| Investments |
4. INVESTMENTS Purchases of investments, including PIK interest, for the three and six months ended March 31, 2026, totaled $110.4 million and $227.9 million, respectively (excluding U.S. Government Securities). For the three and six months ended March 31, 2025, purchases of investments, including PIK interest, totaled $178.4 million and $476.3 million, respectively (excluding U.S. Government Securities). Sales and repayments of investments for the three and six months ended March 31, 2026 totaled $113.4 million and $386.6 million, respectively (excluding U.S. Government Securities). Sales and repayment of investments for the three and six months ended March 31, 2025, totaled $263.1 and $616.8 million, respectively (excluding U.S. Government Securities). Investments and cash and cash equivalents consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
September 30, 2025 |
|
Investment Classification ($ in thousands) |
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
First lien |
|
$ |
509,412 |
|
|
|
481,700 |
|
|
$ |
606,949 |
|
|
$ |
582,373 |
|
U.S. Government Securities |
|
|
209,462 |
|
|
|
209,427 |
|
|
|
124,809 |
|
|
|
124,788 |
|
Second lien |
|
|
15,232 |
|
|
|
14,825 |
|
|
|
18,619 |
|
|
|
18,161 |
|
Subordinated debt / corporate notes |
|
|
66,337 |
|
|
|
66,788 |
|
|
|
60,575 |
|
|
|
60,933 |
|
Subordinated notes in PSLF |
|
|
140,287 |
|
|
|
140,288 |
|
|
|
140,287 |
|
|
|
140,287 |
|
Equity |
|
|
199,234 |
|
|
|
236,578 |
|
|
|
203,291 |
|
|
|
293,218 |
|
Equity in PSLF |
|
|
82,358 |
|
|
|
53,907 |
|
|
|
82,358 |
|
|
|
67,513 |
|
Total investments |
|
|
1,222,322 |
|
|
|
1,203,513 |
|
|
|
1,236,888 |
|
|
|
1,287,273 |
|
Cash and cash equivalents |
|
|
44,858 |
|
|
|
44,807 |
|
|
|
51,739 |
|
|
|
51,783 |
|
Total investments and cash and cash equivalents |
|
$ |
1,267,180 |
|
|
$ |
1,248,320 |
|
|
$ |
1,288,627 |
|
|
$ |
1,339,056 |
|
The table below describes investments by industry classification by cost and fair value and enumerates the percentage, by fair value and total net asset value in such industries as of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 (1) |
|
|
September 30, 2025 (1) |
|
Industry Classification |
|
Cost |
|
Fair Value |
|
Fair Value Percentage |
|
Net Asset Value Percentage |
|
|
Cost |
|
Fair Value |
|
Fair Value Percentage |
|
Net Asset Value Percentage |
|
Short-Term U.S. Government Securities |
|
$ |
209,462 |
|
$ |
209,427 |
|
|
21 |
% |
|
48 |
% |
|
$ |
124,809 |
|
$ |
124,788 |
|
|
12 |
% |
|
27 |
% |
Healthcare, Education and Childcare |
|
|
120,903 |
|
|
171,921 |
|
|
17 |
% |
|
39 |
% |
|
|
128,969 |
|
|
168,000 |
|
|
16 |
% |
|
36 |
% |
Business Services |
|
|
154,653 |
|
|
134,049 |
|
|
13 |
% |
|
31 |
% |
|
|
195,614 |
|
|
184,452 |
|
|
17 |
% |
|
40 |
% |
Financial Services |
|
|
77,983 |
|
|
77,215 |
|
|
8 |
% |
|
18 |
% |
|
|
70,403 |
|
|
68,959 |
|
|
6 |
% |
|
15 |
% |
Distribution |
|
|
36,593 |
|
|
46,086 |
|
|
5 |
% |
|
10 |
% |
|
|
57,352 |
|
|
130,850 |
|
|
12 |
% |
|
28 |
% |
Auto Sector |
|
|
40,828 |
|
|
38,350 |
|
|
4 |
% |
|
9 |
% |
|
|
26,621 |
|
|
27,826 |
|
|
2 |
% |
|
6 |
% |
Aerospace and Defense |
|
|
20,028 |
|
|
38,288 |
|
|
4 |
% |
|
9 |
% |
|
|
39,513 |
|
|
47,113 |
|
|
4 |
% |
|
10 |
% |
Media |
|
|
37,606 |
|
|
36,342 |
|
|
4 |
% |
|
8 |
% |
|
|
17,477 |
|
|
17,434 |
|
|
2 |
% |
|
4 |
% |
Consumer Products |
|
|
41,563 |
|
|
33,878 |
|
|
3 |
% |
|
8 |
% |
|
|
53,746 |
|
|
49,414 |
|
|
5 |
% |
|
11 |
% |
Environmental Services |
|
|
63,048 |
|
|
27,334 |
|
|
3 |
% |
|
6 |
% |
|
|
61,588 |
|
|
31,238 |
|
|
3 |
% |
|
7 |
% |
Gaming |
|
|
24,101 |
|
|
24,269 |
|
|
2 |
% |
|
6 |
% |
|
|
22,853 |
|
|
23,151 |
|
|
2 |
% |
|
5 |
% |
Diversified Conglomerate Service |
|
|
22,761 |
|
|
22,181 |
|
|
2 |
% |
|
5 |
% |
|
|
17,268 |
|
|
16,416 |
|
|
1 |
% |
|
4 |
% |
Consumer Services |
|
|
19,991 |
|
|
19,749 |
|
|
2 |
% |
|
4 |
% |
|
|
19,067 |
|
|
19,319 |
|
|
2 |
% |
|
4 |
% |
Personal, Food and Miscellaneous Services |
|
|
16,316 |
|
|
19,403 |
|
|
2 |
% |
|
4 |
% |
|
|
16,207 |
|
|
18,769 |
|
|
2 |
% |
|
4 |
% |
Manufacturing/Basic Industry |
|
|
15,269 |
|
|
15,902 |
|
|
2 |
% |
|
4 |
% |
|
|
42,601 |
|
|
43,067 |
|
|
4 |
% |
|
9 |
% |
Buildings and Real Estate |
|
|
13,637 |
|
|
13,688 |
|
|
1 |
% |
|
3 |
% |
|
|
12,546 |
|
|
12,495 |
|
|
1 |
% |
|
3 |
% |
Chemicals, Plastics and Rubber |
|
|
15,473 |
|
|
12,919 |
|
|
1 |
% |
|
3 |
% |
|
|
15,237 |
|
|
12,240 |
|
|
1 |
% |
|
3 |
% |
Government Services |
|
|
11,094 |
|
|
11,537 |
|
|
1 |
% |
|
3 |
% |
|
|
896 |
|
|
1,164 |
|
|
0 |
% |
|
0 |
% |
Telecommunications |
|
|
9,085 |
