| Investments |
4. INVESTMENTS Purchases of investments, including PIK interest, for the years ended September 30, 2025, 2024, and 2023 totaled $754.3 million, $784.2 million, and $279.9 million, respectively (excluding U.S. Government Securities). Sales and repayments of investments for years ended September 30, 2025, 2024, and 2023 totaled $810.4 million, $555.4 million, and $418.6 million, respectively (excluding U.S. Government Securities). Investments and cash and cash equivalents consisted of the following ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
September 30, 2024 |
|
Investment Classification ($ in thousands) |
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
First lien |
|
$ |
606,949 |
|
|
|
582,373 |
|
|
$ |
700,390 |
|
|
$ |
667,926 |
|
U.S. Government Securities |
|
|
124,809 |
|
|
|
124,788 |
|
|
|
99,652 |
|
|
|
99,632 |
|
Second lien |
|
|
18,619 |
|
|
|
18,161 |
|
|
|
68,470 |
|
|
|
67,180 |
|
Subordinated debt / corporate notes |
|
|
60,575 |
|
|
|
60,933 |
|
|
|
65,865 |
|
|
|
65,804 |
|
Subordinated notes in PSLF |
|
|
140,287 |
|
|
|
140,287 |
|
|
|
115,886 |
|
|
|
115,886 |
|
Equity |
|
|
203,291 |
|
|
|
293,218 |
|
|
|
199,173 |
|
|
|
243,699 |
|
Equity in PSLF |
|
|
82,358 |
|
|
|
67,513 |
|
|
|
67,436 |
|
|
|
67,923 |
|
Total investments |
|
|
1,236,888 |
|
|
|
1,287,273 |
|
|
|
1,316,872 |
|
|
|
1,328,050 |
|
Cash and cash equivalents |
|
|
51,739 |
|
|
|
51,783 |
|
|
|
49,833 |
|
|
|
49,861 |
|
Total investments and cash and cash equivalents |
|
$ |
1,288,627 |
|
|
$ |
1,339,056 |
|
|
$ |
1,366,705 |
|
|
$ |
1,377,911 |
|
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash) in such industries as of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 (1) |
|
|
September 30, 2024 (1) |
|
Industry Classification |
|
Cost |
|
Fair Value |
|
Fair Value Percentage |
|
Net Asset Value Percentage |
|
|
Cost |
|
Fair Value |
|
Fair Value Percentage |
|
Net Asset Value Percentage |
|
Business Services |
|
$ |
195,614 |
|
$ |
184,452 |
|
|
17 |
% |
|
40 |
% |
|
$ |
205,232 |
|
$ |
184,233 |
|
|
16 |
% |
|
37 |
% |
Healthcare, Education and Childcare |
|
|
128,969 |
|
|
168,000 |
|
|
16 |
% |
|
36 |
% |
|
|
124,430 |
|
|
127,574 |
|
|
11 |
% |
|
26 |
% |
Distribution |
|
|
57,352 |
|
|
130,850 |
|
|
12 |
% |
|
28 |
% |
|
|
120,378 |
|
|
165,304 |
|
|
14 |
% |
|
33 |
% |
Short-Term U.S. Government Securities |
|
|
124,809 |
|
|
124,788 |
|
|
12 |
% |
|
27 |
% |
|
|
99,652 |
|
|
99,632 |
|
|
8 |
% |
|
20 |
% |
Financial Services |
|
|
70,403 |
|
|
68,959 |
|
|
6 |
% |
|
15 |
% |
|
|
69,915 |
|
|
71,527 |
|
|
6 |
% |
|
14 |
% |
Consumer Products |
|
|
53,746 |
|
|
49,414 |
|
|
5 |
% |
|
11 |
% |
|
|
89,773 |
|
|
89,743 |
|
|
8 |
% |
|
18 |
% |
Aerospace and Defense |
|
|
39,513 |
|
|
47,113 |
|
|
4 |
% |
|
10 |
% |
|
|
53,472 |
|
|
54,017 |
|
|
5 |
% |
|
11 |
% |
Manufacturing/Basic Industry |
|
|
42,601 |
|
|
43,067 |
|
|
4 |
% |
|
9 |
% |
|
|
12,686 |
|
|
12,713 |
|
|
1 |
% |
|
3 |
% |
Environmental Services |
|
|
61,588 |
|
|
31,238 |
|
|
3 |
% |
|
7 |
% |
|
|
51,402 |
|
|
44,290 |
|
|
4 |
% |
|
9 |
% |
Auto Sector |
|
|
26,621 |
|
|
27,826 |
|
|
2 |
% |
|
6 |
% |
|
|
39,449 |
|
|
40,752 |
|
|
4 |
% |
|
8 |
% |
Gaming |
|
|
22,853 |
|
|
23,151 |
|
|
2 |
% |
|
5 |
% |
|
|
- |
|
|
- |
|
|
0 |
% |
|
0 |
% |
Consumer Services |
|
|
19,067 |
|
|
19,319 |
|
|
2 |
% |
|
4 |
% |
|
|
8,700 |
|
|
8,449 |
|
|
1 |
% |
|
2 |
% |
Personal, Food and Miscellaneous Services |
|
|
16,207 |
|
|
18,769 |
|
|
2 |
% |
|
4 |
% |
|
|
17,203 |
|
|
18,850 |
|
|
2 |
% |
|
4 |
% |
Media |
|
|
17,477 |
|
|
17,434 |
|
|
2 |
% |
|
4 |
% |
|
|
31,964 |
|
|
32,130 |
|
|
3 |
% |
|
7 |
% |
Diversified Conglomerate Service |
|
|
17,268 |
|
|
16,416 |
|
|
1 |
% |
|
4 |
% |
|
|
10,091 |
|
|
9,834 |
|
|
1 |
% |
|
2 |
% |
Telecommunications |
|
|
22,305 |
|
|
13,695 |
|
|
1 |
% |
|
3 |
% |
|
|
35,986 |
|
|
34,045 |
|
|
3 |
% |
|
7 |
% |
Buildings and Real Estate |
|
|
12,546 |
|
|
12,495 |
|
|
1 |
% |
|
3 |
% |
|
|
12,515 |
|
|
12,442 |
|
|
1 |
% |
|
3 |
% |
Chemicals, Plastics and Rubber |
|
|
15,237 |
|
|
12,240 |
|
|
1 |
% |
|
3 |
% |
|
|
32,255 |
|
|
31,598 |
|
|
3 |
% |
|
6 |
% |
Event Services |
|
|
11,823 |
|
|
12,073 |
|
|
1 |
% |
|
3 |
% |
|
|
- |
|
|
- |
|
|
0 |
% |
|
0 |
% |
Home and Office Furnishings, Housewares and Durable Consumer Products |
|
|
9,258 |
|
|
9,723 |
|
|
1 |
% |
|
2 |
% |
|
|
9,663 |
|
|
9,663 |
|
|
1 |
% |
|
2 |
% |
Electronics |
|
|
2,507 |
|
|
5,485 |
|
|
1 |
% |
|
1 |
% |
|
|
14,887 |
|
|
19,633 |
|
|
2 |
% |
|
4 |
% |
Consulting Services |
|
|
5,970 |
|
|
5,966 |
|
|
1 |
% |
|
1 |
% |
|
|
- |
|
|
- |
|
|
0 |
% |
|
0 |
% |
All Other |
|
|
40,509 |
|
|
37,000 |
|
|
3 |
% |
|
8 |
% |
|
|
93,898 |
|
|
77,812 |
|
|
7 |
% |
|
16 |
% |
Total |
|
$ |
1,014,243 |
|
$ |
1,079,473 |
|
|
100 |
% |
|
234 |
% |
|
$ |
1,133,551 |
|
$ |
1,144,241 |
|
|
100 |
% |
|
232 |
% |
(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 September 30, 2025 and 2024 PSLF had total assets of $1,315.4 million and $1,073.4 million, respectively. PSLF’s portfolio consisted of debt investments in 109 and 102 portfolio companies as of September 30, 2025 and 2024, respectively. As of September 30, 2025, we and Pantheon had remaining commitments to fund first lien secured debt of $8.2 million and $11.7 million, respectively, and equity interests of $5.0 million and $7.1 million, respectively, in PSLF. As of September 30, 2024, we and Pantheon had remaining commitments to fund first lien secured debt of $32.6 million and $46.5 million, respectively, and equity interest of $19.9 million and $28.5 million respectively. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $24.8 million and the five largest investments totaled $121.4 million. As of September 30, 2024 at fair value, the largest investment in a single portfolio company in PSLF was $25.1 million and the five largest investments totaled $109.9 million. PSLF invests in portfolio companies in the same industries in which we may directly invest. We provide capital to PSLF in the form of subordinated notes and equity interests. As of September 30, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2024, we and Pantheon owned 60.5% and 39.5%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and $115.9 million, respectively, and equity interests of $82.4 million and $67.4 million, respectively. In October 2024, the Company made a capital contribution of approximately $26.3 million of assets at their most recent fair market value as of the date of the transaction. 