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Investments | 3 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investments | 4. INVESTMENTS For the three months ended December 31, 2024 and 2023, purchases of investments, including PIK interest totaled $608.3 million and $303.5 million, respectively. Sales and repayments of investments for the three months ended December 31, 2024 and 2023 totaled $401.3 million and $103.8 million, respectively. Investments and cash and cash equivalents consisted of the following:
($ in thousands) |  | December 31, 2024 |  |  | September 30, 2024 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 1,746,097 |  |  | $ | 1,726,126 |  |  | $ | 1,521,496 |  |  | $ | 1,509,048 |
First lien in PSSL |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |
Subordinate debt |  |  | 3,144 |  |  |  | 3,435 |  |  |  | 2,632 |  |  |  | 2,693 |
Equity |  |  | 145,552 |  |  |  | 177,788 |  |  |  | 131,312 |  |  |  | 177,635 |
Equity interests in PSSL |  |  | 101,850 |  |  |  | 48,911 |  |  |  | 101,850 |  |  |  | 56,478 |
Total investments |  |  | 2,234,293 |  |  |  | 2,193,910 |  |  |  | 1,994,940 |  |  |  | 1,983,504 |
Cash and cash equivalents |  |  | 102,273 |  |  |  | 102,262 |  |  |  | 112,046 |  |  |  | 112,050 |
Total investments and cash and cash equivalents |  | $ | 2,336,566 |  |  | $ | 2,296,172 |  |  | $ | 2,106,986 |  |  | $ | 2,095,554 |
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, 2024 (1) |  | September 30, 2024 (1) |
Aerospace and Defense |  |  | 12 | % |  | 7 | %
Professional Services |  |  | 9 |  |  | 8 |
Healthcare Providers and Services |  |  | 7 |  |  | 6 |
Personal Products |  |  | 5 |  |  | 6 |
Diversified Consumer Services |  |  | 5 |  |  | 5 |
IT Services |  |  | 5 |  |  | 6 |
Distributors |  |  | 4 |  |  | 4 |
Healthcare Technology |  |  | 4 |  |  | 5 |
Media: Diversified and Production |  |  | 4 |  |  | 4 |
Construction & Engineering |  |  | 4 |  |  | 4 |
Media |  |  | 4 |  |  | 5 |
Leisure Products |  |  | 4 |  |  | 4 |
Business Services |  |  | 4 |  |  | 3 |
High Tech Industries |  |  | 4 |  |  | 4 |
Commercial Services & Supplies |  |  | 3 |  |  | 4 |
Electronic Equipment, Instruments, and Components |  |  | 3 |  |  | 4 |
Government Services |  |  | 2 |  |  | — |
Auto Components |  |  | 2 |  |  | 2 |
Independent Power and Renewable Electricity Producers |  |  | 1 |  |  | — |
Healthcare, Education and Childcare |  |  | 1 |  |  | 2 |
Internet Software and Services |  |  | 1 |  |  | 1 |
Software |  |  | 1 |  |  | — |
Healthcare Equipment and Supplies |  |  | 1 |  |  | 1 |
Capital Equipment |  |  | 1 |  |  | 1 |
Chemicals, Plastics and Rubber |  |  | 1 |  |  | 1 |
Road and Rail |  |  | 1 |  |  | — |
Building Products |  |  | 1 |  |  | 1 |
Food Products |  |  | 1 |  |  | 1 |
Automobiles |  |  | 1 |  |  | 1 |
Marketing Services |  |  | 1 |  |  | 1 |
Consumer Services |  |  | 1 |  |  | 1 |
Event Services |  |  | 1 |  |  | — |
Metals and Mining |  |  | 1 |  |  | 1 |
All Other |  |  | — |  |  | 7 |
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 December 31, 2024 and September 30, 2024, PSSL had total assets of $1,110 million and $988.1 million, respectively, and its investment portfolio consisted of investments in 118 and 109 portfolio companies, respectively. As of December 31, 2024, at fair value, the largest investment in a single portfolio company in PSSL was $21.2 million and the five largest investments totaled $98.6 million. As of September 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 $97.3 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 December 31, 2024 and September 30, 2024, 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 $237.7 million (zero remaining unfunded), respectively, and equity interests of $101.9 million ($87.5 remaining unfunded) and $101.9 million (zero remaining 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 December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 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) |  | December 31, 2024 |  |  | September 30, 2024 |
Total investments |  | $ | 1,046,178 |  |  | $ | 913,281 |
Weighted average cost yield on income producing investments |  |  | 10.8 | % |  |  | 11.4 | %
Number of portfolio companies in PSSL |  |  | 118 |  |  |  | 109 |
Largest portfolio company investment |  | $ | 21,220 |  |  | $ | 21,274 |
Total of five largest portfolio company investments |  | $ | 98,604 |  |  | $ | 97,292 |
Below is a listing of PSSL’s individual investments as of December 31, 2024 (Par and $ in thousands):
Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
First Lien Secured Debt - 1,863.8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  |  | Commercial Services & Supplies |  |  | 9.11 | % |  | SOFR+475 |  |  |  | 2,895 |  |  | $ | 2,850 |  |  | $ | 2,895 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  |  | Business Services |  |  | 9.84 | % |  | SOFR+525 |  |  |  | 9,900 |  |  |  | 9,750 |  |  |  | 9,628 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  |  | Business Services |  |  | 10.09 | % |  | SOFR+550 |  |  |  | 18,715 |  |  |  | 18,400 |  |  |  | 18,902 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  |  | Media |  |  | 10.59 | % |  | SOFR+626 |  |  |  | 8,685 |  |  |  | 8,641 |  |  |  | 8,685 |
Alpine Acquisition Corp II |  | 11/30/2026 |  |  | Containers and Packaging |  |  | 10.65 | % |  | SOFR+610 |  |  |  | 12,696 |  |  |  | 12,488 |  |  |  | 11,807 |
|  |  |  |  |  |  | (PIK 8.65%) |  |  |  |  |  |  |  |  |  |  |  |  |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.23 | % |  | SOFR+590 |  |  |  | 4,647 |  |  |  | 4,555 |  |  |  | 4,647 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.23 | % |  | SOFR+590 |  |  |  | 4,563 |  |  |  | 4,523 |  |  |  | 4,563 |
Applied Technical Services, LLC |  | 12/29/2026 |  |  | Commercial Services & Supplies |  |  | 10.23 | % |  | SOFR+590 |  |  |  | 11,127 |  |  |  | 11,042 |  |  |  | 10,989 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  |  | Aerospace and Defense |  |  | 9.62 | % |  | SOFR+500 |  |  |  | 6,000 |  |  |  | 5,988 |  |  |  | 5,985 |
