XML 23 R15.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Investments | 9 Months Ended
--- | ---
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | 4. INVESTMENTS For the three and nine months ended June 30, 2024, purchases of investments, including PIK interest totaled $321.5 million and $964.0 million, respectively. For the same periods in the prior year, purchases of investments, including PIK interest, totaled $80.3 million and $231.5 million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2024 totaled $137.6 million and $386.3 million, respectively. For the three and nine months ended June 30, 2023, sales and repayments of investments totaled $132.4 million and $258.1 million, respectively. Investments and cash and cash equivalents consisted of the following:
($ in thousands) |  | June 30, 2024 |  |  | September 30, 2023 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 1,219,920 |  |  | $ | 1,211,556 |  |  | $ | 708,452 |  |  | $ | 696,078 |
First lien in PSSL |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 210,088 |  |  |  | 210,088 |
Second lien |  |  | 148 |  |  |  | 150 |  |  |  | 1,113 |  |  |  | 149 |
Subordinate debt |  |  | 1,003 |  |  |  | 1,003 |  |  |  | — |  |  |  | — |
Equity |  |  | 114,113 |  |  |  | 149,240 |  |  |  | 83,188 |  |  |  | 109,978 |
Equity interests in PSSL |  |  | 101,850 |  |  |  | 59,345 |  |  |  | 90,038 |  |  |  | 50,881 |
Total investments |  |  | 1,674,684 |  |  |  | 1,658,944 |  |  |  | 1,092,878 |  |  |  | 1,067,174 |
Cash and cash equivalents |  |  | 84,589 |  |  |  | 84,590 |  |  |  | 100,555 |  |  |  | 100,555 |
Total investments and cash and cash equivalents |  | $ | 1,759,273 |  |  | $ | 1,743,534 |  |  | $ | 1,193,433 |  |  | $ | 1,167,729 |
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, 2024 (1) |  | September 30, 2023 (1) |
Professional Services |  |  | 8 | % |  | 7 | %
Aerospace and Defense |  |  | 8 |  |  | 6 |
Healthcare Providers and Services |  |  | 7 |  |  | 9 |
Media |  |  | 7 |  |  | 9 |
Electronic Equipment, Instruments, and Components |  |  | 5 |  |  | 3 |
Construction & Engineering |  |  | 5 |  |  | 1 |
Leisure Products |  |  | 5 |  |  | 1 |
Distributors |  |  | 5 |  |  | 3 |
Personal Products |  |  | 5 |  |  | 8 |
IT Services |  |  | 4 |  |  | 4 |
Media: Diversified and Production |  |  | 4 |  |  | 6 |
High Tech Industries |  |  | 3 |  |  | 5 |
Healthcare, Education and Childcare |  |  | 3 |  |  | — |
Insurance |  |  | 3 |  |  | 3 |
Healthcare Technology |  |  | 3 |  |  | 4 |
Diversified Consumer Services |  |  | 2 |  |  | 3 |
Commercial Services & Supplies |  |  | 2 |  |  | 4 |
Building Products |  |  | 2 |  |  | — |
Construction and Building |  |  | 2 |  |  | 3 |
Internet Software and Services |  |  | 2 |  |  | 1 |
Capital Equipment |  |  | 1 |  |  | 2 |
Business Services |  |  | 1 |  |  | 2 |
Chemicals, Plastics and Rubber |  |  | 1 |  |  | 2 |
Auto Components |  |  | 1 |  |  | — |
Healthcare Equipment and Supplies |  |  | 1 |  |  | 1 |
Diversified Financial Services |  |  | 1 |  |  | 1 |
Hotels, Restaurants and Leisure |  |  | 1 |  |  | 2 |
Consumer Services |  |  | 1 |  |  | 2 |
Automobiles |  |  | 1 |  |  | 2 |
Food Products |  |  | 1 |  |  | 1 |
Financial Services |  |  | 1 |  |  | 1 |
Metals and Mining |  |  | 1 |  |  | — |
Air Freight and Logistics |  |  | 1 |  |  | 1 |
Textiles, Apparel and Luxury Goods |  |  | 1 |  |  | 1 |
All Other |  |  | 1 |  |  | 2 |
Total |  |  | 100 | % |  | 100 | %
