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Investments
 3 Months Ended
Dec. 31, 2022
Investments Debt And Equity Securities [Abstract]  
Investments

4. INVESTMENTS

 

Purchases of investments, including PIK interest, for the three months ended December 31, 2022 and 2021 totaled $65.6 million and $335.1 million, respectively. Sales and repayments of investments for the three months ended December 31, 2022 and 2021 totaled $63.0 million and $238.4 million, respectively.

Investments and cash and cash equivalents consisted of the following:

 

($ in thousands)

 

December 31, 2022

 

 

September 30, 2022

 

Investment Classification

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

First lien

 

$

825,620

 

 

$

798,840

 

 

$

838,842

 

 

$

819,461

 

First lien in PSSL

 

 

199,369

 

 

 

199,369

 

 

 

190,181

 

 

 

190,181

 

Second lien

 

 

1,113

 

 

 

147

 

 

 

1,113

 

 

 

147

 

Equity

 

 

69,479

 

 

 

104,486

 

 

 

65,715

 

 

 

105,031

 

Equity interests in PSSL

 

 

85,444

 

 

 

48,295

 

 

 

81,506

 

 

 

49,434

 

Total investments

 

 

1,181,025

 

 

 

1,151,137

 

 

 

1,177,357

 

 

 

1,164,254

 

Cash and cash equivalents

 

 

52,944

 

 

 

52,935

 

 

 

47,917

 

 

 

47,880

 

Total investments and cash and cash equivalents

 

$

1,233,969

 

 

$

1,204,072

 

 

$

1,225,274

 

 

$

1,212,134

 

 

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:

 

Industry Classification

 

December 31, 2022 (1)

 

 

September 30, 2022 (1)

 

Media

 

 

8

%

 

 

7

%

IT Services

 

 

7

 

 

 

6

 

Professional Services

 

 

7

 

 

 

9

 

Commercial Services & Supplies

 

 

5

 

 

 

5

 

Diversified Consumer Services

 

 

5

 

 

 

4

 

High Tech Industries

 

 

5

 

 

 

5

 

Media: Diversified and Production

 

 

5

 

 

 

5

 

Personal Products

 

 

5

 

 

 

7

 

Aerospace and Defense

 

 

4

 

 

 

4

 

Capital Equipment

 

 

4

 

 

 

4

 

Electronic Equipment, Instruments, and Components

 

 

4

 

 

 

3

 

Healthcare Technology

 

 

4

 

 

 

4

 

Construction and Building

 

 

3

 

 

 

3

 

Business Services

 

 

2

 

 

 

3

 

Chemicals, Plastics and Rubber

 

 

2

 

 

 

2

 

Consumer Services

 

 

2

 

 

 

2

 

Distributors

 

 

2

 

 

 

2

 

Diversified Financial Services

 

 

2

 

 

 

2

 

Healthcare Equipment and Supplies

 

 

2

 

 

 

2

 

Healthcare Providers and Services

 

 

2

 

 

 

3

 

Insurance

 

 

2

 

 

 

2

 

Media: Broadcasting and Subscription

 

 

2

 

 

 

2

 

Air Freight and Logistics

 

 

1

 

 

 

1

 

Automobiles

 

 

1

 

 

 

1

 

Banking, Finance, Insurance & Real Estate

 

 

1

 

 

 

1

 

Building Products

 

 

1

 

 

 

1

 

Construction & Engineering

 

 

1

 

 

 

—

 

Energy Equipment and Services

 

 

1

 

 

 

1

 

Financial Services

 

 

1

 

 

 

1

 

Food Products

 

 

1

 

 

 

1

 

Hotels, Restaurants and Leisure

 

 

1

 

 

 

1

 

Leisure Products

 

 

1

 

 

 

1

 

Textiles, Apparel and Luxury Goods

 

 

1

 

 

 

1

 

Wholesale

 

 

1

 

 

 

1

 

All Other

 

 

4

 

 

 

3

 

Total

 

 

100

%

 

 

100

%

 

(1)
Excludes investments in PSSL.

 

PennantPark Senior Secured Loan Fund I LLC

 

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of December 31, 2022 and September 30, 2022, PSSL had total assets of $797.4 million and $796.8 million, respectively, and its investment portfolio consisted of debt investments in 100 and 95 portfolio companies, respectively. As of December 31, 2022, at fair value, the largest investment in a single portfolio company in PSSL was $18.1 million and the five largest investments totaled $84.3 million. As of September 30, 2022, at fair value, the largest investment in a single portfolio company in PSSL was $19.3 million and the five largest investments totaled $86.9 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

 

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of December 31, 2022 and September 30, 2022, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $199.4 million (additional $10.7 million unfunded) and $190.2 million (additional $19.9 million unfunded), respectively, and equity interests of $85.4 million (additional $4.6 million unfunded) and $81.5 million (additional $8.5 million unfunded), respectively.

 

We and Kemper each appointed two members to PSSL’s four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee.

Quorum is defined as (i) the presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each member.

 

In May 2022 PSSL entered into a $325.0 million (increased from $225.0 million in May 2022) senior secured revolving credit facility which bears interest at daily simple SOFR plus 260 basis points (including a spread adjustment) with Ally Bank through its wholly-owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.

 

In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt is scheduled to mature in January 2032. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.

 

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

 

($ in thousands)

 

December 31, 2022

 

 

September 30, 2022

 

Total investments

 

$

750,692

 

 

$

754,722

 

Weighted average cost yield on income producing investments

 

 

10.9

%

 

 

9.6

%

Number of portfolio companies in PSSL

 

 

100

 

 

 

95

 

Largest portfolio company investment

 

$

18,057

 

 

$

19,250

 

Total of five largest portfolio company investments

 

$

84,291

 

 

$

86,872

 

 

 

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

 

Issuer Name

 

Maturity

 

 

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,354.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

Commercial Services & Supplies

 

 

11.12

%

 

3M L+650

 

 

2,955

 

 

$

2,896

 

 

$

2,895

 

Ad.net Acquisition, LLC

 

5/6/2026

 

Media

 

 

10.84

%

 

3M L+600

 

 

8,865

 

 

 

8,772

 

 

 

8,799

 

Alpine Acquisition Corp II

 

11/30/2026

 