Archer Lewis, LLC |  | 8/28/2029 |  |  | Commercial Services & Supplies |  |  | 10.09 | % |  | SOFR+590 |  |  |  | 9,975 |  |  |  | 9,881 |  |  |  | 9,875 |
ARGANO, LLC |  | 9/13/2029 |  |  | Business Services |  |  | 10.15 | % |  | SOFR+575 |  |  |  | 9,975 |  |  |  | 9,879 |  |  |  | 9,875 |
Beacon Behavioral Services, LLC |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.83 | % |  | SOFR+525 |  |  |  | 12,845 |  |  |  | 12,673 |  |  |  | 12,652 |
Best Practice Associates, LLC |  | 11/8/2029 |  |  | Aerospace and Defense |  |  | 11.08 | % |  | SOFR+675 |  |  |  | 10,000 |  |  |  | 9,916 |  |  |  | 9,850 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  |  | Business Services |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 4,888 |  |  |  | 4,819 |  |  |  | 4,753 |
Big Top Holdings, LLC |  | 2/28/2030 |  |  | Business Services |  |  | 10.11 | % |  | SOFR+575 |  |  |  | 14,788 |  |  |  | 14,548 |  |  |  | 14,788 |
BioDerm, Inc. |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.03 | % |  | SOFR+650 |  |  |  | 8,865 |  |  |  | 8,778 |  |  |  | 8,754 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  |  | Distributors |  |  | 9.73 | % |  | SOFR+540 |  |  |  | 14,934 |  |  |  | 14,752 |  |  |  | 14,679 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 10.41 | % |  | SOFR+600 |  |  |  | 8,666 |  |  |  | 8,642 |  |  |  | 8,622 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  |  | Automotive |  |  | 9.68 | % |  | SOFR+535 |  |  |  | 441 |  |  |  | 416 |  |  |  | 391 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  |  | High Tech Industries |  |  | 11.53 | % |  | SOFR+698 |  |  |  | 12,932 |  |  |  | 12,917 |  |  |  | 12,932 |
C5MI Holdco, LLC |  | 7/31/2029 |  |  | IT Services |  |  | 10.33 | % |  | SOFR+600 |  |  |  | 14,963 |  |  |  | 14,749 |  |  |  | 14,738 |
Carisk Buyer, Inc - Amendment No.1 Term Loan |  | 12/1/2029 |  |  | Healthcare Technology |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 10,000 |  |  |  | 9,931 |  |  |  | 9,850 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  |  | 9.86 | % |  | SOFR+550 |  |  |  | 15,205 |  |  |  | 14,991 |  |  |  | 14,977 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  |  | Distributors |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 9,514 |  |  |  | 9,415 |  |  |  | 9,514 |
Case Works, LLC |  | 10/1/2029 |  |  | Professional Services |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 15,000 |  |  |  | 14,876 |  |  |  | 14,880 |
CF512, Inc. |  | 8/20/2026 |  |  | Media |  |  | 10.69 | % |  | SOFR+619 |  |  |  | 6,533 |  |  |  | 6,474 |  |  |  | 6,435 |
Confluent Health, LLC |  | 10/28/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 8.47 | % |  | SOFR+400 |  |  |  | 6,690 |  |  |  | 6,498 |  |  |  | 6,506 |
Connatix Buyer, Inc. |  | 7/13/2027 |  |  | Media |  |  | 10.39 | % |  | SOFR+561 |  |  |  | 3,765 |  |  |  | 3,726 |  |  |  | 3,765 |
Crane 1 Services, Inc. |  | 8/16/2027 |  |  | Commercial Services & Supplies |  |  | 10.22 | % |  | SOFR+586 |  |  |  | 2,062 |  |  |  | 2,046 |  |  |  | 2,047 |
Dr. Squatch, LLC |  | 8/31/2027 |  |  | Personal Products |  |  | 9.68 | % |  | SOFR+535 |  |  |  | 14,525 |  |  |  | 14,378 |  |  |  | 14,525 |
DRI Holding Inc. |  | 12/21/2028 |  |  | Media |  |  | 9.71 | % |  | SOFR+535 |  |  |  | 2,594 |  |  |  | 2,423 |  |  |  | 2,516 |
DRS Holdings III, Inc. |  | 11/3/2025 |  |  | Consumer Goods: Durable |  |  | 10.71 | % |  | SOFR+635 |  |  |  | 13,694 |  |  |  | 13,677 |  |  |  | 13,640 |
Duggal Acquisiton, LLC |  | 9/30/2030 |  |  | Marketing Services |  |  | 9.08 | % |  | SOFR+475 |  |  |  | 4,988 |  |  |  | 4,940 |  |  |  | 4,938 |
Dynata, LLC - First Out Term Loan (5) |  | 7/15/2028 |  |  | Diversified Consumer Services |  |  | 9.79 | % |  | SOFR+526 |  |  |  | 1,357 |  |  |  | 1,266 |  |  |  | 1,357 |
Dynata, LLC - Last Out Term Loan |  | 10/15/2028 |  |  | Diversified Consumer Services |  |  | 10.29 | % |  | SOFR+576 |  |  |  | 8,418 |  |  |  | 8,418 |  |  |  | 7,808 |
EDS Buyer, LLC |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 8,843 |  |  |  | 8,745 |  |  |  | 8,776 |
Emergency Care Partners, LLC |  | 10/18/2027 |  |  | Healthcare Providers and Services |  |  | 10.13 | % |  | SOFR+550 |  |  |  | 5,985 |  |  |  | 5,945 |  |  |  | 5,940 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  |  | Software |  |  | 10.92 | % |  | SOFR+635 |  |  |  | 12,514 |  |  |  | 12,394 |  |  |  | 12,514 |
ETE Intermediate II, LLC |  | 5/29/2029 |  |  | Diversified Consumer Services |  |  | 11.01 | % |  | SOFR+650 |  |  |  | 12,218 |  |  |  | 12,011 |  |  |  | 12,218 |
Eval Home Solutions Intermediate, LLC |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  |  | 10.11 | % |  | SOFR+575 |  |  |  | 9,245 |  |  |  | 9,112 |  |  |  | 9,152 |
Fairbanks More Defense |  | 6/17/2028 |  |  | Aerospace and Defense |  |  | 9.33 | % |  | SOFR+450 |  |  |  | 10,092 |  |  |  | 10,051 |  |  |  | 10,141 |
GGG MIDCO, LLC |  | 9/27/2030 |  |  | Diversified Consumer Services |  |  | 9.41 | % |  | SOFR+500 |  |  |  | 9,988 |  |  |  | 9,893 |  |  |  | 9,888 |
Global Holdings InterCo LLC |  | 3/16/2026 |  |  | Diversified Financial Services |  |  | 9.98 | % |  | SOFR+560 |  |  |  | 3,620 |  |  |  | 3,612 |  |  |  | 3,475 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  |  | Trading Companies & Distributors |  |  | 10.03 | % |  | SOFR+560 |  |  |  | 3,713 |  |  |  | 3,679 |  |  |  | 3,657 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  |  | Insurance |  |  | 9.93 | % |  | SOFR+560 |  |  |  | 2,153 |  |  |  | 2,133 |  |  |  | 2,153 |
Harris & Co. LLC |  | 8/9/2030 |  |  | Professional Services |  |  | 9.36 | % |  | SOFR+500 |  |  |  | 19,950 |  |  |  | 19,785 |  |  |  | 19,950 |
HEC Purchaser Corp |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.75 | % |  | SOFR+550 |  |  |  | 3,682 |  |  |  | 3,641 |  |  |  | 3,667 |
Hills Distribution, Inc |  | 11/8/2029 |  |  | Business Services |  |  | 10.40 | % |  | SOFR+600 |  |  |  | 8,935 |  |  |  | 8,813 |  |  |  | 8,845 |
