| Summary of Listing of PSSLs Individual Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par or Number
of Shares |
|
|
Cost |
|
|
Fair Value (2) |
|
First Lien Secured Debt - 1,737.2% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Avenu Buyer, LLC |
|
10/6/2023 |
|
10/2/2029 |
|
|
Business Services |
|
8.66% |
|
|
SOFR+500 |
|
|
|
19,912 |
|
|
$ |
19,709 |
|
|
$ |
19,414 |
|
ACP Falcon Buyer, Inc. |
|
8/22/2023 |
|
8/1/2029 |
|
|
Business Services |
|
9.16% |
|
|
SOFR+550 |
|
|
|
18,478 |
|
|
|
18,247 |
|
|
|
18,478 |
|
APT OPCO, LLC |
|
10/23/2025 |
|
9/30/2031 |
|
|
Healthcare and Pharmaceuticals |
|
8.70% |
|
|
SOFR+500 |
|
|
|
12,438 |
|
|
|
12,377 |
|
|
|
12,438 |
|
Ad.net Acquisition, LLC |
|
5/24/2021 |
|
5/7/2026 |
|
|
Media |
|
9.96% |
|
|
SOFR+626 |
|
|
|
12,716 |
|
|
|
12,707 |
|
|
|
12,716 |
|
Aechelon Technology, Inc. |
|
4/10/2025 |
|
8/16/2029 |
|
|
Aerospace and Defense |
|
9.42% |
|
|
SOFR+575 |
|
|
|
11,400 |
|
|
|
11,400 |
|
|
|
11,514 |
|
AFC-Dell Holding Corp. |
|
12/23/2024 |
|
4/9/2027 |
|
|
Distributors |
|
8.67% |
|
|
SOFR+500 |
|
|
|
7,594 |
|
|
|
7,573 |
|
|
|
7,594 |
|
Aphix Buyer, Inc. |
|
9/3/2025 |
|
7/17/2031 |
|
|
Business Services |
|
8.42% |
|
|
SOFR+475 |
|
|
|
8,955 |
|
|
|
8,906 |
|
|
|
8,910 |
|
Alpine Acquisition Corp II - Second out Term Loan |
|
11/30/2026 |
|
1/14/2031 |
|
|
Containers and Packaging |
|
|
— |
|
|
|
— |
|
|
|
1,048 |
|
|
|
1,048 |
|
|
|
1,048 |
|
Alpine Acquisition Corp II - Third out Term Loan |
|
11/30/2026 |
|
1/14/2031 |
|
|
Containers and Packaging |
|
|
— |
|
|
|
— |
|
|
|
1,398 |
|
|
|
1,398 |
|
|
|
1,398 |
|
Alpine Acquisition Corp II - Unfunded Term Loan |
|
11/30/2026 |
|
1/14/2031 |
|
|
Containers and Packaging |
|
|
— |
|
|
|
— |
|
|
|
419 |
|
|
|
- |
|
|
|
- |
|
Alpine Acquisition Corp II - Unfunded Revolver |
|
11/30/2026 |
|
12/29/2030 |
|
|
Containers and Packaging |
|
|
— |
|
|
|
— |
|
|
|
105 |
|
|
|
- |
|
|
|
- |
|
Anteriad, LLC (f/k/a MeritDirect, LLC) |
|
4/10/2025 |
|
12/31/2027 |
|
|
Media: Advertising, Printing & Publishing |
|
9.60% |
|
|
SOFR+590 |
|
|
|
10,962 |
|
|
|
10,931 |
|
|
|
10,880 |
|
Arcfield Acquisition Corp. |
|
11/11/2024 |
|
10/28/2031 |
|
|
Aerospace and Defense |
|
8.67% |
|
|
SOFR+500 |
|
|
|
5,925 |
|
|
|
5,917 |
|
|
|
5,895 |
|
Archer Lewis, LLC |
|
11/22/2024 |
|
8/28/2029 |
|
|
Commercial Services & Supplies |
|
9.45% |
|
|
SOFR+575 |
|
|
|
14,825 |
|
|
|
14,754 |
|
|
|
14,528 |
|
Argano, LLC |
|
1/9/2025 |
|
9/13/2029 |
|
|
Business Services |
|
9.17% |
|
|
SOFR+550 |
|
|
|
22,313 |
|
|
|
22,071 |
|
|
|
22,090 |
|
Azureon, LLC (F/K/A Tpcn Midco, LLC) |
|
4/10/2025 |
|
6/26/2029 |
|
|
Diversified Consumer Services |
|
9.45% |
|
|
SOFR+575 |
|
|
|
4,950 |
|
|
|
4,855 |
|
|
|
4,876 |
|
Beacon Behavioral Support Services, LLC |
|
10/9/2024 |
|
6/21/2029 |
|
|
Healthcare and Pharmaceuticals |
|
9.20% |
|
|
SOFR+550 |
|
|
|
24,874 |
|
|
|
24,701 |
|
|
|
24,874 |
|
Best Practice Associates, LLC |
|
4/10/2025 |
|
11/8/2029 |
|
|
Aerospace and Defense |
|
10.42% |
|
|
SOFR+675 |
|
|
|
14,850 |
|
|
|
14,727 |
|
|
|
14,516 |
|
Beta Plus Technologies, Inc. |
|
7/21/2022 |
|
7/2/2029 |
|
|
Business Services |
|
9.45% |
|
|
SOFR+575 |
|
|
|
14,799 |
|
|
|
14,563 |
|
|
|
14,577 |
|
Big Top Holdings, LLC |
|
6/26/2024 |
|
2/28/2030 |
|
|
Business Services |
|
8.95% |
|
|
SOFR+525 |
|
|
|
14,594 |
|
|
|
14,407 |
|
|
|
14,594 |
|
BioDerm, Inc. |
|
2/28/2023 |
|
1/31/2028 |
|
|
Healthcare and Pharmaceuticals |
|
10.17% |
|
|
SOFR+650 |
|
|
|
8,753 |
|
|
|
8,703 |
|
|
|
8,621 |
|
Blackhawk Industrial Distribution, Inc. |
|
6/30/2022 |
|
9/17/2026 |
|
|
Distributors |
|
9.10% |
|
|
SOFR+540 |
|
|
|
14,737 |
|
|
|
14,694 |
|
|
|
14,295 |
|
BLC Holding Company, Inc. |
|
4/10/2025 |
|
11/20/2030 |
|
|
Business Services |
|
8.20% |
|
|
SOFR+450 |
|
|
|
4,950 |
|
|
|
4,929 |
|
|
|
4,950 |
|
Boss Industries, LLC |
|
4/10/2025 |
|
12/27/2030 |
|
|
Independent Power and Renewable Electricity Producers |
|
8.45% |
|
|
SOFR+500 |
|
|
|
4,950 |
|
|
|
4,886 |
|
|
|
4,950 |
|
Burgess Point Purchaser Corporation |
|
10/3/2022 |
|
7/25/2029 |
|
|
Automotive |
|
9.02% |
|
|
SOFR+535 |
|
|
|
435 |
|
|
|
417 |
|
|
|
378 |
|
By Light Professional IT Services, LLC |
|
8/28/2025 |
|
7/15/2031 |
|
|
High Tech Industries |
|
9.17% |
|
|
SOFR+550 |
|
|
|
18,399 |
|
|
|
18,278 |
|
|
|
18,124 |
|
C5MI Acquisition, LLC |
|
3/7/2025 |
|
7/31/2029 |
|
|
IT Services |
|
9.70% |
|
|
SOFR+600 |
|
|
|
14,775 |
|
|
|
14,621 |
|
|
|
14,775 |
|
Capital Construction, LLC |
|
8/28/2025 |
|
10/22/2026 |
|
|
Consumer Services |
|
9.59% |
|
|
SOFR+590 |
|
|
|
4,252 |
|
|
|
4,238 |
|
|
|
4,188 |
|
Carisk Buyer, Inc. |
|
10/16/2024 |
|
12/3/2029 |
|
|
Healthcare Technology |
|
8.70% |
|
|
SOFR+500 |
|
|
|
9,875 |
|
|
|
9,821 |
|
|
|
9,900 |
|
Carnegie Dartlet, LLC |
|
4/11/2025 |
|
2/7/2030 |
|
|
Media: Advertising, Printing & Publishing |
|
9.17% |
|
|
SOFR+550 |
|
|
|
15,014 |
|
|
|
14,839 |
|
|
|
14,901 |
|
Cartessa Aesthetics, LLC |
|
4/11/2023 |
|
6/14/2028 |
|
|
Distributors |
|
9.70% |
|
|
SOFR+600 |
|
|
|
9,392 |
|
|
|
9,325 |
|
|
|
9,345 |
|
Case Works, LLC |
|
4/10/2025 |
|
10/1/2029 |
|
|
Professional Services |
|
8.95% |
|
|
SOFR+525 |
|
|
|
14,812 |
|
|
|
14,721 |
|
|
|
14,664 |
|
CF512, Inc. |
|
12/27/2021 |
|
8/20/2026 |
|
|
Media |
|
9.86% |
|
|
SOFR+619 |
|
|
|
6,449 |
|
|
|
6,434 |
|
|
|
6,384 |
|
Commercial Fire Protection Holdings, LLC |
|
11/26/2024 |
|
9/23/2030 |
|
|
Commercial Services & Supplies |
|
8.20% |
|
|
SOFR+450 |
|
|
|
19,737 |
|
|
|
19,658 |
|
|
|
19,737 |
|
Confluent Health, LLC |
|
1/12/2024 |
|
11/30/2028 |
|
|
Healthcare and Pharmaceuticals |
|
7.78% |
|
|
SOFR+750 |
|
|
|
6,602 |
|
|
|
6,468 |
|
|
|
5,603 |
|
CJX Borrower, LLC |
|
7/29/2021 |
|
7/13/2027 |
|
|
Media |
|
9.41% |
|
|
SOFR+576 |
|
|
|
3,715 |
|
|
|
3,695 |
|
|
|
3,659 |
|
Crane 1 Services, Inc. |
|
4/11/2023 |
|
8/16/2027 |
|
|
Commercial Services & Supplies |
|
9.53% |
|
|
SOFR+536 |
|
|
|
2,036 |
|
|
|
2,027 |
|
|
|
2,005 |
|
DRI Holding Inc. |
|
9/15/2022 |
|
12/21/2028 |
|
|
Media |
|
9.02% |
|
|
SOFR+535 |
|
|
|
2,560 |
|
|
|
2,435 |
|
|
|
2,470 |
|
DRS Holdings III, Inc. |
|
1/27/2021 |
|
11/1/2028 |
|
|
Consumer Goods: Durable |
|
8.92% |
|
|
SOFR+525 |
|
|
|
4,384 |
|
|
|
4,378 |
|
|
|
4,428 |
|
Duggal Acquisition, LLC |
|
4/10/2025 |
|
9/30/2030 |
|
|
Marketing Services |
|
8.45% |
|
|
SOFR+475 |
|
|
|
4,925 |
|
|
|
4,888 |
|
|
|
4,925 |
|
Dynata, LLC - First Out Term Loan (5) |
|
7/15/2024 |
|
7/17/2028 |
|
|
Diversified Consumer Services |
|
8.91% |
|
|
SOFR+576 |
|
|
|
1,340 |
|
|
|
1,277 |
|
|
|
1,307 |
|
Dynata, LLC - Last Out Term Loan |
|
7/15/2024 |
|
10/16/2028 |
|
|
Diversified Consumer Services |
|
9.41% |
|
|
SOFR+576 |
|
|
|
8,312 |
|
|
|
8,312 |
|
|
|
4,198 |
|
EDS Buyer, LLC |
|
4/11/2023 |
|
1/10/2029 |
|
|
Electronic Equipment, Instruments, and Components |
|
8.20% |
|
|
SOFR+450 |
|
|
|
8,731 |
|
|
|
8,662 |
|
|
|
8,731 |
|
Emergency Care Partners, LLC |
|
11/11/2024 |
|
10/18/2027 |
|
|
Healthcare Providers and Services |
|
8.70% |
|
|
SOFR+500 |
|
|
|
7,166 |
|
|
|
7,145 |
|
|
|
7,166 |
|
Exigo Intermediate II, LLC |
|
11/21/2022 |
|
3/15/2027 |
|
|
Software |
|
10.02% |
|
|
SOFR+635 |
|
|
|
12,351 |
|
|
|
12,297 |
|
|
|
11,734 |
|
ETE Intermediate II, LLC |
|
6/12/2023 |
|
5/29/2029 |
|
|
