Investments

9 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

4. INVESTMENTS

For the three and nine months ended June 30, 2025, purchases of investments, including payment-in-kind ("PIK") interest totaled $209.2 million and $1,112.5 million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2025 totaled $145.8 million and $669.5 million, respectively. For the three and nine months ended June 30, 2024, purchases of investments, including payment-in-kind ("PIK") interest totaled $321.5 million and $964.0 million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2024 totaled $137.6 million and $386.3 million, respectively.

Investments and cash and cash equivalents consisted of the following:


($ in thousands)	June 30, 2025				September 30, 2024
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	1,930,158	$	1,912,951	$	1,521,496	$	1,509,048
First lien in PSSL		237,650		237,650		237,650		237,650
Subordinate debt		12,032		12,506		2,632		2,693
Equity		151,245		187,119		131,312		177,635
Equity interests in PSSL		123,725		53,289		101,850		56,478
Total investments		2,454,810		2,403,515		1,994,940		1,983,504
Cash and cash equivalents		102,726		102,730		112,046		112,050
Total investments and cash and cash equivalents	$	2,557,536	$	2,506,245	$	2,106,986	$	2,095,554

The table below describes investments by industry classification by cost and fair value and enumerates the percentage of the total net asset value in such industries:


Industry Classification	June 30, 2025 (1)				September 30, 2024 (1)
	Cost	Fair Value	Fair Value Percentage	Net asset value Percentage	Cost	Fair Value	Fair Value Percentage	Net asset value Percentage
Aerospace and Defense	$218,364	$230,187	11%	21%	$122,683	$124,433	7%	14%
Professional Services	216,509	214,888	10%	20%	141,651	138,183	8%	16%
Healthcare Providers and Services	154,351	151,248	7%	14%	110,125	107,683	6%	12%
Media	136,192	136,436	6%	13%	77,787	77,895	5%	9%
Diversified Consumer Services	126,760	126,536	6%	12%	86,409	85,526	5%	10%
Personal Products	111,135	113,281	5%	10%	96,231	100,812	6%	11%
IT Services	105,020	106,264	5%	10%	101,336	102,781	6%	12%
Healthcare Technology	100,834	104,126	5%	10%	78,061	79,142	5%	9%
Business Services	104,898	104,059	5%	10%	54,229	53,510	3%	6%
Leisure Products	86,254	84,508	4%	8%	76,093	74,296	4%	8%
Construction & Engineering	77,982	80,576	4%	7%	72,925	74,294	4%	8%
Distributors	74,375	77,338	4%	7%	71,230	72,818	4%	8%
Commercial Services & Supplies	72,686	74,650	4%	7%	67,197	68,146	4%	8%
High Tech Industries	50,351	70,098	3%	6%	47,696	65,780	4%	7%
Electronic Equipment, Instruments, and Components	37,679	37,464	2%	3%	71,102	71,428	4%	8%
Automobiles	35,023	34,989	2%	3%	13,293	12,704	1%	1%
Government Services	28,752	29,612	1%	3%	—	—	0%	0%
Auto Components	27,542	27,459	1%	3%	28,834	29,915	2%	3%
Healthcare, Education and Childcare	24,842	25,052	1%	2%	25,265	25,534	2%	3%
Healthcare Equipment and Supplies	20,188	21,841	1%	2%	14,266	14,972	1%	2%
Internet Software and Services	21,538	21,484	1%	2%	21,222	21,223	1%	2%
Independent Power and Renewable Electricity Producers	20,072	20,631	1%	2%	—	—	0%	0%
Consumer Services	24,133	24,223	1%	1%	16,747	13,567	1%	2%
Capital Equipment	16,130	14,254	1%	1%	17,839	18,959	1%	2%
Building Products	13,922	14,092	1%	1%	13,959	14,046	1%	2%
Consulting Services	12,769	12,761	1%	1%	—	—	0%	0%
Event Services	12,240	12,491	1%	1%	—	—	0%	0%
Food Products	12,204	12,348	1%	1%	12,239	12,663	1%	1%
Software	11,922	11,586	1%	1%	2,583	3,016	0%	0%
Media: Diversified and Production	12,444	11,151	1%	1%	40,987	63,417	4%	7%
Marketing Services	10,841	10,986	1%	1%	15,854	15,854	1%	2%
All Other	115,483	95,957	2%	9%	157,597	146,779	9%	17%
Total	$2,093,435	$2,112,576	100%	194%	$1,655,440	$1,689,376	100%	190%