|
|
9,648 |
|
|
1 |
% |
|
2 |
% |
|
|
22,305 |
|
|
13,695 |
|
|
1 |
% |
|
3 |
% |
Home and Office Furnishings, Housewares and Durable Consumer Products |
|
|
7,218 |
|
|
9,009 |
|
|
1 |
% |
|
2 |
% |
|
|
9,258 |
|
|
9,723 |
|
|
1 |
% |
|
2 |
% |
Transportation |
|
|
12,530 |
|
|
7,646 |
|
|
1 |
% |
|
2 |
% |
|
|
9,787 |
|
|
4,655 |
|
|
0 |
% |
|
1 |
% |
Machinery |
|
|
3,325 |
|
|
4,757 |
|
|
0 |
% |
|
1 |
% |
|
|
1,645 |
|
|
3,083 |
|
|
0 |
% |
|
1 |
% |
All Other |
|
|
26,210 |
|
|
25,720 |
|
|
2 |
% |
|
6 |
% |
|
|
48,481 |
|
|
51,622 |
|
|
6 |
% |
|
11 |
% |
Total |
|
$ |
999,677 |
|
$ |
1,009,318 |
|
|
100 |
% |
|
231 |
% |
|
$ |
1,014,243 |
|
$ |
1,079,473 |
|
|
100 |
% |
|
234 |
% |
(1)Excludes investments in PSLF. PennantPark Senior Loan Fund, LLC In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture as a Delaware limited liability company. PSLF invests primarily in middle-market and other corporate debt securities consistent with its strategy. As of March 31, 2026 and September 30, 2025, PSLF had total assets of $1,370.7 million and $1,315.4 million, respectively and its investment portfolio consisted of debt investments in 114 and 109 portfolio companies, respectively. As of March 31, 2026, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interest of $5.0 million and $7.1 million, respectively, in PSLF. As of September 30, 2025, we and Pantheon had remaining commitments to fund subordinated notes 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 March 31, 2026, at fair value, the largest investment in a single portfolio company in PSLF was $26.4 million and the five largest investments totaled $124.7 million. 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. 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 March 31, 2026, 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, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interest of PSLF. As of March 31, 2026, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million, respectively. As of September 30, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million respectively. We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present being entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee constitute a quorum, provided that the two individuals are present that were elected, designated or appointed by each of us and Pantheon. Additionally, PSLF, through its wholly-owned subsidiary, has entered into a $400.0 million (increased from $325.0 million in August 2024) senior secured revolving 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 carefully constructed 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 March 31, 2026 and September 30, 2025 there were $246.0 million and $246.0 million, respectively, of external 2034 Asset-Backed Debt. On July 26, 2023, CLO VII , LLC ("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 carefully constructed 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%, and (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. 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%. As of March 31, 2026 and September 30, 2025, there were $246.0 million and $246.0 million of external 2035 Asset-Backed Debt. 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 carefully constructed 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 due 2037, 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 March 31, 2026 and September 30, 2025, there were $328.0 million and $328.0 million, respectively, of external 2037 Asset-Backed Debt. On August 28, 2024, PSLF entered into an amendment (the “Amendment”) to PSLF’s limited liability company agreement (the “LLC Agreement”). The Amendment amended the term of PSLF, which would have otherwise expired on January 31, 2025, to be indefinite, subject to the other terms of dissolution, wind down and termination in the LLC Agreement. The Amendment also modified the LLC Agreement to permit any member of PSLF (each, a “PSLF Member”) to request to redeem its interests in PSLF (in minimum tranches of 25% of the interests then-owned by such PSFL Member) at any time. Under the Amendment, if a PSLF Member makes a redemption request, PSLF will be required to use commercially reasonable efforts to redeem any such PSFL Member’s interests within 18 months and, in any event, within three years from the date of such redemption request, subject to customary limitations with respect to the liquidity of PSLF and the requirement that the Company’s proportionate share or ownership of PSLF not exceed 87.5%. Below is a summary of PSLF’s portfolio at fair value:
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
March 31, 2026 (Unaudited) |
|
|
September 30, 2025 |
|
Total investments |
|
$ |
1,314,347 |
|
|
$ |
1,265,901 |
|
Weighted average cost yield on income producing investments |
|
|
9.6 |
% |
|
|
10.1 |
% |
Number of portfolio companies in PSLF |
|
|
114 |
|
|
|
109 |
|
Largest portfolio company investment at fair value |
|
$ |
26,443 |
|
|
$ |
24,802 |
|
Total of five largest portfolio company investments at fair value |
|
$ |
124,702 |
|
|
$ |
121,360 |
|
Below is a listing of PSLF’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 |
|
|
Cost |
|
|
Fair Value (2) |
|
First Lien Secured Debt - 1,346.87% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACP Avenu Buyer, LLC |
|
04/23/24 |
|
10/02/29 |
|
|
Business Services |
|
8.66% |
|
|
SOFR +500 |
|
|
|
23,391 |
|
|
$ |
23,145 |
|
|
$ |
22,806 |
|
ACP Falcon Buyer, Inc. |
|
10/06/23 |
|
08/01/29 |
|
|
Business Services |
|
9.16% |
|
|
SOFR +550 |
|
|
|
15,119 |
|
|
|
14,918 |
|
|
|
15,119 |
|
AFC-Dell Holding Corp. |
|
02/23/24 |
|
04/09/27 |
|
|
Distribution |
|
8.67% |
|
|
SOFR +500 |
|
|
|
16,161 |
|
|
|
16,089 |
|
|
|
16,161 |
|
APT OPCO, LLC |
|
12/24/25 |
|
09/30/31 |
|
|
Health Care Providers and Services |
|
8.70% |
|
|
SOFR +500 |
|
|
|
2,861 |
|
|
|
2,846 |
|
|
|
2,861 |
|
Ad.Net Acquisition, LLC |
|
03/02/22 |
|
05/07/26 |
|
|
Media |
|
9.96% |
|
|
SOFR +626 |
|
|
|
5,411 |
|
|
|
5,410 |
|
|
|
5,411 |
|
Aechelon Technology, Inc. |
|
12/23/24 |
|
08/16/29 |
|
|
Aerospace and Defense |
|
9.42% |
|
|
SOFR +575 |
|
|
|
16,100 |
|
|
|
16,030 |
|
|
|
16,261 |
|
Alpine Acquisition Corp II - Second out Term Loan (6) |
|
10/12/22 |
|
01/14/31 |
|
|
Containers, Packaging and Glass |
|
8.66% |
|
|
SOFR +500 |
|
|
|
1,210 |
|
|
|
1,210 |
|
|
|
1,210 |
|
Alpine Acquisition Corp II - Third out Term Loan (6) |
|
10/12/22 |
|
01/14/31 |
|
|
Containers, Packaging and Glass |
|
8.92% |
|
|
SOFR +525 |
|
|
|
1,614 |
|
|
|
1,614 |
|
|
|
1,614 |
|
Alpine Acquisition Corp II Unfunded Revolver (6), (7) |
|
10/12/22 |
|
01/14/31 |
|
|
Containers, Packaging and Glass |
|
|
|
|
|
|
|
|
484 |
|
|
|
- |
|
|
|
- |
|
Alpine Acquisition Corp II Unfunded First out DDTL (6), (7) |
|
10/12/22 |
|
12/29/30 |
|
|
Containers, Packaging and Glass |
|
|
|
|
|
|
|
|
121 |
|
|
|
- |
|
|
|
- |
|
Amsive Holdings Corporation |
|
03/02/22 |
|
12/10/26 |
|
|
Media |
|
9.95% |
|
|
SOFR +625 |
|
|
|
13,732 |
|
|
|
13,706 |
|
|
|
13,595 |
|
Anteriad, LLC (f/k/a MeritDirect, LLC) |
|
03/02/22 |
|
12/31/27 |
|
|
Media |
|
9.60% |
|
|
SOFR +590 |
|
|
|
13,398 |
|
|
|
13,387 |
|
|
|
13,298 |
|
Arcfield Acquisition Corp. |
|
07/26/22 |
|
10/28/31 |
|
|
Aerospace and Defense |
|
8.67% |
|
|
SOFR +500 |
|
|
|
14,813 |
|
|
|
14,794 |
|
|
|
14,738 |
|
Archer Lewis, LLC |
|
12/20/24 |
|
08/28/29 |
|
|
Healthcare, Education and Childcare |
|
9.45% |
|
|
SOFR +575 |
|
|
|
15,502 |
|
|
|
15,361 |
|
|
|
15,192 |
|
Argano, LLC |
|
12/16/24 |
|
09/13/29 |
|
|
Business Services |
|
9.18% |
|
|
SOFR +550 |
|
|
|
20,241 |
|
|
|
20,065 |
|
|
|
20,038 |
|
BLC Holding Company, INC. |
|
02/24/25 |
|
11/20/30 |
|
|
Environmental Services |
|
8.20% |
|
|
SOFR +450 |
|
|
|
11,953 |
|
|
|
11,888 |
|
|
|
11,953 |
|
Beacon Behavioral Support Services, LLC |
|
09/16/24 |
|
06/21/29 |
|
|
Healthcare, Education and Childcare |
|
9.20% |
|
|
SOFR +550 |
|
|
|
24,483 |
|
|
|
24,223 |
|
|
|
24,483 |
|
Best Practice Associates, LLC |
|
01/21/25 |
|
11/08/29 |
|
|
Aerospace and Defense |
|
10.42% |
|
|
SOFR +675 |
|
|
|
19,750 |
|
|
|
19,527 |
|
|
|
19,306 |
|
Beta Plus Technologies, Inc. |
|
08/11/22 |
|
07/02/29 |
|
|
Business Services |
|
9.45% |
|
|
SOFR +575 |
|
|
|
14,475 |
|
|
|
14,322 |
|
|
|
14,258 |
|
Big Top Holdings, LLC |
|
06/26/24 |
|
03/01/30 |
|
|
Manufacturing / Basic Industries |
|
8.95% |
|
|
SOFR +525 |
|
|
|
6,591 |
|
|
|
6,508 |
|
|
|
6,591 |
|
Bioderm, Inc. |
|
06/26/24 |
|
01/31/28 |
|
|
Healthcare, Education and Childcare |
|
10.17% |
|
|
SOFR +650 |
|
|
|
8,753 |
|
|
|
8,695 |
|
|
|
8,621 |
|
Blackhawk Industrial Distribution, Inc. |
|
07/24/23 |
|
09/17/26 |
|
|
Distribution |
|
9.10% |
|
|
SOFR +540 |
|
|
|
25,113 |
|
|
|
25,030 |
|
|
|
24,360 |
|
Blue Cloud Pediatric Surgery Centers LLC |
|
10/09/25 |
|
01/21/31 |
|
|
Health Care Providers and Services |
|
8.67% |
|
|
SOFR +500 |
|
|
|
2,481 |
|
|
|
2,458 |
|
|
|
2,444 |
|
Boss Industries, LLC |
|
07/21/25 |
|
12/27/30 |
|
|
Conglomerate Manufacturing |
|
8.45% |
|
|
SOFR +475 |
|
|
|
5,925 |
|
|
|
5,891 |
|
|
|
5,925 |
|
Burgess Point Purchaser Corporation |
|
10/03/22 |
|
07/25/29 |
|
|
Auto Sector |
|
9.02% |
|
|
SOFR +535 |
