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Investments (Tables) | 12 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments and Cash and Cash Equivalents | Investments and cash and cash equivalents consisted of the following (in thousands):
|  | September 30, 2024 |  |  | September 30, 2023 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 1,521,496 |  |  | $ | 1,509,048 |  |  | $ | 708,452 |  |  | $ | 696,078 |
First lien in PSSL |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 210,088 |  |  |  | 210,088 |
Second lien |  |  | — |  |  |  | — |  |  |  | 1,113 |  |  |  | 149 |
Subordinated Debt |  |  | 2,632 |  |  |  | 2,693 |  |  |  | — |  |  |  | — |
Equity |  |  | 131,312 |  |  |  | 177,635 |  |  |  | 83,188 |  |  |  | 109,978 |
Equity interests in PSSL |  |  | 101,850 |  |  |  | 56,478 |  |  |  | 90,038 |  |  |  | 50,881 |
Total investments |  |  | 1,994,940 |  |  |  | 1,983,504 |  |  |  | 1,092,878 |  |  |  | 1,067,174 |
Cash and cash equivalents |  |  | 112,046 |  |  |  | 112,050 |  |  |  | 100,555 |  |  |  | 100,555 |
Total investments and cash and cash equivalents |  | $ | 2,106,986 |  |  | $ | 2,095,554 |  |  | $ | 1,193,433 |  |  | $ | 1,167,729 |
Schedule of Investments by Industry Classification and Enumerates Percentage, by Fair Value, of Total Portfolio Assets Excluding Cash and Cash Equivalents | The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries:
Industry Classification |  | September 30, 2024 (1) |  |  | September 30, 2023 (1) |
Professional Services |  |  | 8 | % |  |  | 7 | %
Aerospace and Defense |  |  | 7 |  |  |  | 6 |
Healthcare Providers and Services |  |  | 6 |  |  |  | 9 |
IT Services |  |  | 6 |  |  |  | 4 |
Personal Products |  |  | 6 |  |  |  | 8 |
Diversified Consumer Services |  |  | 5 |  |  |  | 3 |
Healthcare Technology |  |  | 5 |  |  |  | 4 |
Media |  |  | 5 |  |  |  | 9 |
Leisure Products |  |  | 4 |  |  |  | 1 |
Construction & Engineering |  |  | 4 |  |  |  | 1 |
Distributors |  |  | 4 |  |  |  | 3 |
Electronic Equipment, Instruments, and Components |  |  | 4 |  |  |  | 3 |
Commercial Services & Supplies |  |  | 4 |  |  |  | 4 |
High Tech Industries |  |  | 4 |  |  |  | 5 |
Media: Diversified and Production |  |  | 4 |  |  |  | 6 |
Business Services |  |  | 3 |  |  |  | 2 |
Auto Components |  |  | 2 |  |  |  | 0 |
Healthcare, Education and Childcare |  |  | 2 |  |  |  | 0 |
Construction and Building |  |  | 1 |  |  |  | 3 |
Internet Software and Services |  |  | 1 |  |  |  | 1 |
Capital Equipment |  |  | 1 |  |  |  | 2 |
Chemicals, Plastics and Rubber |  |  | 1 |  |  |  | 2 |
Diversified Financial Services |  |  | 1 |  |  |  | 1 |
Marketing Services |  |  | 1 |  |  |  | 0 |
Healthcare Equipment and Supplies |  |  | 1 |  |  |  | 1 |
Building Products |  |  | 1 |  |  |  | 0 |
Hotels, Restaurants and Leisure |  |  | 1 |  |  |  | 2 |
Consumer Services |  |  | 1 |  |  |  | 2 |
Automobiles |  |  | 1 |  |  |  | 2 |
Food Products |  |  | 1 |  |  |  | 1 |
Metals and Mining |  |  | 1 |  |  |  | 0 |
Financial Services |  |  | 1 |  |  |  | 1 |
Specialty Retail |  |  | 1 |  |  |  | 0 |
All Other |  |  | 2 |  |  | 7 |
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):
|  | September 30, 2024 |  |  | September 30, 2023 |
Total investments |  | $ | 913,281 |  |  | $ | 785,859 |
Weighted average cost yield on income producing investments |  |  | 11.4 | % |  |  | 12.1 | %
Number of portfolio companies in PSSL |  |  | 109 |  |  |  | 105 |
Largest portfolio company investment |  | $ | 21,274 |  |  | $ | 18,463 |
Total of five largest portfolio company investments |  | $ | 97,292 |  |  | $ | 83,365 |
Summary of Listing of PSSL's Individual Investments | Below is a listing of PSSL’s individual investments as of September 30, 2024 (par and $ in thousands):
Issuer Name (7) |  | Maturity |  | Industry |  | Current Coupon |  | Basis Point Spread Above Index (1) |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
First Lien Secured Debt - 1,404.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  | 10.95% |  | SOFR+610 |  |  | 2,903 |  |  | $ | 2,855 |  |  | $ | 2,903 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  | Business Services |  | 10.58% |  | SOFR+525 |  |  | 9,925 |  |  |  | 9,771 |  |  |  | 9,602 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  | Business Services |  | 10.83% |  | SOFR+550 |  |  | 18,762 |  |  |  | 18,434 |  |  |  | 18,837 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  | Media |  | 11.28% |  | SOFR+626 |  |  | 8,708 |  |  |  | 8,658 |  |  |  | 8,708 |
Aeronix, Inc |  | 12/18/2028 |  | Aerospace and Defense |  | 9.85% |  | SOFR+525 |  |  | 15,880 |  |  |  | 15,665 |  |  |  | 15,880 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  | 11.30% |  | SOFR+610 |  |  | 12,722 |  |  |  | 12,481 |  |  |  | 12,213 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  | Media: Advertising, Printing & Publishing |  | 10.50% |  | SOFR+590 |  |  | 4,717 |  |  |  | 4,613 |  |  |  | 4,717 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  | Media: Advertising, Printing & Publishing |  | 10.50% |  | SOFR+590 |  |  | 4,625 |  |  |  | 4,584 |  |  |  | 4,625 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  | 10.50% |  | SOFR+590 |  |  | 11,155 |  |  |  | 11,058 |  |  |  | 10,988 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  | Aerospace and Defense |  | 11.56% |  | SOFR+625 |  |  | 11,115 |  |  |  | 10,967 |  |  |  | 11,059 |
