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Investments (Tables)

12 Months Ended

Sep. 30, 2023

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, 2023				September 30, 2022
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	708,452	$	696,078	$	838,842	$	819,461
First lien in PSSL		210,088		210,088		190,181		190,181
Second lien		1,113		149		1,113		147
Equity		83,188		109,978		65,715		105,031
Equity interests in PSSL		90,038		50,881		81,506		49,434
Total investments		1,092,878		1,067,174		1,177,357		1,164,254
Cash and cash equivalents		100,555		100,555		51,525		51,488
Total investments and cash and cash equivalents	$	1,193,433	$	1,167,729	$	1,228,882	$	1,215,742

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, 2023 (1)			September 30, 2022 (1)
Media		9	%		7	%
Healthcare Providers and Services		9		3
Personal Products		8		7
Professional Services		7		9
Aerospace and Defense		6		4
Media: Diversified and Production		6		5
High Tech Industries		5		5
Healthcare Technology		4		4
Commercial Services & Supplies		4		5
IT Services		4		6
Diversified Consumer Services		3		4
Electronic Equipment, Instruments, and Components		3		3
Construction and Building		3		3
Insurance		3		2
Distributors		3		2
Chemicals, Plastics and Rubber		2		2
Business Services		2		3
Consumer Services		2		2
Capital Equipment		2		4
Automobiles		2		1
Hotels, Restaurants and Leisure		2		1
Healthcare Equipment and Supplies		1		2
Financial Services		1		1
Construction & Engineering		1		0
Diversified Financial Services		1		2
Leisure Products		1		1
Air Freight and Logistics		1		1
Textiles, Apparel and Luxury Goods		1		1
Energy Equipment and Services		1		1
Internet Software and Services		1		1
Food Products		1		1
Wholesale		1		1
Banking, Finance, Insurance & Real Estate		1		1
Consumer Finance		1		1
All Other	2			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, 2023			September 30, 2022
Total investments	$	785,859		$	754,722
Weighted average cost yield on income producing investments		12.1	%		9.6	%
Number of portfolio companies in PSSL		105			95
Largest portfolio company investment	$	18,463		$	19,250
Total of five largest portfolio company investments	$	83,365		$	86,872

