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v3.23.2

Investments (Tables) | 9 Months Ended
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Jun. 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) |  | June 30, 2023 |  |  | September 30, 2022 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 758,292 |  |  | $ | 740,156 |  |  | $ | 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 |  |  | 80,903 |  |  |  | 106,931 |  |  |  | 65,715 |  |  |  | 105,031 |
Equity interests in PSSL |  |  | 90,038 |  |  |  | 47,941 |  |  |  | 81,506 |  |  |  | 49,434 |
Total investments |  |  | 1,140,434 |  |  |  | 1,105,265 |  |  |  | 1,177,357 |  |  |  | 1,164,254 |
Cash and cash equivalents |  |  | 59,092 |  |  |  | 59,092 |  |  |  | 47,917 |  |  |  | 47,880 |
Total investments and cash and cash equivalents |  | $ | 1,199,526 |  |  | $ | 1,164,357 |  |  | $ | 1,225,274 |  |  | $ | 1,212,134 |
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 |  | June 30, 2023 (1) |  |  | September 30, 2022 (1) |
Media |  |  | 8 |  | % |  | 7 |
Personal Products |  |  | 8 |  |  |  | 7 |
Professional Services |  |  | 7 |  |  |  | 9 |
IT Services |  |  | 7 |  |  |  | 6 |
Commercial Services & Supplies |  |  | 6 |  |  |  | 5 |
Media: Diversified and Production |  |  | 5 |  |  |  | 5 |
Aerospace and Defense |  |  | 5 |  |  |  | 4 |
High Tech Industries |  |  | 4 |  |  |  | 5 |
Capital Equipment |  |  | 4 |  |  |  | 4 |
Healthcare Technology |  |  | 4 |  |  |  | 4 |
Diversified Consumer Services |  |  | 3 |  |  |  | 4 |
Electronic Equipment, Instruments, and Components |  |  | 3 |  |  |  | 3 |
Healthcare Providers and Services |  |  | 3 |  |  |  | 3 |
Construction and Building |  |  | 3 |  |  |  | 3 |
Insurance |  |  | 3 |  |  |  | 2 |
Consumer Services |  |  | 3 |  |  |  | 2 |
Distributors |  |  | 2 |  |  |  | 2 |
Chemicals, Plastics and Rubber |  |  | 2 |  |  |  | 2 |
Healthcare Equipment and Supplies |  |  | 2 |  |  |  | 2 |
Business Services |  |  | 2 |  |  |  | 3 |
Automobiles |  |  | 2 |  |  |  | 1 |
Diversified Financial Services |  |  | 1 |  |  |  | 2 |
Hotels, Restaurants and Leisure |  |  | 1 |  |  |  | 1 |
Energy Equipment and Services |  |  | 1 |  |  |  | 1 |
Financial Services |  |  | 1 |  |  |  | 1 |
Textiles, Apparel and Luxury Goods |  |  | 1 |  |  |  | 1 |
Leisure Products |  |  | 1 |  |  |  | 1 |
Construction & Engineering |  |  | 1 |  |  |  | — |
Air Freight and Logistics |  |  | 1 |  |  |  | 1 |
Banking, Finance, Insurance & Real Estate |  |  | 1 |  |  |  | 1 |
Food Products |  |  | 1 |  |  |  | 1 |
Wholesale |  |  | 1 |  |  |  | 1 |
Media: Broadcasting and Subscription |  |  | — |  |  |  | 2 |
Building Products |  |  | — |  |  |  | 1 |
All Other |  |  | 3 |  |  |  | 3 |
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) |  | June 30, 2023 |  |  | September 30, 2022 |
Total investments |  | $ | 805,217 |  |  | $ | 754,722 |
Weighted average cost yield on income producing investments |  |  | 12.0 | % |  |  | 9.6 | %
Number of portfolio companies in PSSL |  |  | 105 |  |  |  | 95 |
Largest portfolio company investment |  | $ | 17,697 |  |  | $ | 19,250 |
Total of five largest portfolio company investments |  | $ | 83,746 |  |  | $ | 86,872 |
Summary of Listing of PSSL's Individual Investments | Below is a listing of PSSL’s individual investments as of June 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 - 1,464.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.84 | % |  | SOFR+650 |  | $ | 2,940 |  |  | $ | 2,885 |  |  | $ | 2,910 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  | Media |  |  | 11.50 | % |  | SOFR+600 |  |  | 8,820 |  |  |  | 8,739 |  |  |  | 8,754 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  |  | 11.07 | % |  | SOFR+600 |  |  | 12,885 |  |  |  | 12,548 |  |  |  | 12,370 |
