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Investments | 3 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 4. INVESTMENTS For the three months ended December 31, 2025 and 2024, purchases of investments, including payment-in-kind ("PIK") interest totaled $302.7 million and $608.3 million, respectively. Sales and repayments of investments for the three months ended December 31, 2025 and 2024, totaled $441.4 million and $401.3 million, respectively. Investments and cash and cash equivalents consisted of the following:
($ in thousands) |  | December 31, 2025 |  |  | September 30, 2025 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 2,058,943 |  |  | $ | 2,033,217 |  |  | $ | 2,289,071 |  |  | $ | 2,275,982 |
First lien in PSSL |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |
First Lien in PSSL II |  |  | 39,375 |  |  |  | 39,375 |  |  |  | — |  |  |  | — |
Second Lien |  |  | 996 |  |  |  | 995 |  |  |  | 995 |  |  |  | 995 |
Subordinate debt |  |  | 18,504 |  |  |  | 19,149 |  |  |  | 17,387 |  |  |  | 17,986 |
Equity |  |  | 148,257 |  |  |  | 185,414 |  |  |  | 150,565 |  |  |  | 196,397 |
Equity interests in PSSL |  |  | 163,100 |  |  |  | 72,690 |  |  |  | 123,725 |  |  |  | 44,318 |
Equity interests in PSSL II |  |  | 16,875 |  |  |  | 16,857 |  |  |  | — |  |  |  | — |
Total investments |  |  | 2,683,700 |  |  |  | 2,605,347 |  |  |  | 2,819,393 |  |  |  | 2,773,328 |
Cash and cash equivalents |  |  | 95,268 |  |  |  | 95,268 |  |  |  | 122,684 |  |  |  | 122,688 |
Total investments and cash and cash equivalents |  | $ | 2,778,968 |  |  | $ | 2,700,615 |  |  | $ | 2,942,077 |  |  | $ | 2,896,016 |
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 |  | December 31, 2025 (1) |  | September 30, 2025 (1)
|  | Cost | Fair Value | Fair Value Percentage | Net asset value Percentage |  | Cost | Fair Value | Fair Value Percentage | Net asset value Percentage
Professional Services |  | $222,290 | $219,021 | 10% | 21% |  | $252,226 | $248,621 | 10% | 23%
Aerospace and Defense |  | 203,104 | 212,795 | 10% | 21% |  | 222,607 | 236,703 | 10% | 22%
Media |  | 177,221 | 176,321 | 8% | 17% |  | 169,182 | 169,013 | 7% | 16%
Healthcare Providers and Services |  | 150,158 | 151,589 | 7% | 15% |  | 195,695 | 199,549 | 8% | 19%
Business Services |  | 152,611 | 147,692 | 7% | 14% |  | 171,987 | 169,086 | 7% | 16%
Diversified Consumer Services |  | 124,871 | 122,810 | 5% | 12% |  | 121,706 | 120,861 | 5% | 11%
IT Services |  | 104,780 | 107,216 | 5% | 10% |  | 123,257 | 125,392 | 5% | 12%
Personal Products |  | 102,259 | 98,606 | 4% | 10% |  | 99,851 | 99,069 | 4% | 9%
Distributors |  | 88,616 | 94,571 | 4% | 9% |  | 84,194 | 88,795 | 4% | 8%
Construction & Engineering |  | 87,455 | 91,726 | 4% | 9% |  | 106,806 | 110,299 | 4% | 10%
Healthcare Technology |  | 88,972 | 91,481 | 4% | 9% |  | 103,230 | 105,500 | 4% | 10%
All Other |  | 81,318 | 67,204 | 3% | 7% |  | 85,819 | 74,927 | 1% | 7%
Commercial Services & Supplies |  | 62,433 | 65,927 | 3% | 6% |  | 70,373 | 73,060 | 3% | 7%
Government Services |  | 61,335 | 62,370 | 3% | 6% |  | 28,870 | 29,837 | 1% | 3%
Leisure Products |  | 57,965 | 56,422 | 3% | 5% |  | 97,385 | 95,499 | 4% | 9%
Electronic Equipment, Instruments, and Components |  | 49,483 | 51,275 | 2% | 5% |  | 43,733 | 44,241 | 2% | 4%
Automobiles |  | 41,517 | 39,994 | 2% | 4% |  | 34,935 | 34,207 | 1% | 3%
High Tech Industries |  | 20,843 | 34,205 | 2% | 3% |  | 41,135 | 56,769 | 2% | 5%
Internet Software and Services |  | 34,478 | 34,193 | 2% | 3% |  | 39,660 | 40,012 | 2% | 4%
Manufacturing/Basic Industry |  | 31,287 | 31,257 | 1% | 3% |  | 56,192 | 56,192 | 2% | 5%
Auto Components |  | 30,493 | 30,674 | 1% | 3% |  | 31,104 | 32,224 | 1% | 3%
Healthcare, Education and Childcare |  | 27,976 | 28,093 | 1% | 3% |  | 36,349 | 36,530 | 1% | 3%
Consumer Services |  | 29,502 | 27,911 | 1% | 3% |  | 28,840 | 28,878 | 1% | 3%
Healthcare Equipment and Supplies |  | 19,852 | 21,858 | 1% | 2% |  | 29,575 | 31,850 | 1% | 3%
Building Products |  | 21,152 | 20,103 | 1% | 2% |  | 20,322 | 19,964 | 1% | 2%
Software |  | 19,904 | 19,157 | 1% | 2% |  | 17,716 | 17,453 | 1% | 2%
Independent Power and Renewable Electricity Producers |  | 14,172 | 15,345 | 1% | 2% |  | 20,028 | 21,134 | 1% | 2%