Diversified Consumer Services |
|
8.70% |
|
|
SOFR+500 |
|
|
|
12,062 |
|
|
|
11,912 |
|
|
|
12,062 |
|
EvAL Home Care Solutions Intermediate, LLC |
|
7/10/2024 |
|
5/10/2030 |
|
|
Healthcare and Pharmaceuticals |
|
9.42% |
|
|
SOFR+575 |
|
|
|
8,601 |
|
|
|
8,496 |
|
|
|
8,601 |
|
GGG MIDCO, LLC |
|
4/10/2025 |
|
9/27/2030 |
|
|
Diversified Consumer Services |
|
8.67% |
|
|
SOFR+500 |
|
|
|
24,449 |
|
|
|
24,377 |
|
|
|
24,644 |
|
Global Holdings InterCo, LLC |
|
6/8/2021 |
|
9/16/2027 |
|
|
Diversified Financial Services |
|
9.28% |
|
|
SOFR+560 |
|
|
|
3,344 |
|
|
|
3,334 |
|
|
|
3,344 |
|
Graffiti Buyer, Inc. |
|
3/15/2022 |
|
8/10/2027 |
|
|
Trading Companies & Distributors |
|
9.27% |
|
|
SOFR+560 |
|
|
|
3,666 |
|
|
|
3,648 |
|
|
|
3,565 |
|
Halo Buyer, Inc. |
|
5/22/2025 |
|
8/7/2029 |
|
|
Consumer Products |
|
9.67% |
|
|
SOFR+600 |
|
|
|
6,435 |
|
|
|
6,324 |
|
|
|
6,403 |
|
Hancock Roofing And Construction, LLC |
|
1/27/2021 |
|
12/31/2026 |
|
|
Insurance |
|
9.30% |
|
|
SOFR+560 |
|
|
|
2,112 |
|
|
|
2,105 |
|
|
|
1,975 |
|
Harris & Co, LLC |
|
11/26/2024 |
|
8/9/2030 |
|
|
Professional Services |
|
8.67% |
|
|
SOFR+500 |
|
|
|
19,700 |
|
|
|
19,564 |
|
|
|
19,700 |
|
Harvest Group Topco Buyer, LLC |
|
3/2/2026 |
|
3/2/2032 |
|
|
Media |
|
8.42% |
|
|
|
— |
|
|
|
10,000 |
|
|
|
9,958 |
|
|
|
9,950 |
|
HEC Purchaser Corp. |
|
4/10/2025 |
|
6/17/2029 |
|
|
Healthcare and Pharmaceuticals |
|
8.70% |
|
|
SOFR+500 |
|
|
|
6,419 |
|
|
|
6,391 |
|
|
|
6,419 |
|
Highwire Public Relations, LLC |
|
1/12/2026 |
|
1/12/2031 |
|
|
Professional Services |
|
8.70% |
|
|
|
— |
|
|
|
10,000 |
|
|
|
9,852 |
|
|
|
9,900 |
|
Hills Distribution, Inc. |
|
5/3/2024 |
|
11/8/2029 |
|
|
Business Services |
|
9.21% |
|
|
SOFR+550 |
|
|
|
8,230 |
|
|
|
8,145 |
|
|
|
8,230 |
|
HW Holdco, LLC |
|
4/11/2023 |
|
5/11/2026 |
|
|
Media |
|
9.53% |
|
|
SOFR+590 |
|
|
|
3,441 |
|
|
|
3,439 |
|
|
|
3,441 |
|
Imagine Acquisitionco, Inc. |
|
3/15/2022 |
|
11/15/2027 |
|
|
Software |
|
8.75% |
|
|
SOFR+510 |
|
|
|
9,013 |
|
|
|
8,939 |
|
|
|
8,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par or Number
of Shares |
|
|
Cost |
|
|
Fair Value (2) |
|
Infinity Home Services Holdco, Inc. |
|
4/11/2023 |
|
12/28/2028 |
|
|
Commercial Services & Supplies |
|
9.70% |
|
|
SOFR+600 |
|
|
|
5,937 |
|
|
|
5,871 |
|
|
|
5,937 |
|
Inovex Information Systems Incorporated |
|
3/3/2025 |
|
12/17/2030 |
|
|
Software |
|
8.95% |
|
|
SOFR+525 |
|
|
|
8,102 |
|
|
|
8,053 |
|
|
|
7,980 |
|
Inventus Power, Inc. |
|
7/11/2023 |
|
6/30/2026 |
|
|
Consumer Goods: Durable |
|
11.29% |
|
|
SOFR+761 |
|
|
|
8,040 |
|
|
|
8,026 |
|
|
|
8,040 |
|
Kinetic Purchaser, LLC (4) |
|
11/30/2021 |
|
11/10/2027 |
|
|
Personal Products |
|
|
— |
|
|
|
— |
|
|
|
13,960 |
|
|
|
13,380 |
|
|
|
7,643 |
|
Lash OpCo, LLC |
|
10/14/2021 |
|
9/17/2027 |
|
|
Personal Products |
|
10.77% |
|
|
SOFR+710 |
|
|
|
15,755 |
|
|
|
15,693 |
|
|
|
15,479 |
|
LAV Gear Holdings, Inc. - Takeback TL (5) |
|
7/31/2025 |
|
7/31/2029 |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
9.61% |
|
|
SOFR+594 |
|
|
|
7,707 |
|
|
|
7,707 |
|
|
|
6,551 |
|
LAV Gear Holdings, Inc. - Priority TL (5) |
|
7/31/2025 |
|
7/31/2029 |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
9.61% |
|
|
SOFR+594 |
|
|
|
2,439 |
|
|
|
2,413 |
|
|
|
2,439 |
|
LJ Avalon Holdings, LLC |
|
4/11/2023 |
|
2/1/2030 |
|
|
Environmental Industries |
|
8.15% |
|
|
SOFR+450 |
|
|
|
2,520 |
|
|
|
2,488 |
|
|
|
2,495 |
|
Loving Tan Intermediate II, Inc. |
|
10/25/2023 |
|
5/31/2028 |
|
|
Personal Products |
|
8.95% |
|
|
SOFR+500 |
|
|
|
12,130 |
|
|
|
12,039 |
|
|
|
12,070 |
|
MAG DS Corp. |
|
9/27/2023 |
|
4/1/2027 |
|
|
Aerospace and Defense |
|
9.30% |
|
|
SOFR+560 |
|
|
|
2,181 |
|
|
|
2,149 |
|
|
|
2,169 |
|
Marketplace Events Acquisition, LLC |
|
1/13/2025 |
|
12/19/2030 |
|
|
Media |
|
8.99% |
|
|
SOFR+525 |
|
|
|
16,830 |
|
|
|
16,700 |
|
|
|
16,704 |
|
MBS Holdings, Inc. |
|
6/8/2021 |
|
4/16/2027 |
|
|
Internet Software and Services |
|
8.77% |
|
|
SOFR+510 |
|
|
|
8,201 |
|
|
|
8,163 |
|
|
|
8,201 |
|
MDI Buyer, Inc. |
|
4/11/2023 |
|
7/25/2028 |
|
|
Chemicals, Plastics and Rubber |
|
8.67% |
|
|
SOFR+475 |
|
|
|
6,219 |
|
|
|
6,162 |
|
|
|
6,219 |
|
Meadowlark Acquirer, LLC |
|
1/29/2022 |
|
12/10/2027 |
|
|
Professional Services |
|
9.35% |
|
|
SOFR+565 |
|
|
|
2,311 |
|
|
|
2,295 |
|
|
|
2,311 |
|
Medina Health, LLC |
|
11/6/2023 |
|
10/20/2028 |
|
|
Healthcare and Pharmaceuticals |
|
9.95% |
|
|
SOFR+625 |
|
|
|
18,833 |
|
|
|
18,648 |
|
|
|
18,833 |
|
Megawatt Acquisitionco, Inc. |
|
4/29/2024 |
|
3/1/2030 |
|
|
Electronic Equipment, Instruments, and Components |
|
9.20% |
|
|
SOFR+550 |
|
|
|
15,435 |
|
|
|
15,269 |
|
|
|
15,126 |
|
MOREgroup Holdings, Inc. |
|
3/22/2024 |
|
1/16/2030 |
|
|
Business Services |
|
8.95% |
|
|
SOFR+525 |
|
|
|
17,844 |
|
|
|
17,714 |
|
|
|
17,844 |
|
MES Intermediate, Inc. |
|
4/11/2023 |
|
10/1/2027 |
|
|
Distributors |
|
8.45% |
|
|
SOFR+475 |
|
|
|
3,343 |
|
|
|
3,321 |
|
|
|
3,336 |
|
NBH Group, LLC |
|
8/25/2021 |
|
8/19/2026 |
|
|
Healthcare, Education & Childcare |
|
9.52% |
|
|
SOFR+585 |
|
|
|
10,298 |
|
|
|
10,278 |
|
|
|
9,784 |
|
NORA Acquisition, LLC |
|
10/2/2023 |
|
8/31/2029 |
|
|
Healthcare Providers and Services |
|
10.05% |
|
|
SOFR+635 |
|
|
|
20,952 |
|
|
|
20,689 |
|
|
|
20,061 |
|
North American Rail Solutions, LLC |
|
10/23/2025 |
|
8/29/2031 |
|
|
Road and Rail |
|
8.45% |
|
|
SOFR+475 |
|
|
|
17,413 |
|
|
|
17,346 |
|
|
|
17,325 |
|
Omnia Exterior Solutions, LLC |
|
11/1/2024 |
|
12/31/2029 |
|
|
Diversified Consumer Services |
|
9.20% |
|
|
SOFR+525 |
|
|
|
16,864 |
|
|
|
16,748 |
|
|
|
16,569 |
|
One Stop Mailing, LLC |
|
7/8/2021 |
|
5/7/2027 |
|
|
Air Freight and Logistics |
|
10.03% |
|
|
SOFR+636 |
|
|
|
14,395 |
|
|
|
14,313 |
|
|
|
14,395 |
|
ORL Acquisition, Inc. (5) |
|
5/22/2025 |
|
9/3/2027 |
|
|
Consumer Finance |
|
13.10% |
|
|
SOFR+940 |
|
|
|
2,295 |
|
|
|
2,287 |
|
|
|
1,354 |
|
OSP Embedded Purchaser, LLC |
|
11/19/2024 |
|
12/17/2029 |
|
|
Aerospace and Defense |
|
9.45% |
|
|
SOFR+575 |
|
|
|
14,825 |
|
|
|
14,645 |
|
|
|
14,602 |
|
Output Services Group, Inc. - First-Out Term Loan |
|
12/1/2023 |
|
11/30/2028 |
|
|
Business Services |
|
12.16% |
|
|
SOFR+842 |
|
|
|
821 |
|
|
|
821 |
|
|
|
821 |
|
Output Services Group, Inc. - Last-Out Term Loan |
|
12/1/2023 |
|
5/30/2028 |
|
|
Business Services |
|
10.41% |
|
|
SOFR+667 |
|
|
|
1,667 |
|
|
|
1,667 |
|
|
|
1,667 |
|
PCS MIDCO, Inc. |
|
4/10/2025 |
|
3/1/2030 |
|
|
Diversified Consumer Services |
|
9.45% |
|
|
SOFR+575 |
|
|
|
3,434 |
|
|
|
3,397 |
|
|
|
3,434 |
|
Pacific Purchaser, LLC |
|
1/12/2024 |
|
10/2/2028 |
|
|
Business Services |
|
9.99% |
|
|
SOFR+625 |
|
|
|
11,758 |
|
|
|
11,633 |
|
|
|
11,758 |
|
PAR Excellence Holdings, Inc. |
|
10/16/24 |
|
9/3/2030 |
|
|
Healthcare Technology |
|
8.67% |
|
|
SOFR+500 |
|
|
|
10,878 |
|
|
|
10,794 |
|
|
|
10,660 |
|
Paving Lessor Corp. First Lien -Term Loan |
|
8/28/2025 |
|
7/1/2031 |
|
|
Business Services |
|
8.95% |
|
|
SOFR+525 |
|
|
|
19,877 |
|
|
|
19,755 |
|
|
|
19,877 |
|
PN Buyer, Inc. |
|
11/19/2025 |
|
7/31/2031 |
|
|
Professional Services |
|
8.17% |
|
|
SOFR+450 |
|
|
|
9,975 |
|
|
|
9,933 |
|
|
|
9,875 |
|
Podean Buyer, LLC |
|
11/4/2025 |
|
8/4/2031 |
|
|
Education |
|
9.70% |
|
|
