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Investments (Tables)

3 Months Ended

Dec. 31, 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)	December 31, 2023				September 30, 2023
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	887,271	$	880,376	$	708,452	$	696,078
First lien in PSSL		210,088		210,088		210,088		210,088
Second lien		1,113		150		1,113		149
Equity		101,968		128,184		83,188		109,978
Equity interests in PSSL		90,038		52,129		90,038		50,881
Total investments		1,290,478		1,270,927		1,092,878		1,067,174
Cash and cash equivalents		75,809		75,826		100,555		100,555
Total investments and cash and cash equivalents	$	1,366,287	$	1,346,753	$	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	December 31, 2023 (1)				September 30, 2023 (1)
Aerospace and Defense		12		%		6
Healthcare Providers and Services		7				9
Media		7				9
Personal Products		7				8
Professional Services		6				7
Electronic Equipment, Instruments, and Components		6				3
Distributors		5				3
IT Services		5				4
Media: Diversified and Production		5				6
Auto Components		4				—
Healthcare Technology		4				4
High Tech Industries		4				5
Commercial Services & Supplies		3				4
Construction and Building		2				3
Insurance		2				3
Capital Equipment		2				2
Business Services		2				2
Chemicals, Plastics and Rubber		2				2
Consumer Services		1				2
Hotels, Restaurants and Leisure		1				2
Automobiles		1				2
Healthcare Equipment and Supplies		1				1
Diversified Consumer Services		1				3
Financial Services		1				1
Construction & Engineering		1				1
Leisure Products		1				1
Diversified Financial Services		1				1
Air Freight and Logistics		1				1
Textiles, Apparel and Luxury Goods		1				1
Energy Equipment and Services		1				1
Internet Software and Services		1				1
Food Products		1				1
Wholesale		1				1
All Other		—				—
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)	December 31, 2023			September 30, 2023
Total investments	$	836,857		$	785,859
Weighted average cost yield on income producing investments		12.1	%		12.1	%
Number of portfolio companies in PSSL		106			105
Largest portfolio company investment	$	21,114		$	18,463
Total of five largest portfolio company investments	$	91,715		$	83,365

