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Investments (Tables)

12 Months Ended

Sep. 30, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of Investments and Cash and Cash Equivalents

Investments and cash and cash equivalents consisted of the following (in thousands):


	September 30, 2022				September 30, 2021
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	838,842	$	819,461	$	795,263	$	793,543
First lien in PSSL		190,181		190,181		140,875		140,875
Second lien		1,113		147		8,937		8,949
Equity		65,715		105,031		65,186		93,396
Equity interests in PSSL		81,506		49,434		60,375		44,856
Total investments		1,177,357		1,164,254		1,070,636		1,081,619
Cash and cash equivalents		47,917		47,880		49,826		49,826
Total investments and cash and cash equivalents	$	1,225,274	$	1,212,134	$	1,120,462	$	1,131,445

Schedule of Investments by Industry Classification and Enumerates Percentage, by Fair Value, of Total Portfolio Assets Excluding Cash and Cash Equivalents

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries:


Industry Classification	September 30, 2022 (1)			September 30, 2021 (1)
Professional Services		9	%		8	%
Media	7			9
Personal Products	7			7
IT Services	6			5
Commercial Services & Supplies	5			5
High Tech Industries	5			4
Media: Diversified and Production	5			5
Aerospace and Defense	4			4
Capital Equipment	4			6
Diversified Consumer Services	4			2
Healthcare Technology	4			4
Business Services	3			4
Construction and Building	3			3
Electronic Equipment, Instruments, and Components	3			3
Healthcare Providers and Services	3			1
Chemicals, Plastics and Rubber	2			2
Consumer Services	2			2
Distributors	2			—
Diversified Financial Services	2			2
Healthcare Equipment and Supplies	2			2
Insurance	2			1
Media: Broadcasting and Subscription	2			2
Air Freight and Logistics	1			0
Automobiles	1			2
Banking, Finance, Insurance & Real Estate	1			1
Building Products	1			1
Energy Equipment and Services	1			1
Financial Services	1			2
Food Products	1			0
Hotels, Restaurants and Leisure	1			2
Leisure Products	1			0
Textiles, Apparel and Luxury Goods	1			—
Wholesale	1			2
Construction & Engineering	0			1
Hotel, Gaming and Leisure	0			1
Media: Advertising, Printing and Publishing	0			2
All Other	3			4
Total		100	%		100	%

(1)

Excludes investments in PSSL.

Summary of PSSL's Portfolio at Fair Value

Below is a summary of PSSL’s portfolio at fair value ($ in thousands):


($ in thousands)	September 30, 2022			September 30, 2021
Total investments	$	754,722		$	564,783
Weighted average cost yield on income producing investments		9.6	%		7.1	%
Number of portfolio companies in PSSL		95			74
Largest portfolio company investment	$	19,250		$	18,933
Total of five largest portfolio company investments	$	86,872		$	84,287

Summary of Listing of PSSL's Individual Investments

Below is a listing of PSSL’s individual investments as of September 30, 2022 (par and $ in thousands):