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 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 $400.0 million (increased from $325.0 million in August 2024) 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 225 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. As of September 30, 2025 and 2024, there was $246.0 million of external 2034 Asset-Backed Debt. On July 26, 2023, CLO VII completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a diversified portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. As of September 30, 2025 and 2024 there was $246.0 million of external 2035 Asset-Backed Debt. On July 21, 2025, CLO VII closed a partial refinancing of the 2035 Debt Securitization where the $21.0 million Class B (B-R) Senior Secured Floating Rate Notes interest rate was decreased to SOFR plus 2.0%, the $24.0 million Class C (C-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 2.3% and the $18.0 million Class D (D-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 3.4%. On December 23, 2024, PennantPark CLO X, LLC ("CLO X”) completed a $400.5 million debt securitization in the form of a collateralized loan obligation (the "2037 Debt Securitization" or"2037 Asset-Backed Debt"). The 2037 Asset-Backed Debt is secured by a diversified portfolio consisting primarily of middle market loans. The 2037 Debt Securitization was executed through a private placement of: (i) $158.0 million Class A-1 Notes maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (ii) $30.0 million Class A-1A Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iii) $40.0 million Class A-1W Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iv) $16.0 million Class A-2W Loans due2037, which bear interest at the three-month SOFR plus 1.75%, (v) $28.0 million Class B Notes due 2037, which bear interest at the three-month SOFR plus 1.85%, (vi) $32.0 million Class C Notes due 2037, which bear interest at the three-month SOFR plus 2.40%., (vii) $24.0 million Class D Notes due 2037, which bear interest at the three-month SOFR plus 3.85%. As of September 30, 2025, there was $328.0 million of external 2037 Asset-Backed Debt. On August 28, 2024, PSLF and Pantheon entered into an amendment (the “Amendment”) to PSLF’s limited liability company agreement (the “LLC Agreement”). The Amendment amended the term of PSLF, which would have otherwise expired on January 31, 2025, to be indefinite, subject to the other terms of dissolution, wind down and termination in the LLC Agreement. The Amendment also modified the LLC Agreement to permit any member of PSLF (each, a “Member”) to request to redeem its interests in PSLF (in minimum tranches of 25% of the interests then-owned by such Member) at any time. Under the Amendment, PSLF is required to use commercially reasonable efforts to redeem any such Member’s interests within 18 months and, in any event, within three years from the date of such redemption request, subject to customary limitations with respect to the liquidity of PSLF and the requirement that the Company’s proportionate share or ownership of PSLF not exceed 87.5%. It is contemplated that any such redemption would be funded by either principal proceeds from repayments of investments in underlying portfolio companies of PSLF or the proceeds of any new Member’s investment into PSLF. Below is a summary of PSLF’s portfolio at fair value ($ in thousands):
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
September 30, 2025 |
|
|
September 30, 2024 |
|
Total investments |
|
$ |
1,265,901 |
|
|
$ |
1,031,225 |
|
Weighted average cost yield on income producing investments |
|
|
10.1 |
% |
|
|
11.3 |
% |
Number of portfolio companies in PSLF |
|
|
109 |
|
|
|
102 |
|
Largest portfolio company investment at fair value |
|
$ |
24,802 |
|
|
$ |
25,073 |
|
Total of five largest portfolio company investments at fair value |
|
$ |
121,360 |
|
|
$ |
109,927 |
|
Below is a listing of PSLF’s individual investments as of September 30, 2025 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
First Lien Secured Debt - 1,035.8% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Avenu Buyer, LLC |
|
04/23/24 |
|
10/02/29 |
|
|
Business Services |
|
9.04% |
|
|
SOFR+475 |
|
|
|
7,590 |
|
|
$ |
7,474 |
|
|
$ |
7,514 |
|
Acp Falcon Buyer, Inc. |
|
10/06/23 |
|
08/01/29 |
|
|
Business Services |
|
9.79% |
|
|
SOFR+550 |
|
|
|
15,196 |
|
|
|
14,963 |
|
|
|
15,348 |
|
AFC-Dell Holding Corp. |
|
02/23/24 |
|
04/09/27 |
|
|
Distribution |
|
9.83% |
|
|
SOFR+550 |
|
|
|
16,181 |
|
|
|
16,072 |
|
|
|
16,100 |
|
Ad.Net Acquisition, LLC |
|
03/02/22 |
|
05/07/26 |
|
|
Media |
|
10.26% |
|
|
SOFR+626 |
|
|
|
4,788 |
|
|
|
4,788 |
|
|
|
4,788 |
|
Aechelon Technology, Inc. |
|
12/23/24 |
|
08/16/29 |
|
|
Aerospace and Defense |
|
9.91% |
|
|
SOFR+575 |
|
|
|
4,800 |
|
|
|
4,718 |
|
|
|
4,800 |
|
Alpine Acquisition Corp II (4), (7) |
|
10/12/22 |
|
11/30/26 |
|
|
Containers, Packaging and Glass |
|
|
|
|
|
|
|
|
15,185 |
|
|
|
15,056 |
|
|
|
7,896 |
|
Amsive Holdings Corporation |
|
03/02/22 |
|
12/10/26 |
|
|
Media |
|
10.35% |
|
|
SOFR+635 |
|
|
|
13,805 |
|
|
|
13,745 |
|
|
|
13,667 |
|
Anteriad, LLC (f/k/a MeritDirect, LLC) |
|
03/02/22 |
|
06/30/26 |
|
|
Media |
|
9.90% |
|
|
SOFR+590 |
|
|
|
13,837 |
|
|
|
13,803 |
|
|
|
13,837 |
|
Arcfield Acquisition Corp. |
|
07/26/22 |
|
10/28/31 |
|
|
Aerospace and Defense |
|
9.31% |
|
|
SOFR+500 |
|
|
|
14,888 |
|
|
|
14,867 |
|
|
|
14,813 |
|
Archer Lewis, LLC |
|
12/20/24 |
|
08/28/29 |
|
|
Healthcare, Education and Childcare |
|
9.75% |
|
|
SOFR+575 |
|
|
|
15,581 |
|
|
|
15,426 |
|
|
|
15,581 |
|
Argano, LLC |
|
12/16/24 |
|
09/13/29 |
|
|
Business Services |
|
9.89% |
|
|
SOFR+575 |
|
|
|
14,850 |
|
|
|
14,730 |
|
|
|
14,628 |
|
BLC Holding Company, INC. |
|
02/24/25 |
|
11/20/30 |
|
|
Environmental Services |
|
8.50% |
|
|
SOFR+450 |
|
|
|
12,013 |
|
|
|
11,942 |
|
|
|
12,013 |
|
Beacon Behavioral Support Services, LLC |
|
09/16/24 |
|
06/21/29 |
|
|
Healthcare, Education and Childcare |
|
9.50% |
|
|
SOFR+550 |
|
|
|
24,607 |
|
|
|
24,305 |
|
|
|
24,607 |
|
Best Practice Associates, LLC |
|
01/21/25 |
|
11/08/29 |
|
|
Aerospace and Defense |
|
10.91% |
|
|
SOFR+675 |
|
|
|
19,850 |
|
|
|
19,606 |
|
|
|
