23/2025 |
|
Electronics |
|
|
6.13 |
% |
|
3M L+475 |
|
|
|
388 |
|
|
|
388 |
|
|
|
380 |
|
|
ECM Industries, LLC (Revolver) (7) |
|
12/23/2025 |
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
129 |
|
|
|
— |
|
|
|
(3 |
) |
Exigo Intermediate II, LLC |
|
03/15/2027 |
|
Business Services |
|
|
7.42 |
% |
|
3M L+575 |
|
|
|
24,913 |
|
|
|
24,555 |
|
|
|
24,539 |
|
|
Exigo Intermediate II, LLC (7) |
|
03/15/2024 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
7,424 |
|
|
|
— |
|
|
|
(56 |
) |
Exigo Intermediate II, LLC (Revolver) |
|
03/15/2027 |
|
Business Services |
|
|
7.42 |
% |
|
3M L+575 |
|
|
|
371 |
|
|
|
371 |
|
|
|
366 |
|
|
Exigo Intermediate II, LLC (Revolver) (7) |
|
03/15/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,485 |
|
|
|
— |
|
|
|
(22 |
) |
Fairbanks Morse Defense |
|
06/17/2028 |
|
Aerospace and Defense |
|
|
7.63 |
% |
|
3M L+475 |
|
|
|
750 |
|
|
|
748 |
|
|
|
720 |
|
|
Gantech Acquisition Corp. |
|
05/14/2026 |
|
Business Services |
|
|
7.92 |
% |
|
1M L+625 |
|
|
|
16,895 |
|
|
|
16,618 |
|
|
|
16,557 |
|
|
Gantech Acquisition Corp. (Revolver) (7) |
|
05/14/2026 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,991 |
|
|
|
— |
|
|
|
(40 |
) |
Graffiti Buyer, Inc. (7) |
|
08/10/2023 |
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
893 |
|
|
|
— |
|
|
|
(7 |
) |
Graffiti Buyer, Inc. (Revolver) |
|
08/10/2027 |
|
Distribution |
|
|
7.43 |
% |
|
3M L+575 |
|
|
|
269 |
|
|
|
269 |
|
|
|
262 |
|
|
Graffiti Buyer, Inc. (Revolver) (7) |
|
08/10/2027 |
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
|
(14 |
) |
Hancock Roofing and Construction L.L.C. (7) |
|
12/31/2022 |
|
Insurance |
|
|
— |
|
|
|
— |
|
|
|
400 |
|
|
|
— |
|
|
|
(4 |
) |
Hancock Roofing and Construction L.L.C. |
|
12/31/2026 |
|
Insurance |
|
|
6.12 |
% |
|
1M L+500 |
|
|
|
280 |
|
|
|
280 |
|
|
|
277 |
|
|
Hancock Roofing and Construction L.L.C. (Revolver) (7) |
|
12/31/2026 |
|
Insurance |
|
|
— |
|
|
|
— |
|
|
|
470 |
|
|
|
— |
|
|
|
(5 |
) |
Holdco Sands Intermediate, LLC |
|
11/23/2028 |
|
Aerospace and Defense |
|
|
8.25 |
% |
|
3M L+600 |
|
|
|
7,910 |
|
|
|
7,761 |
|
|
|
7,752 |
|
|
Holdco Sands Intermediate, LLC (Revolver) (7) |
|
11/23/2027 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
3,941 |
|
|
|
— |
|
|
|
(79 |
) |
HV Watterson Holdings, LLC |
|
12/17/2026 |
|
Business Services |
|
|
8.25 |
% |
|
1M L+600 |
|
|
|
15,293 |
|
|
|
15,065 |
|
|
|
15,064 |
|
|
HV Watterson Holdings, LLC (7) |
|
12/17/2026 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,500 |
|
|
|
— |
|
|
|
— |
|
HV Watterson Holdings, LLC - (Revolver)(7) |
|
12/17/2026 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,250 |
|
|
|
— |
|
|
|
— |
|
HW Holdco, LLC |
|
12/10/2024 |
|
Media |
|
|
6.16 |
% |
|
3M L+500 |
|
|
|
10,246 |
|
|
|
10,123 |
|
|
|
10,041 |
|
|
HW Holdco, LLC (7) |
|
12/10/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
3,049 |
|
|
|
— |
|
|
|
(30 |
) |
HW Holdco, LLC (Revolver) |
|
12/10/2024 |
|
Media |
|
|
6.67 |
% |
|
1M L+500 |
|
|
|
271 |
|
|
|
271 |
|
|
|
266 |
|
|
HW Holdco, LLC (Revolver) (7) |
|
12/10/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
3,116 |
|
|
|
— |
|
|
|
(62 |
) |
Icon Partners III, LP |
|
05/11/2028 |
|
Auto Sector |
|
|
5.50 |
% |
|
3M L+475 |
|
|
|
1,000 |
|
|
|
835 |
|
|
|
827 |
|
|
IDC Infusion Services, Inc. |
|
12/30/2026 |
|
Healthcare, Education and Childcare |
|
|
7.83 |
% |
|
3M L+600 |
|
|
|
7,469 |
|
|
|
7,355 |
|
|
|
7,394 |
|
|
IDC Infusion Services, Inc. (Revolver) (7) |
|
12/30/2026 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
4,167 |
|
|
|
— |
|
|
|
(42 |
) |
IG Investments Holdings, LLC (Revolver) |
|
09/22/2027 |
|
Business Services |
|
|
9.20 |
% |
|
3M P+500 |
|
|
|
131 |
|
|
|
131 |
|
|
|
129 |
|
|
IG Investments Holdings, LLC (Revolver) (7) |
|
09/22/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
346 |
|
|
|
— |
|
|
|
(5 |
) |
Imagine Acquisitionco, LLC (7) |
|
11/15/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,341 |
|
|
|
— |
|
|
|
(47 |
) |
Imagine Acquisitionco, LLC (Revolver) (7) |
|
11/15/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,685 |
|
|
|
— |
|
|
|
(51 |
) |
Inception Fertility Ventures, LLC |
|
12/07/2023 |
|
Healthcare, Education and Childcare |
|
|
9.08 |
% |
|
3M L+700 |
|
|
|
23,148 |
|
|
|
22,770 |
|
|
|
22,570 |
|
|
Infolinks Media Buyco, LLC (7) |
|
11/01/2023 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
2,372 |
|
|
|
— |
|
|
|
24 |
|
Integrity Marketing Acquisition, LLC |
|
08/27/2025 |
|
Insurance |
|
|
6.78 |
% |
|
3M L+550 |
|
|
|
12,482 |
|
|
|
12,405 |
|
|
|
12,362 |
|
|
ITI Holdings, Inc. |
|
03/03/2028 |
|
Business Services |
|
|
7.08 |
% |
|
3M L+550 |
|
|
|
8,950 |
|
|
|
8,800 |
|
|
|
8,771 |
|
|
ITI Holdings, Inc. (Revolver) (7) |
|
03/03/2028 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,490 |
|
|
|
— |
|
|
|
(30 |
) |
K2 Pure Solutions NoCal, L.P. |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
9.67 |
% |
|
1M L+800 |
|
|
|
11,709 |
|
|
|
11,649 |
|
|
|
11,603 |
|
|
K2 Pure Solutions NoCal, L.P. (Revolver) |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
9.67 |
% |
|
1M L+800 |
|
|
|
969 |
|
|
|
969 |
|
|
|
960 |
|
|
K2 Pure Solutions NoCal, L.P. (Revolver) (7) |
|
12/20/2023 |
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
969 |
|
|
|
— |
|
|
|
(9 |
) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
9
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)
JUNE 30, 2022
(In thousands, except share data)
Issuer Name |
|
Maturity / Expiration |
|
Industry |
|
Current |
|
|
Basis Point |
|
|
Par / |
|
|
Cost |
|
|
Fair Value (3) |