HW Holdco, LLC |  | 5/10/2026 |  |  | Media |  |  | 10.23 | % |  | SOFR+590 |  |  |  | 3,486 |  |  |  | 3,458 |  |  |  | 3,486 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  |  | Software |  |  | 9.59 | % |  | SOFR+510 |  |  |  | 9,131 |  |  |  | 9,005 |  |  |  | 9,108 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  |  | Commercial Services & Supplies |  |  | 9.83 | % |  | SOFR+550 |  |  |  | 6,014 |  |  |  | 5,924 |  |  |  | 6,014 |
Integrative Nutrition, LLC |  | 1/31/2025 |  |  | Diversified Consumer Services |  |  | 11.75 | % |  | SOFR+715 |  |  |  | 11,250 |  |  |  | 11,236 |  |  |  | 8,437 |
|  |  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
Inventus Power, Inc. |  | 6/30/2025 |  |  | Consumer Goods: Durable |  |  | 11.97 | % |  | SOFR+761 |  |  |  | 8,143 |  |  |  | 8,094 |  |  |  | 8,143 |
ITI Holdings, Inc. |  | 3/3/2028 |  |  | IT Services |  |  | 10.05 | % |  | SOFR+565 |  |  |  | 3,890 |  |  |  | 3,849 |  |  |  | 3,890 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  |  | Personal Products |  |  | 10.48 | % |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,301 |  |  |  | 13,492 |
Lash OpCo, LLC |  | 2/18/2027 |  |  | Personal Products |  |  | 12.28 | % |  | SOFR+785 |  |  |  | 14,923 |  |  |  | 14,750 |  |  |  | 14,700 |
|  |  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (5) |  | 10/31/2025 |  |  | Capital Equipment |  |  | 10.87 | % |  | SOFR+643 |  |  |  | 15,352 |  |  |  | 15,331 |  |  |  | 14,600 |
|  |  |  |  |  |  | (PIK 10.87%) |  |  |  |  |  |  |  |  |  |  |  |  |
Lightspeed Buyer Inc. |  | 2/3/2026 |  |  | Healthcare Providers and Services |  |  | 10.00 | % |  | SOFR+540 |  |  |  | 11,330 |  |  |  | 11,267 |  |  |  | 11,216 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  |  | Environmental Industries |  |  | 9.28 | % |  | SOFR+525 |  |  |  | 2,553 |  |  |  | 2,511 |  |  |  | 2,553 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  |  | Consumer Products |  |  | 10.33 | % |  | SOFR+600 |  |  |  | 7,389 |  |  |  | 7,277 |  |  |  | 7,334 |
Lucky Bucks, LLC - First-Out Term Loan (5) |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  |  | 12.10 | % |  | SOFR+765 |  |  |  | 258 |  |  |  | 258 |  |  |  | 258 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  |  | 12.10 | % |  | SOFR+765 |  |  |  | 517 |  |  |  | 517 |  |  |  | 517 |
MAG DS Corp |  | 4/1/2027 |  |  | Aerospace and Defense |  |  | 9.93 | % |  | SOFR+560 |  |  |  | 2,212 |  |  |  | 2,143 |  |  |  | 2,068 |
Magenta Buyer, LLC - First-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.60 | % |  | SOFR+701 |  |  |  | 357 |  |  |  | 357 |  |  |  | 328 |
Magenta Buyer, LLC - Second-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 12.60 | % |  | SOFR+801 |  |  |  | 458 |  |  |  | 458 |  |  |  | 270 |
|  |  |  |  |  |  | (PIK 6.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
Magenta Buyer, LLC - Third-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.85 | % |  | SOFR+726 |  |  |  | 1,695 |  |  |  | 1,695 |  |  |  | 570 |
|  |  |  |  |  |  | (PIK 5.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
MBS Holdings, Inc. |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 10.67 | % |  | SOFR+585 |  |  |  | 8,309 |  |  |  | 8,226 |  |  |  | 8,317 |
MDI Buyer, Inc. |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 6,300 |  |  |  | 6,213 |  |  |  | 6,244 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 9.98 | % |  | SOFR+590 |  |  |  | 2,342 |  |  |  | 2,315 |  |  |  | 2,283 |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.58 | % |  | SOFR+625 |  |  |  | 19,151 |  |  |  | 18,878 |  |  |  | 19,151 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  |  | 9.83 | % |  | SOFR+525 |  |  |  | 15,632 |  |  | $ | 15,427 |  |  | $ | 13,661 |
Mission Critical Electronics, Inc. |  | 3/31/2025 |  |  | Capital Equipment |  |  | 10.23 | % |  | SOFR+590 |  |  |  | 5,536 |  |  |  | 5,536 |  |  |  | 5,536 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  |  | Business Services |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 13,034 |  |  |  | 12,865 |  |  |  | 13,034 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 9.48 | % |  | SOFR+515 |  |  |  | 3,386 |  |  |  | 3,350 |  |  |  | 3,386 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 10.38 | % |  | SOFR+585 |  |  |  | 10,575 |  |  |  | 10,486 |  |  |  | 10,575 |
NFS - CFP Holdings LLC |  | 9/13/2030 |  |  | Commercial Services & Supplies |  |  | 9.08 | % |  | SOFR+475 |  |  |  | 14,963 |  |  |  | 14,859 |  |  |  | 14,850 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 10.68 | % |  | SOFR+635 |  |  |  | 21,220 |  |  |  | 20,883 |  |  |  | 21,220 |
Omnia Exterior Solutions, LLC - Second Amendment Term Loan |  | 12/29/2029 |  |  | Healthcare Providers and Services |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 12,989 |  |  |  | 12,881 |  |  |  | 12,891 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 10.72 | % |  | SOFR+636 |  |  |  | 15,640 |  |  |  | 15,451 |  |  |  | 15,640 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 13.73 | % |  | SOFR+940 |  |  |  | 2,170 |  |  |  | 2,156 |  |  |  | 1,888 |
|  |  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
OSP Embedded Purchaser, LLC |  | 12/15/2029 |  |  | Aerospace and Defense |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 9,975 |  |  |  | 9,831 |  |  |  | 9,815 |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 12.86 | % |  | SOFR+800 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 11.11 | % |  | SOFR+625 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 9.71 | % |  | SOFR+535 |  |  |  | 3,893 |  |  |  | 3,844 |  |  |  | 3,844 |
Pacific Purchaser, LLC |  | 9/30/2028 |  |  | Business Services |  |  | 10.53 | % |  | SOFR+625 |  |  |  | 11,908 |  |  |  | 11,727 |  |  |  | 11,801 |
PAR Excellence Holdings, Inc |  | 9/3/2030 |  |  | Healthcare Technology |  |  | 9.47 | % |  | SOFR+475 |  |  |  | 5,000 |  |  |  | 4,954 |  |  |  | 4,950 |