Containers and Packaging

 

 

9.88

%

 

SOFR+600

 

 

12,950

 

 

 

12,576

 

 

 

12,432

 

Altamira Technologies, LLC

 

7/24/2025

 

Business Services

 

 

10.24

%

 

3M L+600

 

 

5,150

 

 

 

5,047

 

 

 

5,060

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

8.25

%

 

3M L+450

 

 

4,869

 

 

 

4,843

 

 

 

4,869

 

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

 

5/23/2024

 

Media: Advertising, Printing & Publishing

 

 

10.23

%

 

3M L+550

 

 

5,213

 

 

 

5,149

 

 

 

5,213

 

Any Hour Services

 

7/21/2027

 

Professional Services

 

 

10.17

%

 

3M L+525

 

 

3,510

 

 

 

3,441

 

 

 

3,413

 

Apex Service Partners, LLC

 

7/31/2025

 

Diversified Consumer Services

 

 

9.46

%

 

1M L+525

 

 

1,010

 

 

 

1,010

 

 

 

1,005

 

Apex Service Partners, LLC Term Loan B

 

7/31/2025

 

Diversified Consumer Services

 

 

9.67

%

 

3M L+550

 

 

2,197

 

 

 

2,197

 

 

 

2,186

 

Apex Service Partners, LLC Term Loan C

 

7/31/2025

 

Diversified Consumer Services

 

 

9.58

%

 

3M L+525

 

 

11,069

 

 

 

11,010

 

 

 

11,014

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

10.48

%

 

3M L+575

 

 

8,400

 

 

 

8,301

 

 

 

8,190

 

Arcfield Acquisition Corp.

 

3/7/2028

 

Aerospace and Defense

 

 

10.02

%

 

SOFR + 575

 

 

4,665

 

 

 

4,580

 

 

 

4,571

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

Business Services

 

 

8.87

%

 

SOFR + 525

 

 

4,988

 

 

 

4,893

 

 

 

4,938

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2024

 

Distributors

 

 

9.73

%

 

SOFR + 500

 

 

15,250

 

 

 

15,083

 

 

 

14,914

 

Broder Bros., Co.

 

12/2/2022

 

Consumer Products

 

 

10.73

%

 

3M L+600

 

 

2,395

 

 

 

2,395

 

 

 

2,395

 

Burgess Point Purchaser Corporation

 

9/26/2029

 

Automotive

 

 

9.41

%

 

3M L+525

 

 

450

 

 

 

419

 

 

 

406

 

By Light Professional IT Services, LLC

 

5/16/2024

 

High Tech Industries

 

 

10.40

%

 

1M L+625

 

 

14,671

 

 

 

14,627

 

 

 

14,524

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

12.92

%

 

3M L+850

 

 

12,448

 

 

 

12,426

 

 

 

12,224

 

 

 

 

 

 

 

(PIK 12.92%)

 

 

 

 

 

 

 

 

 

 

 

-

 

Cartessa Aesthetics, LLC

 

5/13/2028

 

Distributors

 

 

10.58

%

 

SOFR + 600

 

 

9,709

 

 

 

9,528

 

 

 

9,612

 

CF512, Inc.

 

8/20/2026

 

Media

 

 

10.76

%

 

3M L+600

 

 

4,938

 

 

 

4,858

 

 

 

4,839

 

CHA Holdings, Inc.

 

4/10/2025

 

Construction and Engineering

 

 

9.23

%

 

3M L+450

 

 

5,542

 

 

 

5,479

 

 

 

5,542

 

Challenger Performance Optimization, Inc.

 

8/31/2023

 

Business Services

 

 

10.82

%

 

1M L+575

 

 

9,230

 

 

 

9,212

 

 

 

8,907

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

-

 

Connatix Buyer, Inc.

 

7/13/2027

 

Media

 

 

10.14

%

 

3M L+550

 

 

3,897

 

 

 

3,835

 

 

 

3,771

 

Crane 1 Services, Inc.

 

8/16/2027

 

Commercial Services & Supplies

 

 

10.48

%

 

3M L+575

 

 

2,105

 

 

 

2,079

 

 

 

2,084

 

Dr. Squatch, LLC

 

8/31/2027

 

Personal Products

 

 

10.48

%

 

3M L+600

 

 

14,825

 

 

 

14,587

 

 

 

14,603

 

DRI Holding Inc.

 

12/21/2028

 

Media

 

 

9.63

%

 

1M L+525

 

 

2,647

 

 

 

2,415

 

 

 

2,267

 

DRS Holdings III, Inc.

 

11/3/2025

 

Consumer Goods: Durable

 

 

10.47

%

 

1M L+575

 

 

14,666

 

 

 

14,595

 

 

 

14,196

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

Containers and Packaging

 

 

9.89

%

 

1M L+550

 

 

10,252

 

 

 

10,143

 

 

 

10,088

 

ECL Entertainment, LLC

 

5/1/2028

 

Hotels, Restaurants and Leisure

 

 

11.88

%

 

3M L+750

 

 

2,614

 

 

 

2,592

 

 

 

2,605

 

ECM Industries, LLC

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

9.48

%

 

3M L+475

 

 

4,961

 

 

 

4,961

 

 

 

4,725

 

Electro Rent Corporation

 

1/17/2024

 

Electronic Equipment, Instruments, and Components

 

 

10.27

%

 

3M L+550

 

 

2,743

 

 

 

2,621

 

 

 

2,633

 

Exigo Intermediate II, LLC

 

3/15/2027

 

Software

 

 

10.13

%

 

1M L+575

 

 

12,903

 

 

 

12,724

 

 

 

12,644

 

Fairbanks Morse Defense

 

6/17/2028

 

Aerospace and Defense

 

 

9.48

%

 

3M L+475

 

 

10,273

 

 

 

10,214

 

 

 

9,742

 

Gantech Acquisition Corp.

 

5/14/2026

 

IT Services

 

 

10.63

%

 

1M L+625

 

 

14,563

 

 

 

14,365

 

 

 

14,126

 

Global Holdings InterCo LLC

 

3/16/2026

 

Diversified Financial Services

 

 

10.19

%

 

3M L+600

 

 

3,894

 

 

 

3,879

 

 

 

3,719

 

Graffiti Buyer, Inc.