Gaming |  | 14,854 | 15,066 | 1% | 1% |  | 14,852 | 14,974 | 1% | 2%
Metals and Mining |  | 14,440 | 14,447 | 1% | 1% |  | 14,437 | 14,447 | 1% | 1%
Marketing Services |  | 14,326 | 14,406 | 1% | 1% |  | 19,307 | 19,365 | 1% | 2%
Air Freight and Logistics |  | 14,059 | 13,674 | 1% | 1% |  | 14,122 | 13,785 | 1% | 1%
Consulting Services |  | 12,737 | 12,728 | 0% | 1% |  | 12,769 | 12,761 | 1% | 1%
Food Products |  | 12,651 | 12,662 | 0% | 1% |  | 12,681 | 12,602 | 1% | 1%
Capital Equipment |  | 13,625 | 12,397 | 0% | 1% |  | 13,571 | 15,106 | 1% | 1%
Media: Diversified and Production |  | 12,512 | 12,032 | 0% | 1% |  | 12,478 | 11,534 | 0% | 1%
Consumer products |  | 11,453 | 11,547 | 0% | 1% |  | 11,024 | 11,121 | 0% | 1%
Total |  | $2,226,704 | $2,238,775 | 100% | 215% |  | $2,458,018 | $2,491,360 | 100% | 232%
(1) Excludes investments in PSSL and PSSL II PennantPark Senior Secured Loan Fund I LLC In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of December 31, 2025 and September 30, 2025, PSSL had total assets of $1,235.2 million and $1,153.7 million, respectively, and its investment portfolio consisted of investments in 120 and 117 portfolio companies, respectively. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $25.0 million and the five largest investments totaled $110.0 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $20.9 million and the five largest investments totaled $99.3 million. PSSL invests in portfolio companies in the same industries in which we may directly invest. We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of December 31, 2025 and September 30, 2025, 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 $163.1 million ($26.3 million remaining unfunded) and $123.7 million ($65.6 remaining unfunded), respectively. During the three months ended December 31, 2025, the Company made capital contributions of approximately $39.4 million of assets at their most recent fair market value as of the date of the transaction. 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 constitutes 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 carefully constructed 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 matures 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 carefully constructed 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 matures in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary as of December 31, 2025. 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 carefully constructed 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 matures 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, all of which were held by PSSL. 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 retained all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes was 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 $301.0 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 retained all of the subordinated notes through a consolidated subsidiary as of December 31, 2025. The reinvestment period for the term debt securitization ends in April 2029 and the debt matures in April 2037. The proceeds from the debt repaid a portion of PSSL's $325.0 million secured credit facility. Below is a summary of PSSL’s portfolio at fair value:
($ in thousands) |  | December 31, 2025 |  |  | September 30, 2025 |
Total investments |  | $ | 1,195,016 |  |  | $ | 1,084,649 |
Weighted average cost yield on income producing investments |  |  | 9.6 | % |  |  | 10.1 | %
Number of portfolio companies in PSSL |  |  | 120 |  |  |  | 117 |
Largest portfolio company investment |  | $ | 24,965 |  |  | $ | 20,901 |
Total of five largest portfolio company investments |  | $ | 110,044 |  |  | $ | 99,270 |
Below is a listing of PSSL’s individual investments as of December 31, 2025 (Par and $ in thousands):
Issuer Name |  | Acquisition |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 1,422.7% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACP Avenu Buyer, LLC |  | 10/6/2023 |  | 10/2/2029 |  |  | Business Services |  | 8.74% |  |  | SOFR+475 |  |  |  | 19,963 |  |  | $ | 19,743 |  |  | $ | 19,913 |