(1) Excludes investments in PSSL. PennantPark Senior Secured Loan Fund I LLC In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of June 30, 2024 and September 30, 2023, PSSL had total assets of $958.8 million and $869.4 million, respectively, and its investment portfolio consisted of investments in 108 and 105 portfolio companies, respectively. As of June 30, 2024, at fair value, the largest investment in a single portfolio company in PSSL was $21.3 million and the five largest investments totaled $98.2 million. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSSL was $18.5 million and the five largest investments totaled $83.4 million. PSSL invests in portfolio companies in the same industries in which we may directly invest. We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of June 30, 2024 and September 30, 2023, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $237.7 million (zero remaining unfunded) and $210.1 million (additional $27.6 million unfunded), respectively, and equity interests of $101.9 million (zero remaining unfunded) and $90.0 million (additional $11.8 million unfunded), respectively. We and Kemper each appointed two members to PSSL’s four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee. Quorum is defined as (i) the presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each member. In August 2023 PSSL entered into a $260.0 million (decreased from $325.0 million) senior secured revolving credit facility which bears interest at SOFR plus 260 basis points (including a spread adjustment) with Ally Bank through its wholly-owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions. In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt is scheduled to mature in January 2032. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd. In May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt is scheduled to mature in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary. In April 2023, PSSL completed a $297.8 million debt securitization in the form of a collateralized loan obligation, or the “2035 Asset-Backed Debt”. The 2035 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO VI, LLC, a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2035 Asset-Backed Debt is scheduled to mature in April 2035. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO VI, LLC of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO VI, LLC transferred to PSSL 100% of the Preferred Shares of CLO VI, LLC. Below is a summary of PSSL’s portfolio at fair value:
($ in thousands) |  | June 30, 2024 |  |  | September 30, 2023 |
Total investments |  | $ | 904,179 |  |  | $ | 785,859 |
Weighted average cost yield on income producing investments |  |  | 11.9 | % |  |  | 12.1 | %
Number of portfolio companies in PSSL |  |  | 108 |  |  |  | 105 |
Largest portfolio company investment |  | $ | 21,328 |  |  | $ | 18,463 |
Total of five largest portfolio company investments |  | $ | 98,172 |  |  | $ | 83,365 |
Below is a listing of PSSL’s individual investments as of June 30, 2024 (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 - 1,327.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  |  | Commercial Services & Supplies |  |  | 11.44 | % |  | SOFR+610 |  |  |  | 2,910 |  |  | $ | 2,861 |  |  | $ | 2,910 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  |  | Business Services |  |  | 11.55 | % |  | SOFR+625 |  |  |  | 9,950 |  |  |  | 9,792 |  |  |  | 9,652 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  |  | Business Services |  |  | 10.80 | % |  | SOFR+550 |  |  |  | 18,809 |  |  |  | 18,471 |  |  |  | 18,960 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  |  | Media |  |  | 11.60 | % |  | SOFR+626 |  |  |  | 8,730 |  |  |  | 8,676 |  |  |  | 8,730 |
Aeronix, Inc |  | 12/18/2028 |  |  | Aerospace and Defense |  |  | 10.83 | % |  | SOFR+550 |  |  |  | 15,920 |  |  |  | 15,696 |  |  |  | 15,920 |
Alpine Acquisition Corp II |  | 11/30/2026 |  |  | Containers and Packaging |  |  | 11.43 | % |  | SOFR+600 |  |  |  | 12,755 |  |  |  | 12,494 |  |  |  | 12,245 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 11.23 | % |  | SOFR+575 |  |  |  | 4,788 |  |  |  | 4,674 |  |  |  | 4,788 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 11.23 | % |  | SOFR+575 |  |  |  | 4,688 |  |  |  | 4,646 |  |  |  | 4,688 |