19,701 |
|
Beta Plus Technologies, Inc. |
|
08/11/22 |
|
07/02/29 |
|
|
Business Services |
|
9.75% |
|
|
SOFR+575 |
|
|
|
14,550 |
|
|
|
14,375 |
|
|
|
14,405 |
|
Big Top Holdings, LLC |
|
06/26/24 |
|
02/28/30 |
|
|
Manufacturing / Basic Industries |
|
9.25% |
|
|
SOFR+525 |
|
|
|
6,626 |
|
|
|
6,531 |
|
|
|
6,626 |
|
Bioderm, Inc. |
|
06/26/24 |
|
01/31/28 |
|
|
Healthcare, Education and Childcare |
|
10.77% |
|
|
SOFR+650 |
|
|
|
8,798 |
|
|
|
8,726 |
|
|
|
8,688 |
|
Blackhawk Industrial Distribution, Inc. |
|
07/24/23 |
|
09/17/26 |
|
|
Distribution |
|
9.40% |
|
|
SOFR+540 |
|
|
|
25,244 |
|
|
|
25,052 |
|
|
|
24,802 |
|
Boss Industries, LLC |
|
07/21/25 |
|
12/27/30 |
|
|
Conglomerate Manufacturing |
|
9.00% |
|
|
SOFR+500 |
|
|
|
5,955 |
|
|
|
5,916 |
|
|
|
5,955 |
|
Burgess Point Purchaser Corporation |
|
10/03/22 |
|
07/25/29 |
|
|
Auto Sector |
|
9.51% |
|
|
SOFR+535 |
|
|
|
6,186 |
|
|
|
5,926 |
|
|
|
5,348 |
|
C5MI Acquisition, LLC |
|
10/09/24 |
|
07/31/29 |
|
|
Business Services |
|
10.00% |
|
|
SOFR+600 |
|
|
|
7,425 |
|
|
|
7,334 |
|
|
|
7,425 |
|
CF512, Inc. |
|
12/29/21 |
|
08/20/26 |
|
|
Media |
|
10.36% |
|
|
SOFR+619 |
|
|
|
9,042 |
|
|
|
8,983 |
|
|
|
8,952 |
|
Carisk Buyer, Inc. |
|
02/09/24 |
|
12/01/29 |
|
|
Healthcare, Education and Childcare |
|
9.00% |
|
|
SOFR+500 |
|
|
|
11,370 |
|
|
|
11,276 |
|
|
|
11,370 |
|
Carnegie Dartlet, LLC |
|
06/26/24 |
|
02/07/30 |
|
|
Education |
|
9.66% |
|
|
SOFR+550 |
|
|
|
22,655 |
|
|
|
22,360 |
|
|
|
22,428 |
|
Cartessa Aesthetics, LLC |
|
09/09/22 |
|
06/14/28 |
|
|
Distribution |
|
10.00% |
|
|
SOFR+600 |
|
|
|
21,880 |
|
|
|
21,708 |
|
|
|
21,880 |
|
Case Works, LLC |
|
11/26/24 |
|
10/01/29 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
10,436 |
|
|
|
10,366 |
|
|
|
9,966 |
|
Commercial Fire Protection Holdings, LLC |
|
12/16/24 |
|
09/23/30 |
|
|
Business Services |
|
8.50% |
|
|
SOFR+450 |
|
|
|
20,831 |
|
|
|
20,730 |
|
|
|
20,831 |
|
Compex Legal Services, Inc. |
|
12/23/24 |
|
02/09/26 |
|
|
Business Services |
|
9.55% |
|
|
SOFR+555 |
|
|
|
931 |
|
|
|
931 |
|
|
|
931 |
|
Confluent Health, LLC |
|
12/23/24 |
|
11/30/28 |
|
|
Healthcare, Education and Childcare |
|
11.66% |
|
|
SOFR+750 |
|
|
|
1,950 |
|
|
|
1,950 |
|
|
|
1,940 |
|
CJX Borrower, LLC |
|
08/12/22 |
|
07/13/27 |
|
|
Media |
|
10.08% |
|
|
SOFR+576 |
|
|
|
8,624 |
|
|
|
8,614 |
|
|
|
8,624 |
|
Crane 1 Services, Inc. |
|
07/24/23 |
|
08/16/27 |
|
|
Personal, Food and Miscellaneous Services |
|
10.03% |
|
|
SOFR+586 |
|
|
|
5,271 |
|
|
|
5,243 |
|
|
|
5,232 |
|
DRI Holding Inc. |
|
08/04/22 |
|
12/21/28 |
|
|
Media |
|
9.51% |
|
|
SOFR+535 |
|
|
|
5,770 |
|
|
|
5,442 |
|
|
|
5,655 |
|
DRS Holdings III, Inc. |
|
03/02/22 |
|
11/03/25 |
|
|
Consumer Products |
|
9.41% |
|
|
SOFR+525 |
|
|
|
4,478 |
|
|
|
4,478 |
|
|
|
4,523 |
|
Duggal Acquisition, LLC |
|
12/23/24 |
|
09/30/30 |
|
|
Marketing Services |
|
8.75% |
|
|
SOFR+475 |
|
|
|
4,950 |
|
|
|
4,910 |
|
|
|
4,950 |
|
Dynata, LLC - First Out Term Loan |
|
07/15/24 |
|
07/17/28 |
|
|
Business Services |
|
9.46% |
|
|
SOFR+526 |
|
|
|
1,572 |
|
|
|
1,486 |
|
|
|
1,565 |
|
Dynata, LLC - Last Out Term Loan |
|
07/15/24 |
|
10/16/28 |
|
|
Business Services |
|
9.96% |
|
|
SOFR+576 |
|
|
|
9,670 |
|
|
|
9,670 |
|
|
|
7,873 |
|
EDS Buyer, LLC |
|
07/24/23 |
|
01/10/29 |
|
|
Aerospace and Defense |
|
8.75% |
|
|
SOFR+475 |
|
|
|
23,169 |
|
|
|
22,915 |
|
|
|
23,227 |
|
ETE Intermediate II, LLC |
|
07/24/23 |
|
05/29/29 |
|
|
Personal, Food and Miscellaneous Services |
|
9.16% |
|
|
SOFR+500 |
|
|
|
12,124 |
|
|
|
11,963 |
|
|
|
12,124 |
|
Emergency Care Partners, LLC |
|
12/23/24 |
|
10/18/27 |
|
|
Healthcare, Education and Childcare |
|
9.00% |
|
|
SOFR+500 |
|
|
|
6,930 |
|
|
|
6,895 |
|
|
|
6,930 |
|
EvAL Home Care Solutions Intermediate, LLC |
|
07/23/24 |
|
05/10/30 |
|
|
Healthcare, Education and Childcare |
|
9.91% |
|
|
SOFR+575 |
|
|
|
7,040 |
|
|
|
6,955 |
|
|
|
7,040 |
|
Exigo Intermediate II, LLC |
|
07/24/23 |
|
03/15/27 |
|
|
Business Services |
|
10.51% |
|
|
SOFR+635 |
|
|
|
9,551 |
|
|
|
9,491 |
|
|
|
9,551 |
|
Five Star Buyer, Inc. |
|
07/24/23 |
|
02/23/28 |
|
|
Hotels, Motels, Inns and Gaming |
|
13.35% |
|
|
SOFR+915 |
|
|
|
4,140 |
|
|
|
4,096 |
|
|
|
4,057 |
|
GGG Midco, LLC |
|
12/16/24 |
|
09/27/30 |
|
|
Home and Office Furnishings, Housewares and Durable Consumer Products |
|
9.00% |
|
|
SOFR+500 |
|
|
|
12,485 |
|
|
|
12,377 |
|
|
|
12,485 |
|
Global Holdings InterCo, LLC |
|
03/02/22 |
|
03/16/26 |
|
|
Banking, Finance, Insurance & Real Estate |
|
9.74% |
|
|
SOFR+560 |
|
|
|
6,593 |
|
|
|
6,589 |
|
|
|
6,593 |
|
Graffiti Buyer, Inc. |
|
03/02/22 |
|
08/10/27 |
|
|
Distribution |
|
9.80% |
|
|
SOFR+560 |
|
|
|
3,959 |
|
|
|
3,928 |
|
|
|
3,880 |
|
HEC Purchaser Corp. |
|
09/16/24 |
|
06/17/29 |
|
|
Healthcare, Education and Childcare |
|
8.87% |
|
|
SOFR+500 |
|
|
|
7,798 |
|
|
|
7,723 |
|
|
|
7,798 |
|
HV Watterson Holdings, LLC (4) |
|
09/09/22 |
|
12/17/26 |
|
|
Business Services |
|
8.00% |
|
|
|
|
|
|
15,570 |
|
|
|
15,496 |
|
|
|
8,548 |
|
HW Holdco, LLC |
|
03/02/22 |
|
05/10/26 |
|
|
Media |
|
9.90% |
|
|
SOFR+590 |
|
|
|
23,593 |
|
|
|
23,537 |
|
|
|
23,593 |
|
Hancock Roofing And Construction, LLC |
|
03/02/22 |
|
12/31/26 |
|
|
Insurance |
|
9.60% |
|
|
SOFR+550 |
|
|
|
6,029 |
|
|
|
6,029 |
|
|
|
5,968 |
|
Harris & Co, LLC |
|
12/20/24 |
|
08/09/30 |
|
|
Financial Services |
|
9.16% |
|
|
SOFR+500 |
|
|
|
19,182 |
|
|
|
18,995 |
|
|
|
19,015 |
|
Hills Distribution, Inc. |
|
02/13/24 |
|
11/08/29 |
|
|
Distribution |
|
10.32% |
|
|
SOFR+600 |
|
|
|
14,148 |
|
|
|
13,992 |
|
|
|
14,148 |
|
IG Investments Holdings, LLC |
|
03/02/22 |
|
09/22/28 |
|
|
Business Services |
|
9.31% |
|
|
SOFR+500 |
|
|
|
4,350 |
|
|
|
4,305 |
|
|
|
4,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
Imagine Acquisitionco, Inc. |
|
07/24/23 |
|
11/15/27 |
|
|
Business Services |
|
9.29% |
|
|
SOFR+510 |
|
|
|
5,452 |
|
|
|
5,402 |
|
|
|
5,452 |
|
Infinity Home Services Holdco, Inc. |
|
02/07/23 |
|
12/28/28 |
|
|
Personal, Food and Miscellaneous Services |
|
10.16% |
|
|
SOFR+600 |
|
|
|
13,749 |
|
|
|
13,622 |
|
|
|
13,749 |
|
Infolinks Media Buyco, LLC |
|
07/24/23 |
|
11/01/26 |
|
|
Media |
|
9.50% |
|
|
SOFR+550 |
|
|
|
13,046 |
|
|
|
13,007 |
|
|
|
12,981 |
|
Inovex Information Systems Incorporated |
|
03/04/25 |
|
12/17/30 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