PCS Midco, Inc |  | 3/1/2030 |  |  | Diversified Consumer Services |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 3,862 |  |  |  | 3,812 |  |  |  | 3,862 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.17 | % |  | SOFR+543 |  |  |  | 9,366 |  |  |  | 9,293 |  |  |  | 9,281 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 11.99 | % |  | SOFR+725 |  |  |  | 7,927 |  |  |  | 7,850 |  |  |  | 5,787 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Pragmatic Institute, LLC (4) |  | 7/6/2028 |  |  | Education |  |  | 0.00 | % |  |  |  |  |  | 11,953 |  |  |  | 11,454 |  |  |  | 5,020 |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 10.43 | % |  | SOFR+610 |  |  |  | 2,768 |  |  |  | 2,752 |  |  |  | 2,768 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 9.81 | % |  | SOFR+525 |  |  |  | 18,908 |  |  |  | 18,832 |  |  |  | 18,767 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 11.48 | % |  | SOFR+715 |  |  |  | 4,813 |  |  |  | 4,788 |  |  |  | 4,764 |
RRA Corporate, LLC |  | 8/15/2029 |  |  | Diversified Consumer Services |  |  | 9.33 | % |  | SOFR+500 |  |  |  | 4,988 |  |  |  | 4,941 |  |  |  | 4,963 |
RTIC Subsidiary Holdings, LLC |  | 5/3/2029 |  |  | Consumer Goods: Durable |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 9,950 |  |  |  | 9,813 |  |  |  | 9,776 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 10.04 | % |  | SOFR+575 |  |  |  | 4,325 |  |  |  | 4,259 |  |  |  | 4,260 |
S101 Acquisition, Inc |  | 12/29/2026 |  |  | Government Services |  |  | 10.17 | % |  | SOFR+565 |  |  |  | 5,671 |  |  |  | 5,616 |  |  |  | 5,643 |
Sabel Systems Technology Solutions, LLC |  | 10/31/2030 |  |  | Construction and Building |  |  | 10.58 | % |  | SOFR+625 |  |  |  | 6,000 |  |  |  | 5,944 |  |  |  | 5,940 |
Safe Haven Defense US, LLC |  | 5/23/2029 |  |  | Construction and Building |  |  | 9.36 | % |  | SOFR+525 |  |  |  | 9,946 |  |  |  | 9,809 |  |  |  | 9,946 |
Sales Benchmark Index LLC |  | 7/7/2026 |  |  | Professional Services |  |  | 10.53 | % |  | SOFR+620 |  |  |  | 9,268 |  |  |  | 9,247 |  |  |  | 9,268 |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 12.96 | % |  | SOFR+835 |  |  |  | 12,574 |  |  |  | 12,574 |  |  |  | 11,976 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 10.48 | % |  | SOFR+615 |  |  |  | 4,888 |  |  |  | 4,833 |  |  |  | 4,692 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  |  | Aerospace and Defense |  |  | 11.23 | % |  | SOFR+690 |  |  |  | 18,537 |  |  |  | 18,310 |  |  |  | 18,444 |
Smartronix, LLC |  | 11/23/2028 |  |  | Aerospace and Defense |  |  | 10.35 | % |  | SOFR+610 |  |  |  | 4,850 |  |  |  | 4,791 |  |  |  | 4,850 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | SOFR+600 |  |  |  | 11,922 |  |  |  | 11,901 |  |  |  | 10,551 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 11.74 | % |  | SOFR+715 |  |  |  | 4,582 |  |  |  | 4,566 |  |  |  | 4,582 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 9.48 | % |  | SOFR+515 |  |  |  | 4,060 |  |  |  | 4,011 |  |  |  | 4,060 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 8.76 | % |  | SOFR+425 |  |  |  | 1,773 |  |  |  | 1,700 |  |  |  | 1,418 |
SV-Aero Holdings, LLC |  | 11/1/2030 |  |  | Aerospace and Defense |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 15,000 |  |  |  | 14,925 |  |  |  | 14,850 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 9.28 | % |  | SOFR+500 |  |  |  | 14,550 |  |  |  | 14,417 |  |  |  | 14,565 |
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | 12.87 | % |  | SOFR+835 |  |  |  | 1,855 |  |  |  | 1,752 |  |  |  | 1,836 |
|  |  |  |  |  |  | (PIK 7.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | 12.12 | % |  | SOFR+760 |  |  |  | 4,314 |  |  |  | 2,309 |  |  |  | 2,243 |
|  |  |  |  |  |  | (PIK 6.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  |  | Media |  |  | 10.83 | % |  | SOFR+650 |  |  |  | 19,577 |  |  |  | 19,278 |  |  |  | 19,381 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.46 | % |  | SOFR+500 |  |  |  | 342 |  |  |  | 332 |  |  |  | 343 |
Teneo Holdings, LLC |  | 3/13/2031 |  |  | Business Services |  |  | 9.11 | % |  | SOFR+475 |  |  |  | 5,459 |  |  |  | 5,405 |  |  |  | 5,501 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 10.98 | % |  | SOFR+665 |  |  |  | 8,504 |  |  |  | 8,421 |  |  |  | 8,504 |
The Vertex Companies, LLC |  | 8/31/2027 |  |  | Construction and Engineering |  |  | 10.50 | % |  | SOFR+610 |  |  |  | 17,617 |  |  |  | 17,379 |  |  |  | 17,370 |
TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.44 | % |  | SOFR+565 |  |  |  | 16,482 |  |  |  | 16,379 |  |  |  | 16,481 |
Transgo, LLC |  | 12/29/2028 |  |  | Automotive |  |  | 10.11 | % |  | SOFR+575 |  |  |  | 17,884 |  |  |  | 17,647 |  |  |  | 17,884 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 10.80 | % |  | SOFR+640 |  |  |  | 779 |  |  |  | 780 |  |  |  | 778 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 9.49 | % |  | SOFR+490 |  |  |  | 14,670 |  |  |  | 14,587 |  |  |  | 14,464 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 9.83 | % |  | SOFR+550 |  |  |  | 6,806 |  |  |  | 6,739 |  |  |  | 6,771 |
Walker Edison Furniture Company LLC (4)(5) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 5,708 |  |  |  | 5,028 |  |  |  | - |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(5) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,128 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(5) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 42 |  |  |  | - |  |  |  | (42 | )
Watchtower Buyer, LLC |  | 12/3/2029 |  |  | Diversified Consumer Services |  |  | 10.33 | % |  | SOFR+600 |  |  |  | 12,158 |  |  |  | 11,988 |  |  |  | 12,158 |
Zips Car Wash, LLC |  | 1/16/2025 |  |  | Automobiles |  |  | 12.46 | % |  | SOFR+740 |  |  |  | 17,264 |  |  |  | 17,262 |  |  |  | 15,321 |
|  |  |  |  |  |  | (PIK 12.46%) |  |  |  |  |  |  |  |  |  |  |  |  |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,064,272 |  |  |  | 1,041,856 |
Equity Securities - 7.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