Beacon Behavioral Services, LLC |  | 6/21/2029 |  | Healthcare and Pharmaceuticals |  | 9.85% |  | SOFR+525 |  |  | 9,975 |  |  |  | 9,836 |  |  |  | 9,825 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  | 10.35% |  | SOFR+575 |  |  | 4,900 |  |  |  | 4,828 |  |  |  | 4,753 |
Big Top Holdings, LLC |  | 2/28/2030 |  | Business Services |  | 11.18% |  | SOFR+625 |  |  | 15,423 |  |  |  | 15,167 |  |  |  | 15,423 |
BioDerm, Inc. |  | 1/31/2028 |  | Healthcare and Pharmaceuticals |  | 11.70% |  | SOFR+650 |  |  | 8,888 |  |  |  | 8,797 |  |  |  | 8,776 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  | Distributors |  | 11.00% |  | SOFR+640 |  |  | 14,974 |  |  |  | 14,779 |  |  |  | 14,718 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  | Aerospace and Defense |  | 10.60% |  | SOFR+600 |  |  | 5,546 |  |  |  | 5,523 |  |  |  | 5,435 |
Broder Bros., Co. |  | 12/4/2025 |  | Consumer Products |  | 10.97% |  | SOFR+611 |  |  | 2,274 |  |  |  | 2,274 |  |  |  | 2,274 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  | Automotive |  | 10.20% |  | SOFR+535 |  |  | 442 |  |  |  | 417 |  |  |  | 416 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  | High Tech Industries |  | 12.18% |  | SOFR+698 |  |  | 13,084 |  |  |  | 13,059 |  |  |  | 13,084 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  | Media: Advertising, Printing & Publishing |  | 10.60% |  | SOFR+550 |  |  | 15,243 |  |  |  | 15,025 |  |  |  | 15,015 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  | Distributors |  | 10.35% |  | SOFR+575 |  |  | 9,539 |  |  |  | 9,431 |  |  |  | 9,539 |
CF512, Inc. |  | 8/20/2026 |  | Media |  | 11.21% |  | SOFR+619 |  |  | 6,751 |  |  |  | 6,682 |  |  |  | 6,649 |
Confluent Health, LLC |  | 10/28/2028 |  | Healthcare and Pharmaceuticals |  | 8.96% |  | SOFR+400 |  |  | 6,708 |  |  |  | 6,506 |  |  |  | 6,540 |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  | 10.53% |  | SOFR+561 |  |  | 3,775 |  |  |  | 3,734 |  |  |  | 3,775 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  | 10.71% |  | SOFR+586 |  |  | 2,068 |  |  |  | 2,051 |  |  |  | 2,052 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  | 9.95% |  | SOFR+535 |  |  | 14,562 |  |  |  | 14,398 |  |  |  | 14,562 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  | 10.20% |  | SOFR+535 |  |  | 2,600 |  |  |  | 2,420 |  |  |  | 2,509 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  | 11.20% |  | SOFR+635 |  |  | 13,805 |  |  |  | 13,788 |  |  |  | 13,694 |
Dynata, LLC - First Out Term Loan (6) |  | 7/15/2028 |  | Diversified Consumer Services |  | 10.38% |  | SOFR+526 |  |  | 1,360 |  |  |  | 1,264 |  |  |  | 1,358 |
Dynata, LLC - Last Out Term Loan |  | 10/15/2028 |  | Diversified Consumer Services |  | 10.88% |  | SOFR+576 |  |  | 8,439 |  |  |  | 8,439 |  |  |  | 7,769 |
ECL Entertainment, LLC |  | 8/31/2030 |  | Hotel, Gaming and Leisure |  | 8.85% |  | SOFR+400 |  |  | 4,963 |  |  |  | 4,894 |  |  |  | 4,973 |
EDS Buyer, LLC |  | 1/10/2029 |  | Electronic Equipment, Instruments, and Components |  | 10.35% |  | SOFR+575 |  |  | 8,865 |  |  |  | 8,763 |  |  |  | 8,732 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  | 11.20% |  | SOFR+635 |  |  | 12,546 |  |  |  | 12,418 |  |  |  | 12,484 |
ETE Intermediate II, LLC |  | 5/29/2029 |  | Diversified Consumer Services |  | 11.56% |  | SOFR+650 |  |  | 12,249 |  |  |  | 12,032 |  |  |  | 12,249 |
Eval Home Solutions Intermediate, LLC |  | 5/10/2030 |  | Healthcare and Pharmaceuticals |  | 10.60% |  | SOFR+575 |  |  | 9,268 |  |  |  | 9,132 |  |  |  | 9,176 |
Fairbanks More Defense |  | 6/17/2028 |  | Aerospace and Defense |  | 9.65% |  | SOFR+450 |  |  | 10,117 |  |  |  | 10,071 |  |  |  | 10,128 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  | 11.43% |  | SOFR+615 |  |  | 3,696 |  |  |  | 3,689 |  |  |  | 3,511 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  | 10.45% |  | SOFR+560 |  |  | 3,723 |  |  |  | 3,686 |  |  |  | 3,685 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  | 10.20% |  | SOFR+560 |  |  | 2,153 |  |  |  | 2,131 |  |  |  | 2,110 |
HEC Purchaser Corp |  | 6/17/2029 |  | Healthcare and Pharmaceuticals |  | 9.75% |  | SOFR+550 |  |  | 3,691 |  |  |  | 3,648 |  |  |  | 3,665 |
Hills Distribution, Inc |  | 11/8/2029 |  | Business Services |  | 11.11% |  | SOFR+600 |  |  | 8,957 |  |  |  | 8,835 |  |  |  | 8,868 |
HW Holdco, LLC |  | 5/10/2026 |  | Media |  | 11.18% |  | SOFR+590 |  |  | 3,486 |  |  |  | 3,475 |  |  |  | 3,486 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  | 10.20% |  | SOFR+510 |  |  | 9,154 |  |  |  | 9,018 |  |  |  | 9,108 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  | 11.45% |  | SOFR+685 |  |  | 6,029 |  |  |  | 5,932 |  |  |  | 6,089 |
Integrative Nutrition, LLC |  | 1/31/2025 |  | Diversified Consumer Services |  | 11.75% |  | SOFR+715 |  |  | 11,287 |  |  |  | 11,274 |  |  |  | 9,707 |
|  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |
Inventus Power, Inc. |  | 6/30/2025 |  | Consumer Goods: Durable |  | 12.46% |  | SOFR+761 |  |  | 8,164 |  |  |  | 8,094 |  |  |  | 8,041 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  | 10.58% |  | SOFR+565 |  |  | 3,900 |  |  |  | 3,855 |  |  |  | 3,900 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  | 10.75% |  | SOFR+615 |  |  | 13,492 |  |  |  | 13,289 |  |  |  | 13,492 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  | 12.94% |  | SOFR+785 |  |  | 14,731 |  |  |  | 14,539 |  |  |  | 14,584 |
|  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (6) |  | 10/31/2025 |  | Capital Equipment |  | 11.42% |  | SOFR+643 |  |  | 12,125 |  |  |  | 12,102 |  |  |  | 11,907 |