Summary of Listing of PSSL's Individual Investments

Below is a listing of PSSL’s individual investments as of September 30, 2023 (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 - 1,347.5%
A1 Garage Merger Sub, LLC	12/22/2028	Commercial Services & Supplies		11.84	%	SOFR+660		2,940	$	2,886	$	2,925
Ad.net Acquisition, LLC	5/7/2026	Media		11.65	%	SOFR+626		8,798		8,723		8,754
Alpine Acquisition Corp II	11/30/2026	Containers and Packaging		11.24	%	SOFR+600		12,852		12,535		12,338
Anteriad, LLC (f/k/a MeritDirect, LLC)	5/23/2024	Media: Advertising, Printing & Publishing		11.04	%	SOFR+550		5,001		4,971		4,913
Anteriad Holdings Inc (fka MeritDirect) March 2023	5/23/2024	Media: Advertising, Printing & Publishing		12.04	%	SOFR+650		4,875		4,817		4,814
Any Hour Services	7/21/2027	Professional Services		11.59	%	SOFR+585		7,510		7,348		7,360
Apex Service Partners, LLC	7/31/2025	Diversified Consumer Services		10.52	%	SOFR+525		1,002		1,002		1,000
Apex Service Partners, LLC Term Loan B	7/31/2025	Diversified Consumer Services		11.04	%	SOFR+550		2,187		2,187		2,181
Apex Service Partners, LLC Term Loan C	7/31/2025	Diversified Consumer Services		10.69	%	SOFR+525		11,013		10,972		10,985
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		11.54	%	SOFR+615		9,579		9,475		9,387
Applied Technical Services, LLC - DDTL Unfunded (3)	12/29/2026	Commercial Services & Supplies						194		-		(2	)
Arcfield Acquisition Corp.	8/3/2029	Aerospace and Defense		11.62	%	SOFR+625		9,218		9,093		9,126
Beta Plus Technologies, Inc.	7/1/2029	Business Services		11.14	%	SOFR+575		4,950		4,863		4,604
BioDerm, Inc.	1/31/2028	Healthcare and Pharmaceuticals		11.83	%	SOFR+650		8,978		8,874		8,933
Blackhawk Industrial Distribution, Inc.	9/17/2026	Distributors		11.79	%	SOFR+640		15,132		14,928		14,905
Broder Bros., Co.	12/4/2025	Consumer Products		11.50	%	SOFR+626		2,349		2,349		2,349
Burgess Point Purchaser Corporation	9/26/2029	Automotive		10.67	%	SOFR+525		447		418		420
By Light Professional IT Services, LLC	5/16/2025	High Tech Industries		12.43	%	SOFR+688		13,821		13,778		13,579
Cadence Aerospace, LLC	11/14/2023	Aerospace and Defense		12.07	%	SOFR+665		4,011		4,010		4,011
			(PIK 2.00%)
Cartessa Aesthetics, LLC	6/14/2028	Distributors		11.39	%	SOFR+600		9,636		9,509		9,636
CF512, Inc.	8/20/2026	Media		11.60	%	SOFR+619		6,820		6,722		6,684
CHA Holdings, Inc.	4/10/2025	Construction and Engineering		10.15	%	SOFR+476		5,499		5,455		5,499
Challenger Performance Optimization, Inc.	8/31/2024	Business Services		12.18	%	SOFR+675		9,232		9,201		8,955
			(PIK 1.00%)
Confluent Health, LLC	10/28/2028	Healthcare and Pharmaceuticals		9.32	%	SOFR+400		6,797		6,559		6,445
Connatix Buyer, Inc.	7/13/2027	Media		11.16	%	SOFR+576		3,815		3,762		3,681
Crane 1 Services, Inc.	8/16/2027	Commercial Services & Supplies		10.90	%	SOFR+551		2,089		2,067		2,079
Dr. Squatch, LLC	8/31/2027	Personal Products		11.24	%	SOFR+585		14,712		14,511		14,712
DRI Holding Inc.	12/21/2028	Media		10.67	%	SOFR+525		2,627		2,418		2,394
DRS Holdings III, Inc.	11/3/2025	Consumer Goods: Durable		11.79	%	SOFR+640		14,429		14,376		14,256
Duraco Specialty Tapes LLC	6/30/2024	Containers and Packaging		11.89	%	SOFR+650		10,904		10,838		10,740
ECL Entertainment, LLC	8/31/2030	Hotel, Gaming and Leisure		10.07	%	SOFR+475		5,000		4,900		4,985
EDS Buyer, LLC	1/10/2029	Electronic Equipment, Instruments, and Components		11.64	%	SOFR+625		8,955		8,833		8,821