SOFR+600 |
|
|
|
4,980 |
|
|
|
4,938 |
|
|
|
4,930 |
|
Pragmatic Institute, LLC (4) |
|
3/28/2025 |
|
3/28/2030 |
|
|
Education |
|
|
— |
|
|
|
— |
|
|
|
4,381 |
|
|
|
4,180 |
|
|
|
2,059 |
|
Project Granite Buyer, Inc. |
|
5/22/2025 |
|
12/31/2030 |
|
|
Professional Services |
|
9.45% |
|
|
SOFR+575 |
|
|
|
6,435 |
|
|
|
6,350 |
|
|
|
6,435 |
|
Puget Collision, LLC |
|
11/19/2025 |
|
10/3/2030 |
|
|
Automobiles |
|
8.45% |
|
|
SOFR+475 |
|
|
|
14,963 |
|
|
|
14,888 |
|
|
|
14,813 |
|
RRA Corporate, LLC |
|
4/10/2025 |
|
8/15/2029 |
|
|
Diversified Consumer Services |
|
8.95% |
|
|
SOFR+525 |
|
|
|
7,661 |
|
|
|
7,609 |
|
|
|
7,355 |
|
RTIC Subsidiary Holdings, LLC |
|
11/1/2024 |
|
5/3/2029 |
|
|
Leisure Products |
|
9.45% |
|
|
SOFR+575 |
|
|
|
14,800 |
|
|
|
14,657 |
|
|
|
14,578 |
|
Rancho Health MSO, Inc. |
|
4/11/2023 |
|
6/20/2029 |
|
|
Healthcare Providers and Services |
|
8.69% |
|
|
SOFR+500 |
|
|
|
18,660 |
|
|
|
18,608 |
|
|
|
18,660 |
|
Ro Health, LLC |
|
3/3/2025 |
|
1/17/2031 |
|
|
Healthcare Providers and Services |
|
8.20% |
|
|
SOFR+450 |
|
|
|
10,462 |
|
|
|
10,399 |
|
|
|
10,462 |
|
Rosco Parent, LLC |
|
11/19/2025 |
|
8/29/2031 |
|
|
Auto Components |
|
8.45% |
|
|
SOFR+475 |
|
|
|
10,448 |
|
|
|
10,384 |
|
|
|
10,448 |
|
Rural Sourcing Holdings, Inc. |
|
9/6/2023 |
|
6/15/2029 |
|
|
High Tech Industries |
|
9.85% |
|
|
SOFR+625 |
|
|
|
4,395 |
|
|
|
4,345 |
|
|
|
3,659 |
|
SCP Clinical Research Intermediate Holdings, LLC |
|
1/2/2026 |
|
1/2/2032 |
|
|
Healthcare Providers and Services |
|
8.42% |
|
|
|
— |
|
|
|
10,000 |
|
|
|
9,962 |
|
|
|
9,950 |
|
Sabel Systems Technology Solutions, LLC |
|
11/11/2024 |
|
10/31/2030 |
|
|
Government Services |
|
9.67% |
|
|
SOFR+600 |
|
|
|
13,406 |
|
|
|
13,359 |
|
|
|
13,406 |
|
Safe Haven Defense US, LLC |
|
9/19/2024 |
|
5/23/2029 |
|
|
Construction and Building |
|
9.22% |
|
|
SOFR+550 |
|
|
|
9,810 |
|
|
|
9,710 |
|
|
|
9,590 |
|
Sales Benchmark Index, LLC |
|
1/27/2021 |
|
7/7/2026 |
|
|
Professional Services |
|
9.90% |
|
|
SOFR+620 |
|
|
|
9,131 |
|
|
|
9,126 |
|
|
|
9,131 |
|
Sath Industries, LLC |
|
4/10/2025 |
|
12/17/2029 |
|
|
Event Services |
|
9.20% |
|
|
SOFR+550 |
|
|
|
10,254 |
|
|
|
10,174 |
|
|
|
10,254 |
|
Schlesinger Global, Inc. |
|
9/30/2021 |
|
3/31/2027 |
|
|
Business Services |
|
10.02% |
|
|
SOFR+610 |
|
|
|
6,611 |
|
|
|
6,611 |
|
|
|
6,280 |
|
Seaway Buyer, LLC |
|
4/11/2023 |
|
6/13/2029 |
|
|
Chemicals, Plastics and Rubber |
|
9.84% |
|
|
SOFR+615 |
|
|
|
4,944 |
|
|
|
4,902 |
|
|
|
4,944 |
|
Sigma Defense Systems, LLC |
|
12/27/2021 |
|
12/20/2027 |
|
|
Aerospace and Defense |
|
10.10% |
|
|
SOFR+690 |
|
|
|
20,393 |
|
|
|
20,133 |
|
|
|
20,189 |
|
Smile Brands, Inc. |
|
1/27/2021 |
|
10/12/2027 |
|
|
Healthcare and Pharmaceuticals |
|
9.77% |
|
|
SOFR+600 |
|
|
|
12,327 |
|
|
|
12,252 |
|
|
|
9,837 |
|
Spendmend Holdings, LLC |
|
4/11/2023 |
|
3/1/2028 |
|
|
Healthcare Technology |
|
8.85% |
|
|
SOFR+515 |
|
|
|
4,008 |
|
|
|
3,977 |
|
|
|
4,008 |
|
STG Distribution, LLC - First Out New Money Term Loans (4)(5) |
|
10/24/2024 |
|
10/3/2029 |
|
|
Air Freight and Logistics |
|
|
— |
|
|
|
— |
|
|
|
2,028 |
|
|
|
1,858 |
|
|
|
2,028 |
|
STG Distribution, LLC - Second Out Term Loans (4),(5) |
|
10/24/2024 |
|
10/3/2029 |
|
|
Air Freight and Logistics |
|
|
— |
|
|
|
— |
|
|
|
4,637 |
|
|
|
2,562 |
|
|
|
111 |
|
STG Distribution, LLC - Final initial New Money TL |
|
10/24/2024 |
|
7/14/2026 |
|
|
Air Freight and Logistics |
|
8.00% |
|
|
|
— |
|
|
|
1,324 |
|
|
|
1,232 |
|
|
|
1,324 |
|
SV-Aero Holdings, LLC |
|
10/31/2024 |
|
11/1/2030 |
|
|
Aerospace and Defense |
|
8.70% |
|
|
SOFR+500 |
|
|
|
14,531 |
|
|
|
14,476 |
|
|
|
14,531 |
|
Systems Planning And Analysis, Inc. |
|
3/15/2022 |
|
8/16/2027 |
|
|
Aerospace and Defense |
|
8.45% |
|
|
SOFR+475 |
|
|
|
14,363 |
|
|
|
14,293 |
|
|
|
14,363 |
|
TMII Enterprises, LLC |
|
4/11/2023 |
|
12/22/2028 |
|
|
Commercial Services & Supplies |
|
8.17% |
|
|
SOFR+450 |
|
|
|
2,859 |
|
|
|
2,827 |
|
|
|
2,859 |
|
TCG 3.0 Jogger Acquisitionco, Inc. |
|
4/26/2024 |
|
1/23/2029 |
|
|
Media |
|
10.20% |
|
|
SOFR+650 |
|
|
|
19,331 |
|
|
|
19,118 |
|
|
|
18,799 |
|
The Bluebird Group, LLC |
|
8/9/2021 |
|
7/28/2026 |
|
|
Professional Services |
|
9.60% |
|
|
SOFR+590 |
|
|
|
7,171 |
|
|
|
7,157 |
|
|
|
7,171 |
|
The Vertex Companies, LLC |
|
4/11/2023 |
|
8/31/2028 |
|
|
Construction and Engineering |
|
8.68% |
|
|
SOFR+475 |
|
|
|
17,393 |
|
|
|
17,266 |
|
|
|
17,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par or Number
of Shares |
|
|
Cost |
|
|
Fair Value (2) |
|
TPC US Parent, LLC |
|
4/11/2023 |
|
4/20/2026 |
|
|
Consumer Goods: Non-Durable |
|
9.56% |
|
|
SOFR+590 |
|
|
|
15,751 |
|
|
|
15,745 |
|
|
|
15,751 |
|
Transgo, LLC |
|
1/19/2024 |
|
12/29/2028 |
|
|
Automotive |
|
8.92% |
|
|
SOFR+575 |
|
|
|
15,780 |
|
|
|
15,616 |
|
|
|
15,543 |
|
Tyto Athene, LLC |
|
5/5/2021 |
|
4/3/2028 |
|
|
IT Services |
|
8.56% |
|
|
SOFR+490 |
|
|
|
14,604 |
|
|
|
14,547 |
|
|
|
14,202 |
|
Walker Edison Furniture Company, LLC - Litigation DIP (5) |
|
8/29/2025 |
|
3/1/2029 |
|
|
Wholesale |
|
10.00% |
|
|
|
— |
|
|
|
146 |
|
|
|
146 |
|
|
|
151 |
|
Walker Edison Furniture Company, LLC - Unfunded Term Loan (5),(3) |
|
8/29/2025 |
|
3/1/2029 |
|
|
Wholesale |
|
|
— |
|
|
|
— |
|
|
|
116 |
|
|
|
- |
|
|
|
5 |
|
Watchtower Buyer, LLC |
|
5/20/2024 |
|
12/3/2029 |
|
|
Diversified Consumer Services |
|
9.70% |
|
|
SOFR+600 |
|
|
|
12,005 |
|
|
|
11,870 |
|
|
|
11,885 |
|
Wash & Wax Systems LLC (5) |
|
4/30/2025 |
|
4/30/2028 |
|
|
Automobiles |
|
9.17% |
|
|
SOFR+550 |
|
|
|
5,959 |
|
|
|
6,043 |
|
|
|
6,078 |
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,215,640 |
|
|
$ |
1,193,499 |
|
Subordinate Debt - 10.6% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrative Nutrition, LLC - Promissory Note #1 |
|
4/17/2025 |
|
4/15/2030 |
|
|
Diversified Consumer Services |
|
|
— |
|
|
|
— |
|
|
|
1,877 |
|
|
$ |
1,654 |
|
|
$ |
1,633 |
|
Integrative Nutrition, LLC - Promissory Note #2 |
|
4/17/2025 |
|
4/15/2033 |
|
|
Diversified Consumer Services |
|
|
— |
|
|
|
— |
|
|
|
3,623 |
|
|
|
1,977 |
|
|
|
1,449 |
|
Wash & Wax Systems LLC |
|
4/30/2025 |
|
7/30/2028 |
|
|
Automobiles |
|
12.00% |
|
|
|
— |
|
|
|
4,174 |
|
|
|
4,174 |
|
|
|
4,174 |
|
Total Subordinate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,805 |
|
|
$ |
7,256 |
|
Equity Securities - 12.1% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48Forty Intermediate Holdings, Inc. - Preferred Equity |
|
11/5/2024 |
|
|
— |
|
|
Containers and Packaging |
|
|
— |
|
|
|
— |
|
|
|
699 |
|
|
$ |
4,158 |
|
|
$ |
4,158 |
|
48Forty Intermediate Holdings, Inc. - Common Equity |
|
11/5/2024 |
|
|
— |
|
|
Containers and Packaging |
|
|
— |
|
|
|
— |
|
|
|
699 |
|
|
|
— |
|
|
|
— |
|
New Insight Holdings, Inc. - Common Equity |
|
7/15/2024 |
|
|
— |
|
|
Diversified Consumer Services |
|
|
— |
|
|
|
— |
|
|
|
116,055 |
|
|
|
2,031 |
|
|
|
1,322 |
|
Output Services Group, Inc. - Common Equity |
|
12/1/2023 |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
126,324 |
|
|
|
1,012 |
|
|
|
687 |
|
PLB Brands, LLC - Common Equity |
|
3/5/2026 |
|
|
|
|
Education |
|
|
— |
|
|
|
— |
|
|
|
560,239 |
|
|
|
560 |
|
|
|
560 |
|
Pragmatic Holdco, Inc. - Common Equity |
|
3/28/2025 |
|
|
— |
|
|
Education |