Applied Technical Services, LLC |  | 12/29/2026 |  |  | Commercial Services & Supplies |  |  | 11.23 | % |  | SOFR+615 |  |  |  | 11,184 |  |  |  | 11,082 |  |  |  | 11,016 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  |  | Aerospace and Defense |  |  | 11.58 | % |  | SOFR+625 |  |  |  | 11,143 |  |  |  | 10,994 |  |  |  | 11,087 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  |  | Business Services |  |  | 11.08 | % |  | SOFR+575 |  |  |  | 4,913 |  |  |  | 4,838 |  |  |  | 4,814 |
Big Top Holdings, LLC |  | 2/28/2030 |  |  | Business Services |  |  | 11.58 | % |  | SOFR+625 |  |  |  | 15,461 |  |  |  | 15,200 |  |  |  | 15,345 |
BioDerm, Inc. |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.83 | % |  | SOFR+650 |  |  |  | 8,910 |  |  |  | 8,818 |  |  |  | 8,799 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  |  | Distributors |  |  | 11.73 | % |  | SOFR+625 |  |  |  | 15,013 |  |  |  | 14,816 |  |  |  | 14,938 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 10.09 | % |  | SOFR+490 |  |  |  | 5,561 |  |  |  | 5,534 |  |  |  | 5,477 |
Broder Bros., Co. |  | 12/4/2025 |  |  | Consumer Products |  |  | 11.60 | % |  | SOFR+626 |  |  |  | 2,290 |  |  |  | 2,290 |  |  |  | 2,290 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  |  | Automotive |  |  | 10.69 | % |  | SOFR+525 |  |  |  | 443 |  |  |  | 417 |  |  |  | 428 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  |  | High Tech Industries |  |  | 12.37 | % |  | SOFR+688 |  |  |  | 13,235 |  |  |  | 13,202 |  |  |  | 13,169 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.84 | % |  | SOFR+550 |  |  |  | 15,282 |  |  |  | 15,063 |  |  |  | 15,052 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  |  | Distributors |  |  | 11.08 | % |  | SOFR+575 |  |  |  | 9,563 |  |  |  | 9,449 |  |  |  | 9,563 |
CF512, Inc. |  | 8/20/2026 |  |  | Media |  |  | 11.54 | % |  | SOFR+619 |  |  |  | 6,768 |  |  |  | 6,693 |  |  |  | 6,667 |
Challenger Performance Optimization, Inc. |  | 8/31/2024 |  |  | Business Services |  |  | 13.18 | % |  | SOFR+775 |  |  |  | 9,104 |  |  |  | 9,099 |  |  |  | 9,058 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Confluent Health, LLC |  | 10/28/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.46 | % |  | SOFR+400 |  |  |  | 6,726 |  |  |  | 6,514 |  |  |  | 6,507 |
Connatix Buyer, Inc. |  | 7/13/2027 |  |  | Media |  |  | 11.11 | % |  | SOFR+576 |  |  |  | 3,785 |  |  |  | 3,742 |  |  |  | 3,709 |
Crane 1 Services, Inc. |  | 8/16/2027 |  |  | Commercial Services & Supplies |  |  | 10.35 | % |  | SOFR+525 |  |  |  | 2,073 |  |  |  | 2,055 |  |  |  | 2,068 |
Dr. Squatch, LLC |  | 8/31/2027 |  |  | Personal Products |  |  | 11.18 | % |  | SOFR+585 |  |  |  | 14,600 |  |  |  | 14,425 |  |  |  | 14,600 |
DRI Holding Inc. |  | 12/21/2028 |  |  | Media |  |  | 10.69 | % |  | SOFR+525 |  |  |  | 2,607 |  |  |  | 2,419 |  |  |  | 2,500 |
DRS Holdings III, Inc. |  | 11/3/2025 |  |  | Consumer Goods: Durable |  |  | 11.73 | % |  | SOFR+640 |  |  |  | 14,080 |  |  |  | 14,055 |  |  |  | 14,024 |
ECL Entertainment, LLC |  | 8/31/2030 |  |  | Hotel, Gaming and Leisure |  |  | 9.34 | % |  | SOFR+400 |  |  |  | 4,975 |  |  |  | 4,899 |  |  |  | 4,987 |
EDS Buyer, LLC |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.08 | % |  | SOFR+575 |  |  |  | 8,888 |  |  |  | 8,783 |  |  |  | 8,754 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  |  | Software |  |  | 11.69 | % |  | SOFR+610 |  |  |  | 12,578 |  |  |  | 12,442 |  |  |  | 12,484 |
ETE Intermediate II, LLC |  | 5/29/2029 |  |  | Diversified Consumer Services |  |  | 11.84 | % |  | SOFR+650 |  |  |  | 12,280 |  |  |  | 12,058 |  |  |  | 12,402 |