Electro Rent Corporation	1/17/2024	Electronic Equipment, Instruments, and Components		11.00	%	SOFR+550		2,219		2,200		2,171
Exigo Intermediate II, LLC	3/15/2027	Software		11.17	%	SOFR+585		12,675		12,505		12,422
ETE Intermediate II, LLC	5/29/2029	Diversified Consumer Services		11.89	%	SOFR+650		12,404		12,154		12,193
Fairbanks Morse Defense	6/17/2028	Aerospace and Defense		10.40	%	SOFR+475		10,195		10,143		10,114
Global Holdings InterCo LLC	3/16/2026	Diversified Financial Services		11.96	%	SOFR+660		3,736		3,724		3,549
Graffiti Buyer, Inc.	8/10/2027	Trading Companies & Distributors		10.99	%	SOFR+575		2,345		2,316		2,322
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		10.92	%	SOFR+560		2,250		2,217		2,194
Holdco Sands Intermediate, LLC	11/23/2028	Aerospace and Defense		11.32	%	SOFR+585		4,913		4,838		4,913
HW Holdco, LLC	12/10/2024	Media		11.75	%	SOFR+640		3,014		2,988		2,968
Imagine Acquisitionco, LLC	11/15/2027	Software		10.72	%	SOFR+535		9,248		9,075		9,110
Inception Fertility Ventures, LLC	12/31/2024	Healthcare Providers and Services		12.51	%	SOFR+715		16,453		16,257		16,453
Infinity Home Services Holdco, Inc.	12/28/2028	Commercial Services & Supplies		12.24	%	SOFR+685		6,090		5,979		6,090
Integrated Data Services	8/1/2029	Business Services		11.87	%	SOFR+650		18,904		18,532		18,463
Integrative Nutrition, LLC	1/31/2025	Diversified Consumer Services		12.54	%	SOFR+700		11,105		11,083		10,439
			(PIK 2.25%)
Integrity Marketing Acquisition, LLC	8/27/2026	Insurance		11.57	%	SOFR+575		5,906		5,851		5,847
Inventus Power, Inc.	6/30/2025	Consumer Goods: Durable		12.93	%	SOFR+761		8,246		8,097		8,081
ITI Holdings, Inc.	3/3/2028	IT Services		11.06	%	SOFR+560		3,940		3,886		3,861
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		13.42	%	SOFR+810		15,509		15,487		15,509
Kinetic Purchaser, LLC	11/10/2027	Personal Products		11.54	%	SOFR+615		16,662		16,346		16,412
Lash OpCo, LLC	2/18/2027	Personal Products		12.13	%	SOFR+675		14,210		13,989		14,068
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		11.74	%	SOFR+643		15,042		14,997		14,862
Lightspeed Buyer Inc.	2/3/2026	Healthcare Providers and Services		10.70	%	SOFR+535		12,056		11,911		11,935
LJ Avalon Holdings, LLC	1/31/2030	Environmental Industries		11.77	%	SOFR+640		2,585		2,537		2,534
Loving Tan Intermediate II, Inc.	5/26/2028	Consumer Products		12.39	%	SOFR+700		7,481		7,337		7,369
Lucky Bucks, LLC (4)	7/20/2027	Hotel, Gaming and Leisure		0.00	%			4,489		4,207		1,182
Lucky Bucks. LLC - OpCo DIP Loans	9/30/2025	Hotel, Gaming and Leisure		15.33	%	SOFR+1000		160		158		160
MAG DS Corp	4/1/2027	Aerospace and Defense		10.99	%	SOFR+550		2,097		2,007		1,986
Magenta Buyer, LLC	7/31/2028	Software		10.63	%	SOFR+500		3,006		2,845		2,228
Marketplace Events, LLC - Super Priority First Lien Term Loan	9/30/2025	Media: Diversified and Production		10.94	%	SOFR+525		647		647		647
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)	9/30/2025	Media: Diversified and Production						589		-		-
Marketplace Events, LLC	9/30/2026	Media: Diversified and Production		10.94	%	SOFR+525		4,837		3,782		4,837
Mars Acquisition Holdings Corp.	5/14/2026	Media		11.04	%	SOFR+565		11,588		11,476		11,472
MBS Holdings, Inc.	4/16/2027	Internet Software and Services		11.17	%	SOFR+585		7,859		7,758		7,749
MDI Buyer, Inc.	7/25/2028	Chemicals, Plastics and Rubber		11.32	%	SOFR+600		6,380		6,271		6,244
Meadowlark Acquirer, LLC	12/10/2027	Professional Services		11.04	%	SOFR+565		2,372		2,336		2,312