|
|
|
6,154 |
|
|
|
5,924 |
|
|
|
5,339 |
|
C5MI Acquisition, LLC |
|
10/09/24 |
|
07/31/29 |
|
|
Business Services |
|
9.70% |
|
|
SOFR +600 |
|
|
|
9,838 |
|
|
|
9,757 |
|
|
|
9,838 |
|
CF512, Inc. |
|
12/29/21 |
|
08/20/26 |
|
|
Media |
|
9.86% |
|
|
SOFR +619 |
|
|
|
8,995 |
|
|
|
8,967 |
|
|
|
8,905 |
|
Carisk Buyer, Inc. |
|
02/09/24 |
|
11/30/29 |
|
|
Healthcare, Education and Childcare |
|
8.70% |
|
|
SOFR +500 |
|
|
|
11,312 |
|
|
|
11,231 |
|
|
|
11,340 |
|
Carnegie Dartlet, LLC |
|
06/26/24 |
|
02/07/30 |
|
|
Education |
|
9.17% |
|
|
SOFR +550 |
|
|
|
22,540 |
|
|
|
22,274 |
|
|
|
22,371 |
|
Cartessa Aesthetics, LLC |
|
09/09/22 |
|
06/14/28 |
|
|
Distribution |
|
9.70% |
|
|
SOFR +600 |
|
|
|
21,767 |
|
|
|
21,626 |
|
|
|
21,658 |
|
Case Works, LLC |
|
11/26/24 |
|
10/01/29 |
|
|
Business Services |
|
8.95% |
|
|
SOFR +525 |
|
|
|
10,383 |
|
|
|
10,322 |
|
|
|
10,279 |
|
Commercial Fire Protection Holdings, LLC |
|
12/16/24 |
|
09/23/30 |
|
|
Business Services |
|
8.20% |
|
|
SOFR +450 |
|
|
|
20,726 |
|
|
|
20,638 |
|
|
|
20,726 |
|
Confluent Health, LLC |
|
12/23/24 |
|
11/30/28 |
|
|
Healthcare, Education and Childcare |
|
11.17% |
|
|
SOFR +750 |
|
|
|
1,940 |
|
|
|
1,940 |
|
|
|
1,765 |
|
Cornerstone Advisors of Arizona, LLC |
|
10/09/25 |
|
05/13/32 |
|
|
Professional Services |
|
8.45% |
|
|
SOFR +475 |
|
|
|
5,940 |
|
|
|
5,913 |
|
|
|
5,910 |
|
CJX Borrower, LLC |
|
08/12/22 |
|
07/13/27 |
|
|
Media |
|
9.41% |
|
|
SOFR +576 |
|
|
|
8,577 |
|
|
|
8,572 |
|
|
|
8,449 |
|
Crane 1 Services, Inc. |
|
07/24/23 |
|
08/16/27 |
|
|
Personal, Food and Miscellaneous Services |
|
9.53% |
|
|
SOFR +586 |
|
|
|
5,244 |
|
|
|
5,224 |
|
|
|
5,166 |
|
DRI Holding Inc. |
|
08/04/22 |
|
12/21/28 |
|
|
Media |
|
9.02% |
|
|
SOFR +535 |
|
|
|
5,740 |
|
|
|
5,457 |
|
|
|
5,537 |
|
DRS Holdings III, Inc. |
|
03/02/22 |
|
11/01/28 |
|
|
Consumer Products |
|
8.92% |
|
|
SOFR +525 |
|
|
|
4,376 |
|
|
|
4,364 |
|
|
|
4,420 |
|
DX Electric Company, LLC |
|
12/25/25 |
|
10/01/31 |
|
|
Electronic Equipment, Instruments and Components |
|
8.95% |
|
|
SOFR +525 |
|
|
|
7,029 |
|
|
|
6,985 |
|
|
|
7,029 |
|
Duggal Acquisition, LLC |
|
12/23/24 |
|
09/30/30 |
|
|
Marketing Services |
|
8.45% |
|
|
SOFR +475 |
|
|
|
4,925 |
|
|
|
4,889 |
|
|
|
4,925 |
|
Dynata, LLC - First Out Term Loan |
|
07/15/24 |
|
07/17/28 |
|
|
Business Services |
|
8.91% |
|
|
SOFR +526 |
|
|
|
1,564 |
|
|
|
1,492 |
|
|
|
1,526 |
|
Dynata, LLC - Last Out Term Loan |
|
07/15/24 |
|
10/16/28 |
|
|
Business Services |
|
9.41% |
|
|
SOFR +576 |
|
|
|
9,621 |
|
|
|
9,621 |
|
|
|
4,859 |
|
EDS Buyer, LLC |
|
07/24/23 |
|
01/10/29 |
|
|
Aerospace and Defense |
|
8.20% |
|
|
SOFR +450 |
|
|
|
23,051 |
|
|
|
22,835 |
|
|
|
23,051 |
|
ETE Intermediate II, LLC |
|
07/24/23 |
|
05/29/29 |
|
|
Personal, Food and Miscellaneous Services |
|
8.70% |
|
|
SOFR +500 |
|
|
|
12,062 |
|
|
|
11,923 |
|
|
|
12,062 |
|
Emergency Care Partners, LLC |
|
12/23/24 |
|
10/18/27 |
|
|
Healthcare, Education and Childcare |
|
8.70% |
|
|
SOFR +500 |
|
|
|
6,895 |
|
|
|
6,869 |
|
|
|
6,895 |
|
EvAL Home Care Solutions Intermediate, LLC |
|
07/23/24 |
|
05/10/30 |
|
|
Healthcare, Education and Childcare |
|
9.42% |
|
|
SOFR +575 |
|
|
|
6,864 |
|
|
|
6,789 |
|
|
|
6,864 |
|
Exigo Intermediate II, LLC |
|
07/24/23 |
|
03/15/27 |
|
|
Business Services |
|
10.02% |
|
|
SOFR +635 |
|
|
|
9,501 |
|
|
|
9,462 |
|
|
|
9,026 |
|
Five Star Buyer, Inc. |
|
07/24/23 |
|
02/23/28 |
|
|
Hotels, Motels, Inns and Gaming |
|
12.88% |
|
|
SOFR +925 |
|
|
|
4,116 |
|
|
|
4,083 |
|
|
|
4,024 |
|
GGG Midco, LLC |
|
12/16/24 |
|
09/27/30 |
|
|
Home and Office Furnishings, Housewares and Durable Consumer Products |
|
8.67% |
|
|
SOFR +500 |
|
|
|
15,047 |
|
|
|
14,951 |
|
|
|
15,183 |
|
Global Holdings InterCo, LLC |
|
03/02/22 |
|
09/16/27 |
|
|
Banking, Finance, Insurance & Real Estate |
|
9.28% |
|
|
SOFR +560 |
|
|
|
6,290 |
|
|
|
6,279 |
|
|
|
6,290 |
|
Graffiti Buyer, Inc. |
|
03/02/22 |
|
08/10/27 |
|
|
Distribution |
|
9.27% |
|
|
SOFR +560 |
|
|
|
3,938 |
|
|
|
3,916 |
|
|
|
3,830 |
|
HEC Purchaser Corp. |
|
09/16/24 |
|
06/17/29 |
|
|
Healthcare, Education and Childcare |
|
8.70% |
|
|
SOFR +500 |
|
|
|
12,192 |
|
|
|
12,129 |
|
|
|
12,192 |
|
HV Watterson Holdings, LLC (4) |
|
09/09/22 |
|
12/17/26 |
|
|
Business Services |
|
|
|
|
|
|
|
|
15,523 |
|
|
|
15,449 |
|
|
|
5,123 |
|
HW Holdco, LLC |
|
03/02/22 |
|
05/10/27 |
|
|
Media |
|
9.53% |
|
|
SOFR +585 |
|
|
|
23,121 |
|
|
|
23,111 |
|
|
|
23,121 |
|
Hancock Roofing And Construction, LLC |
|
03/02/22 |
|
12/31/26 |
|
|
Insurance |
|
9.30% |
|
|
SOFR +560 |