|
|
— |
|
|
|
— |
|
|
|
134 |
|
|
|
— |
|
|
|
— |
|
Wash & Wax Group, LP - Common Equity |
|
4/30/2025 |
|
|
— |
|
|
Automobiles |
|
|
— |
|
|
|
— |
|
|
|
2,493 |
|
|
|
4,449 |
|
|
|
1,562 |
|
White Tiger Newco, LLC - Common Equity (5) |
|
7/31/2025 |
|
|
— |
|
|
Capital Equipment |
|
|
— |
|
|
|
— |
|
|
|
35,834 |
|
|
|
2,734 |
|
|
|
— |
|
Total Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,944 |
|
|
$ |
8,289 |
|
Total Investments - 1,759.8% of Net Assets (6)(7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,238,389 |
|
|
$ |
1,209,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Equivalents - 26.2% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Federal FD Institutional 81 ( Money Market Fund) |
|
|
|
|
|
|
|
|
3.54% |
|
|
|
|
|
|
|
|
$ |
470 |
|
|
$ |
470 |
|
Blackrock Liquidity Fed Fund Inst (Money Market Fund) |
|
|
|
|
|
|
|
|
3.54% |
|
|
|
|
|
|
|
|
|
3,739 |
|
|
|
3,739 |
|
JP Morgan USD Liquidity Inst (Money Market Fund) |
|
|
|
|
|
|
|
|
3.65% |
|
|
|
|
|
|
|
|
|
1,462 |
|
|
|
1,462 |
|
JP Morgan US Government Fund (Money Market Fund) |
|
|
|
|
|
|
|
|
3.46% |
|
|
|
|
|
|
|
|
|
3,014 |
|
|
|
3,014 |
|
Goldman Sachs Financial Square Government Fund (Money Market Fund) |
|
|
|
|
|
|
|
|
3.56% |
|
|
|
|
|
|
|
|
|
9,316 |
|
|
|
9,316 |
|
Total Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
18,001 |
|
|
$ |
18,001 |
|
Cash - 23.3% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,997 |
|
|
$ |
15,997 |
|
Total Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
15,997 |
|
|
$ |
15,997 |
|
Total Investments, Cash Equivalents, and Cash —1,809.3% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,272,387 |
|
|
$ |
1,243,042 |
|
Liabilities in Excess of Other Assets — (1,709.3)% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,174,338 |
) |
Members' Equity—100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
68,704 |
|
(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". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR 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)Represents the purchase of a security with a 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. (5)The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2037-R Asset-Backed Debt and are not held through PennantPark CLO VI, Ltd, 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and, 4) do not secure the 2037 Asset-Backed Debt and are held through PennantPark CLO 12, LLC. (6)As of March 31, 2026, all investments were in U.S Companies and total cost, fair value, percentage of Net Assets for the U.S Companies were $1,238.4 million, $1,209.0 million and 1,759.8%. (7)All of our investments are not registered under the 1933 Act and have restrictions on resale. Below is a listing of PSSL’s individual investments as of September 30, 2025 (Par and $ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par or Number
of Shares |
|
|
Cost |
|
|
Fair Value (2) |
|
First Lien Secured Debt - 2,106.3% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Avenu Buyer, LLC |
|
10/6/2023 |
|
10/2/2029 |
|
|
Business Services |
|
9.29% |
|
|
SOFR+500 |
|
|
|
14,825 |
|
|
$ |
14,649 |
|
|
$ |
14,677 |
|
ACP Falcon Buyer, Inc. |
|
8/22/2023 |
|
8/1/2029 |
|
|
Business Services |
|
9.79% |
|
|
SOFR+550 |
|
|
|
18,573 |
|
|
|
18,304 |
|
|
|
18,759 |
|
Ad.net Acquisition, LLC |
|
5/24/2021 |
|
5/7/2026 |
|
|
Media |
|
10.26% |
|
|
SOFR+626 |
|
|
|
11,610 |
|
|
|
11,566 |
|
|
|
11,610 |
|
Aechelon Technology, Inc. |
|
4/10/2025 |
|
8/16/2029 |
|
|
Aerospace and Defense |
|
9.91% |
|
|
SOFR+575 |
|
|
|
11,640 |
|
|
|
11,640 |
|
|
|
11,640 |
|
AFC-Dell Holding Corp. |
|
12/23/2024 |
|
4/9/2027 |
|
|
Distributors |
|
9.83% |
|
|
SOFR+550 |
|
|
|
7,608 |
|
|
|
7,576 |
|
|
|
7,570 |
|
Aphix Buyer, Inc. |
|
9/3/2025 |
|
7/17/2031 |
|
|
Business Services |
|
8.91% |
|
|
SOFR+475 |
|
|
|
9,000 |
|
|
|
8,951 |
|
|
|
8,955 |
|
Alpine Acquisition Corp II (4) |
|
10/11/2022 |
|
11/30/2026 |
|
|
Containers and Packaging |
|
|
|
|
|
|
|
|
13,154 |
|
|
|
13,012 |
|
|
|
6,840 |
|
Anteriad, LLC (f/k/a MeritDirect, LLC) |
|
4/10/2025 |
|
6/30/2026 |
|
|
Media: Advertising, Printing & Publishing |
|
9.90% |
|
|
SOFR+575 |
|
|
|
4,434 |
|
|
|
4,357 |
|
|
|
4,434 |
|
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |
|
4/11/2023 |
|
6/30/2026 |
|
|
Media: Advertising, Printing & Publishing |
|
9.90% |
|
|
SOFR+575 |
|
|
|
4,375 |
|
|
|
4,360 |
|
|
|
4,375 |
|
Arcfield Acquisition Corp. |
|
11/11/2024 |
|
10/28/2031 |
|
|
Aerospace and Defense |
|
9.31% |
|
|
SOFR+500 |
|
|
|
5,955 |
|
|
|
5,946 |
|
|
|
5,925 |
|
Archer Lewis, LLC |
|
11/22/2024 |
|
8/28/2029 |
|
|
Commercial Services & Supplies |
|
9.75% |
|
|
SOFR+575 |
|
|
|
9,900 |
|
|
|
9,821 |
|
|
|
9,900 |
|
Argano, LLC |
|
1/9/2025 |
|
9/13/2029 |
|
|
Business Services |
|
9.89% |
|
|
SOFR+575 |
|
|
|
9,900 |
|
|
|
9,819 |
|
|
|
9,752 |
|
Azureon, LLC (F/K/A Tpcn Midco, LLC) |
|
4/10/2025 |
|
6/26/2029 |
|
|
Diversified Consumer Services |
|
9.75% |
|
|
SOFR+575 |
|
|
|
4,975 |
|
|
|
4,865 |
|
|
|
4,831 |
|
Beacon Behavioral Support Services, LLC |
|
10/9/2024 |
|
6/21/2029 |
|
|
Healthcare and Pharmaceuticals |
|
9.50% |
|
|
SOFR+550 |
|
|
|
17,748 |
|
|
|
17,549 |
|
|
|
17,748 |
|
Best Practice Associates, LLC |
|
4/10/2025 |
|
11/8/2029 |
|
|
Aerospace and Defense |
|
10.91% |
|
|
SOFR+675 |
|
|
|
14,925 |
|
|
|
14,792 |
|
|
|
14,813 |
|
Beta Plus Technologies, Inc. |
|
7/21/2022 |
|
7/2/2029 |
|
|
Business Services |
|
9.75% |
|
|
SOFR+575 |
|
|
|
4,850 |
|
|
|
4,794 |
|
|
|
4,802 |
|
Big Top Holdings, LLC |
|
6/26/2024 |
|
3/1/2030 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
14,671 |
|
|
|
14,458 |
|
|
|
14,671 |
|
BioDerm, Inc. |
|
2/28/2023 |
|
1/31/2028 |
|
|
Healthcare and Pharmaceuticals |
|
10.77% |
|
|
SOFR+650 |
|
|
|
8,798 |
|
|
|
8,730 |
|
|
|
8,688 |
|
Blackhawk Industrial Distribution, Inc. |
|
6/30/2022 |
|
9/17/2026 |
|
|
Distributors |
|
9.40% |
|
|
SOFR+540 |
|
|
|
14,816 |
|
|
|
14,714 |
|
|
|
14,557 |
|
BLC Holding Company, Inc. |
|
4/10/2025 |
|
11/20/2030 |
|
|
Business Services |
|
8.50% |
|
|
SOFR+450 |
|
|
|
4,975 |
|
|
|
4,952 |
|
|
|
4,975 |
|
Boss Industries, LLC |
|
4/10/2025 |
|
12/27/2030 |
|
|
Independent Power and Renewable Electricity Producers |
|
9.00% |
|
|
SOFR+500 |
|
|
|
4,975 |
|
|
|
4,904 |
|
|
|
4,975 |
|
Burgess Point Purchaser Corporation |
|
10/3/2022 |
|
7/25/2029 |
|
|
Automotive |
|
9.51% |
|
|
SOFR+535 |
|
|
|
438 |
|
|
|
416 |
|
|
|
378 |
|
By Light Professional IT Services, LLC |
|
8/28/2025 |
|
7/15/2031 |
|
|
High Tech Industries |
|
9.66% |
|
|
SOFR+550 |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
4,963 |
|
C5MI Acquisition, LLC |
|
3/7/2025 |
|
7/31/2029 |
|
|
IT Services |
|
10.00% |
|
|
SOFR+600 |
|
|
|
14,850 |
|
|
|
14,670 |
|
|
|
14,850 |
|
Capital Construction, LLC |
|
8/28/2025 |
|
10/22/2026 |
|
|
Consumer Services |
|
9.89% |
|
|
SOFR+590 |
|
|
|
4,263 |
|
|
|
4,236 |
|
|
|
4,220 |
|
Carisk Buyer, Inc. |
|
10/16/2024 |
|
12/3/2029 |
|
|
Healthcare Technology |
|
9.00% |
|
|
SOFR+500 |
|
|
|
9,925 |
|
|
|
9,863 |
|
|
|
9,925 |
|
Carnegie Dartlet, LLC |
|
4/11/2025 |
|
2/7/2030 |
|
|
Media: Advertising, Printing & Publishing |
|
9.66% |
|
|
SOFR+550 |
|
|
|
15,090 |
|
|
|
14,897 |
|
|
|
14,939 |
|
Cartessa Aesthetics, LLC |
|
4/11/2023 |
|
6/14/2028 |