ACP Falcon Buyer, Inc. |  | 8/22/2023 |  | 8/1/2029 |  |  | Business Services |  | 9.49% |  |  | SOFR+550 |  |  |  | 18,526 |  |  |  | 18,271 |  |  |  | 18,711 |
APT OPCO, LLC |  | 9/29/2025 |  | 9/30/2031 |  |  | Healthcare Providers and Services |  | 8.67% |  |  | SOFR+500 |  |  |  | 12,469 |  |  |  | 12,402 |  |  |  | 12,313 |
Ad.net Acquisition, LLC |  | 5/24/2021 |  | 5/7/2026 |  |  | Media |  | 9.93% |  |  | SOFR+626 |  |  |  | 12,749 |  |  |  | 12,713 |  |  |  | 12,749 |
Aechelon Technology, Inc. |  | 4/10/2025 |  | 8/16/2029 |  |  | Aerospace and Defense |  | 9.47% |  |  | SOFR+575 |  |  |  | 11,520 |  |  |  | 11,520 |  |  |  | 11,520 |
AFC-Dell Holding Corp. |  | 12/23/2024 |  | 4/9/2027 |  |  | Distributors |  | 8.84% |  |  | SOFR+550 |  |  |  | 7,601 |  |  |  | 7,573 |  |  |  | 7,601 |
Aphix Buyer, Inc. |  | 9/3/2025 |  | 7/17/2031 |  |  | Business Services |  | 8.47% |  |  | SOFR+475 |  |  |  | 8,978 |  |  |  | 8,928 |  |  |  | 8,978 |
Alpine Acquisition Corp II (4) |  | 10/11/2022 |  | 11/30/2026 |  |  | Containers and Packaging |  |  | — |  |  |  | — |  |  |  | 13,128 |  |  |  | 12,990 |  |  |  | 6,039 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 4/10/2025 |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  | 9.57% |  |  | SOFR+590 |  |  |  | 11,136 |  |  |  | 11,075 |  |  |  | 11,136 |
Arcfield Acquisition Corp. |  | 11/11/2024 |  | 10/28/2031 |  |  | Aerospace and Defense |  | 8.84% |  |  | SOFR+500 |  |  |  | 5,940 |  |  |  | 5,931 |  |  |  | 5,910 |
Archer Lewis, LLC |  | 11/22/2024 |  | 8/28/2029 |  |  | Commercial Services & Supplies |  | 9.42% |  |  | SOFR+575 |  |  |  | 14,862 |  |  |  | 14,786 |  |  |  | 14,862 |
Argano, LLC |  | 1/9/2025 |  | 9/13/2029 |  |  | Business Services |  | 9.22% |  |  | SOFR+550 |  |  |  | 12,369 |  |  |  | 12,255 |  |  |  | 12,493 |
Azureon, LLC (F/K/A Tpcn Midco, LLC) |  | 4/10/2025 |  | 6/26/2029 |  |  | Diversified Consumer Services |  | 9.42% |  |  | SOFR+575 |  |  |  | 4,962 |  |  |  | 4,859 |  |  |  | 4,764 |
Beacon Behavioral Support Services, LLC |  | 10/9/2024 |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  | 9.17% |  |  | SOFR+550 |  |  |  | 24,965 |  |  |  | 24,781 |  |  |  | 24,965 |
Best Practice Associates, LLC |  | 4/10/2025 |  | 11/8/2029 |  |  | Aerospace and Defense |  | 10.47% |  |  | SOFR+675 |  |  |  | 14,887 |  |  |  | 14,756 |  |  |  | 14,776 |
Beta Plus Technologies, Inc. |  | 7/21/2022 |  | 7/2/2029 |  |  | Business Services |  | 9.42% |  |  | SOFR+575 |  |  |  | 4,838 |  |  |  | 4,784 |  |  |  | 4,789 |
Big Top Holdings, LLC |  | 6/26/2024 |  | 3/1/2030 |  |  | Business Services |  | 8.92% |  |  | SOFR+525 |  |  |  | 14,633 |  |  |  | 14,430 |  |  |  | 14,633 |
BioDerm, Inc. |  | 2/28/2023 |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  | 10.36% |  |  | SOFR+650 |  |  |  | 8,775 |  |  |  | 8,714 |  |  |  | 8,665 |
Blackhawk Industrial Distribution, Inc. |  | 6/30/2022 |  | 9/17/2026 |  |  | Distributors |  | 9.07% |  |  | SOFR+540 |  |  |  | 14,776 |  |  |  | 14,699 |  |  |  | 14,481 |
BLC Holding Company, Inc. |  | 4/10/2025 |  | 11/20/2030 |  |  | Business Services |  | 8.17% |  |  | SOFR+450 |  |  |  | 4,962 |  |  |  | 4,939 |  |  |  | 4,962 |
Boss Industries, LLC |  | 4/10/2025 |  | 12/27/2030 |  |  | Independent Power and Renewable Electricity Producers |  | 8.67% |  |  | SOFR+500 |  |  |  | 4,962 |  |  |  | 4,894 |  |  |  | 4,962 |
Burgess Point Purchaser Corporation |  | 10/3/2022 |  | 7/25/2029 |  |  | Automotive |  | 9.19% |  |  | SOFR+535 |  |  |  | 437 |  |  |  | 416 |  |  |  | 369 |
By Light Professional IT Services, LLC |  | 8/28/2025 |  | 7/15/2031 |  |  | High Tech Industries |  | 9.22% |  |  | SOFR+550 |  |  |  | 18,446 |  |  |  | 18,345 |  |  |  | 18,261 |
C5MI Acquisition, LLC |  | 3/7/2025 |  | 7/31/2029 |  |  | IT Services |  | 9.67% |  |  | SOFR+600 |  |  |  | 14,813 |  |  |  | 14,640 |  |  |  | 14,813 |
Capital Construction, LLC |  | 8/28/2025 |  | 10/22/2026 |  |  | Consumer Services |  | 9.89% |  |  | SOFR+590 |  |  |  | 4,263 |  |  |  | 4,241 |  |  |  | 4,210 |
Carisk Buyer, Inc. |  | 10/16/2024 |  | 12/3/2029 |  |  | Healthcare Technology |  | 8.67% |  |  | SOFR+500 |  |  |  | 9,900 |  |  |  | 9,843 |  |  |  | 9,974 |