LAV Gear Holdings, Inc. - Term Loan Incremental |  | 10/31/2025 |  | Capital Equipment |  | 11.64% |  | SOFR+640 |  |  | 2,861 |  |  |  | 2,856 |  |  |  | 2,810 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  | 10.15% |  | SOFR+535 |  |  | 11,330 |  |  |  | 11,258 |  |  |  | 11,330 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  | Environmental Industries |  | 10.48% |  | SOFR+525 |  |  | 2,559 |  |  |  | 2,516 |  |  |  | 2,559 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  | Consumer Products |  | 11.10% |  | SOFR+650 |  |  | 7,407 |  |  |  | 7,288 |  |  |  | 7,296 |
Lucky Bucks, LLC - First-Out Term Loan (6) |  | 10/2/2028 |  | Hotel, Gaming and Leisure |  | 12.77% |  | SOFR+765 |  |  | 259 |  |  |  | 259 |  |  |  | 259 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  | Hotel, Gaming and Leisure |  | 12.77% |  | SOFR+765 |  |  | 518 |  |  |  | 518 |  |  |  | 518 |
MAG DS Corp |  | 4/1/2027 |  | Aerospace and Defense |  | 10.20% |  | SOFR+550 |  |  | 2,218 |  |  |  | 2,143 |  |  |  | 2,085 |
Magenta Buyer, LLC - First-Out Term Loan |  | 7/31/2028 |  | Software |  | 12.13% |  | SOFR+701 |  |  | 357 |  |  |  | 357 |  |  |  | 337 |
Magenta Buyer, LLC - Second-Out Term Loan |  | 7/31/2028 |  | Software |  | 12.38% |  | SOFR+801 |  |  | 452 |  |  |  | 452 |  |  |  | 310 |
Magenta Buyer, LLC - Third-Out Term Loan |  | 7/31/2028 |  | Software |  | 11.63% |  | SOFR+726 |  |  | 1,675 |  |  |  | 1,675 |  |  |  | 490 |
Marketplace Events, LLC - Super Priority First Lien Term Loan (6) |  | 9/30/2025 |  | Media: Diversified and Production |  | 10.38% |  | SOFR+540 |  |  | 1,845 |  |  |  | 1,845 |  |  |  | 1,845 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)(6) |  | 9/30/2025 |  | Media: Diversified and Production |  | 0.00% |  |  |  |  | 564 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC (6) |  | 9/30/2026 |  | Media: Diversified and Production |  | 10.53% |  | SOFR+525 |  |  | 4,837 |  |  |  | 4,068 |  |  |  | 4,837 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  | 10.59% |  | SOFR+585 |  |  | 7,256 |  |  |  | 7,183 |  |  |  | 7,256 |
MBS Holdings, Inc. (New Issue) - Incremental |  | 4/16/2027 |  | Internet Software and Services |  | 11.34% |  | SOFR+660 |  |  | 523 |  |  |  | 514 |  |  |  | 528 |
MBS Holdings, Inc. (New Issue) - Second Incremental |  | 4/16/2027 |  | Internet Software and Services |  | 11.09% |  | SOFR+635 |  |  | 551 |  |  |  | 543 |  |  |  | 554 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  | 10.60% |  | SOFR+575 |  |  | 4,900 |  |  |  | 4,829 |  |  |  | 4,851 |
MDI Buyer, Inc. - Incremental |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  | 11.25% |  | SOFR+600 |  |  | 1,416 |  |  |  | 1,395 |  |  |  | 1,409 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  | 10.50% |  | SOFR+590 |  |  | 2,348 |  |  |  | 2,319 |  |  |  | 2,289 |
Medina Health, LLC |  | 10/20/2028 |  | Healthcare and Pharmaceuticals |  | 10.85% |  | SOFR+625 |  |  | 19,199 |  |  |  | 18,911 |  |  |  | 19,199 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  | Electronic Equipment, Instruments, and Components |  | 9.85% |  | SOFR+525 |  |  | 15,671 |  |  |  | 15,453 |  |  |  | 14,794 |
Mission Critical Electronics, Inc. |  | 3/31/2025 |  | Capital Equipment |  | 10.50% |  | SOFR+590 |  |  | 5,551 |  |  |  | 5,551 |  |  |  | 5,551 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  | Business Services |  | 10.35% |  | SOFR+575 |  |  | 13,067 |  |  |  | 12,891 |  |  |  | 12,871 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  | Distributors |  | 9.75% |  | SOFR+515 |  |  | 3,395 |  |  |  | 3,355 |  |  |  | 3,395 |
Issuer Name (7) |  | Maturity |  | Industry |  | Current Coupon |  | Basis Point Spread Above Index (1) |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
NBH Group LLC |  | 8/19/2026 |  | Healthcare, Education & Childcare |  | 11.05% |  | SOFR+585 |  |  | 10,602 |  |  |  | 10,504 |  |  |  | 10,284 |
NORA Acquisition, LLC |  | 8/31/2029 |  | Healthcare Providers and Services |  | 10.95% |  | SOFR+635 |  |  | 21,274 |  |  |  | 20,913 |  |  |  | 21,274 |
One Stop Mailing, LLC |  | 5/7/2027 |  | Air Freight and Logistics |  | 11.21% |  | SOFR+636 |  |  | 15,682 |  |  |  | 15,480 |  |  |  | 15,682 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  | Consumer Finance |  | 14.00% |  | SOFR+940 |  |  | 2,140 |  |  |  | 2,124 |  |  |  | 1,819 |
|  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  | Business Services |  | 13.75% |  | SOFR+843 |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  | Business Services |  | 12.00% |  | SOFR+668 |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Owl Acquisition, LLC |  | 2/4/2028 |  | Professional Services |  | 10.20% |  | SOFR+535 |  |  | 3,893 |  |  |  | 3,842 |  |  |  | 3,825 |
Ox Two, LLC |  | 5/18/2026 |  | Construction and Building |  | 11.12% |  | SOFR+651 |  |  | 4,307 |  |  |  | 4,282 |  |  |  | 4,307 |
Pacific Purchaser, LLC |  | 9/30/2028 |  | Business Services |  | 11.51% |  | SOFR+625 |  |  | 11,938 |  |  |  | 11,745 |  |  |  | 11,914 |
PCS Midco, Inc |  | 3/1/2030 |  | Diversified Consumer Services |  | 10.81% |  | SOFR+575 |  |  | 3,871 |  |  |  | 3,818 |  |  |  | 3,871 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  | Wholesale |  | 10.17% |  | SOFR+543 |  |  | 9,391 |  |  |  | 9,289 |  |  |  | 9,302 |
PL Acquisitionco, LLC |  | 11/9/2027 |  | Textiles, Apparel and Luxury Goods |  | 11.99% |  | SOFR+725 |  |  | 7,816 |  |  |  | 7,733 |  |  |  | 6,253 |