|
|||||
Kinetic Purchaser, LLC |
|
11/10/2027 |
|
Consumer Products |
|
|
7.75 |
% |
|
3M L+600 |
|
|
|
19,402 |
|
|
$ |
19,047 |
|
|
$ |
19,014 |
|
|
Kinetic Purchaser, LLC (Revolver) (7) |
|
11/10/2026 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
4,854 |
|
|
|
— |
|
|
|
(97 |
) |
Lash OpCo, LLC |
|
02/18/2027 |
|
Consumer Products |
|
|
9.25 |
% |
|
1M L+700 |
|
|
|
12,893 |
|
|
|
12,636 |
|
|
|
12,764 |
|
|
Lash OpCo, LLC (Revolver) |
|
08/16/2026 |
|
Consumer Products |
|
|
9.38 |
% |
|
1M L+700 |
|
|
|
568 |
|
|
|
568 |
|
|
|
562 |
|
|
Lash OpCo, LLC (Revolver) (7) |
|
08/16/2026 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,252 |
|
|
|
— |
|
|
|
(13 |
) |
LAV Gear Holdings, Inc. |
|
10/31/2024 |
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
|
8.89 |
% |
|
1M L+750 |
|
|
|
2,060 |
|
|
|
2,033 |
|
|
|
2,007 |
|
|
|
|
|
|
|
|
(PIK 5.00%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ledge Lounger, Inc. |
|
11/09/2026 |
|
Consumer Products |
|
|
8.50 |
% |
|
3M L+625 |
|
|
|
9,200 |
|
|
|
9,036 |
|
|
|
9,108 |
|
|
Ledge Lounger, Inc. (Revolver) (7) |
|
11/09/2026 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,933 |
|
|
|
— |
|
|
|
(19 |
) |
Lightspeed Buyer Inc. |
|
02/03/2026 |
|
Healthcare, Education and Childcare |
|
|
7.42 |
% |
|
1M L+575 |
|
|
|
2,226 |
|
|
|
2,209 |
|
|
|
2,181 |
|
|
Lightspeed Buyer Inc. (Revolver) |
|
02/03/2026 |
|
Healthcare, Education and Childcare |
|
|
7.42 |
% |
|
1M L+575 |
|
|
|
311 |
|
|
|
311 |
|
|
|
305 |
|
|
Lightspeed Buyer Inc. (Revolver) (7) |
|
02/03/2026 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
855 |
|
|
|
— |
|
|
|
(17 |
) |
LSF9 Atlantis Holdings, LLC |
|
03/31/2029 |
|
Retail |
|
|
9.30 |
% |
|
SOFR+725 |
|
|
|
6,000 |
|
|
|
5,765 |
|
|
|
5,448 |
|
|
Mars Acquisition Holdings Corp. (Revolver)(7) |
|
05/14/2026 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
806 |
|
|
|
— |
|
|
|
(8 |
) |
MBS Holdings, Inc. (Revolver) (7) |
|
04/16/2027 |
|
Telecommunications |
|
|
— |
|
|
|
— |
|
|
|
694 |
|
|
|
— |
|
|
|
(7 |
) |
Meadowlark Acquirer, LLC |
|
12/10/2027 |
|
Business Services |
|
|
7.75 |
% |
|
3M L+550 |
|
|
|
77 |
|
|
|
76 |
|
|
|
75 |
|
|
Meadowlark Acquirer, LLC Term Loan I (7) |
|
12/10/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,920 |
|
|
|
— |
|
|
|
(44 |
) |
Meadowlark Acquirer, LLC Term Loan II (7) |
|
12/10/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
8,922 |
|
|
|
— |
|
|
|
(134 |
) |
Meadowlark Acquirer, LLC (Revolver) (7) |
|
12/10/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,685 |
|
|
|
— |
|
|
|
(42 |
) |
MeritDirect, LLC (7) |
|
05/23/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
1,612 |
|
|
|
— |
|
|
|
(8 |
) |
Municipal Emergency Services, Inc. |
|
09/28/2027 |
|
Distribution |
|
|
7.25 |
% |
|
3M L+500 |
|
|
|
705 |
|
|
|
698 |
|
|
|
678 |
|
|
Municipal Emergency Services, Inc. (7) |
|
09/28/2027 |
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
1,175 |
|
|
|
— |
|
|
|
(33 |
) |
Municipal Emergency Services, Inc. (Revolver) |
|
09/28/2027 |
|
Distribution |
|
|
7.25 |
% |
|
3M L+500 |
|
|
|
282 |
|
|
|
282 |
|
|
|
271 |
|
|
Municipal Emergency Services, Inc. (Revolver) (7) |
|
09/28/2027 |
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
1,598 |
|
|
|
— |
|
|
|
(61 |
) |
NBH Group LLC (Revolver) (7) |
|
08/19/2026 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
1,163 |
|
|
|
— |
|
|
|
(6 |
) |
Neptune Flood Incorporated |
|
10/14/2026 |
|
Financial Services |
|
|
7.10 |
% |
|
1M L+525 |
|
|
|
4,558 |
|
|
|
4,528 |
|
|
|
4,558 |
|
|
OIS Management Services, LLC (Revolver) (7) |
|
07/09/2026 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
333 |
|
|
|
— |
|
|
|
(5 |
) |
One Stop Mailing, LLC |
|
05/07/2027 |
|
Cargo Transport |
|
|
7.92 |
% |
|
3M L+625 |
|
|
|
7,109 |
|
|
|
6,983 |
|
|
|
6,967 |
|
|
ORL Acquisition, Inc. |
|
09/03/2027 |
|
Business Services |
|
|
7.50 |
% |
|
3M L+525 |
|
|
|
4,465 |
|
|
|
4,386 |
|
|
|
4,465 |
|
|
ORL Acquisition, Inc. (Revolver) (7) |
|
09/03/2027 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
597 |
|
|
|
— |
|
|
|
— |
|
Ox Two, LLC |
|
05/18/2026 |
|
Building Materials |
|
|
9.32 |
% |
|
1M L+700 |
|
|
|
15,430 |
|
|
|
15,215 |
|
|
|
15,121 |
|
|
Ox Two, LLC (Revolver) |
|
05/18/2026 |
|
Building Materials |
|
|
8.00 |
% |
|
3M L+700 |
|
|
|
2,419 |
|
|
|
2,419 |
|
|
|
2,371 |
|
|
PL Acquisitionco, LLC (Revolver) (7) |
|
11/09/2027 |
|
Retail |
|
|
— |
|
|
|
— |
|
|
|
3,236 |
|
|
|
— |
|
|
|
(57 |
) |
PRA Events, Inc. |
|
08/07/2025 |
|
Business Services |
|
|
12.75 |
% |
|
3M L+1,050 |
|
|
|
24,967 |
|
|
|
21,747 |
|
|
|
24,718 |
|
|
|
|
|
|
|
|
(PIK 11.50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
PRA Events, Inc. (Revolver) |
|
08/07/2025 |
|
Business Services |
|
|
12.75 |
% |
|
3M L+1,050 |
|
|
|
2,621 |
|
|
|
2,283 |
|
|
|
2,595 |
|
|
|
|
|
|
|
|
(PIK 11.50%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Quantic Electronics, LLC |
|
11/19/2026 |
|
Aerospace and Defense |
|
|
7.53 |
% |
|
1M L+625 |
|
|
|
485 |
|
|
|
480 |
|
|
|
475 |
|
|
Quantic Electronics, LLC Term Loan (7) |
|
11/19/2026 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
1,609 |
|
|
|
— |
|
|
|
(16 |
) |
Quantic Electronics, LLC (Revolver) |
|
11/19/2026 |
|
Aerospace and Defense |
|
|
7.57 |
% |
|
3M L+600 |
|
|
|
115 |
|
|
|
115 |
|
|
|
112 |
|
|
Quantic Electronics, LLC (Revolver) (7) |
|
11/19/2026 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
414 |
|
|
|
— |
|
|
|
(8 |
) |
Questex, LLC |
|
09/09/2024 |
|
Media |
|
|
6.70 |
% |
|
3M L+500 |
|
|
|
21,654 |
|
|
|
21,470 |
|
|
|
20,679 |
|
|
Questex, LLC (Revolver) (7) |
