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Investments (Tables)

6 Months Ended

Mar. 31, 2025

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)	March 31, 2025				September 30, 2024
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	1,893,825	$	1,862,523	$	1,521,496	$	1,509,048
First lien in PSSL		237,650		237,650		237,650		237,650
Subordinate debt		3,947		4,384		2,632		2,693
Equity		146,072		179,855		131,312		177,635
Equity interests in PSSL		123,725		59,640		101,850		56,478
Total investments		2,405,219		2,344,052		1,994,940		1,983,504
Cash and cash equivalents		111,368		111,358		112,046		112,050
Total investments and cash and cash equivalents	$	2,516,587	$	2,455,410	$	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	March 31, 2025 (1)			September 30, 2024 (1)
Aerospace and Defense		12	%		7	%
Professional Services		10			8
Healthcare Providers and Services		7			6
Media		7			5
Diversified Consumer Services		5			5
Healthcare Technology		5			5
Personal Products		5			6
IT Services		5			6
Commercial Services & Supplies		4			4
Leisure Products		4			4
Business Services		4			3
Distributors		4			4
Construction & Engineering		4			4
High Tech Industries		3			4
Electronic Equipment, Instruments, and Components		2			4
Government Services		1			—
Auto Components		1			2
Independent Power and Renewable Electricity Producers		1			—
Healthcare, Education and Childcare		1			2
Healthcare Equipment and Supplies		1			1
Internet Software and Services		1			1
Consumer products		1			—
Building Products		1			1
Capital Equipment		1			1
Food Products		1			1
Event Services		1			—
Software		1			—
Marketing Services		1			1
Metals and Mining		1			1
Media: Diversified and Production		1			4
Automobiles		1			1
All Other		3			9
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)	March 31, 2025			September 30, 2024
Total investments	$	1,060,161		$	913,281
Weighted average cost yield on income producing investments		10.5	%		11.4	%
Number of portfolio companies in PSSL		118			109
Largest portfolio company investment	$	21,167		$	21,274
Total of five largest portfolio company investments	$	98,701		$	97,292

Summary of Listing of PSSLs Individual Investments

Below is a listing of PSSL’s individual investments as of March 31, 2025 (Par and $ in thousands):