Fairbanks Morse Defense |  | 6/17/2028 |  |  | Aerospace and Defense |  |  | 10.35 | % |  | SOFR+475 |  |  |  | 10,117 |  |  |  | 10,069 |  |  |  | 10,125 |
Global Holdings InterCo LLC |  | 3/16/2026 |  |  | Diversified Financial Services |  |  | 11.48 | % |  | SOFR+610 |  |  |  | 3,706 |  |  |  | 3,698 |  |  |  | 3,521 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  |  | Trading Companies & Distributors |  |  | 10.93 | % |  | SOFR+560 |  |  |  | 3,732 |  |  |  | 3,693 |  |  |  | 3,695 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  |  | Insurance |  |  | 10.93 | % |  | SOFR+560 |  |  |  | 2,153 |  |  |  | 2,129 |  |  |  | 2,024 |
Hills Distribution, Inc |  | 11/8/2029 |  |  | Business Services |  |  | 11.33 | % |  | SOFR+600 |  |  |  | 8,980 |  |  |  | 8,857 |  |  |  | 8,890 |
HW Holdco, LLC |  | 5/10/2026 |  |  | Media |  |  | 11.79 | % |  | SOFR+640 |  |  |  | 3,503 |  |  |  | 3,489 |  |  |  | 3,503 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  |  | Software |  |  | 10.43 | % |  | SOFR+510 |  |  |  | 9,178 |  |  |  | 9,035 |  |  |  | 9,132 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  |  | Commercial Services & Supplies |  |  | 12.18 | % |  | SOFR+685 |  |  |  | 6,044 |  |  |  | 5,946 |  |  |  | 6,044 |
Integrative Nutrition, LLC |  | 1/31/2025 |  |  | Diversified Consumer Services |  |  | 12.46 | % |  | SOFR+715 |  |  |  | 11,118 |  |  |  | 11,112 |  |  |  | 9,561 |
|  |  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Integrity Marketing Acquisition, LLC |  | 8/27/2026 |  |  | Insurance |  |  | 11.50 | % |  | SOFR+615 |  |  |  | 5,865 |  |  |  | 5,830 |  |  |  | 5,836 |
Inventus Power, Inc. |  | 6/30/2025 |  |  | Consumer Goods: Durable |  |  | 12.96 | % |  | SOFR+761 |  |  |  | 8,174 |  |  |  | 8,084 |  |  |  | 8,010 |
ITI Holdings, Inc. |  | 3/3/2028 |  |  | IT Services |  |  | 10.98 | % |  | SOFR+560 |  |  |  | 3,910 |  |  |  | 3,861 |  |  |  | 3,910 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  |  | Personal Products |  |  | 11.48 | % |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,280 |  |  |  | 13,492 |
Lash OpCo, LLC |  | 2/18/2027 |  |  | Personal Products |  |  | 13.18 | % |  | SOFR+775 |  |  |  | 14,542 |  |  |  | 14,333 |  |  |  | 14,396 |
LAV Gear Holdings, Inc. |  | 10/31/2025 |  |  | Capital Equipment |  |  | 11.77 | % |  | SOFR+640 |  |  |  | 15,023 |  |  |  | 15,009 |  |  |  | 14,842 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  |  | Healthcare Providers and Services |  |  | 10.69 | % |  | SOFR+535 |  |  |  | 11,352 |  |  |  | 11,270 |  |  |  | 11,352 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  |  | Environmental Industries |  |  | 11.74 | % |  | SOFR+640 |  |  |  | 2,566 |  |  |  | 2,522 |  |  |  | 2,566 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  |  | Consumer Products |  |  | 12.34 | % |  | SOFR+700 |  |  |  | 7,425 |  |  |  | 7,302 |  |  |  | 7,369 |
Lucky Bucks, LLC - First-Out Term Loan |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  |  | 12.98 | % |  | SOFR+765 |  |  |  | 260 |  |  |  | 260 |  |  |  | 260 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  |  | 12.98 | % |  | SOFR+765 |  |  |  | 519 |  |  |  | 519 |  |  |  | 519 |
MAG DS Corp |  | 4/1/2027 |  |  | Aerospace and Defense |  |  | 10.93 | % |  | SOFR+550 |  |  |  | 2,074 |  |  |  | 2,001 |  |  |  | 2,001 |
Magenta Buyer, LLC |  | 7/31/2028 |  |  | Software |  |  | 10.59 | % |  | SOFR+500 |  |  |  | 2,983 |  |  |  | 2,843 |  |  |  | 1,646 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  | 10.73 | % |  | SOFR+525 |  |  |  | 1,803 |  |  |  | 1,803 |  |  |  | 1,803 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  |  |  |  |  |  |  | 607 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC |  | 9/30/2026 |  |  | Media: Diversified and Production |  |  | 10.73 | % |  | SOFR+525 |  |  |  | 4,837 |  |  |  | 3,993 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  |  | Media |  |  | 10.98 | % |  | SOFR+565 |  |  |  | 11,499 |  |  |  | 11,420 |  |  |  | 11,499 |
