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Investments (Tables)

3 Months Ended

Dec. 31, 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)	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

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

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


Industry Classification	December 31, 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.

Summary of PSSLs Portfolio at Fair Value

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

Summary of Listing of PSSLs Individual Investments

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)

(2)

Valued based on PSSL’s accounting policy.

(3)

(4)

Non-accrual security.

(5)

Partial PIK non-accrual security.

(6)

(7)

All investments are in US Companies unless noted otherwise.

Consolidated Statements of Assets and Liabilities for PSSL

Below are the Consolidated Statements of Assets and Liabilities for PSSL ($ in thousands):



		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 investments of less than $0.1 million and $0.6 million, respectively.

Consolidated Statements of Operations for PSSL

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.