Summary of Listing of PSSL's Individual Investments

Below is a listing of PSSL’s individual investments as of December 31, 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 - 1,398.7%
A1 Garage Merger Sub, LLC	12/22/2028	Commercial Services & Supplies		11.96	%	SOFR+660		2,932	$	2,881	$	2,918
ACP Avenu Buyer, LLC	10/1/2029	Business Services		11.75	%	SOFR+626		10,000		9,827		9,750
ACP Falcon Buyer, Inc.	8/1/2029	Business Services		11.85	%	SOFR+650		18,904		18,539		18,696
Ad.net Acquisition, LLC	5/7/2026	Media		11.61	%	SOFR+626		8,775		8,708		8,731
Alpine Acquisition Corp II	11/30/2026	Containers and Packaging		11.44	%	SOFR+600		12,820		12,519		12,307
Anteriad, LLC (f/k/a MeritDirect, LLC)	5/23/2024	Media: Advertising, Printing & Publishing		11.00	%	SOFR+565		4,930		4,912		4,881
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan	5/23/2024	Media: Advertising, Printing & Publishing		12.00	%	SOFR+665		4,813		4,778		4,788
Any Hour Services	7/21/2027	Professional Services		11.23	%	SOFR+585		7,491		7,338		7,416
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		11.25	%	SOFR+615		9,748		9,652		9,553
Arcfield Acquisition Corp.	8/3/2029	Aerospace and Defense		11.64	%	SOFR+625		11,200		11,048		11,088
Beta Plus Technologies, Inc.	7/1/2029	Business Services		11.10	%	SOFR+575		4,938		4,854		4,740
BioDerm, Inc.	1/31/2028	Healthcare and Pharmaceuticals		11.84	%	SOFR+650		8,955		8,854		8,865
Blackhawk Industrial Distribution, Inc.	9/17/2026	Distributors		11.75	%	SOFR+625		15,092		14,892		14,904
BlueHalo Financing Holdings, LLC	10/31/2025	Aerospace and Defense		12.01	%	SOFR+665		5,588		5,552		5,476
Broder Bros., Co.	12/4/2025	Consumer Products		11.65	%	SOFR+626		2,334		2,334		2,334
Burgess Point Purchaser Corporation	9/26/2029	Automotive		10.71	%	SOFR+525		446		418		419
By Light Professional IT Services, LLC	5/16/2025	High Tech Industries		12.40	%	SOFR+688		13,538		13,500		13,267
Cartessa Aesthetics, LLC	6/14/2028	Distributors		11.10	%	SOFR+575		9,612		9,490		9,612
CF512, Inc.	8/20/2026	Media		11.57	%	SOFR+619		6,803		6,713		6,667
CHA Holdings, Inc.	4/10/2025	Construction and Engineering		9.97	%	SOFR+461		5,484		5,448		5,484
Challenger Performance Optimization, Inc.	8/31/2024	Business Services		12.18	%	SOFR+775		9,232		9,208		8,909
			(PIK 1.00%)
Confluent Health, LLC	10/28/2028	Healthcare and Pharmaceuticals		9.47	%	SOFR+400		6,761		6,529		6,626
Connatix Buyer, Inc.	7/13/2027	Media		11.14	%	SOFR+576		3,805		3,756		3,634
Crane 1 Services, Inc.	8/16/2027	Commercial Services & Supplies		10.36	%	SOFR+501		2,084		2,063		2,073
Dr. Squatch, LLC	8/31/2027	Personal Products		11.20	%	SOFR+585		14,675		14,484		14,675
DRI Holding Inc.	12/21/2028	Media		10.71	%	SOFR+525		2,620		2,419		2,385
DRS Holdings III, Inc.	11/3/2025	Consumer Goods: Durable		11.75	%	SOFR+640		14,189		14,144		14,033
Duraco Specialty Tapes LLC	6/30/2024	Containers and Packaging		11.96	%	SOFR+650		10,876		10,833		10,702
ECL Entertainment, LLC	8/31/2030	Hotel, Gaming and Leisure		10.14	%	SOFR+475		5,000		4,913		5,004