Carnegie Dartlet, LLC |  | 4/11/2025 |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  | 9.22% |  |  | SOFR+550 |  |  |  | 15,052 |  |  |  | 14,865 |  |  |  | 14,901 |
Cartessa Aesthetics, LLC |  | 4/11/2023 |  | 6/14/2028 |  |  | Distributors |  | 9.67% |  |  | SOFR+600 |  |  |  | 9,417 |  |  |  | 9,344 |  |  |  | 9,417 |
Case Works, LLC |  | 4/10/2025 |  | 10/1/2029 |  |  | Professional Services |  | 8.92% |  |  | SOFR+525 |  |  |  | 14,850 |  |  |  | 14,749 |  |  |  | 14,598 |
CF512, Inc. |  | 12/27/2021 |  | 8/20/2026 |  |  | Media |  | 9.98% |  |  | SOFR+619 |  |  |  | 6,466 |  |  |  | 6,439 |  |  |  | 6,401 |
Commercial Fire Protection Holdings, LLC |  | 11/26/2024 |  | 9/23/2030 |  |  | Commercial Services & Supplies |  | 8.17% |  |  | SOFR+450 |  |  |  | 19,787 |  |  |  | 19,701 |  |  |  | 19,787 |
Confluent Health, LLC |  | 1/12/2024 |  | 11/30/2028 |  |  | Healthcare and Pharmaceuticals |  | 11.22% |  |  | SOFR+750 |  |  |  | 6,619 |  |  |  | 6,472 |  |  |  | 5,858 |
CJX Borrower, LLC |  | 7/29/2021 |  | 7/13/2027 |  |  | Media |  | 9.70% |  |  | SOFR+576 |  |  |  | 3,725 |  |  |  | 3,701 |  |  |  | 3,725 |
Crane 1 Services, Inc. |  | 4/11/2023 |  | 8/16/2027 |  |  | Commercial Services & Supplies |  | 9.08% |  |  | SOFR+536 |  |  |  | 2,041 |  |  |  | 2,029 |  |  |  | 2,026 |
DRI Holding Inc. |  | 9/15/2022 |  | 12/21/2028 |  |  | Media |  | 9.07% |  |  | SOFR+535 |  |  |  | 2,567 |  |  |  | 2,432 |  |  |  | 2,516 |
DRS Holdings III, Inc. |  | 1/27/2021 |  | 11/1/2028 |  |  | Consumer Goods: Durable |  | 8.97% |  |  | SOFR+525 |  |  |  | 4,420 |  |  |  | 4,413 |  |  |  | 4,464 |
Duggal Acquisition, LLC |  | 4/10/2025 |  | 9/30/2030 |  |  | Marketing Services |  | 8.42% |  |  | SOFR+475 |  |  |  | 4,938 |  |  |  | 4,898 |  |  |  | 4,938 |
Dynata, LLC - First Out Term Loan (5) |  | 7/15/2024 |  | 7/17/2028 |  |  | Diversified Consumer Services |  | 9.14% |  |  | SOFR+576 |  |  |  | 1,343 |  |  |  | 1,276 |  |  |  | 1,331 |
Dynata, LLC - Last Out Term Loan |  | 7/15/2024 |  | 10/16/2028 |  |  | Diversified Consumer Services |  | 9.64% |  |  | SOFR+576 |  |  |  | 8,333 |  |  |  | 8,333 |  |  |  | 5,052 |
EDS Buyer, LLC |  | 4/11/2023 |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  | 8.17% |  |  | SOFR+450 |  |  |  | 8,753 |  |  |  | 8,677 |  |  |  | 8,775 |
Emergency Care Partners, LLC |  | 11/11/2024 |  | 10/18/2027 |  |  | Healthcare Providers and Services |  | 8.67% |  |  | SOFR+500 |  |  |  | 7,184 |  |  |  | 7,157 |  |  |  | 7,184 |
Exigo Intermediate II, LLC |  | 11/21/2022 |  | 3/15/2027 |  |  | Software |  | 10.07% |  |  | SOFR+635 |  |  |  | 12,384 |  |  |  | 12,312 |  |  |  | 12,322 |
ETE Intermediate II, LLC |  | 6/12/2023 |  | 5/29/2029 |  |  | Diversified Consumer Services |  | 8.72% |  |  | SOFR+500 |  |  |  | 12,093 |  |  |  | 11,929 |  |  |  | 12,093 |
EvAL Home Care Solutions Intermediate, LLC |  | 7/10/2024 |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  | 9.47% |  |  | SOFR+575 |  |  |  | 8,623 |  |  |  | 8,511 |  |  |  | 8,623 |
GGG MIDCO, LLC |  | 4/10/2025 |  | 9/27/2030 |  |  | Diversified Consumer Services |  | 8.67% |  |  | SOFR+500 |  |  |  | 24,511 |  |  |  | 24,433 |  |  |  | 24,511 |
Global Holdings InterCo, LLC |  | 6/8/2021 |  | 3/16/2026 |  |  | Diversified Financial Services |  | 9.33% |  |  | SOFR+560 |  |  |  | 3,344 |  |  |  | 3,342 |  |  |  | 3,344 |
Graffiti Buyer, Inc. |  | 3/15/2022 |  | 8/10/2027 |  |  | Trading Companies & Distributors |  | 9.42% |  |  | SOFR+560 |  |  |  | 3,675 |  |  |  | 3,653 |  |  |  | 3,593 |
Halo Buyer, Inc. |  | 5/22/2025 |  | 8/7/2029 |  |  | Consumer Products |  | 9.72% |  |  | SOFR+600 |  |  |  | 6,451 |  |  |  | 6,332 |  |  |  | 6,451 |
Hancock Roofing And Construction, LLC |  | 1/27/2021 |  | 12/31/2026 |  |  | Insurance |  | 9.27% |  |  | SOFR+560 |  |  |  | 2,112 |  |  |  | 2,102 |  |  |  | 2,007 |
Harris & Co, LLC |  | 11/26/2024 |  | 8/9/2030 |  |  | Professional Services |  | 8.72% |  |  | SOFR+500 |  |  |  | 19,750 |  |  |  | 19,601 |  |  |  | 19,602 |
HEC Purchaser Corp. |  | 4/10/2025 |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  | 8.87% |  |  | SOFR+500 |  |  |  | 6,634 |  |  |  | 6,602 |  |  |  | 6,634 |
Issuer Name |  | Acquisition |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value (2) |