MBS Holdings, Inc. |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 11.24 | % |  | SOFR+585 |  |  |  | 8,352 |  |  |  | 8,259 |  |  |  | 8,360 |
MDI Buyer, Inc. |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 11.39 | % |  | SOFR+550 |  |  |  | 6,332 |  |  |  | 6,238 |  |  |  | 6,244 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 11.23 | % |  | SOFR+565 |  |  |  | 2,354 |  |  |  | 2,323 |  |  |  | 2,295 |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.58 | % |  | SOFR+625 |  |  |  | 19,247 |  |  |  | 18,951 |  |  |  | 19,247 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.58 | % |  | SOFR+525 |  |  |  | 15,750 |  |  |  | 15,521 |  |  |  | 15,750 |
Mission Critical Electronics, Inc. |  | 3/31/2025 |  |  | Capital Equipment |  |  | 11.23 | % |  | SOFR+590 |  |  |  | 5,566 |  |  |  | 5,566 |  |  |  | 5,566 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  |  | Business Services |  |  | 11.08 | % |  | SOFR+590 |  |  |  | 13,099 |  |  |  | 12,921 |  |  |  | 12,968 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 10.48 | % |  | SOFR+515 |  |  |  | 3,404 |  |  |  | 3,362 |  |  |  | 3,404 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 11.18 | % |  | SOFR+575 |  |  |  | 10,629 |  |  |  | 10,522 |  |  |  | 10,098 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 11.68 | % |  | SOFR+635 |  |  |  | 21,328 |  |  |  | 20,956 |  |  |  | 21,328 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.71 | % |  | SOFR+636 |  |  |  | 15,723 |  |  |  | 15,509 |  |  |  | 15,723 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 14.73 | % |  | SOFR+940 |  |  |  | 2,070 |  |  |  | 2,053 |  |  |  | 1,615 |
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 |  |  | 10.69 | % |  | SOFR+550 |  |  |  | 3,893 |  |  |  | 3,840 |  |  |  | 3,834 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 11.85 | % |  | SOFR+651 |  |  |  | 4,307 |  |  |  | 4,279 |  |  |  | 4,307 |
Pacific Purchaser, LLC |  | 9/30/2028 |  |  | Business Services |  |  | 11.26 | % |  | SOFR+600 |  |  |  | 11,968 |  |  |  | 11,768 |  |  |  | 12,040 |
PCS Midco, Inc |  | 3/1/2030 |  |  | Diversified Consumer Services |  |  | 11.10 | % |  | SOFR+575 |  |  |  | 3,881 |  |  |  | 3,825 |  |  |  | 3,842 |
Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par |  |  | Cost |  |  | Fair Value (2) |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.72 | % |  | SOFR+500 |  |  |  | 9,405 |  |  |  | 9,281 |  |  |  | 9,316 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.44 | % |  | SOFR+710 |  |  |  | 7,769 |  |  |  | 7,683 |  |  |  | 6,215 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 10.96 | % |  | SOFR+565 |  |  |  | 2,529 |  |  |  | 2,486 |  |  |  | 2,491 |
Pragmatic Institute, LLC (5) |  | 7/6/2028 |  |  | Education |  |  | 12.82 | % |  | SOFR+750 |  |  |  | 11,384 |  |  |  | 11,187 |  |  |  | 7,314 |
|  |  |  |  |  |  | (PIK 12.82%) |  |  |  |  |  |  |  |  |  |  |  |  |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 11.68 | % |  | SOFR+635 |  |  |  | 2,782 |  |  | $ | 2,764 |  |  | $ | 2,754 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 10.93 | % |  | SOFR+585 |  |  |  | 1,021 |  |  |  | 1,021 |  |  |  | 1,021 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 11.48 | % |  | SOFR+615 |  |  |  | 4,900 |  |  |  | 4,850 |  |  |  | 3,920 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 12.49 | % |  | SOFR+715 |  |  |  | 4,838 |  |  |  | 4,805 |  |  |  | 4,765 |
Research Now Group, LLC and Dynata, LLC (4) |  | 12/20/2024 |  |  | Diversified Consumer Services |  |  | 0.00 | % |  |  |  |  |  | 12,399 |  |  |  | 12,330 |  |  |  | 10,539 |
