UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 814-00735
Portman Ridge Finance Corporation
(Exact name of Registrant as specified in its charter)
Delaware |
|
20-5951150 |
(State or other jurisdiction of Incorporation or organization) |
|
(I.R.S. Employer Identification Number) |
650 Madison Avenue, 23rd Floor
New York, New York 10022
(Address of principal executive offices)
(212) 891-288087
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
|
PTMN |
|
The NASDAQ Global Select Market |
|
|
|
|
|
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 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 7(a)(2)(B) of the Securities Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
The number of outstanding shares of common stock of the registrant as of May 9, 2022 was 9,714,188.
TABLE OF CONTENTS
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Page |
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Part I. Financial Information |
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Item 1. |
Consolidated Financial Statements |
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Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021 |
4 |
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Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2022 and 2021 |
5 |
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6 |
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Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2022 and 2021 |
7 |
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Consolidated Schedules of Investments (unaudited) as of March 31, 2022 and December 31, 2021 |
8 |
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Consolidated Financial Highlights (unaudited) for the three months ended March 31, 2022 and 2021 |
20 |
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21 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
46 |
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Item 3. |
59 |
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Item 4. |
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
60 |
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Item 5. |
60 |
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Item 1. |
61 |
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Item 1A. |
61 |
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Item 2. |
61 |
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Item 3. |
62 |
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Item 4. |
62 |
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Item 5. |
62 |
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Item 6. |
62 |
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63 |
NOTE ABOUT REFERENCES TO PORTMAN RIDGE FINANCE CORPORATION
In this Quarterly Report on Form 10-Q, the “Company”, “Portman Ridge”, “we”, “us” and “our” refer to Portman Ridge Finance Corporation and its wholly-owned subsidiaries, unless the context otherwise requires.
NOTE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this item should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report and in conjunction with the financial statements and notes thereto in the Company’s Form 10-K for the year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission (the “Commission” or the “SEC”). In addition, some of the statements in this report constitute forward-looking statements. The matters discussed in this Quarterly Report, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook, ”believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans or objectives will be achieved. These statements are not
2
guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
For a more detailed discussion of factors that could cause our actual results to differ from forward-looking statements contained in this Quarterly Report, please see the discussion in Part II, “Item 1A. Risk Factors” of this Quarterly Report, and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date this Quarterly Report is filed with the SEC.