|  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |
Pragmatic Institute, LLC (5) |  | 7/6/2028 |  | Education |  | 12.35% |  | SOFR+750 |  |  | 11,855 |  |  |  | 11,480 |  |  |  | 7,261 |
|  |  |  |  |  | (PIK 12.35%) |  |  |  |  |  |  |  |  |  |  |
Quantic Electronics, LLC |  | 11/19/2026 |  | Aerospace and Defense |  | 10.95% |  | SOFR+635 |  |  | 2,775 |  |  |  | 2,758 |  |  |  | 2,761 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  | Healthcare Providers and Services |  | 10.85% |  | SOFR+560 |  |  | 1,016 |  |  |  | 1,016 |  |  |  | 1,016 |
Reception Purchaser, LLC |  | 2/28/2028 |  | Air Freight and Logistics |  | 10.75% |  | SOFR+615 |  |  | 4,875 |  |  |  | 4,828 |  |  |  | 3,656 |
Recteq, LLC |  | 1/29/2026 |  | Leisure Products |  | 11.75% |  | SOFR+715 |  |  | 4,825 |  |  |  | 4,796 |  |  |  | 4,777 |
RTIC Subsidiary Holdings, LLC |  | 5/3/2029 |  | Consumer Goods: Durable |  | 10.35% |  | SOFR+575 |  |  | 9,975 |  |  |  | 9,830 |  |  |  | 9,776 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  | High Tech Industries |  | 10.35% |  | SOFR+575 |  |  | 4,336 |  |  |  | 4,266 |  |  |  | 4,282 |
Safe Haven Defense US, LLC |  | 5/23/2029 |  | Construction and Building |  | 9.85% |  | SOFR+525 |  |  | 9,973 |  |  |  | 9,830 |  |  |  | 9,873 |
Sales Benchmark Index LLC |  | 1/3/2025 |  | Professional Services |  | 10.80% |  | SOFR+620 |  |  | 9,268 |  |  |  | 9,260 |  |  |  | 9,268 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  | Wholesale |  | 12.45% |  | SOFR+760 |  |  | 4,916 |  |  |  | 4,906 |  |  |  | 4,916 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  | Business Services |  | 13.20% |  | SOFR+835 |  |  | 12,388 |  |  |  | 12,387 |  |  |  | 12,078 |
|  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  | Chemicals, Plastics and Rubber |  | 10.75% |  | SOFR+615 |  |  | 4,900 |  |  |  | 4,842 |  |  |  | 4,729 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  | Aerospace and Defense |  | 11.50% |  | SOFR+690 |  |  | 18,620 |  |  |  | 18,370 |  |  |  | 18,434 |
Simplicity Financial Marketing Group Holdings, Inc |  | 12/2/2026 |  | Diversified Financial Services |  | 11.00% |  | SOFR+640 |  |  | 11,359 |  |  |  | 11,206 |  |  |  | 11,472 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  | Business Services |  | 9.46% |  | SOFR+461 |  |  | 1,290 |  |  |  | 1,268 |  |  |  | 1,289 |
Smartronix, LLC |  | 11/23/2028 |  | Aerospace and Defense |  | 10.35% |  | SOFR+610 |  |  | 4,863 |  |  |  | 4,800 |  |  |  | 4,863 |
Smile Brands Inc. |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  | 10.20% |  | SOFR+550 |  |  | 11,887 |  |  |  | 11,860 |  |  |  | 10,520 |
|  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |
Solutionreach, Inc. |  | 7/17/2025 |  | Healthcare and Pharmaceuticals |  | 12.40% |  | SOFR+715 |  |  | 4,582 |  |  |  | 4,560 |  |  |  | 4,582 |
Spendmend Holdings LLC |  | 3/1/2028 |  | Healthcare Technology |  | 10.25% |  | SOFR+565 |  |  | 4,070 |  |  |  | 4,017 |  |  |  | 4,070 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  | Healthcare and Pharmaceuticals |  | 9.31% |  | SOFR+425 |  |  | 1,777 |  |  |  | 1,700 |  |  |  | 1,653 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  | Aerospace and Defense |  | 10.26% |  | SOFR+500 |  |  | 14,588 |  |  |  | 14,445 |  |  |  | 14,558 |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  | Media |  | 11.10% |  | SOFR+650 |  |  | 19,626 |  |  |  | 19,312 |  |  |  | 19,430 |
Team Services Group, LLC |  | 11/24/2028 |  | Healthcare and Pharmaceuticals |  | 9.95% |  | SOFR+500 |  |  | 343 |  |  |  | 332 |  |  |  | 338 |
Teneo Holdings, LLC |  | 3/13/2031 |  | Business Services |  | 9.60% |  | SOFR+475 |  |  | 5,473 |  |  |  | 5,418 |  |  |  | 5,490 |
The Bluebird Group LLC |  | 7/27/2026 |  | Professional Services |  | 11.25% |  | SOFR+665 |  |  | 8,521 |  |  |  | 8,427 |  |  |  | 8,521 |
The Vertex Companies, LLC |  | 8/31/2027 |  | Construction and Engineering |  | 10.95% |  | SOFR+610 |  |  | 7,636 |  |  |  | 7,538 |  |  |  | 7,639 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  | Consumer Goods: Non-Durable |  | 10.84% |  | SOFR+565 |  |  | 16,524 |  |  |  | 16,394 |  |  |  | 16,524 |
Transgo, LLC |  | 12/29/2028 |  | Automotive |  | 10.60% |  | SOFR+575 |  |  | 18,552 |  |  |  | 18,293 |  |  |  | 18,552 |
TWS Acquisition Corporation |  | 6/16/2025 |  | Diversified Consumer Services |  | 11.33% |  | SOFR+640 |  |  | 943 |  |  |  | 943 |  |  |  | 943 |
Tyto Athene, LLC |  | 4/1/2028 |  | IT Services |  | 10.23% |  | SOFR+490 |  |  | 14,670 |  |  |  | 14,585 |  |  |  | 14,376 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  | Healthcare and Pharmaceuticals |  | 10.76% |  | SOFR+550 |  |  | 6,823 |  |  |  | 6,742 |  |  |  | 6,755 |
Walker Edison Furniture Company LLC (4)(6) |  | 3/1/2029 |  | Wholesale |  | 0.00% |  |  |  |  | 5,441 |  |  |  | 4,986 |  |  |  | 490 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6) |  | 3/1/2029 |  | Wholesale |  | 0.00% |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6) |  | 3/1/2029 |  | Wholesale |  | 0.00% |  |  |  |  | 83 |  |  |  | - |  |  |  | (76 | )
Watchtower Buyer, LLC |  | 12/3/2029 |  | Diversified Consumer Services |  | 10.60% |  | SOFR+600 |  |  | 12,189 |  |  |  | 12,007 |  |  |  | 12,067 |
Wildcat Buyerco, Inc. |  | 2/27/2027 |  | Electronic Equipment, Instruments, and Components |  | 10.60% |  | SOFR+575 |  |  | 16,014 |  |  |  | 15,916 |  |  |  | 16,014 |