Hills Distribution, Inc. |  | 5/3/2024 |  | 11/8/2029 |  |  | Business Services |  | 9.19% |  |  | SOFR+550 |  |  |  | 8,230 |  |  |  | 8,135 |  |  |  | 8,148 |
HW Holdco, LLC |  | 4/11/2023 |  | 5/11/2026 |  |  | Media |  | 9.80% |  |  | SOFR+590 |  |  |  | 3,441 |  |  |  | 3,433 |  |  |  | 3,441 |
Imagine Acquisitionco, Inc. |  | 3/15/2022 |  | 11/16/2027 |  |  | Software |  | 8.98% |  |  | SOFR+510 |  |  |  | 9,036 |  |  |  | 8,948 |  |  |  | 9,036 |
Infinity Home Services Holdco, Inc. |  | 4/11/2023 |  | 12/28/2028 |  |  | Commercial Services & Supplies |  | 9.67% |  |  | SOFR+600 |  |  |  | 5,952 |  |  |  | 5,882 |  |  |  | 5,952 |
Inovex Information Systems Incorporated |  | 3/3/2025 |  | 12/17/2030 |  |  | Software |  | 8.92% |  |  | SOFR+525 |  |  |  | 8,122 |  |  |  | 8,069 |  |  |  | 8,122 |
Inventus Power, Inc. |  | 7/11/2023 |  | 1/15/2026 |  |  | Consumer Goods: Durable |  | 11.33% |  |  | SOFR+761 |  |  |  | 8,060 |  |  |  | 8,059 |  |  |  | 8,060 |
Kinetic Purchaser, LLC |  | 11/30/2021 |  | 11/10/2027 |  |  | Personal Products |  | 9.82% |  |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,358 |  |  |  | 10,962 |
Lash OpCo, LLC |  | 10/14/2021 |  | 2/18/2027 |  |  | Personal Products |  | 10.94% |  |  | SOFR+710 |  |  |  | 15,710 |  |  |  | 15,619 |  |  |  | 15,317 |
LAV Gear Holdings, Inc. - Takeback TL (5) |  | 7/31/2025 |  | 7/31/2029 |  |  | Capital Equipment |  | 9.65% |  |  | SOFR+594 |  |  |  | 7,660 |  |  |  | 7,660 |  |  |  | 7,660 |
LAV Gear Holdings, Inc. - Priority TL (5) |  | 7/31/2025 |  | 7/31/2029 |  |  | Capital Equipment |  | 9.65% |  |  | SOFR+594 |  |  |  | 2,424 |  |  |  | 2,396 |  |  |  | 2,945 |
Lightspeed Buyer, Inc. |  | 1/27/2021 |  | 2/3/2027 |  |  | Healthcare Providers and Services |  | 8.42% |  |  | SOFR+475 |  |  |  | 16,191 |  |  |  | 16,153 |  |  |  | 16,191 |
LJ Avalon Holdings, LLC |  | 4/11/2023 |  | 2/1/2030 |  |  | Environmental Industries |  | 8.46% |  |  | SOFR+450 |  |  |  | 2,527 |  |  |  | 2,491 |  |  |  | 2,527 |
Loving Tan Intermediate II, Inc. |  | 10/25/2023 |  | 5/31/2028 |  |  | Personal Products |  | 8.67% |  |  | SOFR+500 |  |  |  | 12,205 |  |  |  | 12,098 |  |  |  | 12,144 |
MAG DS Corp. |  | 9/27/2023 |  | 4/1/2027 |  |  | Aerospace and Defense |  | 9.27% |  |  | SOFR+560 |  |  |  | 2,187 |  |  |  | 2,147 |  |  |  | 2,176 |
Marketplace Events Acquisition, LLC |  | 1/13/2025 |  | 12/19/2030 |  |  | Media |  | 9.12% |  |  | SOFR+525 |  |  |  | 16,873 |  |  |  | 16,732 |  |  |  | 16,873 |
MBS Holdings, Inc. |  | 6/8/2021 |  | 4/16/2027 |  |  | Internet Software and Services |  | 8.92% |  |  | SOFR+510 |  |  |  | 8,223 |  |  |  | 8,173 |  |  |  | 8,223 |
MDI Buyer, Inc. |  | 4/11/2023 |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  | 8.57% |  |  | SOFR+475 |  |  |  | 6,235 |  |  |  | 6,171 |  |  |  | 6,235 |
Meadowlark Acquirer, LLC |  | 1/29/2022 |  | 12/10/2027 |  |  | Professional Services |  | 9.32% |  |  | SOFR+565 |  |  |  | 2,317 |  |  |  | 2,300 |  |  |  | 2,317 |
Medina Health, LLC |  | 11/6/2023 |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  | 9.92% |  |  | SOFR+625 |  |  |  | 18,833 |  |  |  | 18,628 |  |  |  | 18,833 |
Megawatt Acquisitionco, Inc. |  | 4/29/2024 |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  | 9.17% |  |  | SOFR+550 |  |  |  | 15,474 |  |  |  | 15,302 |  |  |  | 15,474 |
MOREgroup Holdings, Inc. |  | 3/22/2024 |  | 1/16/2030 |  |  | Business Services |  | 8.92% |  |  | SOFR+525 |  |  |  | 17,890 |  |  |  | 17,750 |  |  |  | 17,890 |
MES Internediate, Inc. |  | 4/11/2023 |  | 10/1/2027 |  |  | Distributors |  | 8.42% |  |  | SOFR+475 |  |  |  | 3,351 |  |  |  | 3,328 |  |  |  | 3,351 |
NBH Group, LLC |  | 8/25/2021 |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  | 9.71% |  |  | SOFR+585 |  |  |  | 10,325 |  |  |  | 10,288 |  |  |  | 10,325 |
NORA Acquisition, LLC |  | 10/2/2023 |  | 8/31/2029 |  |  | Healthcare Providers and Services |  | 10.02% |  |  | SOFR+635 |  |  |  | 21,005 |  |  |  | 20,731 |  |  |  | 20,375 |
North American Rail Solutions, LLC |  | 8/29/2025 |  | 8/29/2031 |  |  | Manufacturing/Basic Industry |  | 8.42% |  |  | SOFR+475 |  |  |  | 17,456 |  |  |  | 17,383 |  |  |  | 17,369 |