|
|
Distributors |
|
10.00% |
|
|
SOFR+600 |
|
|
|
9,441 |
|
|
|
9,359 |
|
|
|
9,441 |
|
Case Works, LLC |
|
4/10/2025 |
|
10/1/2029 |
|
|
Professional Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
14,887 |
|
|
|
14,783 |
|
|
|
14,218 |
|
CF512, Inc. |
|
12/27/2021 |
|
8/20/2026 |
|
|
Media |
|
10.36% |
|
|
SOFR+619 |
|
|
|
6,483 |
|
|
|
6,447 |
|
|
|
6,418 |
|
Commercial Fire Protection Holdings, LLC |
|
11/26/2024 |
|
9/23/2030 |
|
|
Commercial Services & Supplies |
|
8.50% |
|
|
SOFR+450 |
|
|
|
19,837 |
|
|
|
19,746 |
|
|
|
19,837 |
|
Confluent Health, LLC |
|
1/12/2024 |
|
11/30/2028 |
|
|
Healthcare and Pharmaceuticals |
|
11.66% |
|
|
SOFR+750 |
|
|
|
6,637 |
|
|
|
6,479 |
|
|
|
6,206 |
|
CJX Borrower, LLC |
|
7/29/2021 |
|
7/13/2027 |
|
|
Media |
|
10.08% |
|
|
SOFR+576 |
|
|
|
3,735 |
|
|
|
3,708 |
|
|
|
3,735 |
|
Crane 1 Services, Inc. |
|
4/11/2023 |
|
8/16/2027 |
|
|
Commercial Services & Supplies |
|
10.03% |
|
|
SOFR+586 |
|
|
|
2,046 |
|
|
|
2,034 |
|
|
|
2,031 |
|
DRI Holding Inc. |
|
9/15/2022 |
|
12/21/2028 |
|
|
Media |
|
9.51% |
|
|
SOFR+535 |
|
|
|
2,574 |
|
|
|
2,429 |
|
|
|
2,522 |
|
DRS Holdings III, Inc. |
|
1/27/2021 |
|
11/3/2025 |
|
|
Consumer Goods: Durable |
|
9.41% |
|
|
SOFR+525 |
|
|
|
4,487 |
|
|
|
4,487 |
|
|
|
4,532 |
|
Duggal Acquisition, LLC |
|
4/10/2025 |
|
9/30/2030 |
|
|
Marketing Services |
|
8.75% |
|
|
SOFR+475 |
|
|
|
4,950 |
|
|
|
4,909 |
|
|
|
4,950 |
|
Dynata, LLC - First Out Term Loan (5) |
|
7/15/2024 |
|
7/17/2028 |
|
|
Diversified Consumer Services |
|
9.46% |
|
|
SOFR+526 |
|
|
|
1,347 |
|
|
|
1,273 |
|
|
|
1,341 |
|
Dynata, LLC - Last Out Term Loan |
|
7/15/2024 |
|
10/16/2028 |
|
|
Diversified Consumer Services |
|
9.96% |
|
|
SOFR+576 |
|
|
|
8,354 |
|
|
|
8,354 |
|
|
|
6,802 |
|
EDS Buyer, LLC |
|
4/11/2023 |
|
1/10/2029 |
|
|
Electronic Equipment, Instruments, and Components |
|
8.75% |
|
|
SOFR+475 |
|
|
|
8,776 |
|
|
|
8,694 |
|
|
|
8,797 |
|
Emergency Care Partners, LLC |
|
11/11/2024 |
|
10/18/2027 |
|
|
Healthcare Providers and Services |
|
9.00% |
|
|
SOFR+500 |
|
|
|
5,940 |
|
|
|
5,911 |
|
|
|
5,940 |
|
Exigo Intermediate II, LLC |
|
11/21/2022 |
|
3/15/2027 |
|
|
Software |
|
10.51% |
|
|
SOFR+635 |
|
|
|
12,416 |
|
|
|
12,335 |
|
|
|
12,416 |
|
ETE Intermediate II, LLC |
|
6/12/2023 |
|
5/29/2029 |
|
|
Diversified Consumer Services |
|
9.16% |
|
|
SOFR+500 |
|
|
|
12,124 |
|
|
|
11,950 |
|
|
|
12,124 |
|
EvAL Home Care Solutions Intermediate, LLC |
|
7/10/2024 |
|
5/10/2030 |
|
|
Healthcare and Pharmaceuticals |
|
9.91% |
|
|
SOFR+575 |
|
|
|
8,822 |
|
|
|
8,704 |
|
|
|
8,822 |
|
GGG MIDCO, LLC |
|
4/10/2025 |
|
9/27/2030 |
|
|
Diversified Consumer Services |
|
9.00% |
|
|
SOFR+500 |
|
|
|
19,573 |
|
|
|
19,491 |
|
|
|
19,573 |
|
Global Holdings InterCo, LLC |
|
6/8/2021 |
|
3/16/2026 |
|
|
Diversified Financial Services |
|
9.74% |
|
|
SOFR+560 |
|
|
|
3,505 |
|
|
|
3,503 |
|
|
|
3,505 |
|
Graffiti Buyer, Inc. |
|
3/15/2022 |
|
8/10/2027 |
|
|
Trading Companies & Distributors |
|
9.80% |
|
|
SOFR+560 |
|
|
|
3,685 |
|
|
|
3,660 |
|
|
|
3,611 |
|
Halo Buyer, Inc. |
|
5/22/2025 |
|
8/7/2029 |
|
|
Consumer Products |
|
10.16% |
|
|
SOFR+600 |
|
|
|
6,468 |
|
|
|
6,344 |
|
|
|
6,468 |
|
Hancock Roofing And Construction, LLC |
|
1/27/2021 |
|
12/31/2026 |
|
|
Insurance |
|
9.60% |
|
|
SOFR+550 |
|
|
|
2,112 |
|
|
|
2,100 |
|
|
|
2,091 |
|
Harris & Co, LLC |
|
11/26/2024 |
|
8/9/2030 |
|
|
Professional Services |
|
9.16% |
|
|
SOFR+500 |
|
|
|
19,800 |
|
|
|
19,650 |
|
|
|
19,627 |
|
HEC Purchaser Corp. |
|
4/10/2025 |
|
6/17/2029 |
|
|
Healthcare and Pharmaceuticals |
|
8.87% |
|
|
SOFR+500 |
|
|
|
3,606 |
|
|
|
3,572 |
|
|
|
3,606 |
|
Hills Distribution, Inc. |
|
5/3/2024 |
|
11/8/2029 |
|
|
Business Services |
|
10.32% |
|
|
SOFR+600 |
|
|
|
8,867 |
|
|
|
8,761 |
|
|
|
8,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par or Number
of Shares |
|
|
Cost |
|
|
Fair Value (2) |
|
HW Holdco, LLC |
|
4/11/2023 |
|
5/11/2026 |
|
|
Media |
|
9.90% |
|
|
SOFR+590 |
|
|
|
3,441 |
|
|
|
3,431 |
|
|
|
3,441 |
|
Imagine Acquisitionco, Inc. |
|
3/15/2022 |
|
11/15/2027 |
|
|
Software |
|
9.29% |
|
|
SOFR+510 |
|
|
|
9,060 |
|
|
|
8,961 |
|
|
|
9,060 |
|
Infinity Home Services Holdco, Inc. |
|
4/11/2023 |
|
12/28/2028 |
|
|
Commercial Services & Supplies |
|
10.16% |
|
|
SOFR+600 |
|
|
|
5,968 |
|
|
|
5,891 |
|
|
|
5,968 |
|
Inovex Information Systems Incorporated |
|
3/3/2025 |
|
12/17/2030 |
|
|
Software |
|
9.25% |
|
|
SOFR+525 |
|
|
|
8,143 |
|
|
|
8,087 |
|
|
|
8,143 |
|
Inventus Power, Inc. |
|
7/11/2023 |
|
1/15/2026 |
|
|
Consumer Goods: Durable |
|
11.78% |
|
|
SOFR+761 |
|
|
|
8,081 |
|
|
|
8,062 |
|
|
|
8,081 |
|
Kinetic Purchaser, LLC |
|
11/30/2021 |
|
11/10/2027 |
|
|
Personal Products |
|
10.15% |
|
|
SOFR+615 |
|
|
|
13,492 |
|
|
|
13,344 |
|
|
|
11,468 |
|
Lash OpCo, LLC |
|
10/14/2021 |
|
2/18/2027 |
|
|
Personal Products |
|
12.16% |
|
|
SOFR+785 |
|
|
|
15,508 |
|
|
|
15,400 |
|
|
|
15,120 |
|
LAV Gear Holdings, Inc. - Takeback TL (5) |
|
7/31/2025 |
|
7/31/2029 |
|
|
Capital Equipment |
|
10.10% |
|
|
SOFR+594 |
|
|
|
7,612 |
|
|
|
7,612 |
|
|
|
7,612 |
|
LAV Gear Holdings, Inc. - Priority TL (5) |
|
7/31/2025 |
|
7/31/2029 |
|
|
Capital Equipment |
|
10.10% |
|
|
SOFR+594 |
|
|
|
2,409 |
|
|
|
2,381 |
|
|
|
2,967 |
|
Lightspeed Buyer, Inc. |
|
1/27/2021 |
|
2/3/2027 |
|
|
Healthcare Providers and Services |
|
8.75% |
|
|
SOFR+475 |
|
|
|
16,232 |
|
|
|
16,187 |
|
|
|
16,232 |
|
LJ Avalon Holdings, LLC |
|
4/11/2023 |
|
2/1/2030 |
|
|
Environmental Industries |
|
8.77% |
|
|
SOFR+450 |
|
|
|
2,533 |
|
|
|
2,497 |
|
|
|
2,533 |
|
Loving Tan Intermediate II, Inc. |
|
10/25/2023 |
|
5/31/2028 |
|
|
Personal Products |
|
9.00% |
|
|
SOFR+500 |
|
|
|
12,279 |
|
|
|
12,164 |
|
|
|
12,279 |
|
Lucky Bucks, LLC - First-Out Term Loan (5) |
|
12/1/2023 |
|
10/2/2028 |
|
|
Hotel, Gaming and Leisure |
|
11.66% |
|
|
SOFR+765 |
|
|
|
256 |
|
|
|
256 |
|
|
|
238 |
|
Lucky Bucks, LLC - Last-Out Term Loan |
|
5/20/2024 |
|
10/2/2029 |
|
|
Hotel, Gaming and Leisure |
|
11.66% |
|
|
SOFR+765 |
|
|
|
529 |
|
|
|
529 |
|
|
|
426 |
|
MAG DS Corp. |
|
9/27/2023 |
|
4/1/2027 |
|
|
Aerospace and Defense |
|
9.60% |
|
|
SOFR+560 |
|
|
|
2,193 |
|
|
|
2,146 |
|
|
|
2,184 |
|
Marketplace Events Acquisition, LLC |
|
1/13/2025 |
|
12/19/2030 |
|
|
Media |
|
9.12% |
|
|
SOFR+525 |
|
|
|
16,915 |
|
|
|
16,769 |
|
|
|
16,915 |
|
MBS Holdings, Inc. |
|
6/8/2021 |
|
4/16/2027 |
|
|
Internet Software and Services |
|
9.30% |
|
|
SOFR+510 |
|
|
|
8,244 |
|
|
|
8,186 |
|
|
|
8,244 |
|
MDI Buyer, Inc. |
|
4/11/2023 |
|
7/25/2028 |
|
|
Chemicals, Plastics and Rubber |
|
8.95% |
|
|
SOFR+475 |
|
|
|
6,251 |
|
|
|
6,181 |
|
|
|
6,251 |
|
Meadowlark Acquirer, LLC |
|
1/29/2022 |
|
12/10/2027 |
|
|
Professional Services |
|
9.65% |
|
|
SOFR+565 |
|
|
|
2,323 |
|
|
|
2,303 |
|
|
|
2,323 |
|
Medina Health, LLC |
|
11/6/2023 |
|
10/20/2028 |
|
|
Healthcare and Pharmaceuticals |
|
10.25% |
|
|
SOFR+625 |
|
|
|
18,833 |
|
|
|
18,613 |
|
|
|
18,927 |
|
Megawatt Acquisitionco, Inc. |
|
4/29/2024 |
|
3/1/2030 |
|
|
Electronic Equipment, Instruments, and Components |
|
9.25% |
|
|
SOFR+525 |
|
|
|
15,514 |
|
|
|
15,338 |
|
|
|
14,769 |
|
MOREgroup Holdings, Inc. |
|
3/22/2024 |
|
1/16/2030 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