Research Now Group, LLC and Dynata, LLC - DIP |  | 8/6/2024 |  |  | Diversified Consumer Services |  |  | 14.21 | % |  | SOFR+886 |  |  |  | 528 |  |  |  | 488 |  |  |  | 528 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 11.02 | % |  | SOFR+575 |  |  |  | 4,347 |  |  |  | 4,274 |  |  |  | 4,303 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 11.53 | % |  | SOFR+620 |  |  |  | 9,268 |  |  |  | 9,253 |  |  |  | 9,268 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.94 | % |  | SOFR+760 |  |  |  | 4,959 |  |  |  | 4,948 |  |  |  | 4,959 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 13.69 | % |  | SOFR+825 |  |  |  | 12,238 |  |  |  | 12,237 |  |  |  | 12,054 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 11.48 | % |  | SOFR+615 |  |  |  | 4,913 |  |  |  | 4,852 |  |  |  | 4,753 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  |  | Aerospace and Defense |  |  | 12.49 | % |  | SOFR+715 |  |  |  | 18,704 |  |  |  | 18,435 |  |  |  | 18,517 |
Simplicity Financial Marketing Group Holdings, Inc |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.73 | % |  | SOFR+640 |  |  |  | 11,387 |  |  |  | 11,220 |  |  |  | 11,274 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.96 | % |  | SOFR+450 |  |  |  | 1,294 |  |  |  | 1,271 |  |  |  | 1,295 |
Smartronix, LLC |  | 11/23/2028 |  |  | Aerospace and Defense |  |  | 11.33 | % |  | SOFR+635 |  |  |  | 4,875 |  |  |  | 4,811 |  |  |  | 4,875 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 9.90 | % |  | SOFR+450 |  |  |  | 11,706 |  |  |  | 11,678 |  |  |  | 10,418 |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.48 | % |  | SOFR+700 |  |  |  | 4,582 |  |  |  | 4,555 |  |  |  | 4,582 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 10.98 | % |  | SOFR+565 |  |  |  | 4,081 |  |  |  | 4,025 |  |  |  | 4,081 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.60 | % |  | SOFR+425 |  |  |  | 1,777 |  |  |  | 1,697 |  |  |  | 1,783 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 11.16 | % |  | SOFR+590 |  |  |  | 14,625 |  |  |  | 14,471 |  |  |  | 14,625 |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  |  | Media |  |  | 11.84 | % |  | SOFR+650 |  |  |  | 19,676 |  |  |  | 19,352 |  |  |  | 19,479 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.50 | % |  | SOFR+500 |  |  |  | 344 |  |  |  | 333 |  |  |  | 343 |
Teneo Holdings, LLC |  | 3/13/2031 |  |  | Business Services |  |  | 10.09 | % |  | SOFR+475 |  |  |  | 5,486 |  |  |  | 5,431 |  |  |  | 5,493 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 11.98 | % |  | SOFR+665 |  |  |  | 8,537 |  |  |  | 8,434 |  |  |  | 8,537 |
The Vertex Companies, LLC |  | 8/31/2027 |  |  | Construction and Engineering |  |  | 11.44 | % |  | SOFR+610 |  |  |  | 7,656 |  |  |  | 7,552 |  |  |  | 7,671 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.95 | % |  | SOFR+565 |  |  |  | 16,575 |  |  |  | 16,421 |  |  |  | 16,575 |
Transgo, LLC |  | 12/29/2028 |  |  | Automotive |  |  | 11.34 | % |  | SOFR+600 |  |  |  | 19,158 |  |  |  | 18,891 |  |  |  | 19,158 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.74 | % |  | SOFR+640 |  |  |  | 2,182 |  |  |  | 2,181 |  |  |  | 2,182 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 10.95 | % |  | SOFR+565 |  |  |  | 14,670 |  |  |  | 14,585 |  |  |  | 13,643 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 11.76 | % |  | SOFR+665 |  |  |  | 6,840 |  |  |  | 6,749 |  |  |  | 6,792 |
Walker Edison Furniture Company LLC (4) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 4,968 |  |  |  | 4,715 |  |  |  | 1,441 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4) |  | 3/1/2029 |  |  | Wholesale |  |  |  |  |  |  |  |  | 354 |  |  |  | - |  |  |  | (251 | )