EDS Buyer, LLC	1/10/2029	Electronic Equipment, Instruments, and Components		11.60	%	SOFR+625		8,933		8,817		8,843
Exigo Intermediate II, LLC	3/15/2027	Software		11.46	%	SOFR+610		12,643		12,484		12,453
ETE Intermediate II, LLC	5/29/2029	Diversified Consumer Services		11.89	%	SOFR+650		12,373		12,132		12,373
Fairbanks Morse Defense	6/17/2028	Aerospace and Defense		10.36	%	SOFR+475		10,169		10,119		10,150
Global Holdings InterCo LLC	3/16/2026	Diversified Financial Services		11.46	%	SOFR+610		3,726		3,715		3,540
Graffiti Buyer, Inc.	8/10/2027	Trading Companies & Distributors		10.95	%	SOFR+560		2,339		2,314		2,316
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		10.95	%	SOFR+560		2,250		2,219		2,160
Holdco Sands Intermediate, LLC	11/23/2028	Aerospace and Defense		11.57	%	SOFR+635		4,900		4,830		4,851
HW Holdco, LLC	12/10/2024	Media		11.80	%	SOFR+640		3,014		2,993		2,968
Imagine Acquisitionco, LLC	11/15/2027	Software		10.74	%	SOFR+550		9,225		9,064		9,086
Inception Fertility Ventures, LLC	12/31/2024	Healthcare Providers and Services		12.64	%	SOFR+725		16,411		16,254		16,411
Infinity Home Services Holdco, Inc.	12/28/2028	Commercial Services & Supplies		12.20	%	SOFR+685		6,075		5,967		6,075
Integrative Nutrition, LLC	1/31/2025	Diversified Consumer Services		12.50	%	SOFR+715		11,130		11,113		10,351
			(PIK 2.25%)
Integrity Marketing Acquisition, LLC	8/27/2026	Insurance		11.54	%	SOFR+615		5,895		5,847		5,836
Inventus Power, Inc.	6/30/2025	Consumer Goods: Durable		12.97	%	SOFR+761		8,226		8,094		8,061
ITI Holdings, Inc.	3/3/2028	IT Services		10.96	%	SOFR+560		3,940		3,888		3,822
K2 Pure Solutions NoCal, L.P.	1/31/2024	Chemicals, Plastics and Rubber		15.46	%	SOFR+1000		14,602		14,599		14,602
Kinetic Purchaser, LLC	11/10/2027	Personal Products		11.50	%	SOFR+615		16,620		16,324		16,537
Lash OpCo, LLC	2/18/2027	Personal Products		12.48	%	SOFR+700		14,174		13,968		14,103
LAV Gear Holdings, Inc.	10/31/2025	Capital Equipment		11.82	%	SOFR+640		15,006		14,973		14,676
Lightspeed Buyer Inc.	2/3/2026	Healthcare Providers and Services		10.71	%	SOFR+535		12,024		11,896		11,964
LJ Avalon Holdings, LLC	1/31/2030	Environmental Industries		11.86	%	SOFR+640		2,579		2,533		2,527
Loving Tan Intermediate II, Inc.	5/31/2028	Consumer Products		12.35	%	SOFR+700		7,463		7,326		7,388
Lucky Bucks, LLC - First-Out Term Loan	10/2/2028	Hotel, Gaming and Leisure		13.03	%	SOFR+765		261		261		261
Lucky Bucks, LLC - Last-Out Term Loan	10/2/2029	Hotel, Gaming and Leisure		13.03	%	SOFR+765		522		522		522
MAG DS Corp	4/1/2027	Aerospace and Defense		10.95	%	SOFR+550		2,091		2,007		1,997
Magenta Buyer, LLC	7/31/2028	Software		10.64	%	SOFR+500		2,998		2,844		2,106
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		3,852		4,837
Mars Acquisition Holdings Corp.	5/14/2026	Media		11.01	%	SOFR+565		11,558		11,460		11,558
MBS Holdings, Inc.	4/16/2027	Internet Software and Services		11.21	%	SOFR+585		8,395		8,290		8,282
MDI Buyer, Inc.	7/25/2028	Chemicals, Plastics and Rubber		11.63	%	SOFR+625		6,364		6,260		6,212
Meadowlark Acquirer, LLC	12/10/2027	Professional Services		11.00	%	SOFR+565		2,366		2,332		2,295