48Forty Intermediate Holdings, Inc.- Common Equity |  |  | — |  |  | Containers and Packaging |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | - |  |  |  | - |
New Insight Holdings, Inc. |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116 |  |  |  | 2,031 |  |  |  | 2,225 |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 2,062 |  |  |  | 781 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126 |  |  |  | 1,012 |  |  |  | 1,316 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,498 |  |  |  | 4,322 |
Total Investments - 1,871.60% |  |  |  |  |  |  |  |  |  |  |  | 1,072,770 |  |  |  | 1,046,178 |
Cash and Cash Equivalents - 95.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  | 4.43 | % |  |  |  |  |  |  |  |  | 53,629 |  |  |  | 53,629 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53,629 |  |  |  | 53,629 |
Total Investments and Cash Equivalents —1,971.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,126,399 |  |  | $ | 1,099,807 |
Liabilities in Excess of Other Assets — (1,871.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,043,908 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 55,899 |
(1) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any. (2) Valued based on PSSL’s accounting policy. (3) Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded. (4) Non-accrual security. (5) The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. (6) All investments are in US Companies unless noted otherwise. Below is a listing of PSSL’s individual investments as of September 30, 2024 (Par and $ in thousands):
Issuer Name (7) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
First Lien Secured Debt - 1,404.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  |  | Commercial Services & Supplies |  |  | 10.95 | % |  | SOFR+610 |  |  |  | 2,903 |  |  | $ | 2,855 |  |  | $ | 2,903 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  |  | Business Services |  |  | 10.58 | % |  | SOFR+525 |  |  |  | 9,925 |  |  |  | 9,771 |  |  |  | 9,602 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  |  | Business Services |  |  | 10.83 | % |  | SOFR+550 |  |  |  | 18,762 |  |  |  | 18,434 |  |  |  | 18,837 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  |  | Media |  |  | 11.28 | % |  | SOFR+626 |  |  |  | 8,708 |  |  |  | 8,658 |  |  |  | 8,708 |
Aeronix, Inc |  | 12/18/2028 |  |  | Aerospace and Defense |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 15,880 |  |  |  | 15,665 |  |  |  | 15,880 |
Alpine Acquisition Corp II |  | 11/30/2026 |  |  | Containers and Packaging |  |  | 11.30 | % |  | SOFR+610 |  |  |  | 12,722 |  |  |  | 12,481 |  |  |  | 12,213 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 4,717 |  |  |  | 4,613 |  |  |  | 4,717 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 4,625 |  |  |  | 4,584 |  |  |  | 4,625 |
Applied Technical Services, LLC |  | 12/29/2026 |  |  | Commercial Services & Supplies |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 11,155 |  |  |  | 11,058 |  |  |  | 10,988 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  |  | Aerospace and Defense |  |  | 11.56 | % |  | SOFR+625 |  |  |  | 11,115 |  |  |  | 10,967 |  |  |  | 11,059 |
Beacon Behavioral Services, LLC |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 9,975 |  |  |  | 9,836 |  |  |  | 9,825 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  |  | Business Services |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 4,900 |  |  |  | 4,828 |  |  |  | 4,753 |
Big Top Holdings, LLC |  | 2/28/2030 |  |  | Business Services |  |  | 11.18 | % |  | SOFR+625 |  |  |  | 15,423 |  |  |  | 15,167 |  |  |  | 15,423 |
BioDerm, Inc. |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.70 | % |  | SOFR+650 |  |  |  | 8,888 |  |  |  | 8,797 |  |  |  | 8,776 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  |  | Distributors |  |  | 11.00 | % |  | SOFR+640 |  |  |  | 14,974 |  |  |  | 14,779 |  |  |  | 14,718 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 10.60 | % |  | SOFR+600 |  |  |  | 5,546 |  |  |  | 5,523 |  |  |  | 5,435 |
Broder Bros., Co. |  | 12/4/2025 |  |  | Consumer Products |  |  | 10.97 | % |  | SOFR+611 |  |  |  | 2,274 |  |  |  | 2,274 |  |  |  | 2,274 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  |  | Automotive |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 442 |  |  |  | 417 |  |  |  | 416 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  |  | High Tech Industries |  |  | 12.18 | % |  | SOFR+698 |  |  |  | 13,084 |  |  |  | 13,059 |  |  |  | 13,084 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.60 | % |  | SOFR+550 |  |  |  | 15,243 |  |  |  | 15,025 |  |  |  | 15,015 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  |  | Distributors |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 9,539 |  |  |  | 9,431 |  |  |  | 9,539 |
CF512, Inc. |  | 8/20/2026 |  |  | Media |  |  | 11.21 | % |  | SOFR+619 |  |  |  | 6,751 |  |  |  | 6,682 |  |  |  | 6,649 |
Confluent Health, LLC |  | 10/28/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 8.96 | % |  | SOFR+400 |  |  |  | 6,708 |  |  |  | 6,506 |  |  |  | 6,540 |
Connatix Buyer, Inc. |  | 7/13/2027 |  |  | Media |  |  | 10.53 | % |  | SOFR+561 |  |  |  | 3,775 |  |  |  | 3,734 |  |  |  | 3,775 |
Crane 1 Services, Inc. |  | 8/16/2027 |  |  | Commercial Services & Supplies |  |  | 10.71 | % |  | SOFR+586 |  |  |  | 2,068 |  |  |  | 2,051 |  |  |  | 2,052 |
Dr. Squatch, LLC |  | 8/31/2027 |  |  | Personal Products |  |  | 9.95 | % |  | SOFR+535 |  |  |  | 14,562 |  |  |  | 14,398 |  |  |  | 14,562 |
DRI Holding Inc. |  | 12/21/2028 |  |  | Media |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 2,600 |  |  |  | 2,420 |  |  |  | 2,509 |
DRS Holdings III, Inc. |  | 11/3/2025 |  |  | Consumer Goods: Durable |  |  | 11.20 | % |  | SOFR+635 |  |  |  | 13,805 |  |  |  | 13,788 |  |  |  | 13,694 |
Dynata, LLC - First Out Term Loan (6) |  | 7/15/2028 |  |  | Diversified Consumer Services |  |  | 10.38 | % |  | SOFR+526 |  |  |  | 1,360 |  |  |  | 1,264 |  |  |  | 1,358 |