Altamira Technologies, LLC |  | 7/24/2025 |  | Business Services |  |  | 10.70 | % |  | SOFR+600 |  |  | 4,841 |  |  |  | 4,758 |  |  |  | 4,841 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 10.89 | % |  | SOFR+550 |  |  | 5,072 |  |  |  | 5,030 |  |  |  | 4,945 |
Anteriad Holdings Inc (fka MeritDirect) March 2023 Lot |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 11.89 | % |  | SOFR+650 |  |  | 4,938 |  |  |  | 4,857 |  |  |  | 4,863 |
Any Hour Services |  | 7/21/2027 |  | Professional Services |  |  | 10.77 | % |  | SOFR+525 |  |  | 7,529 |  |  |  | 7,359 |  |  |  | 7,322 |
Apex Service Partners, LLC |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.52 | % |  | SOFR+525 |  |  | 1,002 |  |  |  | 1,002 |  |  |  | 997 |
Apex Service Partners, LLC Term Loan B |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.75 | % |  | SOFR+550 |  |  | 2,187 |  |  |  | 2,187 |  |  |  | 2,176 |
Apex Service Partners, LLC Term Loan C |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.50 | % |  | SOFR+525 |  |  | 11,013 |  |  |  | 10,966 |  |  |  | 10,958 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.14 | % |  | SOFR+575 |  |  | 9,409 |  |  |  | 9,301 |  |  |  | 9,221 |
Arcfield Acquisition Corp. |  | 3/7/2028 |  | Aerospace and Defense |  |  | 11.07 | % |  | SOFR+575 |  |  | 4,641 |  |  |  | 4,559 |  |  |  | 4,595 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  |  | 10.99 | % |  | SOFR+525 |  |  | 4,963 |  |  |  | 4,873 |  |  |  | 4,541 |
BioDerm, Inc. |  | 1/31/2028 |  | Healthcare and Pharmaceuticals |  |  | 11.67 | % |  | SOFR+650 |  |  | 9,000 |  |  |  | 8,894 |  |  |  | 8,865 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2024 |  | Distributors |  |  | 11.64 | % |  | SOFR+500 |  |  | 15,171 |  |  |  | 14,963 |  |  |  | 14,792 |
Broder Bros., Co. |  | 12/2/2022 |  | Consumer Products |  |  | 11.16 | % |  | SOFR+600 |  |  | 2,364 |  |  |  | 2,364 |  |  |  | 2,364 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  | Automotive |  |  | 10.45 | % |  | SOFR+525 |  |  | 448 |  |  |  | 418 |  |  |  | 424 |
By Light Professional IT Services, LLC |  | 5/16/2024 |  | High Tech Industries |  |  | 12.30 | % |  | SOFR+625 |  |  | 13,973 |  |  |  | 13,947 |  |  |  | 13,728 |
Cadence Aerospace, LLC |  | 11/14/2023 |  | Aerospace and Defense |  |  | 13.91 | % |  | SOFR+850 |  |  | 3,994 |  |  |  | 3,991 |  |  |  | 3,994 |
|  |  |  |  |  | (PIK 2.00%) |  |  |  |  |  |  |  |  | - |  |  |  |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  | Distributors |  |  | 11.24 | % |  | SOFR+600 |  |  | 9,661 |  |  |  | 9,528 |  |  |  | 9,612 |
CF512, Inc. |  | 8/20/2026 |  | Media |  |  | 11.50 | % |  | SOFR+600 |  |  | 6,838 |  |  |  | 6,733 |  |  |  | 6,769 |
CHA Holdings, Inc. |  | 4/10/2025 |  | Construction and Engineering |  |  | 10.00 | % |  | SOFR+450 |  |  | 5,513 |  |  |  | 5,463 |  |  |  | 5,513 |