(1) Excludes investments in PSSL

PennantPark Senior Secured Loan Fund I LLC

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of June 30, 2025 and September 30, 2024, PSSL had total assets of $1,108.4 million and $988.1 million, respectively, and its investment portfolio consisted of investments in 117 and 109 portfolio companies, respectively. As of June 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $21.0 million and the five largest investments totaled $98.0 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 June 30, 2025 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 $123.7 million ($65.6 million 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..

In May 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL will continue to retain all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes is now extended to April 2037.

In April 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes, which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL will continue to retain all of the subordinated notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the debt is scheduled to mature in April 2037. The proceeds from the debt repaid a portion of PSSL's $325 million secured credit facility.

Below is a summary of PSSL’s portfolio at fair value:


($ in thousands)	June 30, 2025			September 30, 2024
Total investments	$	1,055,552		$	913,281
Weighted average cost yield on income producing investments		10.4	%		11.4	%
Number of portfolio companies in PSSL		117			109
Largest portfolio company investment	$	20,954		$	21,274
Total of five largest portfolio company investments	$	98,008		$	97,292

Below is a listing of PSSL’s individual investments as of June 30, 2025 (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 - 1,707.4%
A1 Garage Merger Sub, LLC	12/22/2028	Commercial Services & Supplies		8.83	%	SOFR+450		2,881	$	2,841	$	2,881
ACP Avenu Buyer, LLC	10/2/2029	Business Services		9.05	%	SOFR+475		9,850		9,718		9,752
ACP Falcon Buyer, Inc.	8/1/2029	Business Services		9.80	%	SOFR+550		18,620		18,339		18,806
Ad.net Acquisition, LLC	5/7/2026	Media		10.56	%	SOFR+626		8,640		8,613		8,640
Aechelon Technology, Inc	8/16/2029	Aerospace and Defense		10.83	%	SOFR+650		11,760		11,760		11,760
AFC Dell Holding Corp	4/9/2027	Distributors		9.83	%	SOFR+550		7,615		7,581		7,577
Alpine Acquisition Corp II	11/30/2026	Containers and Packaging		10.48	%	SOFR+610		13,154		12,991		9,208
			(PIK 7.92%)
Anteriad, LLC (f/k/a MeritDirect, LLC)	6/30/2026	Media: Advertising, Printing & Publishing		10.20	%	SOFR+590		4,505		4,404		4,505
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan	6/30/2026	Media: Advertising, Printing & Publishing		10.20	%	SOFR+590		4,438		4,415		4,438
Arcfield Acquisition Corp.	8/3/2029	Aerospace and Defense		9.28	%	SOFR+500		5,970		5,961		5,940
Archer Lewis, LLC	8/28/2029	Commercial Services & Supplies		10.05	%	SOFR+575		9,925		9,844		9,925
ARGANO, LLC	9/13/2029	Business Services		10.07	%	SOFR+575		9,925		9,842		9,836
Azureon, LLC	6/26/2029	Diversified Consumer Services		10.05	%	SOFR+575		4,987		4,873		4,873
Beacon Behavioral Services, LLC	6/21/2029	Healthcare and Pharmaceuticals		9.80	%	SOFR+550		12,780		12,624		12,652
Best Practice Associates, LLC	11/8/2029	Aerospace and Defense		11.05	%	SOFR+675		9,950		9,878		9,826
Beta Plus Technologies, Inc.	7/1/2029	Business Services		10.05	%	SOFR+575		4,863		4,803		4,753
Big Top Holdings, LLC	3/1/2030	Business Services		9.80	%	SOFR+550		14,710		14,488		14,710