Issuer Name (6)	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)		Par/Shares		Cost		Fair Value(2)
First Lien Secured Debt - 1,548.7%
A1 Garage Merger Sub, LLC	12/22/2028	Commercial Services & Supplies		9.07	%	SOFR+475			2,888	$	2,846	$	2,888
ACP Avenu Buyer, LLC	10/2/2029	Business Services		9.56	%	SOFR+525			9,875		9,735		9,603
ACP Falcon Buyer, Inc.	8/1/2029	Business Services		9.81	%	SOFR+550			18,667		18,375		18,854
Ad.net Acquisition, LLC	5/7/2026	Media		10.56	%	SOFR+626			8,663		8,630		8,663
Alpine Acquisition Corp II	11/30/2026	Containers and Packaging		10.42	%	SOFR+610			12,970		12,787		10,376
			(PIK 7.92%)
Anteriad, LLC (f/k/a MeritDirect, LLC)	6/30/2026	Media: Advertising, Printing & Publishing		10.20	%	SOFR+590			4,576		4,498		4,576
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan	6/30/2026	Media: Advertising, Printing & Publishing		10.20	%	SOFR+590			4,500		4,468		4,500
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		10.20	%	SOFR+590			11,098		11,024		11,098
Arcfield Acquisition Corp.	8/3/2029	Aerospace and Defense		9.30	%	SOFR+500			5,985		5,976		5,955
Archer Lewis, LLC	8/28/2029	Commercial Services & Supplies		10.06	%	SOFR+575			9,950		9,863		9,950
ARGANO, LLC	9/13/2029	Business Services		10.07	%	SOFR+575			9,950		9,863		9,831
Beacon Behavioral Services, LLC	6/21/2029	Healthcare and Pharmaceuticals		9.80	%	SOFR+550			12,812		12,649		12,684
Best Practice Associates, LLC	11/8/2029	Aerospace and Defense		11.05	%	SOFR+675			9,975		9,898		9,850
Beta Plus Technologies, Inc.	7/1/2029	Business Services		10.05	%	SOFR+575			4,875		4,812		4,741
Big Top Holdings, LLC	2/28/2030	Business Services		10.05	%	SOFR+575			14,749		14,520		14,749
BioDerm, Inc.	1/31/2028	Healthcare and Pharmaceuticals		10.82	%	SOFR+650			8,843		8,764		8,754
Blackhawk Industrial Distribution, Inc.	9/17/2026	Distributors		9.70	%	SOFR+540			14,895		14,734		14,634
BlueHalo Financing Holdings, LLC	10/31/2025	Aerospace and Defense		10.31	%	SOFR+600			8,651		8,639		8,608
Burgess Point Purchaser Corporation	7/25/2029	Automotive		9.65	%	SOFR+535			440		416		390
By Light Professional IT Services, LLC	11/16/2026	High Tech Industries		10.79	%	SOFR+647			12,781		12,777		12,781
C5MI Holdco, LLC	7/31/2029	IT Services		10.30	%	SOFR+600			14,925		14,729		14,925
Carisk Buyer, Inc - Amendment No.1 Term Loan	12/1/2029	Healthcare Technology		9.55	%	SOFR+525			9,975		9,908		9,875
Carnegie Dartlet, LLC	2/7/2030	Media: Advertising, Printing & Publishing		9.82	%	SOFR+550			15,167		14,963		15,015
Cartessa Aesthetics, LLC	6/14/2028	Distributors		10.05	%	SOFR+575			9,490		9,395		9,490
Case Works, LLC	10/1/2029	Professional Services		9.55	%	SOFR+525			14,963		14,849		14,873
CF512, Inc.	8/20/2026	Media		10.51	%	SOFR+619			6,516		6,468		6,419
Commercial Fire Protection Holdings, LLC	9/23/2030	Commercial Services & Supplies		9.05	%	SOFR+475			14,925		14,829		14,813
Confluent Health, LLC	11/30/2028	Healthcare and Pharmaceuticals		8.44	%	SOFR+400			6,673		6,493		6,272
CJX Borrower, LLC	7/13/2027	Media		10.05	%	SOFR+561			3,755		3,721		3,755
Crane 1 Services, Inc.	8/16/2027	Commercial Services & Supplies		9.69	%	SOFR+536			2,057		2,043		2,042
Dr. Squatch, LLC	8/31/2027	Personal Products		9.65	%	SOFR+535			14,487		14,342		14,487
