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•]`

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, 2022

OR

 

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

 

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00736

 

PENNANTPARK INVESTMENT CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

MARYLAND

 

20-8250744

(State or other jurisdiction of incorporation or organization)

 

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

 

 

1691 Michigan Avenue,

Miami Beach, Florida

 

33139

(Address of principal executive offices)

 

(Zip Code)

 

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

 

None

(Former name, former address and former fiscal year, if changed since last report)

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

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PNNT

The New York Stock Exchange

 

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

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

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

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 8, 2023 was 65,224,500.

 

 

 

 


 

PENNANTPARK INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2022

TABLE OF CONTENTS

 

 

 

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Consolidated Financial Statements

 

 

 

 

 

Consolidated Statements of Assets and Liabilities as of December 31, 2022 (unaudited) and September 30, 2022

 

4

 

 

 

Consolidated Statements of Operations for the three months ended December 31, 2022 and 2021 (unaudited)

 

5

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2022 and 2021 (unaudited)

 

6

 

 

 

Consolidated Statements of Cash Flows for the three months ended December 31, 2022 and 2021 (unaudited)

 

7

 

 

 

Consolidated Schedules of Investments as of December 31, 2022 (unaudited) and September 30, 2022

 

8

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

19

 

 

 

Report of Independent Registered Public Accounting Firm (PCAOB ID 49)

 

37

 

 

 

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

 

39

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

52

 

 

 

Item 4. Controls and Procedures

 

53

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1. Legal Proceedings

 

54

 

 

 

Item 1A. Risk Factors

 

54

 

 

 

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

 

55

 

 

 

Item 3. Defaults Upon Senior Securities

 

55

 

 

 

Item 4. Mine Safety Disclosures

 

55

 

 

 

Item 5. Other Information

 

55

 

 

 

Item 6. Exhibits

 

56

 

 

 

SIGNATURES

 

57

 

2


 

PART I—CONSOLIDATED FINANCIAL INFORMATION

 

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where context suggest otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Investment Corporation and its consolidated subsidiaries; “PennantPark Investment” refers to only PennantPark Investment Corporation; “our SBIC Fund” refers collectively to our consolidated subsidiaries, PennantPark SBIC II LP, or SBIC II, and its general partner, PennantPark SBIC GP II, LLC; “Funding I” refers to PennantPark Investment Funding I, LLC, a wholly-owned subsidiary prior to deconsolidation on July 31, 2020; “Taxable Subsidiary” refers to PNNT Investment Holdings, LLC; “PSLF” refers to PennantPark Senior Loan Fund, LLC, an unconsolidated joint venture; “PTSF II” refers to PennantPark-TSO Senior Loan Fund II, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “SBA” refers to the Small Business Administration; “SBIC” refers to a small business investment company under the Small Business Investment Act of 1958, as amended, or the “1958 Act”; “BNP Credit Facility” refers to our revolving credit facility with BNP Paribas prior to deconsolidation of Funding I; “Truist Credit Facility” refers to our multi-currency, senior secured revolving credit facility with Truist Bank (formerly SunTrust Bank), as amended and restated; “2024 Notes” refers to our 5.50% Notes due 2024; “2026 Notes” refers to our 4.50% Notes due May 2026; “2026 Notes-2” refers to our 4.00% Notes due November 2026; “BDC” refers to a business development company under the Investment Company Act of 1940, as amended, or the “1940 Act”; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; and “RIC” refers to a regulated investment company under the Code. References to our portfolio, our investments and our business include investments we make through SBIC II and other consolidated subsidiaries.

3


 

Item 1. Consolidated Financial Statements

 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

 

 

 

December 31, 2022

 

 

September 30, 2022

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost—$929,937 and $882,513 respectively)

 

$

928,888

 

 

$

932,155

 

Non-controlled, affiliated investments (cost—$38,431 and $37,612, respectively)

 

 

35,579

 

 

 

34,760

 

Controlled, affiliated investments (cost—395,134 and $381,904, respectively)

 

 

231,568

 

 

 

259,386

 

Total investments (cost—$1,363,502 and $1,302,029, respectively)

 

 

1,196,035

 

 

 

1,226,301

 

Cash and cash equivalents (cost—$28,558 and $52,844, respectively)

 

 

28,556

 

 

 

52,666

 

Interest receivable

 

 

4,124

 

 

 

3,593

 

Receivable for investments sold

 

 

 

 

 

29,494

 

Distribution receivable

 

 

3,256

 

 

 

2,420

 

Prepaid expenses and other assets

 

 

4,036

 

 

 

4,036

 

Total assets

 

 

1,236,007

 

 

 

1,318,510

 

Liabilities

 

 

 

 

 

 

Distributions payable

 

 

10,762

 

 

 

9,784

 

Payable for investments purchased

 

 

8,325

 

 

 

 

Truist Credit Facility payable, at fair value (cost—$380,920 and $385,920, respectively) (See Notes 5 and 10)

 

 

367,308

 

 

 

376,687

 

2026 Notes payable, net (par— $150,000) (See Notes 5 and 10)

 

 

146,993

 

 

 

146,767

 

2026 Notes-2 payable, net (par— $165,000) (See Notes 5 and 10)

 

 

161,586

 

 

 

161,373

 

SBA debentures payable, net (par—$20,000) (See Notes 5 and 10)

 

 

19,701

 

 

 

19,686

 

Base-management fee payable, net (See Note 3)

 

 

4,602

 

 

 

4,849

 

Incentive fee payable (See Note 3)

 

 

2,192

 

 

 

 

Interest payable on debt

 

 

3,291

 

 

 

6,264

 

Accrued other expenses

 

 

2,155

 

 

 

6,639

 

Current tax liability

 

 

6,183

 

 

 

896

 

Total liabilities

 

 

733,098

 

 

 

732,945

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 65,224,500 shares issued and outstanding
   Par value $
0.001 per share and 100,000,000 shares authorized

 

 

65

 

 

 

65

 

Paid-in capital in excess of par value

 

 

748,169

 

 

 

748,169

 

Accumulated deficit

 

 

(245,325

)

 

 

(162,669

)

Total net assets

 

$

502,909

 

 

$

585,565

 

Total liabilities and net assets

 

$

1,236,007

 

 

$

1,318,510

 

Net asset value per share

 

$

7.71

 

 

$

8.98

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

4


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended December 31,

 

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

Interest

 

$

22,231

 

 

$

15,540

 

Payment-in-kind

 

 

 

 

 

2,410

 

Other income

 

 

487

 

 

 

4,191

 

From controlled, affiliated investments:

 

 

 

 

 

 

Interest

 

 

2,858

 

 

 

2,267

 

Payment-in-kind

 

 

1,131

 

 

 

2,126

 

Dividend income

 

 

3,256

 

 

 

1,815

 

Total investment income

 

 

29,963

 

 

 

28,349

 

Expenses:

 

 

 

 

 

 

Base management fee (See Note 3)

 

 

4,602

 

 

 

5,109

 

Performance-based incentive fee (See Note 3)

 

 

2,192

 

 

 

2,657

 

Interest and expenses on debt (See Note 10)

 

 

9,729

 

 

 

6,886

 

Administrative services expenses (See Note 3)

 

 

266

 

 

 

250

 

Other general and administrative expenses

 

 

841

 

 

 

723

 

Expenses before provision for taxes

 

 

17,630

 

 

 

15,625

 

Provision for taxes on net investment income

 

 

2,000

 

 

 

200

 

Net expenses

 

 

19,630

 

 

 

15,825

 

Net investment income

 

 

10,333

 

 

 

12,524

 

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

 

 

 

 

 

 

Net realized gain (loss) on investments and debt:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

4,064

 

 

 

5,201

 

Non-controlled and controlled, affiliated investments

 

 

 

 

 

(31,274

)

Debt extinguishment

 

 

 

 

 

(1,669

)

Net realized gain (loss) on investments and debt

 

 

4,064

 

 

 

(27,742

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(50,517

)

 

 

(49,603

)

Non-controlled and controlled, affiliated investments

 

 

(41,048

)

 

 

96,372

 

Provision for taxes on unrealized appreciation (depreciation) on investments

 

 

896

 

 

 

(5,045

)

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

 

 

4,378

 

 

 

(996

)

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

 

 

(86,291

)

 

 

40,728

 

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

 

 

(82,227

)

 

 

12,986

 

Net increase (decrease) in net assets resulting from operations

 

 

(71,894

)

 

 

25,510

 

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

 

$

(1.10

)

 

$

0.38

 

Net investment income per common share

 

$

0.16

 

 

$

0.19

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

5


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands)

 

 

 

Three Months Ended December 31,

 

 

 

2022

 

 

2021

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

Net investment income

 

$

10,333

 

 

$

12,524

 

Net realized gain (loss) on investments and debt

 

 

4,064

 

 

 

(27,742

)

Net change in unrealized appreciation (depreciation) on investments

 

 

(91,565

)

 

 

46,769

 

Net change in provision for taxes on unrealized appreciation (depreciation) on investments

 

 

896

 

 

 

(5,045

)

Net change in unrealized (appreciation) depreciation on debt

 

 

4,378

 

 

 

(996

)

Net increase (decrease) in net assets resulting from operations

 

 

(71,894

)

 

 

25,510

 

Distributions to stockholders:

 

 

(10,762

)

 

 

(8,045

)

Net increase (decrease) in net assets

 

 

(82,656

)

 

 

17,465

 

Net assets:

 

 

 

 

 

 

Beginning of period

 

 

585,565

 

 

 

660,144

 

End of period

 

$

502,909

 

 

$

677,609

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

6


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

 

 

Three months ended December 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

(71,894

)

 

$

25,510

 

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

 

 

 

 

 

 

Net change in net unrealized (appreciation) depreciation on investments

 

 

91,565

 

 

 

(46,769

)

Net change in unrealized appreciation (depreciation) on debt

 

 

(4,378

)

 

 

996

 

Net realized (gain) loss on investments

 

 

(4,064

)

 

 

26,073

 

Net accretion of discount and amortization of premium

 

 

(822

)

 

 

(2,065

)

Purchases of investments

 

 

(86,182

)

 

 

(295,136

)

Payment-in-kind income

 

 

(1,131

)

 

 

(4,451

)

Proceeds from dispositions of investments

 

 

30,620

 

 

 

132,246

 

Amortization of deferred financing costs

 

 

454

 

 

 

565

 

(Increase) or Decrease in:

 

 

 

 

 

 

Interest receivable

 

 

(531

)

 

 

(449

)

Receivables from investments sold

 

 

29,494

 

 

 

(12,821

)

Distribution receivable

 

 

(836

)

 

 

(121

)

Increase or (Decrease) in:

 

 

 

 

 

 

Payable for investments purchased

 

 

8,325

 

 

 

(7,812

)

Interest payable on debt

 

 

(2,973

)

 

 

(931

)

Base management fee payable, net

 

 

(247

)

 

 

529

 

Performance-based incentive fee payable, net

 

 

2,192

 

 

 

2,082

 

Deferred tax liability

 

 

5,287

 

 

 

5,045

 

Accrued other expenses

 

 

(4,485

)

 

 

159

 

Net cash provided by (used in) operating activities

 

 

(9,606

)

 

 

(177,350

)

Cash flows from financing activities:

 

 

 

 

 

 

Distributions paid to stockholders

 

 

(9,784

)

 

 

(8,045

)

Net repayments of the 2024 Notes issuance

 

 

 

 

 

(84,581

)

Proceeds from 2026 Notes-2 issuance

 

 

 

 

 

160,519

 

Borrowings under Truist Credit Facility

 

 

44,000

 

 

 

416,897

 

Repayments under Truist Credit Facility

 

 

(49,000

)

 

 

(288,218

)

Net cash provided by (used in) financing activities

 

 

(14,784

)

 

 

196,572

 

Net increase (decrease) in cash equivalents

 

 

(24,390

)

 

 

19,222

 

Effect of exchange rate changes on cash

 

 

280

 

 

 

2

 

Cash and cash equivalents, beginning of period

 

 

52,666

 

 

 

20,357

 

Cash and cash equivalents, end of period

 

$

28,556

 

 

$

39,581

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Interest paid

 

$

12,248

 

 

$

7,252

 

Taxes paid

 

$

299

 

 

$

695

 

Non-cash exchanges and conversions

 

$

 

 

$

(31,274

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

7


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

DECEMBER 31, 2022

(In thousands, except share data)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

8


 

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—184.7% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—122.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

11.12

%

 

3M L+650

 

 

 

11,215

 

 

$

10,998

 

 

$

10,997

 

A1 Garage Merger Sub, LLC - Unfunded Term Loan

 

12/21/2024

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

5,747

 

 

 

-

 

 

 

-

 

A1 Garage Merger Sub, LLC (Revolver) (7)

 

12/22/2028

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

2,532

 

 

 

-

 

 

 

-

 

Ad.net Acquisition, LLC (Revolver)

 

05/06/2026

 

Media

 

 

10.84

%

 

3M L+600

 

 

 

356

 

 

 

356

 

 

 

353

 

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

 

05/06/2026

 

Media

 

 

 

 

 

 

 

 

89

 

 

 

-

 

 

 

(1

)

Altamira Technologies, LLC (Revolver)

 

07/24/2025

 

Aerospace and Defense

 

 

10.73

%

 

3M L+600

 

 

 

50

 

 

 

50

 

 

 

49

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

138

 

 

 

 

 

 

(2

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Materials

 

 

9.25

%

 

3M L+550

 

 

 

3,319

 

 

 

3,304

 

 

 

3,319

 

Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)

 

05/23/2024

 

Media

 

 

 

 

 

 

 

 

1,612

 

 

 

 

 

 

 

Any Hour Services

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

10.17

%

 

3M L+525

 

 

 

4,120

 

 

 

4,092

 

 

 

4,007

 

Any Hour Services (Revolver)

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

10.17

%

 

3M L+585

 

 

 

229

 

 

 

229

 

 

 

223

 

Any Hour Services (Revolver) (7)

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

918

 

 

 

 

 

 

(25

)

Apex Service Partners, LLC

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

7.60

%

 

1M L+550

 

 

 

1,331

 

 

 

1,331

 

 

 

1,324

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

9.08

%

 

1M L+550

 

 

 

1,893

 

 

 

1,875

 

 

 

1,883

 

Apex Service Partners, LLC (Revolver)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

9.67

%

 

3M L+525

 

 

 

645

 

 

 

645

 

 

 

641

 

Apex Service Partners, LLC (Revolver) (7)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

287

 

 

 

 

 

 

(1

)

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

9.69

%

 

3M L+575

 

 

 

1,534

 

 

 

1,519

 

 

 

1,495

 

Applied Technical Services, LLC (7)

 

04/21/2023

 

Environmental Services

 

 

 

 

 

 

 

 

1,457

 

 

 

 

 

 

(20

)

Applied Technical Services, LLC (Revolver)

 

12/29/2026

 

Environmental Services

 

 

12.25

%

 

3M P+475

 

 

 

400

 

 

 

400

 

 

 

390

 

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Environmental Services

 

 

 

 

 

 

 

 

600

 

 

 

 

 

 

(15

)

Arcfield Acquisition Corp. (Revolver) (7)

 

03/07/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,263

 

 

 

 

 

 

(45

)

Berwick Industrial Park

 

04/28/2023

 

Buildings and Real Estate

 

 

11.00

%

 

 

 

 

 

4,000

 

 

 

3,974

 

 

 

3,956

 

Beta Plus Technologies, Inc.

 

07/01/2029

 

Business Services

 

 

9.37

%

 

SOFR+525

 

 

 

4,988

 

 

 

4,895

 

 

 

4,938

 

Blackhawk Industrial Distribution, Inc.

 

09/17/2024

 

Distribution

 

 

9.65

%

 

3M L+500

 

 

 

1,407

 

 

 

1,392

 

 

 

1,376

 

Blackhawk Industrial Distribution, Inc.(7)

 

09/17/2024

 

Distribution

 

 

 

 

 

 

 

 

3,808

 

 

 

 

 

 

(48

)

Blackhawk Industrial Distribution, Inc. (Revolver)

 

09/17/2024

 

Distribution

 

 

10.06

%

 

3M L+500

 

 

 

1,030

 

 

 

1,030

 

 

 

976

 

Blackhawk Industrial Distribution, Inc. (Revolver) (7)

 

09/17/2024

 

Distribution

 

 

 

 

 

 

 

 

2,402

 

 

 

 

 

 

(125

)

Broder Bros., Co.

 

12/04/2025

 

Consumer Products

 

 

9.60

%

 

3M L+600

 

 

 

10,031

 

 

 

10,031

 

 

 

10,031

 

Cartessa Aesthetics, LLC

 

05/13/2028

 

Distribution

 

 

10.58

%

 

1M L+600

 

 

 

34,315

 

 

 

33,680

 

 

 

33,972

 

Cartessa Aesthetics, LLC - (Revolver)

 

05/13/2028

 

Distribution

 

 

10.58

%

 

1M L+600

 

 

 

1,265

 

 

 

1,265

 

 

 

1,253

 

Cartessa Aesthetics, LLC - (Revolver) (7)

 

05/13/2028

 

Distribution

 

 

 

 

 

 

 

 

2,297

 

 

 

 

 

 

(23

)

CF512, Inc.

 

08/20/2026

 

Media

 

 

10.75

%

 

3M L+600

 

 

 

6,720

 

 

 

6,635

 

 

 

6,585

 

CF512, Inc.(Revolver) (7)

 

08/20/2026

 

Media

 

 

 

 

 

 

 

 

909

 

 

 

 

 

 

(18

)

Compex Legal Services, Inc.

 

02/09/2026

 

Business Services

 

 

9.97

%

 

3M L+525

 

 

 

851

 

 

 

841

 

 

 

849

 

Compex Legal Services, Inc. (Revolver)

 

02/07/2025

 

Business Services

 

 

9.61

%

 

3M L+525

 

 

 

328

 

 

 

328

 

 

 

327

 

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

 

02/07/2025

 

Business Services

 

 

 

 

 

 

 

 

328

 

 

 

 

 

 

(1

)

Connatix Buyer, Inc. (7)

 

01/13/2023

 

Media

 

 

 

 

 

 

 

 

3,158

 

 

 

 

 

 

(71

)

Connatix Buyer, Inc. (Revolver) (7)

 

07/13/2027

 

Media

 

 

 

 

 

 

 

 

1,859

 

 

 

 

 

 

(60

)

Crane 1 Services, Inc.

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

10.16

%

 

3M L+575

 

 

 

2,595

 

 

 

2,568

 

 

 

2,569

 

Crane 1 Services, Inc. (Revolver)

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

10.48

%

 

1M L+575

 

 

 

175

 

 

 

175

 

 

 

173

 

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

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

117

 

 

 

 

 

 

(1

)

DermaRite Industries LLC

 

06/30/2023

 

Manufacturing / Basic Industries

 

 

11.73

%

 

1M L+700

 

 

 

8,755

 

 

 

8,743

 

 

 

5,288

 

Dr. Squatch, LLC

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

9.69

%

 

3M L+600

 

 

 

12,897

 

 

 

12,720

 

 

 

12,704

 

Dr. Squatch, LLC (7)

 

08/27/2026

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

2,000

 

 

 

 

 

 

(10

)

Dr. Squatch, LLC (Revolver)

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

10.46

%

 

1M L+600

 

 

 

775

 

 

 

775

 

 

 

764

 

Dr. Squatch, LLC (Revolver) (7)

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

1,551

 

 

 

 

 

 

(23

)

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

 

11/03/2025

 

Consumer Products

 

 

 

 

 

 

 

 

1,783

 

 

 

 

 

 

(57

)

ECL Entertainment, LLC

 

05/01/2028

 

Hotels, Motels, Inns and Gaming

 

 

11.88

%

 

1M L+750

 

 

 

19,108

 

 

 

18,974

 

 

 

19,044

 

ECM Industries, LLC (Revolver)

 

12/23/2025

 

Electronics

 

 

9.50

%

 

3M L+475

 

 

 

194

 

 

 

194

 

 

 

185

 

ECM Industries, LLC (Revolver) (7)

 

12/23/2025

 

Electronics

 

 

 

 

 

 

 

 

323

 

 

 

 

 

 

(15

)

EDS Buyer, LLC

 

12/22/2028

 

Aerospace and Defense

 

 

10.91

%

 

3M L+625

 

 

 

7,500

 

 

 

7,388

 

 

 

7,388

 

EDS Buyer, LLC - Unfunded Term Loan

 

12/22/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

5,625

 

 

 

 

 

 

 

EDS Buyer, LLC - (Revolver) (7)

 

12/22/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,688

 

 

 

 

 

 

 

Exigo Intermediate II, LLC

 

03/15/2027

 

Business Services

 

 

10.13

%

 

3M L+575

 

 

 

24,813

 

 

 

24,485

 

 

 

24,316

 

Exigo Intermediate II, LLC (7)

 

03/15/2024

 

Business Services

 

 

 

 

 

 

 

 

7,424

 

 

 

 

 

 

(93

)

Exigo Intermediate II, LLC (Revolver)

 

03/15/2027

 

Business Services

 

 

10.13

%

 

3M L+575

 

 

 

371

 

 

 

371

 

 

 

364

 

Exigo Intermediate II, LLC (Revolver) (7)

 

03/15/2027

 

Business Services

 

 

 

 

 

 

 

 

1,485

 

 

 

 

 

 

(30

)

Fairbanks Morse Defense

 

06/17/2028

 

Aerospace and Defense

 

 

9.48

%

 

3M L+475

 

 

 

738

 

 

 

735

 

 

 

699

 

Gantech Acquisition Corp.

 

05/14/2026

 

Business Services

 

 

10.63

%

 

1M L+625

 

 

 

16,723

 

 

 

16,477

 

 

 

16,221

 

Gantech Acquisition Corp. (Revolver)

 

05/14/2026

 

Business Services

 

 

10.57

%

 

1M L+625

 

 

 

664

 

 

 

664

 

 

 

644

 

Gantech Acquisition Corp. (Revolver) (7)

 

05/14/2026

 

Business Services

 

 

 

 

 

 

 

 

1,327

 

 

 

 

 

 

(40

)

Graffiti Buyer, Inc.

 

08/10/2027

 

Distribution

 

 

10.23

%

 

3M L+550

 

 

 

174

 

 

 

172

 

 

 

168

 

Graffiti Buyer, Inc. (7)

 

08/10/2023

 

Distribution

 

 

 

 

 

 

 

 

718

 

 

 

 

 

 

(16

)

Graffiti Buyer, Inc. (Revolver)

 

08/10/2027

 

Distribution

 

 

10.51

%

 

3M L+575

 

 

 

310

 

 

 

310

 

 

 

297

 

Graffiti Buyer, Inc. (Revolver) (7)

 

08/10/2027

 

Distribution

 

 

 

 

 

 

 

 

459

 

 

 

 

 

 

(18

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

9.79

%

 

1M L+550

 

 

 

160

 

 

 

160

 

 

 

157

 

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

 

12/31/2026

 

Insurance

 

 

 

 

 

 

 

 

590

 

 

 

 

 

 

(12

)

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

10.17

%

 

3M L+600

 

 

 

1,913

 

 

 

1,879

 

 

 

1,875

 

Holdco Sands Intermediate, LLC (Revolver) (7)

 

11/23/2027

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,941

 

 

 

 

 

 

(79

)

HV Watterson Holdings, LLC

 

12/17/2026

 

Business Services

 

 

10.73

%

 

1M L+600

 

 

 

281

 

 

 

279

 

 

 

267

 

HV Watterson Holdings, LLC (7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

2,219

 

 

 

 

 

 

(99

)

HV Watterson Holdings, LLC - (Revolver)

 

12/17/2026

 

Business Services

 

 

9.69

%

 

3M L+600

 

 

 

200

 

 

 

200

 

 

 

190

 

HV Watterson Holdings, LLC - (Revolver)(7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

1,050

 

 

 

 

 

 

(55

)

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

7.81

%

 

3M L+500

 

 

 

10,162

 

 

 

10,063

 

 

 

10,035

 

HW Holdco, LLC (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,049

 

 

 

 

 

 

(8

)

HW Holdco, LLC (Revolver) (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,387

 

 

 

 

 

 

(42

)

Icon Partners III, LP

 

05/11/2028

 

Auto Sector

 

 

8.82

%

 

3M L+450

 

 

 

1,990

 

 

 

1,593

 

 

 

1,336

 

IDC Infusion Services, Inc.

 

12/30/2026

 

Healthcare, Education and Childcare

 

 

11.73

%

 

3M L+700

 

 

 

3,676

 

 

 

3,572

 

 

 

3,602

 

IDC Infusion Services, Inc. (Revolver) (7)

 

12/30/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

4,167

 

 

 

 

 

 

(146

)

IG Investments Holdings, LLC (Revolver)

 

09/22/2027

 

Business Services

 

 

10.39

%

 

3M L+600

 

 

 

191

 

 

 

191

 

 

 

188

 

IG Investments Holdings, LLC (Revolver) (7)

 

09/22/2027

 

Business Services

 

 

 

 

 

 

 

 

286

 

 

 

 

 

 

(4

)

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

 

 

11.95

%

 

3M L+715

 

 

 

20,454

 

 

 

20,245

 

 

 

20,045

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

9


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2022

(In thousands, except share data)

 

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

11.40

%

 

3M L+685

 

 

 

6,136

 

 

$

6,014

 

 

$

6,014

 

Infinity Home Services Holdco, Inc. - Unfunded Term Loan

 

12/28/2023

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

3,230

 

 

 

 

 

 

 

Infinity Home Services Holdco, Inc.(Revolver) (7)

 

12/28/2028

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,292

 

 

 

 

 

 

 

Infolinks Media Buyco, LLC (7)

 

11/01/2023

 

Media

 

 

 

 

 

 

 

 

2,372

 

 

 

 

 

 

24

 

Integrity Marketing Acquisition, LLC

 

08/27/2025

 

Insurance

 

 

8.83

%

 

3M L+550

 

 

 

9,930

 

 

 

9,880

 

 

 

9,781

 

ITI Holdings, Inc.

 

03/03/2028

 

Business Services

 

 

10.08

%

 

3M L+550

 

 

 

8,905

 

 

 

8,767

 

 

 

8,727

 

ITI Holdings, Inc. (Revolver)

 

03/03/2028

 

Business Services

 

 

10.77

%

 

3M L+550

 

 

 

513

 

 

 

513

 

 

 

502

 

ITI Holdings, Inc. (Revolver) (7)

 

03/03/2028

 

Business Services

 

 

 

 

 

 

 

 

978

 

 

 

 

 

 

(20

)

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

12.38

%

 

1M L+800

 

 

 

10,955

 

 

 

10,917

 

 

 

10,955

 

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

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,938

 

 

 

 

 

 

 

Kinetic Purchaser, LLC

 

11/10/2027

 

Consumer Products

 

 

10.73

%

 

3M L+600

 

 

 

24,280

 

 

 

23,771

 

 

 

23,673

 

Kinetic Purchaser, LLC (Revolver)

 

11/10/2026

 

Consumer Products

 

 

10.73

%

 

3M L+600

 

 

 

4,854

 

 

 

4,854

 

 

 

4,732

 

Lash OpCo, LLC

 

02/18/2027

 

Consumer Products

 

 

11.78

%

 

1M L+700

 

 

 

2,828

 

 

 

2,777

 

 

 

2,771

 

Lash OpCo, LLC (Revolver)

 

08/16/2026

 

Consumer Products

 

 

11.58

%

 

1M L+700

 

 

 

742

 

 

 

742

 

 

 

728

 

Lash OpCo, LLC (Revolver) (7)

 

08/16/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,077

 

 

 

 

 

 

(22

)

LAV Gear Holdings, Inc.

 

10/31/2024

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

10.23

%

 

1M L+565

 

 

 

2,056

 

 

 

2,034

 

 

 

2,027

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc.

 

11/09/2026

 

Consumer Products

 

 

10.98

%

 

3M L+625

 

 

 

9,154

 

 

 

9,007

 

 

 

8,971

 

Ledge Lounger, Inc. (Revolver)

 

11/09/2026

 

Consumer Products

 

 

10.98

%

 

3M L+625

 

 

 

644

 

 

 

644

 

 

 

631

 

Ledge Lounger, Inc. (Revolver) (7)

 

11/09/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,288

 

 

 

 

 

 

(26

)

Lightspeed Buyer Inc.

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

9.88

%

 

1M L+575

 

 

 

2,215

 

 

 

2,200

 

 

 

2,159

 

Lightspeed Buyer Inc. (Revolver)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

9.88

%

 

1M L+575

 

 

 

505

 

 

 

505

 

 

 

493

 

Lightspeed Buyer Inc. (Revolver) (7)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

661

 

 

 

 

 

 

(17

)

Limerick Town Cener, LLC

 

09/27/2023

 

Real Estate

 

 

12.50

%

 

 

 

 

 

3,000

 

 

 

2,978

 

 

 

2,964

 

LSF9 Atlantis Holdings, LLC

 

03/31/2029

 

Retail

 

 

11.83

%

 

SOFR+725

 

 

 

5,925

 

 

 

5,706

 

 

 

5,744

 

Mars Acquisition Holdings Corp.

 

05/14/2026

 

Media

 

 

10.23

%

 

3M L+550

 

 

 

4,913

 

 

 

4,820

 

 

 

4,864

 

Mars Acquisition Holdings Corp. (Revolver)(7)

 

05/14/2026

 

Media

 

 

 

 

 

 

 

 

1,209

 

 

 

 

 

 

(12

)

MBS Holdings, Inc. (Revolver) (7)

 

04/16/2027

 

Telecommunications

 

 

 

 

 

 

 

 

694

 

 

 

 

 

 

(7

)

MDI Buyer, Inc.

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

10.49

%

 

3M L+600

 

 

 

20,287

 

 

 

19,949

 

 

 

19,835

 

MDI Buyer, Inc. (Revolver)

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

10.26

%

 

3M L+600

 

 

 

683

 

 

 

683

 

 

 

668

 

MDI Buyer, Inc. (Revolver) (7)

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,544

 

 

 

 

 

 

(19

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

Business Services

 

 

9.70

%

 

3M L+550

 

 

 

1,317

 

 

 

1,305

 

 

 

1,304

 

Meadowlark Acquirer, LLC Term Loan I (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

1,676

 

 

 

 

 

 

 

Meadowlark Acquirer, LLC Term Loan II (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

8,922

 

 

 

 

 

 

 

Meadowlark Acquirer, LLC (Revolver) (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

(17

)

Municipal Emergency Services, Inc.

 

09/28/2027

 

Distribution

 

 

8.91

%

 

3M L+500

 

 

 

1,340

 

 

 

1,328

 

 

 

1,286

 

Municipal Emergency Services, Inc. (7)

 

09/28/2027

 

Distribution

 

 

 

 

 

 

 

 

539

 

 

 

 

 

 

(16

)

Municipal Emergency Services, Inc. - Unfunded Term Loan A

 

06/16/2023

 

Distribution

 

 

 

 

 

 

 

 

1,255

 

 

 

 

 

 

(31

)

Municipal Emergency Services, Inc. - Unfunded Term Loan B

 

12/16/2024

 

Distribution

 

 

 

 

 

 

 

 

2,510

 

 

 

 

 

 

(100

)

Municipal Emergency Services, Inc. (Revolver)

 

09/28/2027

 

Distribution

 

 

9.83

%

 

3M L+500

 

 

 

1,128

 

 

 

1,128

 

 

 

1,083

 

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

 

09/28/2027

 

Distribution

 

 

 

 

 

 

 

 

752

 

 

 

 

 

 

(30

)

NBH Group LLC (Revolver) (7)

 

08/19/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,163

 

 

 

 

 

 

 

Neptune Flood Incorporated

 

10/14/2026

 

Financial Services

 

 

10.28

%

 

1M L+600

 

 

 

3,894

 

 

 

3,871

 

 

 

3,894

 

One Stop Mailing, LLC

 

05/07/2027

 

Cargo Transport

 

 

10.63

%

 

3M L+625

 

 

 

6,990

 

 

 

6,876

 

 

 

6,781

 

ORL Acquisition, Inc.