 

8/10/2027

 

Trading Companies & Distributors

 

 

10.23

%

 

3M L+575

 

 

2,363

 

 

 

2,319

 

 

 

2,268

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

10.23

%

 

1M L+550

 

 

2,392

 

 

 

2,349

 

 

 

2,344

 

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

10.17

%

 

3M L+600

 

 

4,950

 

 

 

4,865

 

 

 

4,851

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

9.34

%

 

6M L+500

 

 

3,029

 

 

 

2,988

 

 

 

2,991

 

Icon Partners III, LP

 

5/11/2028

 

Automobiles

 

 

8.82

%

 

3M L+450

 

 

2,322

 

 

 

2,003

 

 

 

1,558

 

IDC Infusion Services, Inc.

 

12/30/2026

 

Healthcare Equipment and Supplies

 

 

11.23

%

 

SOFR+650

 

 

9,925

 

 

 

9,847

 

 

 

9,578

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

Software

 

 

10.14

%

 

1M L+550

 

 

5,350

 

 

 

5,256

 

 

 

5,190

 

Inception Fertility Ventures, LLC

 

12/7/2023

 

Healthcare Providers and Services

 

 

8.55

%

 

SOFR+700

 

 

1,658

 

 

 

16,333

 

 

 

16,247

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

Commercial Services & Supplies

 

 

11.40

%

 

SOFR+685

 

 

6,136

 

 

 

6,016

 

 

 

6,014

 

Integrative Nutrition, LLC

 

9/29/2023

 

Diversified Consumer Services

 

 

9.48

%

 

3M L+450

 

 

11,150

 

 

 

11,135

 

 

 

10,927

 

Integrity Marketing Acquisition, LLC

 

8/27/2025

 

Insurance

 

 

10.81

%

 

1M L+575

 

 

5,951

 

 

 

5,877

 

 

 

5,862

 

ITI Holdings, Inc.

 

3/3/2028

 

IT Services

 

 

10.08

%

 

SOFR + 550

 

 

3,970

 

 

 

3,909

 

 

 

3,891

 

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

12.38

%

 

1M L+800

 

 

18,057

 

 

 

17,945

 

 

 

18,057

 

Kinetic Purchaser, LLC

 

11/10/2027

 

Personal Products

 

 

10.73

%

 

3M L+600

 

 

16,788

 

 

 

16,425

 

 

 

16,368

 

Lash OpCo, LLC

 

2/18/2027

 

Personal Products

 

 

11.17

%

 

3M L+700

 

 

14,319

 

 

 

14,052

 

 

 

14,032

 

LAV Gear Holdings, Inc.

 

10/31/2024

 

Capital Equipment

 

 

10.23

%

 

3M L+550

 

 

12,796

 

 

 

10,518

 

 

 

10,374

 

 

 

 

 

 

 

(PIK 2.00%)

 

 

 

 

 

 

 

 

 

 

 

-

 

Lightspeed Buyer Inc.

 

2/3/2026

 

Healthcare Providers and Services

 

 

9.84

%

 

3M L+575

 

 

10,571

 

 

 

10,416

 

 

 

10,307

 

Lucky Bucks, LLC

 

7/20/2027

 

Hotel, Gaming and Leisure

 

 

10.43

%

 

3M L+550

 

 

4,275

 

 

 

4,206

 

 

 

2,426

 

Magenta Buyer, LLC

 

7/31/2028

 

Software

 

 

9.17

%

 

1M L+500

 

 

3,029

 

 

 

2,846

 

 

 

2,578

 

Marketplace Events, LLC - Super Priority First Lien Term Loan

 

9/30/2025

 

Media: Diversified and Production

 

 

9.90

%

 

1M L+525

 

 

647

 

 

 

647

 

 

 

647

 

Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan

 

9/30/2025

 

Media: Diversified and Production

 

 

 

 

 

 

 

589

 

 

 

-

 

 

 

-

 

Marketplace Events, LLC

 

9/30/2026

 

Media: Diversified and Production

 

 

9.90

%

 

1M L+525

 

 

4,837

 

 

 

3,587

 

 

 

4,837

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

Media

 

 

10.23

%

 

1M L+550

 

 

11,676

 

 

 

11,531

 

 

 

11,560

 

MBS Holdings, Inc.

 

4/16/2027

 

Internet Software and Services

 

 

10.13

%

 

3M L+575

 

 

7,388

 

 

 

7,282

 

 

 

7,314

 

MDI Buyer, Inc.

 

7/25/2028

 

Chemicals, Plastics and Rubber

 

 

10.54

%

 

3M L+600

 

 

6,429

 

 

 

6,305

 

 

 

6,291

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

Professional Services

 

 

9.73

%

 

3M L+550

 

 

2,390

 

 

 

2,349

 

 

 

2,366

 

Mission Critical Electronics, Inc.

 

3/28/2024

 

Capital Equipment

 

 

9.73

%

 

SOFR+500

 

 

5,814

 

 

 

5,804

 

 

 

5,791

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

Distributors

 

 

8.67

%

 

3M L+500

 

 

3,456

 

 

 

3,399

 

 

 

3,318

 

NBH Group LLC

 

8/19/2026

 

Healthcare, Education & Childcare

 

 

9.05

%

 

1M L+525

 

 

10,793

 

 

 

10,624

 

 

 

10,793

 

New Milani Group LLC

 

6/6/2024

 

Consumer Goods: Non-Durable

 

 

9.17

%

 

3M L+650

 

 

14,325

 

 

 

14,288

 

 

 

14,110

 

One Stop Mailing, LLC

 

5/7/2027

 

Air Freight and Logistics

 

 

10.63

%

 

1M L+625

 

 

14,561

 

 

 

14,326

 

 

 

14,124

 

Output Services Group, Inc.

 

3/27/2024

 

Business Services

 

 

11.30

%

 

3M L+675

 

 

7,691

 

 

 

7,681

 

 

 

5,768

 

Owl Acquisition, LLC

 

2/4/2028

 

Professional Services

 

 

8.41

%

 

3M L+575

 

 

3,980

 

 

 

3,910

 

 

 

3,881

 

Ox Two, LLC

 

5/18/2026

 

Construction and Building

 

 

10.84

%

 

3M L+700

 

 

4,913

 

 

 

4,858

 

 

 

4,765

 

PH Beauty Holdings III, Inc.