DRI Holding Inc.	12/21/2028	Media		9.67	%	SOFR+535			2,587		2,424		2,563
DRS Holdings III, Inc.	11/3/2025	Consumer Goods: Durable		9.58	%	SOFR+525			4,650		4,647		4,641
Duggal Acquisition, LLC	9/30/2030	Marketing Services		9.05	%	SOFR+475			4,975		4,931		4,950
Dynata, LLC - First Out Term Loan (5)	7/17/2028	Diversified Consumer Services		9.58	%	SOFR+526			1,354		1,269		1,347
Dynata, LLC - Last Out Term Loan	10/16/2028	Diversified Consumer Services		10.08	%	SOFR+576			8,397		8,397		7,762
EDS Buyer, LLC	1/10/2029	Electronic Equipment, Instruments, and Components		10.05	%	SOFR+575			8,820		8,730		8,820
Emergency Care Partners, LLC	10/18/2027	Healthcare Providers and Services		9.80	%	SOFR+550			5,970		5,935		5,970
Exigo Intermediate II, LLC	3/15/2027	Software		10.67	%	SOFR+635			12,481		12,378		12,481
ETE Intermediate II, LLC	5/29/2029	Diversified Consumer Services		10.81	%	SOFR+650			12,187		11,993		12,187
Eval Home Solutions Intermediate, LLC	5/10/2030	Healthcare and Pharmaceuticals		10.06	%	SOFR+575			9,045		8,920		9,045
Fairbanks Morse Defense	6/23/2028	Aerospace and Defense		8.80	%	SOFR+450			10,041		10,004		9,976
GGG MIDCO, LLC	9/27/2030	Diversified Consumer Services		9.31	%	SOFR+500			9,950		9,864		9,851
Global Holdings InterCo LLC	3/16/2026	Diversified Financial Services		9.92	%	SOFR+560			3,514		3,511		3,374
Graffiti Buyer, Inc.	8/10/2027	Trading Companies & Distributors		9.92	%	SOFR+560			3,704		3,674		3,639
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		9.90	%	SOFR+560			2,153		2,136		2,143
Harris & Co. LLC	8/9/2030	Professional Services		9.32	%	SOFR+500			19,900		19,747		19,900
HEC Purchaser Corp	6/17/2029	Healthcare and Pharmaceuticals		9.72	%	SOFR+550			3,672		3,634		3,672
Hills Distribution, Inc	11/8/2029	Business Services		10.32	%	SOFR+600			8,912		8,800		8,823
HW Holdco, LLC	5/10/2026	Media		10.23	%	SOFR+590			3,441		3,421		3,441
Imagine Acquisitionco, LLC	11/15/2027	Software		9.42	%	SOFR+510			9,107		8,994		9,084
Infinity Home Services Holdco, Inc.	12/28/2028	Commercial Services & Supplies		9.80	%	SOFR+550			5,998		5,912		5,998
Inovex Information Systems Incorporated				9.55	%	SOFR+525			8,184		8,126		8,123
Integrative Nutrition, LLC(4)	1/31/2025	Diversified Consumer Services		—			—		11,922		11,633		4,173
Inventus Power, Inc.	6/30/2025	Consumer Goods: Durable		11.94	%	SOFR+761			8,122		8,099		8,122
ITI Holdings, Inc.	3/3/2028	IT Services		9.94	%	SOFR+565			3,880		3,841		3,880
Kinetic Purchaser, LLC	11/10/2027	Personal Products		10.45	%	SOFR+615			13,492		13,321		12,851
Lash OpCo, LLC	2/18/2027	Personal Products		12.14	%	SOFR+785			15,118		14,971		14,816
			(PIK 5.10%)
LAV Gear Holdings, Inc. (4)(5)	10/31/2025	Capital Equipment		—			—		15,789		15,466		11,732
LAV Gear Holdings, Inc. - Incremental Term Loan	10/31/2025	Capital Equipment		10.00	%		—		424		394		530
Lightspeed Buyer Inc.	2/3/2027	Healthcare Providers and Services		9.05	%	SOFR+475			11,301		11,250		11,301
LJ Avalon Holdings, LLC	1/31/2030	Environmental Industries		9.07	%	SOFR+475			2,546		2,507		2,546
Loving Tan Intermediate II, Inc.	5/31/2028	Consumer Products		10.30	%	SOFR+600			7,372		7,269		7,372
Lucky Bucks, LLC - First-Out Term Loan (5)	10/2/2028	Hotel, Gaming and Leisure		11.97	%	SOFR+765			258		258		258