Omnia Exterior Solutions, LLC |  | 11/1/2024 |  | 12/31/2029 |  |  | Diversified Consumer Services |  | 8.92% |  |  | SOFR+525 |  |  |  | 16,915 |  |  |  | 16,787 |  |  |  | 16,704 |
One Stop Mailing, LLC |  | 7/8/2021 |  | 5/7/2027 |  |  | Air Freight and Logistics |  | 10.08% |  |  | SOFR+636 |  |  |  | 15,394 |  |  |  | 15,283 |  |  |  | 15,394 |
ORL Acquisition, Inc. (5) |  | 5/22/2025 |  | 9/3/2027 |  |  | Consumer Finance |  | 13.07% |  |  | SOFR+940 |  |  |  | 2,284 |  |  |  | 2,275 |  |  |  | 1,782 |
OSP Embedded Purchaser, LLC |  | 11/19/2024 |  | 12/17/2029 |  |  | Aerospace and Defense |  | 9.42% |  |  | SOFR+575 |  |  |  | 14,862 |  |  |  | 14,668 |  |  |  | 14,090 |
Output Services Group, Inc. - First-Out Term Loan |  | 12/1/2023 |  | 11/30/2028 |  |  | Business Services |  | 12.16% |  |  | SOFR+842 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc. - Last-Out Term Loan |  | 12/1/2023 |  | 5/30/2028 |  |  | Business Services |  | 10.41% |  |  | SOFR+667 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
PCS MIDCO, Inc. |  | 4/10/2025 |  | 3/1/2030 |  |  | Diversified Consumer Services |  | 9.42% |  |  | SOFR+575 |  |  |  | 3,823 |  |  |  | 3,781 |  |  |  | 3,842 |
Pacific Purchaser, LLC |  | 1/12/2024 |  | 10/2/2028 |  |  | Business Services |  | 9.85% |  |  | SOFR+625 |  |  |  | 11,788 |  |  |  | 11,649 |  |  |  | 11,505 |
PAR Excellence Holdings, Inc. |  | 10/16/24 |  | 9/3/2030 |  |  | Healthcare Technology |  | 8.77% |  |  | SOFR+500 |  |  |  | 10,905 |  |  |  | 10,815 |  |  |  | 10,714 |
Paving Lessor Corp. First Lien -Term Loan |  | 8/28/2025 |  | 7/1/2031 |  |  | Business Services |  | 8.94% |  |  | SOFR+525 |  |  |  | 19,877 |  |  |  | 19,744 |  |  |  | 19,777 |
PN Buyer, Inc. |  | 9/8/2025 |  | 7/31/2031 |  |  | Professional Services |  | 8.17% |  |  | SOFR+450 |  |  |  | 10,000 |  |  |  | 9,954 |  |  |  | 9,950 |
Pink Lilly Holdco, LLC (4),(5) |  | 11/30/2021 |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 8,503 |  |  |  | 8,414 |  |  |  | 1,063 |
Podean Buyer, LLC |  | 8/4/2025 |  | 8/4/2031 |  |  | Marketing Services |  | 9.66% |  |  | SOFR+600 |  |  |  | 4,988 |  |  |  | 4,942 |  |  |  | 4,938 |
Pragmatic Institute, LLC (4) |  | 3/28/2025 |  | 3/28/2030 |  |  | Education |  |  | — |  |  |  | — |  |  |  | 4,292 |  |  |  | 4,190 |  |  |  | 2,608 |
Project Granite Buyer, Inc. |  | 5/22/2025 |  | 12/31/2030 |  |  | Professional Services |  | 9.42% |  |  | SOFR+575 |  |  |  | 6,451 |  |  |  | 6,361 |  |  |  | 6,516 |
Puget Collision, LLC |  | 10/3/2025 |  | 10/3/2031 |  |  | Automobiles |  | 8.42% |  |  | SOFR+475 |  |  |  | 15,000 |  |  |  | 14,918 |  |  |  | 14,906 |
RRA Corporate, LLC |  | 4/10/2025 |  | 8/15/2029 |  |  | Diversified Consumer Services |  | 8.92% |  |  | SOFR+525 |  |  |  | 7,681 |  |  |  | 7,622 |  |  |  | 7,443 |
RTIC Subsidiary Holdings, LLC |  | 11/1/2024 |  | 5/3/2029 |  |  | Leisure Products |  | 9.42% |  |  | SOFR+575 |  |  |  | 14,837 |  |  |  | 14,679 |  |  |  | 14,689 |
Rancho Health MSO, Inc. |  | 4/11/2023 |  | 6/20/2029 |  |  | Healthcare Providers and Services |  | 8.99% |  |  | SOFR+500 |  |  |  | 18,718 |  |  |  | 18,657 |  |  |  | 18,718 |
Recteq, LLC |  | 2/24/2021 |  | 1/29/2026 |  |  | Leisure Products |  | 10.07% |  |  | SOFR+640 |  |  |  | 4,763 |  |  |  | 4,761 |  |  |  | 4,763 |
Ro Health, LLC |  | 3/3/2025 |  | 1/17/2031 |  |  | Healthcare Providers and Services |  | 8.17% |  |  | SOFR+450 |  |  |  | 10,490 |  |  |  | 10,422 |  |  |  | 10,490 |
Rosco Parent, LLC |  | 9/9/2025 |  | 9/12/2031 |  |  | Business Services |  | 8.42% |  |  | SOFR+475 |  |  |  | 10,500 |  |  |  | 10,432 |  |  |  | 10,421 |
Rural Sourcing Holdings, Inc. |  | 9/6/2023 |  | 6/15/2029 |  |  | High Tech Industries |  | 9.85% |  |  | SOFR+625 |  |  |  | 4,349 |  |  |  | 4,296 |  |  |  | 3,914 |
Sabel Systems Technology Solutions, LLC |  | 11/11/2024 |  | 10/31/2030 |  |  | Government Services |  | 9.72% |  |  | SOFR+600 |  |  |  | 5,955 |  |  |  | 5,905 |  |  |  | 5,955 |
Safe Haven Defense US, LLC |  | 9/19/2024 |  | 5/23/2029 |  |  | Construction and Building |  | 9.19% |  |  | SOFR+550 |  |  |  | 9,837 |  |  |  | 9,726 |  |  |  | 9,591 |
Sales Benchmark Index, LLC |  | 1/27/2021 |  | 7/7/2026 |  |  | Professional Services |  | 9.87% |  |  | SOFR+620 |  |  |  | 9,158 |  |  |  | 9,146 |  |  |  | 9,158 |