12,935 |
|
|
|
12,788 |
|
|
|
12,935 |
|
Municipal Emergency Services, Inc. |
|
4/11/2023 |
|
10/1/2027 |
|
|
Distributors |
|
9.15% |
|
|
SOFR+515 |
|
|
|
3,360 |
|
|
|
3,332 |
|
|
|
3,360 |
|
NBH Group, LLC |
|
8/25/2021 |
|
8/19/2026 |
|
|
Healthcare, Education & Childcare |
|
10.12% |
|
|
SOFR+585 |
|
|
|
10,352 |
|
|
|
10,304 |
|
|
|
10,352 |
|
NORA Acquisition, LLC |
|
10/2/2023 |
|
8/31/2029 |
|
|
Healthcare Providers and Services |
|
10.35% |
|
|
SOFR+635 |
|
|
|
21,059 |
|
|
|
20,761 |
|
|
|
20,901 |
|
Omnia Exterior Solutions, LLC |
|
11/1/2024 |
|
12/31/2029 |
|
|
Diversified Consumer Services |
|
9.26% |
|
|
SOFR+525 |
|
|
|
16,958 |
|
|
|
16,824 |
|
|
|
16,619 |
|
One Stop Mailing, LLC |
|
7/8/2021 |
|
5/7/2027 |
|
|
Air Freight and Logistics |
|
10.53% |
|
|
SOFR+636 |
|
|
|
15,484 |
|
|
|
15,358 |
|
|
|
15,484 |
|
ORL Acquisition, Inc. (5) |
|
5/22/2025 |
|
9/3/2027 |
|
|
Consumer Finance |
|
13.70% |
|
|
SOFR+940 |
|
|
|
2,231 |
|
|
|
2,220 |
|
|
|
1,975 |
|
OSP Embedded Purchaser, LLC |
|
11/19/2024 |
|
12/17/2029 |
|
|
Aerospace and Defense |
|
9.76% |
|
|
SOFR+575 |
|
|
|
14,900 |
|
|
|
14,695 |
|
|
|
14,691 |
|
Output Services Group, Inc. - First-Out Term Loan |
|
12/1/2023 |
|
11/30/2028 |
|
|
Business Services |
|
12.71% |
|
|
SOFR+843 |
|
|
|
821 |
|
|
|
821 |
|
|
|
821 |
|
Output Services Group, Inc. - Last-Out Term Loan |
|
12/1/2023 |
|
5/30/2028 |
|
|
Business Services |
|
10.96% |
|
|
SOFR+668 |
|
|
|
1,667 |
|
|
|
1,667 |
|
|
|
1,667 |
|
PCS MIDCO, Inc. |
|
4/10/2025 |
|
3/1/2030 |
|
|
Diversified Consumer Services |
|
9.75% |
|
|
SOFR+575 |
|
|
|
3,833 |
|
|
|
3,787 |
|
|
|
3,833 |
|
Pacific Purchaser, LLC |
|
1/12/2024 |
|
10/2/2028 |
|
|
Business Services |
|
10.42% |
|
|
SOFR+625 |
|
|
|
11,818 |
|
|
|
11,669 |
|
|
|
11,770 |
|
PAR Excellence Holdings, Inc. |
|
10/16/24 |
|
9/3/2030 |
|
|
Healthcare Technology |
|
9.17% |
|
|
SOFR+500 |
|
|
|
10,933 |
|
|
|
10,836 |
|
|
|
10,741 |
|
Paving Lessor Corp. First Lien -Term Loan |
|
8/28/2025 |
|
7/1/2031 |
|
|
Business Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
9,963 |
|
|
|
9,896 |
|
|
|
9,888 |
|
Penta Group Holdings, Inc. |
|
9/8/2025 |
|
7/31/2031 |
|
|
Professional Services |
|
8.81% |
|
|
SOFR+450 |
|
|
|
5,000 |
|
|
|
4,979 |
|
|
|
4,975 |
|
Pink Lily Holdco, LLC (5),(7) |
|
11/30/2021 |
|
11/9/2027 |
|
|
Textiles, Apparel and Luxury Goods |
|
4.35% |
|
|
|
— |
|
|
|
8,359 |
|
|
|
8,323 |
|
|
|
3,343 |
|
Pragmatic Institute, LLC |
|
3/28/2025 |
|
3/28/2030 |
|
|
Education |
|
9.50% |
|
|
SOFR+550 |
|
|
|
4,200 |
|
|
|
4,200 |
|
|
|
3,045 |
|
Project Granite Buyer, Inc. |
|
5/22/2025 |
|
12/31/2030 |
|
|
Professional Services |
|
9.75% |
|
|
SOFR+575 |
|
|
|
6,467 |
|
|
|
6,375 |
|
|
|
6,532 |
|
Rancho Health MSO, Inc. |
|
4/11/2023 |
|
6/20/2029 |
|
|
Healthcare Providers and Services |
|
9.29% |
|
|
SOFR+500 |
|
|
|
18,781 |
|
|
|
18,717 |
|
|
|
18,781 |
|
Recteq, LLC |
|
2/24/2021 |
|
1/29/2026 |
|
|
Leisure Products |
|
10.40% |
|
|
SOFR+640 |
|
|
|
4,775 |
|
|
|
4,768 |
|
|
|
4,763 |
|
Ro Health, LLC |
|
3/3/2025 |
|
1/17/2031 |
|
|
Healthcare Providers and Services |
|
8.50% |
|
|
SOFR+450 |
|
|
|
10,518 |
|
|
|
10,449 |
|
|
|
10,518 |
|
RRA Corporate, LLC |
|
4/10/2025 |
|
8/15/2029 |
|
|
Diversified Consumer Services |
|
9.25% |
|
|
SOFR+525 |
|
|
|
7,700 |
|
|
|
7,639 |
|
|
|
7,654 |
|
RTIC Subsidiary Holdings, LLC |
|
11/1/2024 |
|
5/3/2029 |
|
|
Leisure Products |
|
9.75% |
|
|
SOFR+575 |
|
|
|
9,875 |
|
|
|
9,758 |
|
|
|
9,776 |
|
Rural Sourcing Holdings, Inc. |
|
9/6/2023 |
|
6/15/2029 |
|
|
High Tech Industries |
|
9.92% |
|
|
SOFR+575 |
|
|
|
4,303 |
|
|
|
4,245 |
|
|
|
3,873 |
|
Sabel Systems Technology Solutions, LLC |
|
11/11/2024 |
|
10/31/2030 |
|
|
Government Services |
|
9.91% |
|
|
SOFR+575 |
|
|
|
5,955 |
|
|
|
5,905 |
|
|
|
5,955 |
|
Safe Haven Defense US, LLC |
|
9/19/2024 |
|
5/23/2029 |
|
|
Construction and Building |
|
9.50% |
|
|
SOFR+550 |
|
|
|
9,864 |
|
|
|
9,747 |
|
|
|
9,815 |
|
Sales Benchmark Index, LLC |
|
1/27/2021 |
|
7/7/2026 |
|
|
Professional Services |
|
10.20% |
|
|
SOFR+620 |
|
|
|
9,186 |
|
|
|
9,172 |
|
|
|
9,186 |
|
Sath Industries, LLC |
|
4/10/2025 |
|
12/17/2029 |
|
|
Event Services |
|
9.66% |
|
|
SOFR+550 |
|
|
|
10,306 |
|
|
|
10,213 |
|
|
|
10,306 |
|
Schlesinger Global, Inc. (6) |
|
9/30/2021 |
|
10/24/2025 |
|
|
Business Services |
|
12.76% |
|
|
SOFR+860 |
|
|
|
6,647 |
|
|
|
6,647 |
|
|
|
6,315 |
|
Seaway Buyer, LLC |
|
4/11/2023 |
|
6/13/2029 |
|
|
Chemicals, Plastics and Rubber |
|
10.15% |
|
|
SOFR+615 |
|
|
|
4,850 |
|
|
|
4,802 |
|
|
|
4,523 |
|
Sigma Defense Systems, LLC |
|
12/27/2021 |
|
12/20/2027 |
|
|
Aerospace and Defense |
|
10.31% |
|
|
SOFR+615 |
|
|
|
18,078 |
|
|
|
17,812 |
|
|
|
18,078 |
|
Smile Brands, Inc. |
|
1/27/2021 |
|
10/12/2027 |
|
|
Healthcare and Pharmaceuticals |
|
10.10% |
|
|
SOFR+610 |
|
|
|
12,294 |
|
|
|
12,212 |
|
|
|
10,609 |
|
Spendmend Holdings, LLC |
|
4/11/2023 |
|
3/1/2028 |
|
|
Healthcare Technology |
|
9.15% |
|
|
SOFR+515 |
|
|
|
4,029 |
|
|
|
3,989 |
|
|
|
4,029 |
|
STG Distribution, LLC - First Out New Money Term Loans (5) |
|
10/24/2024 |
|
10/3/2029 |
|
|
Air Freight and Logistics |
|
12.57% |
|
|
SOFR+835 |
|
|
|
1,961 |
|
|
|
1,871 |
|
|
|
1,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par or Number
of Shares |
|
|
Cost |
|
|
Fair Value (2) |
|
STG Distribution, LLC - Second Out Term Loans (5),(7) |
|
5/22/2025 |
|
10/3/2029 |
|
|
Air Freight and Logistics |
|
5.32% |
|
|
|
— |
|
|
|
4,535 |
|
|
|
2,562 |
|
|
|
363 |
|
SV-Aero Holdings, LLC |
|
10/31/2024 |
|
11/1/2030 |
|
|
Aerospace and Defense |
|
9.00% |
|
|
SOFR+500 |
|
|
|
14,719 |
|
|
|
14,656 |
|
|
|
14,719 |
|
Systems Planning And Analysis, Inc. |
|
3/15/2022 |
|
8/16/2027 |
|
|
Aerospace and Defense |
|
8.92% |
|
|
SOFR+475 |
|
|
|
14,438 |
|
|
|
14,345 |
|
|
|
14,322 |
|
TMII Enterprises, LLC |
|
4/11/2023 |
|
12/22/2028 |
|
|
Commercial Services & Supplies |
|
8.66% |
|
|
SOFR+450 |
|
|
|
2,873 |
|
|
|
2,835 |
|
|
|
2,873 |
|
TCG 3.0 Jogger Acquisitionco, Inc. |
|
4/26/2024 |
|
1/23/2029 |
|
|
Media |
|
10.52% |
|
|
SOFR+650 |
|
|
|
19,429 |
|
|
|
19,179 |
|
|
|
19,332 |
|
Team Services Group, LLC |
|
10/4/2022 |
|
12/20/2027 |
|
|
Healthcare and Pharmaceuticals |
|
9.56% |
|
|
SOFR+525 |
|
|
|
5,327 |
|
|
|
5,141 |
|
|
|
5,305 |
|
The Bluebird Group, LLC |
|
8/9/2021 |
|
7/28/2026 |
|
|
Professional Services |
|
9.90% |
|
|
SOFR+590 |
|
|
|
7,985 |
|
|
|
7,943 |
|
|
|
7,985 |
|
The Vertex Companies, LLC |
|
4/11/2023 |
|
8/31/2028 |
|
|
Construction and Engineering |
|
8.93% |
|
|
SOFR+475 |
|
|
|
17,482 |
|
|
|
17,309 |
|
|
|
17,395 |
|
TPC US Parent, LLC |
|
4/11/2023 |
|
11/24/2025 |
|
|
Consumer Goods: Non-Durable |
|
10.19% |
|
|
SOFR+590 |
|
|
|
16,355 |
|
|
|
16,341 |
|
|
|
16,224 |
|
Transgo, LLC |
|
1/19/2024 |
|
12/29/2028 |
|
|
Automotive |
|
9.91% |
|
|
SOFR+575 |
|
|
|
15,880 |
|
|
|
15,694 |
|
|
|
16,005 |
|
Tyto Athene, LLC |
|
5/5/2021 |
|
4/3/2028 |
|
|
IT Services |
|
9.19% |
|
|
SOFR+490 |
|
|
|
14,604 |
|
|
|
14,530 |
|
|
|
14,238 |
|
Urology Management Holdings, Inc. |
|
4/11/2023 |
|
6/15/2027 |
|
|
Healthcare and Pharmaceuticals |
|
9.66% |
|
|
SOFR+550 |
|
|
|
6,753 |
|
|
|
6,718 |
|
|
|
6,753 |
|
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5) |
|
8/29/2025 |
|
