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v3.22.4

Investments | 3 Months Ended
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Dec. 31, 2022
Investments Debt And Equity Securities [Abstract] |
Investments | 4. INVESTMENTS Purchases of investments, including PIK interest, for the three months ended December 31, 2022 and 2021 totaled $65.6 million and $335.1 million, respectively. Sales and repayments of investments for the three months ended December 31, 2022 and 2021 totaled $63.0 million and $238.4 million, respectively. Investments and cash and cash equivalents consisted of the following:
($ in thousands) |  | December 31, 2022 |  |  | September 30, 2022 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 825,620 |  |  | $ | 798,840 |  |  | $ | 838,842 |  |  | $ | 819,461 |
First lien in PSSL |  |  | 199,369 |  |  |  | 199,369 |  |  |  | 190,181 |  |  |  | 190,181 |
Second lien |  |  | 1,113 |  |  |  | 147 |  |  |  | 1,113 |  |  |  | 147 |
Equity |  |  | 69,479 |  |  |  | 104,486 |  |  |  | 65,715 |  |  |  | 105,031 |
Equity interests in PSSL |  |  | 85,444 |  |  |  | 48,295 |  |  |  | 81,506 |  |  |  | 49,434 |
Total investments |  |  | 1,181,025 |  |  |  | 1,151,137 |  |  |  | 1,177,357 |  |  |  | 1,164,254 |
Cash and cash equivalents |  |  | 52,944 |  |  |  | 52,935 |  |  |  | 47,917 |  |  |  | 47,880 |
Total investments and cash and cash equivalents |  | $ | 1,233,969 |  |  | $ | 1,204,072 |  |  | $ | 1,225,274 |  |  | $ | 1,212,134 |
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 |  | December 31, 2022 (1) |  |  | September 30, 2022 (1) |
Media |  |  | 8 | % |  |  | 7 | %
IT Services |  |  | 7 |  |  |  | 6 |
Professional Services |  |  | 7 |  |  |  | 9 |
Commercial Services & Supplies |  |  | 5 |  |  |  | 5 |
Diversified Consumer Services |  |  | 5 |  |  |  | 4 |
High Tech Industries |  |  | 5 |  |  |  | 5 |
Media: Diversified and Production |  |  | 5 |  |  |  | 5 |
Personal Products |  |  | 5 |  |  |  | 7 |
Aerospace and Defense |  |  | 4 |  |  |  | 4 |
Capital Equipment |  |  | 4 |  |  |  | 4 |
Electronic Equipment, Instruments, and Components |  |  | 4 |  |  |  | 3 |
Healthcare Technology |  |  | 4 |  |  |  | 4 |
Construction and Building |  |  | 3 |  |  |  | 3 |
Business Services |  |  | 2 |  |  |  | 3 |
Chemicals, Plastics and Rubber |  |  | 2 |  |  |  | 2 |
Consumer Services |  |  | 2 |  |  |  | 2 |
Distributors |  |  | 2 |  |  |  | 2 |
Diversified Financial Services |  |  | 2 |  |  |  | 2 |
Healthcare Equipment and Supplies |  |  | 2 |  |  |  | 2 |
Healthcare Providers and Services |  |  | 2 |  |  |  | 3 |
Insurance |  |  | 2 |  |  |  | 2 |
Media: Broadcasting and Subscription |  |  | 2 |  |  |  | 2 |
Air Freight and Logistics |  |  | 1 |  |  |  | 1 |
Automobiles |  |  | 1 |  |  |  | 1 |
Banking, Finance, Insurance & Real Estate |  |  | 1 |  |  |  | 1 |
Building Products |  |  | 1 |  |  |  | 1 |
Construction & Engineering |  |  | 1 |  |  |  | — |
Energy Equipment and Services |  |  | 1 |  |  |  | 1 |
Financial Services |  |  | 1 |  |  |  | 1 |
Food Products |  |  | 1 |  |  |  | 1 |
Hotels, Restaurants and Leisure |  |  | 1 |  |  |  | 1 |
Leisure Products |  |  | 1 |  |  |  | 1 |
Textiles, Apparel and Luxury Goods |  |  | 1 |  |  |  | 1 |
Wholesale |  |  | 1 |  |  |  | 1 |
All Other |  |  | 4 |  |  |  | 3 |
Total |  |  | 100 | % |  |  | 100 | %