3
PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
|
|
March 31, 2022 |
|
|
December 31, |
|
||
|
|
(Unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Investments at fair value: |
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments (amortized cost: 2022 - $490,597; 2021 - $479,153) |
|
$ |
464,754 |
|
|
$ |
452,482 |
|
Non-controlled affiliated investments (amortized cost: 2022 - $74,951; 2021 - $74,082) |
|
|
75,129 |
|
|
|
74,142 |
|
Controlled affiliated investments (cost: 2022 - $58,142; 2021 - $52,130) |
|
|
28,128 |
|
|
|
23,361 |
|
Total Investments at Fair Value (cost: 2022 - $623,690; 2021 - $605,365) |
|
|
568,011 |
|
|
|
549,985 |
|
Cash and cash equivalents |
|
|
20,524 |
|
|
|
28,919 |
|
Restricted cash |
|
|
63,094 |
|
|
|
39,421 |
|
Interest receivable |
|
|
3,119 |
|
|
|
5,514 |
|
Receivable for unsettled trades |
|
|
2,153 |
|
|
|
20,193 |
|
Due from affiliates |
|
|
592 |
|
|
|
507 |
|
Other assets |
|
|
3,365 |
|
|
|
3,762 |
|
Total Assets |
|
$ |
660,858 |
|
|
$ |
648,301 |
|
LIABILITIES |
|
|
|
|
|
|
||
2018-2 Secured Notes (net of discount of: 2022 - $1,358; 2021 - $1,403) |
|
|
162,504 |
|
|
|
162,460 |
|
4.875% Notes Due 2026 (net of discount of: 2022 - $2,046; 2021 - $2,157; net of deferred financing costs of: 2022 - $977; 2021 - $951) |
|
|
104,977 |
|
|
|
104,892 |
|
Great Lakes Portman Ridge Funding LLC Revolving Credit Facility (net of deferred financing costs of: 2022 - $640; 2021 - $732) |
|
|
79,930 |
|
|
|
79,839 |
|
Derivative liabilities (cost: 2021 - $31) |
|
|
- |
|
|
|
2,412 |
|
Payable for unsettled trades |
|
|
21,622 |
|
|
|
5,397 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
5,101 |
|
|
|
4,819 |
|
Accrued interest payable |
|
|
3,325 |
|
|
|
2,020 |
|
Due to affiliates |
|
|
1,286 |
|
|
|
1,799 |
|
Management and incentive fees payable |
|
|
3,812 |
|
|
|
4,541 |
|
Total Liabilities |
|
|
382,557 |
|
|
|
368,179 |
|
COMMITMENTS AND CONTINGENCIES (NOTE 8) |
|
|
|
|
|
|
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NET ASSETS |
|
|
|
|
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Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,867,998 issued, and 9,676,705 outstanding at March 31, 2022, and 9,867,998 issued, and 9,699,695 outstanding at December 31, 2021 |
|
|
97 |
|
|
|
97 |
|
Capital in excess of par value |
|
|
733,327 |
|
|
|
733,095 |
|
Total distributable (loss) earnings |
|
|
(455,123 |
) |
|
|
(453,070 |
) |
Total Net Assets |
|
|
278,301 |
|
|
|
280,122 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
660,858 |
|
|
$ |
648,301 |
|
NET ASSET VALUE PER COMMON SHARE (1) |
|
$ |
28.76 |
|
|
$ |
28.88 |
|
See accompanying notes to unaudited consolidated financial statements.
4
PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
|
|
For the Three Months Ended March 31, |
|||||||
|
|
2022 |
|
|
2021 |
|
|
||
INVESTMENT INCOME |
|
|
|
|
|
|
|
||
Interest income: |
|
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments |
|
$ |
12,667 |
|
|
$ |
14,470 |
|
|
Non-controlled affiliated investments |
|
|
591 |
|
|
|
233 |
|
|
Total interest income |
|
|
13,258 |
|
|
|
14,703 |
|
|
Payment-in-kind income: |
|
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments |
|
|
1,126 |
|
|
|
1,132 |
|
|
Non-controlled affiliated investments |
|
|
256 |
|
|
|
- |
|
|
Total payment-in-kind income |
|
|
1,382 |
|
|
|
1,132 |
|
|
Dividend income: |
|
|
|
|
|
|
|
||
Non-controlled affiliated investments |
|
|
945 |
|
|
|
814 |
|
|
Controlled affiliated investments |
|
|
1,163 |
|
|
|
1,226 |
|
|
Total dividend income |
|
|
2,108 |
|
|
|
2,040 |
|
|
Fees and other income |
|
|
196 |
|
|
|
430 |
|
|
Total investment income |
|
|
16,944 |
|
|
|
18,305 |
|
|
EXPENSES |
|
|
|
|
|
|
|
||
Management fees |
|
|