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Mission Critical Electronics, Inc.	3/28/2024		Capital Equipment		11.29	%	SOFR+515			5,769	$	5,763	$	5,740
Municipal Emergency Services, Inc.	9/28/2027		Distributors		11.04	%	SOFR+565			3,430		3,380		3,355
NBH Group LLC	8/19/2026		Healthcare, Education & Childcare		10.93	%	SOFR+525			10,711		10,572		10,497
Neptune Flood Incorporated	5/9/2029		Insurance		11.97	%	SOFR+650			5,042		4,970		5,042
New Milani Group LLC	6/6/2024		Consumer Goods: Non-Durable		10.92	%	SOFR+550			14,213		14,194		14,213
One Stop Mailing, LLC	5/7/2027		Air Freight and Logistics		11.68	%	SOFR+636			15,849		15,588		15,849
ORL Acquisitions, Inc.	9/3/2027		Consumer Finance		12.84	%	SOFR+725			2,223		2,202		2,023
Output Services Group, Inc. (4)	6/27/2026		Business Services		0.00	%		—		7,759		7,689		1,513
Owl Acquisition, LLC	2/4/2028		Professional Services		10.80	%	SOFR+575			3,893		3,832		3,834
Ox Two, LLC	5/18/2026		Construction and Building		12.90	%	SOFR+751			4,345		4,306		4,269
Peaquod Merger Sub, Inc.	12/2/2026		Diversified Financial Services		11.79	%	SOFR+640			11,474		11,267		11,244
PH Beauty Holdings III, Inc.	9/29/2025		Wholesale		10.68	%	SOFR+500			9,493		9,282		7,974
PL Acquisitionco, LLC	11/9/2027		Textiles, Apparel and Luxury Goods		12.42	%	SOFR+710			7,565		7,467		6,809
				(PIK 4.00%)
PlayPower, Inc.	5/8/2026		Consumer Goods: Durable		10.57	%	SOFR+565			2,551		2,491		2,436
Pragmatic Institute, LLC	7/6/2028		Education		11.17	%	SOFR+575			11,138		10,999		10,636
Quantic Electronics, LLC	11/19/2026		Aerospace and Defense		11.74	%	SOFR+635			2,803		2,776		2,761
Rancho Health MSO, Inc.	12/18/2025		Healthcare Providers and Services		11.22	%	SOFR+585			1,029		1,029		1,029
Reception Purchaser, LLC	2/28/2028		Air Freight and Logistics		11.54	%	SOFR+600			4,938		4,876		4,740
Recteq, LLC	1/29/2026		Leisure Products		12.54	%	SOFR+700			4,875		4,825		4,729
Research Now Group, LLC and Dynata, LLC	12/20/2024		Diversified Consumer Services		11.13	%	SOFR+576			12,432		12,322		10,878
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	6/15/2029		High Tech Industries		11.52	%	SOFR+625			3,749		3,676		3,692
Sales Benchmark Index LLC	1/3/2025		Professional Services		11.59	%	SOFR+620			9,522		9,474		9,475
Sargent & Greenleaf Inc.	12/20/2024		Wholesale		12.92	%	SOFR+760			5,167		5,148		5,116
				(PIK 1.00%)
Schlesinger Global, Inc.	7/14/2025		Business Services		12.52	%	SOFR+715			11,791		11,777		11,407
				(PIK 0.50%)
Seaway Buyer, LLC	6/13/2029		Chemicals, Plastics and Rubber		11.54	%	SOFR+615			4,950		4,884		4,802
Sigma Defense Systems, LLC	12/18/2025		Aerospace and Defense		14.04	%	SOFR+865			13,787		13,579		13,580
Skopima Consilio Parent, LLC	5/17/2028		Business Services		9.93	%	SOFR+450			1,300		1,274		1,272
Smile Brands Inc.	10/14/2025		Healthcare and Pharmaceuticals		9.70	%	SOFR+450			11,796		11,739		10,598
Solutionreach, Inc.	7/17/2025		Healthcare and Pharmaceuticals		12.37	%	SOFR+700			4,582		4,577		4,563
Spendmend Holdings LLC	3/1/2028		Healthcare Technology		11.04	%	SOFR+565			4,112		4,047		4,022
STV Group Incorporated	12/11/2026		Construction and Building		10.67	%	SOFR+535			9,075		9,025		8,894
Summit Behavioral Healthcare, LLC	11/24/2028		Healthcare and Pharmaceuticals		10.43	%	SOFR+475			1,786		1,696		1,779
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027		Aerospace and Defense		11.49	%	SOFR+600			14,738		14,540		14,575
Team Services Group, LLC	11/24/2028		Healthcare and Pharmaceuticals		10.75	%	SOFR+500			346		333		339
Teneo Holdings LLC	7/18/2025		Business Services		10.67	%	SOFR+535			2,262		2,261		2,259
The Aegis Technologies Group, LLC	10/31/2025		Aerospace and Defense		12.04	%	SOFR+665			5,602		5,560		5,518
The Bluebird Group LLC	7/27/2026		Professional Services		12.79	%	SOFR+700			5,403		5,336		5,382
The Vertex Companies, LLC	8/31/2027		Construction and Engineering		11.72	%	SOFR+635			7,716		7,591		7,656
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025		Consumer Goods: Non-Durable		10.95	%	SOFR+565			8,654		8,556		8,654
TWS Acquisition Corporation	6/16/2025		Diversified Consumer Services		11.80	%	SOFR+625			4,316		4,310		4,316
Tyto Athene, LLC	4/1/2028		IT Services		10.90	%	SOFR+550			14,670		14,565		13,379
Urology Management Holdings, Inc.	6/15/2026		Healthcare and Pharmaceuticals		11.79	%	SOFR+665			6,892		6,775		6,749
Walker Edison Furniture Company LLC	3/31/2027		Wholesale		12.18	%	SOFR+685			3,521		3,521		3,521
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility	3/31/2027		Wholesale		11.68	%	SOFR+635			1,667		1,667		1,667
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)	3/31/2027		Wholesale							333		-		-
Wildcat Buyerco, Inc.	2/27/2026		Electronic Equipment, Instruments, and Components		10.54	%	SOFR+515			10,565		10,491		10,460
Zips Car Wash, LLC	3/1/2024		Automobiles		12.67	%	SOFR+735			16,732		16,660		16,188