Sath Industries, LLC |  | 4/10/2025 |  | 12/17/2029 |  |  | Event Services |  | 9.17% |  |  | SOFR+550 |  |  |  | 10,280 |  |  |  | 10,193 |  |  |  | 10,280 |
Schlesinger Global, Inc. |  | 9/30/2021 |  | 3/31/2027 |  |  | Business Services |  | 9.82% |  |  | SOFR+610 |  |  |  | 6,711 |  |  |  | 6,711 |  |  |  | 6,376 |
Seaway Buyer, LLC |  | 4/11/2023 |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  | 9.82% |  |  | SOFR+615 |  |  |  | 4,838 |  |  |  | 4,794 |  |  |  | 4,620 |
Sigma Defense Systems, LLC |  | 12/27/2021 |  | 12/20/2027 |  |  | Aerospace and Defense |  | 10.62% |  |  | SOFR+690 |  |  |  | 20,486 |  |  |  | 20,221 |  |  |  | 20,281 |
Smile Brands, Inc. |  | 1/27/2021 |  | 10/12/2027 |  |  | Healthcare and Pharmaceuticals |  | 9.77% |  |  | SOFR+600 |  |  |  | 12,341 |  |  |  | 12,256 |  |  |  | 10,848 |
Spendmend Holdings, LLC |  | 4/11/2023 |  | 3/1/2028 |  |  | Healthcare Technology |  | 9.15% |  |  | SOFR+515 |  |  |  | 4,018 |  |  |  | 3,983 |  |  |  | 4,018 |
Issuer Name |  | Acquisition |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value (2) |
STG Distribution, LLC - First Out New Money Term Loans (4)(5) |  | 10/24/2024 |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | — |  |  |  | — |  |  |  | 1,973 |  |  |  | 1,887 |  |  |  | 1,677 |
STG Distribution, LLC - Second Out Term Loans (4),(5) |  | 5/22/2025 |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | — |  |  |  | — |  |  |  | 4,559 |  |  |  | 2,562 |  |  |  | 342 |
SV-Aero Holdings, LLC |  | 10/31/2024 |  | 11/1/2030 |  |  | Aerospace and Defense |  | 8.67% |  |  | SOFR+500 |  |  |  | 14,625 |  |  |  | 14,563 |  |  |  | 14,625 |
Systems Planning And Analysis, Inc. |  | 3/15/2022 |  | 8/16/2027 |  |  | Aerospace and Defense |  | 8.42% |  |  | SOFR+475 |  |  |  | 14,400 |  |  |  | 14,317 |  |  |  | 14,357 |
TMII Enterprises, LLC |  | 4/11/2023 |  | 12/22/2028 |  |  | Commercial Services & Supplies |  | 8.22% |  |  | SOFR+450 |  |  |  | 2,866 |  |  |  | 2,831 |  |  |  | 2,866 |
TCG 3.0 Jogger Acquisitionco, Inc. |  | 4/26/2024 |  | 1/23/2029 |  |  | Media |  | 10.17% |  |  | SOFR+650 |  |  |  | 19,380 |  |  |  | 19,146 |  |  |  | 19,089 |
Team Services Group, LLC |  | 10/4/2022 |  | 12/20/2027 |  |  | Healthcare and Pharmaceuticals |  | 9.09% |  |  | SOFR+525 |  |  |  | 5,314 |  |  |  | 5,147 |  |  |  | 5,292 |
The Bluebird Group, LLC |  | 8/9/2021 |  | 7/28/2026 |  |  | Professional Services |  | 9.57% |  |  | SOFR+590 |  |  |  | 7,214 |  |  |  | 7,187 |  |  |  | 7,214 |
The Vertex Companies, LLC |  | 4/11/2023 |  | 8/31/2028 |  |  | Construction and Engineering |  | 8.75% |  |  | SOFR+475 |  |  |  | 17,438 |  |  |  | 17,283 |  |  |  | 17,333 |
TPC US Parent, LLC |  | 4/11/2023 |  | 2/23/2026 |  |  | Consumer Goods: Non-Durable |  | 9.89% |  |  | SOFR+590 |  |  |  | 16,313 |  |  |  | 16,302 |  |  |  | 16,297 |
Transgo, LLC |  | 1/19/2024 |  | 12/29/2028 |  |  | Automotive |  | 9.47% |  |  | SOFR+575 |  |  |  | 15,830 |  |  |  | 15,657 |  |  |  | 15,830 |
Tyto Athene, LLC |  | 5/5/2021 |  | 4/3/2028 |  |  | IT Services |  | 8.88% |  |  | SOFR+490 |  |  |  | 14,604 |  |  |  | 14,545 |  |  |  | 14,015 |
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5) |  | 8/29/2025 |  | 3/1/2029 |  |  | Wholesale |  |  |  |  |  | — |  |  |  | 208 |  |  |  | — |  |  |  | 6 |
Walker Edison Furniture Company, LLC - New Money DIP (5) |  | 8/29/2025 |  | 3/1/2029 |  |  | Wholesale |  | 10.00% |  |  |  | — |  |  |  | 146 |  |  |  | 146 |  |  |  | 151 |
Watchtower Buyer, LLC |  | 5/20/2024 |  | 12/3/2029 |  |  | Diversified Consumer Services |  | 9.67% |  |  | SOFR+600 |  |  |  | 12,036 |  |  |  | 11,895 |  |  |  | 12,036 |
Wash & Wax Systems LLC (5) |  | 4/30/2025 |  | 4/30/2028 |  |  | Automobiles |  | 9.34% |  |  | SOFR+550 |  |  |  | 5,833 |  |  |  | 5,924 |  |  |  | 5,950 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,206,530 |  |  | $ | 1,181,870 |
Subordinate Debt - 9.2% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Integrative Nutrition, LLC |  | 4/17/2025 |  | 4/15/2030 |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,877 |  |  |  | 1,641 |  |  |  | 1,605 |