Zips Car Wash, LLC |  | 12/31/2024 |  | Automobiles |  | 12.46% |  | SOFR+740 |  |  | 16,736 |  |  |  | 16,722 |  |  |  | 15,983 |
|  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  | 920,485 |  |  |  | 906,532 |
Equity Securities - 10.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Insight Holdings, Inc. |  |  |  | Diversified Consumer Services |  |  |  |  |  |  | 116 |  |  |  | 2,031 |  |  |  | 2,031 |
Lucky Bucks, LLC |  |  |  | Hotel, Gaming and Leisure |  |  |  |  |  |  | 74 |  |  |  | 2,062 |  |  |  | 904 |
New MPE Holdings, LLC |  |  |  | Media: Diversified and Production |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 2,710 |
Output Services Group, Inc |  |  |  | Business Services |  |  |  |  |  |  | 126 |  |  |  | 1,012 |  |  |  | 1,104 |
Walker Edison Furniture - Common Equity |  |  |  | Wholesale |  |  |  |  |  |  | 36 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,498 |  |  |  | 6,749 |
Total Investments - 1,415.0% |  |  |  |  |  |  |  |  |  | 928,983 |  |  |  | 913,281 |
Cash and Cash Equivalents - 106.0% |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Investments and Cash Equivalents —1,521.0% |  |  |  |  |  |  |  |  |  |  |  |  | $ | 997,412 |  |  | $ | 981,710 |
Liabilities in Excess of Other Assets — (1,421.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (917,163 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 64,547 |
(1) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any. (2) Valued based on PSSL’s accounting policy. (3) Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded. (4) Non-accrual security. (5) Partial PIK non-accrual security. (6) The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. (7) All investments are in US Companies unless noted otherwise. Below is a listing of PSSL’s individual investments as of September 30, 2023 (Par and $ in thousands):
Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  | Par |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 1,347.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.84 | % |  | SOFR+660 |  |  | 2,940 |  |  | $ | 2,886 |  |  | $ | 2,925 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  | Media |  |  | 11.65 | % |  | SOFR+626 |  |  | 8,798 |  |  |  | 8,723 |  |  |  | 8,754 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  |  | 11.24 | % |  | SOFR+600 |  |  | 12,852 |  |  |  | 12,535 |  |  |  | 12,338 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 11.04 | % |  | SOFR+550 |  |  | 5,001 |  |  |  | 4,971 |  |  |  | 4,913 |
Anteriad Holdings Inc (fka MeritDirect) March 2023 |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 12.04 | % |  | SOFR+650 |  |  | 4,875 |  |  |  | 4,817 |  |  |  | 4,814 |
Any Hour Services |  | 7/21/2027 |  | Professional Services |  |  | 11.59 | % |  | SOFR+585 |  |  | 7,510 |  |  |  | 7,348 |  |  |  | 7,360 |
Apex Service Partners, LLC |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.52 | % |  | SOFR+525 |  |  | 1,002 |  |  |  | 1,002 |  |  |  | 1,000 |
Apex Service Partners, LLC Term Loan B |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 11.04 | % |  | SOFR+550 |  |  | 2,187 |  |  |  | 2,187 |  |  |  | 2,181 |
Apex Service Partners, LLC Term Loan C |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.69 | % |  | SOFR+525 |  |  | 11,013 |  |  |  | 10,972 |  |  |  | 10,985 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.54 | % |  | SOFR+615 |  |  | 9,579 |  |  |  | 9,475 |  |  |  | 9,387 |
Applied Technical Services, LLC - DDTL Unfunded (3) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  |  |  |  |  |  | 194 |  |  |  | - |  |  |  | (2 | )
Arcfield Acquisition Corp. |  | 8/3/2029 |  | Aerospace and Defense |  |  | 11.62 | % |  | SOFR+625 |  |  | 9,218 |  |  |  | 9,093 |  |  |  | 9,126 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  |  | 11.14 | % |  | SOFR+575 |  |  | 4,950 |  |  |  | 4,863 |  |  |  | 4,604 |
BioDerm, Inc. |  | 1/31/2028 |  | Healthcare and Pharmaceuticals |  |  | 11.83 | % |  | SOFR+650 |  |  | 8,978 |  |  |  | 8,874 |  |  |  | 8,933 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  | Distributors |  |  | 11.79 | % |  | SOFR+640 |  |  | 15,132 |  |  |  | 14,928 |  |  |  | 14,905 |
Broder Bros., Co. |  | 12/4/2025 |  | Consumer Products |  |  | 11.50 | % |  | SOFR+626 |  |  | 2,349 |  |  |  | 2,349 |  |  |  | 2,349 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  | Automotive |  |  | 10.67 | % |  | SOFR+525 |  |  | 447 |  |  |  | 418 |  |  |  | 420 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  | High Tech Industries |  |  | 12.43 | % |  | SOFR+688 |  |  | 13,821 |  |  |  | 13,778 |  |  |  | 13,579 |
Cadence Aerospace, LLC |  | 11/14/2023 |  | Aerospace and Defense |  |  | 12.07 | % |  | SOFR+665 |  |  | 4,011 |  |  |  | 4,010 |  |  |  | 4,011 |
|  |  |  |  |  | (PIK 2.00%) |  |  |  |  |  |  |  |  |  |  |  |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  | Distributors |  |  | 11.39 | % |  | SOFR+600 |  |  | 9,636 |  |  |  | 9,509 |  |  |  | 9,636 |
CF512, Inc. |  | 8/20/2026 |  | Media |  |  | 11.60 | % |  | SOFR+619 |  |  | 6,820 |  |  |  | 6,722 |  |  |  | 6,684 |
CHA Holdings, Inc. |  | 4/10/2025 |  | Construction and Engineering |  |  | 10.15 | % |  | SOFR+476 |  |  | 5,499 |  |  |  | 5,455 |  |  |  | 5,499 |
Challenger Performance Optimization, Inc. |  | 8/31/2024 |  | Business Services |  |  | 12.18 | % |  | SOFR+675 |  |  | 9,232 |  |  |  | 9,201 |  |  |  | 8,955 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |
Confluent Health, LLC |  | 10/28/2028 |  | Healthcare and Pharmaceuticals |  |  | 9.32 | % |  | SOFR+400 |  |  | 6,797 |  |  |  | 6,559 |  |  |  | 6,445 |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  |  | 11.16 | % |  | SOFR+576 |  |  | 3,815 |  |  |  | 3,762 |  |  |  | 3,681 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  |  | 10.90 | % |  | SOFR+551 |  |  | 2,089 |  |  |  | 2,067 |  |  |  | 2,079 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  |  | 11.24 | % |  | SOFR+585 |  |  | 14,712 |  |  |  | 14,511 |  |  |  | 14,712 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 10.67 | % |  | SOFR+525 |  |  | 2,627 |  |  |  | 2,418 |  |  |  | 2,394 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  |  | 11.79 | % |  | SOFR+640 |  |  | 14,429 |  |  |  | 14,376 |  |  |  | 14,256 |
Duraco Specialty Tapes LLC |  | 6/30/2024 |  | Containers and Packaging |  |  | 11.89 | % |  | SOFR+650 |  |  | 10,904 |  |  |  | 10,838 |  |  |  | 10,740 |
ECL Entertainment, LLC |  | 8/31/2030 |  | Hotel, Gaming and Leisure |  |  | 10.07 | % |  | SOFR+475 |  |  | 5,000 |  |  |  | 4,900 |  |  |  | 4,985 |
EDS Buyer, LLC |  | 1/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | 11.64 | % |  | SOFR+625 |  |  | 8,955 |  |  |  | 8,833 |  |  |  | 8,821 |
Electro Rent Corporation |  | 1/17/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 11.00 | % |  | SOFR+550 |  |  | 2,219 |  |  |  | 2,200 |  |  |  | 2,171 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  |  | 11.17 | % |  | SOFR+585 |  |  | 12,675 |  |  |  | 12,505 |  |  |  | 12,422 |
ETE Intermediate II, LLC |  | 5/29/2029 |  | Diversified Consumer Services |  |  | 11.89 | % |  | SOFR+650 |  |  | 12,404 |  |  |  | 12,154 |  |  |  | 12,193 |
Fairbanks Morse Defense |  | 6/17/2028 |  | Aerospace and Defense |  |  | 10.40 | % |  | SOFR+475 |  |  | 10,195 |  |  |  | 10,143 |  |  |  | 10,114 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  |  | 11.96 | % |  | SOFR+660 |  |  | 3,736 |  |  |  | 3,724 |  |  |  | 3,549 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  |  | 10.99 | % |  | SOFR+575 |  |  | 2,345 |  |  |  | 2,316 |  |  |  | 2,322 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.92 | % |  | SOFR+560 |  |  | 2,250 |  |  |  | 2,217 |  |  |  | 2,194 |
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.32 | % |  | SOFR+585 |  |  | 4,913 |  |  |  | 4,838 |  |  |  | 4,913 |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 11.75 | % |  | SOFR+640 |  |  | 3,014 |  |  |  | 2,988 |  |  |  | 2,968 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  |  | 10.72 | % |  | SOFR+535 |  |  | 9,248 |  |  |  | 9,075 |  |  |  | 9,110 |
Inception Fertility Ventures, LLC |  | 12/31/2024 |  | Healthcare Providers and Services |  |  | 12.51 | % |  | SOFR+715 |  |  | 16,453 |  |  |  | 16,257 |  |  |  | 16,453 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.24 | % |  | SOFR+685 |  |  | 6,090 |  |  |  | 5,979 |  |  |  | 6,090 |
Integrated Data Services |  | 8/1/2029 |  | Business Services |  |  | 11.87 | % |  | SOFR+650 |  |  | 18,904 |  |  |  | 18,532 |  |  |  | 18,463 |
Integrative Nutrition, LLC |  | 1/31/2025 |  | Diversified Consumer Services |  |  | 12.54 | % |  | SOFR+700 |  |  | 11,105 |  |  |  | 11,083 |  |  |  | 10,439 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
|  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |
Integrity Marketing Acquisition, LLC |  | 8/27/2026 |  | Insurance |  |  | 11.57 | % |  | SOFR+575 |  |  | 5,906 |  |  |  | 5,851 |  |  |  | 5,847 |
Inventus Power, Inc. |  | 6/30/2025 |  | Consumer Goods: Durable |  |  | 12.93 | % |  | SOFR+761 |  |  | 8,246 |  |  |  | 8,104 |  |  |  | 8,080 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  |  | 11.06 | % |  | SOFR+560 |  |  | 3,940 |  |  |  | 3,886 |  |  |  | 3,861 |
K2 Pure Solutions NoCal, L.P. |  | 12/20/2023 |  | Chemicals, Plastics and Rubber |  |  | 13.42 | % |  | SOFR+810 |  |  | 15,509 |  |  |  | 15,487 |  |  |  | 15,509 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.54 | % |  | SOFR+615 |  |  | 16,662 |  |  |  | 16,346 |  |  |  | 16,412 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  |  | 12.13 | % |  | SOFR+675 |  |  | 14,210 |  |  |  | 13,989 |  |  |  | 14,068 |
LAV Gear Holdings, Inc. |  | 10/31/2024 |  | Capital Equipment |  |  | 11.74 | % |  | SOFR+643 |  |  | 15,042 |  |  |  | 14,997 |  |  |  | 14,862 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  |  | 10.70 | % |  | SOFR+535 |  |  | 12,056 |  |  |  | 11,911 |  |  |  | 11,935 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  | Environmental Industries |  |  | 11.77 | % |  | SOFR+640 |  |  | 2,585 |  |  |  | 2,537 |  |  |  | 2,534 |
Loving Tan Intermediate II, Inc. |  | 5/26/2028 |  | Consumer Products |  |  | 12.39 | % |  | SOFR+700 |  |  | 7,481 |  |  |  | 7,337 |  |  |  | 7,369 |
Lucky Bucks, LLC (4) |  | 7/20/2027 |  | Hotel, Gaming and Leisure |  |  | 0.00 | % |  |  |  |  | 4,489 |  |  |  | 4,207 |  |  |  | 1,182 |
Lucky Bucks. LLC - OpCo DIP Loans |  | 9/30/2025 |  | Hotel, Gaming and Leisure |  |  | 15.33 | % |  | SOFR+1000 |  |  | 160 |  |  |  | 158 |  |  |  | 160 |
MAG DS Corp |  | 4/1/2027 |  | Aerospace and Defense |  |  | 10.99 | % |  | SOFR+550 |  |  | 2,097 |  |  |  | 2,007 |  |  |  | 1,986 |