Watchtower Buyer, LLC |  | 12/3/2029 |  |  | Diversified Consumer Services |  |  | 11.33 | % |  | SOFR+600 |  |  |  | 12,219 |  |  |  | 12,031 |  |  |  | 12,109 |
Wildcat Buyerco, Inc. |  | 2/27/2027 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.08 | % |  | SOFR+575 |  |  |  | 16,055 |  |  |  | 15,943 |  |  |  | 16,055 |
Zips Car Wash, LLC |  | 12/31/2024 |  |  | Automobiles |  |  | 12.69 | % |  | SOFR+735 |  |  |  | 16,777 |  |  |  | 16,748 |  |  |  | 16,152 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 912,591 |  |  |  | 900,269 |
Equity Securities - 6.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 2,062 |  |  |  | 1,395 |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |  |  |  | 1,448 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126 |  |  |  | 1,012 |  |  |  | 1,067 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,467 |  |  |  | 3,910 |
Total Investments - 1,333.1% |  |  |  |  |  |  |  |  |  |  |  | 919,058 |  |  |  | 904,179 |
Cash and Cash Equivalents - 69.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,077 |  |  |  | 47,077 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 47,077 |  |  |  | 47,077 |
Total Investments and Cash Equivalents —1,536.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 966,135 |  |  | $ | 951,256 |
Liabilities in Excess of Other Assets — (1,436.4)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (883,433 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 67,823 |
(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. (4) Security currently on interest non-accrual status. (5) Partial non-accrual PIK securities. 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 |
Mission Critical Electronics, Inc. |  | 3/28/2024 |  |  | Capital Equipment |  |  | 11.29 | % |  | SOFR+515 |  |  |  | 5,769 |  |  |  | 5,763 |  |  |  | 5,740 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 3,430 |  |  |  | 3,380 |  |  |  | 3,355 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 10.93 | % |  | SOFR+525 |  |  |  | 10,711 |  |  |  | 10,572 |  |  |  | 10,497 |
Neptune Flood Incorporated |  | 5/9/2029 |  |  | Insurance |  |  | 11.97 | % |  | SOFR+650 |  |  |  | 5,042 |  |  |  | 4,970 |  |  |  | 5,042 |
New Milani Group LLC |  | 6/6/2024 |  |  | Consumer Goods: Non-Durable |  |  | 10.92 | % |  | SOFR+550 |  |  |  | 14,213 |  |  |  | 14,194 |  |  |  | 14,213 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.68 | % |  | SOFR+636 |  |  |  | 15,849 |  |  |  | 15,588 |  |  |  | 15,849 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 12.84 | % |  | SOFR+725 |  |  |  | 2,223 |  |  |  | 2,202 |  |  |  | 2,023 |
Output Services Group, Inc. (4) |  | 6/27/2026 |  |  | Business Services |  |  | 0.00 | % |  |  | — |  |  |  | 7,759 |  |  |  | 7,689 |  |  |  | 1,513 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+575 |  |  |  | 3,893 |  |  |  | 3,832 |  |  |  | 3,834 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 12.90 | % |  | SOFR+751 |  |  |  | 4,345 |  |  |  | 4,306 |  |  |  | 4,269 |
Peaquod Merger Sub, Inc. |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.79 | % |  | SOFR+640 |  |  |  | 11,474 |  |  |  | 11,267 |  |  |  | 11,244 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.68 | % |  | SOFR+500 |  |  |  | 9,493 |  |  |  | 9,282 |  |  |  | 7,974 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.42 | % |  | SOFR+710 |  |  |  | 7,565 |  |  |  | 7,467 |  |  |  | 6,809 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 10.57 | % |  | SOFR+565 |  |  |  | 2,551 |  |  |  | 2,491 |  |  |  | 2,436 |
Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par |  |  | Cost |  |  | Fair Value (2) |
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) 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. (4) Security currently on interest non-accrual status. Below are the consolidated statements of assets and liabilities for PSSL ($ in thousands):