Issuer Name (6)	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par/Shares		Cost		Fair Value(2)
Lucky Bucks, LLC - Last-Out Term Loan	10/2/2029	Hotel, Gaming and Leisure		11.97	%	SOFR+765		520		520		520
MAG DS Corp	4/1/2027	Aerospace and Defense		9.90	%	SOFR+560		2,205		2,145		2,051
Magenta Buyer, LLC - First-Out Term Loan	7/31/2028	Software		11.30	%	SOFR+701		357		357		322
Magenta Buyer, LLC - Second-Out Term Loan	7/31/2028	Software		12.30	%	SOFR+801		466		466		236
			(PIK 6.25%)
Magenta Buyer, LLC - Third-Out Term Loan	7/31/2028	Software		11.55	%	SOFR+726		1,719		1,719		468
			(PIK 5.50%)
Marketplace Events Acquisitions, LLC	12/19/2030	Media		9.47	%	SOFR+525		17,000		16,846		16,830
MBS Holdings, Inc.	4/16/2027	Internet Software and Services		10.18	%	SOFR+585		8,287		8,216		8,287
MDI Buyer, Inc.	7/25/2028	Chemicals, Plastics and Rubber		9.31	%	SOFR+500		6,284		6,204		6,189
Meadowlark Acquirer, LLC	12/10/2027	Professional Services		9.95	%	SOFR+565		2,336		2,311		2,300
Medina Health, LLC	10/20/2028	Healthcare and Pharmaceuticals		10.55	%	SOFR+625		19,102		18,848		19,198
Megawatt Acquisitionco, Inc	3/1/2030	Electronic Equipment, Instruments, and Components		9.80	%	SOFR+550		15,593		15,392		13,899
MOREGroup Holdings, Inc	1/16/2030	Business Services		9.55	%	SOFR+525		13,001		12,841		13,001
Municipal Emergency Services, Inc.	10/1/2027	Distributors		9.45	%	SOFR+515		3,378		3,344		3,378
NBH Group LLC	8/19/2026	Healthcare, Education & Childcare		9.92	%	SOFR+585		10,548		10,475		10,548
NORA Acquisition, LLC	8/31/2029	Healthcare Providers and Services		10.65	%	SOFR+635		21,167		20,839		21,167
Omnia Exterior Solutions, LLC - Second Amendment Term Loan	12/29/2029	Healthcare Providers and Services		9.55	%	SOFR+525		12,936		12,838		12,839
One Stop Mailing, LLC	5/7/2027	Air Freight and Logistics		10.69	%	SOFR+636		15,598		15,433		15,598
ORL Acquisitions, Inc.	9/3/2027	Consumer Finance		13.70	%	SOFR+940		2,200		2,187		1,947
			(PIK 7.50%)
OSP Embedded Purchaser, LLC	12/15/2029	Aerospace and Defense		10.05	%	SOFR+575		9,950		9,815		9,801
Output Services Group, Inc - First-Out Term Loan	11/30/2028	Business Services		12.86	%	SOFR+843		821		821		821
Output Services Group, Inc - Last-Out Term Loan	5/30/2028	Business Services		11.11	%	SOFR+668		1,667		1,667		1,667
Owl Acquisition, LLC	2/4/2028	Professional Services		9.67	%	SOFR+535		3,890		3,846		3,832
Pacific Purchaser, LLC	10/2/2028	Business Services		10.53	%	SOFR+625		11,878		11,705		11,925
PAR Excellence Holdings, Inc	9/3/2030	Healthcare Technology		9.17	%	SOFR+500		10,988		10,885		10,878
PCS Midco, Inc	3/1/2030	Diversified Consumer Services		10.05	%	SOFR+575		3,852		3,803		3,871
PL Acquisitionco, LLC	11/9/2027	Textiles, Apparel and Luxury Goods		11.50	%	SOFR+725		8,071		8,002		5,649
			(PIK 4.00%)
Pragmatic Institute, LLC	7/6/2028	Education		9.80	%	SOFR+550		4,018		4,018		4,018
Rancho Health MSO, Inc.	6/20/2029	Healthcare Providers and Services		9.56	%	SOFR+525		18,908		18,841		18,908
Recteq, LLC	1/29/2026	Leisure Products		11.45	%	SOFR+715		4,800		4,783		4,776
Ro Health, LLC	1/17/2031	Healthcare Providers and Services		9.30	%	SOFR+500		11,300		11,220		11,187
RRA Corporate, LLC	8/15/2029	Diversified Consumer Services		9.54	%	SOFR+525		4,975		4,933		4,850
RTIC Subsidiary Holdings, LLC	5/3/2029	Consumer Goods: Durable		10.05	%	SOFR+575		9,925		9,798		9,701
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	6/15/2029	High Tech Industries		10.03	%	SOFR+575		4,314		4,250		4,227
S101 Acquisition, Inc	12/29/2026	Government Services		9.96	%	SOFR+565		5,642		5,594		5,642
Sabel Systems Technology Solutions, LLC	10/31/2030	Construction and Building		10.55	%	SOFR+625		5,985		5,932		5,985
Safe Haven Defense US, LLC	5/23/2029	Construction and Building		9.30	%	SOFR+500		9,919		9,790		9,918
Sales Benchmark Index LLC	7/7/2026	Professional Services		10.50	%	SOFR+620		9,241		9,220		9,241
Sath Industries, LLC	12/17/2029	Event Services		10.08	%	SOFR+575		10,358		10,259		10,254
Schlesinger Global, Inc.	7/14/2025	Business Services		12.92	%	SOFR+860		12,759		12,758		12,120
			(PIK 0.50%)
Seaway Buyer, LLC	6/13/2029	Chemicals, Plastics and Rubber		10.45	%	SOFR+615		4,875		4,822		4,595
Sigma Defense Systems, LLC	12/20/2027	Aerospace and Defense		11.20	%	SOFR+690		18,453		18,238		18,452
Smile Brands Inc.	10/12/2027	Healthcare and Pharmaceuticals		10.40	%	SOFR+600		12,046		12,033		10,661
			(PIK 1.50%)
Solutionreach, Inc.	7/17/2025	Healthcare and Pharmaceuticals		11.44	%	SOFR+715		4,582		4,575		4,568
Spendmend Holdings LLC	3/1/2028	Healthcare Technology		9.45	%	SOFR+515		4,050		4,004		4,050
Summit Behavioral Healthcare, LLC	11/24/2028	Healthcare and Pharmaceuticals		8.55	%	SOFR+425		1,768		1,700		1,459
SV-Aero Holdings, LLC	11/1/2030	Aerospace and Defense		9.55	%	SOFR+525		14,906		14,840		14,906
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027	Aerospace and Defense		9.28	%	SOFR+500		14,513		14,397		14,570
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans	10/3/2029	Air Freight and Logistics		12.67	%	SOFR+835		1,888		1,790		1,869
			(PIK 7.25%)
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans	10/3/2029	Air Freight and Logistics		11.92	%	SOFR+760		4,383		2,430		2,192
			(PIK 6.50%)
TCG 3.0 Jogger Acquisitionco	1/23/2029	Media		10.80	%	SOFR+650		19,528		19,247		19,527
Team Services Group, LLC	11/24/2028	Healthcare and Pharmaceuticals		9.44	%	SOFR+515		341		332		331
Teneo Holdings, LLC	3/13/2031	Business Services		9.07	%	SOFR+475		5,445		5,392		5,445
The Bluebird Group LLC	7/27/2026	Professional Services		10.95	%	SOFR+665		8,488		8,418		8,488
The Vertex Companies, LLC	8/31/2028	Construction and Engineering		9.42	%	SOFR+510		17,572		17,361		17,449