Issuer Name	Maturity		Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 1,330.4%
Ad.net Acquisition, LLC	5/6/2026	Media		9.67	%	3M L+600		8,888	$	8,788	$	8,821
Alpine Acquisition Corp II	11/30/2026	Containers and Packaging		8.22	%	SOFR+600		9,975		9,790		9,576
Altamira Technologies, LLC	7/24/2025	Business Services		10.81	%	3M L+800		5,225		5,113		5,042
American Insulated Glass, LLC	12/21/2023	Building Products		7.79	%	3M L+550		4,883		4,851		4,883
Anteriad, LLC (f/k/a MeritDirect, LLC)	5/23/2024	Media: Advertising, Printing & Publishing		9.67	%	3M L+550		5,284		5,208		5,284
Any Hour Services	7/21/2027	Professional Services		8.33	%	3M L+525		3,510		3,441		3,440
Apex Service Partners, LLC	7/31/2025	Diversified Consumer Services		6.72	%	1M L+525		1,010		1,010		1,005
Apex Service Partners, LLC Term Loan B	7/31/2025	Diversified Consumer Services		9.67	%	3M L+625		2,202		2,202		2,191
Apex Service Partners, LLC Term Loan C	7/31/2025	Diversified Consumer Services		7.86	%	3M L+525		11,115		11,050		11,059
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		8.76	%	3M L+575		8,421		8,317		8,211
Arcfield Acquisition Corp.	3/7/2028	Aerospace and Defense		8.99	%	SOFR + 575		4,677		4,588		4,583
Beta Plus Technologies, Inc.	7/1/2029	Business Services		7.76	%	SOFR + 525		5,000		4,903		4,900
Blackhawk Industrial Distribution, Inc.	9/17/2024	Distributors		8.62	%	SOFR + 500		15,293		15,102		14,956
Broder Bros., Co.	12/2/2022	Consumer Products		7.39	%	3M L+600		2,417		2,417		2,417
By Light Professional IT Services, LLC	5/16/2024	High Tech Industries		9.20	%	1M L+662		14,822		14,771		14,674
Cadence Aerospace, LLC	11/14/2023	Aerospace and Defense		11.31	%	3M L+325		12,412		12,385		12,288
			(PIK 11.31%)
Cartessa Aesthetics, LLC	5/13/2028	Distributors		9.55	%	SOFR + 600		6,484		6,359		6,386
CF512, Inc.	8/20/2026	Media		9.08	%	3M L+600		4,950		4,866		4,876
CHA Holdings, Inc.	4/10/2025	Construction and Engineering		8.17	%	3M L+450		5,557		5,487		5,557
Challenger Performance Optimization, Inc.	8/31/2023	Business Services		9.27	%	1M L+575		9,271		9,247		8,993
			(PIK 1.00%)
Connatix Buyer, Inc.	7/13/2027	Media		8.42	%	3M L+550		3,907		3,842		3,810
Crane 1 Services, Inc.	8/16/2027	Commercial Services & Supplies		9.39	%	3M L+575		2,110		2,084		2,089
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		8.87	%	3M L+575		8,655		8,653		8,655
Douglas Sewer Intermediate, LLC	10/19/2022	Chemicals, Plastics and Rubber		8.87	%	3M L+575		7,248		7,246		7,248
Dr. Squatch, LLC	8/31/2027	Personal Products		9.42	%	3M L+575		14,862		14,610		14,639
DRI Holding Inc.	12/21/2028	Media		8.37	%	1M L+525		1,832		1,680		1,643
DRS Holdings III, Inc.	11/3/2025	Consumer Goods: Durable		8.87	%	1M L+575		15,179		15,103		14,693
Duraco Specialty Tapes LLC	6/30/2024	Containers and Packaging		8.62	%	1M L+550		10,278		10,151		10,031
ECL Entertainment, LLC	5/1/2028	Hotels, Restaurants and Leisure		10.62	%	3M L+750		2,621		2,598		2,581
ECM Industries, LLC	12/23/2025	Electronic Equipment, Instruments, and Components		7.82	%	3M L+475		4,974		4,974		4,738
Exigo Intermediate II, LLC	3/15/2027	Software		8.87	%	1M L+575		12,935		12,759		12,644
Fairbanks Morse Defense	6/17/2028	Aerospace and Defense		8.39	%	3M L+475		10,300		10,238		9,528
Gantech Acquisition Corp.	5/14/2026	IT Services		9.37	%	1M L+625		14,638		14,427		14,199
Global Holdings InterCo LLC	3/16/2026	Diversified Financial Services		8.74	%	3M L+600		3,904		3,888		3,728
Graffiti Buyer, Inc.	8/10/2027	Trading Companies & Distributors		9.17	%	3M L+550		2,369		2,320		2,274
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		8.67	%	1M L+500		2,392		2,347		2,356
Holdco Sands Intermediate, LLC	11/23/2028	Aerospace and Defense		10.17	%	3M L+600		4,963		4,874		4,863
HW Holdco, LLC	12/10/2024	Media		6.00	%	6M L+575		3,052		3,006		3,014
Icon Partners III, LP	5/11/2028	Automobiles		7.55	%	3M L+450		2,327		1,997		1,701