|  | June 30, 2024 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2023 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$919,058 and $804,608, respectively) | $ |  | 904,179 |  |  | $ |  | 785,859 |
Cash and cash equivalents (cost—$47,077 and $77,446, respectively) |  |  | 47,077 |  |  |  |  | 77,446 |
Interest receivable |  |  | 5,659 |  |  |  |  | 5,179 |
Due from affiliate |  |  | 62 |  |  |  |  | 436 |
Prepaid expenses and other assets |  |  | 1,825 |  |  |  |  | 490 |
Total assets |  |  | 958,802 |  |  |  |  | 869,410 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 116,100 |  |  |  |  | 48,600 |
2032 Asset-backed debt, net (par—$246,000) |  |  | — |  |  |  |  | 243,973 |
2035 Asset-backed debt, net (par—$246,000) |  |  | 243,821 |  |  |  |  | 243,483 |
2036 Asset-backed debt, net (par—$246,000) |  |  | 244,219 |  |  |  |  | — |
Notes payable to members |  |  | 271,600 |  |  |  |  | 240,100 |
Interest payable on credit facility and asset backed debt |  |  | 7,292 |  |  |  |  | 14,291 |
Payable for investments purchased |  |  | — |  |  |  |  | 13,466 |
Interest payable on notes to members |  |  | 6,958 |  |  |  |  | 6,488 |
Accrued expenses |  |  | 864 |  |  |  |  | 859 |
Due to affiliate |  |  | 125 |  |  |  |  | — |
Total liabilities |  |  | 890,979 |  |  |  |  | 811,260 |
Commitments and contingencies(1) |  |  |  |  |  |  |
Members' equity |  |  | 67,823 |  |  |  |  | 58,150 |
Total liabilities and members' equity | $ |  | 958,802 |  |  | $ |  | 869,410 |
(1) As of June 30, 2024 and September 30, 2023, PSSL had unfunded commitments to fund invest ments of $1.0 million and $1.1 million, respectively. Below are the consolidated statements of operations for PSSL ($ in thousands):
|  | Three months ended June 30, |  |  | Nine months ended June 30, |
|  | 2024 |  |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Investment income: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 27,614 |  |  |  | $ | 23,373 |  |  | $ | 80,578 |  |  | $ | 64,282 |
Other income |  |  | 356 |  |  |  |  | 373 |  |  |  | 921 |  |  |  | 930 |
Total investment income |  |  | 27,970 |  |  |  |  | 23,746 |  |  |  | 81,499 |  |  |  | 65,212 |
Expenses(1): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 13,685 |  |  |  |  | 12,094 |  |  |  | 40,866 |  |  |  | 30,413 |
Interest expense on notes to members |  |  | 8,646 |  |  |  |  | 7,986 |  |  |  | 24,962 |  |  |  | 22,159 |
Administration fees |  |  | 602 |  |  |  |  | 529 |  |  |  | 1,737 |  |  |  | 1,553 |
General and administrative expenses |  |  | 506 |  |  |  |  | 193 |  |  |  | 999 |  |  |  | 773 |
Total expenses |  |  | 23,439 |  |  |  |  | 20,802 |  |  |  | 68,564 |  |  |  | 54,898 |
Net investment income |  |  | 4,531 |  |  |  |  | 2,944 |  |  |  | 12,935 |  |  |  | 10,314 |
Realized and unrealized gain (loss) on investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) on investments |  |  | — |  |  |  |  | 93 |  |  |  | (6,510 | ) |  |  | (5,852 | )
Net realized gain (loss) on extinguishment of debt |  |  | (1,622 | ) |  |  |  | — |  |  |  | (1,622 | ) |  |  | (10 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | (5,034 | ) |  |  |  | (4,442 | ) |  |  | 3,871 |  |  |  | (6,308 | )
Net realized and unrealized gain (loss) on investments |  |  | (6,656 | ) |  |  |  | (4,349 | ) |  |  | (4,261 | ) |  |  | (12,170 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | (2,125 | ) |  |  | $ | (1,405 | ) |  | $ | 8,674 |  |  | $ | (1,856 | )
(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.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482477/820-10-65-13 + Details
Name: | us-gaap_InvestmentsInDebtAndEquityInstrumentsCashAndCashEquivalentsUnrealizedAndRealizedGainsLossesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration