Yes, there is a 86% versus 63% senior secured difference....

Yes, there is a 86% versus 63% senior secured difference. Another advantage in the current market is that I'd say PGG has their entirely loan portfolio on floating agreements, whereas KKC has 69% floating.

What about the leverage associated with PGG? Their monthly report says that they are 38.9% leveraged. The PDS says they'll leverage the first lien portfolio only to a rate of 50%, which would be 43% (86*.50). So, they're below the max. Oddly, I can't find anything in the half year report about interest paid on borrowings. The PDS reads:

"The Trust will not directly utilise leverage. However, a Company Debt Facility will form part of the investment strategy, with the Company authorised to utilise the Company Debt Facility to borrow up to a maximum level of 50% of GAV of the First Lien Loan Strategy."

Any ideas why interest payments don't show up in the half-year report? Perhaps it's because PGG is investing in unlisted Partners Group funds that are leveraged. So, PGG is not leveraged, directly; instead the 38.9% leverage is "look through gearing" (as might be described with listed REITs that own some unlisted property assets).