IDC Infusion Services, Inc.	12/30/2026	Healthcare Equipment and Supplies		10.20	%	SOFR+700		9,950		9,833		9,502
Imagine Acquisitionco, LLC	11/15/2027	Software		8.42	%	1M L+550		5,364		5,261		5,230
Inception Fertility Ventures, LLC	12/7/2023	Healthcare Providers and Services		8.55	%	SOFR+700		16,620		16,309		16,454
Integrative Nutrition, LLC	9/29/2023	Diversified Consumer Services		8.42	%	3M L+475		11,187		11,168		10,963
Integrity Marketing Acquisition, LLC	8/27/2025	Insurance		7.58	%	1M L+550		5,966		5,885		5,906
ITI Holdings, Inc.	3/3/2028	IT Services		8.67	%	SOFR + 550		3,980		3,917		3,900
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		11.12	%	1M L+800		19,250		19,103		19,250
Kinetic Purchaser, LLC	11/10/2027	Personal Products		9.67	%	3M L+600		16,830		16,451		16,494
Lash OpCo, LLC	2/18/2027	Personal Products		11.17	%	3M L+700		14,355		14,074		14,068
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		9.70	%	3M L+550		10,578		10,539		10,335
			(PIK 2.00%)
Lightspeed Buyer Inc.	2/3/2026	Healthcare Providers and Services		9.04	%	3M L+575		10,598		10,428		10,254
Lucky Bucks, LLC	7/20/2027	Hotel, Gaming and Leisure		8.31	%	3M L+550		4,331		4,258		3,183
Magenta Buyer, LLC	7/31/2028	Software		7.87	%	1M L+475		2,695		2,539		2,425
Marketplace Events, LLC - Super Priority First Lien Term Loan	9/30/2025	Media: Diversified and Production		8.19	%	1M L+525		647		647		647
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan	9/30/2025	Media: Diversified and Production						589		-		-
Marketplace Events, LLC	9/30/2026	Media: Diversified and Production		8.19	%	1M L+525		4,837		3,527		4,837
Mars Acquisition Holdings Corp.	5/14/2026	Media		8.62	%	1M L+550		9,900		9,782		9,851
MBS Holdings, Inc.	4/16/2027	Internet Software and Services		8.56	%	3M L+575		7,406		7,296		7,332
MDI Buyer, Inc.	7/25/2028	Chemicals, Plastics and Rubber		8.98	%	3M L+500		5,000		4,902		4,900
Meadowlark Acquirer, LLC	12/10/2027	Professional Services		9.17	%	3M L+650		2,396		2,353		2,372
Mission Critical Electronics, Inc.	3/28/2024	Capital Equipment		8.70	%	SOFR+500		5,829		5,817		5,759
Municipal Emergency Services, Inc.	9/28/2027	Distributors		8.67	%	3M L+500		3,465		3,405		3,264
NBH Group LLC	8/19/2026	Healthcare, Education & Childcare		7.80	%	1M L+550		10,820		10,641		10,820
New Milani Group LLC	6/6/2024	Consumer Goods: Non-Durable		7.75	%	3M L+500		14,363		14,319		14,111
OIS Management Services, LLC	7/9/2026	Healthcare Equipment and Supplies		8.40	%	SOFR+475		5,060		4,991		5,060
One Stop Mailing, LLC	5/7/2027	Air Freight and Logistics		9.37	%	1M L+625		14,598		14,353		14,160
Output Services Group, Inc.	3/27/2024	Business Services		9.80	%	3M L+425		7,682		7,676		5,838
Owl Acquisition, LLC	2/4/2028	Professional Services		8.41	%	3M L+575		3,990		3,918		3,890
Ox Two, LLC	5/18/2026	Construction and Building		9.81	%	3M L+600		4,925		4,866		4,827
PH Beauty Holdings III, Inc.	9/29/2025	Wholesale		8.07	%	1M L+500		9,593		9,234		7,674
PL Acquisitionco, LLC	11/9/2027	Textiles, Apparel and Luxury Goods		9.62	%	1M L+650		8,238		8,111		8,032
Plant Health Intermediate, Inc.	10/19/2022	Chemicals, Plastics and Rubber		8.87	%	3M L+575		1,562		1,561		1,562
PlayPower, Inc.	5/8/2026	Consumer Goods: Durable		9.17	%	3M L+550		2,580		2,500		2,309
Pragmatic Institute, LLC	7/6/2028	Education		9.30	%	SOFR+575		11,250		11,056		11,138
Quantic Electronics, LLC	11/19/2026	Aerospace and Defense		8.41	%	1M L+625		4,845		4,755		4,729
Quantic Electronics, LLC - Unfunded Term Loan	11/19/2026	Aerospace and Defense				1M L+625		1,888		-		-
Reception Purchaser, LLC	2/28/2028	Air Freight and Logistics		9.13	%	SOFR+600		4,975		4,904		4,751
Recteq, LLC	1/29/2026	Leisure Products		9.92	%	3M L+600		4,925		4,856		4,753
Research Now Group, LLC and Dynata, LLC	12/20/2024	Diversified Consumer Services		8.84	%	3M L+550		12,564		12,354		11,291