Challenger Performance Optimization, Inc. |  | 8/31/2023 |  | Business Services |  |  | 12.01 | % |  | SOFR+675 |  |  | 9,147 |  |  |  | 9,142 |  |  |  | 8,827 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  | - |  |  |  |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  |  | 10.65 | % |  | SOFR+550 |  |  | 3,825 |  |  |  | 3,769 |  |  |  | 3,672 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  |  | 10.41 | % |  | SOFR+575 |  |  | 2,094 |  |  |  | 2,071 |  |  |  | 2,073 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  |  | 11.09 | % |  | SOFR+600 |  |  | 14,750 |  |  |  | 14,518 |  |  |  | 14,602 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 10.45 | % |  | SOFR+525 |  |  | 2,634 |  |  |  | 2,418 |  |  |  | 2,357 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  |  | 11.63 | % |  | SOFR+575 |  |  | 14,586 |  |  |  | 14,527 |  |  |  | 14,193 |
Duraco Specialty Tapes LLC |  | 6/30/2024 |  | Containers and Packaging |  |  | 11.75 | % |  | SOFR+550 |  |  | 10,933 |  |  |  | 10,847 |  |  |  | 10,747 |
ECL Entertainment, LLC |  | 5/1/2028 |  | Hotels, Restaurants and Leisure |  |  | 12.72 | % |  | SOFR+750 |  |  | 7,588 |  |  |  | 7,567 |  |  |  | 7,607 |
EDS Buyer, LLC |  | 1/10/2029 |  | Professional Services |  |  | 11.49 | % |  | SOFR+625 |  |  | 8,978 |  |  |  | 8,851 |  |  |  | 8,753 |
Electro Rent Corporation |  | 1/17/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 10.83 | % |  | SOFR+550 |  |  | 2,225 |  |  |  | 2,190 |  |  |  | 2,128 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  |  | 10.95 | % |  | SOFR+575 |  |  | 12,708 |  |  |  | 12,524 |  |  |  | 12,453 |
ETE Intermediate II, LLC - Term Loan |  | 5/29/2029 |  | Diversified Consumer Services |  |  | 11.69 | % |  | SOFR+650 |  |  | 12,404 |  |  |  | 12,160 |  |  |  | 12,031 |
Fairbanks Morse Defense |  | 6/17/2028 |  | Aerospace and Defense |  |  | 10.25 | % |  | SOFR+475 |  |  | 10,221 |  |  |  | 10,167 |  |  |  | 9,940 |
Gantech Acquisition Corp. |  | 5/14/2026 |  | IT Services |  |  | 11.50 | % |  | SOFR+625 |  |  | 14,413 |  |  |  | 14,241 |  |  |  | 13,909 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  |  | 11.76 | % |  | SOFR+600 |  |  | 3,746 |  |  |  | 3,733 |  |  |  | 3,549 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  |  | 11.04 | % |  | SOFR+575 |  |  | 2,351 |  |  |  | 2,317 |  |  |  | 2,327 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.70 | % |  | SOFR+550 |  |  | 2,250 |  |  |  | 2,214 |  |  |  | 2,205 |
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.21 | % |  | SOFR+600 |  |  | 4,925 |  |  |  | 4,847 |  |  |  | 4,876 |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 10.93 | % |  | SOFR+500 |  |  | 3,014 |  |  |  | 2,983 |  |  |  | 2,968 |
Icon Partners III, LP |  | 5/11/2028 |  | Automobiles |  |  | 9.77 | % |  | SOFR+450 |  |  | 2,310 |  |  |  | 2,016 |  |  |  | 1,528 |
IDC Infusion Services, Inc. |  | 12/30/2026 |  | Healthcare Equipment and Supplies |  |  | 11.89 | % |  | SOFR+650 |  |  | 9,875 |  |  |  | 9,685 |  |  |  | 9,875 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  |  | 10.67 | % |  | SOFR+550 |  |  | 9,272 |  |  |  | 9,085 |  |  |  | 9,040 |
Inception Fertility Ventures, LLC |  | 12/7/2023 |  | Healthcare Providers and Services |  |  | 12.51 | % |  | SOFR+700 |  |  | 16,537 |  |  |  | 16,309 |  |  |  | 16,371 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.09 | % |  | SOFR+685 |  |  | 6,106 |  |  |  | 5,990 |  |  |  | 6,106 |
Integrative Nutrition, LLC |  | 9/29/2023 |  | Diversified Consumer Services |  |  | 12.39 | % |  | SOFR+450 |  |  | 11,079 |  |  |  | 11,075 |  |  |  | 10,525 |
Integrity Marketing Acquisition, LLC |  | 8/27/2025 |  | Insurance |  |  | 11.41 | % |  | SOFR+575 |  |  | 5,921 |  |  |  | 5,860 |  |  |  | 5,862 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  |  | 10.58 | % |  | SOFR+550 |  |  | 3,950 |  |  |  | 3,894 |  |  |  | 3,851 |