(1) Excludes investments in PSSL. PennantPark Senior Secured Loan Fund I LLC In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of December 31, 2022 and September 30, 2022, PSSL had total assets of $797.4 million and $796.8 million, respectively, and its investment portfolio consisted of debt investments in 100 and 95 portfolio companies, respectively. As of December 31, 2022, at fair value, the largest investment in a single portfolio company in PSSL was $18.1 million and the five largest investments totaled $84.3 million. As of September 30, 2022, at fair value, the largest investment in a single portfolio company in PSSL was $19.3 million and the five largest investments totaled $86.9 million. PSSL invests in portfolio companies in the same industries in which we may directly invest. We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of December 31, 2022 and September 30, 2022, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $199.4 million (additional $10.7 million unfunded) and $190.2 million (additional $19.9 million unfunded), respectively, and equity interests of $85.4 million (additional $4.6 million unfunded) and $81.5 million (additional $8.5 million unfunded), respectively. We and Kemper each appointed two members to PSSL’s four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee. Quorum is defined as (i) the presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each member. In May 2022 PSSL entered into a $325.0 million (increased from $225.0 million in May 2022) senior secured revolving credit facility which bears interest at daily simple SOFR plus 260 basis points (including a spread adjustment) with Ally Bank through its wholly-owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions. In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt is scheduled to mature in January 2032. O n the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd. Below is a summary of PSSL’s portfolio at fair value:
($ in thousands) |  | December 31, 2022 |  |  | September 30, 2022 |
Total investments |  | $ | 750,692 |  |  | $ | 754,722 |
Weighted average cost yield on income producing investments |  |  | 10.9 | % |  |  | 9.6 | %
Number of portfolio companies in PSSL |  |  | 100 |  |  |  | 95 |
Largest portfolio company investment |  | $ | 18,057 |  |  | $ | 19,250 |
Total of five largest portfolio company investments |  | $ | 84,291 |  |  | $ | 86,872 |
Below is a listing of PSSL’s individual investments as of December 31, 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 - 1,354.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.12 | % |  | 3M L+650 |  |  | 2,955 |  |  | $ | 2,896 |  |  | $ | 2,895 |
Ad.net Acquisition, LLC |  | 5/6/2026 |  | Media |  |  | 10.84 | % |  | 3M L+600 |  |  | 8,865 |  |  |  | 8,772 |  |  |  | 8,799 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  |  | 9.88 | % |  | SOFR+600 |  |  | 12,950 |  |  |  | 12,576 |  |  |  | 12,432 |
Altamira Technologies, LLC |  | 7/24/2025 |  | Business Services |  |  | 10.24 | % |  | 3M L+600 |  |  | 5,150 |  |  |  | 5,047 |  |  |  | 5,060 |
American Insulated Glass, LLC |  | 12/21/2023 |  | Building Products |  |  | 8.25 | % |  | 3M L+450 |  |  | 4,869 |  |  |  | 4,843 |  |  |  | 4,869 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 10.23 | % |  | 3M L+550 |  |  | 5,213 |  |  |  | 5,149 |  |  |  | 5,213 |
Any Hour Services |  | 7/21/2027 |  | Professional Services |  |  | 10.17 | % |  | 3M L+525 |  |  | 3,510 |  |  |  | 3,441 |  |  |  | 3,413 |
Apex Service Partners, LLC |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 9.46 | % |  | 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+550 |  |  | 2,197 |  |  |  | 2,197 |  |  |  | 2,186 |
Apex Service Partners, LLC Term Loan C |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 9.58 | % |  | 3M L+525 |  |  | 11,069 |  |  |  | 11,010 |  |  |  | 11,014 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 10.48 | % |  | 3M L+575 |  |  | 8,400 |  |  |  | 8,301 |  |  |  | 8,190 |