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Medina Health, LLC	10/20/2028		Healthcare and Pharmaceuticals		11.60	%	SOFR+625			19,344	$	19,018	$	18,957
Mission Critical Electronics, Inc.	3/28/2024		Capital Equipment		11.29	%	SOFR+590			5,769		5,764		5,769
Municipal Emergency Services, Inc.	9/28/2027		Distributors		10.50	%	SOFR+515			3,421		3,374		3,418
NBH Group LLC	8/19/2026		Healthcare, Education & Childcare		11.19	%	SOFR+525			10,684		10,553		10,043
Neptune Flood Incorporated	5/9/2029		Insurance		11.72	%	SOFR+650			4,932		4,865		4,932
New Milani Group LLC	6/6/2024		Consumer Goods: Non-Durable		10.96	%	SOFR+550			14,175		14,161		14,175
NORA Acquisition, LLC	8/31/2029		Healthcare Providers and Services		11.70	%	SOFR+635			21,435		21,043		21,114
One Stop Mailing, LLC	5/7/2027		Air Freight and Logistics		11.72	%	SOFR+636			15,807		15,559		15,807
ORL Acquisitions, Inc.	9/3/2027		Consumer Finance		12.75	%	SOFR+740			2,217		2,198		1,884
Output Services Group, Inc - First-Out Term Loan	11/30/2028		Business Services		13.82	%	SOFR+843			821		821		821
Output Services Group, Inc - Last-Out Term Loan	5/30/2028		Business Services		12.07	%	SOFR+668			1,667		1,667		1,667
Owl Acquisition, LLC	2/4/2028		Professional Services		10.70	%	SOFR+550			3,893		3,835		3,834
Ox Two, LLC	5/18/2026		Construction and Building		12.86	%	SOFR+751			4,345		4,310		4,291
Pacific Purchaser, LLC	9/30/2028		Business Services		11.43	%	SOFR+625			12,028		11,808		11,848
Pequod Merger Sub, Inc. - Term Loan (f/k/a Simplicity Group)	12/2/2026		Diversified Financial Services		11.75	%	SOFR+640			11,474		11,281		11,244
PH Beauty Holdings III, Inc.	9/29/2025		Wholesale		10.65	%	SOFR+500			9,468		9,292		8,884
PL Acquisitionco, LLC	11/9/2027		Textiles, Apparel and Luxury Goods		12.46	%	SOFR+710			7,633		7,539		6,755
				(PIK 4.00%)
PlayPower, Inc.	5/8/2026		Consumer Goods: Durable		11.06	%	SOFR+565			2,551		2,497		2,474
Pragmatic Institute, LLC	7/6/2028		Education		11.14	%	SOFR+575			11,109		10,977		10,387
Quantic Electronics, LLC	11/19/2026		Aerospace and Defense		11.70	%	SOFR+635			2,796		2,774		2,740
Rancho Health MSO, Inc.	12/18/2025		Healthcare Providers and Services		11.24	%	SOFR+585			1,026		1,026		1,026
Reception Purchaser, LLC	2/28/2028		Air Freight and Logistics		11.50	%	SOFR+615			4,925		4,868		4,777
Recteq, LLC	1/29/2026		Leisure Products		12.50	%	SOFR+715			4,863		4,819		4,692
Research Now Group, LLC and Dynata, LLC	12/20/2024		Diversified Consumer Services		11.14	%	SOFR+576			12,399		12,314		10,973
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	6/15/2029		High Tech Industries		11.43	%	SOFR+625			3,739		3,669		3,683
Sales Benchmark Index LLC	1/3/2025		Professional Services		11.55	%	SOFR+620			9,268		9,233		9,222
Sargent & Greenleaf Inc.	12/20/2024		Wholesale		12.96	%	SOFR+760			5,181		5,165		5,155
				(PIK 1.00%)
Schlesinger Global, Inc.	7/14/2025		Business Services		12.53	%	SOFR+715			11,791		11,780		11,407
				(PIK 0.50%)
Seaway Buyer, LLC	6/13/2029		Chemicals, Plastics and Rubber		11.50	%	SOFR+615			4,938		4,874		4,765
Sigma Defense Systems, LLC	12/18/2027		Aerospace and Defense		12.50	%	SOFR+715			12,141		11,973		12,020
Skopima Consilio Parent, LLC	5/17/2028		Business Services		9.97	%	SOFR+450			1,300		1,275		1,290
Smile Brands Inc.	10/14/2025		Healthcare and Pharmaceuticals		9.98	%	SOFR+450			11,766		11,733		10,299
Solutionreach, Inc.	7/17/2025		Healthcare and Pharmaceuticals		12.53	%	SOFR+700			4,582		4,554		4,568
Spendmend Holdings LLC	3/1/2028		Healthcare Technology		11.00	%	SOFR+565			4,102		4,040		4,057
STV Group Incorporated	12/11/2026		Construction and Building		10.71	%	SOFR+535			9,075		9,028		8,985
Summit Behavioral Healthcare, LLC	11/24/2028		Healthcare and Pharmaceuticals		10.40	%	SOFR+501			1,782		1,695		1,777
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027		Aerospace and Defense		11.33	%	SOFR+615			14,700		14,518		14,612
Team Services Group, LLC	11/24/2028		Healthcare and Pharmaceuticals		10.75	%	SOFR+500			346		333		342
Teneo Holdings LLC	7/18/2025		Business Services		10.71	%	SOFR+535			2,256		2,255		2,251
The Bluebird Group LLC	7/27/2026		Professional Services		12.00	%	SOFR+665			8,569		8,455		8,475
The Vertex Companies, LLC	8/31/2027		Construction and Engineering		11.46	%	SOFR+610			7,696		7,577		7,684
TPC Canada Parent, Inc. and TPC US Parent, LLC	11/24/2025		Consumer Goods: Non-Durable		11.04	%	SOFR+565			8,640		8,553		8,554
TWS Acquisition Corporation	6/16/2025		Diversified Consumer Services		11.78	%	SOFR+640			3,740		3,738		3,740
Tyto Athene, LLC	4/1/2028		IT Services		11.04	%	SOFR+565			14,670		14,569		13,555
Urology Management Holdings, Inc.	6/15/2026		Healthcare and Pharmaceuticals		11.93	%	SOFR+665			6,875		6,766		6,732
Walker Edison Furniture Company LLC	3/1/2029		Wholesale		12.21	%	SOFR+685			4,028		4,028		3,947
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility	3/1/2029		Wholesale		11.71	%	SOFR+635			1,667		1,667		1,667
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)	3/1/2029		Wholesale							1,042		-		(21	)
Wildcat Buyerco, Inc.	2/27/2027		Electronic Equipment, Instruments, and Components		11.11	%	SOFR+575			16,138		15,993		15,896
Zips Car Wash, LLC	3/1/2024		Automobiles		12.70	%	SOFR+735			16,732		16,698		16,355