 

09/03/2027

 

Business Services

 

 

9.98

%

 

3M L+525

 

 

 

4,442

 

 

 

4,370

 

 

 

4,442

 

ORL Acquisition, Inc. (Revolver) (7)

 

09/03/2027

 

Business Services

 

 

 

 

 

 

 

 

597

 

 

 

 

 

 

 

Ox Two, LLC

 

05/18/2026

 

Building Materials

 

 

10.84

%

 

1M L+700

 

 

 

15,352

 

 

 

15,164

 

 

 

14,891

 

Ox Two, LLC (Revolver)

 

05/18/2026

 

Building Materials

 

 

10.84

%

 

3M L+700

 

 

 

1,935

 

 

 

1,935

 

 

 

1,877

 

Ox Two, LLC (Revolver) (7)

 

05/18/2026

 

Building Materials

 

 

 

 

 

 

 

 

484

 

 

 

 

 

 

(15

)

PL Acquisitionco, LLC (Revolver) (7)

 

11/09/2027

 

Retail

 

 

 

 

 

 

 

 

3,236

 

 

 

 

 

 

(81

)

PRA Events, Inc.

 

08/07/2025

 

Business Services

 

 

15.23

%

 

3M L+1,050

 

 

 

24,907

 

 

 

21,694

 

 

 

24,907

 

 

 

 

 

 

 

(PIK 10.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

PRA Events, Inc. (Revolver) (7)

 

08/07/2025

 

Business Services

 

 

 

 

 

 

 

 

2,000

 

 

 

 

 

 

 

Pragmatic Institute, LLC

 

07/06/2028

 

Business Services

 

 

10.33

%

 

3M L+575

 

 

 

35,252

 

 

 

34,757

 

 

 

34,899

 

Pragmatic Institute, LLC Term Loan (7)

 

07/06/2028

 

Business Services

 

 

 

 

 

 

 

 

7,193

 

 

 

 

 

 

 

Pragmatic Institute, LL (Revolver)

 

07/06/2028

 

Business Services

 

 

10.33

%

 

3M L+575

 

 

 

959

 

 

 

959

 

 

 

949

 

Pragmatic Institute, LL (Revolver) (7)

 

07/06/2028

 

Business Services

 

 

 

 

 

 

 

 

3,836

 

 

 

 

 

 

(38

)

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

8.11

%

 

1M L+625

 

 

 

1,500

 

 

 

1,488

 

 

 

1,470

 

Quantic Electronics, LLC - Unfunded Term Loan

 

11/19/2026

 

Aerospace and Defense

 

 

 

 

 

 

 

 

584

 

 

 

 

 

 

(6

)

Quantic Electronics, LLC (Revolver)

 

11/19/2026

 

Aerospace and Defense

 

 

10.84

%

 

3M L+600

 

 

 

423

 

 

 

423

 

 

 

414

 

Quantic Electronics, LLC (Revolver) (7)

 

11/19/2026

 

Aerospace and Defense

 

 

 

 

 

 

 

 

106

 

 

 

 

 

 

(2

)

Questex, LLC

 

09/09/2024

 

Media

 

 

8.98

%

 

3M L+500

 

 

 

21,544

 

 

 

21,401

 

 

 

21,113

 

Questex, LLC (Revolver) (7)

 

09/09/2024

 

Media

 

 

 

 

 

 

 

 

3,590

 

 

 

 

 

 

(72

)

Radius Aerospace, Inc. (Revolver)

 

03/31/2025

 

Aerospace and Defense

 

 

9.19

%

 

3M L+575

 

 

 

445

 

 

 

445

 

 

 

437

 

Radius Aerospace, Inc. (Revolver) (7)

 

03/31/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,782

 

 

 

 

 

 

(36

)

Rancho Health MSO, Inc. (7)

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

10.48

%

 

3M L+575

 

 

 

289

 

 

 

289

 

 

 

289

 

Rancho Health MSO, Inc. - Unfunded Term Loan

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

761

 

 

 

 

 

 

 

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

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

525

 

 

 

 

 

 

 

Reception Purchaser, LLC

 

02/28/2028

 

Transportation

 

 

10.42

%

 

SOFR+600

 

 

 

5,970

 

 

 

5,888

 

 

 

5,731

 

Recteq, LLC (Revolver) (7)

 

01/29/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,127

 

 

 

 

 

 

(39

)

Research Now Group, Inc. and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

8.84

%

 

3M L+550

 

 

 

126

 

 

 

126

 

 

 

93

 

Riverpoint Medical, LLC (Revolver) (7)

 

06/20/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

(9

)

Riverside Assessments, LLC

 

03/10/2025

 

Education

 

 

9.78

%

 

3M L+625

 

 

 

12,873

 

 

 

12,692

 

 

 

12,648

 

Sales Benchmark Index LLC (Revolver) (7)

 

01/03/2025

 

Business Services

 

 

 

 

 

 

 

 

732

 

 

 

 

 

 

(4

)

Sargent & Greenleaf Inc. (Revolver)

 

12/20/2024

 

Electronics

 

 

10.27

%

 

3M L+550

 

 

 

593

 

 

 

593

 

 

 

584

 

Sargent & Greenleaf Inc. (Revolver) (7)

 

12/20/2024

 

Electronics

 

 

 

 

 

 

 

 

5

 

 

 

-

 

 

 

-

 

Schlesinger Global, Inc.

 

07/14/2025

 

Business Services

 

 

11.98

%

 

3M L+700

 

 

 

4,678

 

 

 

4,629

 

 

 

4,561

 

Schlesinger Global, Inc. (Revolver)

 

07/14/2025

 

Business Services

 

 

10.42

%

 

3M L+600

 

 

 

30

 

 

 

30

 

 

 

30

 

 

 

 

 

 

 

(PIK 0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. (Revolver)(7)

 

07/14/2025

 

Business Services

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

10.73

%

 

1M L+575

 

 

 

4,788

 

 

 

4,720

 

 

 

4,716

 

Seaway Buyer, LLC (Revolver)(7)

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

3,126

 

 

 

 

 

 

(47

)

Shiftkey, LLC

 

06/21/2027

 

Business Services

 

 

10.59

%

 

1M L+575

 

 

 

17,910

 

 

 

17,747

 

 

 

17,803

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

10


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)—(Continued)

DECEMBER 31, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Sigma Defense Systems, LLC

 

12/18/2025

 

 

Telecommunications

 

 

13.23

%

 

1M L+850

 

 

 

31,476

 

 

$

30,850

 

 

$

30,847

 

Sigma Defense Systems, LLC (Revolver)

 

12/18/2025

 

 

Telecommunications

 

 

13.23

%

 

1M L+850

 

 

 

1,190

 

 

 

1,190

 

 

 

1,167

 

Sigma Defense Systems, LLC (Revolver) (7)

 

12/18/2025

 

 

Telecommunications

 

 

 

 

 

 

 

 

1,786

 

 

 

 

 

 

(36

)

Signature Systems Holding Company (Revolver) (7)

 

05/03/2024

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,016

 

 

 

 

 

 

 

Solutionreach, Inc. (Revolver) (7)

 

01/17/2024

 

 

Communications

 

 

 

 

 

 

 

 

1,665

 

 

 

 

 

 

(45

)

Spendmend Holdings LLC

 

03/01/2028

 

 

Business Services

 

 

10.17

%

 

1M L+575

 

 

 

9,680

 

 

 

9,562

 

 

 

9,361

 

Spendmend Holdings LLC (7)

 

03/01/2023

 

 

Business Services

 

 

 

 

 

 

 

 

2,784

 

 

 

 

 

 

(71

)

Spendmend Holdings LLC - Funded Revolver

 

03/01/2028

 

 

Business Services

 

 

10.17

%

 

3M L+575

 

 

 

187

 

 

 

187

 

 

 

181

 

Spendmend Holdings LLC - Unfunded Revolver (7)

 

03/01/2028

 

 

Business Services

 

 

 

 

 

 

 

 

1,215

 

 

 

 

 

 

(40

)

System Planning and Analysis, Inc. - (Revolver) (7) 
(f/k/a Management Consulting & Research, LLC)

 

08/16/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,925

 

 

 

 

 

 

(38

)

The Bluebird Group LLC

 

07/27/2026

 

 

Business Services

 

 

10.92

%

 

3M L+700

 

 

 

4,859

 

 

 

4,777

 

 

 

4,767

 

The Bluebird Group LLC (Revolver) (7)

 

07/27/2026

 

 

Business Services

 

 

 

 

 

 

 

 

734

 

 

 

 

 

 

(14

)

The Vertex Companies, LLC

 

08/30/2027

 

 

Business Services

 

 

9.39

%

 

3M L+550

 

 

 

1,750

 

 

 

1,734

 

 

 

1,713

 

The Vertex Companies, LLC (7)

 

08/30/2027

 

 

Business Services

 

 

 

 

 

 

 

 

466

 

 

 

 

 

 

(5

)

The Vertex Companies, LLC (Revolver)

 

08/30/2027

 

 

Business Services

 

 

9.79

%

 

3M L+550

 

 

 

148

 

 

 

148

 

 

 

145

 

The Vertex Companies, LLC (Revolver) (7)

 

08/30/2027

 

 

Business Services

 

 

 

 

 

 

 

 

592

 

 

 

 

 

 

(12

)

TVC Enterprises, LLC

 

03/26/2026

 

 

Transportation

 

 

9.82

%

 

1M L+600

 

 

 

12,628

 

 

 

12,395

 

 

 

12,313

 

TVC Enterprises, LLC (Revolver) (7)

 

03/26/2026

 

 

Transportation

 

 

 

 

 

 

 

 

1,370

 

 

 

 

 

 

(34

)

TWS Acquisition Corporation

 

06/16/2025

 

 

Education

 

 

11.46

%

 

1M L+625

 

 

 

1,143

 

 

 

1,143

 

 

 

1,143

 

TWS Acquisition Corporation (Revolver) (7)

 

06/16/2025

 

 

Education

 

 

 

 

 

 

 

 

1,644

 

 

 

 

 

 

 

Tyto Athene, LLC (Revolver) (7)

 

04/01/2026

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

(34

)

Unique Indoor Comfort, LLC

 

05/24/2027

 

 

Home and Office Furnishings

 

 

9.98

%

 

1M L+525

 

 

 

36,741

 

 

 

36,333

 

 

 

35,785

 

Unique Indoor Comfort, LLC (7)

 

05/24/2027

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

6,540

 

 

 

 

 

 

(105

)

Unique Indoor Comfort, LLC (Revolver) (7)

 

05/24/2027

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

3,000

 

 

 

 

 

 

(78

)

Walker Edison Furniture Company LLC(6)

 

03/31/2027

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

25,369

 

 

 

24,881

 

 

 

12,821

 

Wildcat Buyerco, Inc.

 

02/27/2026

 

 

Electronics

 

 

10.21

%

 

3M L+575

 

 

 

3,826

 

 

 

3,770

 

 

 

3,711

 

Wildcat Buyerco, Inc. (Revolver)

 

02/27/2026

 

 

Electronics

 

 

10.12

%

 

3M L+585

 

 

 

199

 

 

 

199

 

 

 

185

 

Wildcat Buyerco, Inc. (Revolver) (7)

 

02/27/2026

 

 

Electronics

 

 

 

 

 

 

 

 

376

 

 

 

 

 

 

(26

)

Zips Car Wash, LLC

 

03/01/2024

 

 

Auto Sector

 

 

11.53

%

 

3M L+725

 

 

 

2,624

 

 

 

2,607

 

 

 

2,565

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

632,198

 

 

 

614,127

 

Second Lien Secured Debt—26.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ascensus Holdings, Inc.

 

08/02/2028

 

 

Financial Services

 

 

10.25

%

 

3M L+650

 

 

 

3,000

 

 

 

2,688

 

 

 

2,605

 

Atlas Purchaser, Inc

 

05/07/2029

 

 

Telecommunications

 

 

14.20

%

 

3M L+900

 

 

 

17,000

 

 

 

16,563

 

 

 

13,192

 

Best Practice Associates LLC

 

06/29/2027

 

 

Aerospace and Defense

 

 

13.73

%

 

3M L+900

 

 

 

17,825

 

 

 

17,519

 

 

 

17,290

 

Burgess Point Purchaser Corporation

 

07/28/2030

 

 

Auto Sector

 

 

13.16

%

 

3M L+900

 

 

 

8,000

 

 

 

7,858

 

 

 

7,680

 

Data Axle, Inc.

 

04/03/2024

 

 

Other Media

 

 

12.92

%

 

3M L+925

 

 

 

20,400

 

 

 

20,306

 

 

 

20,196

 

ENC Parent Corporation

 

08/19/2029

 

 

Business Services

 

 

12.23

%

 

3M L+750

 

 

 

7,500

 

 

 

7,434

 

 

 

6,900

 

Halo Buyer, Inc.

 

07/06/2026

 

 

Consumer Products

 

 

12.63

%

 

1M L+825

 

 

 

32,500

 

 

 

32,180

 

 

 

31,769

 

Inventus Power, Inc.

 

09/29/2024

 

 

Electronics

 

 

13.23

%

 

3M L+850

 

 

 

16,593

 

 

 

16,411

 

 

 

16,427

 

QuantiTech LLC

 

02/04/2027

 

 

Aerospace and Defense

 

 

14.29

%

 

3M L+1,000

 

 

 

150

 

 

 

149

 

 

 

148

 

VT Topco, Inc.

 

08/17/2026

 

 

Business Services

 

 

11.13

%

 

3M L+675

 

 

 

15,000

 

 

 

14,935

 

 

 

14,550

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136,043

 

 

 

130,757

 

Subordinated Debt/Corporate Notes—10.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Express Wash Acquisition Company, LLC

 

01/15/2029

 

 

Auto Sector

 

 

16.34

%

 

3M L+1,150

 

 

 

21,000

 

 

 

20,296

 

 

 

20,265

 

Flock Financial, LLC

 

05/26/2027

 

 

Financial Services

 

 

12.50

%

 

 

 

 

 

34,000

 

 

 

33,223

 

 

 

32,980

 

Total Subordinated Debt/Corporate Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,519

 

 

 

53,245

 

Preferred Equity/Partnership Interests—1.5% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc. (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,400

 

 

 

240

 

 

 

272

 

AH Newco Equityholdings, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

6.00

%

 

 

 

 

 

211

 

 

 

500

 

 

 

2,161

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

1,135

 

 

 

1,461

 

Imagine Topco, LP

 

 

 

 

Business Services

 

 

8.00

%

 

 

 

 

 

743,826

 

 

 

744

 

 

 

702

 

Mars Intermediate Holdings II, Inc.

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

414

 

 

 

484

 

NXOF Holdings, Inc. (Tyto Athene, LLC)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

160

 

 

 

160

 

 

 

173

 

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

575

 

 

 

58

 

 

 

65

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

12.00

%

 

 

 

 

 

1,527

 

 

 

1,527

 

 

 

2,278

 

TPC Holding Company, LP (8),(11)

 

 

 

 

Food

 

 

 

 

 

 

 

 

219

 

 

 

219

 

 

 

71

 

TWD Parent Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

30

 

 

 

30

 

 

 

34

 

(The Vertex Companies, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,027

 

 

 

7,701

 

Common Equity/Partnership Interests/Warrants—24.5% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC (9)

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

2,193,038

 

 

 

2,193

 

 

 

2,193

 

Ad.net Holdings, Inc. (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,667

 

 

 

27

 

 

 

33

 

Affinion Group Holdings, Inc. (Warrants)

 

04/10/2024

 

 

Consumer Products

 

 

 

 

 

 

 

 

77,190

 

 

 

2,126

 

 

 

 

AG Investco LP (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

805,164

 

 

 

805

 

 

 

1,187

 

AG Investco LP (7), (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

194,836

 

 

 

 

 

 

 

Altamira Intermediate Company II, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

125,000

 

 

 

125

 

 

 

115

 

AMCSI Crash Co-Invest, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

2,489,777

 

 

 

2,490

 

 

 

2,689

 

AMCSI Crash Co-Invest, LP (7)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

510,223

 

 

 

 

 

 

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

 

 

 

221

 

Athletico Holdings, LLC (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

9,357

 

 

 

10,000

 

 

 

7,566

 

Atlas Investment Aggregator, LLC

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

1,700,000

 

 

 

1,700

 

 

 

834

 

Burgess Point Holdings, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

680

 

 

 

680

 

 

 

703

 

Cartessa Aesthetics, LLC (9)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,562,500

 

 

 

3,563

 

 

 

3,956

 

CI (Allied) Investment Holdings, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

120,962

 

 

 

1,243

 

 

 

1,836

 

(PRA Events, Inc.) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connatix Parent, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

57,416

 

 

 

632

 

 

 

586

 

Cowboy Parent LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

26,360

 

 

 

2,782

 

 

 

4,109

 

(Blackhawk Industrial Distribution, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

11


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Crane 1 Acquisition Parent Holdings, L.P.

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

113

 

 

$

104

 

 

$

144

 

Delta InvestCo LP

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

698,889

 

 

 

684

 

 

 

1,378

 

(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

 

 

 

419

 

eCommission Holding Corporation (11)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

80

 

 

 

1,005

 

 

 

1,490

 

EDS Topco, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

937,500

 

 

 

938

 

 

 

938

 

Exigo, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,458,333

 

 

 

1,458

 

 

 

1,553

 

Express Wash Topco, LLC

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

658,000

 

 

 

3,290

 

 

 

3,046

 

FedHC InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

14,186

 

 

 

469

 

 

 

1,418

 

FedHC InvestCo LP (7),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

6,384

 

 

 

 

 

 

 

FedHC InvestCo II LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

20,357

 

 

 

2,199

 

 

 

2,036

 

Gauge Lash Coinvest LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

889,376

 

 

 

135

 

 

 

4,523

 

Gauge Schlesinger Coinvest, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

9

 

 

 

10

 

 

 

10

 

Gauge TVC Coinvest, LLC

 

 

 

 

Transportation

 

 

 

 

 

 

 

 

810,645

 

 

 

 

 

 

3,482

 

(TVC Enterprises, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GCOM InvestCo LP (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

2,434

 

 

 

1,003

 

 

 

624

 

Go Dawgs Capital III, LP

 

 

 

 

Building Materials

 

 

 

 

 

 

 

 

675,325

 

 

 

675

 

 

 

1,101

 

(American Insulated Glass, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hancock Claims Consultants Investors, LLC (9)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

450,000

 

 

 

450

 

 

 

378

 

HV Watterson Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,600,000

 

 

 

1,600

 

 

 

815

 

Icon Partners V C, L.P.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,111,111

 

 

 

1,111

 

 

 

989

 

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

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

388,889

 

 

 

 

 

 

(43

)

IHS Parent Holdngs, L.P.

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,218

 

Imagine Topco, LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

743,826

 

 

 

 

 

 

 

Infogroup Parent Holdings, Inc.

 

 

 

 

Other Media

 

 

 

 

 

 

 

 

181,495

 

 

 

2,040

 

 

 

3,124

 

(Data Axle, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironclad Holdco, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

4,566

 

 

 

450

 

 

 

621

 

(Applied Technical Services, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITC Infusion Co-invest, LP (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

162,445

 

 

 

1,624

 

 

 

1,624

 

ITC Rumba, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

375,675

 

 

 

8

 

 

 

6,725

 

(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) (9)

 

 

 

 

Hotels, Motels, Inns and Gaming

 

 

 

 

 

 

 

 

161,252

 

 

 

 

 

 

1,678

 

Kinetic Purchaser, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,308,814

 

 

 

1,309

 

 

 

1,705

 

KL Stockton Co-Invest LP

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

382,353

 

 

 

382

 

 

 

918

 

(Any Hour Services) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lariat ecoserv Co-Invest Holdings, LLC (9)

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

363,656

 

 

 

119

 

 

 

1,509

 

Lightspeed Investment Holdco LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

273,143

 

 

 

273

 

 

 

498

 

Lorient Peregrine Investments, LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

335,590

 

 

 

4,530

 

 

 

4,519

 

Mars Intermidiate Holdings II, Inc. (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

 

 

 

139

 

MDI Aggregator, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

30,993

 

 

 

3,103

 

 

 

3,215

 

Meadowlark Title, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

815,385

 

 

 

802

 

 

 

734

 

Municipal Emergency Services, Inc.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,920,145

 

 

 

3,984

 

 

 

3,042

 

NEPRT Parent Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,299

 

 

 

1,259

 

 

 

179

 

(Recteq, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North Haven Saints Equity Holdings, LP (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

351,553

 

 

 

352

 

 

 

344

 

NXOF Holdings, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,261

 

 

 

3

 

 

 

 

(Tyto Athene, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OceanSound Discovery Equity, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

98,286

 

 

 

961

 

 

 

1,729

 

(Holdco Sands Intermediate, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OHCP V BC COI, L.P.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

446,250

 

 

 

446

 

 

 

381

 

OHCP V BC COI, L.P. (7)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

303,750

 

 

 

 

 

 

(44

)

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

638

 

 

 

6

 

 

 

80

 

PennantPark-TSO Senior Loan Fund II, LP

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

15,038,871

 

 

 

15,039

 

 

 

14,991

 

Pink Lily Holdco, LLC (9)

 

 

 

 

Retail

 

 

 

 

 

 

 

 

1,044

 

 

 

1,044

 

 

 

543

 

Pragmatic Institute, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,918,047

 

 

 

1,918

 

 

 

1,789

 

ProFrac Holdings Corp.

 

 

 

 

Oil and Gas

 

 

 

 

 

 

 

 

20,215

 

 

 

3,022

 

 

 

509

 

Quad (U.S.) Co-Invest, L.P.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

2,771,739

 

 

 

2,772

 

 

 

2,814

 

QuantiTech InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

712

 

 

 

68

 

 

 

345

 

QuantiTech InvestCo LP (7),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

 

QuantiTech InvestCo II LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

40

 

 

 

24

 

 

 

24

 

RFMG Parent, LP

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,050

 

(Rancho Health MSO, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBI Holdings Investments LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

36,585

 

 

 

366

 

 

 

357

 

(Sales Benchmark Index LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Topco, LP (9)

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,981

 

 

 

2,981

 

 

 

2,998

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

80

 

 

 

80

 

 

 

435

 

SP L2 Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

881,966

 

 

 

882

 

 

 

620

 

SSC Dominion Holdings, LLC

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

1,500

 

 

 

1,500

 

 

 

2,041

 

Class A (US Dominion, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SSC Dominion Holdings, LLC

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

1,500

 

 

 

 

 

 

3,936

 

Class B (US Dominion, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StellPen Holdings, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

153,846

 

 

 

154

 

 

 

162

 

(CF512, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC LifePort Holdings, LLC (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

232,558

 

 

 

233

 

 

 

328

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

12


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) —(Continued)

DECEMBER 31, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Tower Arch Infolinks Media, LP (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

533,903

 

 

$

513

 

 

$

1,060

 

Tower Arch Infolinks Media, LP (7), (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

361,541

 

 

 

 

 

 

 

TPC Holding Company, LP (8). (11)

 

 

 

 

Food

 

 

 

 

 

 

 

 

11,527

 

 

 

12

 

 

 

 

TWD Parent Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

608

 

 

 

1

 

 

 

2

 

(The Vertex Companies, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UniVista Insurance (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

400

 

 

 

379

 

 

 

406

 

WCP Ivyrehab QP CF Feeder, LP

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

3,762,257

 

 

 

3,696

 

 

 

3,620

 

WCP Ivyrehab QP CF Feeder, LP - Unfunded (7)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

237,743

 

 

 

 

 

 

(9

)

Wildcat Parent, LP

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

2,314

 

 

 

230

 

 

 

770

 

(Wildcat Buyerco, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

103,150

 

 

 

123,058

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

929,937

 

 

 

928,888

 

Investments in Non-Controlled, Affiliated Portfolio Companies—7.1% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity/Partnership Interests—6.7% of Net Assets(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC (9)

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

5,887,236

 

 

 

32,791

 

 

 

32,791

 

Cascade Environmental Holdings, LLC - Series B

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

819

 

 

 

819

 

 

 

819

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,610

 

 

 

33,610

 

Common Equity/Partnership Interests/Warrants—0.4% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

7,444,347

 

 

 

2,852

 

 

 

 

JF Intermediate, LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

19,687

 

 

 

1,969

 

 

 

1,969

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,821

 

 

 

1,969

 

Total Investments in Non-Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,431

 

 

 

35,579

 

Investments in Controlled, Affiliated Portfolio Companies—46.0% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—9.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

03/13/2024

 

 

Healthcare, Education and Childcare

 

 

9.85

%

 

3M L+700

 

 

£

39,190

 

 

 

53,923

 

 

 

47,141

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,923

 

 

 

47,141

 

Second Lien Secured Debt—0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailsouth Inc.

 

04/23/2025

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

13,342

 

 

 

12,383

 

 

 

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,383

 

 

 

 

Subordinated Debt—19.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Loan Fund, LLC (11)

 

07/31/2027

 

 

Financial Services

 

 

12.44

%

 

3M L+800

 

 

 

95,351

 

 

 

95,351

 

 

 

95,351

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

95,351

 

 

 

95,351

 

Common Equity—17.7% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

£

950

 

 

 

132

 

 

 

3,329

 

MSpark, LLC

 

 

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

51,151

 

 

 

16,516

 

 

 

 

PennantPark Senior Loan Fund, LLC

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

54,058,415

 

 

 

54,121

 

 

 

53,806

 

RAM Energy Holdings LLC (9)

 

 

 

 

Energy and Utilities

 

 

 

 

 

 

 

 

180,805

 

 

 

162,708

 

 

 

31,941

 

Total Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

233,477

 

 

 

89,076

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

395,134

 

 

 

231,568

 

Total Investments—237.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,363,502

 

 

 

1,196,035

 

Cash and Cash Equivalents—5.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,090

 

 

 

23,090

 

BNY Mellon Cash Reserve and Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,468

 

 

 

5,466

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,558

 

 

 

28,556

 

Total Investments and Cash Equivalents—243.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,392,060

 

 

$

1,224,591

 

Liabilities in Excess of Other Assets—(143.5%) of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(721,682

)

Net Assets—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

502,909

 

 

(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 December 31, 2022, qualifying assets represent 80% of the Company’s total assets and non-qualifying assets represent 20% of the Company’s total assets.

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

13


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—159.2% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—100.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

05/06/2026

 

Media

 

 

 

 

 

 

 

 

444

 

 

$

 

 

$

(3

)

Altamira Technologies, LLC (Revolver)

 

07/24/2025

 

Aerospace and Defense

 

 

11.67

%

 

3M L+800

 

 

 

50

 

 

 

50

 

 

 

48

 

Altamira Technologies, LLC (Revolver) (7)

 

07/24/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

138

 

 

 

 

 

 

(5

)

American Insulated Glass, LLC

 

12/21/2023

 

Building Materials

 

 

7.79

%

 

3M L+550

 

 

 

3,329

 

 

 

3,310

 

 

 

3,329

 

Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)

 

05/23/2024

 

Media

 

 

 

 

 

 

 

 

1,612

 

 

 

 

 

 

 

Any Hour Services

 

07/21/2027

 

Personal, Food and Miscellaneous Services

 

 

8.15

%

 

3M L+525

 

 

 

4,120

 

 

 

4,086

 

 

 

4,038

 

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

 

 

7.60

%

 

1M L+550

 

 

 

1,331

 

 

 

1,331

 

 

 

1,324

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

9.08

%

 

1M L+550

 

 

 

1,893

 

 

 

1,873

 

 

 

1,883

 

Apex Service Partners, LLC (Revolver)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.72

%

 

3M L+525

 

 

 

62

 

 

 

62

 

 

 

62

 

Apex Service Partners, LLC (Revolver) (7)

 

07/31/2025

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

870

 

 

 

 

 

 

(4

)

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

7.59

%

 

3M L+575

 

 

 

1,402

 

 

 

1,388

 

 

 

1,367

 

Applied Technical Services, LLC (7)

 

04/21/2023

 

Environmental Services

 

 

 

 

 

 

 

 

1,595

 

 

 

 

 

 

(22

)

Applied Technical Services, LLC (Revolver)

 

12/29/2026

 

Environmental Services

 

 

10.25

%

 

3M P+475

 

 

 

200

 

 

 

200

 

 

 

195

 

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

Environmental Services

 

 

 

 

 

 

 

 

800

 

 

 

 

 

 

(20

)

Arcfield Acquisition Corp. (Revolver) (7)

 

03/07/2028

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,263

 

 

 

 

 

 

(45

)

Berwick Industrial Park

 

04/28/2023

 

Buildings and Real Estate

 

 

11.00

%

 

 

 

 

 

4,000

 

 

 

3,953

 

 

 

3,934

 

Beta Plus Technologies, Inc.

 

07/01/2029

 

Business Services

 

 

7.56

%

 

SOFR+525

 

 

 

5,000

 

 

 

4,904

 

 

 

4,900

 

Blackhawk Industrial Distribution, Inc.

 

09/17/2024

 

Distribution

 

 

8.69

%

 

3M L+500

 

 

 

1,175

 

 

 

1,160

 

 

 

1,149

 

Blackhawk Industrial Distribution, Inc.(7)

 

09/17/2024

 

Distribution

 

 

 

 

 

 

 

 

4,043

 

 

 

 

 

 

(51

)

Blackhawk Industrial Distribution, Inc. (Revolver)

 

09/17/2024

 

Distribution

 

 

8.69

%

 

3M L+500

 

 

 

686

 

 

 

686

 

 

 

667

 

Blackhawk Industrial Distribution, Inc. (Revolver) (7)

 

09/17/2024

 

Distribution

 

 

 

 

 

 

 

 

2,746

 

 

 

 

 

 

(77

)

Broder Bros., Co.

 

12/02/2022

 

Consumer Products

 

 

7.39

%

 

3M L+600

 

 

 

10,096

 

 

 

10,096

 

 

 

10,096

 

Cartessa Aesthetics, LLC

 

05/13/2028

 

Distribution

 

 

9.55

%

 

1M L+600

 

 

 

39,401

 

 

 

38,644

 

 

 

38,810

 

Cartessa Aesthetics, LLC - (Revolver)

 

05/13/2028

 

Distribution

 

 

9.55

%

 

1M L+600

 

 

 

1,265

 

 

 

1,265

 

 

 

1,246

 

Cartessa Aesthetics, LLC - (Revolver) (7)

 

05/13/2028

 

Distribution

 

 

 

 

 

 

 

 

2,297

 

 

 

 

 

 

(34

)

CF512, Inc.