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Sales Benchmark Index LLC	1/3/2025		Professional Services		9.67	%	3M L+600			5,013	$	4,960	$	4,963
Sargent & Greenleaf Inc.	12/20/2024		Wholesale		8.62	%	3M L+550			5,240		5,202		5,187
Schlesinger Global, Inc.	7/14/2025		Business Services		10.27	%	SOFR+500			11,847		11,829		11,551
				(PIK 0.50%)
Sigma Defense Systems, LLC	12/18/2025		Aerospace and Defense		12.17	%	1M L+850			14,716		14,411		14,421
Smile Brands Inc.	10/14/2025		Healthcare and Pharmaceuticals		7.05	%	3M L+450			11,917		11,807		11,470
Solutionreach, Inc.	1/17/2024		Healthcare and Pharmaceuticals		8.87	%	1M L+575			5,647		5,625		5,511
Spendmend Holdings LLC	3/1/2028		Healthcare Technology		8.63	%	SOFR+575			2,956		2,916		2,873
STV Group Incorporated	12/11/2026		Construction and Building		8.37	%	3M L+525			9,075		9,011		8,985
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027		Aerospace and Defense		8.73	%	SOFR+600			14,888		14,623		14,649
Teneo Holdings LLC	7/18/2025		Business Services		8.38	%	3M L+625			2,786		2,757		2,623
The Aegis Technologies Group, LLC	10/31/2025		Aerospace and Defense		9.55	%	3M L+500			5,659		5,600		5,603
The Bluebird Group LLC	7/27/2026		Professional Services		10.67	%	1M L+700			1,707		1,679		1,724
The Infosoft Group, LLC	9/16/2024		Media: Broadcasting and Subscription		8.47	%	3M L+525			12,957		12,952		12,859
The Vertex Companies, LLC	8/30/2027		Construction and Engineering		8.62	%	1M L+550			5,578		5,479		5,550
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025		Consumer Goods: Non-Durable		8.30	%	3M L+475			8,744		8,604		8,482
TVC Enterprises, LLC	3/26/2026		Diversified Consumer Services		8.87	%	3M L+550			14,952		14,871		14,578
TWS Acquisition Corporation	6/16/2025		Diversified Consumer Services		8.76	%	3M L+625			5,468		5,450		5,441
Tyto Athene, LLC (New Issue)	4/1/2028		IT Services		7.76	%	3M L+550			15,550		15,421		14,446
UBEO, LLC	4/3/2024		Capital Equipment		8.17	%	3M L+450			17,390		17,305		17,129
Unique Indoor Comfort, LLC	5/24/2027		Home and Office Furnishings, Housewares		8.95	%	SOFR+525			4,975		4,880		4,866
Walker Edison Furniture Company LLC	3/31/2027		Wholesale		12.42	%	3M L+575			12,684		12,438		8,473
				(PIK 3.0%)
Wildcat Buyerco, Inc.	2/27/2026		Electronic Equipment, Instruments, and Components		9.45	%	SOFR+550			8,546		8,506		8,261
Zips Car Wash, LLC	3/1/2024		Automobiles		10.35	%	3M L+725			16,957		16,711		16,533