|
|
|
6,029 |
|
|
|
6,029 |
|
|
|
5,637 |
|
Harris & Co, LLC |
|
12/20/24 |
|
08/09/30 |
|
|
Financial Services |
|
8.67% |
|
|
SOFR +500 |
|
|
|
19,086 |
|
|
|
18,914 |
|
|
|
19,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
Hills Distribution, Inc. |
|
02/13/24 |
|
11/08/29 |
|
|
Distribution |
|
9.21% |
|
|
SOFR +550 |
|
|
|
14,405 |
|
|
|
14,279 |
|
|
|
14,405 |
|
IG Investments Holdings, LLC |
|
03/02/22 |
|
09/22/28 |
|
|
Business Services |
|
8.67% |
|
|
SOFR +500 |
|
|
|
4,328 |
|
|
|
4,292 |
|
|
|
4,231 |
|
Imagine Acquisitionco, Inc. |
|
07/24/23 |
|
11/15/27 |
|
|
Business Services |
|
8.75% |
|
|
SOFR +510 |
|
|
|
5,424 |
|
|
|
5,387 |
|
|
|
5,315 |
|
Impact Advisors, LLC |
|
12/10/25 |
|
03/19/32 |
|
|
Health Care Technology |
|
8.20% |
|
|
SOFR +450 |
|
|
|
7,920 |
|
|
|
7,920 |
|
|
|
7,920 |
|
Infinity Home Services Holdco, Inc. |
|
02/07/23 |
|
12/28/28 |
|
|
Personal, Food and Miscellaneous Services |
|
9.70% |
|
|
SOFR +600 |
|
|
|
13,679 |
|
|
|
13,569 |
|
|
|
13,679 |
|
Infolinks Media Buyco, LLC |
|
07/24/23 |
|
11/01/26 |
|
|
Media |
|
9.45% |
|
|
SOFR +575 |
|
|
|
13,039 |
|
|
|
13,020 |
|
|
|
12,518 |
|
Inovex Information Systems Incorporated |
|
03/04/25 |
|
12/17/30 |
|
|
Business Services |
|
8.95% |
|
|
SOFR +525 |
|
|
|
5,925 |
|
|
|
5,891 |
|
|
|
5,836 |
|
Inventus Power, Inc. |
|
10/10/23 |
|
06/30/26 |
|
|
Consumer Products |
|
11.29% |
|
|
SOFR +761 |
|
|
|
12,902 |
|
|
|
12,878 |
|
|
|
12,902 |
|
Kinetic Purchaser, LLC (4) |
|
07/24/23 |
|
11/10/27 |
|
|
Consumer Products |
|
|
|
|
|
|
|
|
14,176 |
|
|
|
13,615 |
|
|
|
7,761 |
|
LAV Gear Holdings, Inc. - Takeback TL |
|
07/31/25 |
|
07/31/29 |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
9.61% |
|
|
SOFR +594 |
|
|
|
2,324 |
|
|
|
2,324 |
|
|
|
1,975 |
|
LAV Gear Holdings, Inc. - Priority TL |
|
07/31/25 |
|
07/31/29 |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
9.61% |
|
|
SOFR +594 |
|
|
|
738 |
|
|
|
730 |
|
|
|
738 |
|
Lash OpCo, LLC |
|
03/02/22 |
|
09/17/27 |
|
|
Consumer Products |
|
10.77% |
|
|
SOFR +710 |
|
|
|
21,867 |
|
|
|
21,835 |
|
|
|
21,485 |
|
LJ Avalon Holdings, LLC |
|
07/24/23 |
|
02/01/30 |
|
|
Environmental Services |
|
8.15% |
|
|
SOFR +450 |
|
|
|
12,212 |
|
|
|
12,136 |
|
|
|
12,090 |
|
MAG DS Corp. |
|
03/02/22 |
|
04/01/27 |
|
|
Aerospace and Defense |
|
9.30% |
|
|
SOFR +560 |
|
|
|
8,130 |
|
|
|
7,969 |
|
|
|
8,084 |
|
MDI Buyer, Inc. |
|
12/20/24 |
|
07/25/28 |
|
|
Chemicals, Plastics and Rubber |
|
8.67% |
|
|
SOFR +500 |
|
|
|
19,626 |
|
|
|
19,496 |
|
|
|
19,626 |
|
Marketplace Events Acquisition, LLC |
|
03/04/25 |
|
12/19/30 |
|
|
Media |
|
8.99% |
|
|
SOFR +525 |
|
|
|
19,800 |
|
|
|
19,646 |
|
|
|
19,652 |
|
MBS Holdings, Inc. |
|
03/02/22 |
|
04/16/27 |
|
|
Telecommunications |
|
8.77% |
|
|
SOFR +510 |
|
|
|
8,201 |
|
|
|
8,170 |
|
|
|
8,201 |
|
Meadowlark Acquirer, LLC |
|
04/01/22 |
|
12/10/27 |
|
|
Business Services |
|
9.35% |
|
|
SOFR +565 |
|
|
|
2,878 |
|
|
|
2,856 |
|
|
|
2,878 |
|
Medina Health, LLC |
|
01/18/24 |
|
10/20/28 |
|
|
Healthcare, Education and Childcare |
|
9.95% |
|
|
SOFR +625 |
|
|
|
19,423 |
|
|
|
19,328 |
|
|
|
19,423 |
|
Megawatt Acquisitionco, Inc. |
|
07/17/24 |
|
03/01/30 |
|
|
Business Services |
|
9.20% |
|
|
SOFR +550 |
|
|
|
7,840 |
|
|
|
7,759 |
|
|
|
7,683 |
|
MOREgroup Holdings, Inc. |
|
08/29/24 |
|
01/16/30 |
|
|
Business Services |
|
8.95% |
|
|
SOFR +525 |
|
|
|
19,600 |
|
|
|
19,398 |
|
|
|
19,600 |
|
Municipal Emergency Services, Inc. |
|
03/02/22 |
|
10/01/27 |
|
|
Distribution |
|
8.45% |
|
|
SOFR +475 |
|
|
|
9,526 |
|
|
|
9,478 |
|
|
|
9,506 |
|
NBH Group, LLC |
|
03/02/22 |
|
08/19/26 |
|
|
Healthcare, Education and Childcare |
|
9.52% |
|
|
SOFR +585 |
|
|
|
7,143 |
|
|
|
7,134 |
|
|
|
6,786 |
|
NORA Acquisition, LLC |
|
11/21/23 |
|
08/31/29 |
|
|
Healthcare, Education and Childcare |
|
10.05% |
|
|
SOFR +635 |
|
|
|
19,988 |
|
|
|
19,787 |
|
|
|
19,138 |
|
North American Rail Solutions |
|
12/25/25 |
|
08/29/31 |
|
|
Road and Rail |
|
8.45% |
|
|
SOFR +475 |
|
|
|
9,975 |
|
|
|
9,936 |
|
|
|
9,925 |
|
OSP Embedded Purchaser, LLC |
|
01/17/25 |
|
12/17/29 |
|
|
Aerospace and Defense |
|
9.45% |
|
|
SOFR +575 |
|
|
|
18,831 |
|
|
|
18,716 |
|
|
|
18,548 |
|
Omnia Exterior Solutions, LLC |
|
07/25/24 |
|
12/29/29 |
|
|
Diversified Conglomerate Service |
|
9.20% |
|
|
SOFR +550 |
|
|
|
17,882 |
|
|
|
17,693 |
|
|
|
17,569 |
|
One Stop Mailing, LLC |
|
06/07/23 |
|
05/07/27 |
|
|
Transportation |
|
10.03% |
|
|
SOFR +636 |
|
|
|
7,693 |
|
|
|
7,644 |
|
|
|
7,693 |
|
PCS Midco, Inc. |
|
08/29/24 |
|
03/01/30 |
|
|
Financial Services |