Dynata, LLC - Last Out Term Loan |  | 10/15/2028 |  |  | Diversified Consumer Services |  |  | 10.88 | % |  | SOFR+576 |  |  |  | 8,439 |  |  |  | 8,439 |  |  |  | 7,769 |
ECL Entertainment, LLC |  | 8/31/2030 |  |  | Hotel, Gaming and Leisure |  |  | 8.85 | % |  | SOFR+400 |  |  |  | 4,963 |  |  |  | 4,894 |  |  |  | 4,973 |
EDS Buyer, LLC |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 8,865 |  |  |  | 8,763 |  |  |  | 8,732 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  |  | Software |  |  | 11.20 | % |  | SOFR+635 |  |  |  | 12,546 |  |  |  | 12,418 |  |  |  | 12,484 |
ETE Intermediate II, LLC |  | 5/29/2029 |  |  | Diversified Consumer Services |  |  | 11.56 | % |  | SOFR+650 |  |  |  | 12,249 |  |  |  | 12,032 |  |  |  | 12,249 |
Eval Home Solutions Intermediate, LLC |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 9,268 |  |  |  | 9,132 |  |  |  | 9,176 |
Fairbanks More Defense |  | 6/17/2028 |  |  | Aerospace and Defense |  |  | 9.65 | % |  | SOFR+450 |  |  |  | 10,117 |  |  |  | 10,071 |  |  |  | 10,128 |
Global Holdings InterCo LLC |  | 3/16/2026 |  |  | Diversified Financial Services |  |  | 11.43 | % |  | SOFR+615 |  |  |  | 3,696 |  |  |  | 3,689 |  |  |  | 3,511 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  |  | Trading Companies & Distributors |  |  | 10.45 | % |  | SOFR+560 |  |  |  | 3,723 |  |  |  | 3,686 |  |  |  | 3,685 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  |  | Insurance |  |  | 10.20 | % |  | SOFR+560 |  |  |  | 2,153 |  |  |  | 2,131 |  |  |  | 2,110 |
HEC Purchaser Corp |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.75 | % |  | SOFR+550 |  |  |  | 3,691 |  |  |  | 3,648 |  |  |  | 3,665 |
Hills Distribution, Inc |  | 11/8/2029 |  |  | Business Services |  |  | 11.11 | % |  | SOFR+600 |  |  |  | 8,957 |  |  |  | 8,835 |  |  |  | 8,868 |
HW Holdco, LLC |  | 5/10/2026 |  |  | Media |  |  | 11.18 | % |  | SOFR+590 |  |  |  | 3,486 |  |  |  | 3,475 |  |  |  | 3,486 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  |  | Software |  |  | 10.20 | % |  | SOFR+510 |  |  |  | 9,154 |  |  |  | 9,018 |  |  |  | 9,108 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  |  | Commercial Services & Supplies |  |  | 11.45 | % |  | SOFR+685 |  |  |  | 6,029 |  |  |  | 5,932 |  |  |  | 6,089 |
Integrative Nutrition, LLC |  | 1/31/2025 |  |  | Diversified Consumer Services |  |  | 11.75 | % |  | SOFR+715 |  |  |  | 11,287 |  |  |  | 11,274 |  |  |  | 9,707 |
|  |  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
Inventus Power, Inc. |  | 6/30/2025 |  |  | Consumer Goods: Durable |  |  | 12.46 | % |  | SOFR+761 |  |  |  | 8,164 |  |  |  | 8,094 |  |  |  | 8,041 |
ITI Holdings, Inc. |  | 3/3/2028 |  |  | IT Services |  |  | 10.58 | % |  | SOFR+565 |  |  |  | 3,900 |  |  |  | 3,855 |  |  |  | 3,900 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  |  | Personal Products |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,289 |  |  |  | 13,492 |
Lash OpCo, LLC |  | 2/18/2027 |  |  | Personal Products |  |  | 12.94 | % |  | SOFR+785 |  |  |  | 14,731 |  |  |  | 14,539 |  |  |  | 14,584 |
|  |  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (6) |  | 10/31/2025 |  |  | Capital Equipment |  |  | 11.42 | % |  | SOFR+643 |  |  |  | 12,125 |  |  |  | 12,102 |  |  |  | 11,907 |
LAV Gear Holdings, Inc. - Term Loan Incremental |  | 10/31/2025 |  |  | Capital Equipment |  |  | 11.64 | % |  | SOFR+640 |  |  |  | 2,861 |  |  |  | 2,856 |  |  |  | 2,810 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  |  | Healthcare Providers and Services |  |  | 10.15 | % |  | SOFR+535 |  |  |  | 11,330 |  |  |  | 11,258 |  |  |  | 11,330 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  |  | Environmental Industries |  |  | 10.48 | % |  | SOFR+525 |  |  |  | 2,559 |  |  |  | 2,516 |  |  |  | 2,559 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  |  | Consumer Products |  |  | 11.10 | % |  | SOFR+650 |  |  |  | 7,407 |  |  |  | 7,288 |  |  |  | 7,296 |
Lucky Bucks, LLC - First-Out Term Loan (6) |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  |  | 12.77 | % |  | SOFR+765 |  |  |  | 259 |  |  |  | 259 |  |  |  | 259 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  |  | 12.77 | % |  | SOFR+765 |  |  |  | 518 |  |  |  | 518 |  |  |  | 518 |
MAG DS Corp |  | 4/1/2027 |  |  | Aerospace and Defense |  |  | 10.20 | % |  | SOFR+550 |  |  |  | 2,218 |  |  |  | 2,143 |  |  |  | 2,085 |
Magenta Buyer, LLC - First-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 12.13 | % |  | SOFR+701 |  |  |  | 357 |  |  |  | 357 |  |  |  | 337 |
Magenta Buyer, LLC - Second-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 12.38 | % |  | SOFR+801 |  |  |  | 452 |  |  |  | 452 |  |  |  | 310 |
Magenta Buyer, LLC - Third-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.63 | % |  | SOFR+726 |  |  |  | 1,675 |  |  |  | 1,675 |  |  |  | 490 |
Marketplace Events, LLC - Super Priority First Lien Term Loan (6) |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  | 10.38 | % |  | SOFR+540 |  |  |  | 1,845 |  |  |  | 1,845 |  |  |  | 1,845 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)(6) |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  | 0.00 | % |  |  |  |  |  | 564 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC (6) |  | 9/30/2026 |  |  | Media: Diversified and Production |  |  | 10.53 | % |  | SOFR+525 |  |  |  | 4,837 |  |  |  | 4,068 |  |  |  | 4,837 |
MBS Holdings, Inc. |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 10.59 | % |  | SOFR+585 |  |  |  | 7,256 |  |  |  | 7,183 |  |  |  | 7,256 |
MBS Holdings, Inc. (New Issue) - Incremental |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 11.34 | % |  | SOFR+660 |  |  |  | 523 |  |  |  | 514 |  |  |  | 528 |
MBS Holdings, Inc. (New Issue) - Second Incremental |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 11.09 | % |  | SOFR+635 |  |  |  | 551 |  |  |  | 543 |  |  |  | 554 |
MDI Buyer, Inc. |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 4,900 |  |  |  | 4,829 |  |  |  | 4,851 |