|
09/09/2024 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
3,590 |
|
|
|
— |
|
|
|
(162 |
) |
Radius Aerospace, Inc. (Revolver) |
|
03/31/2025 |
|
Aerospace and Defense |
|
|
7.62 |
% |
|
3M L+575 |
|
|
|
742 |
|
|
|
742 |
|
|
|
731 |
|
|
Radius Aerospace, Inc. (Revolver) (7) |
|
03/31/2025 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
1,485 |
|
|
|
— |
|
|
|
(22 |
) |
Rancho Health MSO, Inc. (7) |
|
12/18/2025 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
1,050 |
|
|
|
— |
|
|
|
— |
|
Rancho Health MSO, Inc. (Revolver) (7) |
|
12/18/2025 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
525 |
|
|
|
— |
|
|
|
— |
|
Reception Purchaser, LLC |
|
02/28/2028 |
|
Transportation |
|
|
8.20 |
% |
|
SOFR+600 |
|
|
|
5,985 |
|
|
|
5,897 |
|
|
|
5,746 |
|
|
Recteq, LLC (Revolver) |
|
01/29/2026 |
|
Consumer Products |
|
|
8.25 |
% |
|
1M L+600 |
|
|
|
376 |
|
|
|
376 |
|
|
|
366 |
|
|
Recteq, LLC (Revolver) (7) |
|
01/29/2026 |
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
751 |
|
|
|
— |
|
|
|
(19 |
) |
Research Now Group, Inc. and Dynata, LLC |
|
12/20/2024 |
|
Business Services |
|
|
6.50 |
% |
|
3M L+550 |
|
|
|
126 |
|
|
|
126 |
|
|
|
119 |
|
|
Riverpoint Medical, LLC (Revolver) (7) |
|
06/20/2025 |
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
364 |
|
|
|
— |
|
|
|
(9 |
) |
Riverside Assessments, LLC |
|
03/10/2025 |
|
Education |
|
|
7.82 |
% |
|
3M L+625 |
|
|
|
12,880 |
|
|
|
12,661 |
|
|
|
12,623 |
|
|
Sales Benchmark Index LLC (Revolver) (7) |
|
01/03/2025 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
732 |
|
|
|
— |
|
|
|
— |
|
Sargent & Greenleaf Inc. (Revolver) |
|
12/20/2024 |
|
Electronics |
|
|
7.00 |
% |
|
3M L+550 |
|
|
|
598 |
|
|
|
598 |
|
|
|
592 |
|
|
Schlesinger Global, Inc. |
|
07/14/2025 |
|
Business Services |
|
|
8.67 |
% |
|
3M L+700 |
|
|
|
4,710 |
|
|
|
4,652 |
|
|
|
4,639 |
|
|
|
|
|
|
|
|
(PIK 1.00%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Schlesinger Global, Inc. (Revolver) |
|
07/14/2025 |
|
Business Services |
|
|
7.01 |
% |
|
3M L+600 |
|
|
|
30 |
|
|
|
30 |
|
|
|
30 |
|
|
|
|
|
|
|
|
(PIK 1.00%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Schlesinger Global, Inc. (Revolver)(7) |
|
07/14/2025 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
— |
|
|
|
— |
|
Seaway Buyer, LLC |
|
06/14/2029 |
|
Chemicals, Plastics and Rubber |
|
|
7.90 |
% |
|
1M L+575 |
|
|
|
19,800 |
|
|
|
19,504 |
|
|
|
19,503 |
|
|
Seaway Buyer, LLC (Revolver) |
|
06/14/2029 |
|
Chemicals, Plastics and Rubber |
|
|
7.90 |
% |
|
1M L+575 |
|
|
|
104 |
|
|
|
104 |
|
|
|
104 |
|
|
Seaway Buyer, LLC (Revolver)(7) |
|
06/14/2029 |
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
3,022 |
|
|
|
— |
|
|
|
— |
|
Shiftkey, LLC |
|
06/21/2027 |
|
Business Services |
|
|
7.96 |
% |
|
1M L+575 |
|
|
|
18,000 |
|
|
|
17,821 |
|
|
|
17,820 |
|
|
Sigma Defense Systems, LLC |
|
12/18/2025 |
|
Telecommunications |
|
|
10.75 |
% |
|
1M L+850 |
|
|
|
31,884 |
|
|
|
31,160 |
|
|
|
31,406 |
|
|
Sigma Defense Systems, LLC (Revolver) |
|
12/18/2025 |
|
Telecommunications |
|
|
10.75 |
% |
|
1M L+850 |
|
|
|
1,131 |
|
|
|
1,131 |
|
|
|
1,114 |
|
|
Sigma Defense Systems, LLC (Revolver) (7) |
|
12/18/2025 |
|
Telecommunications |
|
|
— |
|
|
|
— |
|
|
|
1,845 |
|
|
|
— |
|
|
|
(28 |
) |
Signature Systems Holding Company (Revolver) |
|
05/03/2024 |
|
Chemicals, Plastics and Rubber |
|
|
8.75 |
% |
|
1M L+650 |
|
|
|
1,129 |
|
|
|
1,129 |
|
|
|
1,123 |
|
|
Signature Systems Holding Company (Revolver) (7) |
|
05/03/2024 |
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
887 |
|
|
|
— |
|
|
|
(4 |
) |
Solutionreach, Inc. (Revolver) (7) |
|
01/17/2024 |
|
Communications |
|
|
— |
|
|
|
— |
|
|
|
1,665 |
|
|
|
— |
|
|
|
(63 |
) |
Spear Education, LLC |
|
02/26/2025 |
|
Education |
|
|
6.75 |
% |
|
3M L+525 |
|
|
|
12,049 |
|
|
|
11,970 |
|
|
|
12,049 |
|
|
Spendmend Holdings LLC |
|
03/01/2028 |
|
Business Services |
|
|
7.38 |
% |
|
1M L+575 |
|
|
|
7,841 |
|
|
|
7,728 |
|
|
|
7,638 |
|
|
Spendmend Holdings LLC (7) |
|
03/01/2023 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
4,671 |
|
|
|
— |
|
|
|
(86 |
) |
Spendmend Holdings LLC - Funded Revolver |
|
03/01/2028 |
|
Business Services |
|
|
7.38 |
% |
|
3M L+575 |
|
|
|
187 |
|
|
|
187 |
|
|
|
182 |
|
|
Spendmend Holdings LLC - Unfunded Revolver (7) |
|
03/01/2028 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,215 |
|
|
|
— |
|
|
|
(32 |
) |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |
|
08/16/2027 |
|
Aerospace and Defense |
|
|
8.83 |
% |
|
SOFR+600 |
|
|
|
6,206 |
|
|
|
6,094 |
|
|
|
6,107 |
|
|
System Planning and Analysis, Inc. - (Revolver) (7) (f/k/a Management Consulting & Research, LLC) |
|
08/16/2027 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
2,925 |
|
|
|
— |
|
|
|
(47 |
) |
TAC LifePort Purchaser, LLC (Revolver) (7) |
|
03/01/2026 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
620 |
|
|
|
— |
|
|
|
(2 |
) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)
JUNE 30, 2022
(In thousands, except share data)
Issuer Name |
|
Maturity / Expiration |
|
|
Industry |
|
Current |
|
|
Basis Point |
|
|
Par / |
|
|
Cost |
|
|
Fair Value (3) |
|
||||||
The Bluebird Group LLC |
|
07/27/2026 |
|
|
Business Services |
|
|
8.75 |
% |
|
3M L+650 |
|
|
|
4,909 |
|
|
$ |
4,816 |
|
|
$ |
4,958 |
|
||
The Bluebird Group LLC (Revolver) (7) |
|
07/27/2026 |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
734 |
|
|
|
— |
|
|
|
7 |
|
|
The Vertex Companies, LLC |
|
08/30/2027 |
|
|
Business Services |
|
|
7.01 |
% |
|
3M L+550 |
|
|
|
1,701 |
|
|
|
1,684 |
|
|
|
1,671 |
|
||