Magenta Buyer, LLC |  | 7/31/2028 |  | Software |  |  | 10.63 | % |  | SOFR+500 |  |  | 3,006 |  |  |  | 2,845 |  |  |  | 2,228 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 647 |  |  |  | 647 |  |  |  | 647 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) |  | 9/30/2025 |  | Media: Diversified and Production |  |  |  |  |  |  |  | 589 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC |  | 9/30/2026 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 4,837 |  |  |  | 3,782 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  | Media |  |  | 11.04 | % |  | SOFR+565 |  |  | 11,588 |  |  |  | 11,476 |  |  |  | 11,472 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  |  | 11.17 | % |  | SOFR+585 |  |  | 7,859 |  |  |  | 7,758 |  |  |  | 7,749 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  |  | 11.32 | % |  | SOFR+600 |  |  | 6,380 |  |  |  | 6,271 |  |  |  | 6,244 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 11.04 | % |  | SOFR+565 |  |  | 2,372 |  |  |  | 2,336 |  |  |  | 2,312 |
Below is a listing of PSSL’s individual investments as of September 30, 2023 (continued):
Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par |  |  | Cost |  |  | Fair Value (2) |
Output Services Group, Inc. (4) |  | 6/27/2026 |  |  | Business Services |  |  | 0.00 | % |  |  | — |  |  |  | 7,759 |  |  |  | 7,689 |  |  |  | 1,513 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+575 |  |  |  | 3,893 |  |  |  | 3,832 |  |  |  | 3,834 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 12.90 | % |  | SOFR+751 |  |  |  | 4,345 |  |  |  | 4,306 |  |  |  | 4,269 |
Peaquod Merger Sub, Inc. |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.79 | % |  | SOFR+640 |  |  |  | 11,474 |  |  |  | 11,267 |  |  |  | 11,244 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.68 | % |  | SOFR+500 |  |  |  | 9,493 |  |  |  | 9,282 |  |  |  | 7,974 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.42 | % |  | SOFR+710 |  |  |  | 7,565 |  |  |  | 7,467 |  |  |  | 6,809 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 10.57 | % |  | SOFR+565 |  |  |  | 2,551 |  |  |  | 2,491 |  |  |  | 2,436 |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 11.17 | % |  | SOFR+575 |  |  |  | 11,138 |  |  |  | 10,999 |  |  |  | 10,636 |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 11.74 | % |  | SOFR+635 |  |  |  | 2,803 |  |  | $ | 2,776 |  |  | $ | 2,761 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 11.22 | % |  | SOFR+585 |  |  |  | 1,029 |  |  |  | 1,029 |  |  |  | 1,029 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 11.54 | % |  | SOFR+600 |  |  |  | 4,938 |  |  |  | 4,876 |  |  |  | 4,740 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 12.54 | % |  | SOFR+700 |  |  |  | 4,875 |  |  |  | 4,825 |  |  |  | 4,729 |
Research Now Group, LLC and Dynata, LLC |  | 12/20/2024 |  |  | Diversified Consumer Services |  |  | 11.13 | % |  | SOFR+576 |  |  |  | 12,432 |  |  |  | 12,322 |  |  |  | 10,878 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 11.52 | % |  | SOFR+625 |  |  |  | 3,749 |  |  |  | 3,676 |  |  |  | 3,692 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 11.59 | % |  | SOFR+620 |  |  |  | 9,522 |  |  |  | 9,474 |  |  |  | 9,475 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.92 | % |  | SOFR+760 |  |  |  | 5,167 |  |  |  | 5,148 |  |  |  | 5,116 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 12.52 | % |  | SOFR+715 |  |  |  | 11,791 |  |  |  | 11,777 |  |  |  | 11,407 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 11.54 | % |  | SOFR+615 |  |  |  | 4,950 |  |  |  | 4,884 |  |  |  | 4,802 |
Sigma Defense Systems, LLC |  | 12/18/2025 |  |  | Aerospace and Defense |  |  | 14.04 | % |  | SOFR+865 |  |  |  | 13,787 |  |  |  | 13,579 |  |  |  | 13,580 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.93 | % |  | SOFR+450 |  |  |  | 1,300 |  |  |  | 1,274 |  |  |  | 1,272 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 9.70 | % |  | SOFR+450 |  |  |  | 11,796 |  |  |  | 11,739 |  |  |  | 10,598 |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.37 | % |  | SOFR+700 |  |  |  | 4,582 |  |  |  | 4,577 |  |  |  | 4,563 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 4,112 |  |  |  | 4,047 |  |  |  | 4,022 |
STV Group Incorporated |  | 12/11/2026 |  |  | Construction and Building |  |  | 10.67 | % |  | SOFR+535 |  |  |  | 9,075 |  |  |  | 9,025 |  |  |  | 8,894 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | SOFR+475 |  |  |  | 1,786 |  |  |  | 1,696 |  |  |  | 1,779 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 11.49 | % |  | SOFR+600 |  |  |  | 14,738 |  |  |  | 14,540 |  |  |  | 14,575 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.75 | % |  | SOFR+500 |  |  |  | 346 |  |  |  | 333 |  |  |  | 339 |
Teneo Holdings LLC |  | 7/18/2025 |  |  | Business Services |  |  | 10.67 | % |  | SOFR+535 |  |  |  | 2,262 |  |  |  | 2,261 |  |  |  | 2,259 |
The Aegis Technologies Group, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 12.04 | % |  | SOFR+665 |  |  |  | 5,602 |  |  |  | 5,560 |  |  |  | 5,518 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 12.79 | % |  | SOFR+700 |  |  |  | 5,403 |  |  |  | 5,336 |  |  |  | 5,382 |
The Vertex Companies, LLC |  | 8/31/2027 |  |  | Construction and Engineering |  |  | 11.72 | % |  | SOFR+635 |  |  |  | 7,716 |  |  |  | 7,591 |  |  |  | 7,656 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.95 | % |  | SOFR+565 |  |  |  | 8,654 |  |  |  | 8,556 |  |  |  | 8,654 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.80 | % |  | SOFR+625 |  |  |  | 4,316 |  |  |  | 4,310 |  |  |  | 4,316 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 10.90 | % |  | SOFR+550 |  |  |  | 14,670 |  |  |  | 14,565 |  |  |  | 13,379 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 11.79 | % |  | SOFR+665 |  |  |  | 6,892 |  |  |  | 6,775 |  |  |  | 6,749 |