 

9/29/2025

 

Wholesale

 

 

9.73

%

 

1M L+500

 

 

9,568

 

 

 

9,243

 

 

 

7,654

 

PL Acquisitionco, LLC

 

11/9/2027

 

Textiles, Apparel and Luxury Goods

 

 

10.88

%

 

1M L+650

 

 

8,217

 

 

 

8,095

 

 

 

8,012

 

PlayPower, Inc.

 

5/8/2026

 

Consumer Goods: Durable

 

 

12.00

%

 

3M L+450

 

 

2,572

 

 

 

2,497

 

 

 

2,238

 

Pragmatic Institute, LLC

 

7/6/2028

 

Education

 

 

10.33

%

 

SOFR+575

 

 

11,222

 

 

 

11,068

 

 

 

11,110

 

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

10.96

%

 

1M L+600

 

 

2,829

 

 

 

2,782

 

 

 

2,772

 

Quantic Electronics, LLC - Unfunded Term Loan

 

11/19/2026

 

Aerospace and Defense

 

 

 

 

1M L+600

 

 

1,104

 

 

 

-

 

 

 

(11

)

Reception Purchaser, LLC

 

2/28/2028

 

Air Freight and Logistics

 

 

10.42

%

 

SOFR+600

 

 

4,963

 

 

 

4,894

 

 

 

4,764

 

Recteq, LLC

 

1/29/2026

 

Leisure Products

 

 

10.98

%

 

3M L+600

 

 

4,913

 

 

 

4,848

 

 

 

4,741

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

Diversified Consumer Services

 

 

8.84

%

 

3M L+550

 

 

12,531

 

 

 

12,342

 

 

 

9,286

 

 

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Sales Benchmark Index LLC

 

1/3/2025

 

 

Professional Services

 

 

10.73

%

 

3M L+600

 

 

 

5,013

 

 

$

4,965

 

 

$

4,988

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Wholesale

 

 

9.89

%

 

3M L+550

 

 

 

5,183

 

 

 

5,150

 

 

 

5,105

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

10.92

%

 

SOFR+700

 

 

 

11,832

 

 

 

11,816

 

 

 

11,536

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

10.73

%

 

SOFR+605

 

 

 

4,988

 

 

 

4,916

 

 

 

4,913

 

Sigma Defense Systems, LLC

 

12/18/2025

 

 

Aerospace and Defense

 

 

12.17

%

 

1M L+850

 

 

 

14,621

 

 

 

14,338

 

 

 

14,329

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

7.05

%

 

3M L+450

 

 

 

11,887

 

 

 

11,796

 

 

 

11,441

 

Solutionreach, Inc.

 

1/17/2024

 

 

Healthcare and Pharmaceuticals

 

 

8.87

%

 

1M L+575

 

 

 

5,630

 

 

 

5,613

 

 

 

5,478

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

8.63

%

 

SOFR+575

 

 

 

2,949

 

 

 

2,910

 

 

 

2,851

 

STV Group Incorporated

 

12/11/2026

 

 

Construction and Building

 

 

8.37

%

 

3M L+525

 

 

 

9,075

 

 

 

9,015

 

 

 

9,030

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.45

%

 

3M L+475

 

 

 

1,800

 

 

 

1,698

 

 

 

1,692

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

10.94

%

 

SOFR+600

 

 

 

14,850

 

 

 

14,603

 

 

 

14,657

 

Team Services Group, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.95

%

 

3M L+500

 

 

 

349

 

 

 

334

 

 

 

330

 

Teneo Holdings LLC

 

7/18/2025

 

 

Business Services

 

 

9.67

%

 

3M L+525

 

 

 

3,127

 

 

 

3,086

 

 

 

3,001

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

10.70

%

 

3M L+600

 

 

 

5,645

 

 

 

5,590

 

 

 

5,589

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

11.98

%

 

1M L+700

 

 

 

1,698

 

 

 

1,672

 

 

 

1,666

 

The Infosoft Group, LLC

 

9/16/2024

 

 

Media: Broadcasting and Subscription

 

 

9.84

%

 

3M L+575

 

 

 

12,883

 

 

 

12,879

 

 

 

12,786

 

The Vertex Companies, LLC

 

8/30/2027

 

 

Construction and Engineering

 

 

9.88

%

 

1M L+550

 

 

 

5,564

 

 

 

5,469

 

 

 

5,447

 

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

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

9.61

%

 

3M L+550

 

 

 

8,722

 

 

 

8,592

 

 

 

8,484

 

TVC Enterprises, LLC

 

3/26/2026

 

 

Diversified Consumer Services

 

 

10.13

%

 

3M L+600

 

 

 

14,678

 

 

 

14,611

 

 

 

14,311

 

TWS Acquisition Corporation

 

6/16/2025

 

 

Diversified Consumer Services

 

 

11.46

%

 

3M L+625

 

 

 

5,468

 

 

 

5,452

 

 

 

5,468

 

Tyto Athene, LLC (New Issue)

 

4/1/2028

 

 

IT Services

 

 

9.25

%

 

3M L+550

 

 

 

15,511

 

 

 

15,387

 

 

 

14,053

 

UBEO, LLC

 

4/3/2024

 

 

Capital Equipment

 

 

9.23

%

 

3M L+450

 

 

 

17,345

 

 

 

17,273

 

 

 

17,085

 

Unique Indoor Comfort, LLC

 

5/24/2027

 

 

Home and Office Furnishings, Housewares

 

 

9.98

%

 

SOFR+525

 

 

 

4,963

 

 

 

4,872

 

 

 

4,833

 

Walker Edison Furniture Company LLC

 

3/31/2027

 

 

Wholesale

 

 

0.00

%

 

 

 

 

 

12,684

 

 

 

12,438

 

 

 

6,410

 

 

 

 

 

 

 

 

(PIK 3.0%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

10.48

%

 

SOFR+575

 

 

 

8,524

 

 

 

8,487

 

 

 

8,240

 

Zips Car Wash, LLC

 

3/1/2024

 

 

Automobiles

 

 

11.53

%

 

3M L+725

 

 

 

16,915

 

 

 

16,717

 

 

 

16,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

769,096

 

 

 

747,402

 

Second Lien Secured Debt - 5.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventus Power, Inc.