BioDerm, Inc.	1/31/2028	Healthcare and Pharmaceuticals		10.82	%	SOFR+650		8,820		8,747		8,710
Blackhawk Industrial Distribution, Inc.	9/17/2026	Distributors		9.70	%	SOFR+540		14,855		14,721		14,670
BLC Holding Company, Inc	11/20/2030	Business Services		8.80	%	SOFR+450		4,987		4,964		4,987
Boss Industries, LLC - Term Loan	12/27/2030	Independent Power and Renewable Electricity Producers		9.30	%	SOFR+500		4,987		4,915		4,987
Burgess Point Purchaser Corporation	7/25/2029	Automotive		9.65	%	SOFR+535		439		416		373
By Light Professional IT Services, LLC	11/16/2026	High Tech Industries		10.79	%	SOFR+647		12,562		12,549		12,562
C5MI Holdco, LLC	7/31/2029	IT Services		10.30	%	SOFR+600		14,888		14,701		14,888
Carisk Buyer, Inc - Amendment No.1 Term Loan	12/1/2029	Healthcare Technology		9.30	%	SOFR+500		9,950		9,885		9,950
Carnegie Dartlet, LLC	2/7/2030	Media: Advertising, Printing & Publishing		9.83	%	SOFR+550		15,128		14,932		14,977
Cartessa Aesthetics, LLC	6/14/2028	Distributors		10.32	%	SOFR+600		9,465		9,377		9,465
Case Works, LLC	10/1/2029	Professional Services		9.55	%	SOFR+525		14,925		14,818		14,582
CF512, Inc.	8/20/2026	Media		10.74	%	SOFR+644		6,500		6,458		6,435
Commercial Fire Protection Holdings, LLC	9/23/2030	Commercial Services & Supplies		8.80	%	SOFR+450		14,888		14,794		14,888
Confluent Health, LLC	11/30/2028	Healthcare and Pharmaceuticals		8.44	%	SOFR+400		6,655		6,487		6,322
Connatix Buyer, Inc.	7/13/2027	Media		9.97	%	SOFR+561		3,745		3,715		3,745
Crane 1 Services, Inc.	8/16/2027	Commercial Services & Supplies		9.69	%	SOFR+536		2,052		2,038		2,036
Dr. Squatch, LLC	8/31/2027	Personal Products		9.65	%	SOFR+535		14,450		14,314		14,450
DRI Holding Inc.	12/21/2028	Media		9.68	%	SOFR+535		2,580		2,426		2,543
DRS Holdings III, Inc.	11/3/2025	Consumer Goods: Durable		9.58	%	SOFR+525		4,639		4,636		4,606
Duggal Acquisition, LLC	9/30/2030	Marketing Services		9.05	%	SOFR+475		4,963		4,921		4,963
Dynata, LLC - First Out Term Loan (5)	7/17/2028	Diversified Consumer Services		9.59	%	SOFR+526		1,350		1,271		1,341
Dynata, LLC - Last Out Term Loan	10/16/2028	Diversified Consumer Services		10.09	%	SOFR+576		8,376		8,376		7,367
EDS Buyer, LLC	1/10/2029	Electronic Equipment, Instruments, and Components		10.05	%	SOFR+575		8,798		8,712		8,820
Emergency Care Partners, LLC	10/18/2027	Healthcare Providers and Services		9.80	%	SOFR+550		5,955		5,924		5,955
Exigo Intermediate II, LLC	3/15/2027	Software		10.68	%	SOFR+635		12,449		12,358		12,449
ETE Intermediate II, LLC	5/29/2029	Diversified Consumer Services		9.58	%	SOFR+525		12,155		11,970		12,155
Eval Home Solutions Intermediate, LLC	5/10/2030	Healthcare and Pharmaceuticals		10.08	%	SOFR+575		9,022		8,899		9,022
GGG MIDCO, LLC	9/27/2030	Diversified Consumer Services		9.30	%	SOFR+500		9,925		9,841		9,925
Global Holdings InterCo LLC	3/16/2026	Diversified Financial Services		9.92	%	SOFR+560		3,514		3,510		3,374
Graffiti Buyer, Inc.	8/10/2027	Trading Companies & Distributors		9.93	%	SOFR+560		3,694		3,667		3,620
Halo Buyer, INC	8/7/2029	Consumer Products		10.33	%	SOFR+600		6,484		6,356		6,289
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		9.90	%	SOFR+560		2,112		2,098		2,102
Harris & Co. LLC	8/9/2030	Professional Services		9.33	%	SOFR+500		19,850		19,699		19,850
HEC Purchaser Corp	6/17/2029	Healthcare and Pharmaceuticals		9.72	%	SOFR+550		3,663		3,626		3,663
Hills Distribution, Inc	11/8/2029	Business Services		10.32	%	SOFR+600		8,890		8,780		8,890
HW Holdco, LLC	5/10/2026	Media		10.20	%	SOFR+590		3,441		3,426		3,441