Arcfield Acquisition Corp. |  | 3/7/2028 |  | Aerospace and Defense |  |  | 10.02 | % |  | SOFR + 575 |  |  | 4,665 |  |  |  | 4,580 |  |  |  | 4,571 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  |  | 8.87 | % |  | SOFR + 525 |  |  | 4,988 |  |  |  | 4,893 |  |  |  | 4,938 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2024 |  | Distributors |  |  | 9.73 | % |  | SOFR + 500 |  |  | 15,250 |  |  |  | 15,083 |  |  |  | 14,914 |
Broder Bros., Co. |  | 12/2/2022 |  | Consumer Products |  |  | 10.73 | % |  | 3M L+600 |  |  | 2,395 |  |  |  | 2,395 |  |  |  | 2,395 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  | Automotive |  |  | 9.41 | % |  | 3M L+525 |  |  | 450 |  |  |  | 419 |  |  |  | 406 |
By Light Professional IT Services, LLC |  | 5/16/2024 |  | High Tech Industries |  |  | 10.40 | % |  | 1M L+625 |  |  | 14,671 |  |  |  | 14,627 |  |  |  | 14,524 |
Cadence Aerospace, LLC |  | 11/14/2023 |  | Aerospace and Defense |  |  | 12.92 | % |  | 3M L+850 |  |  | 12,448 |  |  |  | 12,426 |  |  |  | 12,224 |
|  |  |  |  |  | (PIK 12.92%) |  |  |  |  |  |  |  |  |  |  |  | - |
Cartessa Aesthetics, LLC |  | 5/13/2028 |  | Distributors |  |  | 10.58 | % |  | SOFR + 600 |  |  | 9,709 |  |  |  | 9,528 |  |  |  | 9,612 |
CF512, Inc. |  | 8/20/2026 |  | Media |  |  | 10.76 | % |  | 3M L+600 |  |  | 4,938 |  |  |  | 4,858 |  |  |  | 4,839 |
CHA Holdings, Inc. |  | 4/10/2025 |  | Construction and Engineering |  |  | 9.23 | % |  | 3M L+450 |  |  | 5,542 |  |  |  | 5,479 |  |  |  | 5,542 |
Challenger Performance Optimization, Inc. |  | 8/31/2023 |  | Business Services |  |  | 10.82 | % |  | 1M L+575 |  |  | 9,230 |  |  |  | 9,212 |  |  |  | 8,907 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  | - |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  |  | 10.14 | % |  | 3M L+550 |  |  | 3,897 |  |  |  | 3,835 |  |  |  | 3,771 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  |  | 10.48 | % |  | 3M L+575 |  |  | 2,105 |  |  |  | 2,079 |  |  |  | 2,084 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  |  | 10.48 | % |  | 3M L+600 |  |  | 14,825 |  |  |  | 14,587 |  |  |  | 14,603 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 9.63 | % |  | 1M L+525 |  |  | 2,647 |  |  |  | 2,415 |  |  |  | 2,267 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  |  | 10.47 | % |  | 1M L+575 |  |  | 14,666 |  |  |  | 14,595 |  |  |  | 14,196 |
Duraco Specialty Tapes LLC |  | 6/30/2024 |  | Containers and Packaging |  |  | 9.89 | % |  | 1M L+550 |  |  | 10,252 |  |  |  | 10,143 |  |  |  | 10,088 |
ECL Entertainment, LLC |  | 5/1/2028 |  | Hotels, Restaurants and Leisure |  |  | 11.88 | % |  | 3M L+750 |  |  | 2,614 |  |  |  | 2,592 |  |  |  | 2,605 |
ECM Industries, LLC |  | 12/23/2025 |  | Electronic Equipment, Instruments, and Components |  |  | 9.48 | % |  | 3M L+475 |  |  | 4,961 |  |  |  | 4,961 |  |  |  | 4,725 |
Electro Rent Corporation |  | 1/17/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 10.27 | % |  | 3M L+550 |  |  | 2,743 |  |  |  | 2,621 |  |  |  | 2,633 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  |  | 10.13 | % |  | 1M L+575 |  |  | 12,903 |  |  |  | 12,724 |  |  |  | 12,644 |
Fairbanks Morse Defense |  | 6/17/2028 |  | Aerospace and Defense |  |  | 9.48 | % |  | 3M L+475 |  |  | 10,273 |  |  |  | 10,214 |  |  |  | 9,742 |
Gantech Acquisition Corp. |  | 5/14/2026 |  | IT Services |  |  | 10.63 | % |  | 1M L+625 |  |  | 14,563 |  |  |  | 14,365 |  |  |  | 14,126 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  |  | 10.19 | % |  | 3M L+600 |  |  | 3,894 |  |  |  | 3,879 |  |  |  | 3,719 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  |  | 10.23 | % |  | 3M L+575 |  |  | 2,363 |  |  |  | 2,319 |  |  |  | 2,268 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.23 | % |  | 1M L+550 |  |  | 2,392 |  |  |  | 2,349 |  |  |  | 2,344 |