MDI Buyer, Inc. - Incremental |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 11.25 | % |  | SOFR+600 |  |  |  | 1,416 |  |  |  | 1,395 |  |  |  | 1,409 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 2,348 |  |  |  | 2,319 |  |  |  | 2,289 |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.85 | % |  | SOFR+625 |  |  |  | 19,199 |  |  |  | 18,911 |  |  |  | 19,199 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 15,671 |  |  |  | 15,453 |  |  |  | 14,794 |
Mission Critical Electronics, Inc. |  | 3/31/2025 |  |  | Capital Equipment |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 5,551 |  |  |  | 5,551 |  |  |  | 5,551 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  |  | Business Services |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 13,067 |  |  |  | 12,891 |  |  |  | 12,871 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 9.75 | % |  | SOFR+515 |  |  |  | 3,395 |  |  |  | 3,355 |  |  |  | 3,395 |
Issuer Name (7) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 11.05 | % |  | SOFR+585 |  |  |  | 10,602 |  |  |  | 10,504 |  |  |  | 10,284 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 10.95 | % |  | SOFR+635 |  |  |  | 21,274 |  |  |  | 20,913 |  |  |  | 21,274 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.21 | % |  | SOFR+636 |  |  |  | 15,682 |  |  |  | 15,480 |  |  |  | 15,682 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 14.00 | % |  | SOFR+940 |  |  |  | 2,140 |  |  |  | 2,124 |  |  |  | 1,819 |
|  |  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 13.75 | % |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 12.00 | % |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 3,893 |  |  |  | 3,842 |  |  |  | 3,825 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 11.12 | % |  | SOFR+651 |  |  |  | 4,307 |  |  |  | 4,282 |  |  |  | 4,307 |
Pacific Purchaser, LLC |  | 9/30/2028 |  |  | Business Services |  |  | 11.51 | % |  | SOFR+625 |  |  |  | 11,938 |  |  |  | 11,745 |  |  |  | 11,914 |
PCS Midco, Inc |  | 3/1/2030 |  |  | Diversified Consumer Services |  |  | 10.81 | % |  | SOFR+575 |  |  |  | 3,871 |  |  |  | 3,818 |  |  |  | 3,871 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.17 | % |  | SOFR+543 |  |  |  | 9,391 |  |  |  | 9,289 |  |  |  | 9,302 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 11.99 | % |  | SOFR+725 |  |  |  | 7,816 |  |  |  | 7,733 |  |  |  | 6,253 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Pragmatic Institute, LLC (5) |  | 7/6/2028 |  |  | Education |  |  | 12.35 | % |  | SOFR+750 |  |  |  | 11,855 |  |  |  | 11,480 |  |  |  | 7,261 |
|  |  |  |  |  |  | (PIK 12.35%) |  |  |  |  |  |  |  |  |  |  |  |  |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 10.95 | % |  | SOFR+635 |  |  |  | 2,775 |  |  |  | 2,758 |  |  |  | 2,761 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 10.85 | % |  | SOFR+560 |  |  |  | 1,016 |  |  |  | 1,016 |  |  |  | 1,016 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 4,875 |  |  |  | 4,828 |  |  |  | 3,656 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 11.75 | % |  | SOFR+715 |  |  |  | 4,825 |  |  |  | 4,796 |  |  |  | 4,777 |
RTIC Subsidiary Holdings, LLC |  | 5/3/2029 |  |  | Consumer Goods: Durable |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 9,975 |  |  |  | 9,830 |  |  |  | 9,776 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 4,336 |  |  |  | 4,266 |  |  |  | 4,282 |
Safe Haven Defense US, LLC |  | 5/23/2029 |  |  | Construction and Building |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 9,973 |  |  |  | 9,830 |  |  |  | 9,873 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+620 |  |  |  | 9,268 |  |  |  | 9,260 |  |  |  | 9,268 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.45 | % |  | SOFR+760 |  |  |  | 4,916 |  |  |  | 4,906 |  |  |  | 4,916 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 13.20 | % |  | SOFR+835 |  |  |  | 12,388 |  |  |  | 12,387 |  |  |  | 12,078 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 4,900 |  |  |  | 4,842 |  |  |  | 4,729 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  |  | Aerospace and Defense |  |  | 11.50 | % |  | SOFR+690 |  |  |  | 18,620 |  |  |  | 18,370 |  |  |  | 18,434 |
Simplicity Financial Marketing Group Holdings, Inc |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.00 | % |  | SOFR+640 |  |  |  | 11,359 |  |  |  | 11,206 |  |  |  | 11,472 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.46 | % |  | SOFR+461 |  |  |  | 1,290 |  |  |  | 1,268 |  |  |  | 1,289 |
Smartronix, LLC |  | 11/23/2028 |  |  | Aerospace and Defense |  |  | 10.35 | % |  | SOFR+610 |  |  |  | 4,863 |  |  |  | 4,800 |  |  |  | 4,863 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 10.20 | % |  | SOFR+550 |  |  |  | 11,887 |  |  |  | 11,860 |  |  |  | 10,520 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.40 | % |  | SOFR+715 |  |  |  | 4,582 |  |  |  | 4,560 |  |  |  | 4,582 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 10.25 | % |  | SOFR+565 |  |  |  | 4,070 |  |  |  | 4,017 |  |  |  | 4,070 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.31 | % |  | SOFR+425 |  |  |  | 1,777 |  |  |  | 1,700 |  |  |  | 1,653 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 10.26 | % |  | SOFR+500 |  |  |  | 14,588 |  |  |  | 14,445 |  |  |  | 14,558 |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  |  | Media |  |  | 11.10 | % |  | SOFR+650 |  |  |  | 19,626 |  |  |  | 19,312 |  |  |  | 19,430 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.95 | % |  | SOFR+500 |  |  |  | 343 |  |  |  | 332 |  |  |  | 338 |
Teneo Holdings, LLC |  | 3/13/2031 |  |  | Business Services |  |  | 9.60 | % |  | SOFR+475 |  |  |  | 5,473 |  |  |  | 5,418 |  |  |  | 5,490 |
The Bluebird Group LLC |  | 07/27/26 |  |  | Professional Services |  |  | 11.25 | % |  | SOFR+665 |  |  |  | 8,521 |  |  |  | 8,427 |  |  |  | 8,521 |
The Vertex Companies, LLC |  | 08/31/27 |  |  | Construction and Engineering |  |  | 10.95 | % |  | SOFR+610 |  |  |  | 7,636 |  |  |  | 7,538 |  |  |  | 7,639 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/25 |  |  | Consumer Goods: Non-Durable |  |  | 10.84 | % |  | SOFR+565 |  |  |  | 16,524 |  |  |  | 16,394 |  |  |  | 16,524 |