Total First Lien Secured Debt												767,316		751,627
Second Lien Secured Debt - 5.0%

Inventus Power, Inc.	9/29/2024		Consumer Goods: Durable		12.17	%	3M L+850			3,000		2,963		2,955
Total Second Lien Secured Debt												2,963		2,955
Equity Securities - 0.4%
New MPE Holdings, LLC		—	Media: Diversified and Production		—			—		—		—		139
Total Equity Securities												—		139
Total Investments - 1,335.9%												770,280		754,722
Cash and Cash Equivalents - 59.7%
BlackRock Federal FD Institutional 30												33,725		33,705
Total Cash and Cash Equivalents												33,725		33,705
Total Investments and Cash Equivalents —1,329.0%											$	804,005	$	788,427
Liabilities in Excess of Other Assets — (1,229.0)%														(731,931	)
Members' Equity—100.0%													$	56,496

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)

Valued based on PSSL’s accounting policy.

(3)

Non-U.S. company or principal place of business outside the United States.

(4)

Non-income producing security.

Below is a listing of PSSL’s individual investments as of September 30, 2021 (Par and $ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 1,088.%
Ad.net Acquisition, LLC	05/06/2026	Media		7.00	%	3M L+600		8,978	$	8,852	$	8,843
Altamira Technologies, LLC	07/24/2025	Business Services		8.00	%	3M L+700		5,525		5,376		5,180
American Insulated Glass, LLC	12/21/2023	Building Products		6.50	%	3M L+550		5,721		5,653		5,663
Apex Service Partners, LLC	07/31/2025	Diversified Consumer Services		6.25	%	3M L+525		1,021		1,021		1,010
Apex Service Partners, LLC Term Loan B	07/31/2025	Diversified Consumer Services		6.50	%	1M L+550		2,222		2,222		2,200
Apex Service Partners, LLC Term Loan C	07/31/2025	Diversified Consumer Services		6.25	%	3M L+525		4,174		4,103		4,132
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		6.75	%	3M L+575		4,511		4,419		4,421
By Light Professional IT Services, LLC	05/16/2022	High Tech Industries		7.25	%	1M L+625		12,880		12,869		12,880
Cadence Aerospace, LLC	11/14/2023	Aerospace and Defense		9.50	%	3M L+850		12,282		12,231		11,981
				P(IK 9.50%)
Cano Health	11/23/2027	Healthcare, Education & Childcare		5.25	%	3M L+450		2,653		2,647		2,654
CHA Holdings, Inc.	04/10/2025	Construction and Engineering		5.50	%	3M L+450		5,615		5,519		5,530
Challenger Performance Optimization, Inc.	08/31/2023	Business Services		8.00	%	1M L+675		9,501		9,454		9,216
				P(IK 1.00%)
Connatix Buyer, Inc	07/13/2027	Media		6.25	%	1M L+550		4,000		3,922		3,920
CoolSys, Inc	08/04/2028	Business Services		5.50	%	1M L+475		1,909		1,890		1,914
Crane 1 Services Inc	08/16/2027	Commercial Services & Supplies		6.75	%	1M L+575		2,132		2,100		2,110
Crash Champions, LLC	08/05/2025	Automobiles		6.00	%	3M L+500		8,978		8,802		8,798
Digital Room Holdings, Inc.	05/22/2026	Commercial Services & Supplies		5.08	%	1M L+500		3,228		3,111		3,186
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%	3M L+575		8,746		8,695		8,746
Douglas Sewer Intermediate, LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%	3M L+575		7,323		7,278		7,323
Dr. Squatch, LLC	8/27/2026	Personal Products		7.00	%	3M L+600		10,000		9,803		9,800
DRS Holdings III, Inc.	11/03/2025	Consumer Goods: Durable		7.25	%	1M L+625		15,676		15,584		15,566
East Valley Tourist Development Authority	03/07/2022	Hotels, Restaurants and Leisure		9.00	%	3M L+800		5,719		5,624		5,633
				P(IK 3.50%)
ECL Entertainment, LLC	03/312028	Hotels, Restaurants and Leisure		8.25	%	1M L+750		2,647		2,621		2,707
ECM Industries, LLC	12/23/2025	Electronic Equipment, Instruments, and Components		5.50	%	1M L+450		4,994		4,994		4,894
Fairbanks More Defense	06/17/2028	Aerospace and Defense		5.50	%	3M L+475		10,000		9,955		10,000