3/1/2029 |
|
|
Wholesale |
|
|
— |
|
|
|
— |
|
|
|
353 |
|
|
|
— |
|
|
|
12 |
|
Walker Edison Furniture Company, LLC - New Money DIP (5) |
|
8/29/2025 |
|
3/1/2029 |
|
|
Wholesale |
|
10.00% |
|
|
|
— |
|
|
|
134 |
|
|
|
134 |
|
|
|
136 |
|
Watchtower Buyer, LLC |
|
5/20/2024 |
|
12/3/2029 |
|
|
Diversified Consumer Services |
|
10.00% |
|
|
SOFR+600 |
|
|
|
12,066 |
|
|
|
11,914 |
|
|
|
11,946 |
|
Wash & Wax Systems LLC (5) |
|
4/30/2025 |
|
4/30/2028 |
|
|
Automobiles |
|
9.81% |
|
|
SOFR+550 |
|
|
|
5,847 |
|
|
|
5,947 |
|
|
|
5,964 |
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,083,891 |
|
|
$ |
1,066,863 |
|
Subordinate Debt - 14.8% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrative Nutrition, LLC |
|
4/17/2025 |
|
4/15/2030 |
|
|
Diversified Consumer Services |
|
|
— |
|
|
|
— |
|
|
|
1,877 |
|
|
|
1,628 |
|
|
|
1,605 |
|
Integrative Nutrition, LLC |
|
4/17/2025 |
|
4/15/2033 |
|
|
Diversified Consumer Services |
|
|
— |
|
|
|
— |
|
|
|
4,275 |
|
|
|
1,977 |
|
|
|
1,977 |
|
Wash & Wax Systems LLC |
|
4/30/2025 |
|
7/30/2028 |
|
|
Automobiles |
|
12.00% |
|
|
|
— |
|
|
|
3,932 |
|
|
|
3,932 |
|
|
|
3,932 |
|
Total Subordinate Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,537 |
|
|
$ |
7,514 |
|
Equity Securities - 20.3% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48Forty Intermediate Holdings, Inc. - Common Equity |
|
11/5/2024 |
|
|
— |
|
|
Containers and Packaging |
|
|
— |
|
|
|
— |
|
|
|
1,722 |
|
|
|
— |
|
|
|
— |
|
New Insight Holdings, Inc. - Common Equity |
|
7/15/2024 |
|
|
— |
|
|
Diversified Consumer Services |
|
|
— |
|
|
|
— |
|
|
|
116,055 |
|
|
|
2,031 |
|
|
|
1,740 |
|
Lucky Bucks, LLC - Common Equity |
|
12/1/2023 |
|
|
— |
|
|
Hotel, Gaming and Leisure |
|
|
— |
|
|
|
— |
|
|
|
73,870 |
|
|
|
2,062 |
|
|
|
392 |
|
Output Services Group, Inc. - Common Equity |
|
12/1/2023 |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
126,324 |
|
|
|
1,012 |
|
|
|
1,037 |
|
Pragmatic Holdco, Inc. - Common Equity |
|
3/28/2025 |
|
|
— |
|
|
Education |
|
|
— |
|
|
|
— |
|
|
|
134 |
|
|
|
— |
|
|
|
— |
|
Wash & Wax Group, LP - Common Equity |
|
4/30/2025 |
|
|
— |
|
|
Automobiles |
|
|
— |
|
|
|
— |
|
|
|
2,493 |
|
|
|
4,449 |
|
|
|
4,593 |
|
White Tiger Newco, LLC - Common Equity (5) |
|
7/31/2025 |
|
|
— |
|
|
Automobiles |
|
|
— |
|
|
|
— |
|
|
|
35,834 |
|
|
|
2,734 |
|
|
|
2,510 |
|
Total Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,288 |
|
|
$ |
10,272 |
|
Total Investments - 2,141.5% of Net Assets (6)(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,103,716 |
|
|
$ |
1,084,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Equivalents - 94.5% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Federal FD Institutional 81 ( Money Market Fund) |
|
|
|
|
|
|
|
|
|
4.11 |
% |
|
|
|
|
|
|
|
$ |
12,475 |
|
|
$ |
12,475 |
|
Blackrock Liquidity Fed Fund Inst (Money Market Fund) |
|
|
|
|
|
|
|
|
|
4.02 |
% |
|
|
|
|
|
|
|
|
4,265 |
|
|
|
4,265 |
|
JP Morgan USD Liquidity Inst (Money Market Fund) |
|
|
|
|
|
|
|
|
|
4.10 |
% |
|
|
|
|
|
|
|
|
14,682 |
|
|
|
14,682 |
|
JP Morgan US Government Fund (Money Market Fund) |
|
|
|
|
|
|
|
|
|
4.02 |
% |
|
|
|
|
|
|
|
|
10,539 |
|
|
|
10,539 |
|
Goldman Sachs Financial Square Government Fund (Money Market Fund) |
|
|
|
|
|
|
|
|
|
4.10 |
% |
|
|
|
|
|
|
|
|
5,909 |
|
|
|
5,909 |
|
Total Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
47,870 |
|
|
$ |
47,870 |
|
Cash - 27.0% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,690 |
|
|
$ |
13,690 |
|
Total Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,690 |
|
|
$ |
13,690 |
|
Total Investments, Cash Equivalents, and Cash —2,263.0% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,165,276 |
|
|
$ |
1,146,209 |
|
Liabilities in Excess of Other Assets — (2,163.0)% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,095,559 |
) |
Members' Equity—100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
50,650 |
|
(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". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR 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)Represents the purchase of a security with a 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. (5)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 2037-R Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. or, 4) securing the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC. (6)As of September 30, 2025, all investments are in U.S Companies. Total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,103.7 million, $1,084.6 million and 2,141.5%. (7)Partial PIK non-accrual security (8)All of our investments are not registered under the 1933 Act and have restrictions on resale. |
| Summary of Listing of PSSLs Individual Investments |
Below is a listing of PSSL II’s individual investments as of March 31, 2026 (Par and $ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
Industry |
|
Current
Coupon |
|
Basis Point
Spread Above
Index (1) |
|
Par or Number
of Shares |
|
|
Cost |
|
|
Fair Value (2) |
|
First Lien Secured Debt - 914.5% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Avenu Buyer, LLC |
|
11/18/2025 |
|
10/2/2029 |
|
IT Services |
|
8.66% |
|
SOFR+500 |
|
|
13,000 |
|
|
$ |
12,935 |
|
|
$ |
12,675 |
|
ACP Falcon Buyer, Inc. |
|
11/18/2025 |
|
8/1/2029 |
|
Internet Software and Services |
|
9.16% |
|
SOFR+550 |
|
|
814 |
|
|
|
822 |
|
|
|
814 |
|
APT OPCO, LLC |
|
11/18/2025 |
|
9/30/2031 |
|
Healthcare Providers & Services |
|
8.70% |
|
SOFR+500 |
|
|
4,975 |
|
|
|
4,918 |
|
|
|
4,975 |
|
Arcfield Acquisition Corp. |
|
2/3/2026 |
|
10/28/2031 |
|
Aerospace and Defense |
|
8.67% |
|
SOFR+500 |
|
|
3,990 |
|
|
|
3,971 |
|
|
|
3,970 |
|
Archer Lewis, LLC |
|
11/18/2025 |
|
8/28/2029 |
|
Professional Services |
|
9.45% |
|
SOFR+575 |
|
|
1,128 |
|
|
|
1,128 |
|
|
|
1,105 |
|
Argano, LLC |
|
1/27/2026 |
|
9/13/2029 |
|
Software |
|
9.18% |
|
SOFR+550 |
|
|
4,987 |
|
|
|
5,037 |
|
|
|
4,938 |
|
Beacon Behavioral Support Services, LLC |
|
11/18/2025 |
|
6/21/2029 |
|
Healthcare Providers & Services |
|
9.20% |
|
SOFR+550 |
|
|
8,362 |
|
|
|
8,317 |
|
|
|
8,362 |
|
Big Top Holdings, LLC |
|
11/18/2025 |
|
2/28/2030 |
|
Construction and Engineering |
|
8.95% |
|
SOFR+525 |
|
|
12,966 |
|
|
|
12,966 |
|
|
|
12,966 |
|
BLC Holding Company, Inc. |
|
11/18/2025 |
|
11/20/2030 |
|
Commercial Services & Supplies |
|
8.20% |
|
SOFR+450 |
|
|
3,782 |
|
|
|
3,782 |
|
|
|
3,782 |
|
Boss Industries, LLC |
|
11/18/2025 |
|
12/27/2030 |
|
Independent Power and Renewable Electricity Producers |
|
8.45% |
|
SOFR+500 |
|
|
5,839 |
|
|
|
5,839 |
|
|
|
5,839 |
|
By Light Professional IT Services, LLC |
|
11/18/2025 |
|
7/15/2031 |
|
Aerospace and Defense |
|
9.17% |
|
SOFR+550 |
|
|
6,982 |
|
|
|
6,932 |
|
|
|
6,878 |
|
Carisk Buyer, Inc. |
|
11/18/2025 |
|
12/3/2029 |
|
Healthcare Technology |
|
8.70% |
|
SOFR+500 |
|
|
5,862 |
|
|
|
5,862 |
|
|
|
5,876 |
|
Case Works, LLC |
|
11/18/2025 |
|
10/1/2029 |
|
Professional Services |
|
8.95% |
|
SOFR+525 |
|
|
4,468 |
|
|
|
4,375 |
|
|
|
4,424 |
|
Commercial Fire Protection Holdings, LLC |
|
11/18/2025 |
|
9/23/2030 |
|
Commercial Services & Supplies |
|
8.20% |
|
SOFR+450 |
|
|
12,967 |
|
|
|
12,967 |
|
|
|
12,967 |
|
Cornerstone Advisors of Arizona, LLC |
|
1/27/2026 |
|
5/13/2032 |
|
Professional Services |