Issuer Name (6)	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par or Number of Shares		Cost		Fair Value(2)
Imagine Acquisitionco, LLC	11/15/2027	Software		9.42	%	SOFR+510		9,084		8,977		9,061
Infinity Home Services Holdco, Inc.	12/28/2028	Commercial Services & Supplies		10.30	%	SOFR+600		5,983		5,900		5,983
Inovex Information Systems Incorporated	12/17/2030	Software		9.55	%	SOFR+525		8,164		8,107		8,164
Inventus Power, Inc.	6/30/2025	Consumer Goods: Durable		11.94	%	SOFR+761		8,102		8,062		8,102
Kinetic Purchaser, LLC	11/10/2027	Personal Products		10.45	%	SOFR+615		13,492		13,332		12,817
Lash OpCo, LLC	2/18/2027	Personal Products		12.13	%	SOFR+785		15,308		15,184		15,002
			(PIK 5.10%)
LAV Gear Holdings, Inc. (4)(5)	10/31/2025	Capital Equipment		0.00	%			15,789		15,466		11,826
LAV Gear Holdings, Inc. - Incremental TL	10/31/2025	Capital Equipment		10.00	%			1,018		970		1,272
Lightspeed Buyer Inc.	2/3/2027	Healthcare Providers and Services		9.05	%	SOFR+475		11,273		11,230		11,273
LJ Avalon Holdings, LLC	2/1/2030	Environmental Industries		9.07	%	SOFR+475		2,540		2,502		2,540
Loving Tan Intermediate II, Inc.	5/31/2028	Consumer Products		9.80	%	SOFR+550		7,354		7,257		7,317
Lucky Bucks, LLC - First-Out Term Loan (5)	10/2/2028	Hotel, Gaming and Leisure		11.96	%	SOFR+765		257		257		257
Lucky Bucks, LLC - Last-Out Term Loan	10/2/2029	Hotel, Gaming and Leisure		11.96	%	SOFR+765		525		525		439
MAG DS Corp	4/1/2027	Aerospace and Defense		9.90	%	SOFR+560		2,199		2,146		2,111
Magenta Buyer, LLC - First-Out Term Loan	7/31/2028	Software		11.29	%	SOFR+701		357		357		298
Magenta Buyer, LLC - Second-Out Term Loan	7/31/2028	Software		11.54	%	SOFR+726		467		467		215
			(PIK 6.25%)
Magenta Buyer, LLC - Third-Out Term Loan (7)	7/31/2028	Software		6.04	%			1,742		1,742		404
Marketplace Events Acquisitions, LLC	12/19/2030	Media		9.47	%	SOFR+525		16,958		16,809		16,958
MBS Holdings, Inc.	4/16/2027	Internet Software and Services		9.35	%	SOFR+510		8,266		8,202		8,266
MDI Buyer, Inc.	7/25/2028	Chemicals, Plastics and Rubber		9.05	%	SOFR+475		6,268		6,193		6,205
Meadowlark Acquirer, LLC	12/10/2027	Professional Services		9.95	%	SOFR+565		2,330		2,306		2,295
Medina Health, LLC	10/20/2028	Healthcare and Pharmaceuticals		10.57	%	SOFR+625		18,833		18,600		18,880
Megawatt Acquisitionco, Inc	3/1/2030	Electronic Equipment, Instruments, and Components		9.80	%	SOFR+550		15,553		15,358		14,356
MOREGroup Holdings, Inc	1/16/2030	Business Services		9.57	%	SOFR+525		12,968		12,815		12,968
Municipal Emergency Services, Inc.	10/1/2027	Distributors		9.45	%	SOFR+515		3,369		3,338		3,369
NBH Group LLC	8/19/2026	Healthcare, Education & Childcare		9.92	%	SOFR+560		10,379		10,320		10,379
NORA Acquisition, LLC	8/31/2029	Healthcare Providers and Services		10.65	%	SOFR+635		21,113		20,797		20,954
Omnia Exterior Solutions, LLC - Second Amendment Term Loan	12/29/2029	Healthcare Providers and Services		9.55	%	SOFR+525		12,904		12,808		12,775
One Stop Mailing, LLC	5/7/2027	Air Freight and Logistics		10.69	%	SOFR+636		15,525		15,386		15,525
ORL Acquisitions, Inc.	9/3/2027	Consumer Finance		13.70	%	SOFR+940		2,220		2,207		1,998
			(PIK 7.50%)
OSP Embedded Purchaser, LLC	12/15/2029	Aerospace and Defense		10.07	%	SOFR+575		9,925		9,796		9,766
Output Services Group, Inc - First-Out Term Loan	11/30/2028	Business Services		12.71	%	SOFR+843		821		821		821