 

08/20/2026

 

Media

 

 

9.30

%

 

3M L+600

 

 

 

6,720

 

 

 

6,630

 

 

 

6,619

 

CF512, Inc.(Revolver) (7)

 

08/20/2026

 

Media

 

 

 

 

 

 

 

 

909

 

 

 

 

 

 

(14

)

Compex Legal Services, Inc.

 

02/09/2026

 

Business Services

 

 

7.48

%

 

3M L+525

 

 

 

853

 

 

 

843

 

 

 

853

 

Compex Legal Services, Inc. (Revolver)

 

02/07/2025

 

Business Services

 

 

8.92

%

 

3M L+525

 

 

 

361

 

 

 

361

 

 

 

361

 

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

 

02/07/2025

 

Business Services

 

 

 

 

 

 

 

 

295

 

 

 

 

 

 

 

Connatix Buyer, Inc. (7)

 

01/13/2023

 

Media

 

 

 

 

 

 

 

 

3,158

 

 

 

 

 

 

(47

)

Connatix Buyer, Inc. (Revolver) (7)

 

07/13/2027

 

Media

 

 

 

 

 

 

 

 

1,859

 

 

 

 

 

 

(46

)

Crane 1 Services, Inc.

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

8.40

%

 

3M L+575

 

 

 

2,606

 

 

 

2,577

 

 

 

2,580

 

Crane 1 Services, Inc. (Revolver)

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

8.87

%

 

1M L+575

 

 

 

194

 

 

 

194

 

 

 

192

 

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

 

08/16/2027

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

97

 

 

 

 

 

 

(1

)

DermaRite Industries LLC

 

06/30/2023

 

Manufacturing / Basic Industries

 

 

10.67

%

 

1M L+700

 

 

 

8,755

 

 

 

8,734

 

 

 

7,030

 

Dr. Squatch, LLC

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

9.17

%

 

3M L+600

 

 

 

12,930

 

 

 

12,742

 

 

 

12,736

 

Dr. Squatch, LLC (7)

 

08/27/2026

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

2,000

 

 

 

 

 

 

(10

)

Dr. Squatch, LLC (Revolver)

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

8.95

%

 

1M L+600

 

 

 

775

 

 

 

775

 

 

 

764

 

Dr. Squatch, LLC (Revolver) (7)

 

08/31/2027

 

Personal and Non-Durable Consumer Products

 

 

 

 

 

 

 

 

1,551

 

 

 

 

 

 

(23

)

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

 

11/03/2025

 

Consumer Products

 

 

 

 

 

 

 

 

1,783

 

 

 

 

 

 

(57

)

ECL Entertainment, LLC

 

05/01/2028

 

Hotels, Motels, Inns and Gaming

 

 

10.62

%

 

1M L+750

 

 

 

19,156

 

 

 

19,019

 

 

 

18,869

 

ECM Industries, LLC (Revolver)

 

12/23/2025

 

Electronics

 

 

7.93

%

 

3M L+475

 

 

 

291

 

 

 

291

 

 

 

277

 

ECM Industries, LLC (Revolver) (7)

 

12/23/2025

 

Electronics

 

 

 

 

 

 

 

 

226

 

 

 

 

 

 

(11

)

Exigo Intermediate II, LLC

 

03/15/2027

 

Business Services

 

 

8.87

%

 

3M L+575

 

 

 

24,875

 

 

 

24,532

 

 

 

24,315

 

Exigo Intermediate II, LLC (7)

 

03/15/2024

 

Business Services

 

 

 

 

 

 

 

 

7,424

 

 

 

 

 

 

(111

)

Exigo Intermediate II, LLC (Revolver)

 

03/15/2027

 

Business Services

 

 

8.87

%

 

3M L+575

 

 

 

371

 

 

 

371

 

 

 

363

 

Exigo Intermediate II, LLC (Revolver) (7)

 

03/15/2027

 

Business Services

 

 

 

 

 

 

 

 

1,485

 

 

 

 

 

 

(33

)

Fairbanks Morse Defense

 

06/17/2028

 

Aerospace and Defense

 

 

7.00

%

 

3M L+475

 

 

 

738

 

 

 

735

 

 

 

682

 

Gantech Acquisition Corp.

 

05/14/2026

 

Business Services

 

 

9.37

%

 

1M L+625

 

 

 

16,809

 

 

 

16,548

 

 

 

16,305

 

Gantech Acquisition Corp. (Revolver)

 

05/14/2026

 

Business Services

 

 

9.37

%

 

1M L+625

 

 

 

132

 

 

 

133

 

 

 

129

 

Gantech Acquisition Corp. (Revolver) (7)

 

05/14/2026

 

Business Services

 

 

 

 

 

 

 

 

1,858

 

 

 

 

 

 

(56

)

Graffiti Buyer, Inc. (7)

 

08/10/2023

 

Distribution

 

 

 

 

 

 

 

 

892

 

 

 

 

 

 

(20

)

Graffiti Buyer, Inc. (Revolver)

 

08/10/2027

 

Distribution

 

 

9.16

%

 

3M L+575

 

 

 

372

 

 

 

372

 

 

 

357

 

Graffiti Buyer, Inc. (Revolver) (7)

 

08/10/2027

 

Distribution

 

 

 

 

 

 

 

 

397

 

 

 

 

 

 

(16

)

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

 

12/31/2022

 

Insurance

 

 

 

 

 

 

 

 

400

 

 

 

 

 

 

(6

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

7.82

%

 

1M L+500

 

 

 

270

 

 

 

270

 

 

 

266

 

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

 

12/31/2026

 

Insurance

 

 

 

 

 

 

 

 

480

 

 

 

 

 

 

(7

)

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

10.17

%

 

3M L+600

 

 

 

1,918

 

 

 

1,883

 

 

 

1,879

 

Holdco Sands Intermediate, LLC (Revolver) (7)

 

11/23/2027

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,941

 

 

 

 

 

 

(79

)

HV Watterson Holdings, LLC

 

12/17/2026

 

Business Services

 

 

9.67

%

 

1M L+600

 

 

 

281

 

 

 

279

 

 

 

271

 

HV Watterson Holdings, LLC (7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

2,219

 

 

 

 

 

 

(61

)

HV Watterson Holdings, LLC - (Revolver)

 

12/17/2026

 

Business Services

 

 

9.63

%

 

3M L+600

 

 

 

200

 

 

 

200

 

 

 

193

 

HV Watterson Holdings, LLC - (Revolver)(7)

 

12/17/2026

 

Business Services

 

 

 

 

 

 

 

 

1,050

 

 

 

 

 

 

(37

)

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

6.00

%

 

3M L+500

 

 

 

10,188

 

 

 

10,077

 

 

 

10,061

 

HW Holdco, LLC (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,049

 

 

 

 

 

 

(8

)

HW Holdco, LLC (Revolver) (7)

 

12/10/2024

 

Media

 

 

 

 

 

 

 

 

3,387

 

 

 

 

 

 

(42

)

Icon Partners III, LP

 

05/11/2028

 

Auto Sector

 

 

7.55

%

 

3M L+475

 

 

 

995

 

 

 

834

 

 

 

727

 

IDC Infusion Services, Inc.

 

12/30/2026

 

Healthcare, Education and Childcare

 

 

10.70

%

 

3M L+600

 

 

 

3,685

 

 

 

3,576

 

 

 

3,574

 

IDC Infusion Services, Inc. (Revolver) (7)

 

12/30/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

4,167

 

 

 

 

 

 

(187

)

IG Investments Holdings, LLC (Revolver) (7)

 

09/22/2027

 

Business Services

 

 

 

 

 

 

 

 

477

 

 

 

 

 

 

(5

)

Imagine Acquisitionco, LLC (7)

 

11/15/2027

 

Business Services

 

 

 

 

 

 

 

 

2,341

 

 

 

 

 

 

(35

)

Imagine Acquisitionco, LLC (Revolver) (7)

 

11/15/2027

 

Business Services

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

(42

)

Inception Fertility Ventures, LLC

 

12/07/2023

 

Healthcare, Education and Childcare

 

 

10.18

%

 

3M L+715

 

 

 

20,506

 

 

 

20,239

 

 

 

20,301

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

14


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Infolinks Media Buyco, LLC (7)

 

11/01/2023

 

Media

 

 

 

 

 

 

 

 

2,372

 

 

$

 

 

$

24

 

Integrity Marketing Acquisition, LLC

 

08/27/2025

 

Insurance

 

 

7.83

%

 

3M L+550

 

 

 

9,930

 

 

 

9,876

 

 

 

9,831

 

ITI Holdings, Inc.

 

03/03/2028

 

Business Services

 

 

8.67

%

 

3M L+550

 

 

 

8,927

 

 

 

8,784

 

 

 

8,749

 

ITI Holdings, Inc. (Revolver)

 

03/03/2028

 

Business Services

 

 

8.25

%

 

3M L+550

 

 

 

298

 

 

 

298

 

 

 

292

 

ITI Holdings, Inc. (Revolver) (7)

 

03/03/2028

 

Business Services

 

 

 

 

 

 

 

 

1,192

 

 

 

 

 

 

(24

)

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

11.12

%

 

1M L+800

 

 

 

11,678

 

 

 

11,629

 

 

 

11,678

 

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

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,938

 

 

 

 

 

 

 

Kinetic Purchaser, LLC

 

11/10/2027

 

Consumer Products

 

 

9.67

%

 

3M L+600

 

 

 

24,341

 

 

 

23,807

 

 

 

23,855

 

Kinetic Purchaser, LLC (Revolver)

 

11/10/2026

 

Consumer Products

 

 

9.67

%

 

3M L+600

 

 

 

4,854

 

 

 

4,854

 

 

 

4,757

 

Lash OpCo, LLC

 

02/18/2027

 

Consumer Products

 

 

11.78

%

 

1M L+700

 

 

 

2,828

 

 

 

2,774

 

 

 

2,771

 

Lash OpCo, LLC (Revolver)

 

08/16/2026

 

Consumer Products

 

 

9.38

%

 

1M L+700

 

 

 

568

 

 

 

568

 

 

 

556

 

Lash OpCo, LLC (Revolver) (7)

 

08/16/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,252

 

 

 

 

 

 

(25

)

LAV Gear Holdings, Inc.

 

10/31/2024

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

9.95

%

 

1M L+750

 

 

 

2,061

 

 

 

2,036

 

 

 

2,013

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc.

 

11/09/2026

 

Consumer Products

 

 

9.92

%

 

3M L+625

 

 

 

9,177

 

 

 

9,021

 

 

 

9,040

 

Ledge Lounger, Inc. (Revolver) (7)

 

11/09/2026

 

Consumer Products

 

 

 

 

 

 

 

 

1,933

 

 

 

 

 

 

(29

)

Lightspeed Buyer Inc.

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

8.87

%

 

1M L+575

 

 

 

2,220

 

 

 

2,205

 

 

 

2,148

 

Lightspeed Buyer Inc. (Revolver)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

8.87

%

 

1M L+575

 

 

 

505

 

 

 

505

 

 

 

489

 

Lightspeed Buyer Inc. (Revolver) (7)

 

02/03/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

661

 

 

 

 

 

 

(21

)

Limerick Town Cener, LLC

 

09/27/2023

 

Real Estate

 

 

12.50

%

 

 

 

 

 

3,000

 

 

 

2,970

 

 

 

2,970

 

LSF9 Atlantis Holdings, LLC

 

03/31/2029

 

Retail

 

 

9.37

%

 

SOFR+725

 

 

 

6,000

 

 

 

5,772

 

 

 

5,685

 

Mars Acquisition Holdings Corp. (Revolver)(7)

 

05/14/2026

 

Media

 

 

 

 

 

 

 

 

806

 

 

 

 

 

 

(4

)

MBS Holdings, Inc. (Revolver) (7)

 

04/16/2027

 

Telecommunications

 

 

 

 

 

 

 

 

694

 

 

 

 

 

 

(7

)

MDI Buyer, Inc.

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

8.98

%

 

3M L+600

 

 

 

14,400

 

 

 

14,117

 

 

 

14,112

 

MDI Buyer, Inc. Term Loan (7)

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

5,196

 

 

 

 

 

 

(52

)

MDI Buyer, Inc. (Revolver) (7)

 

07/25/2028

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,227

 

 

 

 

 

 

(22

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

Business Services

 

 

9.17

%

 

3M L+550

 

 

 

1,320

 

 

 

1,307

 

 

 

1,307

 

Meadowlark Acquirer, LLC Term Loan I (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

1,676

 

 

 

 

 

 

 

Meadowlark Acquirer, LLC Term Loan II (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

8,922

 

 

 

 

 

 

 

Meadowlark Acquirer, LLC (Revolver) (7)

 

12/10/2027

 

Business Services

 

 

 

 

 

 

 

 

1,685

 

 

 

 

 

 

(17

)

Municipal Emergency Services, Inc.

 

09/28/2027

 

Distribution

 

 

8.67

%

 

3M L+500

 

 

 

703

 

 

 

697

 

 

 

663

 

Municipal Emergency Services, Inc. (7)

 

09/28/2027

 

Distribution

 

 

 

 

 

 

 

 

1,175

 

 

 

 

 

 

(56

)

Municipal Emergency Services, Inc. (Revolver)

 

09/28/2027

 

Distribution

 

 

7.25

%

 

3M L+500

 

 

 

282

 

 

 

282

 

 

 

266

 

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

 

09/28/2027

 

Distribution

 

 

 

 

 

 

 

 

1,598

 

 

 

 

 

 

(93

)

NBH Group LLC (Revolver) (7)

 

08/19/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

1,163

 

 

 

 

 

 

 

Neptune Flood Incorporated

 

10/14/2026

 

Financial Services

 

 

7.10

%

 

1M L+525

 

 

 

4,379

 

 

 

4,352

 

 

 

4,423

 

OIS Management Services, LLC (Revolver) (7)

 

07/09/2026

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

333

 

 

 

 

 

 

 

One Stop Mailing, LLC

 

05/07/2027

 

Cargo Transport

 

 

8.77

%

 

3M L+625

 

 

 

7,008

 

 

 

6,889

 

 

 

6,798

 

ORL Acquisition, Inc.

 

09/03/2027

 

Business Services

 

 

8.92

%

 

3M L+525

 

 

 

4,454

 

 

 

4,378

 

 

 

4,454

 

ORL Acquisition, Inc. (Revolver) (7)

 

09/03/2027

 

Business Services

 

 

 

 

 

 

 

 

597

 

 

 

 

 

 

 

Ox Two, LLC

 

05/18/2026

 

Building Materials

 

 

9.81

%

 

1M L+700

 

 

 

15,391

 

 

 

15,189

 

 

 

15,083

 

Ox Two, LLC (Revolver)

 

05/18/2026

 

Building Materials

 

 

9.81

%

 

3M L+700

 

 

 

1,774

 

 

 

1,774

 

 

 

1,739

 

Ox Two, LLC (Revolver) (7)

 

05/18/2026

 

Building Materials

 

 

 

 

 

 

 

 

645

 

 

 

 

 

 

(13

)

PL Acquisitionco, LLC (Revolver) (7)

 

11/09/2027

 

Retail

 

 

 

 

 

 

 

 

3,236

 

 

 

 

 

 

(81

)

PRA Events, Inc.

 

08/07/2025

 

Business Services

 

 

14.17

%

 

3M L+1,050

 

 

 

24,907

 

 

 

21,694

 

 

 

24,907

 

 

 

 

 

 

 

(PIK 10.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

PRA Events, Inc. (Revolver) (7)

 

08/07/2025

 

Business Services

 

 

 

 

3M L+1,050

 

 

 

2,000

 

 

 

 

 

 

 

Pragmatic Institute, LLC

 

07/06/2028

 

Business Services

 

 

9.30

%

 

3M L+575

 

 

 

35,340

 

 

 

34,826

 

 

 

34,987

 

Pragmatic Institute, LLC Term Loan (7)

 

07/06/2028

 

Business Services

 

 

 

 

 

 

 

 

7,193

 

 

 

 

 

 

 

Pragmatic Institute, LL (Revolver)

 

07/06/2028

 

Business Services

 

 

9.30

%

 

3M L+575

 

 

 

959

 

 

 

959

 

 

 

949

 

Pragmatic Institute, LL (Revolver) (7)

 

07/06/2028

 

Business Services

 

 

 

 

 

 

 

 

3,836

 

 

 

 

 

 

(38

)

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

8.00

%

 

1M L+625

 

 

 

679

 

 

 

673

 

 

 

666

 

Quantic Electronics, LLC (Revolver)

 

11/19/2026

 

Aerospace and Defense

 

 

9.51

%

 

3M L+600

 

 

 

211

 

 

 

211

 

 

 

207

 

Quantic Electronics, LLC (Revolver) (7)

 

11/19/2026

 

Aerospace and Defense

 

 

 

 

 

 

 

 

317

 

 

 

 

 

 

(6

)

Questex, LLC

 

09/09/2024

 

Media

 

 

7.45

%

 

3M L+500

 

 

 

21,600

 

 

 

21,436

 

 

 

21,168

 

Questex, LLC (Revolver) (7)

 

09/09/2024

 

Media

 

 

 

 

 

 

 

 

3,590

 

 

 

 

 

 

(72

)

Radius Aerospace, Inc. (Revolver)

 

03/31/2025

 

Aerospace and Defense

 

 

8.28

%

 

3M L+575

 

 

 

891

 

 

 

891

 

 

 

877

 

Radius Aerospace, Inc. (Revolver) (7)

 

03/31/2025

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,336

 

 

 

 

 

 

(20

)

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

 

 

9.13

%

 

SOFR+600

 

 

 

5,970

 

 

 

5,885

 

 

 

5,701

 

Recteq, LLC (Revolver)

 

01/29/2026

 

Consumer Products

 

 

9.92

%

 

1M L+600

 

 

 

313

 

 

 

313

 

 

 

302

 

Recteq, LLC (Revolver) (7)

 

01/29/2026

 

Consumer Products

 

 

 

 

 

 

 

 

814

 

 

 

 

 

 

(28

)

Research Now Group, Inc. and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

8.84

%

 

3M L+550

 

 

 

126

 

 

 

126

 

 

 

113

 

Riverpoint Medical, LLC (Revolver) (7)

 

06/20/2025

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

(9

)

Riverside Assessments, LLC

 

03/10/2025

 

Education

 

 

8.97

%

 

3M L+625

 

 

 

12,906

 

 

 

12,705

 

 

 

12,648

 

Sales Benchmark Index LLC (Revolver) (7)

 

01/03/2025

 

Business Services

 

 

 

 

 

 

 

 

732

 

 

 

 

 

 

(7

)

Sargent & Greenleaf Inc. (Revolver)

 

12/20/2024

 

Electronics

 

 

8.28

%

 

3M L+550

 

 

 

593

 

 

 

593

 

 

 

587

 

Sargent & Greenleaf Inc. (Revolver) (7)

 

12/20/2024

 

Electronics

 

 

 

 

 

 

 

 

5

 

 

 

-

 

 

 

-

 

Schlesinger Global, Inc.

 

07/14/2025

 

Business Services

 

 

11.11

%

 

3M L+700

 

 

 

4,689

 

 

 

4,636

 

 

 

4,571

 

Schlesinger Global, Inc. (Revolver)

 

07/14/2025

 

Business Services

 

 

9.09

%

 

3M L+600

 

 

 

30

 

 

 

30

 

 

 

30

 

 

 

 

 

 

 

(PIK 0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. (Revolver)(7)

 

07/14/2025

 

Business Services

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

9.70

%

 

1M L+575

 

 

 

4,800

 

 

 

4,730

 

 

 

4,728

 

Seaway Buyer, LLC (Revolver)(7)

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

3,126

 

 

 

 

 

 

(47

)

Shiftkey, LLC

 

06/21/2027

 

Business Services

 

 

9.56

%

 

1M L+575

 

 

 

17,955

 

 

 

17,784

 

 

 

17,722

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

15


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Sigma Defense Systems, LLC

 

12/18/2025

 

 

Telecommunications

 

 

12.17

%

 

1M L+850

 

 

 

31,680

 

 

$

31,004

 

 

$

31,047

 

Sigma Defense Systems, LLC (Revolver)

 

12/18/2025

 

 

Telecommunications

 

 

12.17

%

 

1M L+850

 

 

 

1,131

 

 

 

1,131

 

 

 

1,108

 

Sigma Defense Systems, LLC (Revolver) (7)

 

12/18/2025

 

 

Telecommunications

 

 

 

 

 

 

 

 

1,845

 

 

 

 

 

 

(37

)

Signature Systems Holding Company (Revolver) (7)

 

05/03/2024

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,016

 

 

 

 

 

 

(15

)

Solutionreach, Inc. (Revolver) (7)

 

01/17/2024

 

 

Communications

 

 

 

 

 

 

 

 

1,665

 

 

 

 

 

 

(40

)

Spear Education, LLC

 

02/26/2025

 

 

Education

 

 

9.42

%

 

3M L+575

 

 

 

12,018

 

 

 

11,947

 

 

 

12,018

 

Spendmend Holdings LLC

 

03/01/2028

 

 

Business Services

 

 

8.63

%

 

1M L+575

 

 

 

9,705

 

 

 

9,581

 

 

 

9,433

 

Spendmend Holdings LLC (7)

 

03/01/2023

 

 

Business Services

 

 

 

 

 

 

 

 

2,784

 

 

 

 

 

 

(57

)

Spendmend Holdings LLC - Funded Revolver

 

03/01/2028

 

 

Business Services

 

 

8.63

%

 

3M L+575

 

 

 

187

 

 

 

187

 

 

 

182

 

Spendmend Holdings LLC - Unfunded Revolver (7)

 

03/01/2028

 

 

Business Services

 

 

 

 

 

 

 

 

1,215

 

 

 

 

 

 

(34

)

System Planning and Analysis, Inc. - (Revolver) (7) 
(f/k/a Management Consulting & Research, LLC)

 

08/16/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,925

 

 

 

 

 

 

(47

)

The Bluebird Group LLC

 

07/27/2026

 

 

Business Services

 

 

10.67

%

 

3M L+700

 

 

 

4,884

 

 

 

4,796

 

 

 

4,933

 

The Bluebird Group LLC (Revolver) (7)

 

07/27/2026

 

 

Business Services

 

 

 

 

 

 

 

 

734

 

 

 

 

 

 

7

 

The Vertex Companies, LLC

 

08/30/2027

 

 

Business Services

 

 

8.18

%

 

3M L+550

 

 

 

1,754

 

 

 

1,737

 

 

 

1,745

 

The Vertex Companies, LLC (7)

 

08/30/2027

 

 

Business Services

 

 

 

 

 

 

 

 

466

 

 

 

 

 

 

2

 

The Vertex Companies, LLC (Revolver)

 

08/30/2027

 

 

Business Services

 

 

8.26

%

 

3M L+550

 

 

 

148

 

 

 

148

 

 

 

147

 

The Vertex Companies, LLC (Revolver) (7)

 

08/30/2027

 

 

Business Services

 

 

 

 

 

 

 

 

592

 

 

 

 

 

 

(3

)

TVC Enterprises, LLC

 

03/26/2026

 

 

Transportation

 

 

8.87

%

 

1M L+600

 

 

 

12,864

 

 

 

12,626

 

 

 

12,543

 

TVC Enterprises, LLC (Revolver) (7)

 

03/26/2026

 

 

Transportation

 

 

 

 

 

 

 

 

1,370

 

 

 

 

 

 

(34

)

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

 

 

 

 

 

 

(26

)

Unique Indoor Comfort, LLC

 

05/24/2027

 

 

Home and Office Furnishings

 

 

8.95

%

 

1M L+525

 

 

 

27,233

 

 

 

26,904

 

 

 

26,634

 

Unique Indoor Comfort, LLC (7)

 

05/24/2027

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

16,140

 

 

 

 

 

 

(194

)

Unique Indoor Comfort, LLC (Revolver) (7)

 

05/24/2027

 

 

Home and Office Furnishings

 

 

 

 

 

 

 

 

3,000

 

 

 

 

 

 

(66

)

Walker Edison Furniture Company LLC

 

03/31/2027

 

 

Home and Office Furnishings

 

 

12.42

%

 

3M L+875

 

 

 

25,368

 

 

 

24,881

 

 

 

16,946

 

Wildcat Buyerco, Inc.

 

02/27/2026

 

 

Electronics

 

 

9.09

%

 

3M L+575

 

 

 

3,831

 

 

 

3,771

 

 

 

3,716

 

Wildcat Buyerco, Inc. (Revolver) (7)

 

02/27/2026

 

 

Electronics

 

 

 

 

 

 

 

 

574

 

 

 

 

 

 

(41

)

Zips Car Wash, LLC

 

03/01/2024

 

 

Auto Sector

 

 

10.13

%

 

3M L+725

 

 

 

2,627

 

 

 

2,608

 

 

 

2,562

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

599,263

 

 

 

588,267

 

Second Lien Secured Debt—22.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Atlas Purchaser, Inc

 

05/07/2029

 

 

Telecommunications

 

 

11.19

%

 

3M L+900

 

 

 

17,000

 

 

 

16,551

 

 

 

14,909

 

Best Practice Associates LLC

 

06/29/2027

 

 

Aerospace and Defense

 

 

12.67

%

 

3M L+900

 

 

 

17,825

 

 

 

17,506

 

 

 

17,290

 

Burgess Point Purchaser Corporation

 

07/28/2030

 

 

Auto Sector

 

 

12.16

%

 

3M L+900

 

 

 

8,000

 

 

 

7,752

 

 

 

7,680

 

Data Axle, Inc.

 

04/03/2024

 

 

Other Media

 

 

12.92

%

 

3M L+925

 

 

 

20,400

 

 

 

20,288

 

 

 

20,196

 

ENC Parent Corporation

 

08/19/2029

 

 

Business Services

 

 

11.17

%

 

3M L+750

 

 

 

7,500

 

 

 

7,432

 

 

 

7,125

 

Halo Buyer, Inc.

 

07/06/2026

 

 

Consumer Products

 

 

11.37

%

 

1M L+825

 

 

 

32,500

 

 

 

32,164

 

 

 

31,769

 

Inventus Power, Inc.

 

09/29/2024

 

 

Electronics

 

 

12.17

%

 

3M L+850

 

 

 

16,593

 

 

 

16,387

 

 

 

16,344

 

QuantiTech LLC

 

02/04/2027

 

 

Aerospace and Defense

 

 

12.68

%

 

3M L+1,000

 

 

 

150

 

 

 

148

 

 

 

148

 

VT Topco, Inc.

 

08/17/2026

 

 

Business Services

 

 

9.87

%

 

3M L+675

 

 

 

15,000

 

 

 

14,932

 

 

 

14,475

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

133,160

 

 

 

129,936

 

Subordinated Debt/Corporate Notes—9.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Express Wash Acquisition Company, LLC

 

01/15/2029

 

 

Auto Sector

 

 

15.31

%

 

3M L+1,150

 

 

 

21,000

 

 

 

20,278

 

 

 

20,359

 

Flock Financial, LLC

 

05/26/2027

 

 

Financial Services

 

 

12.50

%

 

 

 

 

 

34,000

 

 

 

33,190

 

 

 

32,895

 

Total Subordinated Debt/Corporate Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,468

 

 

 

53,254

 

Preferred Equity/Partnership Interests—1.3% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc. (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,400

 

 

 

240

 

 

 

267

 

AH Newco Equityholdings, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

6.00

%

 

 

 

 

 

211

 

 

 

500

 

 

 

2,127

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

1,135

 

 

 

1,427

 

Imagine Topco, LP

 

 

 

 

Business Services

 

 

8.00

%

 

 

 

 

 

743,826

 

 

 

744

 

 

 

704

 

Mars Intermediate Holdings II, Inc (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

414

 

 

 

484

 

NXOF Holdings, Inc. (Tyto Athene, LLC)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

160

 

 

 

160

 

 

 

227

 

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

575

 

 

 

57

 

 

 

62

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

12.00

%

 

 

 

 

 

1,527

 

 

 

1,527

 

 

 

1,932

 

TPC Holding Company, LP (8),(11)

 

 

 

 

Food

 

 

 

 

 

 

 

 

219

 

 

 

219

 

 

 

62

 

TWD Parent Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

30

 

 

 

30

 

 

 

33

 

(The Vertex Companies, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,026

 

 

 

7,325

 

Common Equity/Partnership Interests/Warrants—26.2% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc. (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,667

 

 

 

27

 

 

 

35

 

Affinion Group Holdings, Inc. (Warrants)

 

04/10/2024

 

 

Consumer Products

 

 

 

 

 

 

 

 

77,190

 

 

 

2,126

 

 

 

 

AG Investco LP (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

805,164

 

 

 

805

 

 

 

1,127

 

AG Investco LP (7), (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

194,836

 

 

 

 

 

 

 

Altamira Intermediate Company II, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

125,000

 

 

 

125

 

 

 

79

 

AMCSI Crash Co-Invest, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

2,419,200

 

 

 

2,419

 

 

 

2,470

 

AMCSI Crash Co-Invest, LP (7)

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

580,800

 

 

 

 

 

 

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

1,135

 

 

 

 

 

 

270

 

Athletico Holdings, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

9,357

 

 

 

10,000

 

 

 

9,516

 

Atlas Investment Aggregator, LLC (9)

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

1,700,000

 

 

 

1,700

 

 

 

1,219

 

Burgess Point Holdings, LP

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

680

 

 

 

680

 

 

 

690

 

Cartessa Aesthetics, LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,562,500

 

 

 

3,563

 

 

 

3,716

 

CI (Allied) Investment Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

120,962

 

 

 

1,243

 

 

 

1,651

 

(PRA Events, Inc.) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connatix Parent, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

57,416

 

 

 

632

 

 

 

689

 

Cowboy Parent LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

26,360

 

 

 

2,782

 

 

 

4,011

 

(Blackhawk Industrial Distribution, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

16


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Crane 1 Acquisition Parent Holdings, L.P.