|
8.45% |
|
SOFR+475 |
|
|
6,501 |
|
|
|
6,471 |
|
|
|
6,468 |
|
Crane 1 Services, Inc. |
|
11/18/2025 |
|
8/16/2027 |
|
Commercial Services & Supplies |
|
9.53% |
|
SOFR+586 |
|
|
2,511 |
|
|
|
2,496 |
|
|
|
2,473 |
|
EDS Buyer, LLC |
|
11/18/2025 |
|
1/10/2029 |
|
Aerospace and Defense |
|
8.20% |
|
SOFR+450 |
|
|
1,970 |
|
|
|
1,975 |
|
|
|
1,970 |
|
Emergency Care Partners, LLC |
|
11/18/2025 |
|
10/18/2027 |
|
Healthcare Providers & Services |
|
8.70% |
|
SOFR+500 |
|
|
6,250 |
|
|
|
6,250 |
|
|
|
6,250 |
|
ETE Intermediate II, LLC |
|
11/18/2025 |
|
5/29/2029 |
|
Auto Components |
|
8.70% |
|
SOFR+500 |
|
|
973 |
|
|
|
973 |
|
|
|
973 |
|
GGG MIDCO, LLC |
|
11/18/2025 |
|
9/27/2030 |
|
Diversified Consumer Services |
|
8.67% |
|
SOFR+500 |
|
|
9,458 |
|
|
|
9,458 |
|
|
|
9,546 |
|
Global Holdings InterCo, LLC |
|
2/12/2026 |
|
9/16/2027 |
|
Diversified Financial Services |
|
9.28% |
|
SOFR+560 |
|
|
4,204 |
|
|
|
4,090 |
|
|
|
4,204 |
|
Harris & Co, LLC |
|
11/18/2025 |
|
8/9/2030 |
|
Professional Services |
|
8.67% |
|
SOFR+500 |
|
|
12,967 |
|
|
|
12,925 |
|
|
|
12,967 |
|
Harvest Group Topco Buyer, LLC |
|
3/31/2026 |
|
3/2/2032 |
|
Media |
|
8.42% |
|
SOFR+475 |
|
|
8,000 |
|
|
|
7,963 |
|
|
|
7,960 |
|
HEC Purchaser Corp. |
|
11/18/2025 |
|
6/17/2029 |
|
Health Care Equipment & supplies |
|
8.70% |
|
SOFR+500 |
|
|
4,839 |
|
|
|
4,839 |
|
|
|
4,839 |
|
Highwire Public Relations, LLC |
|
1/28/2026 |
|
1/12/2031 |
|
Professional Services |
|
8.70% |
|
SOFR+500 |
|
|
3,500 |
|
|
|
3,479 |
|
|
|
3,465 |
|
Hills Distribution, Inc. |
|
11/18/2025 |
|
11/8/2029 |
|
Distributors |
|
9.21% |
|
SOFR+550 |
|
|
2,609 |
|
|
|
2,598 |
|
|
|
2,609 |
|
IG Investments Holdings, LLC |
|
2/11/2026 |
|
9/22/2028 |
|
Professional Services |
|
8.67% |
|
SOFR+500 |
|
|
5,077 |
|
|
|
5,053 |
|
|
|
4,963 |
|
Impact Advisors, LLC |
|
1/27/2026 |
|
3/19/2032 |
|
Healthcare Technology |
|
8.19% |
|
SOFR+450 |
|
|
9,108 |
|
|
|
9,108 |
|
|
|
9,108 |
|
LJ Avalon Holdings, LLC |
|
12/2/2025 |
|
2/1/2030 |
|
Construction and Engineering |
|
8.15% |
|
SOFR+450 |
|
|
7,963 |
|
|
|
7,963 |
|
|
|
7,883 |
|
MBS Holdings, Inc. |
|
11/18/2025 |
|
4/16/2027 |
|
Internet Software and Services |
|
8.77% |
|
SOFR+510 |
|
|
5,106 |
|
|
|
5,106 |
|
|
|
5,106 |
|
MOREgroup Holdings, Inc. |
|
1/6/2026 |
|
1/16/2030 |
|
Construction and Engineering |
|
8.95% |
|
SOFR+525 |
|
|
7,204 |
|
|
|
7,204 |
|
|
|
7,204 |
|
Medina Health, LLC |
|
11/18/2025 |
|
10/20/2028 |
|
Healthcare and Pharmaceuticals |
|
9.95% |
|
SOFR+625 |
|
|
3,314 |
|
|
|
3,323 |
|
|
|
3,314 |
|
MES Intermediate, Inc. |
|
11/18/2025 |
|
10/1/2027 |
|
Distributors |
|
8.45% |
|
SOFR+475 |
|
|
12,984 |
|
|
|
12,984 |
|
|
|
12,958 |
|
North American Rail Solutions |
|
11/18/2025 |
|
8/29/2031 |
|
Road and Rail |
|
8.45% |
|
SOFR+475 |
|
|
12,967 |
|
|
|
12,908 |
|
|
|
12,903 |
|
OSP Embedded Purchaser, LLC |
|
11/18/2025 |
|
12/17/2029 |
|
Aerospace and Defense |
|
9.45% |
|
SOFR+575 |
|
|
6,965 |
|
|
|
6,864 |
|
|
|
6,860 |
|
PCS MIDCO, Inc. |
|
11/18/2025 |
|
3/1/2030 |
|
Professional Services |
|
9.45% |
|
SOFR+575 |
|
|
2,343 |
|
|
|
2,354 |
|
|
|
2,343 |
|
PD Tri-State Holdco, LLC. |
|
11/18/2025 |
|
10/14/2030 |
|
Diversified Consumer Services |
|
8.95% |
|
SOFR+525 |
|
|
2,963 |
|
|
|
2,939 |
|
|
|
2,992 |
|
PN Buyer, Inc. |
|
1/9/2026 |
|
7/31/2031 |
|
Professional Services |
|
8.17% |
|
SOFR+450 |
|
|
9,975 |
|
|
|
9,929 |
|
|
|
9,875 |
|
Pacific Purchaser, LLC |
|
11/18/2025 |
|
10/2/2028 |
|
Professional Services |
|
9.99% |
|
SOFR+625 |
|
|
2,199 |
|
|
|
2,179 |
|
|
|
2,199 |
|
PAR Excellence Holdings, Inc. |
|
11/18/2025 |
|
9/3/2030 |
|
Healthcare Technology |
|
8.67% |
|
SOFR+500 |
|
|
6,965 |
|
|
|
6,902 |
|
|
|
6,826 |
|
Paving Lessor Corp. |
|
1/28/2026 |
|
7/1/2031 |
|
Commercial Services & Supplies |
|
8.94% |
|
SOFR+525 |
|
|
4,815 |
|
|
|
4,793 |
|
|
|
4,815 |
|
Project Granite Buyer, Inc. |
|
11/18/2025 |
|
12/31/2030 |
|
Professional Services |
|
9.45% |
|
SOFR+575 |
|
|
3,934 |
|
|
|
3,972 |
|
|
|
3,934 |
|
Puget Collision, LLC |
|
11/18/2025 |
|
10/3/2030 |
|
Automobiles |
|
8.45% |
|
SOFR+475 |
|
|
8,124 |
|
|
|
8,078 |
|
|
|
8,043 |
|
Rancho Health MSO, Inc. |
|
11/18/2025 |
|
6/20/2029 |
|
Healthcare Providers & Services |
|
8.66% |
|
SOFR+500 |
|
|
6,841 |
|
|
|
6,841 |
|
|
|
6,841 |
|
Sabel Systems Technology Solutions, LLC |
|
1/31/2025 |
|
10/31/2030 |
|
IT Services |
|
9.67% |
|
SOFR+600 |
|
|
8,977 |
|
|
|
8,977 |
|
|
|
8,977 |
|
Sath Industries, LLC |
|
11/18/2025 |
|
12/17/2029 |
|
Building Products |
|
9.20% |
|
SOFR+550 |
|
|
3,338 |
|
|
|
3,338 |
|
|
|
3,338 |
|
Sigma Defense Systems, LLC |
|
11/18/2025 |
|
12/20/2027 |
|
Aerospace and Defense |
|
10.10% |
|
SOFR+640 |
|
|
10,422 |
|
|
|
10,388 |
|
|
|
10,318 |
|
Smartronix, LLC |
|
11/24/2025 |
|
2/6/2032 |
|
Aerospace and Defense |
|
8.17% |
|
SOFR+450 |
|
|
5,940 |
|
|
|
5,919 |
|
|
|
5,841 |
|
Systems Planning And Analysis, Inc. |
|
11/18/2025 |
|
8/16/2027 |
|
Aerospace and Defense |
|
8.45% |
|
SOFR+475 |
|
|
12,989 |
|
|
|
12,931 |
|
|
|
12,989 |
|
TMII Enterprises, LLC |
|
11/18/2025 |
|
12/22/2028 |
|
Professional Services |
|
8.17% |
|
SOFR+450 |
|
|
1,969 |
|
|
|
1,969 |
|
|
|
1,969 |
|
The Bluebird Group, LLC |
|
11/18/2025 |
|
7/28/2026 |
|
Professional Services |
|
9.60% |
|
SOFR+590 |
|
|
5,012 |
|
|
|
5,012 |
|
|
|
5,012 |
|
The Vertex Companies, LLC |
|
11/18/2025 |
|
8/31/2028 |
|
Construction and Engineering |
|
8.77% |
|
SOFR+500 |
|
|
7,705 |
|
|
|
7,692 |
|
|
|
7,666 |
|
Transgo, LLC |
|
11/18/2025 |
|
12/29/2028 |
|
Auto Components |
|
8.92% |
|
SOFR+525 |
|
|
7,980 |
|
|
|
7,927 |
|
|
|
7,860 |
|
Tyto Athene, LLC |
|
11/18/2025 |
|
4/3/2028 |
|
IT Services |
|
8.56% |
|
SOFR+490 |
|
|
4,626 |
|
|
|
4,524 |
|
|
|
4,497 |
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
340,545 |
|
|
$ |
339,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments - 914.5% of Net Assets (3)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
340,545 |
|
|
$ |
339,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Equivalents - 14.4% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus Govt CM INST 289 |
|
|
|
|
|
|
|
3.54% |
|
|
|
|
|
|
$ |
5,320 |
|
|
$ |
5,320 |
|
Total Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,320 |
|
|
$ |
5,320 |
|
Cash - 24.7% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,169 |
|
|
$ |
9,169 |
|
Total Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,169 |
|
|
$ |
9,169 |
|
Total Investments, Cash Equivalents, and Cash —953.5% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
355,034 |
|
|
$ |
354,418 |
|
Liabilities in Excess of Other Assets — (853.5)% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(317,246 |
) |
Members' Equity—100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
37,172 |
|
—————————————————— (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". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR 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 II’s accounting policy. (3)As of March 31, 2026, all investments were in U.S Companies, and total cost, fair value, percentage of Net Assets for the U.S Companies were $340.5 million, $339.9 million and 914.5%. (4)All of our investments are not registered under the 1933 Act and have restrictions on resale.
|