5,955 |
|
|
|
5,918 |
|
|
|
5,955 |
|
Inventus Power, Inc. |
|
10/10/23 |
|
01/15/26 |
|
|
Consumer Products |
|
11.78% |
|
|
SOFR+761 |
|
|
|
12,968 |
|
|
|
12,934 |
|
|
|
12,968 |
|
Kinetic Purchaser, LLC |
|
07/24/23 |
|
11/10/27 |
|
|
Consumer Products |
|
10.15% |
|
|
SOFR+615 |
|
|
|
13,701 |
|
|
|
13,590 |
|
|
|
11,646 |
|
LAV Gear Holdings, Inc. - Takeback TL |
|
07/31/25 |
|
07/31/29 |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
10.10% |
|
|
SOFR+594 |
|
|
|
2,295 |
|
|
|
2,295 |
|
|
|
2,295 |
|
LAV Gear Holdings, Inc. - Priority TL |
|
07/31/25 |
|
07/31/29 |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
10.10% |
|
|
SOFR+594 |
|
|
|
729 |
|
|
|
720 |
|
|
|
898 |
|
Lash OpCo, LLC |
|
03/02/22 |
|
02/18/27 |
|
|
Consumer Products |
|
12.16% |
|
|
SOFR+785 |
|
|
|
21,525 |
|
|
|
21,466 |
|
|
|
20,987 |
|
Lightspeed Buyer, Inc. |
|
03/02/22 |
|
02/03/27 |
|
|
Healthcare, Education and Childcare |
|
8.75% |
|
|
SOFR+475 |
|
|
|
20,115 |
|
|
|
20,017 |
|
|
|
20,115 |
|
LJ Avalon Holdings, LLC |
|
07/24/23 |
|
02/01/30 |
|
|
Environmental Services |
|
8.77% |
|
|
SOFR+450 |
|
|
|
7,636 |
|
|
|
7,550 |
|
|
|
7,636 |
|
MAG DS Corp. |
|
03/02/22 |
|
04/01/27 |
|
|
Aerospace and Defense |
|
9.60% |
|
|
SOFR+560 |
|
|
|
8,175 |
|
|
|
7,939 |
|
|
|
8,142 |
|
MDI Buyer, Inc. |
|
12/20/24 |
|
07/25/28 |
|
|
Chemicals, Plastics and Rubber |
|
8.95% |
|
|
SOFR+475 |
|
|
|
19,728 |
|
|
|
19,568 |
|
|
|
19,728 |
|
Marketplace Events Acquisition, LLC |
|
03/04/25 |
|
12/19/30 |
|
|
Media |
|
9.12% |
|
|
SOFR+525 |
|
|
|
19,900 |
|
|
|
19,727 |
|
|
|
19,900 |
|
MBS Holdings, Inc. |
|
03/02/22 |
|
04/16/27 |
|
|
Telecommunications |
|
9.30% |
|
|
SOFR+510 |
|
|
|
8,244 |
|
|
|
8,197 |
|
|
|
8,244 |
|
Meadowlark Acquirer, LLC |
|
04/01/22 |
|
12/10/27 |
|
|
Business Services |
|
9.65% |
|
|
SOFR+565 |
|
|
|
2,893 |
|
|
|
2,865 |
|
|
|
2,893 |
|
Medina Health, LLC |
|
01/18/24 |
|
10/20/28 |
|
|
Healthcare, Education and Childcare |
|
10.25% |
|
|
SOFR+625 |
|
|
|
19,423 |
|
|
|
19,311 |
|
|
|
19,520 |
|
Megawatt Acquisitionco, Inc. |
|
07/17/24 |
|
03/01/30 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
7,880 |
|
|
|
7,788 |
|
|
|
7,502 |
|
MOREgroup Holdings, Inc. |
|
08/29/24 |
|
01/16/30 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
19,700 |
|
|
|
19,472 |
|
|
|
19,700 |
|
Municipal Emergency Services, Inc. |
|
03/02/22 |
|
10/01/27 |
|
|
Distribution |
|
9.15% |
|
|
SOFR+515 |
|
|
|
9,575 |
|
|
|
9,512 |
|
|
|
9,575 |
|
NBH Group, LLC |
|
03/02/22 |
|
08/19/26 |
|
|
Healthcare, Education and Childcare |
|
10.12% |
|
|
SOFR+585 |
|
|
|
7,180 |
|
|
|
7,159 |
|
|
|
7,180 |
|
NORA Acquisition, LLC |
|
11/21/23 |
|
08/31/29 |
|
|
Healthcare, Education and Childcare |
|
10.35% |
|
|
SOFR+635 |
|
|
|
20,090 |
|
|
|
19,860 |
|
|
|
19,939 |
|
OSP Embedded Purchaser, LLC |
|
01/17/25 |
|
12/17/29 |
|
|
Aerospace and Defense |
|
9.76% |
|
|
SOFR+575 |
|
|
|
18,926 |
|
|
|
18,793 |
|
|
|
18,661 |
|
Omnia Exterior Solutions, LLC |
|
07/25/24 |
|
12/29/29 |
|
|
Diversified Conglomerate Service |
|
9.26% |
|
|
SOFR+525 |
|
|
|
17,982 |
|
|
|
17,766 |
|
|
|
17,622 |
|
One Stop Mailing, LLC |
|
06/07/23 |
|
05/07/27 |
|
|
Transportation |
|
10.53% |
|
|
SOFR+636 |
|
|
|
8,274 |
|
|
|
8,199 |
|
|
|
8,274 |
|
PCS Midco, Inc. |
|
08/29/24 |
|
03/01/30 |
|
|
Financial Services |
|
9.75% |
|
|
SOFR+575 |
|
|
|
5,753 |
|
|
|
5,688 |
|
|
|
5,753 |
|
Pink Lily Holdco, LLC (5) |
|
04/01/22 |
|
11/09/27 |
|
|
Retail |
|
4.27% |
|
|
|
|
|
|
8,761 |
|
|
|
8,699 |
|
|
|
3,504 |
|
Pacific Purchaser, LLC |
|
03/21/24 |
|
10/02/28 |
|
|
Business Services |
|
10.42% |
|
|
SOFR+625 |
|
|
|
12,773 |
|
|
|
12,602 |
|
|
|
12,721 |
|
PAR Excellence Holdings, Inc. |
|
11/26/24 |
|
09/03/30 |
|
|
Healthcare, Education and Childcare |
|
9.17% |
|
|
SOFR+500 |
|
|
|
9,925 |
|
|
|
9,842 |
|
|
|
9,751 |
|
Project Granite Buyer, Inc. |
|
07/21/25 |
|
12/31/30 |
|
|
Business Services |
|
9.75% |
|
|
SOFR+575 |
|
|
|
5,955 |
|
|
|
5,903 |
|
|
|
6,015 |
|
RRA Corporate, LLC |
|
12/23/24 |
|
08/15/29 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
3,960 |
|
|
|
3,930 |
|
|
|
3,936 |
|
RTIC Subsidiary Holdings, LLC |
|
07/23/24 |
|
05/03/29 |
|
|
Consumer Products |
|
9.75% |
|
|
SOFR+575 |
|
|
|
24,700 |
|
|
|
24,365 |
|
|
|
24,453 |
|
Radius Aerospace, Inc. |
|
11/06/19 |
|
03/29/27 |
|
|
Aerospace and Defense |
|
10.45% |
|
|
SOFR+615 |
|
|
|
11,780 |
|
|
|
11,714 |
|
|
|
11,515 |
|
Rancho Health MSO, Inc. |
|
03/02/22 |
|
06/20/29 |
|
|
Healthcare, Education and Childcare |
|
9.29% |
|
|
SOFR+500 |
|
|
|
22,704 |
|
|
|
22,631 |
|
|
|
22,704 |
|
Recteq, LLC |
|
06/26/24 |
|
01/29/26 |
|
|
Consumer Products |
|
10.40% |
|
|
SOFR+640 |
|
|
|
9,550 |
|
|
|
9,537 |
|
|
|
9,526 |
|
Riverpoint Medical, LLC |
|
03/02/22 |
|
06/21/27 |
|
|
Healthcare, Education and Childcare |
|
8.75% |
|
|
SOFR+475 |
|
|
|
3,891 |
|
|
|
3,861 |
|
|
|
3,891 |
|
Ro Health, LLC |
|
04/03/25 |
|
01/17/31 |
|
|
Healthcare Providers & Services |
|
8.50% |
|
|
SOFR+450 |
|
|
|
9,308 |
|
|
|
9,249 |
|
|
|
9,308 |
|
Rural Sourcing Holdings, Inc. |
|
07/24/23 |
|
06/16/29 |
|
|
Professional Services |
|
9.92% |
|
|
SOFR+575 |
|
|
|
5,435 |
|
|
|
5,367 |
|
|
|
4,891 |
|
Sabel Systems Technology Solutions, LLC |
|
01/07/25 |
|
10/31/30 |
|
|
Business Services |
|
9.91% |
|
|
SOFR+575 |
|
|
|
11,910 |
|
|
|
11,813 |
|
|
|
11,910 |
|
Sales Benchmark Index, LLC |
|
03/02/22 |
|
07/07/26 |
|
|
Business Services |
|
10.20% |
|
|
SOFR+620 |
|
|
|
6,617 |
|
|
|
6,597 |
|
|
|
6,617 |
|
Seacoast Service Partners NA, LLC |
|
07/21/25 |
|
12/20/29 |
|
|
Diversified Conglomerate Service |
|
9.00% |
|
|
SOFR+500 |
|
|
|
4,963 |
|
|
|
4,926 |
|
|
|
4,759 |
|
Seaway Buyer, LLC |
|
09/14/22 |
|
06/13/29 |
|
|
Chemicals, Plastics and Rubber |
|
10.15% |
|
|
SOFR+615 |
|
|
|
14,550 |
|
|
|
14,394 |
|
|
|
13,568 |
|
Sigma Defense Systems, LLC |
|
12/01/23 |
|
12/20/27 |
|
|
Telecommunications |
|
10.31% |
|
|
SOFR+615 |
|
|
|
23,904 |
|
|
|
23,741 |
|
|
|
23,904 |
|
SpendMend Holdings, LLC |
|
07/24/23 |
|
03/01/28 |
|
|
Business Services |
|
9.15% |
|
|
SOFR+515 |
|
|
|
9,412 |
|
|
|
9,261 |
|
|
|
9,412 |
|
STG Distribution, LLC - First Out New Money Term Loans |
|
10/03/24 |
|
10/03/29 |
|
|
Transportation |
|
12.57% |
|
|
SOFR+835 |
|
|
|
1,986 |
|
|
|
1,895 |
|
|
|
1,768 |
|
STG Distribution, LLC - Second Out Term Loans (5) |