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

113

 

 

$

104

 

 

$

122

 

Delta InvestCo LP

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

698,889

 

 

 

684

 

 

 

1,425

 

(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

 

 

 

358

 

eCommission Holding Corporation (11)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

80

 

 

 

1,005

 

 

 

1,391

 

Exigo, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,458,333

 

 

 

1,458

 

 

 

1,288

 

Express Wash Topco, LLC

 

 

 

 

Auto Sector

 

 

 

 

 

 

 

 

658,000

 

 

 

3,290

 

 

 

3,369

 

FedHC InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

14,186

 

 

 

478

 

 

 

1,441

 

FedHC InvestCo LP (7),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

6,384

 

 

 

 

 

 

 

FedHC InvestCo II LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

20,357

 

 

 

2,290

 

 

 

2,253

 

Gauge Lash Coinvest LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

889,376

 

 

 

137

 

 

 

4,208

 

Gauge Schlesinger Coinvest, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

9

 

 

 

9

 

 

 

10

 

Gauge TVC Coinvest, LLC

 

 

 

 

Transportation

 

 

 

 

 

 

 

 

810,645

 

 

 

 

 

 

3,229

 

(TVC Enterprises, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GCOM InvestCo LP (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

2,434

 

 

 

1,003

 

 

 

587

 

Go Dawgs Capital III, LP

 

 

 

 

Building Materials

 

 

 

 

 

 

 

 

675,325

 

 

 

675

 

 

 

783

 

(American Insulated Glass, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Green Veracity Holdings, LP - Class A

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

15,000

 

 

 

1,500

 

 

 

5,700

 

(VT Topco, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hancock Claims Consultants Investors, LLC (9)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

450,000

 

 

 

450

 

 

 

477

 

HV Watterson Holdings, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,600,000

 

 

 

1,600

 

 

 

1,387

 

Icon Partners V C, L.P.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,111,111

 

 

 

1,111

 

 

 

1,194

 

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

 

 

 

2,040

 

 

 

3,270

 

(Data Axle, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironclad Holdco, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

4,566

 

 

 

450

 

 

 

592

 

(Applied Technical Services, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ITC Infusion Co-invest, LP

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

113,839

 

 

 

1,138

 

 

 

1,199

 

ITC Rumba, LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

375,675

 

 

 

8

 

 

 

42,031

 

(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

 

 

 

 

 

 

1,774

 

Kinetic Purchaser, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,308,814

 

 

 

1,309

 

 

 

1,854

 

KL Stockton Co-Invest LP

 

 

 

 

Personal, Food and Miscellaneous Services

 

 

 

 

 

 

 

 

382,353

 

 

 

382

 

 

 

643

 

(Any Hour Services) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lariat ecoserv Co-Invest Holdings, LLC (9)

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

363,656

 

 

 

180

 

 

 

1,376

 

Lightspeed Investment Holdco LLC

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

273,143

 

 

 

273

 

 

 

373

 

Mars Intermidiate Holdings II, Inc. (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

414

 

 

 

 

 

 

126

 

MDI Aggregator, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,925,990

 

 

 

1,930

 

 

 

1,926

 

Meadowlark Title, LLC (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

815,385

 

 

 

815

 

 

 

897

 

Municipal Emergency Services, Inc.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

3,920,145

 

 

 

3,984

 

 

 

2,990

 

NEPRT Parent Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

1,299

 

 

 

1,261

 

 

 

243

 

(Recteq, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North Haven Saints Equity Holdings, LP

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

351,553

 

 

 

352

 

 

 

373

 

NXOF Holdings, Inc.

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,261

 

 

 

3

 

 

 

68

 

(Tyto Athene, LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OceanSound Discovery Equity, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

98,286

 

 

 

979

 

 

 

1,651

 

(Holdco Sands Intermediate, LLC) (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OHCP V BC COI, L.P.

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

446,250

 

 

 

446

 

 

 

382

 

OHCP V BC COI, L.P. (7),(9)

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

303,750

 

 

 

 

 

 

(44

)

Oral Surgery (ITC) Holdings, LLC (9)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

2,904

 

 

 

63

 

 

 

173

 

ORL Holdco, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

638

 

 

 

6

 

 

 

113

 

PennantPark-TSO Senior Loan Fund II, LP

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

15,038,871

 

 

 

15,039

 

 

 

15,571

 

Pink Lily Holdco, LLC (9)

 

 

 

 

Retail

 

 

 

 

 

 

 

 

1,044

 

 

 

1,044

 

 

 

550

 

Pragmatic Institute, LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

1,918,047

 

 

 

1,918

 

 

 

1,918

 

QuantiTech InvestCo LP (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

712

 

 

 

68

 

 

 

352

 

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

 

 

 

1,090

 

(Rancho Health MSO, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBI Holdings Investments LLC

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

36,585

 

 

 

366

 

 

 

359

 

(Sales Benchmark Index LLC)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Topco, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

2,981

 

 

 

2,981

 

 

 

2,981

 

Signature CR Intermediate Holdco, Inc.

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

80

 

 

 

80

 

 

 

 

SP L2 Holdings, LLC

 

 

 

 

Consumer Products

 

 

 

 

 

 

 

 

881,966

 

 

 

882

 

 

 

913

 

SSC Dominion Holdings, LLC

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

1,500

 

 

 

1,500

 

 

 

2,041

 

Class A (US Dominion, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SSC Dominion Holdings, LLC

 

 

 

 

Electronics

 

 

 

 

 

 

 

 

1,500

 

 

 

 

 

 

4,389

 

Class B (US Dominion, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StellPen Holdings, LLC

 

 

 

 

Media

 

 

 

 

 

 

 

 

153,846

 

 

 

154

 

 

 

152

 

(CF512, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TAC LifePort Holdings, LLC (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

232,558

 

 

 

233

 

 

 

296

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

17


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS – (Continued)

September 30, 2022

(In thousands, except share data)

Issuer Name

 

Maturity / Expiration

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread Above
 Index
(4)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (3)

 

Tower Arch Infolinks Media, LP (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

531,293

 

 

$

511

 

 

$

896

 

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

 

 

 

 

 

 

 

 

60,057

 

 

 

3,022

 

 

 

304

 

UniVista Insurance (9)

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

400

 

 

 

382

 

 

 

454

 

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

 

 

 

616

 

(Wildcat Buyerco, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91,596

 

 

 

153,373

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

882,513

 

 

 

932,155

 

Investments in Non-Controlled, Affiliated Portfolio Companies—5.9% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Equity/Partnership Interests—5.6% of Net Assets(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC (9)

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

5,887,236

 

 

 

32,791

 

 

 

32,791

 

Total Preferred Equity/Partnership Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,791

 

 

 

32,791

 

Common Equity/Partnership Interests/Warrants—0.3% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

 

 

 

Environmental Services

 

 

 

 

 

 

 

 

7,444,347

 

 

 

2,852

 

 

 

 

JF Intermediate, LLC

 

 

 

 

Distribution

 

 

 

 

 

 

 

 

19,687

 

 

 

1,969

 

 

 

1,969

 

Total Common Equity/Partnership Interests/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,821

 

 

 

1,969

 

Total Investments in Non-Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,612

 

 

 

34,760

 

Investments in Controlled, Affiliated Portfolio Companies—44.3% of Net Assets (1), (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—7.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

03/13/2024

 

 

Healthcare, Education and Childcare

 

 

8.67

%

 

3M L+700

 

 

£

38,250

 

 

 

52,792

 

 

 

42,698

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,792

 

 

 

42,698

 

Second Lien Secured Debt—0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailsouth Inc.

 

04/23/2025

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

12,846

 

 

 

12,383

 

 

 

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,383

 

 

 

 

Subordinated Debt—15.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Loan Fund, LLC (11)

 

07/31/2027

 

 

Financial Services

 

 

10.79

%

 

3M L+800

 

 

 

88,011

 

 

 

88,011

 

 

 

88,011

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88,011

 

 

 

88,011

 

Common Equity—22.0% of Net Assets (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited (8), (10), (11)

 

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

£

950

 

 

 

132

 

 

 

3,297

 

MSpark, LLC

 

 

 

 

Printing and Publishing

 

 

 

 

 

 

 

 

51,151

 

 

 

16,516

 

 

 

 

PennantPark Senior Loan Fund, LLC

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

49,298,789

 

 

 

49,362

 

 

 

51,098

 

RAM Energy Holdings LLC (9)

 

 

 

 

Energy and Utilities

 

 

 

 

 

 

 

 

180,805

 

 

 

162,708

 

 

 

74,282

 

Total Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

228,718

 

 

 

128,677

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

381,904

 

 

 

259,386

 

Total Investments—209.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,302,029

 

 

 

1,226,301

 

Cash and Cash Equivalents—9.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,122

 

 

 

39,122

 

BNY Mellon Cash Reserve and Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,722

 

 

 

13,544

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,844

 

 

 

52,666

 

Total Investments and Cash Equivalents—218.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,354,873

 

 

$

1,278,967

 

Liabilities in Excess of Other Assets—(118.4%) of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(693,402

)

Net Assets—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

585,565

 

 

 

(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.
(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 September 30, 2022, qualifying assets represent 88% of the Company’s total assets and non-qualifying assets represent 12% of the Company’s total assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

18


 

PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

DECEMBER 31, 2022

 

 

1. ORGANIZATION

 

PennantPark Investment Corporation was organized as a Maryland corporation in January 2007. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. Our investment objective is to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments. We invest primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and, to a lesser extent, equity investments. On April 24, 2007, we closed our initial public offering. On April 14, 2022, trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol “PNNT.”

 

We have entered into an investment management agreement, or the Investment Management Agreement, with the Investment Adviser, an external adviser that manages our day-to-day operations. PennantPark Investment, through the Investment Adviser, manages the day-to-day operations of, and provides investment advisory services to, SBIC II under a separate investment management agreement. We have also entered into an administration agreement, or the Administration Agreement, with the Administrator, which provides the administrative services necessary for us to operate. PennantPark Investment, through the Administrator, also provides similar services to SBIC II under a separate administration agreement. See Note 3.

 

SBIC II, our wholly-owned subsidiary, was organized as a Delaware limited partnership in 2012. SBIC II received a license from the SBA to operate as a SBIC under Section 301(c) of the 1958 Act. SBIC II’s objectives are to generate both current income and capital appreciation through debt and equity investments generally by investing with us in SBA-eligible businesses that meet the investment selection criteria used by PennantPark Investment.

 

On July 31, 2020, we and certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP, or Pantheon, entered into a limited liability company agreement to co-manage PSLF, a newly-formed unconsolidated joint venture. In connection with this transaction, we contributed in-kind our formerly wholly-owned subsidiary, Funding I. As a result of this transaction, Funding I became a wholly-owned subsidiary of PSLF and was deconsolidated from our financial statements. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. See Note 4.

 

We have formed the Taxable Subsidiary, which is subject to tax as a corporation. The Taxable Subsidiary allows us to hold equity securities of certain portfolio companies treated as pass-through entities for federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

 

In January 2022, we funded PennantPark-TSO Senior Loan Fund II LP, ("PTSF II"), an unconsolidated Delaware limited partnership. We sold $82.3 million in investments to a wholly-owned subsidiary of PTSF II in exchange for cash in the amount of $75.7 million and an $6.6 million equity interest in PTSF II representing 23.1% of the total outstanding Class A Units of PTSF II. We recognized $0.2 million of realized gain upon the formation of PTSF II. As of December 31, 2022, our capital commitment of $15.0 million is 100% funded and we hold 23.1% of the total outstanding Class A Units of PTSF II and a 4.99% voting interest in the general partner which manages PTSF II.

 

We are operated by a person who has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and the Investment Adviser intends to continue to affirm the exclusion on an annual basis, and therefore, is not subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The preparation of our Consolidated Financial Statements, in conformity with U.S. generally accepted accounting principles, or GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies and any other parameters used in determining these estimates and assumptions could cause actual results to differ from such estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions in consolidation. References to the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Codification, as amended, or ASC, serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued.

 

Our Consolidated Financial Statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a Consolidated Statement of Changes in Net Assets in lieu of a Consolidated Statement of Changes in Stockholders’ Equity.

 

Our significant accounting policies consistently applied are as follows:

 

(a)
Investment Valuations

 

We expect that there may not be readily available market values for many of the investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5.

 

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

 

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment;

19


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

(2)
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;
(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;
(4)
The audit committee of our board of directors reviews the preliminary valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and
(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

 

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

 

(b)
Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses

 

Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects, as applicable, the change in the fair values of our portfolio investments and the Credit Facility during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, or OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees, and are recorded as other investment income when earned.

 

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of December 31, 2022, we had two portfolio companies on non-accrual, representing 2.7% and 1.1% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2022, we had one portfolio company on non-accrual, representing 1.0% and zero percent of our overall portfolio on a cost and fair value basis, respectively.

 

(c)
Income Taxes

 

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur material federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of an excise tax. Additionally, certain of the Company’s consolidated subsidiaries are subject to federal, state and local income taxes. For the three months ended December 31, 2022 and 2021, we recorded a provision for taxes on net investment income of $2.0 million and $0.2 million respectively, which pertains to U.S. federal excise tax.

 

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.

 

The Taxable Subsidiary (PNNT Investment Holdings, LLC, a second-tier wholly-owned subsidiary of the Company) is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

 

For the three months ended December 31, 2022 and 2021, the Company recognized a provision for taxes of zero, respectively, on net realized gain on investments by the Taxable Subsidiary. For the three months ended December 31, 2022 and 2021, the Company recognized a provision for taxes of $(0.9) million and $5.0, respectively, on net unrealized gain (loss) on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which is likely to be realized and unrealized during fiscal year ending September 30, 2023 and (ii) the expected tax benefit resulting from the use of loss carryforwards to offset such gains. As of December 31, 2022 and September 30, 2022, the Company recognized a provision for taxes of $2.2 million and $7.1 million on net realized and unrealized gains on investments by the Taxable Subsidiary.

 

 

20


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

During the three months ended December 31, 2022 and 2021, the Company paid zero, respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. Due to offsetting losses in the year ended September 30, 2022, the $4.0 million is shown on the consolidated statement of assets and liabilities under prepaid expenses and other assets. The state and local tax liability of $6.2 million as of December 31, 2022 is included under accrued other expenses in the consolidated statement of assets and liabilities.

 

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

Because federal income tax regulations differ from GAAP, distributions characterized in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

 

(d)
Distributions and Capital Transactions

 

Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by our board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital.

 

Capital transactions, in connection with our dividend reinvestment plan or through offerings of our common stock, are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.

 

(e)
Foreign Currency Translation

 

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

 

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and
2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

 

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

 

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

 

(f)
Consolidation

As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Investment will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our SBIC Funds and our Taxable Subsidiary in our Consolidated Financial Statements. We do not consolidate our non-controlling interests in PSLF or PTSF II. See further description of our investment in PSLF in Note 4.

 

(g)
Asset Transfers and Servicing

 

Asset transfers that do not meet ASC Topic 860, Transfers and Servicing, requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments.

 

(h) Recent Accounting Pronouncements

 

In March 2020, the FASB issued Accounting Standards Update, or ASU, No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the year ended September 30, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto. The Company continues to evaluate the potential impact that the amendments in this update will have on its consolidated financial statements and disclosures.

 

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2022-02 on its consolidated financial statement and disclosures, but the impact of the adoption is not expected to be material.

 

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale

 

21


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

 

 

 

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

 

(a) Investment Management Agreement

 

The Investment Management Agreement with the Investment Adviser was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in February 2023. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to, us. The Investment Adviser serves as the servicer to Funding I and has irrevocably directed that the management fee owed to it with respect to such services be paid to the Company so long as the Investment Adviser remains the servicer. SBIC II’s investment management agreement does not affect the management or incentive fees that we pay to the Investment Adviser on a consolidated basis. For providing these services, the Investment Adviser receives a fee from us, consisting of two components— a base management fee and an incentive fee or, collectively, Management Fees.

 

Base Management Fee

 

The base management fee is calculated at an annual rate of 1.50% of our “average adjusted gross assets,” which equals our gross assets (exclusive of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. In addition, on November 13, 2018, in connection with our board of directors’ approval of the application of the modified asset coverage requirements under the 1940 Act to the Company, our board of directors also approved an amendment to the Investment Management Agreement reducing the Investment Adviser’s annual base management fee from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end. This amendment became effective on February 5, 2019 with the amendment and restatement of the Investment Management Agreement on April 12, 2019. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For the three months ended December 31, 2022 and 2021, the Investment Adviser earned base management fees of $4.6 million and $5.1 million, respectively, from us.

 

Incentive Fee

 

The incentive fee has two parts, as follows:

One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre- Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter. These calculations are pro-rated for any share issuances or repurchases during the relevant quarter, if applicable.

For the three months ended December 31, 2022 and 2021, the Investment Adviser earned $2.2 million and $2.7 million, respectively, in incentive fees on net investment income from us.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and, effective January 1, 2018, equals 17.5% of our realized capital gains, (20.0% for periods prior to January 1, 2018), if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For each of the three months ended December 31, 2022 and 2021, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under the Investment Management Agreement (as described above).

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 17.5% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years, if any. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. For each of the three months ended December 31, 2022, and 2021, the Investment Adviser did not accrue an incentive fee on capital gains as calculated under GAAP.

 

(b) Administration Agreement

 

 

22


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2023. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. The Administrator provides similar services to SBIC II under its administration agreement with PennantPark Investment. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs. The amount billed by the Administrator may include credits related to its administrative agreement with PSLF. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the three months ended December 31, 2022 and 2021, we reimbursed the Investment Administrator approximately $0.3 million and $0.2 million, respectively, for the services described above.

 

On July 1, 2022, the Administration Agreement with the Administrator was amended to clarify that the Administrator may be reimbursed by the Company for certain (i) tax and general legal advice and/or services provided to the Company by in-house professionals of the Administrator related to ongoing operations of the Company; and (ii) transactional legal advice and/or services provided to the Company or portfolio companies by in-house professionals of the Administrator or its affiliates on matters related to potential or actual investments and transactions, including tax structuring and/or due diligence.

 

(c) Other Related Party Transactions

 

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three months ended December 31, 2022 and 2021.

 

For the three months ended December 31, 2022 and 2021 we sold zero and $48.1 million in investments to PSLF at fair value, respectively, and recognized zero and $0.1 million of net realized gains, respectively.

 

For the three months ended December 31, 2022 and 2021, we sold zero in investments to PTSF II at fair value, respectively, and recognized zero of net realized gains, respectively.

 

4. INVESTMENTS

 

Purchases of investments, including PIK interest, for the three months ended December 31, 2022 and 2021 totaled $86.2 million and $295.1 million, respectively. Sales and repayments of investments for the three months ended December 31, 2022 and 2021 totaled $30.6 million and $132.2 million, respectively.

 

Investments and cash and cash equivalents consisted of the following:

 

 

 

December 31, 2022

 

 

September 30, 2022

 

Investment Classification ($ in thousands)

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

First lien

 

$

686,122

 

 

$

661,269

 

 

$

652,055

 

 

$

630,965

 

Second lien

 

 

148,426

 

 

 

130,757

 

 

 

145,542

 

 

 

129,936

 

Subordinated debt / corporate notes

 

 

53,519

 

 

 

53,245

 

 

 

53,468

 

 

 

53,255

 

Subordinated notes in PSLF

 

 

95,351

 

 

 

95,351

 

 

 

88,011

 

 

 

88,011

 

Equity

 

 

325,963

 

 

 

201,607

 

 

 

313,591

 

 

 

273,036

 

Equity in PSLF

 

 

54,121

 

 

 

53,806

 

 

 

49,362

 

 

 

51,098

 

Total investments

 

 

1,363,502

 

 

 

1,196,035

 

 

 

1,302,029

 

 

 

1,226,301

 

Cash and cash equivalents

 

 

28,558

 

 

 

28,556

 

 

 

52,844

 

 

 

52,666

 

Total investments and cash and cash equivalents

 

$

1,392,060

 

 

$

1,224,591

 

 

$

1,354,873

 

 

$

1,278,967

 

 

 

23


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries as of:

 

Industry Classification

 

December 31, 2022

 

 

 

September 30, 2022

 

 

Business Services

 

 

19

 

%

 

 

18

 

%

Healthcare, Education and Childcare

 

 

10

 

 

 

 

12

 

 

Consumer Products

 

 

9

 

 

 

 

8

 

 

Distribution

 

 

5

 

 

 

 

5

 

 

Financial Services

 

 

5

 

 

 

 

5

 

 

Home and Office Furnishings

 

 

5

 

 

 

 

4

 

 

Telecommunications

 

 

5

 

 

 

 

5

 

 

Auto Sector

 

 

4

 

 

 

 

3

 

 

Chemicals, Plastics and Rubber

 

 

4

 

 

 

 

3

 

 

Environmental Services

 

 

4

 

 

 

 

3

 

 

Media

 

 

4

 

 

 

 

4

 

 

Aerospace and Defense

 

 

3

 

 

 

 

3

 

 

Electronics

 

 

3

 

 

 

 

3

 

 

Energy and Utilities

 

 

3

 

 

 

 

7

 

 

Personal, Food and Miscellaneous Services

 

 

3

 

 

 

 

1

 

 

Building Materials

 

 

2

 

 

 

 

2

 

 

Hotels, Motels, Inns and Gaming

 

 

2

 

 

 

 

2

 

 

Other Media

 

 

2

 

 

 

 

2

 

 

Transportation

 

 

2

 

 

 

 

2

 

 

Cargo Transport

 

 

1

 

 

 

 

1

 

 

Education

 

 

1

 

 

 

 

2

 

 

Insurance

 

 

1

 

 

 

 

1

 

 

Manufacturing / Basic Industries

 

 

1

 

 

 

 

1

 

 

Personal and Non-Durable Consumer Products

 

 

1

 

 

 

 

1

 

 

Other

 

 

1

 

 

 

 

2

 

 

Total

 

 

100

 

%

 

 

100

 

%

 

(1)
Excludes investments in PSLF.

 

PennantPark Senior Loan Fund, LLC

 

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. As of December 31, 2022 and September 30, 2022, PSLF had total assets of $776.9 million and $781.3 million, respectively and its investment portfolio consisted of debt investments in 83 and 80 portfolio companies, respectively. As of December 31, 2022, at fair value, the largest investment in a single portfolio company in PSLF was $19.8 million and the five largest investments totaled $98.0 million. As of September 30, 2022, at fair value, the largest investment in a single portfolio company in PSLF was $19.9 million and the five largest investments totaled $98.5 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

 

We and Pantheon provide capital to PSLF in the form of subordinated notes and equity interests. As of December 31, 2022 and September 30, 2022, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of December 31, 2022 and September 30, 2022 our investment in PSLF consisted of subordinated notes of $95.4 million (additional $20.5 million unfunded) and $88.0 million (additional $27.9 million unfunded), respectively, and equity interests of $59.0 million (additional $13.3 million unfunded) and $54.8 million (additional $18.3 million unfunded), respectively.

 

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each of us and Pantheon.

 

Additionally, PSLF, through its wholly-owned subsidiary, or PSLF Subsidiary, has entered into a $225.0 million (reduced from $275.0 million on March 2, 2022) senior secured revolving credit facility, or the PSLF Credit Facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 255 basis points during the investment period and is subject to leverage and borrowing base restrictions.

 

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.

Below is a summary of PSLF’s portfolio at fair value:

 

($ in thousands)

 

December 31, 2022

 

 

September 30, 2022

 

Total investments

 

$

734,690

 

 

$

730,108

 

Weighted average cost yield on income producing investments

 

 

10.6

%

 

 

9.4

%

Number of portfolio companies in PSLF

 

 

83

 

 

 

80

 

Largest portfolio company investment at fair value

 

$

19,846

 

 

$

19,906

 

Total of five largest portfolio company investments at fair value

 

$

97,994

 

 

$

98,502

 

 

 

24


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

 

Below is a listing of PSLF’s individual investments as of December 31, 2022 ($ in thousands)

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value(2)

 

First Lien Secured Debt - 826.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

5/6/2026

 

Media

 

 

10.84

%

 

3M L+600

 

 

4,925

 

 

$

4,925

 

 

$

4,888

 

Alpine Acquisition Corp II

 

11/30/2026

 

Containers, Packaging and Glass

 

 

8.69

%

 

3M L+800

 

 

14,975

 

 

 

14,604

 

 

 

14,376

 

Altamira Technologies, LLC

 

7/24/2025

 

Aerospace and Defense

 

 

10.24

%

 

3M L+550

 

 

859

 

 

 

852

 

 

 

844

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Materials

 

 

8.25

%

 

3M L+575

 

 

19,846

 

 

 

19,817

 

 

 

19,846

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

6/10/2025

 

Media

 

 

10.98

%

 

1M L+550

 

 

14,067

 

 

 

13,946

 

 

 

13,786

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

5/23/2024

 

Media

 

 

10.23

%

 

3M L+550

 

 

14,964

 

 

 

14,891

 

 

 

14,964

 

Any Hour Services

 

7/21/2027

 

Personal, Food and Miscellaneous Services

 

 

10.17

%

 

3M L+575

 

 

9,902

 

 

 

9,894

 

 

 

9,629

 

Apex Service Partners, LLC

 

7/31/2025

 

Personal, Food and Miscellaneous Services

 

 

9.47

%

 

3M L+575

 

 

6,569

 

 

 

6,507

 

 

 

6,536

 

Apex Service Partners, LLC Term Loan B

 

7/31/2025

 

Personal, Food and Miscellaneous Services

 

 

9.63

%

 

3M L+550

 

 

3,323

 

 

 

3,300

 

 

 

3,307

 

Apex Service Partners, LLC - Term Loan C

 

7/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.50

%

 

3M L+600

 

 

7,607

 

 

 

7,607

 

 

 

7,569

 

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

10.48

%

 

3M L+500

 

 

8,804

 

 

 

8,713

 

 

 

8,583

 

Arcfield Acquisition Corp.

 

3/7/2028

 

Aerospace and Defense

 

 

10.02

%

 

3M L+575

 

 

11,940

 

 

 

11,733

 

 

 

11,701

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

Business Services

 

 

8.87

%

 

1M L+525

 

 

15,000

 

 

 

14,708

 

 

 

14,850

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2024

 

Distribution

 

 

9.50

%

 

3M L+600

 

 

17,951

 

 

 

17,761

 

 

 

17,555

 

Broder Bros., Co.

 

12/4/2025

 

Personal and Non-Durable Consumer Products

 

 

10.73

%

 

3M L+600

 

 

9,937

 

 

 

9,937

 

 

 

9,937

 

Burgess Point Purchaser Corporation

 

9/26/2029

 

Auto Sector

 

 

9.67

%

 

SOFR+525

 

 

900

 

 

 

838

 

 

 

812

 

Cartessa Aesthetics, LLC

 

5/13/2028

 

Distribution

 

 

10.58

%

 

3M L+600

 

 

17,413

 

 

 

17,097

 

 

 

17,238

 

CF512, Inc.

 

8/20/2026

 

Media

 

 

9.08

%

 

3M L+575

 

 

2,977

 

 

 

2,952

 

 

 

2,918

 

Connatix Buyer, Inc.

 

7/13/2027

 

Media

 

 

10.14

%

 

1M L+550

 

 

8,999

 

 

 

8,983

 

 

 

8,707

 

Dr. Squatch, LLC

 

8/31/2027

 

Personal and Non-Durable Consumer Products

 

 

10.48

%

 

3M L+475

 

 

6,419

 

 

 

6,412

 

 

 

6,322

 

DRI Holding Inc.

 

12/21/2028

 

Media

 

 

9.63

%

 

3M L+575

 

 

4,415

 

 

 

3,951

 

 

 

3,781

 

DRS Holdings III, Inc.

 

11/3/2025

 

Consumer Products

 

 

10.48

%

 

3M L+600

 

 

14,670

 

 

 

14,598

 

 

 

14,201

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

Manufacturing / Basic Industries

 

 

9.89

%

 

3M L+575

 

 

8,118

 

 

 

8,006

 

 

 

7,989

 

ECL Entertainment, LLC

 

5/1/2028

 

Hotels, Motels, Inns and Gaming

 

 

11.88

%

 

3M L+500

 

 

4,546

 

 

 

4,546

 

 

 

4,531

 

ECM Industries, LLC

 

12/23/2025

 

Electronics

 

 

9.48

%

 

3M L+600

 

 

2,808

 

 

 

2,752

 

 

 

2,675

 

Electro Rent Corporation

 

1/17/2024

 

Electronics

 

 

10.27

%

 

3M L+550

 

 

4,600

 

 

 

4,398

 

 

 

4,416

 

Exigo Intermediate II, LLC

 

3/15/2027

 

Business Services

 

 

9.82

%

 

1M L+575

 

 

9,925

 

 

 

9,799

 

 

 

9,727

 

Fairbanks Morse Defense

 

6/17/2028

 

Aerospace and Defense

 

 

9.48

%

 

6M L+475

 

 

796

 

 

 

751

 

 

 

755

 

Global Holdings InterCo LLC

 

3/16/2026

 

Banking, Finance, Insurance & Real Estate

 

 

10.19

%

 

3M L+600

 

 

7,343

 

 

 

7,314

 

 

 

7,013

 

Graffiti Buyer, Inc.

 

8/10/2027

 

Distribution

 

 

10.23

%

 

3M L+550

 

 

1,969

 

 

 

1,935

 

 

 

1,890

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

10.23

%

 

1M L+575

 

 

6,833

 

 

 

6,833

 

 

 

6,696

 

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

10.17

%

 

1M L+800

 

 

19,865

 

 

 

19,494

 

 

 

19,467

 

HV Watterson Holdings, LLC

 

12/17/2026

 

Business Services

 

 

10.73

%

 

3M L+600

 

 

15,217

 

 

 

15,021

 

 

 

14,426

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

6.00

%

 

3M L+700

 

 

14,325

 

 

 

14,209

 

 

 

14,146

 

Icon Partners III, LP

 

5/11/2028

 

Auto Sector

 

 

8.82

%

 

3M L+475

 

 

2,322

 

 

 

2,002

 

 

 

1,558

 

IDC Infusion Services, Inc.

 

12/30/2026

 

Healthcare, Education and Childcare

 

 

11.23

%

 

3M L+750

 

 

17,356

 

 

 

17,124

 

 

 

16,749

 

IG Investments Holdings, LLC

 

9/22/2028

 

Business Services

 

 

10.38

%

 

1M L+575

 

 

4,462

 

 

 

4,380

 

 

 

4,395

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

Business Services

 

 

10.14

%

 

3M L+625

 

 

5,608

 

 

 

5,511

 

 

 

5,440

 

Inception Fertility Ventures, LLC

 

12/7/2023

 

Healthcare, Education and Childcare

 

 

11.95

%

 

3M L+550

 

 

19,900

 

 

 

19,557

 

 

 

19,502

 

Infolinks Media Buyco, LLC

 

11/1/2026

 

Media

 

 

10.23

%

 

1M L+550

 

 

6,412

 

 

 

6,412

 

 

 

6,412

 

Integrity Marketing Acquisition, LLC

 

8/27/2025

 

Insurance

 

 

9.33

%

 

3M L+575

 

 

19,952

 

 

 

19,872

 

 

 

19,652

 

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

12.07

%

 

3M L+550

 

 

13,543

 

 

 

13,449

 

 

 

13,543

 

LAV Gear Holdings, Inc.

 

10/31/2024

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

10.23

%

 

3M L+500

 

 

2,132

 

 

 

2,124

 

 

 

2,102

 

Lash OpCo, LLC

 

2/18/2027

 

Consumer Products

 

 

11.17

%

 

1M L+650

 

 

19,925

 

 

 

19,731

 

 

 

19,526

 

Lightspeed Buyer Inc.

 

2/3/2026

 

Healthcare, Education and Childcare

 

 

9.57

%

 

3M L+475

 

 

12,313

 

 

 

12,101

 

 

 

12,005

 

MAG DS Corp.

 

4/1/2027

 

Aerospace and Defense

 

 

10.23

%

 

3M L+550

 

 

5,555

 

 

 

5,133

 

 

 

5,055

 

Magenta Buyer, LLC

 

7/31/2028

 

Software

 

 

9.17

%

 

3M L+500

 

 

3,814

 

 

 

3,558

 

 

 

3,246

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

Media

 

 

10.23

%

 

1M L+625

 

 

7,900

 

 

 

7,843

 

 

 

7,821

 

MBS Holdings, Inc.