2,135 |
|
|
|
1,793 |
|
|
Performance-based incentive fees |
|
|
1,678 |
|
|
|
2,094 |
|
|
Interest and amortization of debt issuance costs |
|
|
3,344 |
|
|
|
3,380 |
|
|
Professional fees |
|
|
845 |
|
|
|
1,494 |
|
|
Administrative services expense |
|
|
847 |
|
|
|
613 |
|
|
Other general and administrative expenses |
|
|
187 |
|
|
|
718 |
|
|
Total expenses |
|
|
9,036 |
|
|
|
10,092 |
|
|
NET INVESTMENT INCOME |
|
|
7,908 |
|
|
|
8,213 |
|
|
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS |
|
|
|
|
|
|
|
||
Net realized gains (losses) from investment transactions: |
|
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments |
|
|
(3,670 |
) |
|
|
(5,195 |
) |
|
Non-controlled affiliated investments |
|
|
212 |
|
|
|
109 |
|
|
Derivatives |
|
|
(2,095 |
) |
|
|
- |
|
|
Net realized gain (loss) on investments |
|
|
(5,553 |
) |
|
|
(5,086 |
) |
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
||
Non-controlled/non-affiliated investments |
|
|
829 |
|
|
|
6,263 |
|
|
Non-controlled affiliated investments |
|
|
117 |
|
|
|
331 |
|
|
Controlled affiliated investments |
|
|
(1,245 |
) |
|
|
625 |
|
|
Derivatives |
|
|
2,442 |
|
|
|
(474 |
) |
|
Net unrealized gain (loss) on investments |
|
|
2,143 |
|
|
|
6,745 |
|
|
Tax (provision) benefit on realized and unrealized gains (losses) on investments |
|
|
(440 |
) |
|
|
- |
|
|
Net realized and unrealized appreciation (depreciation) on investments, net of taxes |
|
|
(3,850 |
) |
|
|
1,659 |
|
|
Realized gains (losses) on extinguishments of debt |
|
|
- |
|
|
|
(1,835 |
) |
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
4,058 |
|
|
$ |
8,037 |
|
|
Net Increase (Decrease) In Stockholders' Equity Resulting from Operations per Common Share (1): |
|
|
|
|
|
|
|
||
Basic and Diluted: |
|
$ |
0.42 |
|
|
$ |
1.07 |
|
|
Net Investment Income Per Common Share (1): |
|
|
|
|
|
|
|
||
Basic and Diluted: |
|
$ |
0.82 |
|
|
$ |
1.09 |
|
|
Weighted Average Shares of Common Stock Outstanding—Basic and Diluted (1) |
|
|
9,698,099 |
|
|
|
7,517,453 |
|
|
See accompanying notes to unaudited consolidated financial statements.
5
PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(1)
(in thousands, except share and per share amounts)
(Unaudited)
|
|
For the Three Months Ended March 31, |
|||||||
|
|
2022 |
|
|
2021 |
|
|
||
Operations: |
|
|
|
|
|
|
|
||
Net investment income |
|
$ |
7,908 |
|
|
$ |
8,213 |
|
|
Net realized gains (losses) from investment transactions |
|
|
(5,553 |
) |
|
|
(5,086 |
) |
|
Realized gains (losses) from extinguishments of debt |
|
|
- |
|
|
|
(1,835 |
) |
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
2,143 |
|
|
|
6,745 |
|
|
Tax (provision) benefit on realized and unrealized gains (losses) on investments |
|
|
(440 |
) |
|
|
- |
|
|
Net increase (decrease) in stockholders’ equity resulting from operations |
|
|
4,058 |
|
|
|
8,037 |
|
|
|
|
|
|
|
|
|
|
||
Stockholder distributions: |
|
|
|
|
|
|
|
||
Distributions of ordinary income |
|
|
(6,111 |
) |
|
|
(4,510 |
) |
|
Net decrease in net assets resulting from stockholder distributions |
|
|
(6,111 |
) |
|
|
(4,510 |
) |
|
|
|
|
|
|
|
|
|
||
Capital share transactions: |
|
|
|
|
|
|
|
||
Issuance of common stock for: |
|
|
|
|
|
|
|
||
Distribution reinvestment plan |
|
|
338 |
|
|
|
64 |
|
|
Stock repurchases |
|
|
(545 |
) |
|
|
- |
|
|
Private placement and other |
|
|
439 |
|
|
|
- |
|
|
Net increase in net assets resulting from capital share transactions |
|
|
232 |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
||
Net assets at beginning of period |
|
|
280,122 |
|
|
|
216,264 |
|
|
Net assets at end of period |
|
$ |
278,301 |
|
|
$ |
219,855 |
|
|
Net asset value per common share (2) |
|
$ |
28.76 |
|
|
$ |
29.24 |
|
|
Common shares outstanding at end of period (2) |
|
|
9,676,705 |
|
|
|
7,519,514 |
|
|
See accompanying notes to unaudited consolidated financial statements.