|
10/03/24 |
|
10/03/29 |
|
|
Transportation |
|
5.32% |
|
|
|
|
|
|
4,566 |
|
|
|
2,594 |
|
|
|
365 |
|
SV-Aero Holdings, LLC |
|
10/31/24 |
|
11/01/30 |
|
|
Aerospace and Defense |
|
9.00% |
|
|
SOFR+500 |
|
|
|
14,719 |
|
|
|
14,656 |
|
|
|
14,719 |
|
Systems Planning And Analysis, Inc. |
|
03/02/22 |
|
08/16/27 |
|
|
Aerospace and Defense |
|
8.92% |
|
|
SOFR+475 |
|
|
|
16,919 |
|
|
|
16,816 |
|
|
|
16,784 |
|
TCG 3.0 Jogger Acquisitionco, Inc. |
|
02/27/24 |
|
01/23/29 |
|
|
Media |
|
10.52% |
|
|
SOFR+650 |
|
|
|
9,850 |
|
|
|
9,732 |
|
|
|
9,801 |
|
TMII Enterprises, LLC |
|
07/24/23 |
|
12/22/28 |
|
|
Personal, Food and Miscellaneous Services |
|
8.66% |
|
|
SOFR+450 |
|
|
|
19,878 |
|
|
|
19,692 |
|
|
|
19,878 |
|
TPC US Parent, LLC |
|
03/02/22 |
|
11/24/25 |
|
|
Food |
|
10.19% |
|
|
SOFR+590 |
|
|
|
11,275 |
|
|
|
11,269 |
|
|
|
11,185 |
|
Team Services Group, LLC |
|
07/24/23 |
|
12/20/27 |
|
|
Healthcare, Education and Childcare |
|
9.56% |
|
|
SOFR+525 |
|
|
|
9,588 |
|
|
|
9,434 |
|
|
|
9,548 |
|
The Bluebird Group, LLC |
|
03/02/22 |
|
07/28/26 |
|
|
Business Services |
|
9.90% |
|
|
SOFR+590 |
|
|
|
16,348 |
|
|
|
16,306 |
|
|
|
16,348 |
|
The Vertex Companies, LLC |
|
03/02/22 |
|
08/31/28 |
|
|
Business Services |
|
8.93% |
|
|
SOFR+475 |
|
|
|
14,480 |
|
|
|
14,393 |
|
|
|
14,408 |
|
Transgo, LLC |
|
06/07/24 |
|
12/29/28 |
|
|
Auto Sector |
|
9.91% |
|
|
SOFR+575 |
|
|
|
16,363 |
|
|
|
16,215 |
|
|
|
16,486 |
|
Tyto Athene, LLC |
|
03/02/22 |
|
04/01/28 |
|
|
Aerospace and Defense |
|
9.19% |
|
|
SOFR+490 |
|
|
|
11,342 |
|
|
|
11,271 |
|
|
|
11,058 |
|
Urology Management Holdings, Inc. |
|
07/24/23 |
|
06/15/27 |
|
|
Healthcare, Education and Childcare |
|
9.66% |
|
|
SOFR+550 |
|
|
|
12,380 |
|
|
|
12,333 |
|
|
|
12,380 |
|
US Fertility Enterprises, LLC |
|
09/03/25 |
|
10/11/31 |
|
|
Healthcare, Education and Childcare |
|
8.67% |
|
|
SOFR+450 |
|
|
|
4,975 |
|
|
|
4,931 |
|
|
|
4,975 |
|
Watchtower Buyer, LLC |
|
09/19/24 |
|
12/01/29 |
|
|
Consumer Products |
|
10.00% |
|
|
SOFR+600 |
|
|
|
23,114 |
|
|
|
22,912 |
|
|
|
22,885 |
|
Wash & Wax Systems, LLC |
|
04/30/25 |
|
04/30/28 |
|
|
Business Services |
|
9.81% |
|
|
SOFR+550 |
|
|
|
6,577 |
|
|
|
6,686 |
|
|
|
6,708 |
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,276,720 |
|
|
|
1,253,543 |
|
Subordinated Debt - 3.7% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
Wash & Wax Systems, LLC - Subordinate Debt |
|
04/30/25 |
|
07/30/28 |
|
|
Business Services |
|
12.00% |
|
|
|
|
|
|
4,422 |
|
|
|
4,422 |
|
|
|
4,422 |
|
Total Subordinated Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,422 |
|
|
|
4,422 |
|
|
|
4,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Securities - 6.6% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Insight Holdings, Inc. - Common Equity |
|
07/15/24 |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
134,330 |
|
|
|
2,351 |
|
|
|
2,014 |
|
48Forty Intermediate Holdings, Inc. - Common Equity |
|
11/05/24 |
|
|
— |
|
|
Containers, Packaging and Glass |
|
|
— |
|
|
|
— |
|
|
|
1,988 |
|
|
|
— |
|
|
|
— |
|
Wash & Wax Group, LP - Common Equity |
|
04/30/25 |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,803 |
|
|
|
5,002 |
|
|
|
5,165 |
|
White Tiger Newco, LLC - Common Equity |
|
07/31/25 |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
10,805 |
|
|
|
824 |
|
|
|
757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,177 |
|
|
|
7,936 |
|
Total Investments - 1,046.0% of Net Assets(3)(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,289,319 |
|
|
|
1,265,901 |
|
Cash and Cash Equivalents - 33.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan U.S. Government (Money Market Fund) |
|
|
|
|
|
|
|
|
4.09% |
|
|
|
|
|
|
|
|
|
7,972 |
|
|
|
7,972 |
|
Goldman Sachs Financial Square Government Fund (Money Market Fund) |
|
|
|
|
|
|
|
|
4.18% |
|
|
|
|
|
|
|
|
|
6,946 |
|
|
|
6,946 |
|
BlackRock Federal FD Institutional 81 (Money Market Fund) |
|
|
|
|
|
|
|
|
4.19% |
|
|
|
|
|
|
|
|
|
1,920 |
|
|
|
1,920 |
|
Non-Money Market Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,147 |
|
|
|
24,147 |
|
Total Cash and Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,985 |
|
|
|
40,985 |
|
Total Investments and Cash Equivalents - 1,079.8% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,330,304 |
|
|
$ |
1,306,886 |
|
Liabilities in Excess of Other Assets — (979.8)% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,185,860 |
) |
Members' Equity—100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
121,026 |
|
(1)Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable 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. SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR 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)As of September 30, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S. Companies were $1,289.3 million, $1,265.9 million and 1,046.0% (5)Partial non-accrual PIK Security. (6)All of our investments are not registered under the 1933 Act and have restrictions on resale. (7)The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLO IV, LLC, or,3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC Below is a listing of PSLF’s individual investments as of September 30, 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
First Lien Secured Debt - 916.4%of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A1 Garage Merger Sub, LLC |
|
12/22/28 |
|
|
Personal, Food and Miscellaneous Services |
|
|
10.95 |
% |
|
SOFR+610 |
|
|
|
14,738 |
|
|
$ |
14,504 |
|
|
$ |
14,738 |
|
ACP Avenu Buyer, LLC |
|
10/02/29 |
|
|
Business Services |
|
|
10.57 |
% |
|
SOFR+525 |
|
|
|
7,667 |
|
|
|
7,526 |
|
|
|
7,418 |
|
ACP Falcon Buyer, Inc. |
|
08/01/29 |
|
|
Business Services |
|
|
10.83 |
% |
|
SOFR+550 |
|
|
|
15,351 |
|
|
|
15,067 |
|
|
|
15,412 |
|
Ad.net Acquisition, LLC |
|
05/07/26 |
|
|
Media |
|
|
11.28 |
% |
|
SOFR+626 |
|
|
|
4,838 |
|
|
|
4,838 |
|
|
|
4,838 |
|
Aeronix, Inc. - Term Loan |
|
12/18/28 |
|
|
Aerospace and Defense |
|
|
9.85 |
% |
|
SOFR+525 |
|
|
|
14,888 |
|
|
|
14,700 |
|
|
|
14,888 |
|
AFC - Dell Holding Corp. |
|
04/09/27 |
|
|
Distribution |
|
|
10.49 |
% |
|
SOFR+550 |
|
|
|
7,131 |
|
|
|
7,059 |
|
|
|
7,059 |
|
Alpine Acquisition Corp II |
|
11/30/26 |
|
|
Containers, Packaging and Glass |
|
|
11.30 |
% |
|
SOFR+610 |
|
|
|
14,687 |
|
|
|
14,459 |
|
|
|
14,100 |