Transgo, LLC |  | 12/29/28 |  |  | Automotive |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 18,552 |  |  |  | 18,293 |  |  |  | 18,552 |
TWS Acquisition Corporation |  | 06/16/25 |  |  | Diversified Consumer Services |  |  | 11.33 | % |  | SOFR+640 |  |  |  | 943 |  |  |  | 943 |  |  |  | 943 |
Tyto Athene, LLC |  | 04/01/28 |  |  | IT Services |  |  | 10.23 | % |  | SOFR+490 |  |  |  | 14,670 |  |  |  | 14,585 |  |  |  | 14,376 |
Urology Management Holdings, Inc. |  | 06/15/26 |  |  | Healthcare and Pharmaceuticals |  |  | 10.76 | % |  | SOFR+550 |  |  |  | 6,823 |  |  |  | 6,742 |  |  |  | 6,755 |
Walker Edison Furniture Company LLC (4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 5,441 |  |  |  | 4,986 |  |  |  | 490 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 83 |  |  |  | - |  |  |  | (76 | )
Watchtower Buyer, LLC |  | 12/03/29 |  |  | Diversified Consumer Services |  |  | 10.60 | % |  | SOFR+600 |  |  |  | 12,189 |  |  |  | 12,007 |  |  |  | 12,067 |
Wildcat Buyerco, Inc. |  | 02/27/27 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 16,014 |  |  |  | 15,916 |  |  |  | 16,014 |
Zips Car Wash, LLC |  | 12/31/24 |  |  | Automobiles |  |  | 12.46 | % |  | SOFR+740 |  |  |  | 16,736 |  |  |  | 16,722 |  |  |  | 15,983 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 920,485 |  |  |  | 906,532 |
Equity Securities - 10.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Insight Holdings, Inc. |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116 |  |  | $ | 2,031 |  |  | $ | 2,031 |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 2,062 |  |  |  | 904 |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |  |  |  | 2,710 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126 |  |  |  | 1,012 |  |  |  | 1,104 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,498 |  |  |  | 6,749 |
Total Investments - 1,415.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 928,983 |  |  |  | 913,281 |
Cash and Cash Equivalents - 106.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  | 5.03 | % |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Investments and Cash Equivalents —1,521.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 997,412 |  |  | $ | 981,710 |
Liabilities in Excess of Other Assets — (1,421.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (917,163 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 64,547 |
(1) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any. (2) Valued based on PSSL’s accounting policy. (3) Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded. (4) Non-accrual security. (5) Partial PIK non-accrual security. (6) The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. (7) All investments are in US Companies unless noted otherwise. Below are the Consolidated Statements of Assets and Liabilities for PSSL ($ in thousands):
|  | December 31, 2024 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2024 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$1,072,770 and $928,983, respectively) | $ |  | 1,046,178 |  |  | $ |  | 913,281 |
Receivable for investments sold |  |  | 1,297 |  |  |  |  | — |
Cash and cash equivalents (cost—$53,629 and $68,429, respectively) |  |  | 53,629 |  |  |  |  | 68,429 |
Interest receivable |  |  | 5,080 |  |  |  |  | 4,722 |
Due from affiliate |  |  | 79 |  |  |  |  | 48 |
Prepaid expenses and other assets |  |  | 3,367 |  |  |  |  | 1,642 |
Total assets |  |  | 1,109,630 |  |  |  |  | 988,122 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 259,100 |  |  |  |  | 146,100 |
2035 Asset-backed debt, net (par—$246,000 and $246,000, respectively) |  |  | 244,046 |  |  |  |  | 243,934 |
2036 Asset-backed debt, net (par—$246,000 and $246,000, respectively) |  |  | 244,444 |  |  |  |  | 244,372 |
Notes payable to members |  |  | 271,600 |  |  |  |  | 271,600 |
Interest payable on credit facility and asset backed debt |  |  | 9,127 |  |  |  |  | 9,281 |
Payable for investments purchased |  |  | 17,521 |  |  |  |  | 86 |
Interest payable on notes to members |  |  | 6,949 |  |  |  |  | 7,315 |
Accrued expenses |  |  | 882 |  |  |  |  | 822 |
Due to affiliate |  |  | 62 |  |  |  |  | 65 |
Total liabilities |  |  | 1,053,731 |  |  |  |  | 923,575 |
Commitments and contingencies |  |  |  |  |  |  |
Members' equity |  |  | 55,899 |  |  |  |  | 64,547 |
Total liabilities and members' equity | $ |  | 1,109,630 |  |  | $ |  | 988,122 |
(1) As of December 31, 2024 and September 30, 2024, PSSL had unfunded commitments to fund invest ments of less than $0.1 million and $0.6 million, respectively. Below are the Consolidated Statements of Operations for PSSL ($ in thousands):
|  | Three months ended December 31, |
|  | 2024 |  |  | 2023 |
Investment income: |  |  |  |  |  |
Interest |  | $ | 29,425 |  |  | $ | 26,048 |
Other income |  |  | 583 |  |  |  | 177 |
Total investment income |  |  | 30,008 |  |  |  | 26,225 |
Expenses: |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 14,085 |  |  |  | 13,398 |
Interest expense on notes to members |  |  | 8,853 |  |  |  | 8,220 |
Administration fees |  |  | 668 |  |  |  | 558 |
General and administrative expenses |  |  | 493 |  |  |  | 262 |
Total expenses |  |  | 24,099 |  |  |  | 22,438 |
Net investment income |  |  | 5,909 |  |  |  | 3,787 |
Realized and unrealized gain (loss) on investments: |  |  |  |  |  |
Net realized gain (loss) on investments |  |  | 1,333 |  |  |  | (6,420 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | (10,890 | ) |  |  | 8,059 |
Net realized and unrealized gain (loss) on investments |  |  | (9,557 | ) |  |  | 1,639 |
Net increase (decrease) in members' equity resulting from operations |  | $ | (3,648 | ) |  | $ | 5,426 |
(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.

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- 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
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