 

9/29/2024

 

 

Consumer Goods: Durable

 

 

13.23

%

 

3M L+850

 

 

 

3,000

 

 

 

2,968

 

 

 

2,970

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,968

 

 

 

2,970

 

Equity Securities - 0.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New MPE Holdings, LLC

 

 

—

 

 

Media: Diversified and Production

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

320

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

320

 

Total Investments - 1,360.1%

 

 

 

 

 

 

 

 

 

 

 

772,064

 

 

 

750,692

 

Cash and Cash Equivalents - 75.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,692

 

 

 

41,692

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,692

 

 

 

41,692

 

Total Investments and Cash Equivalents —1,329.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

813,756

 

 

$

792,384

 

Liabilities in Excess of Other Assets — (1,229.0)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(737,189

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

55,195

 

 

(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 PSSL’s accounting policy.
(3)
Non-U.S. company or principal place of business outside the United States.
(4)
Non-income producing security.
(5)
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 PSSL’s individual investments as of September 30, 2022 (Par and $ in thousands)

Issuer Name

 

Maturity

 

 

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index (1)

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,330.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

5/6/2026

 

Media

 

 

9.67

%

 

3M L+600

 

 

8,888

 

 

$

8,788

 

 

$

8,821

 

Alpine Acquisition Corp II

 

11/30/2026

 

Containers and Packaging

 

 

8.22

%

 

SOFR+600

 

 

9,975

 

 

 

9,790

 

 

 

9,576

 

Altamira Technologies, LLC

 

7/24/2025

 

Business Services

 

 

10.81

%

 

3M L+800

 

 

5,225

 

 

 

5,113

 

 

 

5,042

 

American Insulated Glass, LLC

 

12/21/2023

 

Building Products

 

 

7.79

%

 

3M L+550

 

 

4,883

 

 

 

4,851

 

 

 

4,883

 

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

 

5/23/2024

 

Media: Advertising, Printing & Publishing

 

 

9.67

%

 

3M L+550

 

 

5,284

 

 

 

5,208

 

 

 

5,284

 

Any Hour Services

 

7/21/2027

 

Professional Services

 

 

8.33

%

 

3M L+525

 

 

3,510

 

 

 

3,441

 

 

 

3,440

 

Apex Service Partners, LLC

 

7/31/2025

 

Diversified Consumer Services

 

 

6.72

%

 

1M L+525

 

 

1,010

 

 

 

1,010

 

 

 

1,005

 

Apex Service Partners, LLC Term Loan B

 

7/31/2025

 

Diversified Consumer Services

 

 

9.67

%

 

3M L+625

 

 

2,202

 

 

 

2,202

 

 

 

2,191

 

Apex Service Partners, LLC Term Loan C

 

7/31/2025

 

Diversified Consumer Services

 

 

7.86

%

 

3M L+525

 

 

11,115

 

 

 

11,050

 

 

 

11,059

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

8.76

%

 

3M L+575

 

 

8,421

 

 

 

8,317

 

 

 

8,211

 

Arcfield Acquisition Corp.

 

3/7/2028

 

Aerospace and Defense

 

 

8.99

%

 

SOFR + 575

 

 

4,677

 

 

 

4,588

 

 

 

4,583

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

Business Services

 

 

7.76

%

 

SOFR + 525

 

 

5,000

 

 

 

4,903

 

 

 

4,900

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2024

 

Distributors

 

 

8.62

%

 

SOFR + 500

 

 

15,293

 

 

 

15,102

 

 

 

14,956

 

Broder Bros., Co.

 

12/2/2022

 

Consumer Products

 

 

7.39

%

 

3M L+600

 

 

2,417

 

 

 

2,417

 

 

 

2,417

 

By Light Professional IT Services, LLC

 

5/16/2024

 

High Tech Industries

 

 

9.20

%

 

1M L+662

 

 

14,822

 

 

 

14,771

 

 

 

14,674

 

Cadence Aerospace, LLC

 

11/14/2023

 

Aerospace and Defense

 

 

11.31

%

 

3M L+325

 

 

12,412

 

 

 

12,385

 

 

 

12,288

 

 

 

 

 

 

 

(PIK 11.31%)

 

 

 

 

 

 

 

 

 

 

 

 

Cartessa Aesthetics, LLC

 

5/13/2028

 

Distributors

 

 

9.55

%

 

SOFR + 600

 

 

6,484

 

 

 

6,359

 

 

 

6,386

 

CF512, Inc.

 

8/20/2026

 

Media

 

 

9.08

%

 

3M L+600

 

 

4,950

 

 

 

4,866

 

 

 

4,876

 

CHA Holdings, Inc.

 

4/10/2025

 

Construction and Engineering

 

 

8.17

%

 

3M L+450

 

 

5,557

 

 

 

5,487

 

 

 

5,557

 

Challenger Performance Optimization, Inc.

 

8/31/2023

 

Business Services

 

 

9.27

%

 

1M L+575

 

 

9,271

 

 

 

9,247

 

 

 

8,993

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

Connatix Buyer, Inc.

 

7/13/2027

 

Media

 

 

8.42

%

 

3M L+550

 

 

3,907

 

 

 

3,842

 

 

 

3,810

 

Crane 1 Services, Inc.

 

8/16/2027

 

Commercial Services & Supplies

 

 

9.39

%

 

3M L+575

 

 

2,110

 

 

 

2,084

 

 

 

2,089

 

Douglas Products and Packaging Company LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.87

%

 

3M L+575

 

 

8,655

 

 

 

8,653

 

 

 

8,655

 

Douglas Sewer Intermediate, LLC

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.87

%

 

3M L+575

 

 

7,248

 

 

 

7,246

 

 

 

7,248

 

Dr. Squatch, LLC

 

8/31/2027

 

Personal Products

 

 

9.42

%

 

3M L+575

 

 

14,862

 

 

 

14,610

 

 

 

14,639

 

DRI Holding Inc.

 

12/21/2028

 

Media

 

 

8.37

%

 

1M L+525

 

 

1,832

 

 

 

1,680

 

 

 

1,643

 

DRS Holdings III, Inc.