FlexPrint, LLC	01/02/2024	Commercial Services & Supplies		6.02	%	1M L+590		4,770		4,732		4,746
Gantech Acquisition Corp.	05/14/2026	IT Services		7.25	%	3M L+625		14,925		14,648		14,627
Global Holdings InterCo LLC	03/16/2026	Diversified Financial Services		7.00	%	3M L+600		3,968		3,948		3,948
Graffiti Buyer, Inc	08/10/2027	Trding Companies & Distributors		6.75	%	3M L+575		2,393		2,346		2,357
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		6.00	%	3M L+500		2,481		2,425		2,456
Holdco Sands Intermediate, LLC	12/19/2025	Aerospace and Defense		7.50	%	3M L+600		6,474		6,407		6,441
IMIA Holdings, Inc.	04/09/2027	Aerospace and Defense		6.75	%	3M L+575		13,589		13,338		13,317
Integrative Nutrition, LLC	09/29/2023	Diversified Consumer Services		5.50	%	3M L+450		11,567		11,528		11,567
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		8.00	%	1M L+700		19,450		19,193		18,933
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		8.50	%	3M L+750		10,491		10,435		9,833
				P(IK 1.00%)
Lightspeed Buyer Inc.	02/3/2026	Healthcare Providers and Services		6.75	%	1M L+575		5,707		5,606		5,707
Lucky Bucks, LLC	07/20/2027	Hotel, Gaming and Leisure		6.25	%	1M L+550		4,500		4,411		4,424
Marketplace Events, LLC (3)(4)	09/30/2025	Media: Diversified and Production		6.25	%	3M L+525		617		617		617
Super Priority First Lien Term Loan				P(IK 6.25%)
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)(4)	09/30/2025	Media: Diversified and Production	—			—		589		—		—
Marketplace Events LLC (4)	09/30/2026	Media: Diversified and Production		0.00	%	—		4,615		3,441		4,615
Mars Acquisition Holdings Corp.	05/14/2026	Media		6.50	%	1M L+550		10,000		9,813		9,900
MBS Holdings, Inc.	04/16/2027	Internet Software and Services		6.75	%	3M L+575		7,481		7,338		7,332
MeritDirect, LLC	05/23/2024	Media: Advertising, Printing & Publishing		6.50	%	3M L+550		5,532		5,412		5,477
Mission Critical Electronics, Inc.	09/28/2022	Capital Equipment		6.00	%	3M L+500		5,890		5,877		5,890
NBH Group LLC	08/19/2026	Healthcare, Education & Culture		6.50	%	3M L+550		10,902		10,687		10,684
New Milani Group LLC	06/06/2024	Consumer Goods: Non-Durable		6.50	%	1M L+550		14,550		14,481		13,895
OIS Management Services LLC	07/09/2026	Healthcare Equipment and Supplies		5.75	%	1M L+475		1,995		1,966		1,965
One Stop Mailing, LLC	05/07/2027	Air Freight and Logistics		7.25	%	1M L+625		14,920		14,631		14,659
Output Services Group, Inc.	03/27/2024	Business Services		5.50	%	1M L+450		7,743		7,733		7,047
Ox Two, LLC	05/18/2026	Construction and Building		7.00	%	3M L+600		4,975		4,901		4,876
PH Beauty Holdings III, Inc.	09/29/2025	Wholesale		5.12	%	1M L+500		9,693		9,514		9,467
Plant Health Intermediate, Inc.	10/19/2022	Chemicals, Plastics and Rubber		6.75	%	3M L+575		1,578		1,568		1,578
PlayPower, Inc.	05/8/2026	Consumer Goods: Durable		5.63	%	3M L+550		3,805		3,720		3,736
Recteq, LLC	01/29/2026	Leisure Products		7.00	%	3M L+600		4,975		4,888		4,925
Research Now Group, Inc. and Survey Sampling International LLC	12/20/2024	Diversified Consumer Services		6.50	%	3M L+550		10,680		10,592		10,544
Sales Benchmark Index LLC	01/03/2025	Professional Services		7.75	%	3M L+600		5,578		5,496		5,439
Sargent & Greenleaf Inc.	12/20/2024	Wholesale		7.00	%	1M L+550		5,550		5,493		5,550
Schlesinger Global, Inc.	07/14/2025	Business Services		8.00	%	3M L+700		11,785		11,760		11,254
Smile Brands Inc.	10/14/2024	Healthcare and Pharmaceuticals		5.32	%	3M L+450		12,576		12,459		12,451
Snak Club, LLC	07/19/2022	Beverage, Food and Tobacco		7.00	%	1M L+600		4,388		4,362		4,388
Solutionreach, Inc.	01/17/2024	Healthcare and Pharmaceuticals		6.75	%	1M L+575		5,892		5,854		5,892