Output Services Group, Inc - Last-Out Term Loan	5/30/2028	Business Services		10.96	%	SOFR+668		1,667		1,667		1,667
Pacific Purchaser, LLC	10/2/2028	Business Services		10.42	%	SOFR+625		11,848		11,689		11,717
PAR Excellence Holdings, Inc	9/3/2030	Healthcare Technology		9.32	%	SOFR+500		10,960		10,860		10,850
PCS Midco, Inc	3/1/2030	Diversified Consumer Services		10.05	%	SOFR+575		3,842		3,795		3,861
PL Acquisitionco, LLC	11/9/2027	Textiles, Apparel and Luxury Goods		11.50	%	SOFR+725		8,213		8,174		5,092
			(PIK 7.00%)
Pragmatic Institute, LLC	7/6/2028	Education		9.80	%	SOFR+550		4,108		4,108		3,646
Project Granite Buyer,Inc	12/31/2030	Professional Services		10.05	%	SOFR+575		6,484		6,389		6,549
Rancho Health MSO, Inc.	6/20/2029	Healthcare Providers and Services		9.55	%	SOFR+525		18,845		18,780		18,845
Recteq, LLC	1/29/2026	Leisure Products		10.72	%	SOFR+640		4,788		4,776		4,764
Ro Health, LLC	1/17/2031	Healthcare Providers and Services		9.30	%	SOFR+500		11,300		11,224		11,300
RRA Corporate, LLC	8/15/2029	Diversified Consumer Services		9.55	%	SOFR+525		4,963		4,922		4,922
RTIC Subsidiary Holdings, LLC	5/3/2029	Consumer Goods: Durable		10.07	%	SOFR+575		9,900		9,777		9,726
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	6/15/2029	High Tech Industries		9.92	%	SOFR+575		4,303		4,242		4,194
Sabel Systems Technology Solutions, LLC	10/31/2030	Construction and Building		10.07	%	SOFR+575		5,970		5,919		5,970
Safe Haven Defense US, LLC	5/23/2029	Construction and Building		9.57	%	SOFR+525		9,892		9,768		9,891
Sales Benchmark Index LLC	7/7/2026	Professional Services		10.50	%	SOFR+620		9,213		9,197		9,213
Sath Industries, LLC	12/17/2029	Event Services		9.80	%	SOFR+550		10,332		10,236		10,332
Schlesinger Global, Inc.	7/21/2025	Business Services		9.80	%	SOFR+575		12,828		12,827		12,186
			(PIK 0.50%)
Seaway Buyer, LLC	6/13/2029	Chemicals, Plastics and Rubber		10.47	%	SOFR+615		4,863		4,812		4,583
Sigma Defense Systems, LLC	12/20/2027	Aerospace and Defense		11.47	%	SOFR+715		18,161		17,892		18,160
Smile Brands Inc.	10/12/2027	Healthcare and Pharmaceuticals		10.43	%	SOFR+610		12,202		12,193		10,445
			(PIK 1.50%)
Spendmend Holdings LLC	3/1/2028	Healthcare Technology		9.45	%	SOFR+515		4,039		3,996		4,039
SV-Aero Holdings, LLC	11/1/2030	Aerospace and Defense		9.30	%	SOFR+525		14,813		14,750		14,813
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027	Aerospace and Defense		8.92	%	SOFR+475		14,475		14,374		14,359
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans	10/3/2029	Air Freight and Logistics		12.67	%	SOFR+835		1,924		1,830		1,616
			(PIK 7.25%)
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans (7)	10/3/2029	Air Freight and Logistics		5.42	%			4,458		2,562		1,337
TCG 3.0 Jogger Acquisitionco	1/23/2029	Media		10.82	%	SOFR+650		19,478		19,213		19,477
Team Services Group, LLC	12/20/2027	Healthcare and Pharmaceuticals		9.43	%	SOFR+515		5,328		5,123		5,296
Teneo Holdings, LLC	3/13/2031	Business Services		9.08	%	SOFR+475		5,431		5,379		5,479
The Bluebird Group LLC	7/28/2026	Professional Services		10.20	%	SOFR+590		8,431		8,375		8,431
The Vertex Companies, LLC	8/31/2028	Construction and Engineering		9.43	%	SOFR+510		17,527		17,337		17,492
TPC US Parent, LLC	11/24/2025	Consumer Goods: Non-Durable		10.20	%	SOFR+590		16,397		16,357		16,381
Transgo, LLC	12/29/2028	Automotive		10.07	%	SOFR+575		16,548		16,345		16,631