K2 Pure Solutions NoCal, L.P. |  | 12/20/2023 |  | Chemicals, Plastics and Rubber |  |  | 13.20 | % |  | SOFR+800 |  |  | 17,697 |  |  |  | 17,643 |  |  |  | 17,697 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.39 | % |  | SOFR+600 |  |  | 16,704 |  |  |  | 16,372 |  |  |  | 16,453 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  |  | 12.13 | % |  | SOFR+700 |  |  | 14,246 |  |  |  | 14,008 |  |  |  | 14,033 |
LAV Gear Holdings, Inc. |  | 10/31/2024 |  | Capital Equipment |  |  | 11.64 | % |  | SOFR+625 |  |  | 15,168 |  |  |  | 15,113 |  |  |  | 14,971 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  |  | 10.50 | % |  | SOFR+575 |  |  | 12,087 |  |  |  | 11,924 |  |  |  | 11,905 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  | Environmental Industries |  |  | 11.51 | % |  | SOFR+665 |  |  | 2,592 |  |  |  | 2,542 |  |  |  | 2,540 |
Loving Tan Intermediate II, Inc. |  | 5/28/2028 |  | Consumer Products |  |  | 12.26 | % |  | SOFR+700 |  |  | 7,500 |  |  |  | 7,352 |  |  |  | 7,350 |
Lucky Bucks, LLC (4) |  | 7/20/2027 |  | Hotel, Gaming and Leisure |  |  | 0.00 | % |  |  |  |  | 4,489 |  |  |  | 4,207 |  |  |  | 1,194 |
Lucky Bucks. LLC - OpCo DIP Loans |  | 10/20/2023 |  | Hotel, Gaming and Leisure |  |  | 15.15 | % |  | SOFR+1000 |  |  | 115 |  |  |  | 102 |  |  |  | 101 |
Magenta Buyer, LLC |  | 7/31/2028 |  | Software |  |  | 10.03 | % |  | SOFR+500 |  |  | 3,014 |  |  |  | 2,845 |  |  |  | 2,259 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  | Media: Diversified and Production |  |  | 10.43 | % |  | SOFR+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 |  |  | 10.43 | % |  | SOFR+525 |  |  | 4,837 |  |  |  | 3,715 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  | Media |  |  | 10.89 | % |  | SOFR+550 |  |  | 11,617 |  |  |  | 11,494 |  |  |  | 11,501 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  |  | 11.00 | % |  | SOFR+575 |  |  | 7,350 |  |  |  | 7,255 |  |  |  | 7,277 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  |  | 11.13 | % |  | SOFR+600 |  |  | 6,396 |  |  |  | 6,283 |  |  |  | 6,260 |
Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 10.89 | % |  | SOFR+550 |  |  | $ | 2,378 |  |  | $ | 2,340 |  |  | $ | 2,330 |
Mission Critical Electronics, Inc. |  | 3/28/2024 |  |  | Capital Equipment |  |  | 10.39 | % |  | SOFR+500 |  |  |  | 5,794 |  |  |  | 5,787 |  |  |  | 5,748 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 10.89 | % |  | SOFR+500 |  |  |  | 3,439 |  |  |  | 3,387 |  |  |  | 3,318 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 10.44 | % |  | SOFR+525 |  |  |  | 10,738 |  |  |  | 10,590 |  |  |  | 10,631 |
Neptune Flood Incorporated - Term Loan |  | 5/9/2029 |  |  | Insurance |  |  | 11.57 | % |  | SOFR+650 |  |  |  | 5,235 |  |  |  | 5,158 |  |  |  | 5,157 |
New Milani Group LLC |  | 6/6/2024 |  |  | Consumer Goods: Non-Durable |  |  | 10.70 | % |  | SOFR+650 |  |  |  | 14,250 |  |  |  | 14,227 |  |  |  | 14,179 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 10.24 | % |  | SOFR+625 |  |  |  | 15,895 |  |  |  | 15,620 |  |  |  | 15,895 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 10.84 | % |  | SOFR+525 |  |  |  | 2,228 |  |  |  | 2,207 |  |  |  | 2,117 |