|
9.45% |
|
|
SOFR +575 |
|
|
|
5,155 |
|
|
|
5,102 |
|
|
|
5,155 |
|
PN Buyer, Inc. |
|
10/09/25 |
|
07/31/31 |
|
|
Financial Services |
|
8.17% |
|
|
SOFR +450 |
|
|
|
3,547 |
|
|
|
3,530 |
|
|
|
3,511 |
|
Pacific Purchaser, LLC |
|
03/21/24 |
|
10/02/28 |
|
|
Business Services |
|
9.99% |
|
|
SOFR +625 |
|
|
|
12,708 |
|
|
|
12,565 |
|
|
|
12,708 |
|
PAR Excellence Holdings, Inc. |
|
11/26/24 |
|
09/03/30 |
|
|
Healthcare, Education and Childcare |
|
8.67% |
|
|
SOFR +500 |
|
|
|
9,875 |
|
|
|
9,803 |
|
|
|
9,678 |
|
PD Tri-State Holdco, LLC |
|
12/25/25 |
|
10/14/30 |
|
|
Diversified Conglomerate Service |
|
8.95% |
|
|
SOFR +525 |
|
|
|
2,963 |
|
|
|
2,941 |
|
|
|
2,992 |
|
Paving Lessor Corp. First Lien -Term Loan |
|
10/24/25 |
|
07/01/31 |
|
|
Commercial Services and Supplies |
|
8.95% |
|
|
SOFR +525 |
|
|
|
6,914 |
|
|
|
6,866 |
|
|
|
6,914 |
|
Project Granite Buyer, Inc. |
|
07/21/25 |
|
12/31/30 |
|
|
Business Services |
|
9.45% |
|
|
SOFR +575 |
|
|
|
5,925 |
|
|
|
5,878 |
|
|
|
5,925 |
|
Puget Collision, LLC |
|
12/24/25 |
|
10/03/30 |
|
|
Auto Sector |
|
8.45% |
|
|
SOFR +475 |
|
|
|
9,975 |
|
|
|
9,925 |
|
|
|
9,875 |
|
RRA Corporate, LLC |
|
12/23/24 |
|
08/15/29 |
|
|
Business Services |
|
8.95% |
|
|
SOFR +525 |
|
|
|
3,940 |
|
|
|
3,914 |
|
|
|
3,782 |
|
RTIC Subsidiary Holdings, LLC |
|
07/23/24 |
|
05/03/29 |
|
|
Consumer Products |
|
9.45% |
|
|
SOFR +575 |
|
|
|
24,575 |
|
|
|
24,283 |
|
|
|
24,206 |
|
Radius Aerospace, Inc. |
|
11/06/19 |
|
03/29/27 |
|
|
Aerospace and Defense |
|
9.60% |
|
|
SOFR +615 |
|
|
|
11,715 |
|
|
|
11,677 |
|
|
|
11,510 |
|
Rancho Health MSO, Inc. |
|
03/02/22 |
|
06/20/29 |
|
|
Healthcare, Education and Childcare |
|
8.66% |
|
|
SOFR +500 |
|
|
|
22,560 |
|
|
|
22,501 |
|
|
|
22,560 |
|
Riverpoint Medical, LLC |
|
03/02/22 |
|
06/21/27 |
|
|
Healthcare, Education and Childcare |
|
8.20% |
|
|
SOFR +450 |
|
|
|
3,621 |
|
|
|
3,603 |
|
|
|
3,621 |
|
Ro Health, LLC |
|
04/03/25 |
|
01/17/31 |
|
|
Health Care Providers and Services |
|
8.20% |
|
|
SOFR +450 |
|
|
|
9,258 |
|
|
|
9,205 |
|
|
|
9,258 |
|
Rosco Parent, LLC |
|
12/24/25 |
|
09/12/31 |
|
|
Auto Sector |
|
8.45% |
|
|
SOFR +475 |
|
|
|
5,141 |
|
|
|
5,109 |
|
|
|
5,141 |
|
Rural Sourcing Holdings, Inc. |
|
07/24/23 |
|
06/15/29 |
|
|
Professional Services |
|
9.85% |
|
|
SOFR +625 |
|
|
|
5,552 |
|
|
|
5,492 |
|
|
|
4,622 |
|
Sabel Systems Technology Solutions, LLC |
|
01/07/25 |
|
10/31/30 |
|
|
Business Services |
|
9.66% |
|
|
SOFR +600 |
|
|
|
11,850 |
|
|
|
11,760 |
|
|
|
11,850 |
|
Sales Benchmark Index, LLC |
|
03/02/22 |
|
07/07/26 |
|
|
Business Services |
|
9.90% |
|
|
SOFR +620 |
|
|
|
6,577 |
|
|
|
6,570 |
|
|
|
6,577 |
|
Sath Industries, LLC |
|
12/10/25 |
|
12/17/29 |
|
|
Building Products |
|
9.20% |
|
|
SOFR +550 |
|
|
|
11,331 |
|
|
|
11,331 |
|
|
|
11,331 |
|
Seacoast Service Partners NA, LLC |
|
07/21/25 |
|
12/20/29 |
|
|
Diversified Conglomerate Service |
|
8.95% |
|
|
SOFR +525 |
|
|
|
4,938 |
|
|
|
4,906 |
|
|
|
4,789 |
|
Seaway Buyer, LLC |
|
09/14/22 |
|
06/13/29 |
|
|
Chemicals, Plastics and Rubber |
|
9.85% |
|
|
SOFR +615 |
|
|
|
14,831 |
|
|
|
14,695 |
|
|
|
14,831 |
|
Sigma Defense Systems, LLC |
|
12/01/23 |
|
12/20/27 |
|
|
Telecommunications |
|
10.10% |
|
|
SOFR +640 |
|
|
|
26,710 |
|
|
|
26,573 |
|
|
|
26,443 |
|
SpendMend Holdings, LLC |
|
07/24/23 |
|
03/01/28 |
|
|
Business Services |
|
8.85% |
|
|
SOFR +515 |
|
|
|
10,550 |
|
|
|
10,430 |
|
|
|
10,550 |
|
STG Distribution, LLC - First Out New Money Term Loans (4) |
|
10/03/24 |
|
10/03/29 |
|
|
Transportation |
|
|
|
|
|
|
|
|
2,054 |
|
|
|
1,907 |
|
|
|
2,054 |
|
STG Distribution, LLC - Second Out Term Loans (4) |
|
10/03/24 |
|
10/03/29 |
|
|
Transportation |
|
|
|
|
|
|
|
|
4,695 |
|
|
|
2,593 |
|
|
|
113 |
|
STG Distribution, LLC - Final Initial New Money TL |
|
|
|
07/14/26 |
|
|
Transportation |
|
8.00% |
|
|
|
|
|
|
1,340 |
|
|
|
1,247 |
|
|
|
1,340 |
|
SV-Aero Holdings, LLC |
|
10/31/24 |
|
11/01/30 |
|
|
Aerospace and Defense |
|
8.70% |
|
|
SOFR +500 |
|
|
|
14,531 |
|
|
|
14,477 |
|
|
|
14,531 |
|
Systems Planning And Analysis, Inc. |
|
03/02/22 |
|
08/16/27 |
|
|
Aerospace and Defense |
|
8.45% |
|
|
SOFR +475 |
|
|
|
16,837 |
|
|
|
16,760 |
|
|
|
16,837 |
|
TCG 3.0 Jogger Acquisitionco, Inc. |
|
02/27/24 |
|
01/23/29 |
|
|
Media |
|
10.20% |
|
|
SOFR +650 |
|
|
|
9,800 |
|
|
|
9,698 |
|
|
|
9,531 |
|
TMII Enterprises, LLC |
|
07/24/23 |
|
12/22/28 |
|
|
Personal, Food and Miscellaneous Services |
|
8.17% |
|
|
SOFR +450 |
|
|
|
19,776 |
|
|
|
19,620 |
|
|
|
19,776 |
|
TPC US Parent, LLC |
|
03/02/22 |
|
04/20/26 |