 

11/3/2025

 

Consumer Goods: Durable

 

 

8.87

%

 

1M L+575

 

 

15,179

 

 

 

15,103

 

 

 

14,693

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

Containers and Packaging

 

 

8.62

%

 

1M L+550

 

 

10,278

 

 

 

10,151

 

 

 

10,031

 

ECL Entertainment, LLC

 

5/1/2028

 

Hotels, Restaurants and Leisure

 

 

10.62

%

 

3M L+750

 

 

2,621

 

 

 

2,598

 

 

 

2,581

 

ECM Industries, LLC

 

12/23/2025

 

Electronic Equipment, Instruments, and Components

 

 

7.82

%

 

3M L+475

 

 

4,974

 

 

 

4,974

 

 

 

4,738

 

Exigo Intermediate II, LLC

 

3/15/2027

 

Software

 

 

8.87

%

 

1M L+575

 

 

12,935

 

 

 

12,759

 

 

 

12,644

 

Fairbanks Morse Defense

 

6/17/2028

 

Aerospace and Defense

 

 

8.39

%

 

3M L+475

 

 

10,300

 

 

 

10,238

 

 

 

9,528

 

Gantech Acquisition Corp.

 

5/14/2026

 

IT Services

 

 

9.37

%

 

1M L+625

 

 

14,638

 

 

 

14,427

 

 

 

14,199

 

Global Holdings InterCo LLC

 

3/16/2026

 

Diversified Financial Services

 

 

8.74

%

 

3M L+600

 

 

3,904

 

 

 

3,888

 

 

 

3,728

 

Graffiti Buyer, Inc.

 

8/10/2027

 

Trading Companies & Distributors

 

 

9.17

%

 

3M L+550

 

 

2,369

 

 

 

2,320

 

 

 

2,274

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

8.67

%

 

1M L+500

 

 

2,392

 

 

 

2,347

 

 

 

2,356

 

Holdco Sands Intermediate, LLC

 

11/23/2028

 

Aerospace and Defense

 

 

10.17

%

 

3M L+600

 

 

4,963

 

 

 

4,874

 

 

 

4,863

 

HW Holdco, LLC

 

12/10/2024

 

Media

 

 

6.00

%

 

6M L+575

 

 

3,052

 

 

 

3,006

 

 

 

3,014

 

Icon Partners III, LP

 

5/11/2028

 

Automobiles

 

 

7.55

%

 

3M L+450

 

 

2,327

 

 

 

1,997

 

 

 

1,701

 

IDC Infusion Services, Inc.

 

12/30/2026

 

Healthcare Equipment and Supplies

 

 

10.20

%

 

SOFR+700

 

 

9,950

 

 

 

9,833

 

 

 

9,502

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

Software

 

 

8.42

%

 

1M L+550

 

 

5,364

 

 

 

5,261

 

 

 

5,230

 

Inception Fertility Ventures, LLC

 

12/7/2023

 

Healthcare Providers and Services

 

 

8.55

%

 

SOFR+700

 

 

16,620

 

 

 

16,309

 

 

 

16,454

 

Integrative Nutrition, LLC

 

9/29/2023

 

Diversified Consumer Services

 

 

8.42

%

 

3M L+475

 

 

11,187

 

 

 

11,168

 

 

 

10,963

 

Integrity Marketing Acquisition, LLC

 

8/27/2025

 

Insurance

 

 

7.58

%

 

1M L+550

 

 

5,966

 

 

 

5,885

 

 

 

5,906

 

ITI Holdings, Inc.

 

3/3/2028

 

IT Services

 

 

8.67

%

 

SOFR + 550

 

 

3,980

 

 

 

3,917

 

 

 

3,900

 

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

Chemicals, Plastics and Rubber

 

 

11.12

%

 

1M L+800

 

 

19,250

 

 

 

19,103

 

 

 

19,250

 

Kinetic Purchaser, LLC

 

11/10/2027

 

Personal Products

 

 

9.67

%

 

3M L+600

 

 

16,830

 

 

 

16,451

 

 

 

16,494

 

Lash OpCo, LLC

 

2/18/2027

 

Personal Products

 

 

11.17

%

 

3M L+700

 

 

14,355

 

 

 

14,074

 

 

 

14,068

 

LAV Gear Holdings, Inc.

 

10/31/2024

 

Capital Equipment

 

 

9.70

%

 

3M L+550

 

 

10,578

 

 

 

10,539

 

 

 

10,335

 

 

 

 

 

 

 

(PIK 2.00%)

 

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer Inc.

 

2/3/2026

 

Healthcare Providers and Services

 

 

9.04

%

 

3M L+575

 

 

10,598

 

 

 

10,428

 

 

 

10,254

 

Lucky Bucks, LLC

 

7/20/2027

 

Hotel, Gaming and Leisure

 

 

8.31

%

 

3M L+550

 

 

4,331

 

 

 

4,258

 

 

 

3,183

 

Magenta Buyer, LLC

 

7/31/2028

 

Software

 

 

7.87

%

 

1M L+475

 

 

2,695

 

 

 

2,539

 

 

 

2,425

 

Marketplace Events, LLC - Super Priority First Lien Term Loan

 

9/30/2025

 

Media: Diversified and Production

 

 

8.19

%

 

1M L+525

 

 

647

 

 

 

647

 

 

 

647

 

Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan

 

9/30/2025

 

Media: Diversified and Production

 

 

 

 

 

 

 

589

 

 

 

-

 

 

 

-

 

Marketplace Events, LLC

 

9/30/2026

 

Media: Diversified and Production

 

 

8.19

%

 

1M L+525

 

 

4,837

 

 

 

3,527

 

 

 

4,837

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

Media

 

 

8.62

%

 

1M L+550

 

 

9,900

 

 

 

9,782

 

 

 

9,851

 

MBS Holdings, Inc.

 

4/16/2027

 

Internet Software and Services

 

 

8.56

%

 

3M L+575

 

 

7,406

 

 

 

7,296

 

 

 

7,332

 

MDI Buyer, Inc.

 

7/25/2028

 

Chemicals, Plastics and Rubber

 

 

8.98

%

 

3M L+500

 

 

5,000

 

 

 

4,902

 

 

 

4,900

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

Professional Services

 

 

9.17

%

 

3M L+650

 

 

2,396

 

 

 

2,353

 

 

 

2,372

 

Mission Critical Electronics, Inc.

