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Investments (Tables)

9 Months Ended

Jun. 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)	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

Schedule of Investments by Industry Classification and Enumerates Percentage, by Fair Value of Total Portfolio Assets Excluding Cash and Cash Equivalents

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries:


Industry Classification	June 30, 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.

Summary of PSSLs Portfolio at Fair Value

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

Summary of Listing of PSSLs Individual Investments


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)

(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):



		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 investments of $1.0 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 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.