The Vertex Companies, LLC (7) |
|
08/30/2027 |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
520 |
|
|
|
— |
|
|
|
(4 |
) |
|
The Vertex Companies, LLC (Revolver) (7) |
|
08/30/2027 |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
740 |
|
|
|
— |
|
|
|
(13 |
) |
|
TVC Enterprises, LLC |
|
03/26/2026 |
|
|
Transportation |
|
|
7.67 |
% |
|
1M L+600 |
|
|
|
12,897 |
|
|
|
12,656 |
|
|
|
12,639 |
|
||
TVC Enterprises, LLC (Revolver) (7) |
|
03/26/2026 |
|
|
Transportation |
|
|
— |
|
|
|
— |
|
|
|
1,370 |
|
|
|
— |
|
|
|
(27 |
) |
|
TWS Acquisition Corporation |
|
06/16/2025 |
|
|
Education |
|
|
8.76 |
% |
|
1M L+625 |
|
|
|
1,143 |
|
|
|
1,143 |
|
|
|
1,137 |
|
||
TWS Acquisition Corporation (Revolver) (7) |
|
06/16/2025 |
|
|
Education |
|
|
— |
|
|
|
— |
|
|
|
1,644 |
|
|
|
— |
|
|
|
(8 |
) |
|
Tyto Athene, LLC (Revolver) (7) |
|
04/01/2026 |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
364 |
|
|
|
— |
|
|
|
(20 |
) |
|
Unique Indoor Comfort, LLC |
|
05/24/2027 |
|
|
Home and Office Furnishings |
|
|
7.45 |
% |
|
1M L+525 |
|
|
|
23,441 |
|
|
|
23,094 |
|
|
|
23,090 |
|
||
Unique Indoor Comfort, LLC (7) |
|
05/24/2027 |
|
|
Home and Office Furnishings |
|
|
— |
|
|
|
— |
|
|
|
30,000 |
|
|
|
— |
|
|
|
(150 |
) |
|
Unique Indoor Comfort, LLC (Revolver) (7) |
|
05/24/2027 |
|
|
Home and Office Furnishings |
|
|
— |
|
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
(45 |
) |
|
Walker Edison Furniture Company LLC |
|
03/31/2027 |
|
|
Home and Office Furnishings |
|
|
11.00 |
% |
|
3M L+875 |
|
|
|
25,238 |
|
|
|
24,727 |
|
|
|
24,480 |
|
||
Wildcat Buyerco, Inc. |
|
02/27/2026 |
|
|
Electronics |
|
|
7.54 |
% |
|
3M L+575 |
|
|
|
2,017 |
|
|
|
1,994 |
|
|
|
1,963 |
|
||
Wildcat Buyerco, Inc. Term Loan C (7) |
|
05/11/2023 |
|
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
1,904 |
|
|
|
— |
|
|
|
(30 |
) |
|
Wildcat Buyerco, Inc. (Revolver) |
|
02/27/2026 |
|
|
Electronics |
|
|
6.99 |
% |
|
3M L+575 |
|
|
|
66 |
|
|
|
66 |
|
|
|
62 |
|
||
Wildcat Buyerco, Inc. (Revolver) (7) |
|
02/27/2026 |
|
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
508 |
|
|
|
— |
|
|
|
(30 |
) |
|
Zips Car Wash, LLC |
|
03/01/2024 |
|
|
Auto Sector |
|
|
8.28 |
% |
|
3M L+725 |
|
|
|
15,033 |
|
|
|
14,903 |
|
|
|
14,732 |
|
||
Zips Car Wash, LLC Term Loan (7) |
|
03/01/2024 |
|
|
Auto Sector |
|
|
— |
|
|
|
— |
|
|
|
104 |
|
|
|
— |
|
|
|
(1 |
) |
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
677,462 |
|
|
|
675,315 |
|
||||
Second Lien Secured Debt—19.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Atlas Purchaser, Inc |
|
05/07/2029 |
|
|
Telecommunications |
|
|
11.19 |
% |
|
3M L+900 |
|
|
|
17,000 |
|
|
|
16,539 |
|
|
|
16,507 |
|
||
Best Practice Associates LLC |
|
06/29/2027 |
|
|
Aerospace and Defense |
|
|
10.04 |
% |
|
3M L+900 |
|
|
|
17,825 |
|
|
|
17,493 |
|
|
|
17,290 |
|
||
Data Axle, Inc. |
|
04/03/2024 |
|
|
Other Media |
|
|
11.50 |
% |
|
3M L+925 |
|
|
|
20,400 |
|
|
|
20,270 |
|
|
|
20,400 |
|
||
ENC Parent Corporation |
|
08/19/2029 |
|
|
Business Services |
|
|
9.75 |
% |
|
3M L+750 |
|
|
|
7,500 |
|
|
|
7,430 |
|
|
|
7,350 |
|
||
Halo Buyer, Inc. |
|
07/06/2026 |
|
|
Consumer Products |
|
|
9.92 |
% |
|
1M L+825 |
|
|
|
32,500 |
|
|
|
32,149 |
|
|
|
30,794 |
|
||
Inventus Power, Inc. |
|
09/29/2024 |
|
|
Electronics |
|
|
9.73 |
% |
|
3M L+850 |
|
|
|
16,593 |
|
|
|
16,363 |
|
|
|
16,178 |
|
||
QuantiTech LLC |
|
02/04/2027 |
|
|
Aerospace and Defense |
|
|
11.12 |
% |
|
3M L+1,000 |
|
|
|
150 |
|
|
|
148 |
|
|
|
149 |
|
||
VT Topco, Inc. |
|
08/17/2026 |
|
|
Business Services |
|
|
8.59 |
% |
|
3M L+675 |
|
|
|
15,000 |
|
|
|
14,930 |
|
|
|
14,475 |
|
||
Total Second Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,322 |
|
|
|
123,143 |
|
||||
Subordinated Debt/Corporate Notes—5.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Flock Financial, LLC |
|
05/26/2027 |
|
|
Financial Services |
|
|
12.50 |
% |
|
|
— |
|
|
|
34,000 |
|
|
|
33,157 |
|
|
|
33,150 |
|
|
Total Subordinated Debt/Corporate Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,157 |
|
|
|
33,150 |
|
||||
Preferred Equity/Partnership Interests—1.1% (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ad.net Holdings, Inc. (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
2,400 |
|
|
|
240 |
|
|
|
259 |
|
AH Newco Equityholdings, LLC |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
6.00 |
% |
|
|
— |
|
|
|
211 |
|
|
|
500 |
|
|
|
1,590 |
|
Imagine Topco, LP |
|
|
— |
|
|
Business Services |
|
|
8.00 |
% |
|
|
— |
|
|
|
743,826 |
|
|
|
744 |
|
|
|
691 |
|
Mars Intermediate Holdings II, Inc (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
414 |
|
|
|
414 |
|
|
|
470 |
|
MeritDirect Holdings, LP (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
1,135 |
|
|
|
1,135 |
|
|
|
1,393 |
|
NXOF Holdings, Inc. (Tyto Athene, LLC) |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
160 |
|
|
|
160 |
|
|
|
221 |
|
ORL Holdco, Inc. |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
575 |
|
|
|
57 |
|
|
|
61 |
|
Signature CR Intermediate Holdco, Inc. |
|
|
— |
|
|
Chemicals, Plastics and Rubber |
|
|
12.00 |
% |
|
|
— |
|
|
|
1,527 |
|
|
|
1,527 |
|
|
|
1,993 |
|
TPC Holding Company, LP (8),(11) |
|
|
— |
|
|
Food |
|
|
— |
|
|
|
— |
|
|
|
219 |
|
|
|
219 |
|
|
|
60 |
|
TWD Parent Holdings, LLC |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
30 |
|
|
|
30 |
|
|
|
33 |
|
(The Vertex Companies, LLC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Preferred Equity/Partnership Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,026 |
|
|
|
6,771 |
|
||||
Common Equity/Partnership Interests/Warrants—19.4% (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ad.net Holdings, Inc. (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
2,667 |
|
|
|
27 |
|
|
|
58 |
|
Affinion Group Holdings, Inc. (Warrants) |
|
04/10/2024 |
|
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
77,190 |
|
|
|
2,126 |
|
|
|
— |
|
|
AG Investco LP (9) |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
805,164 |
|
|
|
805 |
|
|
|
1,107 |
|
AG Investco LP (7), (9) |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
194,836 |
|
|
|
— |
|
|
|
— |
|
Altamira Intermediate Company II, Inc. |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
125,000 |
|
|
|
125 |
|
|
|
52 |
|
Athletico Holdings, LLC |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
9,357 |
|
|
|
10,000 |
|
|
|
10,023 |
|
Atlas Investment Aggregator, LLC (9) |
|
|
— |
|
|
Telecommunications |
|
|
— |
|
|
|
— |
|
|
|
1,700,000 |
|
|
|
1,700 |
|
|
|
1,310 |
|
Cartessa Aesthetics, LLC |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
3,562,500 |
|
|
|
3,563 |
|
|
|
3,563 |
|
CI (Allied) Investment Holdings, LLC |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
120,962 |
|
|
|
1,243 |
|
|
|
882 |
|
(PRA Events, Inc.) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Connatix Parent, LLC |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
57,416 |
|
|
|
632 |
|
|
|
748 |
|
Cowboy Parent LLC |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
26,360 |
|
|
|
2,782 |
|
|
|
3,690 |
|
(Blackhawk Industrial Distribution, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Crane 1 Acquisition Parent Holdings, L.P. |
|
|
— |
|
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
113 |
|
|
|
104 |
|
|
|
127 |
|
Crash Champion Holdings, LLC (9) |
|
|
— |
|
|
Auto Sector |
|
|
— |
|
|
|
— |
|
|
|
36 |
|
|
|
328 |
|
|
|
639 |
|
Delta InvestCo LP |
|
|
— |
|
|
Telecommunications |
|
|
— |
|
|
|
— |
|
|
|
698,889 |
|
|
|
684 |
|
|
|
1,271 |
|
(Sigma Defense Systems, LLC) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Delta InvestCo LP (7) |
|
|
— |
|
|
Telecommunications |
|
|
— |
|
|
|
— |
|
|
|
442,155 |
|
|
|
— |
|
|
|
— |
|
(Sigma Defense Systems, LLC) (7), (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ECM Investors, LLC (9) |
|
|
— |
|
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
167,537 |
|
|
|
37 |
|
|
|
417 |
|
eCommission Holding Corporation (11) |
|
|
— |
|
|
Financial Services |
|
|
— |
|
|
|
— |
|
|
|
80 |
|
|
|
1,005 |
|
|
|
1,323 |
|
Exigo, LLC (9) |
|
|
— |
|
|
Business Services |
|
|
|
|
|
|
|
|
1,458,333 |
|
|
|
1,458 |
|
|
|
1,458 |
|
||
FedHC InvestCo LP (9) |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
14,186 |
|
|
|
478 |
|
|
|
1,634 |
|
FedHC InvestCo LP (7),(9) |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
6,384 |
|
|
|
— |
|
|
|
— |
|
FedHC InvestCo II LP (9) |
|
|
— |
|
|
Aerospace and Defense |
|
|
|
|
|
|
|
|
20,357 |
|
|
|
2,290 |
|
|
|
2,458 |
|
||
Gauge Lash Coinvest LLC |
|
|
— |
|
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
889,376 |
|
|
|
136 |
|
|
|
4,598 |
|
Gauge Schlesinger Coinvest, LLC |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
9 |
|
|
|
14 |
|
Gauge TVC Coinvest, LLC |
|
|
— |
|
|
Transportation |
|
|
— |
|
|
|
— |
|
|
|
810,645 |
|
|
|
— |
|
|
|
3,100 |
|
(TVC Enterprises, LLC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GCOM InvestCo LP (9) |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,434 |
|
|
|
1,003 |
|
|
|
550 |
|
Go Dawgs Capital III, LP |
|
|
— |
|
|
Building Materials |
|
|
— |
|
|
|
— |
|
|
|
675,325 |
|
|
|
675 |
|
|
|
750 |
|
(American Insulated Glass, LLC) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Green Veracity Holdings, LP - Class A |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
15,000 |
|
|
|
1,500 |
|
|
|
5,346 |
|
(VT Topco, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hancock Claims Consultants Investors, LLC (9) |
|
|
— |
|
|
Insurance |
|
|
— |
|
|
|
— |
|
|
|
450,000 |
|
|
|
450 |
|
|
|
497 |
|
HV Watterson Holdings, LLC |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,600,000 |
|
|
|
1,600 |
|
|
|
1,600 |
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
11
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)
JUNE 30, 2022
(In thousands, except share data)
Issuer Name |
|
Maturity / Expiration |
|
|
Industry |
|
Current |
|
|
Basis Point |
|
|
Par / |
|
|
Cost |
|
|
Fair Value (3) |
|
||||||
Icon Partners V C, L.P. |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
1,111,111 |
|
|
$ |
1,111 |
|
|
$ |
1,221 |
|
Icon Partners V C, L.P. (7),(9) |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
388,889 |
|
|
|
— |
|
|
|
— |
|
Imagine Topco, LP |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
743,826 |
|
|
|
— |
|
|
|
— |
|
Infogroup Parent Holdings, Inc. |
|
|
— |
|
|
Other Media |
|
|
— |
|
|
|
— |
|
|
|
181,495 |
|
|
|
2,042 |
|
|
|
3,761 |
|
(Data Axle, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ironclad Holdco, LLC |
|
|
— |
|
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
4,566 |
|
|
|
450 |
|
|
|
552 |
|
(Applied Technical Services, LLC) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ITC Infusion Co-invest, LP |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
82,895 |
|
|
|
829 |
|
|
|
1,034 |
|
ITC Rumba, LLC |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
375,675 |
|
|
|
8 |
|
|
|
21,863 |
|
(Cano Health, LLC) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
JWC-WE Holdings, L.P. |
|
|
— |
|
|
Home and Office Furnishings |
|
|
— |
|
|
|
— |
|
|
|
2,688 |
|
|
|
783 |
|
|
|
— |
|
(Walker Edison Furniture Company LLC) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Kentucky Racing Holdco, LLC (Warrants) |
|
|
— |
|
|
Hotels, Motels, Inns and Gaming |
|
|
— |
|
|
|
— |
|
|
|
161,252 |
|
|
|
— |
|
|
|
1,421 |
|
Kinetic Purchaser, LLC |
|
|
— |
|
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,308,814 |
|
|
|
1,309 |
|
|
|
1,818 |
|
KL Stockton Co-Invest LP |
|
|
— |
|
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
382,353 |
|
|
|
382 |
|
|
|
525 |
|
(Any Hour Services) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lariat ecoserv Co-Invest Holdings, LLC (9) |
|
|
— |
|
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
363,656 |
|
|
|
240 |
|
|
|
1,289 |
|
Lightspeed Investment Holdco LLC |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
273,143 |
|
|
|
273 |
|
|
|
443 |
|
Mars Intermidiate Holdings II, Inc. (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
414 |
|
|
|
— |
|
|
|
37 |
|
Meadowlark Title, LLC (9) |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
815,385 |
|
|
|
815 |
|
|
|
742 |
|
MeritDirect Holdings, LP (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
1,135 |
|
|
|
— |
|
|
|
181 |
|
Municipal Emergency Services, Inc. |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
3,920,145 |
|
|
|
3,984 |
|
|
|
3,519 |
|
NEPRT Parent Holdings, LLC |
|
|
— |
|
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
1,299 |
|
|
|
1,261 |
|
|
|
583 |
|
(Recteq, LLC) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
North Haven Saints Equity Holdings, LP |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
351,553 |
|
|
|
352 |
|
|
|
348 |
|
NXOF Holdings, Inc. |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
3,261 |
|
|
|
3 |
|
|
|
114 |
|
(Tyto Athene, LLC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OceanSound Discovery Equity, LP |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
98,286 |
|
|
|
979 |
|
|
|
1,727 |
|
(Holdco Sands Intermediate, LLC) (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OHCP V BC COI, L.P. |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
446,250 |
|
|
|
446 |
|
|
|
363 |
|
OHCP V BC COI, L.P. (7),(9) |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
303,750 |
|
|
|
— |
|
|
|
(57 |
) |
Oral Surgery (ITC) Holdings, LLC (9) |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
2,904 |
|
|
|
63 |
|
|
|
70 |
|
ORL Holdco, Inc. |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
638 |
|
|
|
6 |
|
|
|
119 |
|
PennantPark-TSO Senior Loan Fund II, LP |
|
|
— |
|
|
Financial Services |
|
|
— |
|
|
|
— |
|
|
|
15,038,871 |
|
|
|
15,039 |
|
|
|
15,363 |
|
Pink Lily Holdco, LLC (9) |
|
|
— |
|
|
Retail |
|
|
— |
|
|
|
— |
|
|
|
1,044 |
|
|
|
1,044 |
|
|
|
774 |
|
QuantiTech InvestCo LP (9) |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
712 |
|
|
|
68 |
|
|
|
340 |
|
QuantiTech InvestCo LP (7),(9) |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
955 |
|
|
|
— |
|
|
|
— |
|
QuantiTech InvestCo II LP (9) |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
40 |
|
|
|
25 |
|
|
|
24 |
|
RFMG Parent, LP |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
1,050,000 |
|
|
|
1,050 |
|
|
|
1,279 |
|
(Rancho Health MSO, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SBI Holdings Investments LLC |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
36,585 |
|
|
|
366 |
|
|
|
385 |
|
(Sales Benchmark Index LLC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Seaway Topco, LP |
|
|
— |
|
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
2,518 |
|
|
|
2,518 |
|
|
|
2,518 |
|
Signature CR Intermediate Holdco, Inc. |
|
|
— |
|
|
Chemicals, Plastics and Rubber |
|
|
— |
|
|
|
— |
|
|
|
80 |
|
|
|
80 |
|
|
|
— |
|
SP L2 Holdings, LLC |
|
|
— |
|
|
Consumer Products |
|
|
— |
|
|
|
— |
|
|
|
881,966 |
|
|
|
882 |
|
|
|
806 |
|
SSC Dominion Holdings, LLC |
|
|
— |
|
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
1,500 |
|
|
|
1,890 |
|
Class A (US Dominion, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SSC Dominion Holdings, LLC |
|
|
— |
|
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
— |
|
|
|
4,103 |
|
Class B (US Dominion, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
StellPen Holdings, LLC |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
153,846 |
|
|
|
154 |
|
|
|
138 |
|
(CF512, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
TAC LifePort Holdings, LLC (9) |
|
|
— |
|
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
232,558 |
|
|
|
233 |
|
|
|
254 |
|
Tower Arch Infolinks Media, LP (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
531,293 |
|
|
|
531 |
|
|
|
781 |
|
Tower Arch Infolinks Media, LP (7), (9) |
|
|
— |
|
|
Media |
|
|
— |
|
|
|
— |
|
|
|
364,151 |
|
|
|
— |
|
|
|
— |
|
TPC Holding Company, LP (8). (11) |
|
|
— |
|
|
Food |
|
|
— |
|
|
|
— |
|
|
|
11,527 |
|
|
|
12 |
|
|
|
— |
|
TWD Parent Holdings, LLC |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
608 |
|
|
|
1 |
|
|
|
— |
|
(The Vertex Companies, LLC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Well Services, Inc. - Class A (5), (11) |
|
|
— |
|
|
Oil and Gas |
|
|
— |
|
|
|
— |
|
|
|
360,343 |
|
|
|
3,022 |
|
|
|
338 |
|
UniVista Insurance (9) |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
400 |
|
|
|
386 |
|
|
|
457 |
|
WCP Ivyrehab QP CF Feeder, LP |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
3,762,257 |
|
|
|
3,762 |
|
|
|
3,762 |
|
WCP Ivyrehab QP CF Feeder, LP - Unfunded (7) |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
|
237,743 |
|
|
|
— |
|
|
|
— |
|
Wildcat Parent, LP |
|
|
— |
|
|
Electronics |
|
|
— |
|
|
|
— |
|
|
|
2,314 |
|
|
|
231 |
|
|
|
553 |
|
(Wildcat Buyerco, Inc.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Common Equity/Partnership Interests/Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,000 |
|
|
|
122,653 |
|
||||
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
921,967 |
|
|
|
961,032 |
|
||||
Investments in Non-Controlled, Affiliated Portfolio Companies—7.8% (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred Equity/Partnership Interests—7.8% (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cascade Environmental Holdings, LLC (9) |
|
|
— |
|
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
5,887,236 |
|
|
|
32,791 |
|
|
|
32,791 |
|
MidOcean JF Holdings Corp. (Series B) |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
10,739 |
|
|
|
1,074 |
|
|
|
5,369 |
|
MidOcean JF Holdings Corp. |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
143,183 |
|
|
|
14,318 |
|
|
|
10,937 |
|
Total Preferred Equity/Partnership Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,183 |
|
|
|
49,097 |
|
||||
Common Equity/Partnership Interests/Warrants—0% (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cascade Environmental Holdings, LLC |
|
|
— |
|
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
7,444,347 |
|
|
|
2,852 |
|
|
|
— |
|
MidOcean JF Holdings Corp. |
|
|
— |
|
|
Distribution |
|
|
— |
|
|
|
— |
|
|
|
65,933 |
|
|
|
24,790 |
|
|
|
— |
|
Total Common Equity/Partnership Interests/Warrants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,642 |
|
|
|
— |
|
||||
Total Investments in Non-Controlled, Affiliated Portfolio Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,825 |
|
|
|
49,097 |
|
||||
Investments in Controlled, Affiliated Portfolio Companies—48.2% (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First Lien Secured Debt—7.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AKW Holdings Limited (8), (10), (11) |
|
03/13/2024 |
|
|
Healthcare, Education and Childcare |
|
|
8.26 |
% |
|
3M L+700 |
|
|
£ |
38,250 |
|
|
|
52,792 |
|
|
|
46,453 |
|
||
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,792 |
|
|
|
46,453 |
|
||||
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)
JUNE 30, 2022
(In thousands, except share data)
Issuer Name |
|
Maturity / Expiration |
|
|
Industry |
|
Current |
|
|
Basis Point |
|
|
Par / |
|
|
Cost |
|
|
Fair Value (3) |
|
||||||
Second Lien Secured Debt—1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Mailsouth Inc. |
|
04/23/2025 |
|
|
Printing and Publishing |
|
|
— |
|
|
|
— |
|
|
|
12,383 |
|
|
$ |
12,383 |
|
|
$ |
6,561 |
|
|
Total Second Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,383 |
|
|
|
6,561 |
|
||||
Subordinated Debt—13.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
PennantPark Senior Loan Fund, LLC (11) |
|
07/31/2027 |
|
|
Financial Services |
|
|
9.29 |
% |
|
3M L+800 |
|
|
|
88,011 |
|
|
|
88,011 |
|
|
|
88,011 |
|
||
Total Subordinated Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,011 |
|
|
|
88,011 |
|
||||
Common Equity—25.9% (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AKW Holdings Limited (8), (10), (11) |
|
|
— |
|
|
Healthcare, Education and Childcare |
|
|
— |
|
|
|
— |
|
|
£ |
950 |
|
|
|
132 |
|
|
|
1,113 |
|
MSpark, LLC |
|
|
— |
|
|
Printing and Publishing |
|
|
— |
|
|
|
— |
|
|
|
51,151 |
|
|
|
16,516 |
|
|
|
— |
|
PennantPark Senior Loan Fund, LLC |
|
|
— |
|
|
Financial Services |
|
|
— |
|
|
|
— |
|
|
|
49,298,789 |
|
|
|
49,362 |
|
|
|
53,092 |
|
RAM Energy Holdings LLC (9) |
|
|
— |
|
|
Energy and Utilities |
|
|
— |
|
|
|
— |
|
|
|
180,805 |
|
|
|
162,708 |
|
|
|
109,469 |
|
Total Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
228,718 |
|
|
|
163,674 |
|
||||
Total Investments in Controlled, Affiliated Portfolio Companies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
381,904 |
|
|
|
304,699 |
|
||||
Total Investments—208.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,379,696 |
|
|
|
1,314,828 |
|
||||
Cash and Cash Equivalents—4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
BlackRock Federal FD Institutional 30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,781 |
|
|
|
15,781 |
|
||||
BNY Mellon Cash Reserve and Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,849 |
|
|
|
13,766 |
|
||||
Total Cash and Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,630 |
|
|
|
29,547 |
|
||||
Total Investments and Cash Equivalents—212.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,409,326 |
|
|
$ |
1,344,375 |
|
||||
Liabilities in Excess of Other Assets—(112.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(712,865 |
) |
|||||
Net Assets—100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
631,510 |
|
|||||
(1) |
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 (See Note 6). |
(2) |
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 (See Note 6). |
(3) |
Valued based on our accounting policy (See Note 2). |
(4) |
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,” the Euro Interbank Offered Rate, or EURIBOR or “E,” , Secured Overnight Financing Rate or "SOFR", 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, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), 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. |
(5) |
The security was not valued using significant unobservable inputs. The value of all other securities was determined using significant unobservable inputs (See Note 5). |
(6) |
Non-income producing securities. |
(7) |
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. |
(8) |
Non-U.S. company or principal place of business outside the United States. |
(9) |
Investment is held through our Taxable Subsidiary (See Note 1). |
(10) |
Par / Shares amount is denominated in British Pounds (£) as denoted. |
(11) |
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 June 30, 2022, qualifying assets represent 83% of the Company’s total assets and non-qualifying assets represent 17% of the Company’s total assets. |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
13
PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2021
(In thousands, except share data)
Issuer Name |
|
Maturity / Expiration |
|
Industry |
|
Current |
|
|
Basis Point |
|
|
Par / |
|
|
Cost |
|
|
Fair Value (3) |
|
|||||
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—124.3% (1), (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
First Lien Secured Debt—77.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
18 Freemont Street Acquisition, LLC |
|
08/11/2025 |
|
Hotels, Motels, Inns and Gaming |
|
|
9.50 |
% |
|
1M L+800 |
|
|
|
7,433 |
|
|
$ |
6,815 |
|
|
$ |
7,563 |
|
|
Ad.net Acquisition, LLC (Revolver) |
|
05/06/2026 |
|
Media |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
76 |
|
|
|
76 |
|
|
|
74 |
|
|
Ad.net Acquisition, LLC (Revolver) (7) |
|
05/06/2026 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
369 |
|
|
|
— |
|
|
|
(6 |
) |
Altamira Technologies, LLC (Revolver) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
8.00 |
% |
|
3M L+700 |
|
|
|
50 |
|
|
|
50 |
|
|
|
47 |
|
|
Altamira Technologies, LLC (Revolver) (7) |
|
07/24/2025 |
|
Aerospace and Defense |
|
|
— |
|
|
|
— |
|
|
|
138 |
|
|
|
— |
|
|
|
(9 |
) |
American Insulated Glass, LLC |
|
12/21/2023 |
|
Building Materials |
|
|
6.50 |
% |
|
3M L+550 |
|
|
|
15,795 |
|
|
|
15,639 |
|
|
|
15,637 |
|
|
Any Hour Services (7) |
|
07/21/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
3,824 |
|
|
|
— |
|
|
|
(38 |
) |
Any Hour Services (Revolver) (7) |
|
07/21/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
1,147 |
|
|
|
— |
|
|
|
(23 |
) |
Apex Service Partners, LLC |
|
07/31/2025 |
|
Personal, Food and Miscellaneous Services |
|
|
6.25 |
% |
|
1M L+525 |
|
|
|
1,331 |
|
|
|
1,331 |
|
|
|
1,317 |
|
|
Apex Service Partners, LLC Term Loan C |
|
07/31/2025 |
|
Personal, Food and Miscellaneous Services |
|
|
6.25 |
% |
|
1M L+525 |
|
|
|
5,592 |
|
|
|
5,509 |
|
|
|
5,536 |
|
|
Apex Service Partners, LLC Term Loan C (7) |
|
01/31/2022 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
6,658 |
|
|
|
— |
|
|
|
(8 |
) |
Apex Service Partners, LLC (Revolver) |
|
07/29/2024 |
|
Personal, Food and Miscellaneous Services |
|
|
6.25 |
% |
|
3M L+525 |
|
|
|
239 |
|
|
|
239 |
|
|
|
235 |
|
|
Apex Service Partners, LLC (Revolver) (7) |
|
07/29/2024 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
693 |
|
|
|
— |
|
|
|
(12 |
) |
Applied Technical Services, LLC (7) |
|
06/29/2022 |
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
6,235 |
|
|
|
— |
|
|
|
(55 |
) |
Applied Technical Services, LLC (Revolver) (7) |
|
12/29/2026 |
|
Environmental Services |
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
(20 |
) |
Bottom Line Systems, LLC |
|
02/13/2023 |
|
Healthcare, Education and Childcare |
|
|
6.25 |
% |
|
1M L+550 |
|
|
|
6,153 |
|
|
|
6,128 |
|
|
|
6,153 |
|
|
Broder Bros., Co. |
|
12/02/2022 |
|
Consumer Products |
|
|
9.75 |
% |
|
3M L+850 |
|
|
|
25,333 |
|
|
|
25,333 |
|
|
|
25,333 |
|
|
CF512, Inc. |
|
08/20/2026 |
|
Media |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
10,000 |
|
|
|
9,802 |
|
|
|
9,800 |
|
|
CF512, Inc. (7) |
|
08/20/2026 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
2,727 |
|
|
|
— |
|
|
|
(27 |
) |
CF512, Inc.(Revolver) (7) |
|
08/20/2026 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
909 |
|
|
|
— |
|
|
|
(18 |
) |
Compex Legal Services, Inc. |
|
02/09/2026 |
|
Business Services |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
3,570 |
|
|
|
3,514 |
|
|
|
3,529 |
|
|
Compex Legal Services, Inc. (Revolver) |
|
02/07/2025 |
|
Business Services |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
459 |
|
|
|
459 |
|
|
|
454 |
|
|
Compex Legal Services, Inc. (Revolver) (7) |
|
02/07/2025 |
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
197 |
|
|
|
— |
|
|
|
(2 |
) |
Connatix Buyer, Inc. |
|
07/13/2027 |
|
Media |
|
|
6.25 |
% |
|
3M L+550 |
|
|
|
12,000 |
|
|
|
11,766 |
|
|
|
11,760 |
|
|
Connatix Buyer, Inc. (7) |
|
01/13/2023 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
3,158 |
|
|
|
— |
|
|
|
(32 |
) |
Connatix Buyer, Inc. (Revolver) |
|
07/13/2027 |
|
Media |
|
|
6.25 |
% |
|
3M L+550 |
|
|
|
186 |
|
|
|
186 |
|
|
|
182 |
|
|
Connatix Buyer, Inc. (Revolver) (7) |
|
07/13/2027 |
|
Media |
|
|
— |
|
|
|
— |
|
|
|
1,673 |
|
|
|
— |
|
|
|
(33 |
) |
Crane 1 Services, Inc. |
|
08/16/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
6.75 |
% |
|
3M L+575 |
|
|
|
1,847 |
|
|
|
1,820 |
|
|
|
1,829 |
|
|
Crane 1 Services, Inc. (7) |
|
08/16/2023 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
778 |
|
|
|
— |
|
|
|
(2 |
) |
Crane 1 Services, Inc. (Revolver) (7) |
|
08/16/2027 |
|
Personal, Food and Miscellaneous Services |
|
|
— |
|
|
|
— |
|
|
|
292 |
|
|
|
— |
|
|
|
(3 |
) |
Crash Champions, LLC |
|
08/05/2025 |
|
Auto Sector |
|
|
6.00 |
% |
|
3M L+500 |
|
|
|
4,751 |
|
|
|
4,704 |
|
|
|
4,656 |
|
|
Crash Champions, LLC (7) |
|
05/14/2022 |
|
Auto Sector |
|
|
— |
|
|
|
— |
|
|
|
6,749 |
|
|
|
— |
|
|
|
(67 |
) |
DermaRite Industries LLC |
|
03/03/2022 |
|
Manufacturing / Basic Industries |
|
|
8.00 |
% |
|
1M L+700 |
|
|
|
8,055 |
|
|
|
8,041 |
|
|
|
7,720 |
|
|
Dr. Squatch, LLC |
|
08/27/2026 |
|
Personal and Non-Durable Consumer Products |
|
|
7.00 |
% |
|
3M L+600 |
|
|
|
13,515 |
|
|
|
13,247 |
|
|
|
13,244 |
||