 

3/28/2024

 

Capital Equipment

 

 

8.70

%

 

SOFR+500

 

 

5,829

 

 

 

5,817

 

 

 

5,759

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

Distributors

 

 

8.67

%

 

3M L+500

 

 

3,465

 

 

 

3,405

 

 

 

3,264

 

NBH Group LLC

 

8/19/2026

 

Healthcare, Education & Childcare

 

 

7.80

%

 

1M L+550

 

 

10,820

 

 

 

10,641

 

 

 

10,820

 

New Milani Group LLC

 

6/6/2024

 

Consumer Goods: Non-Durable

 

 

7.75

%

 

3M L+500

 

 

14,363

 

 

 

14,319

 

 

 

14,111

 

OIS Management Services, LLC

 

7/9/2026

 

Healthcare Equipment and Supplies

 

 

8.40

%

 

SOFR+475

 

 

5,060

 

 

 

4,991

 

 

 

5,060

 

One Stop Mailing, LLC

 

5/7/2027

 

Air Freight and Logistics

 

 

9.37

%

 

1M L+625

 

 

14,598

 

 

 

14,353

 

 

 

14,160

 

Output Services Group, Inc.

 

3/27/2024

 

Business Services

 

 

9.80

%

 

3M L+425

 

 

7,682

 

 

 

7,676

 

 

 

5,838

 

Owl Acquisition, LLC

 

2/4/2028

 

Professional Services

 

 

8.41

%

 

3M L+575

 

 

3,990

 

 

 

3,918

 

 

 

3,890

 

Ox Two, LLC

 

5/18/2026

 

Construction and Building

 

 

9.81

%

 

3M L+600

 

 

4,925

 

 

 

4,866

 

 

 

4,827

 

PH Beauty Holdings III, Inc.

 

9/29/2025

 

Wholesale

 

 

8.07

%

 

1M L+500

 

 

9,593

 

 

 

9,234

 

 

 

7,674

 

PL Acquisitionco, LLC

 

11/9/2027

 

Textiles, Apparel and Luxury Goods

 

 

9.62

%

 

1M L+650

 

 

8,238

 

 

 

8,111

 

 

 

8,032

 

Plant Health Intermediate, Inc.

 

10/19/2022

 

Chemicals, Plastics and Rubber

 

 

8.87

%

 

3M L+575

 

 

1,562

 

 

 

1,561

 

 

 

1,562

 

PlayPower, Inc.

 

5/8/2026

 

Consumer Goods: Durable

 

 

9.17

%

 

3M L+550

 

 

2,580

 

 

 

2,500

 

 

 

2,309

 

Pragmatic Institute, LLC

 

7/6/2028

 

Education

 

 

9.30

%

 

SOFR+575

 

 

11,250

 

 

 

11,056

 

 

 

11,138

 

Quantic Electronics, LLC

 

11/19/2026

 

Aerospace and Defense

 

 

8.41

%

 

1M L+625

 

 

4,845

 

 

 

4,755

 

 

 

4,729

 

Quantic Electronics, LLC - Unfunded Term Loan

 

11/19/2026

 

Aerospace and Defense

 

 

 

 

1M L+625

 

 

1,888

 

 

 

-

 

 

 

-

 

Reception Purchaser, LLC

 

2/28/2028

 

Air Freight and Logistics

 

 

9.13

%

 

SOFR+600

 

 

4,975

 

 

 

4,904

 

 

 

4,751

 

Recteq, LLC

 

1/29/2026

 

Leisure Products

 

 

9.92

%

 

3M L+600

 

 

4,925

 

 

 

4,856

 

 

 

4,753

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

Diversified Consumer Services

 

 

8.84

%

 

3M L+550

 

 

12,564

 

 

 

12,354

 

 

 

11,291

 

 

 

 

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index (1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Sales Benchmark Index LLC

 

1/3/2025

 

 

Professional Services

 

 

9.67

%

 

3M L+600

 

 

 

5,013

 

 

$

4,960

 

 

$

4,963

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Wholesale

 

 

8.62

%

 

3M L+550

 

 

 

5,240

 

 

 

5,202

 

 

 

5,187

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

10.27

%

 

SOFR+500

 

 

 

11,847

 

 

 

11,829

 

 

 

11,551

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Sigma Defense Systems, LLC

 

12/18/2025

 

 

Aerospace and Defense

 

 

12.17

%

 

1M L+850

 

 

 

14,716

 

 

 

14,411

 

 

 

14,421

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

7.05

%

 

3M L+450

 

 

 

11,917

 

 

 

11,807

 

 

 

11,470

 

Solutionreach, Inc.

 

1/17/2024

 

 

Healthcare and Pharmaceuticals

 

 

8.87

%

 

1M L+575

 

 

 

5,647

 

 

 

5,625

 

 

 

5,511

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

8.63

%

 

SOFR+575

 

 

 

2,956

 

 

 

2,916

 

 

 

2,873

 

STV Group Incorporated

 

12/11/2026

 

 

Construction and Building

 

 

8.37

%

 

3M L+525

 

 

 

9,075

 

 

 

9,011

 

 

 

8,985

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

8.73

%

 

SOFR+600

 

 

 

14,888

 

 

 

14,623

 

 

 

14,649

 

Teneo Holdings LLC

 

7/18/2025

 

 

Business Services

 

 

8.38

%

 

3M L+625

 

 

 

2,786

 

 

 

2,757

 

 

 

2,623

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

9.55

%

 

3M L+500

 

 

 

5,659

 

 

 

5,600

 

 

 

5,603

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

10.67

%

 

1M L+700

 

 

 

1,707

 

 

 

1,679

 

 

 

1,724

 

The Infosoft Group, LLC

 

9/16/2024

 

 

Media: Broadcasting and Subscription

 

 

8.47

%

 

3M L+525

 

 

 

12,957

 

 

 

12,952

 

 

 

12,859

 

The Vertex Companies, LLC

 

8/30/2027

 

 

Construction and Engineering

 

 

8.62

%

 

1M L+550

 

 

 

5,578

 

 

 

5,479

 

 

 

5,550

 

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

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

8.30

%

 