Output Services Group, Inc. (4) |  | 6/27/2026 |  |  | Business Services |  |  | 0.00 | % |  |  | — |  |  |  | 7,729 |  |  |  | 7,689 |  |  |  | 1,932 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+575 |  |  |  | 3,893 |  |  |  | 3,830 |  |  |  | 3,815 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 12.75 | % |  | SOFR+725 |  |  |  | 4,345 |  |  |  | 4,303 |  |  |  | 4,258 |
Peaquod Merger Sub, Inc. |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.64 | % |  | SOFR+640 |  |  |  | 11,503 |  |  |  | 11,282 |  |  |  | 11,273 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.48 | % |  | SOFR+500 |  |  |  | 9,518 |  |  |  | 9,268 |  |  |  | 7,638 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.20 | % |  | SOFR+650 |  |  |  | 7,499 |  |  |  | 7,396 |  |  |  | 6,824 |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 10.57 | % |  | SOFR+550 |  |  |  | 2,565 |  |  |  | 2,500 |  |  |  | 2,399 |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 11.01 | % |  | SOFR+575 |  |  |  | 11,166 |  |  |  | 11,022 |  |  |  | 10,998 |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 11.24 | % |  | SOFR+600 |  |  |  | 2,811 |  |  |  | 2,775 |  |  |  | 2,768 |
Quantic Electronics, LLC - Unfunded Term Loan (3) |  | 11/19/2026 |  |  | Aerospace and Defense |  |  |  |  |  |  |  |  | 1,104 |  |  |  | - |  |  |  | (6 | )
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 10.94 | % |  | SOFR+575 |  |  |  | 1,032 |  |  |  | 1,032 |  |  |  | 1,032 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 11.39 | % |  | SOFR+600 |  |  |  | 4,938 |  |  |  | 4,874 |  |  |  | 4,728 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 12.39 | % |  | SOFR+625 |  |  |  | 4,888 |  |  |  | 4,833 |  |  |  | 4,692 |
Research Now Group, LLC and Dynata, LLC |  | 12/20/2024 |  |  | Diversified Consumer Services |  |  | 10.80 | % |  | SOFR+550 |  |  |  | 12,647 |  |  |  | 12,329 |  |  |  | 8,791 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 11.44 | % |  | SOFR+600 |  |  |  | 9,522 |  |  |  | 9,465 |  |  |  | 9,475 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.77 | % |  | SOFR+750 |  |  |  | 5,211 |  |  |  | 5,187 |  |  |  | 5,133 |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 12.20 | % |  | SOFR+700 |  |  |  | 11,810 |  |  |  | 11,796 |  |  |  | 11,368 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  | - |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 11.09 | % |  | SOFR+605 |  |  |  | 4,963 |  |  |  | 4,895 |  |  |  | 4,838 |
Sigma Defense Systems, LLC |  | 12/18/2025 |  |  | Aerospace and Defense |  |  | 13.87 | % |  | SOFR+850 |  |  |  | 14,432 |  |  |  | 14,193 |  |  |  | 14,179 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 9.65 | % |  | SOFR+450 |  |  |  | 11,826 |  |  |  | 11,734 |  |  |  | 10,873 |
Solutionreach, Inc. |  | 1/17/2024 |  |  | Healthcare and Pharmaceuticals |  |  | 10.90 | % |  | SOFR+575 |  |  |  | 4,582 |  |  |  | 4,574 |  |  |  | 4,536 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 10.86 | % |  | SOFR+575 |  |  |  | 4,122 |  |  |  | 4,055 |  |  |  | 4,011 |
STV Group Incorporated |  | 12/11/2026 |  |  | Construction and Building |  |  | 10.45 | % |  | SOFR+525 |  |  |  | 9,075 |  |  |  | 9,021 |  |  |  | 9,030 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.24 | % |  | SOFR+475 |  |  |  | 1,791 |  |  |  | 1,697 |  |  |  | 1,782 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 11.24 | % |  | SOFR+600 |  |  |  | 14,775 |  |  |  | 14,561 |  |  |  | 14,494 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.41 | % |  | SOFR+500 |  |  |  | 347 |  |  |  | 333 |  |  |  | 336 |
Teneo Holdings LLC |  | 7/18/2025 |  |  | Business Services |  |  | 10.45 | % |  | SOFR+525 |  |  |  | 2,268 |  |  |  | 2,266 |  |  |  | 2,263 |