Issuer Name (6)	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par or Number of Shares		Cost		Fair Value(2)
Tyto Athene, LLC	4/1/2028		IT Services		9.19	%	SOFR+490			14,604		14,530		14,253
Urology Management Holdings, Inc.	6/15/2027		Healthcare and Pharmaceuticals		9.80	%	SOFR+550			6,771		6,723		6,744
VRS Buyer, Inc	11/22/2030		Road and Rail		9.08	%	SOFR+475			6,454		6,413		6,422
Walker Edison Furniture Company LLC (4)(5)	3/1/2029		Wholesale		0.00	%				6,105		5,069		-
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(5)	3/1/2029		Wholesale		0.00	%				1,667		1,667		167
Watchtower Buyer, LLC	12/3/2029		Diversified Consumer Services		10.30	%	SOFR+600			12,097		11,936		12,085
Wash & Wax Systems LLC	3/31/2028		Automobiles		9.78	%	SOFR+550			5,720		5,827		5,834
Total First Lien Secured Debt												1,060,592		1,039,849

Subordinate Debt
Integrative Nutrition, LLC	04/15/30		Diversified Consumer Services		0.00	%				1,877		1,615		1,605
Integrative Nutrition, LLC	04/15/33		Diversified Consumer Services		0.00	%				4,275		1,977		1,977
Wash & Wax Systems LLC	07/30/28		Automobiles		12.00	%				3,815		3,815		3,815
Total Subordinate Debt												7,407		7,397

Equity Securities - 13.6%
48Forty Intermediate Holdings, Inc.- Common Equity		—	Containers and Packaging		—			—		1,722		—		—
New Insight Holdings, Inc.		—	Diversified Consumer Services		—			—		116,055		2,031		2,027
Lucky Bucks, LLC		—	Hotel, Gaming and Leisure		—			—		73,870		2,062		334
Output Services Group, Inc		—	Business Services		—			—		126,324		1,012		1,372
Pragmatic Holdco, Inc.		—	Education		—			—		134		—		—
Walker Edison Furniture - Common Equity		—	Wholesale		—			—		36,458		3,440		—
Wash & Wax Systems LLC - Class A Common Equity		—	Automobiles		—			—		2,493		4,449		4,573
Total Equity Securities												12,994		8,306
Total Investments - 1,733.20% (6)												1,080,993		1,055,552
Cash and Cash Equivalents - 75.1%
BlackRock Federal FD Institutional 81					4.19	%						18,771		18,771
Blackrock Liquidity Fed Fund Inst					4.24	%						2,693		2,693
JP Morgan USD Liquidity Inst					4.28	%						6,051		6,051
JP Morgan US Government Fund					4.09	%						2,997		2,997
Goldman Sachs Financial Square Government Fund					4.18	%						6,178		6,178
Non-Money Market Cash												9,038		9,038
Total Cash and Cash Equivalents												45,728		45,728
Total Investments and Cash Equivalents —1,808.0%											$	1,126,721	$	1,101,280
Liabilities in Excess of Other Assets — (1,708.0)%														(1,040,378	)
Members' Equity—100.0%													$	60,902