 

4/16/2027

 

Telecommunications

 

 

10.13

%

 

3M L+575

 

 

7,388

 

 

 

7,309

 

 

 

7,314

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

Business Services

 

 

8.96

%

 

3M L+575

 

 

2,975

 

 

 

2,921

 

 

 

2,946

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

Distribution

 

 

8.67

%

 

3M L+550

 

 

4,143

 

 

 

4,085

 

 

 

3,978

 

NBH Group LLC

 

8/19/2026

 

Healthcare, Education and Childcare

 

 

9.05

%

 

3M L+575

 

 

7,486

 

 

 

7,411

 

 

 

7,486

 

Owl Acquisition, LLC

 

2/4/2028

 

Education

 

 

8.41

%

 

3M L+550

 

 

3,980

 

 

 

3,865

 

 

 

3,881

 

Ox Two, LLC (New Issue)

 

5/18/2026

 

Distribution

 

 

10.84

%

 

1M L+650

 

 

4,950

 

 

 

4,900

 

 

 

4,801

 

PL Acquisitionco, LLC

 

11/9/2027

 

Retail

 

 

10.88

%

 

1M L+575

 

 

8,613

 

 

 

8,471

 

 

 

8,397

 

PlayPower, Inc.

 

5/8/2026

 

Consumer Products

 

 

12.00

%

 

1M L+525

 

 

2,572

 

 

 

2,485

 

 

 

2,238

 

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

10.94

%

 

1M L+600

 

 

3,348

 

 

 

3,290

 

 

 

3,274

 

Quantic Electronics, LLC - Unfunded Term Loan

 

11/19/2026

 

Aerospace and Defense

 

 

0.00

%

 

3M L+625

 

 

56

 

 

 

-

 

 

 

-

 

Radius Aerospace, Inc.

 

3/31/2025

 

Aerospace and Defense

 

 

9.87

%

 

3M L+600

 

 

12,744

 

 

 

12,650

 

 

 

12,489

 

Rancho Health MSO, Inc.

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

9.42

%

 

1M L+450

 

 

5,167

 

 

 

5,167

 

 

 

5,167

 

Reception Purchaser, LLC

 

2/28/2028

 

Transportation

 

 

10.42

%

 

SOFR+600

 

 

4,963

 

 

 

4,893

 

 

 

4,764

 

Recteq, LLC

 

1/29/2026

 

Consumer Products

 

 

10.98

%

 

3M L+700

 

 

9,825

 

 

 

9,701

 

 

 

9,481

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

8.84

%

 

1M L+550

 

 

14,542

 

 

 

14,452

 

 

 

10,776

 

Riverpoint Medical, LLC

 

6/20/2025

 

Healthcare, Education and Childcare

 

 

9.73

%

 

3M L+525

 

 

3,192

 

 

 

3,174

 

 

 

3,109

 

Riverside Assessments, LLC

 

3/10/2025

 

Education

 

 

10.48

%

 

1M L+575

 

 

9,923

 

 

 

9,855

 

 

 

9,750

 

Sales Benchmark Index LLC

 

1/3/2025

 

Business Services

 

 

10.73

%

 

3M L+625

 

 

6,859

 

 

 

6,787

 

 

 

6,825

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

Electronics

 

 

9.89

%

 

3M L+550

 

 

4,886

 

 

 

4,886

 

 

 

4,813

 

Seaway Buyer, LLC

 

6/13/2029

 

Chemicals, Plastics and Rubber

 

 

10.73

%

 

3M L+575

 

 

14,963

 

 

 

14,767

 

 

 

14,738

 

Signature Systems Holding Company

 

5/3/2024

 

Chemicals, Plastics and Rubber

 

 

10.17

%

 

1M L+450

 

 

11,764

 

 

 

11,701

 

 

 

11,764

 

Solutionreach, Inc.

 

1/17/2024

 

Communications

 

 

10.13

%

 

6M L+675

 

 

11,353

 

 

 

11,324

 

 

 

11,047

 

STV Group Incorporated

 

12/11/2026

 

Transportation

 

 

9.67

%

 

3M L+575

 

 

12,099

 

 

 

12,033

 

 

 

12,038

 

 

 

 

 

 

25


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

 

 

 

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

9.45

%

 

3M L+475

 

 

3,599

 

 

 

3,397

 

 

 

3,383

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

Aerospace and Defense

 

 

10.94

%

 

SOFR+600

 

 

16,087

 

 

 

15,759

 

 

 

15,878

 

Team Services Group, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

9.95

%

 

SOFR+500

 

 

700

 

 

 

669

 

 

 

662

 

Teneo Holdings LLC

 

7/18/2025

 

Financial Services

 

 

9.67

%

 

3M L+525

 

 

4,104

 

 

 

4,041

 

 

 

3,940

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

10.70

%

 

3M L+600

 

 

11,180

 

 

 

11,081

 

 

 

11,068

 

The Bluebird Group LLC

 

7/27/2026

 

Business Services

 

 

11.98

%

 

3M L+650

 

 

5,474

 

 

 

5,517

 

 

 

5,370

 

The Vertex Companies, LLC

 

8/30/2027

 

Business Services

 

 

9.88

%

 

3M L+550

 

 

4,520

 

 

 

4,476

 

 

 

4,425

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

Food

 

 

9.24

%

 

3M L+525

 

 

5,522

 

 

 

5,388

 

 

 

5,372

 

TVC Enterprises, LLC

 

3/26/2026

 

Transportation

 

 

10.13

%

 

3M L+600

 

 

17,180

 

 

 

17,054

 

 

 

16,750

 

TWS Acquisition Corporation

 

6/16/2025

 

Education

 

 

11.46

%

 

3M L+625

 

 

7,949

 

 

 

7,920

 

 

 

7,949

 

Tyto Athene, LLC

 

4/3/2028

 

Aerospace and Defense

 

 

9.25

%

 

3M L+550

 

 

12,034

 

 

 

11,912

 

 

 

10,903

 

UBEO, LLC

 

4/3/2024

 

Printing and Publishing

 

 

9.23

%

 

3M L+450

 

 

4,674

 

 

 

4,659

 

 

 

4,604

 

Unique Indoor Comfort, LLC

 

5/24/2027

 

Home and Office Furnishings, Housewares

 

 

9.98

%

 

3M L+525

 

 

9,950

 

 

 

9,820

 

 

 

9,691

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

Electronics

 

 

9.81

%

 

SOFR+575

 

 

11,477

 

 

 

11,396

 

 

 

11,082

 

Zips Car Wash, LLC

 

3/1/2024

 

Business Services

 

 

11.55

%

 

3M L+725

 

 

19,898

 

 

 

19,623

 

 

 

19,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

746,720

 

 

 

734,690

 

Total Investments - 826.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 40.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,708

 

 

 

35,708

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,708

 

 

 

35,708

 

Total Investments and Cash Equivalents - 866.2%

 

 

 

 

 

 

 

 

 

$

782,428

 

 

$

770,398

 

Liabilities in Excess of Other Assets — (766.2)%

 

 

 

 

 

 

 

 

 

 

 

 

 

(681,462

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

88,936

 

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” , 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, 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 PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.


 

Below is a listing of PSLF’s individual investments as of September 30, 2022 ($ in thousands):

 

26


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 864.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/06/26

 

Media

 

 

9.67

%

 

3M L+600

 

$

4,938

 

 

$

4,938

 

 

$

4,900

 

Alpine Acquisition Corp II

 

11/30/26

 

Containers, Packaging and Glass

 

 

8.69

%

 

3M L+800

 

 

9,975

 

 

 

9,785

 

 

 

9,576

 

Altamira Technologies, LLC

 

07/24/25

 

Aerospace and Defense

 

 

10.81

%

 

3M L+550

 

 

871

 

 

 

864

 

 

 

841

 

American Insulated Glass, LLC

 

12/21/23

 

Building Materials

 

 

7.79

%

 

3M L+575

 

 

19,906

 

 

 

19,867

 

 

 

19,906

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/25

 

Media

 

 

9.95

%

 

1M L+550

 

 

14,104

 

 

 

13,968

 

 

 

13,892

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/24

 

Media

 

 

9.17

%

 

3M L+550

 

 

15,168

 

 

 

15,084

 

 

 

15,168

 

Any Hour Services

 

07/21/27

 

Personal, Food and Miscellaneous Services

 

 

7.98

%

 

3M L+575

 

 

9,942

 

 

 

9,934

 

 

 

9,743

 

Apex Service Partners, LLC

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

6.25

%

 

3M L+575

 

 

6,569

 

 

 

6,502

 

 

 

6,536

 

Apex Service Partners, LLC Term Loan B

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

6.55

%

 

3M L+550

 

 

3,323

 

 

 

3,298

 

 

 

3,307

 

Apex Service Partners, LLC - Term Loan C

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

6.50

%

 

3M L+600

 

 

7,607

 

 

 

7,607

 

 

 

7,569

 

Applied Technical Services, LLC

 

12/29/26

 

Environmental Services

 

 

9.42

%

 

3M L+500

 

 

8,822

 

 

 

8,725

 

 

 

8,602

 

Arcfield Acquisition Corp.

 

03/07/28

 

Aerospace and Defense

 

 

8.99

%

 

3M L+575

 

 

11,940

 

 

 

11,721

 

 

 

11,701

 

Beta Plus Technologies, Inc.

 

07/01/29

 

Business Services

 

 

7.56

%

 

1M L+525

 

 

15,000

 

 

 

14,700

 

 

 

14,700

 

Blackhawk Industrial Distribution, Inc.

 

09/17/24

 

Distribution

 

 

8.57

%

 

3M L+600

 

 

17,993

 

 

 

17,772

 

 

 

17,596

 

Broder Bros., Co.

 

12/02/22

 

Personal, Food and Miscellaneous Services

 

 

7.39

%

 

3M L+600

 

 

9,937

 

 

 

9,937

 

 

 

9,937

 

Cartessa Aesthetics, LLC

 

05/13/28

 

Distribution

 

 

9.55

%

 

3M L+600

 

 

17,456

 

 

 

17,131

 

 

 

17,194

 

CF512, Inc.

 

08/20/26

 

Media

 

 

9.08

%

 

3M L+575

 

 

2,985

 

 

 

2,958

 

 

 

2,940

 

Connatix Buyer, Inc.

 

07/13/27

 

Media

 

 

8.42

%

 

1M L+550

 

 

9,045

 

 

 

9,029

 

 

 

8,819

 

Dr. Squatch, LLC

 

08/31/27

 

Personal and Non-Durable Consumer Products

 

 

9.42

%

 

3M L+475

 

 

6,435

 

 

 

6,427

 

 

 

6,338

 

DRI Holding Inc.

 

12/21/28

 

Media

 

 

8.37

%

 

3M L+575

 

 

2,776

 

 

 

2,526

 

 

 

2,489

 

DRS Holdings III, Inc.

 

11/03/25

 

Consumer Products

 

 

8.87

%

 

3M L+600

 

 

15,142

 

 

 

15,063

 

 

 

14,658

 

Duraco Specialty Tapes LLC

 

06/30/24

 

Manufacturing / Basic Industries

 

 

8.62

%

 

3M L+575

 

 

8,139

 

 

 

8,008

 

 

 

7,944

 

ECL Entertainment, LLC

 

05/01/28

 

Hotels, Motels, Inns and Gaming

 

 

10.62

%

 

3M L+500

 

 

4,558

 

 

 

4,558

 

 

 

4,489

 

ECM Industries, LLC

 

12/23/25

 

Electronics

 

 

6.32

%

 

3M L+600

 

 

2,823

 

 

 

2,761

 

 

 

2,689

 

Exigo Intermediate II, LLC

 

03/15/27

 

Business Services

 

 

8.87

%

 

1M L+575

 

 

9,950

 

 

 

9,817

 

 

 

9,726

 

Fairbanks Morse Defense

 

06/17/28

 

Aerospace and Defense

 

 

7.63

%

 

6M L+475

 

 

800

 

 

 

754

 

 

 

740

 

Global Holdings InterCo LLC

 

03/16/26

 

Banking, Finance, Insurance & Real Estate

 

 

8.74

%

 

3M L+600

 

 

7,343

 

 

 

7,313

 

 

 

7,013

 

Graffiti Buyer, Inc.

 

08/10/27

 

Distribution

 

 

8.00

%

 

3M L+550

 

 

1,974

 

 

 

1,939

 

 

 

1,895

 

Hancock Roofing and Construction L.L.C.

 

12/31/26

 

Insurance

 

 

8.67

%

 

1M L+575

 

 

6,835

 

 

 

6,835

 

 

 

6,733

 

Holdco Sands Intermediate, LLC

 

11/23/28

 

Aerospace and Defense

 

 

10.17

%

 

1M L+800

 

 

19,915

 

 

 

19,535

 

 

 

19,516

 

HV Watterson Holdings, LLC

 

12/17/26

 

Business Services

 

 

9.67

%

 

3M L+600

 

 

15,255

 

 

 

15,045

 

 

 

14,721

 

HW Holdco, LLC

 

12/10/24

 

Media

 

 

6.00

%

 

3M L+700

 

 

14,438

 

 

 

14,303

 

 

 

14,257

 

Icon Partners III, LP

 

05/11/28

 

Auto Sector

 

 

6.87

%

 

3M L+475

 

 

2,333

 

 

 

2,001

 

 

 

1,705

 

IDC Infusion Services, Inc.

 

12/30/26

 

Healthcare, Education and Childcare

 

 

10.20

%

 

3M L+750

 

 

17,400

 

 

 

17,154

 

 

 

16,617

 

IG Investments Holdings, LLC

 

09/22/28

 

Business Services

 

 

9.45

%

 

1M L+575

 

 

4,473

 

 

 

4,388

 

 

 

4,428

 

Imagine Acquisitionco, LLC

 

11/15/27

 

Business Services

 

 

6.91

%

 

3M L+625

 

 

5,636

 

 

 

5,534

 

 

 

5,495

 

Inception Fertility Ventures, LLC

 

12/07/23

 

Healthcare, Education and Childcare

 

 

9.96

%

 

3M L+550

 

 

20,000

 

 

 

19,545

 

 

 

19,800

 

Infolinks Media Buyco, LLC

 

11/01/26

 

Media

 

 

9.42

%

 

1M L+550

 

 

6,428

 

 

 

6,428

 

 

 

6,428

 

Integrity Marketing Acquisition, LLC

 

08/27/25

 

Insurance

 

 

9.21

%

 

3M L+575

 

 

19,954

 

 

 

19,866

 

 

 

19,754

 

K2 Pure Solutions NoCal, L.P.

 

12/20/23

 

Chemicals, Plastics and Rubber

 

 

11.12

%

 

3M L+550

 

 

14,438

 

 

 

14,316

 

 

 

14,438

 

LAV Gear Holdings, Inc.

 

10/31/24

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

9.95

%

 

3M L+500

 

 

2,137

 

 

 

2,129

 

 

 

2,088

 

Lash OpCo, LLC

 

02/18/27

 

Consumer Products

 

 

11.17

%

 

1M L+650

 

 

19,925

 

 

 

19,708

 

 

 

19,526

 

Lightspeed Buyer Inc.

 

02/03/26

 

Healthcare, Education and Childcare

 

 

8.87

%

 

3M L+475

 

 

12,345

 

 

 

12,119

 

 

 

11,944

 

MAG DS Corp.

 

04/01/27

 

Aerospace and Defense

 

 

9.17

%

 

3M L+550

 

 

5,570

 

 

 

5,128

 

 

 

5,069

 

Magenta Buyer, LLC

 

07/31/28

 

Software

 

 

7.87

%

 

3M L+500

 

 

3,140

 

 

 

2,946

 

 

 

2,826

 

Mars Acquisition Holdings Corp.

 

05/14/26

 

Media

 

 

8.62

%

 

1M L+625

 

 

7,920

 

 

 

7,861

 

 

 

7,880

 

MBS Holdings, Inc.

 

04/16/27

 

Telecommunications

 

 

8.56

%

 

3M L+575

 

 

7,406

 

 

 

7,326

 

 

 

7,332

 

Meadowlark Acquirer, LLC

 

12/10/27

 

Business Services

 

 

9.17

%

 

3M L+575

 

 

2,983

 

 

 

2,926

 

 

 

2,953

 

Municipal Emergency Services, Inc.

 

09/28/27

 

Distribution

 

 

7.25

%

 

3M L+550

 

 

4,164

 

 

 

4,102

 

 

 

3,923

 

NBH Group LLC

 

08/19/26

 

Healthcare, Education and Childcare

 

 

7.80

%

 

3M L+575

 

 

7,505

 

 

 

7,426

 

 

 

7,505

 

OIS Management Services, LLC

 

07/09/26

 

Healthcare, Education and Childcare

 

 

9.45

%

 

3M L+600

 

 

5,257

 

 

 

5,210

 

 

 

5,257

 

Owl Acquisition, LLC

 

02/04/28

 

Education

 

 

8.41

%

 

3M L+550

 

 

3,990

 

 

 

3,874

 

 

 

3,890

 

Ox Two, LLC (New Issue)

 

05/18/26

 

Distribution

 

 

8.32

%

 

1M L+650

 

 

4,962

 

 

 

4,911

 

 

 

4,863

 

PL Acquisitionco, LLC

 

11/09/27

 

Retail

 

 

9.62

%

 

1M L+575

 

 

8,634

 

 

 

8,489

 

 

 

8,419

 

PlayPower, Inc.

 

05/08/26

 

Consumer Products

 

 

9.17

%

 

1M L+525

 

 

2,580

 

 

 

2,487

 

 

 

2,309

 

Quantic Electronics, LLC

 

11/19/26

 

Aerospace and Defense

 

 

9.92

%

 

1M L+600

 

 

3,403

 

 

 

3,342

 

 

 

3,335

 

Quantic Electronics, LLC - Unfunded Term Loan

 

11/19/26

 

Aerospace and Defense

 

 

0.00

%

 

3M L+625

 

 

143

 

 

 

-

 

 

 

(1

)

Radius Aerospace, Inc.

 

03/31/25

 

Aerospace and Defense

 

 

9.46

%

 

3M L+600

 

 

12,757

 

 

 

12,657

 

 

 

12,566

 

Rancho Health MSO, Inc.

 

12/18/25

 

Healthcare, Education and Childcare

 

 

7.75

%

 

1M L+450

 

 

5,180

 

 

 

5,180

 

 

 

5,180

 

Reception Purchaser, LLC

 

02/28/28

 

Transportation

 

 

9.13

%

 

SOFR+600

 

 

4,975

 

 

 

4,904

 

 

 

4,751

 

Recteq, LLC

 

01/29/26

 

Consumer Products

 

 

9.92

%

 

3M L+700

 

 

9,850

 

 

 

9,718

 

 

 

9,505

 

Research Now Group, LLC and Dynata, LLC

 

12/20/24

 

Business Services

 

 

8.84

%

 

1M L+550

 

 

14,542

 

 

 

14,440

 

 

 

13,070

 

Riverpoint Medical, LLC

 

06/20/25

 

Healthcare, Education and Childcare

 

 

7.74

%

 

3M L+525

 

 

3,192

 

 

 

3,172

 

 

 

3,112

 

Riverside Assessments, LLC

 

03/10/25

 

Education

 

 

9.95

%

 

1M L+575

 

 

9,949

 

 

 

9,872

 

 

 

9,750

 

Sales Benchmark Index LLC

 

01/03/25

 

Business Services

 

 

9.67

%

 

3M L+625

 

 

6,859

 

 

 

6,779

 

 

 

6,791

 

Sargent & Greenleaf Inc.

 

12/20/24

 

Electronics

 

 

7.15

%

 

3M L+550

 

 

5,082

 

 

 

5,082

 

 

 

5,031

 

Seaway Buyer, LLC

 

06/13/29

 

Chemicals, Plastics and Rubber

 

 

7.90

%

 

3M L+575

 

 

15,000

 

 

 

14,794

 

 

 

14,775

 

Signature Systems Holding Company

 

05/03/24

 

Chemicals, Plastics and Rubber

 

 

10.17

%

 

1M L+450

 

 

11,951

 

 

 

11,879

 

 

 

11,861

 

Solutionreach, Inc.

 

01/17/24

 

Communications

 

 

8.87

%

 

6M L+675

 

 

11,386

 

 

 

11,352

 

 

 

11,113

 

STV Group Incorporated

 

12/11/26

 

Transportation

 

 

8.37

%

 

3M L+575

 

 

12,099

 

 

 

12,031

 

 

 

11,978

 

 

 

 

 

 

27


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

Aerospace and Defense

 

 

8.73

%

 

SOFR+600

 

 

16,128

 

 

 

15,785

 

 

 

15,870

 

Teneo Holdings LLC

 

7/18/2025

 

Financial Services

 

 

7.73

%

 

3M L+525

 

 

3,474

 

 

 

3,435

 

 

 

3,271

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

9.67

%

 

3M L+600

 

 

11,208

 

 

 

11,102

 

 

 

11,096

 

The Bluebird Group LLC

 

7/27/2026

 

Business Services

 

 

10.67

%

 

3M L+650

 

 

5,502

 

 

 

5,549

 

 

 

5,557

 

The Vertex Companies, LLC

 

8/30/2027

 

Business Services

 

 

8.62

%

 

3M L+550

 

 

4,531

 

 

 

4,485

 

 

 

4,509

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

Food

 

 

7.78

%

 

3M L+525

 

 

5,536

 

 

 

5,392

 

 

 

5,370

 

TVC Enterprises, LLC

 

3/26/2026

 

Transportation

 

 

8.87

%

 

3M L+600

 

 

17,381

 

 

 

17,244

 

 

 

16,946

 

TWS Acquisition Corporation

 

6/16/2025

 

Education

 

 

8.76

%

 

3M L+625

 

 

7,949

 

 

 

7,917

 

 

 

7,910

 

Tyto Athene, LLC

 

4/3/2028

 

Aerospace and Defense

 

 

7.76

%

 

3M L+550

 

 

12,064

 

 

 

11,938

 

 

 

11,208

 

UBEO, LLC

 

4/3/2024

 

Printing and Publishing

 

 

8.17

%

 

3M L+450

 

 

4,674

 

 

 

4,657

 

 

 

4,604

 

Unique Indoor Comfort, LLC

 

5/24/2027

 

Home and Office Furnishings, Housewares

 

 

8.95

%

 

3M L+525

 

 

9,975

 

 

 

9,840

 

 

 

9,755

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

Electronics

 

 

9.45

%

 

SOFR+575

 

 

11,506

 

 

 

11,420

 

 

 

11,110

 

Zips Car Wash, LLC

 

3/1/2024

 

Business Services

 

 

10.24

%

 

3M L+725

 

 

19,998

 

 

 

19,673

 

 

 

19,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

738,219

 

 

 

730,108

 

Total Investments - 864.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 50.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,966

 

 

 

42,966

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,966

 

 

 

42,966

 

Total Investments and Cash Equivalents - 915.3%

 

 

 

 

 

 

 

 

 

$

781,185

 

 

$

773,073

 

Liabilities in Excess of Other Assets — (815.3)%

 

 

 

 

 

 

 

 

 

 

 

 

 

(688,611

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

84,462

 

 

 

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” , 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, 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 PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.
 

 

Below are the consolidated statements of assets and liabilities for PSLF ($ in thousands):

 

 

 

December 31, 2022

 

 

 

 

 

 

(Unaudited)

 

 

September 30, 2022

 

Assets

 

 

 

 

 

 

Investments at fair value (cost—$746,720 and $738,219, respectively)

 

$

734,690

 

 

$

730,108

 

Cash and cash equivalents (cost—$35,708 and $42,966, respectively)

 

 

35,708

 

 

 

42,966

 

Receivable for investments sold

 

 

1,423

 

 

 

3,870

 

Interest receivable

 

 

3,887

 

 

 

2,970

 

Prepaid expenses and other assets

 

 

1,231

 

 

 

1,373

 

Total assets

 

 

776,939

 

 

 

781,287

 

Liabilities

 

 

 

 

 

 

Credit facility payable

 

 

264,600

 

 

 

257,600

 

2034 Asset-backed debt, net (par—$246,000)

 

 

243,993

 

 

 

243,896

 

Notes payable to members

 

 

157,605

 

 

 

145,472

 

Payable for investments purchased

 

 

5,821

 

 

 

37,658

 

Interest payable on credit facility and asset backed debt

 

 

6,960

 

 

 

4,676

 

Distribution payable to Members

 

 

5,000

 

 

 

4,000

 

Interest payable on notes to members

 

 

3,376

 

 

 

2,703

 

Accrued expenses

 

 

648

 

 

 

820

 

Total liabilities

 

 

688,003

 

 

 

696,825

 

Commitments and contingencies (1)

 

 

 

 

 

 

Members' equity

 

 

88,936

 

 

 

84,462

 

Total liabilities and members' equity

 

$

776,939

 

 

$

781,287

 

 

———————————

(1)
As of December 31, 2022 and September 30, 2022, PSLF had unfunded commitments to fund of $0.5 million and $0.1 million, respectively

 

Below are the consolidated statements of operations for PSLF ($ in thousands):

 

 

28


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

 

 

 

Three Months Ended December 31,

 

 

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

Interest

 

 

$

18,845

 

 

$

7,570

 

Other income

 

 

 

97

 

 

 

103

 

Total investment income

 

 

 

18,942

 

 

 

7,673

 

Expenses:

 

 

 

 

 

 

 

Interest expense on credit facility and asset-backed debt

 

 

 

7,815

 

 

 

1,609

 

Interest expense on notes to members

 

 

 

4,723

 

 

 

2,439

 

Administrative services expenses

 

 

 

727

 

 

 

293

 

General and administrative expenses

 

 

 

114

 

 

 

112

 

Total expenses

 

 

 

13,379

 

 

 

4,453

 

Net investment income

 

 

 

5,563

 

 

 

3,220

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

 

(33

)

 

 

(1

)

Net change in unrealized appreciation (depreciation) on investments

 

 

 

(3,922

)

 

 

506

 

Net realized and unrealized gain (loss) from investments

 

 

 

(3,955

)

 

 

505

 

Net increase (decrease) in members' equity resulting from operations

 

 

$

1,608

 

 

$

3,725

 

———————————

(*) No management or incentive fees are payable by PSLF.

 

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

 

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

 

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

 

Level 1:

Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

 

 

Level 2:

Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

 

 

Level 3:

Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

 

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our Credit Facility and our SBA debentures are classified as Level 3. Our 2026 Notes and 2026 Notes-2 are classified as Level 2, as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

 

The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence were available. Corroborating evidence that would result in classifying these non-binding broker/dealer bids as a Level 2 asset includes observable orderly market-based transactions for the same or similar assets or other relevant observable market-based inputs that may be used in pricing an asset.

 

Our investments are generally structured as debt and equity investments in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. The transaction price, excluding transaction costs, is typically the best estimate of fair value at inception. Ongoing reviews by our Investment Adviser and independent valuation firms are based on an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information including comparable transactions, performance multiples and yields, among other factors. These non-public investments valued using unobservable inputs are included in Level 3 of the fair value hierarchy.

 

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in our ability to observe valuation inputs may result in a reclassification for certain financial assets or liabilities.

In addition to using the above inputs to value cash equivalents, investments, our SBA debentures, our 2026 Notes, our 2026 Notes -2 and our Truist Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

 

As outlined in the table below, some of our Level 3 investments using a market approach valuation technique are valued using the average of the bids from brokers or dealers. The bids include a disclaimer, may not have corroborating evidence, may be the result of a disorderly transaction and may be the result of consensus pricing. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such bids do not reflect the fair value of an investment, it may independently value such investment by using the valuation procedure that it uses with respect to assets for which market quotations

 

29


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

are not readily available. In accordance with ASC 820, we do not categorize any investments for which fair value is measured using the net asset value per share within the fair value hierarchy.

 

The remainder of our investment portfolio and our long-term Truist Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities, discount for lack of marketability and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in an earnings before interest, taxes, depreciation and amortization, or EBITDA, multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.

 

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes:

 

Asset Category ($ in thousands)

 

Fair value at
December 31, 2022

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
 (1)

First lien

 

$

46,082

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

602,366

 

 

Market Comparable

 

Market yield

 

7.0% - 21.0% (10.8%)

First lien

 

 

12,821

 

 

Enterprise Market Value

 

EBITDA multiple

 

8.0x

Second lien

 

 

9,505

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

Second lien

 

 

121,252

 

 

Market Comparable

 

Market yield

 

13.0 - 20.7 (14.8%)

Second lien

 

 

 

 

Enterprise Market Value

 

EBITDA multiple

 

6.3x

Subordinated debt / corporate notes

 

 

148,596

 

 

Market Comparable

 

Market yield

 

12.4% - 17.4 (13.3%)

Equity

 

 

179,383

 

 

Enterprise Market Value

 

EBITDA multiple

 

3.1x - 21.3x (9.4x)

Equity

 

 

6,725

 

 

Enterprise Market Value

 

DLOM(2)

 

17.2%

Total Level 3 investments

 

$

1,126,730

 

 

 

 

 

 

 

Debt Category ($ in thousands)

 

 

 

 

 

 

 

 

 

Truist Credit Facility

 

$

367,308

 

 

Market Comparable

 

Market yield

 

2.9%

 

(1)
The weighted averages disclosed in the table above were weighted by their relative fair value.
(2)
DLOM is defined as discount for lack of marketability.

 

Asset Category ($ in thousands)

 

Fair value at
September 30, 2022

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
(1)

First lien

 

$

44,530

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

569,488

 

 

Market Comparable

 

Market yield

 

7.0% – 20.2% (10.8%)

First lien

 

 

16,946

 

 

Market Comparable

 

EBITDA multiple

 

14.0x

Second lien

 

 

21,600

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

Second lien

 

 

108,336

 

 

Market Comparable

 

Market yield

 

13.3% – 17.0% (14.4%)

Second lien

 

 

 

 

Enterprise Market Value

 

EBITDA multiple

 

6.0x

Subordinated debt / corporate notes

 

 

141,265

 

 

Market Comparable

 

Market yield

 

10.8x – 17.2x (12.3x)

Equity

 

 

215,131

 

 

Enterprise Market Value

 

EBITDA multiple

 

3.3x – 21.4x (9.1x)

Equity

 

 

42,031

 

 

Enterprise Market Value

 

DLOM(2)

 

11.8

Total Level 3 investments

 

$

1,159,327

 

 

 

 

 

 

 

Debt Category ($ in thousands)

 

 

 

 

 

 

 

 

 

Truist Credit Facility

 

$

376,687

 

 

Market Comparable

 

Market yield

 

2.4%

 

 

1.
The weighted averages disclosed in the table above were weighted by their relative fair value.
2.
DLOM is defined as discount for lack of marketability.

 

Our investments, cash and cash equivalents, Truist Credit Facility, SBA debentures, 2024 Notes, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy:

 

 

 

Fair Value at December 31, 2022

 

Description ($ in thousands)

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net Asset Value (1)

 

Debt investments

 

$

940,621

 

 

$

 

 

$

 

 

$

940,621

 

 

$

 

Equity investments

 

 

255,414

 

 

 

509

 

 

 

 

 

 

186,109

 

 

 

68,796

 

Total investments

 

 

1,196,035

 

 

 

509

 

 

 

 

 

 

1,126,730

 

 

 

68,796

 

Cash and cash equivalents

 

 

28,556

 

 

 

28,556

 

 

 

 

 

 

 

 

 

 

Total investments and cash and cash equivalents

 

$

1,224,591

 

 

$

29,065

 

 

$

 

 

$

1,126,730

 

 

$

68,796

 

Truist Credit Facility

 

$

367,308

 

 

$

 

 

$

 

 

$

367,308

 

 

$

 

SBA Debentures(2)

 

 

19,701

 

 

 

 

 

 

 

 

 

19,701

 

 

 

 

2026 Notes(2)

 

 

146,993

 

 

 

 

 

 

146,993

 

 

 

 

 

 

 

2026 Notes-2(2)

 

 

161,586

 

 

 

 

 

 

161,586

 

 

 

 

 

 

 

Total debt

 

$

695,588

 

 

$

 

 

$

308,579

 

 

$

387,009

 

 

$

 

 

 

30


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

 

(1)

In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

(2)

We elected not to apply ASC 825-10 to the SBA debentures, the 2026 Notes and the 2026 Notes-2, and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. As of December 31, 2022, the carrying value of the SBA debentures approximates the fair value.