|
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) |
|
06/10/25 |
|
|
Media |
|
|
10.75 |
% |
|
SOFR+650 |
|
|
|
13,813 |
|
|
|
13,769 |
|
|
|
13,675 |
|
Anteriad Holdings Inc (fka MeritDirect) |
|
06/30/26 |
|
|
Media |
|
|
10.50 |
% |
|
SOFR+590 |
|
|
|
14,714 |
|
|
|
14,638 |
|
|
|
14,714 |
|
Applied Technical Services, LLC |
|
12/29/26 |
|
|
Environmental Services |
|
|
10.50 |
% |
|
SOFR+590 |
|
|
|
14,522 |
|
|
|
14,389 |
|
|
|
14,304 |
|
Arcfield Acquisition Corp. |
|
08/03/29 |
|
|
Aerospace and Defense |
|
|
11.56 |
% |
|
SOFR+625 |
|
|
|
21,574 |
|
|
|
21,270 |
|
|
|
21,466 |
|
Beacon Behavioral Support Services, LLC |
|
06/21/29 |
|
|
Healthcare, Education and Childcare |
|
|
9.92 |
% |
|
SOFR+525 |
|
|
|
14,963 |
|
|
|
14,750 |
|
|
|
14,738 |
|
Beta Plus Technologies, Inc. |
|
07/01/29 |
|
|
Business Services |
|
|
10.35 |
% |
|
SOFR+575 |
|
|
|
14,700 |
|
|
|
14,486 |
|
|
|
14,259 |
|
Big Top Holdings, LLC |
|
02/28/30 |
|
|
Manufacturing / Basic Industries |
|
|
11.18 |
% |
|
SOFR+625 |
|
|
|
6,965 |
|
|
|
6,852 |
|
|
|
6,965 |
|
Bioderm, Inc. |
|
01/31/28 |
|
|
Healthcare, Education and Childcare |
|
|
11.84 |
% |
|
SOFR+650 |
|
|
|
8,887 |
|
|
|
8,795 |
|
|
|
8,776 |
|
Blackhawk Industrial Distribution, Inc. |
|
09/17/26 |
|
|
Distribution |
|
|
10.92 |
% |
|
SOFR+640 |
|
|
|
20,504 |
|
|
|
20,245 |
|
|
|
20,152 |
|
BlueHalo Global Holdings, LLC |
|
10/31/25 |
|
|
Aerospace and Defense |
|
|
10.70 |
% |
|
SOFR+600 |
|
|
|
13,292 |
|
|
|
13,218 |
|
|
|
13,026 |
|
Broder Bros., Co. |
|
12/04/25 |
|
|
Personal and Non-Durable Consumer Products |
|
|
10.97 |
% |
|
SOFR+611 |
|
|
|
9,374 |
|
|
|
9,374 |
|
|
|
9,374 |
|
Burgess Point Purchaser Corporation |
|
07/25/29 |
|
|
Auto Sector |
|
|
10.20 |
% |
|
SOFR+535 |
|
|
|
4,874 |
|
|
|
4,625 |
|
|
|
4,585 |
|
Carisk Buyer, Inc. |
|
11/30/29 |
|
|
Healthcare, Education and Childcare |
|
|
10.35 |
% |
|
SOFR+575 |
|
|
|
5,473 |
|
|
|
5,400 |
|
|
|
5,390 |
|
Carnegie Dartlet, LLC |
|
02/07/30 |
|
|
Education |
|
|
10.35 |
% |
|
SOFR+550 |
|
|
|
9,950 |
|
|
|
9,810 |
|
|
|
9,801 |
|
Cartessa Aesthetics, LLC |
|
06/14/28 |
|
|
Distribution |
|
|
10.35 |
% |
|
SOFR+575 |
|
|
|
17,106 |
|
|
|
16,879 |
|
|
|
17,106 |
|
CF512, Inc. |
|
08/20/26 |
|
|
Media |
|
|
11.21 |
% |
|
SOFR+619 |
|
|
|
2,891 |
|
|
|
2,876 |
|
|
|
2,848 |
|
Connatix Buyer, Inc. |
|
07/13/27 |
|
|
Media |
|
|
10.53 |
% |
|
SOFR+561 |
|
|
|
8,716 |
|
|
|
8,702 |
|
|
|
8,716 |
|
Crane 1 Services, Inc. |
|
08/16/27 |
|
|
Personal, Food and Miscellaneous Services |
|
|
10.71 |
% |
|
SOFR+586 |
|
|
|
2,549 |
|
|
|
2,529 |
|
|
|
2,530 |
|
Dr. Squatch, LLC |
|
08/31/27 |
|
|
Personal and Non-Durable Consumer Products |
|
|
9.95 |
% |
|
SOFR+535 |
|
|
|
22,993 |
|
|
|
22,842 |
|
|
|
22,993 |
|
DRI Holding Inc. |
|
12/21/28 |
|
|
Media |
|
|
10.20 |
% |
|
SOFR+535 |
|
|
|
5,830 |
|
|
|
5,423 |
|
|
|
5,626 |
|
DRS Holdings III, Inc. |
|
11/03/25 |
|
|
Consumer Products |
|
|
11.20 |
% |
|
SOFR+635 |
|
|
|
13,777 |
|
|
|
13,760 |
|
|
|
13,667 |
|
Dynata, LLC - First Out Term Loan |
|
07/15/28 |
|
|
Business Services |
|
|
10.38 |
% |
|
SOFR+526 |
|
|
|
1,588 |
|
|
|
1,476 |
|
|
|
1,586 |
|
Dynata, LLC - Last Out Term Loan |
|
10/15/28 |
|
|
Business Services |
|
|
10.88 |
% |
|
SOFR+576 |
|
|
|
9,768 |
|
|
|
9,768 |
|
|
|
8,993 |
|
EDS Buyer, LLC |
|
01/10/29 |
|
|
Aerospace and Defense |
|
|
10.35 |
% |
|
SOFR+575 |
|
|
|
11,144 |
|
|
|
11,013 |
|
|
|
10,977 |
|
ETE Intermediate II, LLC |
|
05/29/29 |
|
|
Personal, Food and Miscellaneous Services |
|
|
11.56 |
% |
|
SOFR+650 |
|
|
|
12,249 |
|
|
|
12,049 |
|
|
|
12,249 |
|
Eval Home Health Solutions Intermediate, LLC |
|
05/10/30 |
|
|
Healthcare, Education and Childcare |
|
|
10.85 |
% |
|
SOFR+575 |
|
|
|
7,396 |
|
|
|
7,293 |
|
|
|
7,322 |
|
Exigo Intermediate II, LLC |
|
03/15/27 |
|
|
Business Services |
|
|
11.20 |
% |
|
SOFR+635 |
|
|
|
9,651 |
|
|
|
9,556 |
|
|
|
9,603 |
|
Fairbanks Morse Defense |
|
06/17/28 |
|
|
Aerospace and Defense |
|
|
9.74 |
% |
|
SOFR+450 |
|
|
|
3,491 |
|
|
|
3,417 |
|
|
|
3,495 |
|
Five Star Buyer, Inc. |
|
02/23/28 |
|
|
Hotels, Motels, Inns and Gaming |
|
|
12.21 |
% |
|
SOFR+710 |
|
|
|
4,241 |
|
|
|
4,175 |
|
|
|
4,241 |
|
Global Holdings InterCo LLC |
|
03/16/26 |
|
|
Banking, Finance, Insurance & Real Estate |
|
|
11.43 |
% |
|
SOFR+615 |
|
|
|
6,952 |
|
|
|
6,940 |
|
|
|
6,605 |
|
Graffiti Buyer, Inc. |
|
08/10/27 |
|
|
Distribution |
|
|
10.45 |
% |
|
SOFR+560 |
|
|
|
3,118 |
|
|
|
3,081 |
|
|
|
3,087 |
|
Hancock Roofing and Construction L.L.C. |
|
12/31/26 |
|
|
Insurance |
|
|
10.20 |
% |
|
SOFR+560 |
|
|
|
6,146 |
|
|
|
6,146 |
|
|
|
6,023 |
|
HEC Purchaser Corp. |
|
06/17/29 |
|
|
Healthcare, Education and Childcare |
|
|
9.75 |
% |
|
SOFR+550 |
|
|
|
7,980 |
|
|
|
7,887 |
|
|
|
7,924 |
|
Hills Distribution, Inc |
|
11/08/29 |
|
|
Distribution |
|
|
11.11 |
% |
|
SOFR+600 |
|
|
|
14,292 |
|
|
|
14,106 |
|
|
|
14,149 |
|
HV Watterson Holdings, LLC |
|
12/17/26 |
|
|
Business Services |
|
12.00% (PIK 4.0%) |
|
|
|
|
|
|
15,144 |
|
|
|
15,019 |
|
|
|
13,887 |
|
HW Holdco, LLC |
|
05/10/26 |
|
|
Media |
|
|
11.04 |
% |
|
SOFR+590 |
|
|
|
18,355 |
|
|
|
18,296 |
|
|
|
18,355 |
|
IG Investments Holdings, LLC |
|
09/22/28 |
|
|
Business Services |
|
|
11.35 |
% |
|
SOFR+610 |
|
|
|
4,383 |
|
|
|
4,322 |
|
|
|
4,339 |
|
Imagine Acquisitionco, LLC |
|
11/15/27 |
|
|
Business Services |
|
|
10.20 |
% |
|
SOFR+510 |
|
|
|
5,509 |
|
|
|
5,440 |
|
|
|
5,481 |
|
Infinity Home Services Holdco, Inc. |
|
12/28/28 |
|
|
Personal, Food and Miscellaneous Services |
|
|
11.49 |
% |
|
SOFR+685 |
|
|
|
13,890 |
|
|
|
13,730 |
|
|
|
14,029 |
|
Infolinks Media Buyco, LLC |
|
11/01/26 |
|
|
Media |
|
|
10.10 |
% |
|
SOFR+550 |
|
|
|
12,286 |
|
|
|
12,214 |
|
|
|
12,194 |
|
Inventus Power, Inc. |
|
06/30/25 |
|
|
Consumer Products |
|
|
12.46 |
% |
|
SOFR+761 |
|
|
|
13,101 |
|
|
|
12,980 |
|
|
|
12,905 |
|
Kinetic Purchaser, LLC |
|
11/10/27 |
|
|
Consumer Products |
|
|
10.75 |
% |
|
SOFR+615 |
|
|
|
13,701 |
|
|
|
13,520 |
|
|
|
13,701 |
|
LAV Gear Holdings, Inc. |
|
10/31/25 |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
|
11.66 |
% |
|
SOFR+640 |
|
|
|
4,613 |
|
|
|
4,601 |
|
|
|
4,530 |
|
Lash OpCo, LLC |
|
02/18/27 |
|
|
Consumer Products |
|
12.94% (PIK 5.10%) |
|
|
SOFR+785 |
|
|
|
20,447 |
|
|
|
20,338 |
|
|
|
20,243 |
|
Lightspeed Buyer Inc. |
|
02/03/26 |
|