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 10.17 | % |  | 3M L+600 |  |  | 4,950 |  |  |  | 4,865 |  |  |  | 4,851 |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 9.34 | % |  | 6M L+500 |  |  | 3,029 |  |  |  | 2,988 |  |  |  | 2,991 |
Icon Partners III, LP |  | 5/11/2028 |  | Automobiles |  |  | 8.82 | % |  | 3M L+450 |  |  | 2,322 |  |  |  | 2,003 |  |  |  | 1,558 |
IDC Infusion Services, Inc. |  | 12/30/2026 |  | Healthcare Equipment and Supplies |  |  | 11.23 | % |  | SOFR+650 |  |  | 9,925 |  |  |  | 9,847 |  |  |  | 9,578 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  |  | 10.14 | % |  | 1M L+550 |  |  | 5,350 |  |  |  | 5,256 |  |  |  | 5,190 |
Inception Fertility Ventures, LLC |  | 12/7/2023 |  | Healthcare Providers and Services |  |  | 8.55 | % |  | SOFR+700 |  |  | 1,658 |  |  |  | 16,333 |  |  |  | 16,247 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 11.40 | % |  | SOFR+685 |  |  | 6,136 |  |  |  | 6,016 |  |  |  | 6,014 |
Integrative Nutrition, LLC |  | 9/29/2023 |  | Diversified Consumer Services |  |  | 9.48 | % |  | 3M L+450 |  |  | 11,150 |  |  |  | 11,135 |  |  |  | 10,927 |
Integrity Marketing Acquisition, LLC |  | 8/27/2025 |  | Insurance |  |  | 10.81 | % |  | 1M L+575 |  |  | 5,951 |  |  |  | 5,877 |  |  |  | 5,862 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  |  | 10.08 | % |  | SOFR + 550 |  |  | 3,970 |  |  |  | 3,909 |  |  |  | 3,891 |
K2 Pure Solutions NoCal, L.P. |  | 12/20/2023 |  | Chemicals, Plastics and Rubber |  |  | 12.38 | % |  | 1M L+800 |  |  | 18,057 |  |  |  | 17,945 |  |  |  | 18,057 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 10.73 | % |  | 3M L+600 |  |  | 16,788 |  |  |  | 16,425 |  |  |  | 16,368 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  |  | 11.17 | % |  | 3M L+700 |  |  | 14,319 |  |  |  | 14,052 |  |  |  | 14,032 |
LAV Gear Holdings, Inc. |  | 10/31/2024 |  | Capital Equipment |  |  | 10.23 | % |  | 3M L+550 |  |  | 12,796 |  |  |  | 10,518 |  |  |  | 10,374 |
|  |  |  |  |  | (PIK 2.00%) |  |  |  |  |  |  |  |  |  |  |  | - |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  |  | 9.84 | % |  | 3M L+575 |  |  | 10,571 |  |  |  | 10,416 |  |  |  | 10,307 |
Lucky Bucks, LLC |  | 7/20/2027 |  | Hotel, Gaming and Leisure |  |  | 10.43 | % |  | 3M L+550 |  |  | 4,275 |  |  |  | 4,206 |  |  |  | 2,426 |
Magenta Buyer, LLC |  | 7/31/2028 |  | Software |  |  | 9.17 | % |  | 1M L+500 |  |  | 3,029 |  |  |  | 2,846 |  |  |  | 2,578 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  | Media: Diversified and Production |  |  | 9.90 | % |  | 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 |  |  | 9.90 | % |  | 1M L+525 |  |  | 4,837 |  |  |  | 3,587 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  | Media |  |  | 10.23 | % |  | 1M L+550 |  |  | 11,676 |  |  |  | 11,531 |  |  |  | 11,560 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  |  | 10.13 | % |  | 3M L+575 |  |  | 7,388 |  |  |  | 7,282 |  |  |  | 7,314 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  |  | 10.54 | % |  | 3M L+600 |  |  | 6,429 |  |  |  | 6,305 |  |  |  | 6,291 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 9.73 | % |  | 3M L+550 |  |  | 2,390 |  |  |  | 2,349 |  |  |  | 2,366 |
Mission Critical Electronics, Inc. |  | 3/28/2024 |  | Capital Equipment |  |  | 9.73 | % |  | SOFR+500 |  |  | 5,814 |  |  |  | 5,804 |  |  |  | 5,791 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  | Distributors |  |  | 8.67 | % |  | 3M L+500 |  |  | 3,456 |  |  |  | 3,399 |  |  |  | 3,318 |