Total First Lien Secured Debt												841,081		833,276
Equity Securities - 3.9%
Lucky Bucks, LLC		—	Hotel, Gaming and Leisure		—			—		74		2,062		2,062
New MPE Holdings, LLC		—	Media: Diversified and Production		—			—		-		-		507
Output Services Group, Inc		—	Business Services		—			—		126		1,012		1,012
Walker Edison Furniture - Common Equity		—	Wholesale		—			—		36		3,393		-
Total Equity Securities												6,467		3,581
Total Investments - 1,404.7%												847,548		836,857
Cash and Cash Equivalents - 61.0%
BlackRock Federal FD Institutional 30												36,339		36,339
Total Cash and Cash Equivalents												36,339		36,339
Total Investments and Cash Equivalents —1,465.7%											$	883,887	$	873,196
Liabilities in Excess of Other Assets — (1,365.7)%														(813,620	)
Members' Equity—100.0%													$	59,576

cash a

(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. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)

Valued based on PSSL’s accounting policy.

(3)

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.

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
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
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
ITI Holdings, Inc.	3/3/2028	IT Services		11.06	%	SOFR+560		3,940		3,886		3,861
K2 Pure Solutions NoCal, L.P.	12/20/2023	Chemicals, Plastics and Rubber		13.42	%	SOFR+810		15,509		15,487		15,509
Kinetic Purchaser, LLC	11/10/2027	Personal Products		11.54	%	SOFR+615		16,662		16,346		16,412
Lash OpCo, LLC	2/18/2027	Personal Products		12.13	%	SOFR+675		14,210		13,989		14,068
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		11.74	%	SOFR+643		15,042		14,997		14,862
Lightspeed Buyer Inc.	2/3/2026	Healthcare Providers and Services		10.70	%	SOFR+535		12,056		11,911		11,935
LJ Avalon Holdings, LLC	1/31/2030	Environmental Industries		11.77	%	SOFR+640		2,585		2,537		2,534
Loving Tan Intermediate II, Inc.	5/26/2028	Consumer Products		12.39	%	SOFR+700		7,481		7,337		7,369
Lucky Bucks, LLC (4)	7/20/2027	Hotel, Gaming and Leisure		0.00	%			4,489		4,207		1,182
Lucky Bucks. LLC - OpCo DIP Loans	9/30/2025	Hotel, Gaming and Leisure		15.33	%	SOFR+1000		160		158		160
MAG DS Corp	4/1/2027	Aerospace and Defense		10.99	%	SOFR+550		2,097		2,007		1,986
Magenta Buyer, LLC	7/31/2028	Software		10.63	%	SOFR+500		3,006		2,845		2,228
Marketplace Events, LLC - Super Priority First Lien Term Loan	9/30/2025	Media: Diversified and Production		10.94	%	SOFR+525		647		647		647
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)	9/30/2025	Media: Diversified and Production						589		-		-
Marketplace Events, LLC	9/30/2026	Media: Diversified and Production		10.94	%	SOFR+525		4,837		3,782		4,837
Mars Acquisition Holdings Corp.	5/14/2026	Media		11.04	%	SOFR+565		11,588		11,476		11,472
MBS Holdings, Inc.	4/16/2027	Internet Software and Services		11.17	%	SOFR+585		7,859		7,758		7,749
MDI Buyer, Inc.	7/25/2028	Chemicals, Plastics and Rubber		11.32	%	SOFR+600		6,380		6,271		6,244
Meadowlark Acquirer, LLC	12/10/2027	Professional Services		11.04	%	SOFR+565		2,372		2,336		2,312