|
Healthcare, Education and Childcare |
|
|
10.20 |
% |
|
SOFR+535 |
|
|
|
14,267 |
|
|
|
14,170 |
|
|
|
14,267 |
|
LJ Avalon Holdings, LLC |
|
01/31/30 |
|
|
Environmental Services |
|
|
10.48 |
% |
|
SOFR+525 |
|
|
|
6,255 |
|
|
|
6,151 |
|
|
|
6,255 |
|
MAG DS Corp. |
|
04/01/27 |
|
|
Aerospace and Defense |
|
|
10.20 |
% |
|
SOFR+550 |
|
|
|
8,266 |
|
|
|
7,890 |
|
|
|
7,770 |
|
Magenta Buyer, LLC -First out |
|
07/31/28 |
|
|
Software |
|
|
12.13 |
% |
|
SOFR+701 |
|
|
|
450 |
|
|
|
450 |
|
|
|
425 |
|
Magenta Buyer, LLC -Second out |
|
07/31/28 |
|
|
Software |
|
|
12.38 |
% |
|
SOFR+801 |
|
|
|
569 |
|
|
|
569 |
|
|
|
390 |
|
Magenta Buyer, LLC -Third out |
|
07/31/28 |
|
|
Software |
|
|
11.63 |
% |
|
SOFR+726 |
|
|
|
2,109 |
|
|
|
2,109 |
|
|
|
617 |
|
MBS Holdings, Inc. |
|
04/16/27 |
|
|
Telecommunications |
|
|
10.67 |
% |
|
SOFR+585 |
|
|
|
8,330 |
|
|
|
8,256 |
|
|
|
8,338 |
|
Meadowlark Acquirer, LLC |
|
12/10/27 |
|
|
Business Services |
|
|
10.50 |
% |
|
SOFR+590 |
|
|
|
2,923 |
|
|
|
2,884 |
|
|
|
2,850 |
|
Medina Health, LLC |
|
10/20/28 |
|
|
Healthcare, Education and Childcare |
|
|
10.85 |
% |
|
SOFR+625 |
|
|
|
14,912 |
|
|
|
14,765 |
|
|
|
14,912 |
|
Megawatt Acquisitionco, Inc. |
|
03/01/30 |
|
|
Business Services |
|
|
9.85 |
% |
|
SOFR+525 |
|
|
|
7,960 |
|
|
|
7,851 |
|
|
|
7,514 |
|
MOREgroup Holdings, LLC |
|
01/16/30 |
|
|
Business Services |
|
|
10.35 |
% |
|
SOFR+575 |
|
|
|
12,450 |
|
|
|
12,303 |
|
|
|
12,263 |
|
Municipal Emergency Services, Inc. |
|
10/01/27 |
|
|
Distribution |
|
|
9.77 |
% |
|
SOFR+515 |
|
|
|
5,912 |
|
|
|
5,822 |
|
|
|
5,912 |
|
NBH Group LLC |
|
08/19/26 |
|
|
Healthcare, Education and Childcare |
|
|
11.19 |
% |
|
SOFR+585 |
|
|
|
7,353 |
|
|
|
7,311 |
|
|
|
7,133 |
|
NORA Acquisition, LLC |
|
08/31/29 |
|
|
Healthcare, Education and Childcare |
|
|
10.95 |
% |
|
SOFR+635 |
|
|
|
14,850 |
|
|
|
14,597 |
|
|
|
14,850 |
|
Omnia Exterior Solutions, LLC |
|
12/29/29 |
|
|
Diversified Conglomerate Service |
|
|
10.01 |
% |
|
SOFR+550 |
|
|
|
9,768 |
|
|
|
9,650 |
|
|
|
9,622 |
|
One Stop Mailing, LLC |
|
5/7/2027 |
|
|
Transportation |
|
|
11.21 |
% |
|
SOFR+636 |
|
|
|
8,380 |
|
|
|
8,256 |
|
|
|
8,380 |
|
Owl Acquisition, LLC |
|
2/4/2028 |
|
|
Education |
|
|
10.20 |
% |
|
SOFR+535 |
|
|
|
3,893 |
|
|
|
3,811 |
|
|
|
3,825 |
|
Ox Two, LLC |
|
5/18/2026 |
|
|
Distribution |
|
|
11.12 |
% |
|
SOFR+651 |
|
|
|
9,340 |
|
|
|
9,307 |
|
|
|
9,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
Pacific Purchaser, LLC |
|
10/2/2028 |
|
|
Business Services |
|
|
11.51 |
% |
|
SOFR+600 |
|
|
|
12,903 |
|
|
|
12,682 |
|
|
|
12,877 |
|
PCS Midco, Inc. |
|
3/1/2030 |
|
|
Financial Services |
|
|
10.81 |
% |
|
SOFR+575 |
|
|
|
5,812 |
|
|
|
5,735 |
|
|
|
5,812 |
|
PL Acquisitionco, LLC |
|
11/9/2027 |
|
|
Retail |
|
11.99% (PIK 3.5%) |
|
|
SOFR+725 |
|
|
|
8,193 |
|
|
|
8,100 |
|
|
|
6,554 |
|
Quantic Electronics, LLC |
|
11/19/2026 |
|
|
Aerospace and Defense |
|
|
10.95 |
% |
|
SOFR+635 |
|
|
|
3,280 |
|
|
|
3,245 |
|
|
|
3,263 |
|
RTIC Subsidiary Holdings, LLC |
|
5/3/2029 |
|
|
Consumer Products |
|
|
10.35 |
% |
|
SOFR+575 |
|
|
|
19,950 |
|
|
|
19,673 |
|
|
|
19,551 |
|
Radius Aerospace, Inc. |
|
3/31/2025 |
|
|
Aerospace and Defense |
|
|
10.75 |
% |
|
SOFR+575 |
|
|
|
12,565 |
|
|
|
12,543 |
|
|
|
12,313 |
|
Rancho Health MSO, Inc. |
|
12/18/2025 |
|
|
Healthcare, Education and Childcare |
|
|
10.85 |
% |
|
SOFR+560 |
|
|
|
5,530 |
|
|
|
5,530 |
|
|
|
5,530 |
|
Reception Purchaser, LLC |
|
4/28/2028 |
|
|
Transportation |
|
|
25.00 |
% |
|
SOFR+615 |
|
|
|
4,937 |
|
|
|
4,888 |
|
|
|
3,703 |
|
Recteq, LLC |
|
1/29/2026 |
|
|
Consumer Products |
|
|
11.75 |
% |
|
SOFR+715 |
|
|
|
9,650 |
|
|
|
9,592 |
|
|
|
9,554 |
|
Riverpoint Medical, LLC |
|
6/21/2025 |
|
|
Healthcare, Education and Childcare |
|
|
9.85 |
% |
|
SOFR+525 |
|
|
|
3,932 |
|
|
|
3,919 |
|
|
|
3,936 |
|
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |
|
6/16/2029 |
|
|
Professional Services |
|
|
10.74 |
% |
|
SOFR+575 |
|
|
|
4,336 |
|
|
|
4,268 |
|
|
|
4,282 |
|
S101 Holdings Inc. |
|
12/29/2026 |
|
|
Electronics |
|
|
11.48 |
% |
|
SOFR+615 |
|
|
|
6,467 |
|
|
|
6,387 |
|
|
|
6,402 |
|
Sales Benchmark Index LLC |
|
1/3/2025 |
|
|
Business Services |
|
|
10.80 |
% |
|
SOFR+620 |
|
|
|
6,676 |
|
|
|
6,668 |
|
|
|
6,676 |
|
Sargent & Greenleaf Inc. |
|
12/20/2024 |
|
|
Electronics |
|
12.45% (PIK 1.00%) |
|
|
SOFR+760 |
|
|
|
4,634 |
|
|
|
4,634 |
|
|
|
4,634 |
|
Seaway Buyer, LLC |
|
6/13/2029 |
|
|
Chemicals, Plastics and Rubber |
|
|
10.75 |
% |
|
SOFR+615 |
|
|
|
14,700 |
|
|
|
14,510 |
|
|
|
14,186 |
|
Sigma Defense Systems, LLC |
|
12/18/2027 |
|
|
Telecommunications |
|
|
11.50 |
% |
|
SOFR+690 |
|
|
|
14,621 |
|
|
|
14,465 |
|
|
|
14,475 |
|
Simplicity Financial Marketing Group Holdings, Inc |
|
12/2/2026 |
|
|
Banking, Finance, Insurance & Real Estate |
|
|
11.38 |
% |
|
SOFR+640 |
|
|
|
11,359 |
|
|
|
11,207 |
|
|
|
11,472 |
|
Skopima Consilio Parent, LLC |
|
5/17/2028 |
|
|
Business Services |
|
|
9.46 |
% |
|
SOFR+461 |
|
|
|
1,290 |
|
|
|
1,269 |
|
|
|
1,289 |
|
Smartronix, LLC |
|
11/23/2028 |
|
|
Aerospace and Defense |
|
|
10.35 |
% |
|
SOFR+610 |
|
|
|
25,078 |
|
|
|
24,798 |
|
|
|
25,073 |
|
Solutionreach, Inc. |
|
7/17/2025 |
|
|
Communications |
|
|
12.40 |
% |
|
SOFR+715 |
|
|
|
9,239 |
|
|
|
9,216 |
|
|
|
9,239 |
|
SpendMend Holdings, LLC |
|
3/1/2028 |
|
|
Business Services |
|
|
10.26 |
% |
|
SOFR+565 |
|
|
|
9,510 |
|
|
|
9,302 |
|
|
|
9,510 |
|
Summit Behavioral Healthcare, LLC |
|
11/24/2028 |
|
|
Healthcare, Education and Childcare |
|
|
9.31 |
% |
|
SOFR+425 |
|
|
|
3,554 |
|
|
|
3,398 |
|
|
|
3,305 |
|
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |
|
8/16/2027 |
|
|
Aerospace and Defense |
|
|
10.26 |
% |
|
SOFR+500 |
|
|
|
15,803 |
|
|
|
15,600 |
|
|
|
15,772 |
|
TCG 3.0 Jogger Acquisitionco, Inc. |
|
1/23/2029 |
|
|
Media |
|
|
11.10 |
% |
|
SOFR+650 |
|
|
|
9,950 |
|
|
|
9,800 |
|
|
|
9,851 |
|
TPC US Parent, LLC |
|
11/24/2025 |
|
|
Food |
|
|
10.98 |
% |
|
SOFR+565 |
|
|
|
11,392 |
|
|
|
11,330 |
|
|
|
11,392 |
|
TWS Acquisition Corporation |
|
6/6/2025 |
|
|
Education |
|
|
11.33 |
% |
|
SOFR+640 |
|
|
|
1,568 |
|
|
|
1,567 |
|
|
|
1,568 |
|
Team Services Group, LLC |
|
11/24/2028 |
|
|
Healthcare, Education and Childcare |
|
|
9.95 |
% |
|
SOFR+510 |
|
|
|
9,661 |
|
|
|
9,462 |
|
|
|
9,537 |
|