Total First Lien Secured Debt												801,215		783,598
Equity Securities - 3.9%
New MPE Holdings, LLC		—	Media: Diversified and Production		—			—		-		-		495
Walker Edison Furniture - Common Equity		—	Wholesale							36		3,393		1,766
Total Equity Securities												3,393		2,261
Total Investments - 1,351.4%												804,608		785,859
Cash and Cash Equivalents - 133.2%
BlackRock Federal FD Institutional 30												77,446		77,446
Total Cash and Cash Equivalents												77,446		77,446
Total Investments and Cash Equivalents —1,485.4%											$	882,054		863,305
Liabilities in Excess of Other Assets — (1,385.4)%														(805,155	)
Members' Equity—100.0%														58,150

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR 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)

Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

(4)

Security currently on interest non-accrual status.

Below is a listing of PSSL’s individual investments as of September 30, 2022 (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 - 1,330.4%
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 (3)	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 (3)	11/19/2026	Aerospace and Defense						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

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


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		16,536

Total First Lien Secured Debt												767,316		751,628
Second Lien Secured Debt - 5.2%


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 - 0.3%
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 - 53.4%
BlackRock Federal FD Institutional 30												30,152		30,152
Total Cash and Cash Equivalents												30,152		30,152
Total Investments and Cash Equivalents —1,389.26%											$	800,432	$	784,874
Liabilities in Excess of Other Assets — (1,289.26)%														(728,378	)
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”, Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR 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)

Consolidated Statements of Assets and Liabilities for PSSL

Below are the consolidated statements of assets and liabilities for PSSL (in thousands):




		September 30, 2023			September 30, 2022
Assets
Investments at fair value (amortized cost—$804,608 and $770,280, respectively)	$		785,859	$		754,722
Cash and cash equivalents (cost—$77,446 and $30,152, respectively)			77,446			30,152
Interest receivable			5,179			3,025
Receivable for investment sold			—			3,637
Prepaid expenses and other assets			490			1,722
Due from affiliate			436			3,553
Total assets			869,410			796,811
Liabilities
Credit facility payable			48,600			259,500
2032 Asset-backed debt, net (par—$246,000)			243,973			243,365
2035 Asset-backed debt, net (par—$246,000)			243,483			—
Notes payable to members			240,100			217,350
Interest payable on Credit facility and asset backed debt			14,291			3,817
Payable for investments purchased			13,466			10,414
Interest payable on notes to members			6,488			4,719
Accrued expenses			859			1,150
Total liabilities			811,260			740,315
Commitments and contingencies
Members' equity			58,150			56,496
Total liabilities and members' equity	$		869,410	$		796,811

(1)

As of both September 30, 2023 and 2022, PSSL had $2.5 million and $0.6 million unfunded commitments to fund investments, respectively.

Consolidated Statements of Operations for PSSL

Below are the consolidated statements of operations for PSSL (in thousands):



	Year Ended September 30,
	2023			2022
Investment income:
Interest	$	89,547		$	53,006
Other income		1,297			1,188
Total investment income		90,844			54,194
Expenses:
Interest and expense on credit facility and asset-backed debt		42,797			18,410
Interest expense on notes to members		30,325			17,468
Administration fees		2,103			1,835
General and administrative expenses		1,116			1,156
Total expenses		76,341			38,869
Net investment income		14,503			15,325
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(6,328	)		(14,948	)
Net change in unrealized appreciation (depreciation) on investments		(3,171	)		(3,695	)
Net realized and unrealized gain (loss) on investments		(9,499	)		(18,643	)
Net increase (decrease) in members' equity resulting from operations	$	5,004		$	(3,318	)

(1)

No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Statements of Operations.