NBH Group LLC |  | 8/19/2026 |  | Healthcare, Education & Childcare |  |  | 9.05 | % |  | 1M L+525 |  |  | 10,793 |  |  |  | 10,624 |  |  |  | 10,793 |
New Milani Group LLC |  | 6/6/2024 |  | Consumer Goods: Non-Durable |  |  | 9.17 | % |  | 3M L+650 |  |  | 14,325 |  |  |  | 14,288 |  |  |  | 14,110 |
One Stop Mailing, LLC |  | 5/7/2027 |  | Air Freight and Logistics |  |  | 10.63 | % |  | 1M L+625 |  |  | 14,561 |  |  |  | 14,326 |  |  |  | 14,124 |
Output Services Group, Inc. |  | 3/27/2024 |  | Business Services |  |  | 11.30 | % |  | 3M L+675 |  |  | 7,691 |  |  |  | 7,681 |  |  |  | 5,768 |
Owl Acquisition, LLC |  | 2/4/2028 |  | Professional Services |  |  | 8.41 | % |  | 3M L+575 |  |  | 3,980 |  |  |  | 3,910 |  |  |  | 3,881 |
Ox Two, LLC |  | 5/18/2026 |  | Construction and Building |  |  | 10.84 | % |  | 3M L+700 |  |  | 4,913 |  |  |  | 4,858 |  |  |  | 4,765 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  | Wholesale |  |  | 9.73 | % |  | 1M L+500 |  |  | 9,568 |  |  |  | 9,243 |  |  |  | 7,654 |
PL Acquisitionco, LLC |  | 11/9/2027 |  | Textiles, Apparel and Luxury Goods |  |  | 10.88 | % |  | 1M L+650 |  |  | 8,217 |  |  |  | 8,095 |  |  |  | 8,012 |
PlayPower, Inc. |  | 5/8/2026 |  | Consumer Goods: Durable |  |  | 12.00 | % |  | 3M L+450 |  |  | 2,572 |  |  |  | 2,497 |  |  |  | 2,238 |
Pragmatic Institute, LLC |  | 7/6/2028 |  | Education |  |  | 10.33 | % |  | SOFR+575 |  |  | 11,222 |  |  |  | 11,068 |  |  |  | 11,110 |
Quantic Electronics, LLC |  | 11/19/2026 |  | Aerospace and Defense |  |  | 10.96 | % |  | 1M L+600 |  |  | 2,829 |  |  |  | 2,782 |  |  |  | 2,772 |
Quantic Electronics, LLC - Unfunded Term Loan |  | 11/19/2026 |  | Aerospace and Defense |  |  |  |  | 1M L+600 |  |  | 1,104 |  |  |  | - |  |  |  | (11 | )
Reception Purchaser, LLC |  | 2/28/2028 |  | Air Freight and Logistics |  |  | 10.42 | % |  | SOFR+600 |  |  | 4,963 |  |  |  | 4,894 |  |  |  | 4,764 |
Recteq, LLC |  | 1/29/2026 |  | Leisure Products |  |  | 10.98 | % |  | 3M L+600 |  |  | 4,913 |  |  |  | 4,848 |  |  |  | 4,741 |
Research Now Group, LLC and Dynata, LLC |  | 12/20/2024 |  | Diversified Consumer Services |  |  | 8.84 | % |  | 3M L+550 |  |  | 12,531 |  |  |  | 12,342 |  |  |  | 9,286 |
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 |  |  | 10.73 | % |  | 3M L+600 |  |  |  | 5,013 |  |  | $ | 4,965 |  |  | $ | 4,988 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 9.89 | % |  | 3M L+550 |  |  |  | 5,183 |  |  |  | 5,150 |  |  |  | 5,105 |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 10.92 | % |  | SOFR+700 |  |  |  | 11,832 |  |  |  | 11,816 |  |  |  | 11,536 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 10.73 | % |  | SOFR+605 |  |  |  | 4,988 |  |  |  | 4,916 |  |  |  | 4,913 |
Sigma Defense Systems, LLC |  | 12/18/2025 |  |  | Aerospace and Defense |  |  | 12.17 | % |  | 1M L+850 |  |  |  | 14,621 |  |  |  | 14,338 |  |  |  | 14,329 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 7.05 | % |  | 3M L+450 |  |  |  | 11,887 |  |  |  | 11,796 |  |  |  | 11,441 |
Solutionreach, Inc. |  | 1/17/2024 |  |  | Healthcare and Pharmaceuticals |  |  | 8.87 | % |  | 1M L+575 |  |  |  | 5,630 |  |  |  | 5,613 |  |  |  | 5,478 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 8.63 | % |  | SOFR+575 |  |  |  | 2,949 |  |  |  | 2,910 |  |  |  | 2,851 |