6
PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share and per share amounts)
(Unaudited)
|
|
For the Three Months Ended March 31, |
|||||||
|
|
2022 |
|
|
2021 |
|
|
||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from operations |
|
$ |
4,058 |
|
|
$ |
8,037 |
|
|
Adjustments to reconcile net increase (decrease) in stockholders' equity resulting from operations to net cash (used in) provided by in operations: |
|
|
|
|
|
|
|
||
Net realized (gains) losses on investment transactions |
|
|
5,553 |
|
|
|
5,086 |
|
|
Net change in unrealized (appreciation) depreciation from investments |
|
|
(2,143 |
) |
|
|
(6,745 |
) |
|
Purchases of investments |
|
|
(58,313 |
) |
|
|
(58,354 |
) |
|
Proceeds from sales and redemptions of investments |
|
|
39,355 |
|
|
|
80,774 |
|
|
Net accretion of investments |
|
|
(3,508 |
) |
|
|
(7,881 |
) |
|
Amortization of debt issuance costs |
|
|
307 |
|
|
|
224 |
|
|
Realized (gains) losses on extinguishments of debt |
|
|
- |
|
|
|
1,835 |
|
|
Net payment-in-kind income |
|
|
(1,382 |
) |
|
|
884 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
||
(Increase) decrease in receivable for unsettled trades |
|
|
18,040 |
|
|
|
10,965 |
|
|
(Increase) decrease in interest and dividends receivable |
|
|
2,395 |
|
|
|
84 |
|
|
(Increase) decrease in due from affiliates |
|
|
(85 |
) |
|
|
(496 |
) |
|
(Increase) decrease in other assets |
|
|
397 |
|
|
|
(102 |
) |
|
Increase (decrease) in payable for unsettled trades |
|
|
16,225 |
|
|
|
13,881 |
|
|
Increase (decrease) in accrued interest payable |
|
|
1,305 |
|
|
|
57 |
|
|
Increase (decrease) in management and incentive fees payable |
|
|
(729 |
) |
|
|
(779 |
) |
|
Increase (decrease) in due to affiliates |
|
|
(513 |
) |
|
|
997 |
|
|
Increase (decrease) in accounts payable and accrued expenses |
|
|
282 |
|
|
|
621 |
|
|
Net cash (used in) provided by operating activities |
|
|
21,244 |
|
|
|
49,088 |
|
|
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||
Debt issuance costs |
|
|
(87 |
) |
|
|
- |
|
|
Private placement and other |
|
|
439 |
|
|
|
- |
|
|
Stock repurchase program |
|
|
(545 |
) |
|
|
- |
|
|
Distributions to stockholders |
|
|
(5,773 |
) |
|
|
(4,446 |
) |
|
Repayment of 2018-2 Secured Notes |
|
|
- |
|
|
|
(88,000 |
) |
|
Borrowings from Revolving Credit Facilities |
|
|
- |
|
|
|
19,750 |
|
|
Net cash (used in) provided by financing activities |
|
|
(5,966 |
) |
|
|
(72,696 |
) |
|
CHANGE IN CASH AND RESTRICTED CASH |
|
|
15,278 |
|
|
|
(23,607 |
) |
|
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD |
|
|
68,340 |
|
|
|
82,903 |
|
|
CASH AND RESTRICTED CASH, END OF PERIOD |
|
$ |
83,618 |
|
|
$ |
59,296 |
|
|
Amounts per balance sheet: |
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
20,524 |
|
|
$ |
30,844 |
|
|
Restricted cash |
|
|
63,094 |
|
|
|
28,453 |
|
|
Total Cash and Restricted cash |
|
$ |
83,618 |
|
|
$ |
59,297 |
|
|
Supplemental Information and non-cash activities: |
|
|
|
|
|
|
|
||
Cash paid for interest during the period |
|
$ |
1,732 |
|
|
$ |
3,099 |
|
|
Reinvestment of distributions |
|
$ |
338 |
|
|
$ |
64 |
|
|
See accompanying notes to unaudited consolidated financial statements.