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

Total First Lien Secured Debt												801,215		783,598
Equity Securities - 3.9%
New MPE Holdings, LLC		—	Media: Diversified and Production		—			—		-		-		495
Walker Edison Furniture - Common Equity		—	Wholesale							36		3,393		1,766
Total Equity Securities												3,393		2,261
Total Investments - 1,351.4%												804,608		785,859
Cash and Cash Equivalents - 133.2%
BlackRock Federal FD Institutional 30												77,446		77,446
Total Cash and Cash Equivalents												77,446		77,446
Total Investments and Cash Equivalents —1,484.6%											$	882,054	$	863,305
Liabilities in Excess of Other Assets — (1,384.6)%														(805,155	)
Members' Equity—100.0%													$	58,150

(1)

(2)

Valued based on PSSL’s accounting policy.

(3)

(4)

Security currently on interest non-accrual status.

Consolidated Statements of Assets and Liabilities for PSSL

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



		December 31, 2023
		(Unaudited)			September 30, 2023
Assets
Investments at fair value (amortized cost—$847,548 and $804,608, respectively)	$		836,857	$		785,859
Cash and cash equivalents (cost—$36,339 and $77,446, respectively)			36,339			77,446
Interest receivable			5,652			5,179
Due from affiliate			394			436
Prepaid expenses and other assets			151			490
Total assets			879,393			869,410
Liabilities
Credit facility payable			75,600			48,600
2032 Asset-backed debt, net (par—$246,000)			244,125			243,973
2035 Asset-backed debt, net (par—$246,000)			243,596			243,483
Notes payable to members			240,100			240,100
Interest payable on Credit facility and asset backed debt			9,105			14,291
Payable for investments purchased			—			13,466
Interest payable on notes to members			6,532			6,488
Accrued expenses			759			859
Total liabilities			819,817			811,260
Commitments and contingencies(1)
Members' equity			59,576			58,150
Total liabilities and members' equity	$		879,393	$		869,410

(1)

As of December 31, 2023 and September 30, 2023, PSSL had unfunded commitments to fund investments of $1.6 million and $1.1 million, respectively.

Consolidated Statements of Operations for PSSL

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



	Three months ended December 31,
	2023			2022
Investment income:
Interest	$	26,048		$	19,617
Other income		177			110
Total investment income		26,225			19,727
Expenses(1):
Interest and expense on credit facility and asset-backed debt		13,398			8,641
Interest expense on notes to members		8,220			6,810
Administration fees		558			508
General and administrative expenses		262			300
Total expenses		22,438			16,259
Net investment income		3,787			3,468
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(6,420	)		(70	)
Net change in unrealized appreciation (depreciation) on investments		8,059			(5,800	)
Net realized and unrealized gain (loss) on investments		1,639			(5,870	)
Net increase (decrease) in members' equity resulting from operations	$	5,426		$	(2,402	)

(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 statement of operations.