Teneo Holdings LLC |
|
3/13/2031 |
|
|
Business Services |
|
|
9.60 |
% |
|
SOFR+475 |
|
|
|
2,985 |
|
|
|
2,955 |
|
|
|
2,994 |
|
The Bluebird Group LLC |
|
7/27/2026 |
|
|
Business Services |
|
|
11.25 |
% |
|
SOFR+665 |
|
|
|
14,445 |
|
|
|
14,404 |
|
|
|
14,445 |
|
The Vertex Companies, LLC |
|
8/31/2027 |
|
|
Business Services |
|
|
10.99 |
% |
|
SOFR+610 |
|
|
|
7,611 |
|
|
|
7,536 |
|
|
|
7,611 |
|
Transgo, LLC |
|
12/29/2028 |
|
|
Auto Sector |
|
|
10.60 |
% |
|
SOFR+575 |
|
|
|
14,479 |
|
|
|
14,282 |
|
|
|
14,479 |
|
Tyto Athene, LLC |
|
4/3/2028 |
|
|
Aerospace and Defense |
|
|
10.23 |
% |
|
SOFR+490 |
|
|
|
11,393 |
|
|
|
11,306 |
|
|
|
11,165 |
|
Urology Management Holdings, Inc. |
|
6/15/2026 |
|
|
Healthcare, Education and Childcare |
|
|
11.46 |
% |
|
SOFR+550 |
|
|
|
10,928 |
|
|
|
10,836 |
|
|
|
10,819 |
|
Watchtower Buyer, LLC |
|
12/1/2029 |
|
|
Consumer Products |
|
|
10.60 |
% |
|
SOFR+600 |
|
|
|
13,942 |
|
|
|
13,769 |
|
|
|
13,803 |
|
Wildcat Buyerco, Inc. |
|
2/27/2027 |
|
|
Electronics |
|
|
10.60 |
% |
|
SOFR+575 |
|
|
|
19,256 |
|
|
|
19,126 |
|
|
|
19,256 |
|
Zips Car Wash, LLC |
|
12/31/2024 |
|
|
Business Services |
|
12.46% (PIK 1.5%) |
|
|
SOFR+740 |
|
|
|
19,687 |
|
|
|
19,648 |
|
|
|
18,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,033,954 |
|
|
|
1,028,874 |
|
Equity Security - 2.1% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dynata, LLC - Common Equity |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
134 |
|
|
|
2,351 |
|
|
|
2,351 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 918.5% of Net Assets (3)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,036,305 |
|
|
|
1,031,225 |
|
Cash and Cash Equivalents - 32.6% o f Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Federal FD Institutional 30 (Money Market Fund) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,595 |
|
|
|
36,595 |
|
Total Cash and Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,595 |
|
|
|
36,595 |
|
Total Investments and Cash Equivalents - 951.1% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,072,900 |
|
|
$ |
1,067,820 |
|
Liabilities in Excess of Other Assets — (851.1)% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(955,549 |
) |
Members' Equity—100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
112,271 |
|
(1)Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable 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. SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR 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)As of September 30, 2024, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S. Companies were $1,036.3 million, $1,031.2 million and 918.5% (4)All of our investments are not registered under the 1933 Act and have restrictions on resale. (5)The securities are, 1) pledged as collateral under the BNP Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLO IV, LLC; or, 3)
securing the 2035 Asset-Backed Debt held through PennantPark CLO VII, LLC 1 Below is the consolidated statements of assets and liabilities for PSLF ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
September 30, 2025 |
|
|
September 30, 2024 |
|
Assets |
|
|
|
|
|
|
Investments at fair value (amortized cost—$1,289,319 and $1,036,305, respectively) |
|
$ |
1,265,901 |
|
|
$ |
1,031,225 |
|
Cash and cash equivalents (cost—$40,985 and $36,595, respectively) |
|
|
40,985 |
|
|
|
36,595 |
|
Interest receivable |
|
|
5,271 |
|
|
|
5,089 |
|
Receivable for investments sold |
|
|
1,055 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
|
2,148 |
|
|
|
372 |
|
Due from affiliate |
|
|
87 |
|
|
|
71 |
|
Total assets |
|
|
1,315,447 |
|
|
|
1,073,352 |
|
Liabilities |
|
|
|
|
|
|
2037 Asset-backed debt, net (par—$328,000 and $0, respectively and unamortized deferred financing cost of $1,887 and $0, respectively) | |
|
326,113 |
|
|
|
— |
|
2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $940 and $1,328, respectively) | |
|
245,060 |
|
|
|
244,672 |
|
2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,434 and $1,882, respectively) | |
|
244,566 |
|
|
|
244,118 |
|
Credit facility payable |
|
|
99,600 |
|
|
|
247,600 |
|
Subordinated notes payable to members |
|
|
250,808 |
|
|
|
191,546 |
|
Payable for investments purchased |
|
|
— |
|
|
|
7,314 |
|
Interest payable on credit facility and asset backed debt |
|
|
13,730 |
|
|
|
12,525 |
|
Distribution payable to members |
|
|
8,000 |
|
|
|
8,000 |
|
Interest payable on subordinated notes to members |
|
|
5,305 |
|
|
|
4,372 |
|
Accounts payable and accrued expenses |
|
|
1,189 |
|
|
|
934 |
|
Due to affiliate |
|
|
50 |
|
|
|
— |
|
Total liabilities |
|
|
1,194,421 |
|
|
|
961,081 |
|
|
|
|
|
|
|
|
Members' equity |
|
|
121,026 |
|
|
|
112,271 |
|
Total liabilities and members' equity |
|
$ |
1,315,447 |
|
|
$ |
1,073,352 |
|
*For the years ended of September 30, 2025 and 2024, PSLF had zero of unfunded commitments to fund investments. Below are the consolidated statements of operations for PSLF ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended September 30, |
|
|
|
2025 |
|
|
2024 |
|
Investment income: |
|
|
|
|
|
|
Interest |
|
$ |
138,501 |
|
|
$ |
114,231 |
|
Other income |
|
|
1,875 |
|
|
|
1,023 |
|
Total investment income |
|
|
140,376 |
|
|
|
115,254 |
|
Expenses: |
|
|
|
|
|
|
Interest expense on credit facility and asset-backed debt |
|
|
67,975 |
|
|
|
54,405 |
|
Interest expense on subordinated notes to members |
|
|
30,436 |
|
|
|
24,861 |
|
Administration services expense |
|
|
3,457 |
|
|
|
2,423 |
|
General and administrative expenses |
|
|
1,494 |
|
|
|
1,360 |
|
Expenses before debt issuance costs |
|
|
103,362 |
|
|
|
83,049 |
|
Debt issuance costs |
|
|
250 |
|
|
|
— |
|
Total expenses |
|
|
103,612 |
|
|
|
83,049 |
|
Net investment income |
|
|
36,764 |
|
|
|
32,205 |
|
Realized and unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
Net realized gain (loss) on investments |
|
|
(9,215 |
) |
|
|
(2,838 |
) |
Net realized gain (loss) on debt extinguishment |
|
|
(187 |
) |
|
|
— |
|
Net change in unrealized appreciation (depreciation) on investments |
|
|
(18,344 |
) |
|
|
1,462 |
|
Net realized and unrealized gain (loss) on investments |
|
|
(27,746 |
) |
|
|
(1,376 |
) |
Net increase (decrease) in members' equity resulting from operations |
|
$ |
9,018 |
|
|
$ |
30,829 |
|
* No management or incentive fees are payable by PSLF |