Issuer Name (6)	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par/Shares		Cost		Fair Value(2)
TPC US Parent, LLC	11/24/2025		Consumer Goods: Non-Durable		10.21	%	SOFR+590			16,439		16,365		16,438
Transgo, LLC	12/29/2028		Automotive		10.07	%	SOFR+575			17,340		17,120		17,426
Tyto Athene, LLC	4/1/2028		IT Services		9.21	%	SOFR+490			14,670		14,593		14,494
Urology Management Holdings, Inc.	6/15/2026		Healthcare and Pharmaceuticals		9.80	%	SOFR+550			6,788		6,730		6,775
VRS Buyer, Inc	11/22/2030		Road and Rail		9.08	%	SOFR+475			6,454		6,409		6,406
Walker Edison Furniture Company LLC (4)(5)	3/1/2029		Wholesale		—			—		5,964		5,069		—
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(5)	3/1/2029		Wholesale		—			—		1,667		1,667		1,150
Watchtower Buyer, LLC	12/3/2029		Diversified Consumer Services		10.30	%	SOFR+600			12,128		11,962		12,079
Zips Car Wash, LLC(4)	3/31/2028		Automobiles		—			—		16,298		15,874		12,672
Zips Car Wash, LLC - DIP (5)	10/31/2025		Automobiles		11.70	%	SOFR+740			748		748		748
Total First Lien Secured Debt											$	1,082,507	$	1,055,621
Equity Securities - 7.6%
48Forty Intermediate Holdings, Inc.		—	Containers and Packaging		—			—		1,722		—		—
New Insight Holdings, Inc.		—	Diversified Consumer Services		—			—		116,055		2,031		2,561
Lucky Bucks, LLC		—	Hotel, Gaming and Leisure		—			—		73,870		2,062		589
Output Services Group, Inc		—	Business Services		—			—		126,324		1,012		1,390
Pragmatic Holdco, Inc.		—	Education		—			—		134.0		—		—
Walker Edison Furniture		—	Wholesale		—			—		36,458		3,393		—
Total Equity Securities											$	8,498	$	4,540
Total Investments - 1,555.50%											$	1,091,005	$	1,060,161
Cash and Cash Equivalents - 71.3%
BlackRock Federal FD Institutional 30					4.22	%						7,200		7,200
Blackrock Liquidity Fed Fund Inst					4.24	%						18,670		18,670
JP Morgan USD Liquidity Inst					4.24	%						9,225		9,225
JP Morgan US Government Fund					4.16	%						8,482		8,482
Non-Money Market Cash												5,047		5,047
Total Cash and Cash Equivalents												48,624		48,624
Total Investments and Cash Equivalents —1,971.0%											$	1,139,629	$	1,108,785
Liabilities in Excess of Other Assets — (1,871.0)%														(1,040,625	)
Members' Equity—100.0%													$	68,160