3M L+475

 

 

 

8,744

 

 

 

8,604

 

 

 

8,482

 

TVC Enterprises, LLC

 

3/26/2026

 

 

Diversified Consumer Services

 

 

8.87

%

 

3M L+550

 

 

 

14,952

 

 

 

14,871

 

 

 

14,578

 

TWS Acquisition Corporation

 

6/16/2025

 

 

Diversified Consumer Services

 

 

8.76

%

 

3M L+625

 

 

 

5,468

 

 

 

5,450

 

 

 

5,441

 

Tyto Athene, LLC (New Issue)

 

4/1/2028

 

 

IT Services

 

 

7.76

%

 

3M L+550

 

 

 

15,550

 

 

 

15,421

 

 

 

14,446

 

UBEO, LLC

 

4/3/2024

 

 

Capital Equipment

 

 

8.17

%

 

3M L+450

 

 

 

17,390

 

 

 

17,305

 

 

 

17,129

 

Unique Indoor Comfort, LLC

 

5/24/2027

 

 

Home and Office Furnishings, Housewares

 

 

8.95

%

 

SOFR+525

 

 

 

4,975

 

 

 

4,880

 

 

 

4,866

 

Walker Edison Furniture Company LLC

 

3/31/2027

 

 

Wholesale

 

 

12.42

%

 

3M L+575

 

 

 

12,684

 

 

 

12,438

 

 

 

8,473

 

 

 

 

 

 

 

 

(PIK 3.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

9.45

%

 

SOFR+550

 

 

 

8,546

 

 

 

8,506

 

 

 

8,261

 

Zips Car Wash, LLC

 

3/1/2024

 

 

Automobiles

 

 

10.35

%

 

3M L+725

 

 

 

16,957

 

 

 

16,711

 

 

 

16,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

767,316

 

 

 

751,627

 

Second Lien Secured Debt - 5.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventus Power, Inc.

 

9/29/2024

 

 

Consumer Goods: Durable

 

 

12.17

%

 

3M L+850

 

 

 

3,000

 

 

 

2,963

 

 

 

2,955

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,963

 

 

 

2,955

 

Equity Securities - 0.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New MPE Holdings, LLC

 

 

—

 

 

Media: Diversified and Production

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

139

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

139

 

Total Investments - 1,335.9%

 

 

 

 

 

 

 

 

 

 

 

770,280

 

 

 

754,722

 

Cash and Cash Equivalents - 59.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,725

 

 

 

33,705

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,725

 

 

 

33,705

 

Total Investments and Cash Equivalents —1,329.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

804,005

 

 

$

788,427

 

Liabilities in Excess of Other Assets — (1,229.0)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(731,931

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

56,496

 

 

 

(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 PSSL’s accounting policy.
(3)
Non-U.S. company or principal place of business outside the United States.
(4)
Non-income producing security.
(5)
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 are the consolidated statements of assets and liabilities for PSSL ($ in thousands):

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

(Unaudited)

 

 

 

September 30, 2022

 

Assets

 

 

 

 

 

 

 

Investments at fair value (cost—$772,064 and $770,280, respectively)

$

 

750,692

 

 

$

 

754,722

 

Cash and cash equivalents (cost—$41,692 and $33,725, respectively)

 

 

41,692

 

 

 

 

33,705

 

Interest receivable

 

 

3,637

 

 

 

 

3,025

 

Receivable for investment sold

 

 

—

 

 

 

 

3,637

 

Prepaid expenses and other assets

 

 

1,365

 

 

 

 

1,722

 

Total assets

 

 

797,386

 

 

 

 

796,811

 

Liabilities

 

 

 

 

 

 

 

Credit facility payable

 

 

244,800

 

 

 

 

259,500

 

2032 Asset-backed debt, net (par—$246,000)

 

 

243,517

 

 

 

 

243,365

 

Notes payable to members

 

 

227,850

 

 

 

 

217,350

 

Payable for investments purchased

 

 

14,973

 

 

 

 

10,414

 

Interest payable on notes to members

 

 

5,581

 

 

 

 

4,719

 

Interest payable on Credit Facility and asset backed debt

 

 

4,831

 

 

 

 

3,817

 

Accrued expenses

 

 

639

 

 

 

 

1,150

 

Total liabilities

 

 

742,191

 

 

 

 

740,315

 

Commitments and contingencies (1)

 

 

 

 

 

 

 

Members' equity

 

 

55,195

 

 

 

 

56,496

 

Total liabilities and members' equity

$

 

797,386

 

 

$

 

796,811

 

 

(1)
As of December 31, 2022 and September 30, 2022, PSSL had unfunded commitments to fund investments of $3.9 million and $2.5 million, respectively.

 

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

 

 

 

Three months ended December 31,

 

 

 

 

2022

 

 

2021

 

Investment income:

 

 

 

 

 

 

 

Interest

 

 

$

19,617

 

 

$

10,951

 

Other income

 

 

 

110

 

 

 

871

 

Total investment income

 

 

 

19,727

 

 

 

11,822

 

Expenses:

 

 

 

 

 

 

 

Interest and expense on credit facility and asset-backed debt

 

 

 

8,641

 

 

 

3,174

 

Interest expense on notes to members

 

 

 

6,810

 

 

 

3,554

 

Administrative services expenses

 

 

 

508

 

 

 

300

 

General and administrative expenses

 

 

 

300

 

 

 

289

 

Total expenses

 

 

 

16,259

 

 

 

7,317

 

Net investment income

 

 

 

3,468

 

 

 

4,505

 

Realized and unrealized gain (loss) on investments and credit facility foreign currency translation:

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

Investments

 

 

 

(60

)

 

 

(348

)

Credit facility foreign currency translation

 

 

 

(10

)

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

Investments

 

 

 

(5,800

)

 

 

(3,204

)

Credit facility foreign currency translation

 

 

 

—

 

 

 

—

 

Net change in unrealized appreciation (depreciation) on investments and credit facility foreign currency translations

 

 

 

(5,800

)

 

 

(3,204

)

Net realized and unrealized gain (loss) from investments and credit facility foreign currency translations

 

 

 

(5,870

)

 

 

(3,552

)

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

 

 

$

(2,402

)

 

$

953

 

 

(*) No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Statement of Operations.