|
|
Food |
|
9.56% |
|
|
SOFR +590 |
|
|
|
10,858 |
|
|
|
10,855 |
|
|
|
10,858 |
|
The Bluebird Group, LLC |
|
03/02/22 |
|
07/28/26 |
|
|
Business Services |
|
9.60% |
|
|
SOFR +590 |
|
|
|
14,682 |
|
|
|
14,666 |
|
|
|
14,682 |
|
The Vertex Companies, LLC |
|
03/02/22 |
|
08/31/28 |
|
|
Business Services |
|
8.68% |
|
|
SOFR +500 |
|
|
|
14,406 |
|
|
|
14,343 |
|
|
|
14,334 |
|
Transgo, LLC |
|
06/07/24 |
|
12/29/28 |
|
|
Auto Sector |
|
8.91% |
|
|
SOFR +525 |
|
|
|
25,595 |
|
|
|
25,412 |
|
|
|
25,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
Tyto Athene, LLC |
|
03/02/22 |
|
04/03/28 |
|
|
Aerospace and Defense |
|
8.56% |
|
|
SOFR +490 |
|
|
|
11,342 |
|
|
|
11,290 |
|
|
|
11,030 |
|
Watchtower Buyer, LLC |
|
09/19/24 |
|
12/03/29 |
|
|
Consumer Products |
|
9.70% |
|
|
SOFR +600 |
|
|
|
22,994 |
|
|
|
22,824 |
|
|
|
22,765 |
|
Wash & Wax Systems, LLC |
|
04/30/25 |
|
04/30/28 |
|
|
Business Services |
|
9.17% |
|
|
SOFR +550 |
|
|
|
6,702 |
|
|
|
6,793 |
|
|
|
6,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total First Lien Secured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,329,082 |
|
|
|
1,301,565 |
|
Subordinated Debt - 4.86% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wash & Wax Systems, LLC - Subordinate Debt |
|
04/30/25 |
|
07/30/28 |
|
|
Business Services |
|
12.00% |
|
|
|
|
|
|
4,694 |
|
|
|
4,694 |
|
|
|
4,694 |
|
Total Subordinated Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,694 |
|
|
|
4,694 |
|
|
|
4,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Securities - 8.37% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48Forty Intermediate Holdings, Inc. - Preferred Equity (6) |
|
11/05/24 |
|
|
|
|
Containers, Packaging and Glass |
|
|
|
|
|
|
|
|
807 |
|
|
|
4,801 |
|
|
|
4,801 |
|
New Insight Holdings, Inc. - Common Equity |
|
07/15/24 |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
134,330 |
|
|
|
2,351 |
|
|
|
1,530 |
|
48Forty Intermediate Holdings, Inc. - Common Equity (6) |
|
11/05/24 |
|
|
— |
|
|
Containers, Packaging and Glass |
|
|
— |
|
|
|
— |
|
|
|
807 |
|
|
|
- |
|
|
|
- |
|
Wash & Wax Group, LP - Common Equity |
|
04/30/25 |
|
|
— |
|
|
Business Services |
|
|
— |
|
|
|
— |
|
|
|
2,803 |
|
|
|
5,002 |
|
|
|
1,757 |
|
White Tiger Newco, LLC - Common Equity |
|
07/31/25 |
|
|
— |
|
|
Leisure, Amusement, Motion Pictures, Entertainment |
|
|
— |
|
|
|
— |
|
|
|
10,805 |
|
|
|
824 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,978 |
|
|
|
8,088 |
|
Total Investments - 1,360.10% of Net Assets (3), (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,346,754 |
|
|
|
1,314,347 |
|
Cash Equivalents - 21.47% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan U.S. Government (Money Market Fund) |
|
|
|
|
|
|
|
|
3.46% |
|
|
|
|
|
|
|
|
|
7,818 |
|
|
|
7,818 |
|
Goldman Sachs Financial Square Government Fund (Money Market Fund) |
|
|
|
|
|
|
|
|
3.56% |
|
|
|
|
|
|
|
|
|
11,145 |
|
|
|
11,145 |
|
BlackRock Federal FD Institutional 81 (Money Market Fund) |
|
|
|
|
|
|
|
|
3.54% |
|
|
|
|
|
|
|
|
|
1,782 |
|
|
|
1,782 |
|
Total Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,745 |
|
|
|
20,745 |
|
Cash - 30.69% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,653 |
|
|
|
29,653 |
|
Total Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,653 |
|
|
|
29,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments, Cash Equivalents and Cash - 1,412.3% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,397,152 |
|
|
$ |
1,364,745 |
|
Liabilities in Excess of Other Assets — (1,312.3)% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,268,109 |
) |
Members' Equity—100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
96,636 |
|
(1)Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). 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 (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the 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 PSLF's accounting policy. (3)As of March 31, 2026, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,346.8 million, $1,314.3 million and 1,360.1%. (5)All investments are not registered under the 1933 Act and have restrictions on resale. (6)The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 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. (7)Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded. Below is a listing of PSLF’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 |
|
|
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 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer Name |
|
Acquisition |
|
Maturity |
|
|
Industry |
|
Current
Coupon |
|
|