(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 U.S. 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/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		—			—		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


Issuer Name (7)	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par/Shares		Cost		Fair Value(2)
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
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		—			—		5,441		4,986		490
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6)	03/01/29		Wholesale		—			—		1,667		1,667		1,667
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6)	03/01/29		Wholesale		—			—		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		—			—		116,055		2,031		2,031
Lucky Bucks, LLC		—	Hotel, Gaming and Leisure		—			—		73,870		2,062		904
New MPE Holdings, LLC		—	Media: Diversified and Production		—			—		47		—		2,710
Output Services Group, Inc		—	Business Services		—			—		126,324		1,012		1,104
Walker Edison Furniture - Common Equity		—	Wholesale		—			—		36,458		3,393		—
Total Equity Securities												8,498		6,749


Issuer Name (7)	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par/Shares	Cost		Fair Value(2)
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 U.S. 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):


		March 31, 2025
		(Unaudited)			September 30, 2024
Assets
Investments at fair value (amortized cost—$1,091,005 and $928,983, respectively)	$		1,060,161	$		913,281
Cash and cash equivalents (cost—$48,624 and $68,429, respectively)			48,624			68,429
Interest receivable			4,486			4,722
Due from affiliate			46			48
Prepaid expenses and other assets			2,822			1,642
Total assets			1,116,139			988,122
Liabilities
Credit facility payable			271,100			146,100
2035 Asset-backed debt, net (par—$246,000 and $246,000, respectively)			244,159			243,934
2036 Asset-backed debt, net (par—$246,000 and $246,000, respectively)			244,515			244,372
Notes payable to members			271,600			271,600
Interest payable on credit facility and asset-backed debt			8,751			9,281
Payable for investments purchased			—			86
Interest payable on notes to members			6,585			7,315
Accrued expenses			1,177			822
Due to affiliate			92			65
Total liabilities			1,047,979			923,575
Commitments and contingencies(1)
Members' equity			68,160			64,547
Total liabilities and members' equity	$		1,116,139	$		988,122

(1)

As of March 31, 2025 and September 30, 2024, PSSL had unfunded commitments to fund investments of zero 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 March 31,						Six months ended March 31,
	2025			2024			2025			2024
Investment income:
Interest	$	27,350		$	26,916		$	56,776		$	52,964
Other income		205			388			788			565
Total investment income		27,555			27,304			57,564			53,529
Expenses:(1)
Interest and expense on credit facility and asset-backed debt		13,731			13,784			27,816			27,181
Interest expense on notes to members		8,393			8,095			17,247			16,316
Administration fees		717			577			1,385			1,135
General and administrative expenses		414			231			906			493
Total expenses		23,255			22,687			47,354			45,125
Net investment income		4,300			4,617			10,210			8,404
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(7,788	)		(90	)		(6,455	)		(6,510	)
Net change in unrealized appreciation (depreciation) on investments		(4,252	)		847			(15,142	)		8,905
Net realized and unrealized gain (loss) on investments		(12,040	)		757			(21,597	)		2,395
Net increase (decrease) in members' equity resulting from operations	$	(7,740	)	$	5,374		$	(11,387	)	$	10,799

(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.