STV Group Incorporated |  | 12/11/2026 |  |  | Construction and Building |  |  | 8.37 | % |  | 3M L+525 |  |  |  | 9,075 |  |  |  | 9,015 |  |  |  | 9,030 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.45 | % |  | 3M L+475 |  |  |  | 1,800 |  |  |  | 1,698 |  |  |  | 1,692 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 10.94 | % |  | SOFR+600 |  |  |  | 14,850 |  |  |  | 14,603 |  |  |  | 14,657 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.95 | % |  | 3M L+500 |  |  |  | 349 |  |  |  | 334 |  |  |  | 330 |
Teneo Holdings LLC |  | 7/18/2025 |  |  | Business Services |  |  | 9.67 | % |  | 3M L+525 |  |  |  | 3,127 |  |  |  | 3,086 |  |  |  | 3,001 |
The Aegis Technologies Group, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 10.70 | % |  | 3M L+600 |  |  |  | 5,645 |  |  |  | 5,590 |  |  |  | 5,589 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 11.98 | % |  | 1M L+700 |  |  |  | 1,698 |  |  |  | 1,672 |  |  |  | 1,666 |
The Infosoft Group, LLC |  | 9/16/2024 |  |  | Media: Broadcasting and Subscription |  |  | 9.84 | % |  | 3M L+575 |  |  |  | 12,883 |  |  |  | 12,879 |  |  |  | 12,786 |
The Vertex Companies, LLC |  | 8/30/2027 |  |  | Construction and Engineering |  |  | 9.88 | % |  | 1M L+550 |  |  |  | 5,564 |  |  |  | 5,469 |  |  |  | 5,447 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 9.61 | % |  | 3M L+550 |  |  |  | 8,722 |  |  |  | 8,592 |  |  |  | 8,484 |
TVC Enterprises, LLC |  | 3/26/2026 |  |  | Diversified Consumer Services |  |  | 10.13 | % |  | 3M L+600 |  |  |  | 14,678 |  |  |  | 14,611 |  |  |  | 14,311 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.46 | % |  | 3M L+625 |  |  |  | 5,468 |  |  |  | 5,452 |  |  |  | 5,468 |
Tyto Athene, LLC (New Issue) |  | 4/1/2028 |  |  | IT Services |  |  | 9.25 | % |  | 3M L+550 |  |  |  | 15,511 |  |  |  | 15,387 |  |  |  | 14,053 |
UBEO, LLC |  | 4/3/2024 |  |  | Capital Equipment |  |  | 9.23 | % |  | 3M L+450 |  |  |  | 17,345 |  |  |  | 17,273 |  |  |  | 17,085 |
Unique Indoor Comfort, LLC |  | 5/24/2027 |  |  | Home and Office Furnishings, Housewares |  |  | 9.98 | % |  | SOFR+525 |  |  |  | 4,963 |  |  |  | 4,872 |  |  |  | 4,833 |
Walker Edison Furniture Company LLC |  | 3/31/2027 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 12,684 |  |  |  | 12,438 |  |  |  | 6,410 |
|  |  |  |  |  |  | (PIK 3.0%) |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Wildcat Buyerco, Inc. |  | 2/27/2026 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.48 | % |  | SOFR+575 |  |  |  | 8,524 |  |  |  | 8,487 |  |  |  | 8,240 |
Zips Car Wash, LLC |  | 3/1/2024 |  |  | Automobiles |  |  | 11.53 | % |  | 3M L+725 |  |  |  | 16,915 |  |  |  | 16,717 |  |  |  | 16,534 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 769,096 |  |  |  | 747,402 |
Second Lien Secured Debt - 5.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Inventus Power, Inc. |  | 9/29/2024 |  |  | Consumer Goods: Durable |  |  | 13.23 | % |  | 3M L+850 |  |  |  | 3,000 |  |  |  | 2,968 |  |  |  | 2,970 |
Total Second Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,968 |  |  |  | 2,970 |
Equity Securities - 0.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 320 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 320 |
Total Investments - 1,360.1% |  |  |  |  |  |  |  |  |  |  |  | 772,064 |  |  |  | 750,692 |
Cash and Cash Equivalents - 75.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41,692 |  |  |  | 41,692 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 41,692 |  |  |  | 41,692 |
Total Investments and Cash Equivalents —1,329.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 813,756 |  |  | $ | 792,384 |
Liabilities in Excess of Other Assets — (1,229.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (737,189 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 55,195 |