Basis Point
Spread Above
Index (1) |
|
|
Par |
|
|
Cost |
|
|
Fair Value (2) |
|
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 Equivalents - 13.9% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Total Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,838 |
|
|
|
16,838 |
|
Cash - 19.9% of Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,147 |
|
|
|
24,147 |
|
Total Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,147 |
|
|
|
24,147 |
|
Total Investments, Cash Equivalents and Cash - 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 ("S" or "SOFR"). 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 (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the 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 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, $1,265.9 million and 1,046.0%. (5)Partial non-accrual PIK security (6)All investments are not registered under the 1933 Act and have restrictions on resale. (7)The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC. Below are the consolidated statements of assets and liabilities for PSLF ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 (Unaudited) |
|
|
September 30, 2025 |
|
Assets |
|
|
|
|
|
|
Investments at fair value (amortized cost—$1,346,754 and $1,289,319, respectively) |
|
$ |
1,314,347 |
|
|
$ |
1,265,901 |
|
Cash equivalents (cost—$20,745 and $16,838, respectively) |
|
|
20,745 |
|
|
|
16,838 |
|
Cash (cost—$29,653 and $24,147 respectively) |
|
|
29,653 |
|
|
|
24,147 |
|
Interest receivable |
|
|
4,263 |
|
|
|
5,271 |
|
Receivable for investments sold |
|
|
— |
|
|
|
1,055 |
|
Prepaid expenses and other assets |
|
|
1,661 |
|
|
|
2,148 |
|
Due from affiliate |
|
|
41 |
|
|
|
87 |
|
Total assets |
|
|
1,370,710 |
|
|
|
1,315,447 |
|
Liabilities |
|
|
|
|
|
|
2037 Asset-backed debt, net (par—$328,000, unamortized deferred financing cost of $1,707 and $1,887, respectively) |
|
|
326,294 |
|
|
|
326,113 |
|
2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $746 and $940, respectively) |
|
|
245,254 |
|
|
|
245,060 |
|
2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,246 and $1,434, respectively) |
|
|
244,754 |
|
|
|
244,566 |
|
Credit facility payable |
|
|
179,900 |
|
|
|
99,600 |
|
Subordinated notes payable to members |
|
|
250,808 |
|
|
|
250,808 |
|
Interest payable on credit facility and asset backed debt |
|
|
12,824 |
|
|
|
13,730 |
|
Distribution payable to members |
|
|
8,000 |
|
|
|
8,000 |
|
Interest payable on subordinated notes to members |
|
|
4,713 |
|
|
|
5,305 |
|
Accounts payable and accrued expenses |
|
|
1,310 |
|
|
|
1,189 |
|
Due to affiliate |
|
|
217 |
|
|
|
50 |
|
Total liabilities |
|
|
1,274,074 |
|
|
|
1,194,421 |
|
|
|
|
|
|
|
|
Members' equity |
|
|
96,636 |
|
|
|
121,026 |
|
Total liabilities and members' equity |
|
$ |
1,370,710 |
|
|
$ |
1,315,447 |
|
——————————— * As of March 31, 2026 and September 30, 2025, PSLF had $0.6 million and zero of unfunded commitments to fund investments, respectively. Below are the consolidated statements of operations for PSLF ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
32,334 |
|
|
$ |
35,427 |
|
|
$ |
64,773 |
|
|
$ |
68,380 |
|
Other income |
|
|
312 |
|
|
|
306 |
|
|
|
717 |
|
|
|
829 |
|
Total investment income |
|
|
32,646 |
|
|
|
35,733 |
|
|
|
65,490 |
|
|
|
69,209 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on credit facility and asset-backed debt |
|
|
15,960 |
|
|
|
17,294 |
|
|
|
32,170 |
|
|
|
32,937 |
|
Interest expense on subordinated notes to members |
|
|
7,353 |
|
|
|
7,434 |
|
|
|
15,051 |
|
|
|
14,777 |
|
Administration services expense |
|
|
891 |
|
|
|
899 |
|
|
|
1,740 |
|
|
|
1,677 |
|
General and administrative expenses |
|
|
441 |
|
|
|
300 |
|
|
|
784 |
|
|
|
696 |
|
Total expenses |
|
|
24,645 |
|
|
|
25,927 |
|
|
|
49,745 |
|
|
|
50,087 |
|
Net investment income |
|
|
8,001 |
|
|
|
9,806 |
|
|
|
15,745 |
|
|
|
19,122 |
|
Realized and unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments |
|
|
(15,645 |
) |
|
|
— |
|
|
|
(15,645 |
) |
|
|
(2,126 |
) |
Net change in unrealized appreciation (depreciation) on investments |
|
|
5,140 |
|
|
|
(6,386 |
) |
|
|
(8,990 |
) |
|
|
(8,304 |
) |
Net realized and unrealized gain (loss) on investments |
|
|
(10,505 |
) |
|
|
(6,386 |
) |
|
|
(24,635 |
) |
|
|
(10,430 |
) |
Net increase (decrease) in members' equity resulting from operations |
|
$ |
(2,504 |
) |
|
$ |
3,420 |
|
|
$ |
(8,890 |
) |
|
$ |
8,692 |
|
——————————— (1) No management or incentive fees are payable by PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management payable on a quarterly basis. |