(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 2037-R 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. or, 4) securing the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.

(6)

All investments are in U.S. companies unless noted otherwise.

(7)

Partial PIK non-accrual security

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


Issuer Name (7)	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par or Number of Shares		Cost		Fair Value(2)
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
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		—			—		116,055	$	2,031	$	2,031
Lucky Bucks, LLC		—	Hotel, Gaming and Leisure		—			—		73,870		2,062		904


Issuer Name (7)	Maturity		Industry	Current Coupon		Basis Point Spread Above Index (1)		Par or Number of Shares		Cost		Fair Value(2)
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
Total Investments - 1,415.0%											928,983		913,281
Cash and Cash Equivalents - 106.0%
BlackRock Federal FD Institutional 30											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)

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 U.S. companies unless noted otherwise.

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


		June 30, 2025
		(Unaudited)			September 30, 2024
Assets
Investments at fair value (amortized cost—$1,080,993 and $928,983, respectively)	$		1,055,552	$		913,281
Cash and cash equivalents (cost—$45,728 and $68,429, respectively)			45,728			68,429
Interest receivable			4,483			4,722
Due from affiliate			93			48
Prepaid expenses and other assets			2,517			1,642
Total assets			1,108,373			988,122
Liabilities
Credit facility payable			27,000			146,100
2035 Asset-backed debt, net (par—$0 and $246,000, respectively) (unamortized deferred financing costs of $0 and $2,066, respectively)			—			243,934
2036 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,413 and $1,628, respectively)			244,587			244,372
2037 Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $1,990 and $0, respectively)			244,010			—
2037-R Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $2,629 and $0, respectively)			243,371			—
Notes payable to members			271,600			271,600
Interest payable on credit facility and asset backed debt			8,968			9,281
Payable for investments purchased			—			86
Interest payable on notes to members			6,665			7,315
Accrued expenses			1,198			822
Due to affiliate			72			65
Total liabilities			1,047,471			923,575
Members' equity			60,902			64,547
Total liabilities and members' equity	$		1,108,373	$		988,122

(1)

As of June 30, 2025 and September 30, 2024, PSSL had unfunded commitments to fund investments of zero and $0.6 million, respectively.

Below are the Consolidated Statements of Operations for PSSL ($ in thousands):


	Three Months Ended June 30,						Nine Months Ended June 30,
	2025			2024			2025			2024
Investment income:
Interest	$	28,212		$	27,614		$	84,989		$	80,578
Other income		357			356			1,145			921
Total investment income		28,569			27,970			86,134			81,499
Expenses:(1)
Interest and expense on credit facility and asset-backed debt		14,381			13,685			42,198			40,866
Interest expense on notes to members		8,427			8,646			25,674			24,962
Administration fees		1,001			602			2,386			1,737
General and administrative expenses		110			506			1,016			999
Expenses before debt issuance costs		23,919			23,439			71,274			68,564
Debt issuance costs		200			—			200			—
Total expenses		24,119			23,439			71,474			68,564
Net investment income		4,450			4,531			14,660			12,935
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(10,974	)		—			(17,429	)		(6,510	)
Realized loss on debt extinguishment		(1,637	)		(1,622	)		(1,637	)		(1,622	)
Net change in unrealized appreciation (depreciation) on investments		5,403			(5,034	)		(9,739	)		3,871
Net realized and unrealized gain (loss) on investments		(7,208	)		(6,656	)		(28,805	)		(4,261	)
Net increase (decrease) in members' equity resulting from operations	$	(2,758	)	$	(2,125	)	$	(14,145	)	$	8,674

(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.