(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 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. (5) 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 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”, 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 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. (5) 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 are the consolidated statements of assets and liabilities for PSSL ($ in thousands):
|  | December 31, 2022 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2022 |
Assets |  |  |  |  |  |  |
Investments at fair value (cost—$772,064 and $770,280, respectively) | $ |  | 750,692 |  |  | $ |  | 754,722 |
Cash and cash equivalents (cost—$41,692 and $33,725, respectively) |  |  | 41,692 |  |  |  |  | 33,705 |
Interest receivable |  |  | 3,637 |  |  |  |  | 3,025 |
Receivable for investment sold |  |  | — |  |  |  |  | 3,637 |
Prepaid expenses and other assets |  |  | 1,365 |  |  |  |  | 1,722 |
Total assets |  |  | 797,386 |  |  |  |  | 796,811 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 244,800 |  |  |  |  | 259,500 |
2032 Asset-backed debt, net (par—$246,000) |  |  | 243,517 |  |  |  |  | 243,365 |
Notes payable to members |  |  | 227,850 |  |  |  |  | 217,350 |
Payable for investments purchased |  |  | 14,973 |  |  |  |  | 10,414 |
Interest payable on notes to members |  |  | 5,581 |  |  |  |  | 4,719 |
Interest payable on Credit Facility and asset backed debt |  |  | 4,831 |  |  |  |  | 3,817 |
Accrued expenses |  |  | 639 |  |  |  |  | 1,150 |
Total liabilities |  |  | 742,191 |  |  |  |  | 740,315 |
Commitments and contingencies (1) |  |  |  |  |  |  |
Members' equity |  |  | 55,195 |  |  |  |  | 56,496 |
Total liabilities and members' equity | $ |  | 797,386 |  |  | $ |  | 796,811 |
(1) As of December 31, 2022 and September 30, 2022, PSSL had unfunded commitments to fund investments of $3.9 million and $2.5 million, respectively. Below are the consolidated statements of operations for PSSL ($ in thousands):
|  |  | Three months ended December 31, |
|  |  | 2022 |  |  | 2021 |
Investment income: |  |  |  |  |  |  |
Interest |  |  | $ | 19,617 |  |  | $ | 10,951 |
Other income |  |  |  | 110 |  |  |  | 871 |
Total investment income |  |  |  | 19,727 |  |  |  | 11,822 |
Expenses: |  |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  |  | 8,641 |  |  |  | 3,174 |
Interest expense on notes to members |  |  |  | 6,810 |  |  |  | 3,554 |
Administrative services expenses |  |  |  | 508 |  |  |  | 300 |
General and administrative expenses |  |  |  | 300 |  |  |  | 289 |
Total expenses |  |  |  | 16,259 |  |  |  | 7,317 |
Net investment income |  |  |  | 3,468 |  |  |  | 4,505 |
Realized and unrealized gain (loss) on investments and credit facility foreign currency translation: |  |  |  |  |  |  |
Net realized gain (loss) on: |  |  |  |  |  |  |
Investments |  |  |  | (60 | ) |  |  | (348 | )
Credit facility foreign currency translation |  |  |  | (10 | ) |  |  |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |
Investments |  |  |  | (5,800 | ) |  |  | (3,204 | )
Credit facility foreign currency translation |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation) on investments and credit facility foreign currency translations |  |  |  | (5,800 | ) |  |  | (3,204 | )
Net realized and unrealized gain (loss) from investments and credit facility foreign currency translations |  |  |  | (5,870 | ) |  |  | (3,552 | )
Net increase (decrease) in members' equity resulting from operations |  |  | $ | (2,402 | ) |  | $ | 953 |
(*) No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Statement of Operations.

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