PGIM is a business development company (BDC) managed by an external investment manager that originates and holds primarily first lien debt investments in middle-market companies. It generates income by deploying capital into floating-rate, privately negotiated loans, earning interest on those loans, and distributing that income to shareholders. As of December 31, 2025, the company held investments at fair value of $361.6 million across 64 portfolio companies. The portfolio is composed of first lien debt and equity investments, with individual positions spanning sectors including construction and engineering, gas utilities, health care equipment, health care providers and services, professional services, diversified consumer services, distributors, and environmental and facilities services. The company is externally managed, with investment decisions made by the Manager and Subadvisers. It operates as a non-traded, continuously offered vehicle that provides liquidity through a quarterly share repurchase program, offering to repurchase up to 5% of outstanding shares per quarter.

Revenue model

Interest income on floating-rate, privately negotiated loans to middle-market borrowers, primarily structured as first lien debt with spreads over reference rates such as SOFR. The company also holds equity co-investments alongside debt positions. Monthly distributions are declared per share class, with regular and variable distribution components, as shown in FY2024 distribution records.

Products and services

First lien term loans, delayed draw term loans, revolving credit facilities, and equity investments in private middle-market companies. Loans are predominantly floating-rate, indexed to SOFR or Prime. The portfolio as of December 31, 2025 spans 64 portfolio companies at $361.6 million fair value.

Customers and end markets

Middle-market private companies across sectors including construction and engineering, gas utilities, health care equipment, health care providers and services, professional services, diversified consumer services, distributors, electronic equipment, environmental and facilities services, and education. Portfolio companies include names such as ADB Companies, APS Acquisition Holdings, Aptive Environmental, Delaware Valley Floral Group, Medical Device Inc., Sail Energy, and Prestige Employee Administrators, among others, as disclosed in the December 31, 2025 Schedule of Investments.

Value-chain role

Direct lender and co-investor in the private credit market. Originates, underwrites, and holds loans to private companies, competing for deal flow alongside other BDCs, private credit funds, and institutional lenders. Co-investment exemptive relief allows participation alongside affiliates of the Manager in certain transactions.

Geographic exposure

Primarily U.S.-domiciled portfolio companies. Select investments are denominated in EUR and GBP, with counterparties including UK-domiciled borrowers such as Efficio Holdco Limited, JCF Kestrel UK Bidco LTD, HH Global Finance LTD, and Global Education Holdings Limited, as disclosed in the December 31, 2025 Schedule of Investments.

Source: SEC 10-K, filed 2026-03-18

Industry: UNKNOWN