 

 

 

Fair Value at September 30, 2022

 

Description ($ in thousands)

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net Asset Value (1)

 

Debt investments

 

$

902,165

 

 

$

 

 

$

 

 

$

902,165

 

 

$

 

Equity investments

 

 

324,136

 

 

 

304

 

 

 

 

 

 

257,162

 

 

 

66,670

 

Total investments

 

 

1,226,301

 

 

 

304

 

 

 

 

 

 

1,159,327

 

 

 

66,670

 

Cash and cash equivalents

 

 

52,666

 

 

 

52,666

 

 

 

 

 

 

 

 

 

 

Total investments and cash and cash equivalents

 

$

1,278,967

 

 

$

52,970

 

 

$

 

 

$

1,159,327

 

 

$

66,670

 

Truist Credit Facility

 

$

376,687

 

 

$

 

 

$

 

 

$

376,687

 

 

 

 

SBA Debentures (2)

 

 

19,686

 

 

 

 

 

 

 

 

 

19,686

 

 

 

 

2026 Notes (2)

 

 

146,767

 

 

 

 

 

 

146,767

 

 

 

 

 

 

 

2026-2 Notes (2)

 

 

161,373

 

 

 

 

 

 

161,373

 

 

 

 

 

 

 

Total debt

 

$

704,513

 

 

$

 

 

$

308,140

 

 

$

396,373

 

 

$

 

 

(1)

In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

(2)

We elected not to apply ASC 825-10 to the SBA debentures and the 2026 Notes and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. As of September 30, 2022, the carrying value of the SBA debentures approximates the fair value.

 

 

 

The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3):

 

 

 

Three Months Ended December 31, 2022

 

Description ($ in thousands)

 

Debt
 investments

 

 

Equity
 investments

 

 

Totals

 

Beginning Balance

 

$

902,165

 

 

$

257,162

 

 

$

1,159,327

 

Net realized (loss) gain

 

 

42

 

 

 

4,024

 

 

 

4,066

 

Net change in unrealized appreciation

 

 

(5,885

)

 

 

(83,427

)

 

 

(89,312

)

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

68,890

 

 

 

14,379

 

 

 

83,269

 

Sales, repayments and non-cash exchanges

 

 

(24,590

)

 

 

(6,030

)

 

 

(30,620

)

Transfers in/out of Level 3

 

 

 

 

 

 

 

 

 

Ending Balance

 

$

940,622

 

 

$

186,108

 

 

$

1,126,730

 

Net change in unrealized appreciation reported within the net change in
   unrealized appreciation on investments in our Consolidated Statements of Operations
   attributable to our Level 3 assets still held at the reporting date

 

$

(5,667

)

 

$

(83,580

)

 

$

(89,247

)

 

 

 

Three Months Ended December 31, 2021

 

Description ($ in thousands)

 

Debt
 investments

 

 

Equity
 investments

 

 

Totals

 

Beginning Balance

 

$

850,593

 

 

$

360,428

 

 

$

1,211,021

 

Net realized (loss) gain

 

 

30

 

 

 

(26,196

)

 

 

(26,166

)

Net change in unrealized appreciation

 

 

(7,014

)

 

 

53,736

 

 

 

46,722

 

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

285,421

 

 

 

16,231

 

 

 

301,652

 

Sales, repayments and non-cash exchanges

 

 

(123,718

)

 

 

(6,134

)

 

 

(129,852

)

Transfers in/out of Level 3

 

 

 

 

 

 

 

 

 

Ending Balance

 

$

1,005,312

 

 

$

398,065

 

 

$

1,403,377

 

Net change in unrealized appreciation reported within the net change in
   unrealized appreciation on investments in our Consolidated Statements of Operations
   attributable to our Level 3 assets still held at the reporting date

 

$

(6,126

)

 

$

53,800

 

 

$

47,674

 

 

 

31


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3):

 

 

 

Three months ended December 31,

 

Long-Term Credit Facility

 

2022

 

 

2021

 

Beginning Balance (cost – $385,920 and $316,545, respectively)

 

$

376,687

 

 

$

314,813

 

Net change in unrealized appreciation (depreciation) included in earnings

 

 

(4,379

)

 

 

996

 

Borrowings (1)

 

 

44,000

 

 

 

416,897

 

Repayments (1)

 

 

(49,000

)

 

 

(288,218

)

Transfers in and/or out of Level 3

 

 

 

 

 

 

Ending Balance (cost – $380,920 and $445,224, respectively)

 

$

367,308

 

 

$

444,488

 

Temporary draws outstanding, at cost

 

 

 

 

 

 

Ending Balance (cost – $380,920 and $445,224, respectively)

 

$

367,308

 

 

$

444,488

 

 

(1)
Excludes temporary draws.

 

As of December 31, 2022, we had outstanding non-U.S. dollar borrowings on our Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below ($ in thousands):

 

Foreign Currency

 

Amount Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Change in Fair Value

 

British Pound

 

£

36,000

 

 

$

49,420

 

 

$

43,304

 

 

March 31, 2023

 

$

(6,116

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2022, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below ($ in thousands):

 

Foreign Currency

 

Amount Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Change in Fair Value

 

British Pound

 

£

36,000

 

 

$

49,420

 

 

$

40,187

 

 

December 31, 2022

 

$

(9,233

)

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to our Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Truist Credit Facility during the three months ended December 31, 2022 and 2021. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires us to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility is reported in our Consolidated Statements of Operations. We did not elect to apply ASC 825-10 to any other financial assets or liabilities, including the 2024 Notes, the 2026 Notes, 2026 Notes-2, and the SBA debentures.

 

For the three months ended December 31, 2022 and 2021, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation of $4.4 million and $(1.0) million, respectively. As of December 31, 2022 and September 30, 2022, the net unrealized depreciation on the Truist Credit Facility totaled $13.6 million and $9.2 million, respectively. We use an independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

 

 

32


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

6. TRANSACTIONS WITH AFFILIATED COMPANIES

 

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but 25% or less of its voting securities and a controlled affiliate when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the three months ended December 31, 2022 were as follows ($ in thousands):

 

Name of Investment

 

Fair Value at
September 30, 2022

 

 

Gross
Additions
(1)

 

 

Gross
Reductions

 

 

Net Change in
Appreciation /
(Depreciation)

 

 

Fair Value at
December 31, 2022

 

 

Interest
Income

 

 

PIK
Income

 

 

Dividend Income

 

 

Net Realized
Gains
(Losses)

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited

 

$

45,995

 

 

$

1,131

 

 

$

 

 

$

3,345

 

 

$

50,471

 

 

$

 

 

$

1,131

 

 

$

 

 

$

 

Mailsouth Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Loan Fund, LLC *

 

 

139,109

 

 

 

12,100

 

 

 

 

 

 

(2,052

)

 

 

149,157

 

 

 

2,858

 

 

 

 

 

 

3,256

 

 

 

 

RAM Energy LLC

 

 

74,282

 

 

 

 

 

 

 

 

 

(42,341

)

 

 

31,941

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Controlled Affiliates

 

$

259,386

 

 

$

13,231

 

 

$

 

 

$

(41,048

)

 

$

231,569

 

 

$

2,858

 

 

$

1,131

 

 

$

3,256

 

 

$

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC (2)

 

$

32,791

 

 

$

819

 

 

$

 

 

$

 

 

$

33,610

 

 

$

 

 

$

 

 

$

 

 

$

 

MidOcean JF Holdings
   Corp.

 

 

1,969

 

 

 

 

 

 

 

 

 

 

 

 

1,969

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Non-Controlled
   Affiliates

 

$

34,760

 

 

$

819

 

 

$

 

 

$

 

 

$

35,579

 

 

$

 

 

$

 

 

$

 

 

$

 

Total Controlled and
   Non-Controlled Affiliates

 

$

294,146

 

 

$

14,050

 

 

$

 

 

$

(41,048

)

 

$

267,148

 

 

$

2,858

 

 

$

1,131

 

 

$

3,256

 

 

$

 

 

(1)
Includes PIK.
(2)
Cascade Environmental Holdings, LLC became a controlled affiliate during the quarter ended June 30, 2022.
We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise.

 

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

 

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations ($ in thousands, except per share data):

 

 

 

Three Months Ended December 31,

 

 

 

2022

 

 

2021

 

Numerator for net increase (decrease) in net assets resulting from operations

 

$

(71,894

)

 

$

25,510

 

Denominator for basic and diluted weighted average shares

 

 

65,224,500

 

 

 

67,045,105

 

Basic and diluted net increase (decrease) in net assets per share resulting from operations

 

$

(1.10

)

 

$

0.38

 

 

8. CASH AND CASH EQUIVALENTS

 

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which is dependent upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser’s management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of December 31, 2022 and September 30, 2022, cash and cash equivalents consisted of money market funds in the amounts of $28.6 million and $52.7 million at fair value, respectively.

 

 

33


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

9. FINANCIAL HIGHLIGHTS

 

Below are the financial highlights ($ in thousands, except share and per share data):

 

 

 

Three Months Ended December 31,

 

 

 

2022

 

 

2021

 

Per Share Data:

 

 

 

 

 

 

Net asset value, beginning of period

 

$

8.98

 

 

$

9.85

 

Net investment income (1)

 

 

0.16

 

 

 

0.19

 

Net change in realized and unrealized (loss) gain (1)

 

 

(1.26

)

 

 

0.19

 

Net increase in net assets resulting from operations (1)

 

 

(1.10

)

 

 

0.38

 

Distributions to stockholders (1), (2)

 

 

(0.17

)

 

 

(0.12

)

Net asset value, end of period

 

$

7.71

 

 

$

10.11

 

Per share market value, end of period

 

$

5.75

 

 

$

6.93

 

Total return* (3)

 

 

8.34

%

 

 

8.57

%

Shares outstanding at end of period

 

 

65,224,500

 

 

 

67,045,105

 

Ratios** / Supplemental Data:

 

 

 

 

 

 

Ratio of operating expenses to average net assets (4)

 

 

7.13

%

 

 

5.40

%

Ratio of debt related expenses to average net assets (5)

 

 

7.01

%

 

 

4.16

%

Ratio of total expenses to average net assets (5)

 

 

14.14

%

 

 

9.56

%

Ratio of net investment income to average net assets (5)

 

 

7.44

%

 

 

7.57

%

Net assets at end of period

 

$

502,909

 

 

$

677,609

 

Weighted average debt outstanding(6)

 

$

694,152

 

 

$

697,267

 

Weighted average debt per share (1)(6)

 

$

10.64

 

 

$

10.40

 

Asset coverage per unit (7)

 

$

1,709

 

 

$

1,902

 

Portfolio turnover rate*

 

 

1.90

%

 

 

9.73

%

* Not annualized for periods less than one year.

** Annualized for periods less than one year.

(1)
Based on the weighted average shares outstanding for the respective periods.
(2)
The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.
(3)
Based on the change in market price per share during the periods and assumes distributions, if any, are reinvested.
(4)
Excludes debt-related costs.
(5)
Includes interest and expenses on debt (annualized) as well as Credit Facility amendment, debt issuance costs and excludes debt extinguishment cost, if any, (not annualized).
(6)
Includes SBA debentures outstanding.
(7)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. These amounts exclude SBA debentures from our asset coverage per unit computation pursuant to exemptive relief received from the SEC in June 2011.

 

10. DEBT

 

The annualized weighted average cost of debt for the three months ended December 31, 2022 and 2021, inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility and amortized upfront fees on SBA debentures, 2026 Notes and 2026 Notes-2, was 5.5% and 4.0%, respectively. As of December 31, 2022, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio requirement after such borrowing, excluding SBA debentures, pursuant to exemptive relief from the SEC received in June 2011.

 

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements. As of December 31, 2022 and September 30, 2022, our asset coverage ratio, as computed in accordance with the 1940 Act, was 171% and 186%, respectively.

 

Truist Credit Facility

 

As of December 31, 2022, we had the multi-currency Truist Credit Facility for up to $500.0 million (increased from $465.0 million in July 2022), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank (formerly SunTrust Bank), acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of December 31, 2022 and September 30, 2022, we had $380.9 million and $385.9 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.6% and 4.8%, respectively, exclusive of the fee on undrawn commitment, as of December 31, 2022 and September 30, 2022. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 for $475.0 million out of the total $500.0 million commitments (with the revolving period with respect to the remaining $25.0 million of commitments expiring on September 4, 2023 and the related obligations maturing on September 4, 2024) and pricing set at 225 basis points over SOFR (or an alternative risk-free floating interest rate index). As of December 31, 2022 and September 30, 2022, we had $119.1 million and $114.1 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets, excluding assets held by SBIC II. As of December 31, 2022, we were in compliance with the terms of the Truist Credit Facility.

 

SBA Debentures

 

SBIC II is able to borrow funds from the SBA against regulatory capital (which approximates equity capital) that is paid-in and is subject to customary regulatory requirements including an examination by the SBA. We have funded SBIC II with $75.0 million of equity capital and it had SBA debentures outstanding of $20.0 million as of December 31, 2022 and September 30, 2022, respectively. SBA debentures are non-recourse to us and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. Under current SBA regulations, a SBIC may individually borrow up to a maximum of $175.0 million, which is up to twice its potential regulatory capital, and as part of a group of SBICs under common control may borrow a maximum of $350 million in the aggregate.

 

 

34


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

As of both December 31, 2022 and September 30, 2022, SBIC II had an initial $150.0 million in debt commitments, all of which were drawn. During the three months ended December 31, 2022 and 2021, zero SBA debentures were repaid, respectively. As of both December 31, 2022 and September 30, 2022, the unamortized fees on the SBA debentures was $0.3 million, respectively. The SBA debentures’ upfront fees of 3.4% consist of a commitment fee of 1.0% and an issuance discount of 2.4%, which are being amortized.

 

Our fixed-rate SBA debentures were as follows ($ in thousands):

 

Issuance Dates

 

Maturity

 

Fixed All-in Coupon Rate (1)

 

 

 

As of December 31, 2022
Principal Balance

 

September 20, 2017

 

September 1, 2027

 

 

2.9

%

 

 

 

 

20,000

 

 

 

 

 

 

 

 

 

 

 

 

Issuance Dates

 

Maturity

 

Fixed All-in Coupon Rate (1)

 

 

 

As of September 30, 2022
Principal Balance

 

September 20, 2017

 

September 1, 2027

 

 

2.9

%

 

 

$

 

20,000

 

 

(1)
Excluding 3.4% of upfront fees.

 

The SBIC program is designed to stimulate the flow of capital into eligible businesses. Under SBA regulations, SBIC II is subject to regulatory requirements, including making investments in SBA eligible businesses, investing at least 25% of regulatory capital in eligible smaller businesses, as defined under the 1958 Act, placing certain limitations on the financing terms of investments, prohibiting investment in certain industries and requiring capitalization thresholds that limit distributions to us, and is subject to periodic audits and examinations of its financial statements that are prepared on a basis of accounting other than GAAP (for example, fair value, as defined under ASC 820, is not required to be used for assets or liabilities for such compliance reporting).

 

2024 Notes

 

As of December 31, 2022 and September 30, 2022, we had zero in aggregate principal amount of 2024 Notes outstanding, respectively. The 2024 Notes were redeemed on November 13, 2021 at a redemption price of $25.00 per 2024 Note, plus accrued and unpaid interest to November 13, 2021, pursuant to the indenture governing the 2024 Notes. Interest on the 2024 Notes was paid quarterly at a rate of 5.5% per year.

 

2026 Notes

 

In April 2021, we issued $150.0 million in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4%. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

 

2026 Notes-2

 

In October 2021, we issued $165.0 million in aggregate principal amount of our 2026 Notes-2 at a public offering price per note of 99.436%. Interest on the 2026 Notes-2 is paid semi-annually on May 1 and November 1 of each year, at a rate of 4.00% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes-2 are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes-2 on any securities exchange or automated dealer quotation system.

 

11. COMMITMENTS AND CONTINGENCIES

 

From time to time, we, may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

 

Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. Under these arrangements, we may be required to supply a letter of credit to a third party if the portfolio company were to request a letter of credit. As of December 31, 2022 and September 30, 2022, we had $172.3 million and $169.2 million, respectively, in commitments to fund investments. For the same periods, there were no letters of credit issued.

 

12. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

 

We must determine which, if any, of our unconsolidated controlled portfolio companies is a "significant subsidiary" within the meaning of Regulation S-X. We have determined that, as of September 30, 2022, PennantPark Senior Loan Fund, LLC and RAM Energy Holdings LLC triggered at least one of the significance tests. As a result and in accordance with Rule 3-09 of Regulation S-X, presented below is summarized unaudited financial information for RAM Energy Holdings LLC for the three months ended December 31, 2022. Similarly, in accordance with Rule 4-08(g) of Regulation S-X, which requires summarized financial information to be included in the notes to the Company’s financial statements, please refer to Note 4 to review the Statement of Assets and Liabilities as well as the Statement of Operations for PennantPark Senior Loan Fund, LLC. PennantPark Senior Loan Fund, LLC did not meet the significance threshold under Rule 3-09 which requires separate audited financial statements.

 

 

a)
RAM Energy Holdings LLC:

 

 

35


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) - (Continued)

December 31, 2022

 

 

 

Three Months Ended December 31,

 

Income Statement

 

2022

 

 

2021

 

Total revenue

 

$

16,437

 

 

$

12,734

 

Total expenses

 

 

(11,407

)

 

 

(9,315

)

Net income (loss)

 

$

5,030

 

 

$

3,419

 

.

13. STOCK REPURCHASE PROGRAM


On February 9, 2022, we announced a share repurchase program which allows us to repurchase up to $25 million of our outstanding common shares in the open market at prices below our net asset value as reported in our then most recently published consolidated financial statements. The shares may be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. Unless extended by our board of directors, the program, which may be implemented at the discretion of management, will expire on the earlier of March 31, 2023 and the repurchase of $25 million of common shares. During the three months ended December 31, 2022 and 2021, we did not make any repurchases of our common sshares, respectively.

 

 

 

 

 

36


 

Report of Independent Registered Public Accounting Firm

 

To the Stockholders and the Board of Directors of PennantPark Investment Corporation and its Subsidiaries

 

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated statement of assets and liabilities of PennantPark Investment Corporation and its Subsidiaries (collectively referred to as the Company), including the consolidated schedule of investments, as of December 31, 2022, the related consolidated statements of operations and changes in net assets for the three-month periods ended December 31, 2022 and 2021, and cash flows for the three-month periods ended December 31, 2022 and 2021, and the related notes to

the consolidated financial statements (collectively, the interim financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.

 

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of September 30, 2022, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated November 17, 2022, we expressed an unqualified opinion

on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of September 30, 2022, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

 

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

 

 

 

/s/ RSM US LLP
 

New York, New York

February 8, 2023
 

 

 

37


 

Awareness Letter of Independent Registered Public Accounting Firm

 

 

To the Board of Directors and Stockholders of PennantPark Investment Corporation and its Subsidiaries

 

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of PennantPark Investment Corporation for the periods ended December 31, 2022 and 2021, as indicated in our report dated February 8, 2023; because we did not perform an audit, we expressed no opinion on that information.



We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended December 31, 2022, is incorporated by reference in Registration Statement No. 333-263564 on Form N-2.



We are also aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.

 

 

/s/ RSM US LLP

 

New York, New York

February 8, 2023

 

38


 

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

This Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to us and our consolidated subsidiaries regarding future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Report involve risks and uncertainties, including statements as to:

 

our future operating results;

 

our business prospects and the prospects of our prospective portfolio companies, including as a result of the pandemic caused by COVID-19 or any future worsening there of;

 

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets, including changes from the impact of the COVID-19 pandemic or any future worsening there of;

 

the dependence of our future success on the general economy and its impact on the industries in which we invest;

 

the impact of a protracted decline in the liquidity of credit markets on our business;

 

the impact of investments that we expect to make;

 

the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies;

 

our contractual arrangements and relationships with third parties;

 

the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

 

the ability of our prospective portfolio companies to achieve their objectives;

 

our expected financings and investments;

 

the adequacy of our cash resources and working capital;

 

the timing of cash flows, if any, from the operations of our prospective portfolio companies;

 

the impact of price and volume fluctuations in the stock market;

 

increasing levels of inflation, and its impact on us and our portfolio companies;

 

the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;

 

the impact of future legislation and regulation on our business and our portfolio companies; and

 

the impact of the ongoing invasion of Ukraine by Russia, United Kingdom’s withdrawal from the European Union (commonly known as “Brexit”)

and other world economic and political issues.

 

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. You should not place undue influence on the forward-looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in “Risk Factors” and elsewhere in this Report.

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved.

 

We have based the forward-looking statements included in this Report on information available to us on the date of this Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including reports on Form 10-Q/K and current reports on Form 8-K.

 

You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

 

The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained elsewhere in this Report.

 

Overview

 

PennantPark Investment Corporation is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments.

 

39


 

 

We believe middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We seek to create a diversified portfolio that includes first lien secured debt, second lien secured debt, subordinated debt and equity investments by investing approximately $10 million to $50 million of capital, on average, in the securities of middle-market companies. We expect this investment size to vary proportionately with the size of our capital base. We use the term “middle-market” to refer to companies with annual revenues between $50 million and $1 billion. The companies in which we invest are typically highly leveraged, and, in most cases, are not rated by national rating agencies. If such companies were rated, we believe that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national rating agencies. Securities rated below investment grade are often referred to as “leveraged loans” or “high yield” securities or “junk bonds” and are often higher risk compared to debt instruments that are rated above investment grade and have speculative characteristics. Our debt investments may generally range in maturity from three to ten years and are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions.

Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

 

Organization and Structure of PennantPark Investment Corporation

 

PennantPark Investment Corporation, a Maryland corporation organized in January 2007, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we have elected to be treated, and intend to qualify annually, as a RIC under the Code.

SBIC II, our wholly-owned subsidiary, was organized as a Delaware limited partnership in 2012. SBIC II received a license from the SBA to operate as a SBIC under Section 301(c) of the 1958 Act. SBIC II’s objectives are to generate both current income and capital appreciation through debt and equity investments generally by investing with us in SBA eligible businesses that meet the investment selection criteria used by PennantPark Investment.

 

Our investment activities are managed by the Investment Adviser. Under our Investment Management Agreement, we have agreed to pay our Investment Adviser an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. PennantPark Investment, through the Investment Adviser, provides similar services to SBIC II under its investment management agreement. SBIC II’s investment management agreement does not affect the management and incentive fees on a consolidated basis. We have also entered into an Administration Agreement with the Administrator. Under our Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs. PennantPark Investment, through the Administrator, provides similar services to SBIC II under its administration agreement with us. Our board of directors, a majority of whom are independent of us, provides overall supervision of our activities, and the Investment Adviser supervises our day-to-day activities.

 

Revenues

 

We generate revenue in the form of interest income on the debt securities we hold and capital gains and dividends, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of first lien secured debt, second lien secured debt or subordinated debt, typically have a term of three to ten years and bear interest at a fixed or a floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, our investments provide for deferred interest payments and PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of amendment, commitment, origination, structuring or diligence fees, fees for providing significant managerial assistance and possibly consulting fees. Loan origination fees, OID and market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees, and are recorded as other investment income when earned.

 

Expenses

 

Our primary operating expenses include interest expense on the outstanding debt and unused commitment fees on undrawn amounts, under our various debt facilities, the payment of a management fee and the payment of an incentive fee to our Investment Adviser, if any, our allocable portion of overhead under our Administration Agreement and other operating costs as detailed below. Our management fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, consummating and monitoring our investments. We bear all other direct or indirect costs and expenses of our operations and transactions, including:

 

the cost of calculating our net asset value, including the cost of any third-party valuation services;

 

the cost of effecting sales and repurchases of shares of our common stock and other securities;

 

fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses;

 

expenses incurred by the Investment Adviser in performing due diligence and reviews of investments;

 

transfer agent and custodial fees;

 

fees and expenses associated with marketing efforts;

 

federal and state registration fees and any exchange listing fees;

 

federal, state, local and foreign taxes;

 

independent directors’ fees and expenses;

 

brokerage commissions;

 

fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;

 

direct costs such as printing, mailing, long distance telephone and staff;

 

40


 

 

fees and expenses associated with independent audits and outside legal costs;

 

costs associated with our reporting and compliance obligations under the 1940 Act, the 1958 Act and applicable federal and state securities laws; and

 

all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs.

 

Generally, during periods of asset growth, we expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities would be additive to the expenses described above.

 

PORTFOLIO AND INVESTMENT ACTIVITY

 

As of December 31, 2022, our portfolio totaled $1,196.0 million, which consisted of $661.2 million of first lien secured debt, $130.8 million of second lien secured debt, $148.6 million of subordinated debt (including $95.4 million in PSLF) and $255.4 million of preferred and common equity (including $53.8 million in PSLF). Our debt portfolio consisted of 96% variable-rate investments and 4% fixed-rate investments. As of December 31, 2022, we had two portfolio companies on non-accrual, representing 2.7% and 1.1% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $167.5 million as of December 31, 2022. Our overall portfolio consisted of 125 companies with an average investment size of $9.6 million, had a weighted average yield on interest bearing debt investments of 11.9% and was invested 55% in first lien secured debt, 11% in second lien secured debt, 13% in subordinated debt (including 8% in PSLF) and 21% in preferred and common equity (including 4% in PSLF). As of December 31, 2022, all of the investments held by PSLF were first lien secured debt.

 

As of September 30, 2022, our portfolio totaled $1,226.3 million and consisted of $631.0 million of first lien secured debt, $129.9 million of second lien secured debt, $141.3 million of subordinated debt (including $88.0 million in PSLF) and $324.1 million of preferred and common equity (including $51.1 million in PSLF). Our interest bearing debt portfolio consisted of 96% variable-rate investments and 4% fixed-rate investments. As of September 30, 2022, we had one portfolio company on non-accrual, representing 1% and zero percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $71.0 million as of September 30, 2022. Our overall portfolio consisted of 123 companies with an average investment size of $10.1 million, had a weighted average yield on interest bearing debt investments of 10.8 % and was invested 51 % in first lien secured debt, 11 % in second lien secured debt, 12% in subordinated debt (including 7 % in PSLF) and 26 % in preferred and common equity (including 4 % in PSLF).

 

For the three months ended December 31, 2022, we invested $86.2 million in six new and 29 existing portfolio companies with a weighted average yield on debt investments of 11.2%. Sales and repayments of investments for the three months ended December 31, 2022 totaled $30.6 million.

 

For the three months ended December 31, 2021, we invested $295.1 million in 15 new and 30 existing portfolio companies with a weighted average yield on debt investments of 8.1%. Sales and repayments of investments for the three months ended December 31, 2021 totaled $132.2 million.

 

PennantPark Senior Loan Fund, LLC

 

As of December 31, 2022, PSLF’s portfolio totaled $734.7 million, consisted of 83 companies with an average investment size of $8.9 million and had a weighted average yield on debt investments of 10.6 %.

 

As of September 30, 2022, PSLF’s portfolio totaled $730.1 million, consisted of 80 companies with an average investment size of $9.1 million and had a weighted average yield on debt investments of 9.4%.

 

For the three months ended December 31, 2022, PSLF invested $16.8 million (of which none were purchased from the Company) in four new and four existing portfolio companies with a weighted average yield on debt investments of 11.4% . PSLF’s sales and repayments of investments for the same period totaled $9.0 million.

 

For the three months ended December 31, 2021, PSLF invested $50.7 million (of which $48.1million was purchased from the Company) in nine new and two existing portfolio companies with a weighted average yield on debt investments of 7.5%. PSLF’s sales and repayments of investments for the same period totaled $35.6 million.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Actual results could differ from these estimates due to changes in the economic and regulatory environment, financial markets and any other parameters used in determining such estimates and assumptions, including the credit worthiness of our portfolio companies. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to ASC serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued. In addition to the discussion below, we describe our critical accounting policies in the notes to our Consolidated Financial Statements. We discuss our critical accounting estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2022 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates during the three months from those disclosed in our 2022 Annual Report on Form 10-K.

 

Investment Valuations

 

We expect that there may not be readily available market values for many of the investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that our board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our

 

41


 

valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material.

 

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

 

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;

 

(2)
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;

 

(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

 

(4)
The audit committee of our board of directors reviews the preliminary valuations of the Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

 

(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

 

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If our board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

 

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

 

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

 

Level 1:

Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

 

 

Level 2:

Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

 

 

Level 3:

Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

 

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our Truist Credit Facility, 2026 Notes, 2026-2 Notes and our SBA debentures are classified as Level 3. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

 

On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. The new rule clarifies how fund boards of directors can satisfy their valuation obligations and requires, among other things, the board of directors to periodically assess material valuation risks and take steps to manage those risks. The rule also permit boards of directors, subject to board oversight and certain other conditions, to designate the fund’s investment adviser to perform fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. We came into compliance with Rule 2a-5 under the 1940 Act before the compliance date. While our board of directors has not elected to designate the Investment Adviser as the valuation designee at this time, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act.

 

In addition to using the above inputs to value cash equivalents, investments, our SBA debentures, our 2026 Notes, 2026 Notes-2 and our Truist Credit Facility valuations, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to our Truist Credit Facility. We elected to use the fair value option for the Truist Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Truist Credit Facility for both the three months ended December 31, 2022. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Truist Credit Facility is reported in our Consolidated Statements of Operations. We elect not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes, 2026 Notes-2 and SBA debentures.

 

42


 

 

For the three months ended December 31, 2022 and 2021, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation of $4.4 million and $(1.0) million, respectively. As of December 31, 2022 and September 30, 2022, the net unrealized depreciation on the Truist Credit Facility totaled $13.6 million and $9.2 million, respectively. We use a nationally recognized independent valuation service to measure the fair value of our Truist Credit Facility in a manner consistent with the valuation process that the board of directors uses to value our investments.

 

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees, and are recorded as other investment income when earned.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

 

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in fair values of our portfolio investments and our Truist Credit Facility, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

 

Foreign Currency Translation

 

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

 

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

 

2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

 

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair values of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

 

Payment-in-Kind, or PIK Interest

 

We have investments in our portfolio which contain a PIK interest provision. PIK interest is added to the principal balance of the investment and is recorded as income. In order for us to maintain our ability to be subject to tax as a RIC, substantially all of this income must be paid out to stockholders in the form of dividends for U.S. federal income tax purposes, even though we may not have collected any cash with respect to interest on PIK securities.

 

Federal Income Taxes

 

We have elected to be treated, and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid.

 

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible U.S. federal excise tax imposed on RICs, we must distribute dividends for federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (subject to certain deferrals and elections) for the calendar year, (2) 98.2% of the excess, if any, of our capital gains over our capital losses, or capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year plus (3) the sum of any net ordinary income plus capital gain net income for preceding years that was realized but not distributed during such years and on which we did not incur any U.S. federal income tax, or the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on maintaining our ability to be subject to tax as a RIC, in order to provide us with additional liquidity.

 

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gain recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

 

For the three months ended December 31, 2022 and 2021 we recorded a provision for taxes on net investment income of $2.0 million and $0.2 million respectively, pertaining to federal excise tax.

 

The Taxable Subsidiary (PNNT Investment Holdings, LLC, a second-tier wholly-owned subsidiary of the Company,) is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements..

 

For the three months ended December 31, 2022 and 2021, the Company recognized a provision for taxes of zero, respectively, on net realized gain on investments by the Taxable Subsidiary. For the three months ended December 31, 2022 and 2021, the Company recognized a provision for taxes of $(0.9) million and $5.0, respectively, on net unrealized gain (loss) on investments by the Taxable Subsidiary. The provision for taxes on net realized and unrealized gains on investments is the result of netting (i) the expected tax liability on the gains from the sales of investments which is likely to be realized and unrealized during fiscal year ending September 30, 2023 and (ii) the expected

 

43


 

tax benefit resulting from the use of loss carryforwards to offset such gains. As of December 31, 2022 and September 30, 2022, the Company recognized a provision for taxes of $2.2 million and $7.1 million on net realized and unrealized gains on investments by the Taxable Subsidiary.

 

During the three months ended December 31, 2022 and 2021, the Company paid zero, respectively, in federal taxes on realized gains on the sale of investments held by the Taxable Subsidiary. Due to offsetting losses in the year ended September 30, 2022, the $4.0 million is shown on the consolidated statement of assets and liabilities under prepaid expenses and other assets. The state and local tax liability of $6.2 million as of December 31, 2022 is included under accrued other expenses in the consolidated statement of assets and liabilities.

 

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

 

The Taxable Subsidiary, which is subject to tax as a corporation, allows us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

 

RESULTS OF OPERATIONS

 

Set forth below are the results of operations for the three months ended December 31, 2022 and 2021

 

Investment Income

 

For the three months ended December 31, 2022, investment income was $30.0 million, which was attributable to $21.8 million from first lien secured debt, $3.8 million from second lien secured debt, $1.1 million from subordinated debt and $3.3 million from preferred and common equity, respectively. For the three months ended December 31, 2021, investment income was $28.3 million, which was attributable to $20.1 million from first lien secured debt, $4.5 million from second lien secured debt, $1.9 million from subordinated debt and $1.8 million from preferred and common equity, respectively. The increase in investment income compared to the same period in the prior year was primarily due to the increase in the cost yield of our debt portfolio.

 

Net Expenses

 

For the three months ended December 31, 2022, expenses totaled $19.6 million and were comprised of; $9.7 million of debt related interest and expenses, $4.6 million of base management fees, $2.2 million of performance based $1.1 million of general and administrative expenses and $2.0 million of provision for excise taxes. For the three months ended December 31, 2021, expenses totaled $15.8 and were comprised of; $6.9 million of debt-related interest and expenses, $5.1 million of base management fees, $2.6 million of performance based, incentive fees, $1.0 million of general and administrative expenses and $0.2 million of provision for excise taxes. The increase in provision for excise taxes was primarily due to the increase undistrbuted taxable income as of December 31, 2022 compared to the same period in the prior year.

 

Net Investment Income

 

For the three months ended December 31, 2022 and 2021, net investment income totaled $10.3 million, or $0.16 per share, and $12.5 million, or $0.19 per share, respectively. The decrease in net investment income compared to the same period in the prior year was primarily due to an increase in debt related interest and expenses and an increase in the provision for excise tax.

 

Net Realized Gains or Losses on Investments

 

For the three months ended December 31, 2022 and 2021, net realized gains (losses) totaled $4.1 million and $(26.1) million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

 

 

44


 

Unrealized Appreciation or Depreciation on Investments and Debt

 

For the three months ended December 31, 2022 and 2021, we reported net change in unrealized appreciation (depreciation) on investments of $(91.6) million and $46.8 million, respectively. As of December 31, 2022 and September 30, 2022, our net unrealized appreciation (depreciation) on investments totaled $(167.5) million and $(75.7) million, respectively. The net change in unrealized depreciation on our investments compared to the same period in the prior year was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

 

For the three months ended December 31, 2022 and 2021, the Truist Credit Facility had a net change in unrealized (appreciation) depreciation of $4.4 million and $(1.0) million, respectively. As of December 31, 2022 and September 30, 2022, the net unrealized depreciation on the Truist Credit Facility totaled $13.6 million and $9.2 million, respectively. The net change in unrealized depreciation compared to the same periods in the prior year was primarily due to changes in the capital markets.

 

Net Increasese (Decrease) in Net Assets Resulting from Operations

 

For the three months ended December 31, 2022 and 2021, net increase (decrease) in net assets resulting from operations totaled $(71.9) million, or $(1.10) per share and $25.5 million, or $0.38 per share, respectively.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, and income earned, proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations. As of December 31, 2022, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio requirement after such borrowing, excluding SBA debentures pursuant to exemptive relief from the SEC received in June 2011. This “Liquidity and Capital Resources” section should be read in conjunction with the "Forward-Looking Statements" section above.

 

On February 5, 2019, our stockholders approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the SBCAA) as approved by our board of directors on November 13, 2018. As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), subject to compliance with certain disclosure requirements.

 

As of December 31, 2022 and September 30, 2022, our asset coverage ratio, as computed in accordance with the 1940 Act was 171% and 186%, respectively.

 

For the three months ended December 31, 2022 and 2021, the annualized weighted average cost of debt inclusive of the fee on the undrawn commitment and amendment costs on the Truist Credit Facility, amortized upfront fees on SBA debentures, was 5.6% and 4.0%, respectively.

 

As of December 31, 2022, we had the multi-currency Truist Credit Facility for up to $500.0 million (increased from $465.0 million in July 2022), which may be further increased up to $750.0 million in borrowings with certain lenders and Truist Bank (formerly SunTrust Bank), acting as administrative agent, Regions Bank, acting as an additional multicurrency lender, and JPMorgan Chase Bank, N.A., acting as syndication agent for the lenders. As of December 31, 2022 and September 30, 2022, we had $380.9 million and $385.9 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.6% and 5.3%, respectively, exclusive of the fee on undrawn commitments, as of December 31, 2022 and September 30, 2022. The Truist Credit Facility is a revolving facility with a stated maturity date of July 29, 2027 for $475.0 million out of the total $500.0 million commitments (with the revolving period with respect to the remaining $25.0 million of commitments expiring on September 4, 2023 and the related obligations maturing on September 4, 2024) and pricing set at 235 basis points over SOFR. As of December 31, 2022 and September 30, 2022, we had $119.1 million and $114.1 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Truist Credit Facility is secured by substantially all of our assets excluding assets held by SBIC II. As of December 31, 2022, we were in compliance with the terms of the Truist Credit Facility.

 

On November 13, 2021, the 2024 Notes were redeemed at a redemption price of $25.00 per 2024 Note, plus accrued and unpaid interest to November 13, 2021, pursuant to the indenture governing the 2024 Notes. Accordingly, as of June 30, 2022 and September 30, 2021, we had zero and $86.3 million in aggregate principal amount of 2024 Notes outstanding, respectively. Interest on the 2024 Notes was paid quarterly on January 15, April 15, July 15 and October 15, at a rate of 5.5% per year.

As of December 31, 2022, we had $150.0 million in aggregate principal amount of 2026 Notes outstanding. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.50% per year, commencing November 1, 2021. The 2026 Notes mature on May 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

As of December 31, 2022, we had $165.0 million in aggregate principal amount of 2026 Notes-2 outstanding. Interest on the 2026 Notes is paid semi-annually on May 1 and November 1, at a rate of 4.0% per year, commencing May 1, 2022. The 2026 Notes-2 mature on November 1, 2026, and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes-2 are direct unsecured obligations and rank pari passu in right of payment with future unsecured unsubordinated indebtedness. The 2026 Notes-2 are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities.

We may raise additional equity or debt capital through both registered offerings off our shelf registration statement and private offerings of securities, by securitizing a portion of our investments, among other sources. Any future additional debt capital we incur, to the extent it is available, may be issued at a higher cost and on less favorable terms and conditions than the Truist Credit Facility, 2026 Notes, 2026 Notes-2 and SBA debentures. Furthermore, the Truist Credit Facility availability depends on various covenants and restrictions. The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate or strategic purposes such as our stock repurchase program.

We have entered into certain contracts under which we have material future commitments. Under our Investment Management Agreement, which was reapproved by our board of directors (including a majority of our directors who are not interested persons of us or the Investment Adviser) in February 2023 PennantPark Investment Advisers serves as our investment adviser. PennantPark Investment, through the Investment Adviser, provides similar services to SBIC II under its investment management agreement with us. SBIC II’s investment management agreement does not affect the management or incentive fees that we pay to the Investment Adviser on a consolidated basis.

 

45


 

Payments under our Investment Management Agreement in each reporting period are equal to (1) a management fee equal to a percentage of the value of our average adjusted gross assets and (2) an incentive fee based on our performance.

Under our Administration Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2023 and amended in July 2022, the Administrator furnishes us with office facilities and administrative services necessary to conduct our day-to-day operations. The Administration Agreement was amended on July 1, 2022. PennantPark Investment, through the Administrator, provides similar services to SBIC II under its administration agreements, which are intended to have no effect on the consolidated administration fee. If requested to provide significant managerial assistance to our portfolio companies, we or the Administrator will be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator’s overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs.

If any of our contractual obligations discussed above are terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

SBIC II is able to borrow funds from the SBA against regulatory capital (which approximates equity capital) that is paid-in and is subject to customary regulatory requirements including an examination by the SBA. We have funded SBIC II with $75.0 million of equity capital and it had SBA debentures outstanding of $20.0 million as of December 31, 2022 and September 30, 2022, respectively. SBA debentures are non-recourse to us and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. Under current SBA regulations, a SBIC may individually borrow up to a maximum of $175.0 million, which is up to twice its potential regulatory capital, and as part of a group of SBICs under common control may borrow a maximum of $350 million in the aggregate.

 

As of both December 31, 2022 and September 30, 2022, SBIC II had an initial $150.0 million in debt commitments, all of which were drawn. During the three months ended December 31, 2022 and 2021, there were zero repayments to the SBA debentures. As of both December 31, 2022 and September 30, 2022, the unamortized fees on the SBA debentures was $0.3 million and $0.3 million, respectively. The SBA debentures’ upfront fees of 3.4% consist of a commitment fee of 1.0% and an issuance discount of 2.4%, which are being amortized.

 

Our fixed-rate SBA debentures as of December 31, 2022 and September 30, 2022 were as follows:

 

Issuance Dates

 

Maturity

 

Fixed All-in Coupon Rate (1)

 

 

 

As of December 31, 2022
Principal Balance

 

September 20, 2017

 

September 1, 2027

 

 

2.9

%

 

 

 

 

20,000

 

 

 

 

 

 

 

 

 

 

 

 

Issuance Dates

 

Maturity

 

Fixed All-in Coupon Rate (1)

 

 

 

As of September 30, 2022
Principal Balance

 

September 20, 2017

 

September 1, 2027

 

 

2.9

%

 

 

$

 

20,000

 

 

(1)
Excluding 3.4% of upfront fees.

 

The SBIC program is designed to stimulate the flow of capital into eligible businesses. Under SBA regulations, SBIC II is subject to regulatory requirements, including making investments in SBA eligible businesses, investing at least 25% of regulatory capital in eligible smaller businesses, as defined under the 1958 Act, placing certain limitations on the financing terms of investments, prohibiting investment in certain industries and requiring capitalization thresholds that limit distributions to us, and is subject to periodic audits and examinations of their financial statements that are prepared on a basis of accounting other than GAAP (for example, fair value, as defined under ASC 820, is not required to be used for assets or liabilities for such compliance reporting). As of December 31, 2022, SBIC II was in compliance with their regulatory requirements.

 

In accordance with the 1940 Act, with certain limited exceptions, PennantPark Investment is only allowed to borrow amounts such that our required 150% asset coverage ratio is met after such borrowing. As of December 31, 2022 and September 30, 2022, we excluded the principal amounts of our SBA debentures from our asset coverage ratio pursuant to SEC exemptive relief. In 2011, we received exemptive relief from the SEC allowing us to modify the asset coverage ratio requirement to exclude the SBA debentures from the calculation. Accordingly, our ratio of total assets on a consolidated basis to outstanding indebtedness may be less than 150% which, while providing increased investment flexibility, also increases our exposure to risks associated with leverage.

 

As of December 31, 2022 and September 30, 2022, we had cash and cash equivalents of $28.6 million and $52.7 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.

 

For the three months ended December 31, 2022, our operating activities used cash of $9.6 million and our financing activities used cash of $14.8 million. Our operating activities used cash primarily due to our investment activities and our financing activities used cash primarily due to repayments under the Truist Credit Facility.



For the three months ended December 31, 2021, our operating activities used cash of $177.4 million, and our financing activities provided cash of $196.6 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to the issuance of the 2026 Notes-2 and borrowings under the Truist Credit Facility.

 

 

PennantPark Senior Loan Fund, LLC

 

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture. PSLF invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSLF was formed as a Delaware limited liability company. As of December 31, 2022 and September 30, 2022, PSLF had total assets of $776.9 million and $781.3 million, respectively and its investment portfolio consisted of debt investments in 83 and 80 portfolio companies, respectively. As of December 31, 2022, at fair value, the largest investment in a single portfolio company in PSLF was $19.8 million and the five largest investments totaled $98.0 million. As of September 30, 2022, at fair value, the largest investment in a single portfolio company in PSLF was $19.9 million and the five largest investments totaled $98.5 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

 

We and Pantheon provide capital to PSLF in the form of subordinated notes and equity interests. As of December 31, 2022 and September 30, 2022, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of December 31, 2022 and September 30, 2022 our

 

46


 

investment in PSLF consisted of subordinated notes of $95.4 million (additional $20.5 million unfunded) and $88.0 million (additional $27.9 million unfunded), respectively, and equity interests of $59.0 million (additional $13.3 million unfunded) and $54.8 million (additional $18.3 million unfunded), respectively.

 

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each of us and Pantheon.

 

Additionally, PSLF, through its wholly-owned subsidiary, or PSLF Subsidiary, has entered into a $225.0 million (reduced from $275.0 million on March 2, 2022) senior secured revolving credit facility, or the PSLF Credit Facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 255 basis points during the investment period and is subject to leverage and borrowing base restrictions.

 

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC. of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC. transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC. and 100% of the Subordinated Notes issued by PennantPark CLO IV, LLC.

Below is a summary of PSLF’s portfolio at fair value:

 

($ in thousands)

 

December 31, 2022

 

 

September 30, 2022

 

Total investments

 

$

734,690

 

 

$

730,108

 

Weighted average cost yield on income producing investments

 

 

10.6

%

 

 

9.4

%

Number of portfolio companies in PSLF

 

 

83

 

 

 

80

 

Largest portfolio company investment at fair value

 

$

19,846

 

 

$

19,906

 

Total of five largest portfolio company investments at fair value

 

$

97,994

 

 

$

98,502

 

 

 

 

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Below is a listing of PSLF’s individual investments as of December 31, 2022 ($ in thousands):

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value(2)

 

First Lien Secured Debt - 826.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

5/6/2026

 

Media

 

 

10.84

%

 

3M L+600

 

 

4,925

 

 

$

4,925

 

 

$

4,888

 

Alpine Acquisition Corp II

 

11/30/2026

 

Containers, Packaging and Glass

 

 

8.69

%

 

3M L+800

 

 

14,975

 

 

 

14,604

 

 

 

14,376

 

Altamira Technologies, LLC

 

7/24/2025

 

Aerospace and Defense

 

 

10.24

%

 

3M L+550

 

 

859

 

 

 

852

 

 

 

844

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Materials

 

 

8.25

%

 

3M L+575

 

 

19,846

 

 

 

19,817

 

 

 

19,846

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

6/10/2025

 

Media

 

 

10.98

%

 

1M L+550

 

 

14,067

 

 

 

13,946

 

 

 

13,786

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

5/23/2024

 

Media

 

 

10.23

%

 

3M L+550

 

 

14,964

 

 

 

14,891

 

 

 

14,964

 

Any Hour Services

 

7/21/2027

 

Personal, Food and Miscellaneous Services

 

 

10.17

%

 

3M L+575

 

 

9,902

 

 

 

9,894

 

 

 

9,629

 

Apex Service Partners, LLC

 

7/31/2025

 

Personal, Food and Miscellaneous Services

 

 

9.47

%

 

3M L+575

 

 

6,569

 

 

 

6,507

 

 

 

6,536

 

Apex Service Partners, LLC Term Loan B

 

7/31/2025

 

Personal, Food and Miscellaneous Services

 

 

9.63

%

 

3M L+550

 

 

3,323

 

 

 

3,300

 

 

 

3,307

 

Apex Service Partners, LLC - Term Loan C

 

7/31/2025

 

Personal, Food and Miscellaneous Services

 

 

6.50

%

 

3M L+600

 

 

7,607

 

 

 

7,607

 

 

 

7,569

 

Applied Technical Services, LLC

 

12/29/2026

 

Environmental Services

 

 

10.48

%

 

3M L+500

 

 

8,804

 

 

 

8,713

 

 

 

8,583

 

Arcfield Acquisition Corp.

 

3/7/2028

 

Aerospace and Defense

 

 

10.02

%

 

3M L+575

 

 

11,940

 

 

 

11,733

 

 

 

11,701

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

Business Services

 

 

8.87

%

 

1M L+525

 

 

15,000

 

 

 

14,708

 

 

 

14,850

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2024

 

Distribution

 

 

9.50

%

 

3M L+600

 

 

17,951

 

 

 

17,761

 

 

 

17,555

 

Broder Bros., Co.

 

12/4/2025

 

Personal and Non-Durable Consumer Products

 

 

10.73

%

 

3M L+600

 

 

9,937

 

 

 

9,937

 

 

 

9,937

 

Burgess Point Purchaser Corporation

 

9/26/2029

 

Auto Sector

 

 

9.67

%

 

SOFR+525

 

 

900

 

 

 

838

 

 

 

812

 

Cartessa Aesthetics, LLC

 

5/13/2028

 

Distribution

 

 

10.58

%

 

3M L+600

 

 

17,413

 

 

 

17,097

 

 

 

17,238

 

CF512, Inc.

 

8/20/2026

 

Media

 

 

9.08

%

 

3M L+575

 

 

2,977

 

 

 

2,952

 

 

 

2,918

 

Connatix Buyer, Inc.

 

7/13/2027

 

Media

 

 

10.14

%

 

1M L+550

 

 

8,999

 

 

 

8,983

 

 

 

8,707

 

Dr. Squatch, LLC

 

8/31/2027

 

Personal and Non-Durable Consumer Products

 

 

10.48

%

 

3M L+475

 

 

6,419

 

 

 

6,412

 

 

 

6,322

 

DRI Holding Inc.

 

12/21/2028

 

Media

 

 

9.63

%

 

3M L+575

 

 

4,415

 

 

 

3,951

 

 

 

3,781

 

DRS Holdings III, Inc.

 

11/3/2025

 

Consumer Products

 

 

10.48

%

 

3M L+600

 

 

14,670

 

 

 

14,598

 

 

 

14,201

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

Manufacturing / Basic Industries

 

 

9.89

%

 

3M L+575

 

 

8,118

 

 

 

8,006

 

 

 

7,989

 

ECL Entertainment, LLC

 

5/1/2028

 

Hotels, Motels, Inns and Gaming

 

 

11.88

%

 

3M L+500

 

 

4,546

 

 

 

4,546

 

 

 

4,531

 

ECM Industries, LLC

 

12/23/2025

 

Electronics

 

 

9.48

%

 

3M L+600

 

 

2,808

 

 

 

2,752

 

 

 

2,675

 

Electro Rent Corporation

 

1/17/2024

 

Electronics

 

 

10.27

%

 

3M L+550

 

 

4,600

 

 

 

4,398

 

 

 

4,416

 

Exigo Intermediate II, LLC

 

3/15/2027

 

Business Services

 

 

9.82

%

 

1M L+575

 

 

9,925

 

 

 

9,799

 

 

 

9,727

 

Fairbanks Morse Defense

 

6/17/2028

 

Aerospace and Defense

 

 

9.48

%

 

6M L+475

 

 

796

 

 

 

751

 

 

 

755

 

Global Holdings InterCo LLC

 

3/16/2026

 

Banking, Finance, Insurance & Real Estate

 

 

10.19

%

 

3M L+600

 

 

7,343

 

 

 

7,314

 

 

 

7,013

 

Graffiti Buyer, Inc.

 

8/10/2027

 

Distribution

 

 

10.23

%

 

3M L+550

 

 

1,969

 

 

 

1,935

 

 

 

1,890

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

10.23

%

 

1M L+575

 

 

6,833

 

 

 

6,833

 

 

 

6,696

 

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

10.17

%

 

1M L+800

 

 

19,865

 

 

 

19,494

 

 

 

19,467

 

HV Watterson Holdings, LLC

 

12/17/2026

 

Business Services

 

 

10.73

%

 

3M L+600

 

 

15,217

 

 

 

15,021

 

 

 

14,426

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

6.00

%

 

3M L+700

 

 

14,325

 

 

 

14,209

 

 

 

14,146

 

Icon Partners III, LP

 

5/11/2028

 

Auto Sector

 

 

8.82

%

 

3M L+475

 

 

2,322

 

 

 

2,002

 

 

 

1,558

 

IDC Infusion Services, Inc.

 

12/30/2026

 

Healthcare, Education and Childcare

 

 

11.23

%

 

3M L+750

 

 

17,356

 

 

 

17,124

 

 

 

16,749

 

IG Investments Holdings, LLC

 

9/22/2028

 

Business Services

 

 

10.38

%

 

1M L+575

 

 

4,462

 

 

 

4,380

 

 

 

4,395

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

Business Services

 

 

10.14

%

 

3M L+625

 

 

5,608

 

 

 

5,511

 

 

 

5,440

 

Inception Fertility Ventures, LLC

 

12/7/2023

 

Healthcare, Education and Childcare

 

 

11.95

%

 

3M L+550

 

 

19,900

 

 

 

19,557

 

 

 

19,502

 

Infolinks Media Buyco, LLC

 

11/1/2026

 

Media

 

 

10.23

%

 

1M L+550

 

 

6,412

 

 

 

6,412

 

 

 

6,412

 

Integrity Marketing Acquisition, LLC

 

8/27/2025

 

Insurance

 

 

9.33

%

 

3M L+575

 

 

19,952

 

 

 

19,872

 

 

 

19,652

 

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

12.07

%

 

3M L+550

 

 

13,543

 

 

 

13,449

 

 

 

13,543

 

LAV Gear Holdings, Inc.

 

10/31/2024

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

10.23

%

 

3M L+500

 

 

2,132

 

 

 

2,124

 

 

 

2,102

 

Lash OpCo, LLC

 

2/18/2027

 

Consumer Products

 

 

11.17

%

 

1M L+650

 

 

19,925

 

 

 

19,731

 

 

 

19,526

 

Lightspeed Buyer Inc.

 

2/3/2026

 

Healthcare, Education and Childcare

 

 

9.57

%

 

3M L+475

 

 

12,313

 

 

 

12,101

 

 

 

12,005

 

MAG DS Corp.

 

4/1/2027

 

Aerospace and Defense

 

 

10.23

%

 

3M L+550

 

 

5,555

 

 

 

5,133

 

 

 

5,055

 

Magenta Buyer, LLC

 

7/31/2028

 

Software

 

 

9.17

%

 

3M L+500

 

 

3,814

 

 

 

3,558

 

 

 

3,246

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

Media

 

 

10.23

%

 

1M L+625

 

 

7,900

 

 

 

7,843

 

 

 

7,821

 

MBS Holdings, Inc.

 

4/16/2027

 

Telecommunications

 

 

10.13

%

 

3M L+575

 

 

7,388

 

 

 

7,309

 

 

 

7,314

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

Business Services

 

 

8.96

%

 

3M L+575

 

 

2,975

 

 

 

2,921

 

 

 

2,946

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

Distribution

 

 

8.67

%

 

3M L+550

 

 

4,143

 

 

 

4,085

 

 

 

3,978

 

NBH Group LLC

 

8/19/2026

 

Healthcare, Education and Childcare

 

 

9.05

%

 

3M L+575

 

 

7,486

 

 

 

7,411

 

 

 

7,486

 

Owl Acquisition, LLC

 

2/4/2028

 

Education

 

 

8.41

%

 

3M L+550

 

 

3,980

 

 

 

3,865

 

 

 

3,881

 

Ox Two, LLC (New Issue)

 

5/18/2026

 

Distribution

 

 

10.84

%

 

1M L+650

 

 

4,950

 

 

 

4,900

 

 

 

4,801

 

PL Acquisitionco, LLC

 

11/9/2027

 

Retail

 

 

10.88

%

 

1M L+575

 

 

8,613

 

 

 

8,471

 

 

 

8,397

 

PlayPower, Inc.

 

5/8/2026

 

Consumer Products

 

 

12.00

%

 

1M L+525

 

 

2,572

 

 

 

2,485

 

 

 

2,238

 

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

10.94

%

 

1M L+600

 

 

3,348

 

 

 

3,290

 

 

 

3,274

 

Quantic Electronics, LLC - Unfunded Term Loan

 

11/19/2026

 

Aerospace and Defense

 

 

0.00

%

 

3M L+625

 

 

56

 

 

 

-

 

 

 

-

 

Radius Aerospace, Inc.

 

3/31/2025

 

Aerospace and Defense

 

 

9.87

%

 

3M L+600

 

 

12,744

 

 

 

12,650

 

 

 

12,489

 

Rancho Health MSO, Inc.

 

12/18/2025

 

Healthcare, Education and Childcare

 

 

9.42

%

 

1M L+450

 

 

5,167

 

 

 

5,167

 

 

 

5,167

 

Reception Purchaser, LLC

 

2/28/2028

 

Transportation

 

 

10.42

%

 

SOFR+600

 

 

4,963

 

 

 

4,893

 

 

 

4,764

 

Recteq, LLC

 

1/29/2026

 

Consumer Products

 

 

10.98

%

 

3M L+700

 

 

9,825

 

 

 

9,701

 

 

 

9,481

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

Business Services

 

 

8.84

%

 

1M L+550

 

 

14,542

 

 

 

14,452

 

 

 

10,776

 

Riverpoint Medical, LLC

 

6/20/2025

 

Healthcare, Education and Childcare

 

 

9.73

%

 

3M L+525

 

 

3,192

 

 

 

3,174

 

 

 

3,109

 

Riverside Assessments, LLC

 

3/10/2025

 

Education

 

 

10.48

%

 

1M L+575

 

 

9,923

 

 

 

9,855

 

 

 

9,750

 

Sales Benchmark Index LLC

 

1/3/2025

 

Business Services

 

 

10.73

%

 

3M L+625

 

 

6,859

 

 

 

6,787

 

 

 

6,825

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

Electronics

 

 

9.89

%

 

3M L+550

 

 

4,886

 

 

 

4,886

 

 

 

4,813

 

Seaway Buyer, LLC

 

6/13/2029

 

Chemicals, Plastics and Rubber

 

 

10.73

%

 

3M L+575

 

 

14,963

 

 

 

14,767

 

 

 

14,738

 

Signature Systems Holding Company

 

5/3/2024

 

Chemicals, Plastics and Rubber

 

 

10.17

%

 

1M L+450

 

 

11,764

 

 

 

11,701

 

 

 

11,764

 

Solutionreach, Inc.

 

1/17/2024

 

Communications

 

 

10.13

%

 

6M L+675

 

 

11,353

 

 

 

11,324

 

 

 

11,047

 

STV Group Incorporated

 

12/11/2026

 

Transportation

 

 

9.67

%

 

3M L+575

 

 

12,099

 

 

 

12,033

 

 

 

12,038

 

 

 

 

 

48


 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

9.45

%

 

3M L+475

 

 

3,599

 

 

 

3,397

 

 

 

3,383

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

Aerospace and Defense

 

 

10.94

%

 

SOFR+600

 

 

16,087

 

 

 

15,759

 

 

 

15,878

 

Team Services Group, LLC

 

11/24/2028

 

Healthcare, Education and Childcare

 

 

9.95

%

 

SOFR+500

 

 

700

 

 

 

669

 

 

 

662

 

Teneo Holdings LLC

 

7/18/2025

 

Financial Services

 

 

9.67

%

 

3M L+525

 

 

4,104

 

 

 

4,041

 

 

 

3,940

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

10.70

%

 

3M L+600

 

 

11,180

 

 

 

11,081

 

 

 

11,068

 

The Bluebird Group LLC

 

7/27/2026

 

Business Services

 

 

11.98

%

 

3M L+650

 

 

5,474

 

 

 

5,517

 

 

 

5,370

 

The Vertex Companies, LLC

 

8/30/2027

 

Business Services

 

 

9.88

%

 

3M L+550

 

 

4,520

 

 

 

4,476

 

 

 

4,425

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

Food

 

 

9.24

%

 

3M L+525

 

 

5,522

 

 

 

5,388

 

 

 

5,372

 

TVC Enterprises, LLC

 

3/26/2026

 

Transportation

 

 

10.13

%

 

3M L+600

 

 

17,180

 

 

 

17,054

 

 

 

16,750

 

TWS Acquisition Corporation

 

6/16/2025

 

Education

 

 

11.46

%

 

3M L+625

 

 

7,949

 

 

 

7,920

 

 

 

7,949

 

Tyto Athene, LLC

 

4/3/2028

 

Aerospace and Defense

 

 

9.25

%

 

3M L+550

 

 

12,034

 

 

 

11,912

 

 

 

10,903

 

UBEO, LLC

 

4/3/2024

 

Printing and Publishing

 

 

9.23

%

 

3M L+450

 

 

4,674

 

 

 

4,659

 

 

 

4,604

 

Unique Indoor Comfort, LLC

 

5/24/2027

 

Home and Office Furnishings, Housewares

 

 

9.98

%

 

3M L+525

 

 

9,950

 

 

 

9,820

 

 

 

9,691

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

Electronics

 

 

9.81

%

 

SOFR+575

 

 

11,477

 

 

 

11,396

 

 

 

11,082

 

Zips Car Wash, LLC

 

3/1/2024

 

Business Services

 

 

11.55

%

 

3M L+725

 

 

19,898

 

 

 

19,623

 

 

 

19,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

746,720

 

 

 

734,690

 

Total Investments - 826.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 40.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,708

 

 

 

35,708

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,708

 

 

 

35,708

 

Total Investments and Cash Equivalents - 866.2%

 

 

 

 

 

 

 

 

 

$

782,428

 

 

$

770,398

 

Liabilities in Excess of Other Assets — (766.2)%

 

 

 

 

 

 

 

 

 

 

 

 

 

(681,462

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

88,936

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable 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 PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.
(3)
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.