Below is a listing of PSSL’s individual investments as of September 30, 2021 (Par and $ in thousands)(continued):


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Spectacle Gary Holdings, LLC	12/23/2025		Hotels, Restaurants and Leisure		11.00	%	1M L+900			4,389	$	4,506	$	4,765
STV Group Incorporated	12/11/2026		Construction and Building		5.33	%	1M L+525			9,075		9,004		9,030
TAC LifePort Purchaser, LLC	03/01/2026		Aerospace and Defense		7.00	%	3M L+600			4,950		4,860		4,948
TeleGuam Holdings, LLC	11/20/2025		Telecommunications		5.50	%	1M L+450			10,337		10,313		10,234
Teneo Holdings LLC	07/18/2025		Business Services		6.25	%	1M L+525			2,309		2,306		2,297
The Aegis Technologies Group, LLC	10/31/2025		Aerospace and Defense		6.77	%	3M L+550			5,713		5,634		5,656
The Bluebird Group LLC	07/27/2026		Professional Services		8.00	%	3M L+700			1,744		1,710		1,733
The Infosoft Group, LLC	09/16/2024		Media: Broadcasting and Subscription		6.75	%	6M L+575			13,383		13,376		13,383
The Vertex Companies, LLC	08/30/2027		Construction and Engineering		6.50	%	6M L+550			5,634		5,523		5,529
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025		Consumer Goods: Non-Durable		6.25	%	3M L+525			8,834		8,655		8,569
TVC Enterprises, LLC	03/26/2026		Diversified Consumer Services		6.75	%	1M L+575			8,558		8,593		8,558
TWS Acquisition Corporation	06/16/2025		Diversified Consumer Services		7.25	%	1M L+625			6,636		6,599		6,636
Tyto Athene, LLC	08/27/2024		IT Services		6.25	%	1M L+550			11,443		11,334		11,443
UBEO, LLC	04/03/2024		Capital Equipment		5.50	%	1M L+450			17,571		17,457		17,483
Urology Management Associates, LLC	08/30/2024		Healthcare and Pharmaceuticals		5.50	%	1M L+450			11,030		10,849		10,975
Walker Edison Furniture Company LLC	03/31/2027		Wholesale		6.75	%	1M L+575			12,438		12,142		11,971
Wildcat Buyerco, Inc.	02/27/2026		Electronic Equipment, Instruments, and Components		6.00	%	3M L+500			5,706		5,656		5,678
Total First Lien Secured Debt												558,880		557,732
Second Lien Secured Debt - 10.5%
DBI Intermediate Holdco, LLC, Term Loan B (4)	02/02/2026		Business Services		11.00	%		—		2,434		2,434		2,434
					P(IK 9.00%)
Inventus Power, Inc.	09/29/2024		Consumer Goods: Durable		9.50	%	3M L+850			3,000		2,947		2,940
Total Second Lien Secured Debt												5,381		5,374
Equity Securities - 3.3%
DBI Intermediate Holdco, LLC, Series A-1 (4)		—	Business Services		13.00	%		—		7		5,034		—
DBI Intermediate Holdco, LLC, Series AA (4)		—	Business Services		—			—		7		6,731		1,315
DBI Intermediate Holdco, LLC, Series B (4)		—	Business Services		—			—		1,065		237		—
New MPE Holdings, LLC		—	Media: Diversified and Production		—			—		0		—		362
Total Equity Securities												12,002		1,677
Total Investments - 1,101.7%												576,263		564,783
Cash and Cash Equivalents - 55.3%
BlackRock Federal FD Institutional 30												28,191		28,191
US Bank Cash												196		183
Total Cash and Cash Equivalents												28,387		28,374
Total Investments and Cash Equivalents —1,157.1%											$	604,650	$	593,157
Liabilities in Excess of Other Assets — (1,057.1)%														(541,893	)
Members' Equity—100.0%													$	51,264

(1)

(2)

Valued based on PSSL’s accounting policy.

(3)

Non-U.S. company or principal place of business outside the United States.

(4)

Non-income producing security.