The Aegis Technologies Group, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 11.86 | % |  | SOFR+600 |  |  |  | 5,616 |  |  |  | 5,570 |  |  |  | 5,504 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 12.64 | % |  | SOFR+700 |  |  |  | 5,427 |  |  |  | 5,355 |  |  |  | 5,383 |
The Vertex Companies, LLC |  | 8/30/2027 |  |  | Construction and Engineering |  |  | 10.45 | % |  | SOFR+550 |  |  |  | 5,536 |  |  |  | 5,450 |  |  |  | 5,436 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.76 | % |  | SOFR+550 |  |  |  | 8,677 |  |  |  | 8,569 |  |  |  | 8,608 |
TVC Enterprises, LLC |  | 3/26/2026 |  |  | Diversified Consumer Services |  |  | 10.95 | % |  | SOFR+600 |  |  |  | 14,604 |  |  |  | 14,492 |  |  |  | 14,385 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.65 | % |  | SOFR+625 |  |  |  | 5,468 |  |  |  | 5,455 |  |  |  | 5,468 |
Tyto Athene, LLC (New Issue) |  | 4/1/2028 |  |  | IT Services |  |  | 10.54 | % |  | SOFR+550 |  |  |  | 14,670 |  |  |  | 14,562 |  |  |  | 13,555 |
UBEO, LLC |  | 4/3/2024 |  |  | Capital Equipment |  |  | 9.95 | % |  | SOFR+450 |  |  |  | 17,204 |  |  |  | 17,162 |  |  |  | 16,774 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 11.36 | % |  | SOFR+665 |  |  |  | 6,910 |  |  |  | 6,783 |  |  |  | 6,768 |
Walker Edison Furniture Company LLC |  | 3/31/2027 |  |  | Wholesale |  |  | 12.02 | % |  | SOFR+635 |  |  |  | 3,331 |  |  |  | 3,331 |  |  |  | 3,331 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility |  | 3/31/2027 |  |  | Wholesale |  |  | 11.44 | % |  | SOFR+625 |  |  |  | 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 |  |  | 11.14 | % |  | SOFR+575 |  |  |  | 10,592 |  |  |  | 10,511 |  |  |  | 10,354 |
Zips Car Wash, LLC |  | 3/1/2024 |  |  | Automobiles |  |  | 12.45 | % |  | SOFR+725 |  |  |  | 16,830 |  |  |  | 16,714 |  |  |  | 16,452 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 823,714 |  |  |  | 802,474 |
Equity Securities - 0.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 306 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  |  |  |  |  |  |  | 36 |  |  |  | 3,393 |  |  |  | 2,437 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,393 |  |  |  | 2,743 |
Total Investments - 1,469.6% |  |  |  |  |  |  |  |  |  |  |  | 827,107 |  |  |  | 805,217 |
Cash and Cash Equivalents - 69.3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,943 |  |  |  | 37,943 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,943 |  |  |  | 37,943 |
Total Investments and Cash Equivalents —1,329.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 865,050 |  |  | $ | 843,161 |
Liabilities in Excess of Other Assets — (1,229.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (788,371 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,790 |
cash a (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 arpennante 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) 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 |  | 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 |
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 - 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 —1,395.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 804,005 |  |  | $ | 788,427 |
Liabilities in Excess of Other Assets — (1,295.6)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (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) 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.