Walker Edison Furniture Company LLC (5) |  | 3/31/2027 |  |  | Wholesale |  |  | 12.18 | % |  | SOFR+685 |  |  |  | 3,521 |  |  |  | 3,521 |  |  |  | 3,521 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (5) |  | 3/31/2027 |  |  | Wholesale |  |  | 11.68 | % |  | SOFR+635 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(5) |  | 3/31/2027 |  |  | Wholesale |  |  |  |  |  |  |  |  | 333 |  |  |  |  |  |  |
Wildcat Buyerco, Inc. |  | 2/27/2026 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.54 | % |  | SOFR+515 |  |  |  | 10,565 |  |  |  | 10,491 |  |  |  | 10,460 |
Zips Car Wash, LLC |  | 3/1/2024 |  |  | Automobiles |  |  | 12.67 | % |  | SOFR+735 |  |  |  | 16,732 |  |  |  | 16,660 |  |  |  | 16,188 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 801,215 |  |  |  | 783,598 |
Equity Securities - 3.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |  |  |  | 495 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  |  |  |  |  |  |  | 36 |  |  |  | 3,393 |  |  |  | 1,766 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,393 |  |  |  | 2,261 |
Total Investments - 1,351.4% |  |  |  |  |  |  |  |  |  |  |  | 804,608 |  |  |  | 785,859 |
Cash and Cash Equivalents - 133.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77,446 |  |  |  | 77,446 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77,446 |  |  |  | 77,446 |
Total Investments and Cash Equivalents —1,484.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 882,054 |  |  | $ | 863,305 |
Liabilities in Excess of Other Assets — (1,384.6)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (805,155 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 58,150 |
(1) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any. (2) Valued based on PSSL’s accounting policy. (3) Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded. (4) Security currently on interest non-accrual status. (5) The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2032 Asset-Backed Debt and held through PennantPark CLO II, Ltd., or, 3) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC. (6) All investments are in US Companies unless noted otherwise.
Consolidated Statements of Assets and Liabilities for PSSL | Below are the consolidated statements of assets and liabilities for PSSL (in thousands):
|  | September 30, 2024 |  |  | September 30, 2023 |
Assets |  |  |  |  |  |
Investments at fair value (amortized cost—$928,983 and $804,608, respectively) |  | $ | 913,281 |  |  | $ | 785,859 |
Cash and cash equivalents (cost—$68,429 and $77,446, respectively) |  |  | 68,429 |  |  |  | 77,446 |
Interest receivable |  |  | 4,722 |  |  |  | 5,179 |
Prepaid expenses and other assets |  |  | 1,642 |  |  |  | 490 |
Due from affiliate |  |  | 48 |  |  |  | 436 |
Total assets |  |  | 988,122 |  |  |  | 869,410 |
Liabilities |  |  |  |  |  |
Credit facility payable |  |  | 146,100 |  |  |  | 48,600 |
2032 Asset-backed debt, net (par—$0 and $246,000) |  |  | — |  |  |  | 243,973 |
2035 Asset-backed debt, net (par—$246,000 and $246,000, respectively) |  |  | 243,934 |  |  |  | 243,483 |
2036 Asset-backed debt, net (par—$246,000 and $0, respectively) |  |  | 244,372 |  |  |  | — |
Notes payable to members |  |  | 271,600 |  |  |  | 240,100 |
Payable for investments purchased |  |  | 86 |  |  |  | 13,466 |
Interest payable on notes to members |  |  | 7,315 |  |  |  | 6,488 |
Interest payable on Credit facility and asset backed debt |  |  | 9,281 |  |  |  | 14,291 |
Accrued expenses |  |  | 822 |  |  |  | 859 |
Due to affiliate |  |  | 65 |  |  |  | — |
Total liabilities |  |  | 923,575 |  |  |  | 811,260 |
Commitments and contingencies (1) |  |  |  |  |  |
Members' equity |  |  | 64,547 |  |  |  | 58,150 |
Total liabilities and members' equity |  | $ | 988,122 |  |  | $ | 869,410 |
(1) As of both September 30, 2024 and 2023, PSSL had $0.6 million and $1.1 million unfunded commitments to fund investments, respectively.
Consolidated Statements of Operations for PSSL | Below are the consolidated statements of operations for PSSL (in thousands):
|  | Year Ended September 30, 2024 |  |  | Year Ended September 30, 2023 |
Investment income: |  |  |  |  |  |
Interest |  | $ | 109,094 |  |  | $ | 89,547 |
Other income |  |  | 1,191 |  |  |  | 1,297 |
Total investment income |  |  | 110,285 |  |  |  | 90,844 |
Expenses: |  |  |  |  |  |
Interest and expenses on credit facility and asset-backed debt |  |  | 54,814 |  |  |  | 42,797 |
Interest expense on notes to members |  |  | 34,186 |  |  |  | 30,325 |
Administrative services expenses |  |  | 2,354 |  |  |  | 2,103 |
Other general and administrative expenses (1) |  |  | 1,464 |  |  |  | 1,116 |
Expenses before debt issuance costs |  |  | 92,818 |  |  |  | 76,341 |
Debt issuance costs |  |  | 999 |  |  |  | — |
Total expenses |  |  | 93,817 |  |  |  | 76,341 |
Net investment income |  |  | 16,468 |  |  |  | 14,503 |
Realized and unrealized (loss) gain on investments and debt: |  |  |  |  |  |
Net realized (loss) gain on investments |  |  | (8,914 | ) |  |  | (6,328 | )
Debt extinguishment |  |  | (705 | ) |  |  | — |
Net change in unrealized (depreciation) appreciation on investments |  |  | 3,048 |  |  |  | (3,171 | )
Net realized and unrealized gain (loss) on investments and debt |  |  | (6,571 | ) |  |  | (9,499 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | 9,897 |  |  | $ | 5,004 |
(1) No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Consolidated Statements of Operations.

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