7
PORTMAN RIDGE FINANCE CORPORATION
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of March 31, 2022
(in thousands, except share and per share amounts)
(Unaudited)
Debt Securities Portfolio
Portfolio Company14 |
Investment |
Industry |
Interest Rate |
Reference Rate and Spread1 |
Floor |
Maturity |
Initial Acquisition Date |
Par/ Shares |
|
Cost |
|
Fair Value2 |
|
Footnote Refs |
|||
Senior Secured Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Accordion Partners LLC |
Term Loan |
Finance |
6.5% Cash |
L+5.50% |
1.00% |
9/24/27 |
9/24/21 |
|
9,748 |
|
$ |
9,616 |
|
$ |
9,628 |
|
(7)(12)(13) |
Accordion Partners LLC |
Delayed Draw Term Loan |
Finance |
1.0% Cash |
|
|
9/24/27 |
9/24/21 |
|
- |
|
|
(18 |
) |
|
(30 |
) |
(7)(12)(13)(20) |
Accordion Partners LLC |
Revolver |
Finance |
6.5% Cash |
L+5.50% |
1.00% |
9/24/27 |
9/24/21 |
|
2,500 |
|
|
2,425 |
|
|
2,439 |
|
(7)(12)(20) |
Accurate Background, LLC |
Term Loan |
Services: Business |
7.0% Cash |
L+6.00% |
1.00% |
3/26/27 |
10/20/21 |
|
2,985 |
|
|
2,737 |
|
|
2,850 |
|
(7)(12) |
Advantage Capital Holdings LLC |
Term Loan |
Banking, Finance, Insurance & Real Estate |
5.0% Cash + 8.0% PIK |
|
|
1/29/25 |
2/14/20 |
|
2,729 |
|
|
2,729 |
|
|
2,729 |
|
(7)(12)(13) |
Advantage Capital Holdings LLC |
Delayed Draw Term Loan |
Banking, Finance, Insurance & Real Estate |
5.0% Cash + 8.0% PIK |
|
|
1/29/25 |
2/14/20 |
|
3,089 |
|
|
3,089 |
|
|
3,089 |
|
(7)(12)(13) |
AIS Holdco, LLC |
First Lien Term Loan A |
Banking, Finance, Insurance & Real Estate |
5.3% Cash |
L+5.00% |
|
8/15/25 |
10/28/20 |
|
2,339 |
|
|
2,001 |
|
|
2,325 |
|
(7)(12)(13) |
AMCP Pet Holdings, Inc. |
First Lien Term Loan |
Beverage, Food and Tobacco |
7.3% Cash |
L+6.25% |
1.00% |
10/6/26 |
12/9/20 |
|
4,938 |
|
|
4,861 |
|
|
4,892 |
|
(7)(12)(13) |
AMCP Pet Holdings, Inc. |
Delayed Draw Term Loan |
Beverage, Food and Tobacco |
1.0% Cash |
|
|
10/6/26 |
12/9/20 |
|
- |
|
|
(16 |
) |
|
(9 |
) |
(7)(12)(13)(20) |
AMCP Pet Holdings, Inc. |
Revolving Loan |
Beverage, Food and Tobacco |
7.3% Cash |
L+6.25% |
1.00% |
10/6/26 |
12/9/20 |
|
863 |
|
|
847 |
|
|
853 |
|
(7)(12)(20) |
American Academy Holdings, LLC |
First Lien Term Loan |
Services: Consumer |
12.0% Cash |
L+11.00% |
1.00% |
1/1/2025 |
3/1/22 |
|
2,906 |
|
|
2,878 |
|
|
2,877 |
|
(7)(12) |
American Academy Holdings, LLC |
Delayed Draw Term Loan |
Services: Consumer |
12.0% Cash |
L+11.00% |
1.00% |
1/1/2025 |
3/1/22 |
|
65 |
|
|
59 |
|
|
59 |
|
(7)(12)(20) |
Analogic Corporation |
First Lien Term Loan A |
Electronics |
6.3% Cash |
L+5.25% |
1.00% |
6/22/24 |
10/28/20 |
|
3,511 |
|
|
3,225 |
|
|
3,393 |
|
(7)(12)(13) |
Analogic Corporation |
Revolver |
Electronics |
6.3% Cash |
L+5.25% |
1.00% |
6/22/23 |
10/28/20 |
|
144 |
|
|
144 |
|
|
138 |
|
(7)(12)(13)(20) |
Ancile Solutions, Inc. |
First Lien Term Loan |
High Tech Industries |
8.0% Cash + 3.0% PIK |
L+7.00% |
1.00% |
6/11/26 |
6/11/21 |
|
7,030 |
|
|
6,857 |
|
|
6,890 |
|
(7)(12)(13) |
Anthem Sports & Entertainment Inc. |
Term Loan |
Media: Broadcasting & Subscription |
7.8% Cash + 2.3% PIK |
L+6.75% |
|
11/15/26 |
11/15/21 |
|
12,069 |
|
|
11,793 |
|
|
11,773 |
|
(7)(12)(13) |
Anthem Sports & Entertainment Inc. |
Revolver |
Media: Broadcasting & Subscription |
10.5% Cash |
L+9.50% |
1.00% |
11/15/26 |
11/15/21 |
|
500 |
|
|
475 |
|
|
473 |
|
(7)(12)(20) |
AP Core Holdings II, LLC |
First Lien Term Loan |
Media: Diversified & Production |
6.3% Cash |
L+5.50% |
0.75% |
7/21/27 |
7/21/21 |
|
4,418 |
|
|
4,373 |
|
|
4,391 |
|
(7)(12)(13) |
AP Core Holdings II, LLC |
First Lien Term Loan |
Media: Diversified & Production |
6.3% Cash |
L+5.50% |
0.75% |
7/21/27 |
7/21/21 |
|
4,500 |
|
|
4,451 |
|
|
4,500 |
|
(7)(12)(13) |
Appfire Technologies, LLC |
Delayed Draw Term Loan |
High Tech Industries |
0.5% Cash |
|
|
3/9/27 |
7/7/21 |
|
- |
|
|
(10 |
) |
|
(14 |
) |
(7)(12)(13)(20) |
Appfire Technologies, LLC |
Term Loan |
High Tech Industries |
6.5% Cash |
L+5.50% |
1.00% |
3/9/27 |
12/20/21 |
|
3,142 |
|
|
3,136 |
|
|
3,126 |
|
(7)(12)(13) |
Athos Merger Sub LLC |
First Lien Term Loan |
Services: Business |
5.5% Cash |
L+5.00% |
|
7/31/26 |
10/28/20 |
|
1,312 |
|
|
1,169 |
|
|
1,293 |
|
(7)(13) |
BMC Acquisition, Inc. |
Initial Term Loan |
Banking, Finance, Insurance & Real Estate |
6.3% Cash |
L+5.25% |
1.00% |
12/28/24 |
1/2/18 |
|
2,692 |
|
|
2,691 |
|
|
2,677 |
|
(7)(12)(13) |
Bradshaw International Parent Corp. |
Term Loan |
Consumer goods: Durable |
6.8% Cash |
L+5.75% |
1.00% |
10/21/27 |
10/29/21 |
|
505 |
|
|
493 |
|
|
490 |
|
(7)(12)(13) |
Bradshaw International Parent Corp. |
Revolver |
Consumer goods: Durable |
0.5% Cash |
|
|
10/21/26 |
10/29/21 |
|
- |
|
|
(23 |
) |
|
(22 |
) |
(7)(12)(20) |
Bristol Hospice |
Unitranche |
Healthcare & Pharmaceuticals |
6.3% Cash |
L+5.25% |
1.00% |
12/22/26 |
12/22/20 |
|
2,151 |
|
|
2,117 |
|
|
2,151 |
|
(7)(12)(13) |
Bristol Hospice |
Delayed Draw Term Loan |
Healthcare & Pharmaceuticals |
6.3% Cash |
L+5.25% |
1.00% |
12/22/26 |
12/22/20 |
|
690 |
|
|
683 |
|
|
690 |
|
(7)(12)(13)(20) |
C.P. Converters, Inc. |
Seventh Amendment Acquisition Loan |
Chemicals, Plastics and Rubber |
7.5% Cash |
L+6.50% |
1.00% |
6/18/23 |
6/26/20 |
|
2,869 |
|
|
2,840 |
|
|
2,858 |
|
(7)(12)(13) |
C.P. Converters, Inc. |
Term Loan |
Chemicals, Plastics and Rubber |
7.0% Cash |
L+6.00% |
1.00% |
6/18/23 |
7/29/21 |
|
1,107 |
|
|
1,096 |
|
|
1,098 |
|
(7)(12)(13) |
C.P. Converters, Inc. |
Term Loan |
Chemicals, Plastics and Rubber |
7.0% Cash |
L+6.00% |
1.00% |
6/18/23 |
5/8/20 |
|
6,752 |
|
|
6,700 |
|
|
6,698 |
|
(7)(12)(13) |
CB Midco, LLC |
Term Loan |
Consumer goods: Durable |
6.8% Cash |
L+5.75% |
1.00% |
9/27/27 |
10/8/21 |
|
3,980 |
|
|
3,943 |
|
|
3,935 |
|
(7)(12)(13) |
Centric Brands Inc. |
Revolver |
Machinery (Non-Agrclt/Constr/Electr) |
6.5% Cash |
L+5.50% |
1.00% |
10/9/24 |
10/28/20 |
|
603 |
|
|
556 |
|
|
603 |
|
(7)(12)(13)(20) |
Centric Brands Inc. |
Term Loan |
Machinery (Non-Agrclt/Constr/Electr) |
10.0% PIK |
|
|
10/9/25 |
10/28/20 |
|
9,064 |
|
|
7,799 |
|
|
8,706 |
|
(7)(12)(13) |
Circustrix Holdings, LLC |
Term Loan |
Banking, Finance, Insurance & Real Estate |
6.5% Cash + 2.5% PIK |
L+5.50% |
1.00% |
7/16/23 |
1/29/21 |
|
584 |
|
|
584 |
|
|
584 |
|
(7)(12)(13) |
Circustrix Holdings, LLC |
Delayed Draw Term Loan |
Banking, Finance, Insurance & Real Estate |
9.0% Cash |
L+8.00% |
1.00% |
7/16/23 |
1/11/21 |
|
579 |
|
|
579 |
|
|
579 |
|
(7)(12)(13) |
Circustrix Holdings, LLC |
Term Loan |
Banking, Finance, Insurance & Real Estate |
6.5% Cash + 2.5% PIK |
L+5.50% |
1.00% |
1/26/24 |
10/1/21 |
|
6,664 |
|
|
5,740 |
|
|
6,045 |
|
(7)(12)(13) |
Coastal Screen and Rail, LLC |
Term Loan |
Construction & Building |
13.0% Cash |
|
|
8/31/22 |
6/9/21 |
|
1,750 |
|
|
1,696 |
|
|
1,737 |
|
(7)(12) |
Critical Nurse Staffing, LLC |
Delayed Draw Term Loan |
Healthcare & Pharmaceuticals |
7.0% Cash |
L+6.00% |
1.00% |
11/1/26 |
11/1/21 |
|
636 |
|
|
603 |
|
|
575 |
|
(7)(12)(13)(20) |
Critical Nurse Staffing, LLC |
Term Loan |
Healthcare & Pharmaceuticals |
7.0% Cash |
L+6.00% |
1.00% |
11/1/26 |
11/1/21 |
|
8,227 |
|
|
8,095 |
|
|
8,094 |
|
(7)(12)(13) |
Critical Nurse Staffing, LLC |
Revolver |
Healthcare & Pharmaceuticals |
0.5% Cash |
|
|
11/1/26 |
11/1/21 |
|
- |
|
|
(35 |
) |
|
(32 |
) |
(7)(12)(20) |
Datalink, LLC |
Delayed Draw Term Loan (First Lien) |
Healthcare & Pharmaceuticals |
1.0% Cash |
|
|
11/23/26 |
11/23/20 |
|
- |
|
|
(11 |
) |
|
(15 |
) |
(7)(12)(20) |
Datalink, LLC |
First Lien Term Loan |
Healthcare & Pharmaceuticals |
7.3% Cash |
L+6.25% |
1.00% |
11/23/26 |
11/23/20 |
|
2,789 |
|
|
2,729 |
|
|
2,707 |
|
(7)(12)(13) |
Digitran Innovations B.V. (Pomeroy Solutions Holding Company, Inc.) |
EUR Term Loan A |
High Tech Industries |
5.0% PIK |
|
|||||||||||||