Consolidated Statements of Assets and Liabilities for PSSL | Below are the consolidated statements of assets and liabilities for PSSL ($ in thousands):
|  | June 30, 2023 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2022 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$827,107 and $770,280, respectively) | $ |  | 805,217 |  |  | $ |  | 754,722 |
Cash and cash equivalents (cost—$37,943 and $33,725, respectively) |  |  | 37,943 |  |  |  |  | 33,705 |
Interest receivable |  |  | 4,556 |  |  |  |  | 3,025 |
Receivable for investment sold |  |  | — |  |  |  |  | 3,637 |
Prepaid expenses and other assets |  |  | 724 |  |  |  |  | 1,722 |
Total assets |  |  | 848,440 |  |  |  |  | 796,811 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 41,300 |  |  |  |  | 259,500 |
2032 Asset-backed debt, net (par—$246,000) |  |  | 243,821 |  |  |  |  | 243,365 |
2035 Asset-backed debt, net (par—$246,000) |  |  | 243,370 |  |  |  |  | — |
Notes payable to members |  |  | 240,100 |  |  |  |  | 217,350 |
Payable for investments purchased |  |  | 8,950 |  |  |  |  | 10,414 |
Interest payable on notes to members |  |  | 6,363 |  |  |  |  | 4,719 |
Interest payable on Credit facility and asset backed debt |  |  | 9,000 |  |  |  |  | 3,817 |
Accrued expenses |  |  | 746 |  |  |  |  | 1,150 |
Total liabilities |  |  | 793,650 |  |  |  |  | 740,315 |
Commitments and contingencies(1) |  |  |  |  |  |  |
Members' equity |  |  | 54,790 |  |  |  |  | 56,496 |
Total liabilities and members' equity | $ |  | 848,440 |  |  | $ |  | 796,811 |
(1) As of June 30, 2023 and September 30, 2022, PSSL had unfunded commitments to fund investments of $2.0 million and $2.5 million, respectively.
Consolidated Statements of Operations for PSSL | Below are the consolidated statements of operations for PSSL ($ in thousands):
|  | Three months ended June 30, |  |  | Nine months ended June 30, |
|  | 2023 |  |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Investment income: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 23,373 |  |  |  | $ | 13,535 |  |  | $ | 64,282 |  |  | $ | 36,467 |
Other income |  |  | 373 |  |  |  |  | 65 |  |  |  | 930 |  |  |  | 1,084 |
Total investment income |  |  | 23,746 |  |  |  |  | 13,600 |  |  |  | 65,212 |  |  |  | 37,551 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 12,094 |  |  |  |  | 4,667 |  |  |  | 30,413 |  |  |  | 11,514 |
Interest expense on notes to members |  |  | 7,986 |  |  |  |  | 4,510 |  |  |  | 22,159 |  |  |  | 11,704 |
Administration fees |  |  | 529 |  |  |  |  | 300 |  |  |  | 1,553 |  |  |  | 900 |
General and administrative expenses |  |  | 193 |  |  |  |  | 289 |  |  |  | 773 |  |  |  | 867 |
Total expenses |  |  | 20,802 |  |  |  |  | 9,766 |  |  |  | 54,898 |  |  |  | 24,985 |
Net investment income |  |  | 2,944 |  |  |  |  | 3,834 |  |  |  | 10,314 |  |  |  | 12,566 |
Realized and unrealized gain (loss) on investments and credit facility foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) on: |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | 93 |  |  |  |  | (24 | ) |  |  | (5,852 | ) |  |  | (14,956 | )
Credit facility foreign currency translation |  |  | — |  |  |  |  | — |  |  |  | (10 | ) |  |  | — |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | (4,442 | ) |  |  |  | (5,232 | ) |  |  | (6,308 | ) |  |  | 6,325 |
Net change in unrealized appreciation (depreciation) on investments and credit facility foreign currency translation |  |  | (4,442 | ) |  |  |  | (5,232 | ) |  |  | (6,308 | ) |  |  | 6,325 |
Net realized and unrealized gain (loss) from investments and credit facility foreign currency translation |  |  | (4,349 | ) |  |  |  | (5,256 | ) |  |  | (12,170 | ) |  |  | (8,631 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | (1,405 | ) |  |  | $ | (1,422 | ) |  | $ | (1,856 | ) |  | $ | 3,935 |
(*) 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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