 

 

Below is a listing of PSLF’s individual investments as of September 30, 2022 ($ in thousands):

 

49


 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 864.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/06/26

 

Media

 

 

9.67

%

 

3M L+600

 

$

4,938

 

 

$

4,938

 

 

$

4,900

 

Alpine Acquisition Corp II

 

11/30/26

 

Containers, Packaging and Glass

 

 

8.69

%

 

3M L+800

 

 

9,975

 

 

 

9,785

 

 

 

9,576

 

Altamira Technologies, LLC

 

07/24/25

 

Aerospace and Defense

 

 

10.81

%

 

3M L+550

 

 

871

 

 

 

864

 

 

 

841

 

American Insulated Glass, LLC

 

12/21/23

 

Building Materials

 

 

7.79

%

 

3M L+575

 

 

19,906

 

 

 

19,867

 

 

 

19,906

 

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/25

 

Media

 

 

9.95

%

 

1M L+550

 

 

14,104

 

 

 

13,968

 

 

 

13,892

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

05/23/24

 

Media

 

 

9.17

%

 

3M L+550

 

 

15,168

 

 

 

15,084

 

 

 

15,168

 

Any Hour Services

 

07/21/27

 

Personal, Food and Miscellaneous Services

 

 

7.98

%

 

3M L+575

 

 

9,942

 

 

 

9,934

 

 

 

9,743

 

Apex Service Partners, LLC

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

6.25

%

 

3M L+575

 

 

6,569

 

 

 

6,502

 

 

 

6,536

 

Apex Service Partners, LLC Term Loan B

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

6.55

%

 

3M L+550

 

 

3,323

 

 

 

3,298

 

 

 

3,307

 

Apex Service Partners, LLC - Term Loan C

 

07/31/25

 

Personal, Food and Miscellaneous Services

 

 

6.50

%

 

3M L+600

 

 

7,607

 

 

 

7,607

 

 

 

7,569

 

Applied Technical Services, LLC

 

12/29/26

 

Environmental Services

 

 

9.42

%

 

3M L+500

 

 

8,822

 

 

 

8,725

 

 

 

8,602

 

Arcfield Acquisition Corp.

 

03/07/28

 

Aerospace and Defense

 

 

8.99

%

 

3M L+575

 

 

11,940

 

 

 

11,721

 

 

 

11,701

 

Beta Plus Technologies, Inc.

 

07/01/29

 

Business Services

 

 

7.56

%

 

1M L+525

 

 

15,000

 

 

 

14,700

 

 

 

14,700

 

Blackhawk Industrial Distribution, Inc.

 

09/17/24

 

Distribution

 

 

8.57

%

 

3M L+600

 

 

17,993

 

 

 

17,772

 

 

 

17,596

 

Broder Bros., Co.

 

12/02/22

 

Personal, Food and Miscellaneous Services

 

 

7.39

%

 

3M L+600

 

 

9,937

 

 

 

9,937

 

 

 

9,937

 

Cartessa Aesthetics, LLC

 

05/13/28

 

Distribution

 

 

9.55

%

 

3M L+600

 

 

17,456

 

 

 

17,131

 

 

 

17,194

 

CF512, Inc.

 

08/20/26

 

Media

 

 

9.08

%

 

3M L+575

 

 

2,985

 

 

 

2,958

 

 

 

2,940

 

Connatix Buyer, Inc.

 

07/13/27

 

Media

 

 

8.42

%

 

1M L+550

 

 

9,045

 

 

 

9,029

 

 

 

8,819

 

Dr. Squatch, LLC

 

08/31/27

 

Personal and Non-Durable Consumer Products

 

 

9.42

%

 

3M L+475

 

 

6,435

 

 

 

6,427

 

 

 

6,338

 

DRI Holding Inc.

 

12/21/28

 

Media

 

 

8.37

%

 

3M L+575

 

 

2,776

 

 

 

2,526

 

 

 

2,489

 

DRS Holdings III, Inc.

 

11/03/25

 

Consumer Products

 

 

8.87

%

 

3M L+600

 

 

15,142

 

 

 

15,063

 

 

 

14,658

 

Duraco Specialty Tapes LLC

 

06/30/24

 

Manufacturing / Basic Industries

 

 

8.62

%

 

3M L+575

 

 

8,139

 

 

 

8,008

 

 

 

7,944

 

ECL Entertainment, LLC

 

05/01/28

 

Hotels, Motels, Inns and Gaming

 

 

10.62

%

 

3M L+500

 

 

4,558

 

 

 

4,558

 

 

 

4,489

 

ECM Industries, LLC

 

12/23/25

 

Electronics

 

 

6.32

%

 

3M L+600

 

 

2,823

 

 

 

2,761

 

 

 

2,689

 

Exigo Intermediate II, LLC

 

03/15/27

 

Business Services

 

 

8.87

%

 

1M L+575

 

 

9,950

 

 

 

9,817

 

 

 

9,726

 

Fairbanks Morse Defense

 

06/17/28

 

Aerospace and Defense

 

 

7.63

%

 

6M L+475

 

 

800

 

 

 

754

 

 

 

740

 

Global Holdings InterCo LLC

 

03/16/26

 

Banking, Finance, Insurance & Real Estate

 

 

8.74

%

 

3M L+600

 

 

7,343

 

 

 

7,313

 

 

 

7,013

 

Graffiti Buyer, Inc.

 

08/10/27

 

Distribution

 

 

8.00

%

 

3M L+550

 

 

1,974

 

 

 

1,939

 

 

 

1,895

 

Hancock Roofing and Construction L.L.C.

 

12/31/26

 

Insurance

 

 

8.67

%

 

1M L+575

 

 

6,835

 

 

 

6,835

 

 

 

6,733

 

Holdco Sands Intermediate, LLC

 

11/23/28

 

Aerospace and Defense

 

 

10.17

%

 

1M L+800

 

 

19,915

 

 

 

19,535

 

 

 

19,516

 

HV Watterson Holdings, LLC

 

12/17/26

 

Business Services

 

 

9.67

%

 

3M L+600

 

 

15,255

 

 

 

15,045

 

 

 

14,721

 

HW Holdco, LLC

 

12/10/24

 

Media

 

 

6.00

%

 

3M L+700

 

 

14,438

 

 

 

14,303

 

 

 

14,257

 

Icon Partners III, LP

 

05/11/28

 

Auto Sector

 

 

6.87

%

 

3M L+475

 

 

2,333

 

 

 

2,001

 

 

 

1,705

 

IDC Infusion Services, Inc.

 

12/30/26

 

Healthcare, Education and Childcare

 

 

10.20

%

 

3M L+750

 

 

17,400

 

 

 

17,154

 

 

 

16,617

 

IG Investments Holdings, LLC

 

09/22/28

 

Business Services

 

 

9.45

%

 

1M L+575

 

 

4,473

 

 

 

4,388

 

 

 

4,428

 

Imagine Acquisitionco, LLC

 

11/15/27

 

Business Services

 

 

6.91

%

 

3M L+625

 

 

5,636

 

 

 

5,534

 

 

 

5,495

 

Inception Fertility Ventures, LLC

 

12/07/23

 

Healthcare, Education and Childcare

 

 

9.96

%

 

3M L+550

 

 

20,000

 

 

 

19,545

 

 

 

19,800

 

Infolinks Media Buyco, LLC

 

11/01/26

 

Media

 

 

9.42

%

 

1M L+550

 

 

6,428

 

 

 

6,428

 

 

 

6,428

 

Integrity Marketing Acquisition, LLC

 

08/27/25

 

Insurance

 

 

9.21

%

 

3M L+575

 

 

19,954

 

 

 

19,866

 

 

 

19,754

 

K2 Pure Solutions NoCal, L.P.

 

12/20/23

 

Chemicals, Plastics and Rubber

 

 

11.12

%

 

3M L+550

 

 

14,438

 

 

 

14,316

 

 

 

14,438

 

LAV Gear Holdings, Inc.

 

10/31/24

 

Leisure, Amusement, Motion Pictures, Entertainment

 

 

9.95

%

 

3M L+500

 

 

2,137

 

 

 

2,129

 

 

 

2,088

 

Lash OpCo, LLC

 

02/18/27

 

Consumer Products

 

 

11.17

%

 

1M L+650

 

 

19,925

 

 

 

19,708

 

 

 

19,526

 

Lightspeed Buyer Inc.

 

02/03/26

 

Healthcare, Education and Childcare

 

 

8.87

%

 

3M L+475

 

 

12,345

 

 

 

12,119

 

 

 

11,944

 

MAG DS Corp.

 

04/01/27

 

Aerospace and Defense

 

 

9.17

%

 

3M L+550

 

 

5,570

 

 

 

5,128

 

 

 

5,069

 

Magenta Buyer, LLC

 

07/31/28

 

Software

 

 

7.87

%

 

3M L+500

 

 

3,140

 

 

 

2,946

 

 

 

2,826

 

Mars Acquisition Holdings Corp.

 

05/14/26

 

Media

 

 

8.62

%

 

1M L+625

 

 

7,920

 

 

 

7,861

 

 

 

7,880

 

MBS Holdings, Inc.

 

04/16/27

 

Telecommunications

 

 

8.56

%

 

3M L+575

 

 

7,406

 

 

 

7,326

 

 

 

7,332

 

Meadowlark Acquirer, LLC

 

12/10/27

 

Business Services

 

 

9.17

%

 

3M L+575

 

 

2,983

 

 

 

2,926

 

 

 

2,953

 

Municipal Emergency Services, Inc.

 

09/28/27

 

Distribution

 

 

7.25

%

 

3M L+550

 

 

4,164

 

 

 

4,102

 

 

 

3,923

 

NBH Group LLC

 

08/19/26

 

Healthcare, Education and Childcare

 

 

7.80

%

 

3M L+575

 

 

7,505

 

 

 

7,426

 

 

 

7,505

 

OIS Management Services, LLC

 

07/09/26

 

Healthcare, Education and Childcare

 

 

9.45

%

 

3M L+600

 

 

5,257

 

 

 

5,210

 

 

 

5,257

 

Owl Acquisition, LLC

 

02/04/28

 

Education

 

 

8.41

%

 

3M L+550

 

 

3,990

 

 

 

3,874

 

 

 

3,890

 

Ox Two, LLC (New Issue)

 

05/18/26

 

Distribution

 

 

8.32

%

 

1M L+650

 

 

4,962

 

 

 

4,911

 

 

 

4,863

 

PL Acquisitionco, LLC

 

11/09/27

 

Retail

 

 

9.62

%

 

1M L+575

 

 

8,634

 

 

 

8,489

 

 

 

8,419

 

PlayPower, Inc.

 

05/08/26

 

Consumer Products

 

 

9.17

%

 

1M L+525

 

 

2,580

 

 

 

2,487

 

 

 

2,309

 

Quantic Electronics, LLC

 

11/19/26

 

Aerospace and Defense

 

 

9.92

%

 

1M L+600

 

 

3,403

 

 

 

3,342

 

 

 

3,335

 

Quantic Electronics, LLC - Unfunded Term Loan

 

11/19/26

 

Aerospace and Defense

 

 

0.00

%

 

3M L+625

 

 

143

 

 

 

-

 

 

 

(1

)

Radius Aerospace, Inc.

 

03/31/25

 

Aerospace and Defense

 

 

9.46

%

 

3M L+600

 

 

12,757

 

 

 

12,657

 

 

 

12,566

 

Rancho Health MSO, Inc.

 

12/18/25

 

Healthcare, Education and Childcare

 

 

7.75

%

 

1M L+450

 

 

5,180

 

 

 

5,180

 

 

 

5,180

 

Reception Purchaser, LLC

 

02/28/28

 

Transportation

 

 

9.13

%

 

SOFR+600

 

 

4,975

 

 

 

4,904

 

 

 

4,751

 

Recteq, LLC

 

01/29/26

 

Consumer Products

 

 

9.92

%

 

3M L+700

 

 

9,850

 

 

 

9,718

 

 

 

9,505

 

Research Now Group, LLC and Dynata, LLC

 

12/20/24

 

Business Services

 

 

8.84

%

 

1M L+550

 

 

14,542

 

 

 

14,440

 

 

 

13,070

 

Riverpoint Medical, LLC

 

06/20/25

 

Healthcare, Education and Childcare

 

 

7.74

%

 

3M L+525

 

 

3,192

 

 

 

3,172

 

 

 

3,112

 

Riverside Assessments, LLC

 

03/10/25

 

Education

 

 

9.95

%

 

1M L+575

 

 

9,949

 

 

 

9,872

 

 

 

9,750

 

Sales Benchmark Index LLC

 

01/03/25

 

Business Services

 

 

9.67

%

 

3M L+625

 

 

6,859

 

 

 

6,779

 

 

 

6,791

 

Sargent & Greenleaf Inc.

 

12/20/24

 

Electronics

 

 

7.15

%

 

3M L+550

 

 

5,082

 

 

 

5,082

 

 

 

5,031

 

Seaway Buyer, LLC

 

06/13/29

 

Chemicals, Plastics and Rubber

 

 

7.90

%

 

3M L+575

 

 

15,000

 

 

 

14,794

 

 

 

14,775

 

Signature Systems Holding Company

 

05/03/24

 

Chemicals, Plastics and Rubber

 

 

10.17

%

 

1M L+450

 

 

11,951

 

 

 

11,879

 

 

 

11,861

 

Solutionreach, Inc.

 

01/17/24

 

Communications

 

 

8.87

%

 

6M L+675

 

 

11,386

 

 

 

11,352

 

 

 

11,113

 

STV Group Incorporated

 

12/11/26

 

Transportation

 

 

8.37

%

 

3M L+575

 

 

12,099

 

 

 

12,031

 

 

 

11,978

 

 

 

 

50


 

Issuer Name

 

Maturity

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

Aerospace and Defense

 

 

8.73

%

 

SOFR+600

 

 

16,128

 

 

 

15,785

 

 

 

15,870

 

Teneo Holdings LLC

 

7/18/2025

 

Financial Services

 

 

7.73

%

 

3M L+525

 

 

3,474

 

 

 

3,435

 

 

 

3,271

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

9.67

%

 

3M L+600

 

 

11,208

 

 

 

11,102

 

 

 

11,096

 

The Bluebird Group LLC

 

7/27/2026

 

Business Services

 

 

10.67

%

 

3M L+650

 

 

5,502

 

 

 

5,549

 

 

 

5,557

 

The Vertex Companies, LLC

 

8/30/2027

 

Business Services

 

 

8.62

%

 

3M L+550

 

 

4,531

 

 

 

4,485

 

 

 

4,509

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

Food

 

 

7.78

%

 

3M L+525

 

 

5,536

 

 

 

5,392

 

 

 

5,370

 

TVC Enterprises, LLC

 

3/26/2026

 

Transportation

 

 

8.87

%

 

3M L+600

 

 

17,381

 

 

 

17,244

 

 

 

16,946

 

TWS Acquisition Corporation

 

6/16/2025

 

Education

 

 

8.76

%

 

3M L+625

 

 

7,949

 

 

 

7,917

 

 

 

7,910

 

Tyto Athene, LLC

 

4/3/2028

 

Aerospace and Defense

 

 

7.76

%

 

3M L+550

 

 

12,064

 

 

 

11,938

 

 

 

11,208

 

UBEO, LLC

 

4/3/2024

 

Printing and Publishing

 

 

8.17

%

 

3M L+450

 

 

4,674

 

 

 

4,657

 

 

 

4,604

 

Unique Indoor Comfort, LLC

 

5/24/2027

 

Home and Office Furnishings, Housewares

 

 

8.95

%

 

3M L+525

 

 

9,975

 

 

 

9,840

 

 

 

9,755

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

Electronics

 

 

9.45

%

 

SOFR+575

 

 

11,506

 

 

 

11,420

 

 

 

11,110

 

Zips Car Wash, LLC

 

3/1/2024

 

Business Services

 

 

10.24

%

 

3M L+725

 

 

19,998

 

 

 

19,673

 

 

 

19,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

738,219

 

 

 

730,108

 

Total Investments - 864.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 50.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,966

 

 

 

42,966

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,966

 

 

 

42,966

 

Total Investments and Cash Equivalents - 915.3%

 

 

 

 

 

 

 

 

 

$

781,185

 

 

$

773,073

 

Liabilities in Excess of Other Assets — (815.3)%

 

 

 

 

 

 

 

 

 

 

 

 

 

(688,611

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

84,462

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable 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 PIK interest and other fee rates, if any.
(2)
Valued based on PSLF’s accounting policy.

Below are the consolidated statements of assets and liabilities for PSLF,($ in thousands):

 

 

December 31, 2022

 

 

 

 

 

 

(Unaudited)

 

 

September 30, 2022

 

Assets

 

 

 

 

 

 

Investments at fair value (cost—$746,720 and $738,219, respectively)

 

$

734,690

 

 

$

730,108

 

Cash and cash equivalents (cost—$35,708 and $42,966, respectively)

 

 

35,708

 

 

 

42,966

 

Receivable for investments sold

 

 

1,423

 

 

 

3,870

 

Interest receivable

 

 

3,887

 

 

 

2,970

 

Prepaid expenses and other assets

 

 

1,231

 

 

 

1,373

 

Total assets

 

 

776,939

 

 

 

781,287

 

Liabilities

 

 

 

 

 

 

Credit facility payable

 

 

264,600

 

 

 

257,600

 

2034 Asset-backed debt, net (par—$246,000)

 

 

243,993

 

 

 

243,896

 

Notes payable to members

 

 

157,605

 

 

 

145,472

 

Payable for investments purchased

 

 

5,821

 

 

 

37,658

 

Interest payable on credit facility and asset backed debt

 

 

6,960

 

 

 

4,676

 

Distribution payable to Members

 

 

5,000

 

 

 

4,000

 

Interest payable on notes to members

 

 

3,376

 

 

 

2,703

 

Accrued expenses

 

 

648

 

 

 

820

 

Total liabilities

 

 

688,003

 

 

 

696,825

 

Commitments and contingencies (1)

 

 

 

 

 

 

Members' equity

 

 

88,936

 

 

 

84,462

 

Total liabilities and members' equity

 

$

776,939

 

 

$

781,287

 

(1)
As of December 31, 2022 and September 30, 2022, PSLF did not have any unfunded commitments to fund investments.

 

Below are the consolidated statements of operations for PSLF, ($ in thousands):

 

 

 

Three Months Ended December 31,

 

 

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

Interest

 

 

$

18,845

 

 

$

7,570

 

Other income

 

 

 

97

 

 

 

103

 

Total investment income

 

 

 

18,942

 

 

 

7,673

 

Expenses:

 

 

 

 

 

 

 

Interest expense on credit facility and asset-backed debt

 

 

 

7,815

 

 

 

1,609

 

Interest expense on notes to members

 

 

 

4,723

 

 

 

2,439

 

Administrative services expenses

 

 

 

727

 

 

 

293

 

General and administrative expenses

 

 

 

114

 

 

 

112

 

Total expenses

 

 

 

13,379

 

 

 

4,453

 

Net investment income

 

 

 

5,563

 

 

 

3,220

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

 

(33

)

 

 

(1

)

Net change in unrealized appreciation (depreciation) on investments

 

 

 

(3,922

)

 

 

506

 

Net realized and unrealized gain (loss) from investments

 

 

 

(3,955

)

 

 

505

 

Net increase (decrease) in members' equity resulting from operations

 

 

$

1,608

 

 

$

3,725

 

 

(*) No management or incentive fees are payable by PSLF.

 

51


 

 

Distributions

 

In order to be treated as a RIC for federal income tax purposes and to not be subject to corporate-level tax on undistributed income or gains, we are required, under Subchapter M of the Code, to annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid.

 

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for U.S. federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, contingent on our ability to be subject to tax as a RIC, in order to provide us with additional liquidity.

 

During the three months ended December 31, 2022, we declared distributions of $0.17 per share, for total distributions of $10.8 million. For the same periods in the prior year, we declared distributions of $0.12 per share, for total distributions of $8.0 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

 

We intend to continue to make quarterly distributions to our stockholders. Our quarterly distributions, if any, are determined by our board of directors.

 

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions.

 

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage ratio for borrowings applicable to us as a BDC under the 1940 Act and/or due to provisions in future credit facilities. If we do not distribute at least a certain percentage of our income annually, we could suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions at a particular level.

 

Recent Accounting Pronouncements

 

In March 2020, the FASB issued Accounting Standards Update, or ASU, No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the year ended September 30, 2022, the effect of which was not material to the consolidated financial statements and the notes thereto. The Company continues to evaluate the potential impact that the amendments in this update will have on its consolidated financial statements and disclosures.

 

In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2022-02 on its consolidated financial statement and disclosures, but the impact of the adoption is not expected to be material.

 

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

 

Share Repurchase Program

 

On February 9, 2022, we announced a share repurchase program which allows us to repurchase up to $25 million of our outstanding common shares in the open market at prices below our net asset value as reported in our then most recently published consolidated financial statements. The shares may be purchased from time to time at prevailing market prices, through open market transactions, including block transactions. Unless extended by our board of directors, the program, which may be implemented at the discretion of management, will expire on the earlier of March 31, 2023 and the repurchase of $25 million of common shares. During the three months ended December 31, 2022 and 2021, we did not make any repurchases of our common sshares, respectively.

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are subject to financial market risks, including changes in interest rates. As of December 31, 2022, our debt portfolio consisted of 96.0% variable-rate investments and 4.0% fixed rate investments. The variable-rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations of three months after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regards to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.

 

Assuming that the most recent Consolidated Statements of Assets and Liabilities was to remain constant, and no actions were taken to alter the interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

 

 

52


 

Change in Interest Rates

 

Change in Interest Income,
Net of Interest Expense
 (in thousands)

 

 

Change in Interest Income,
Net of Interest
Expense Per Share

 

Down 1%

 

$

(5,378

)

 

$

(0.08

)

Up 1%

 

 

5,378

 

 

 

0.08

 

Up 2%

 

 

10,755

 

 

 

0.16

 

Up 3%

 

 

16,133

 

 

 

0.25

 

Up 4%

 

 

21,514

 

 

 

0.33

 

 

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets on the Consolidated Statements of Assets and Liabilities and other business developments that could affect net increase in net assets resulting from operations, or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

 

Because we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds as well as our level of leverage. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income or net assets.

 

We may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts or our Truist Credit Facility subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates and foreign currencies, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities or foreign currency derivatives hedging activities.

 

Item 4. Controls and Procedures

 

As of the period covered by this Report, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). As disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, a material weakness was previously identified in connection with our internal control over financial reporting relating to procedures ensuring the timely transmission of portfolio company financial information to our independent valuation service providers. We have taken steps to remediate this material weakness, which stepshave included (i) enhancing existing controls to ensure the timely transmission of all relevant portfolio company financial information to our independent service providers and (ii) enhancing policies and procedures to demonstrate a commitment to improving our overall control environment.

 

Taking the above efforts into consideration, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures for the quarter ended December 31, 2022 were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

 

Other than disclosed in this Item 4, there have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

53


 

PART II – OTHER INFORMATION

 

 

None of us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

 

Item 1A. Risk Factors

 

In addition to the other information set forth in this Report, you should consider carefully the factors discussed below, as well as in Part I “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed on November 17, 2022 which could materially affect our business, financial condition and/or operating results. The risks described below, as well as in our Annual Report on Form 10-K, are not the only risks facing PennantPark Investment. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

 

Legislation enacted in 2018 allows us to incur additional leverage.

 

A BDC has historically been able to issue “senior securities,” including borrowing money from banks or other financial institutions, only in amounts such that its asset coverage, as defined in Section 61(a)(2) of the 1940 Act, equals at least 200% after such incurrence or issuance. In March 2018, the Consolidated Appropriations Act of 2018 (which includes the SBCAA) was enacted which amended the 1940 Act to decrease this percentage from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity) for a BDC that has received either stockholder approval or approval of a “required majority” (as defined in Section 57(o) of the 1940 Act) of its board of directors of the application of such lower asset coverage ratio to the BDC. On February 5, 2019, our stockholders approved such reduction, as approved by our board of directors on November 13, 2018. As of February 5, 2019, we are able to incur additional indebtedness so long as we comply with the applicable disclosure requirements, which may increase the risk of investing in us. Under the 200% minimum asset coverage ratio, we were permitted to borrow up to one dollar for investment purposes for every one dollar of investor equity and, under the 150% minimum asset coverage ratio, we are permitted to borrow up to two dollars for investment purposes for every one dollar of investor equity. In other words, Section 61(a)(2) of the 1940 Act permits BDCs to potentially increase their debt-to-equity ratio from a maximum of 1-to-1 to a maximum of 2-to-1. In addition, since our base management fee is determined and payable based upon our average adjusted gross assets, which includes any borrowings for investment purposes, our base management fee expense may increase if we incur additional leverage. Effective February 5, 2019, base management fees were reduced from 1.50% to 1.00% on gross assets that exceed 200% of the Company’s total net assets as of the immediately preceding quarter-end.

 

Because we intend to distribute substantially all of our income to our stockholders to maintain our ability to be subject to tax as a RIC, we may need to raise additional capital to finance our growth. If funds are not available to us, we may need to curtail new investments, and our common stock value could decline.

 

In connection with satisfying the requirements to be subject to tax as a RIC for federal income tax purposes, we intend to distribute to our stockholders substantially all of our investment company taxable income and net capital gains each taxable year. However, we may retain all or a portion of our net capital gains and incur applicable income taxes with respect thereto and elect to treat such retained net capital gains as deemed dividend distributions to our stockholders.

 

As noted above, on November 13, 2018 and February 5, 2019, our board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act), and our stockholders, respectively, approved a reduction of our asset coverage ratio from 200% to 150%. As a result, as of February 6, 2019, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). If we incur additional indebtedness under this provision, the risk of investing in us will increase. If the value of our assets declines, we may be unable to satisfy this asset coverage test. If that happens, we may be required to sell a portion of our investments or sell additional common stock and, depending on the nature of our leverage, to repay a portion of our indebtedness at a time when such sales and repayments may be disadvantageous. In addition, the issuance of additional securities could dilute the percentage ownership of our current stockholders in us.

 

We are partially dependent on our SBIC Fund for cash distributions to enable us to meet the distribution requirements in order to permit us to be subject to tax as a RIC. In this regard, our SBIC Fund is limited by the SBA regulations governing SBICs from making certain distributions to us that may be necessary to satisfy the requirements to be subject to tax as a RIC. In such a case, we would need to request a waiver of the SBA’s restrictions for our SBIC Fund to make certain distributions to enable us to be subject to tax as a RIC. We cannot assure you that the SBA will grant such waiver, and if our SBIC Fund is unable to obtain a waiver, compliance with the SBA regulations may cause us to incur a corporate-level income tax.

 

If we incur additional debt, it could increase the risk of investing in our shares.

 

We have indebtedness outstanding pursuant to the Truist Credit Facility, 2024 Notes, 2026 Notes, 2026 Notes-2 and SBA debentures and expect in the future to borrow additional amounts under the Truist Credit Facility or other debt securities, subject to market availability, and, may increase the size of the Truist Credit Facility. We cannot assure you that our leverage will remain at current levels. The amount of leverage that we employ will depend upon our assessment of the market and other factors at the time of any proposed borrowing. Lenders have fixed dollar claims on our assets that are superior to the claims of our common stockholders or preferred stockholders, if any, and we have granted a security interest in our assets, excluding those of SBIC II, in connection with borrowings under the Truist Credit Facility. In the case of a liquidation event, those lenders would receive proceeds before our stockholders. Additionally, the SBA, as a lender and an administrative agent, has a superior claim over the assets of SBIC II in relation to our other creditors. Any future debt issuance will increase our leverage and may be subordinate to the Truist Credit Facility and SBA debentures. In addition, borrowings or debt issuances and SBA debentures, also known as leverage, magnify the potential for loss or gain on amounts invested and, therefore, increase the risks associated with investing in our securities. Leverage is generally considered a speculative investment technique. If the value of our assets decreases, then leveraging would cause the net asset value attributable to our common stock to decline more than it otherwise would have had we not utilized leverage. Similarly, any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on our common or preferred stock. Our ability to service any debt that we incur depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures.

 

As noted above, on November 13, 2018 and February 5, 2019, our board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act), and our stockholders, respectively, approved a reduction of our asset coverage ratio. As a result, as of February 6, 2019, the asset coverage requirement applicable to us for senior securities was reduced from 200% to 150%. As of such date, we are able to incur additional indebtedness so long as we comply with the applicable disclosure requirements, which may increase the risk of investing in us.

 

 

54


 

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

 

No unregistered securities were sold in the quarter ended December 31, 2022.

 

Issuer Purchases of Equity Securities

 

Repurchases of our common stock under our share repurchase program are as follows:

Period

 

Total Number of Shares Purchased

 

 

Average Price per Share

 

 

Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)

 

 

Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)

 

January 1, 2022 through March 31, 2022

 

 

913,454

 

 

$

7.72

 

 

 

913,454

 

 

$

17,944

 

April 1, 2022 through June 30, 2022

 

 

717,709

 

 

$

6.91

 

 

 

1,631,163

 

 

$

12,986

 

July 1, 2022 through September 30, 2022

 

 

189,442

 

 

$

6.52

 

 

 

1,820,605

 

 

$

11,751

 

October 1, 2022 through December 31, 2022

 

 

 

 

$

-

 

 

 

1,820,605

 

 

$

11,751

 

Total investments

 

 

1,820,605

 

 

$

7.28

 

 

 

 

 

 

 

—————————

(1)

On February 9, 2022, we announced a share repurchase program which allows us to repurchase up to $25.0 million of our outstanding commons stock. Unless extended by our board of directors, the program will expire on the earlier off March 31, 2023 and the repurchase of $25.0 million of common stock.

 

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

None.

 

 

55


 

Item 6. Exhibits

 

Unless specifically indicated otherwise, the following exhibits are incorporated by reference to exhibits previously filed with the SEC:

 

  3.1

Articles of Incorporation (Incorporated by reference to Exhibit 99(a) to the Registrant’s Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2/A (File No. 333-140092), filed on April 5, 2007).

 

 

  3.2

Second Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00736), filed on May 11, 2020).

 

 

  4.1

Form of Share Certificate (Incorporated by reference to Exhibit 99(d)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-150033), filed on April 2, 2008).

 

 

31.1*

Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

 

31.2*

Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

 

32.1*

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

32.2*

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

99.1

Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 to the Registrant’s Annual Report on Form 10-K (File No. 814-00736), filed on November 16, 2011).

 

 

101.INS*

Inline XBRL Instance Document

 

 

101.SCH*

Inline XBRL Taxonomy Extension Schema

 

 

101.CAL*

Inline XBRL Taxonomy Extension Calculation Linkbase Document

 

 

101.DEF*

Inline XBRL Taxonomy Extension Definition Linkbase Document

 

 

101.LAB*

Inline XBRL Taxonomy Extension Label Linkbase Document

 

 

101.PRE*

Inline XBRL Taxonomy Extension Presentation Linkbase Document

 

 

104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

 

* Filed herewith.

 

56


 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

PENNANTPARK INVESTMENT CORPORATION

 

 

 

Date: February 8, 2023

 

By:

 

/s/ Arthur H. Penn

 

 

 

 

Arthur H. Penn

 

 

 

 

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

 

 

 

Date: February 8, 2023

 

By:

 

/s/ Richard T. Allorto, Jr.

 

 

 

 

Richard T. Allorto, Jr.

 

 

 

 

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

 

57