Integrative Nutrition, LLC |  | 4/17/2025 |  | 4/15/2033 |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 4,275 |  |  |  | 1,977 |  |  |  | 1,977 |
Wash & Wax Systems LLC |  | 4/30/2025 |  | 7/30/2028 |  |  | Automobiles |  | 12.00% |  |  |  | — |  |  |  | 4,052 |  |  |  | 4,053 |  |  |  | 4,052 |
Total Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,671 |  |  | $ | 7,634 |
Equity Securities - 6.6% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
48Forty Intermediate Holdings, Inc. - Common Equity |  | 11/5/2024 |  |  | — |  |  | Containers and Packaging |  |  | — |  |  |  | — |  |  |  | 1,722 |  |  |  | — |  |  |  | — |
New Insight Holdings, Inc. - Common Equity |  | 7/15/2024 |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116,055 |  |  |  | 2,031 |  |  |  | 1,322 |
Output Services Group, Inc. - Common Equity |  | 12/1/2023 |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126,324 |  |  |  | 1,012 |  |  |  | 808 |
Pragmatic Holdco, Inc. - Common Equity |  | 3/28/2025 |  |  | — |  |  | Education |  |  | — |  |  |  | — |  |  |  | 134 |  |  |  | — |  |  |  | — |
Wash & Wax Group, LP - Common Equity |  | 4/30/2025 |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 2,493 |  |  |  | 4,449 |  |  |  | 3,118 |
White Tiger Newco, LLC - Common Equity (5) |  | 7/31/2025 |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 35,834 |  |  |  | 2,734 |  |  |  | 264 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,226 |  |  | $ | 5,512 |
Total Investments - 1,438.5% of Net Assets (6)(7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,224,427 |  |  | $ | 1,195,016 |
Cash Equivalents - 22.7% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 81 ( Money Market Fund) |  |  |  |  |  |  |  |  |  | 3.69 | % |  |  |  |  |  |  |  | $ | 3,715 |  |  | $ | 3,715 |
Blackrock Liquidity Fed Fund Inst (Money Market Fund) |  |  |  |  |  |  |  |  |  | 3.64 | % |  |  |  |  |  |  |  |  | 3,635 |  |  |  | 3,635 |
JP Morgan USD Liquidity Inst (Money Market Fund) |  |  |  |  |  |  |  |  |  | 3.81 | % |  |  |  |  |  |  |  |  | 4,293 |  |  |  | 4,293 |
JP Morgan US Government Fund (Money Market Fund) |  |  |  |  |  |  |  |  |  | 3.61 | % |  |  |  |  |  |  |  |  | 2,206 |  |  |  | 2,206 |
Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  |  |  |  |  |  |  | 3.71 | % |  |  |  |  |  |  |  |  | 5,014 |  |  |  | 5,014 |
Total Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 18,863 |  |  | $ | 18,863 |
Cash - 17.9% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,853 |  |  | $ | 14,853 |
Total Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,853 |  |  | $ | 14,853 |
Total Investments, Cash Equivalents, and Cash —1,479.1% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,258,143 |  |  | $ | 1,228,732 |
Liabilities in Excess of Other Assets — (1,379.1)% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,145,657 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 83,075 |
(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, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2037-R Asset-Backed Debt and are not held through PennantPark CLO VI, Ltd, 3) do note secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and, 4) do not secure the 2037 Asset-Backed Debt and are held through PennantPark CLO 12, LLC. (6) As of December 31, 2025, all investments were in U.S Companies and total cost, fair value, percentage of Net Assets for the U.S Companies were $1,224.4 million, $1,195.0 million and 1,438.5%. (7) All of our investments are not registered under the 1933 Act and have restrictions on resale. Below is a listing of PSSL’s individual investments as of September 30, 2025 (Par and $ in thousands):
Issuer Name |  | Acquisition |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 2,106.3% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACP Avenu Buyer, LLC |  | 10/6/2023 |  | 10/2/2029 |  |  | Business Services |  | 9.29% |  |  | SOFR+500 |  |  |  | 14,825 |  |  | $ | 14,649 |  |  | $ | 14,677 |
ACP Falcon Buyer, Inc. |  | 8/22/2023 |  | 8/1/2029 |  |  | Business Services |  | 9.79% |  |  | SOFR+550 |  |  |  | 18,573 |  |  |  | 18,304 |  |  |  | 18,759 |
Ad.net Acquisition, LLC |  | 5/24/2021 |  | 5/7/2026 |  |  | Media |  | 10.26% |  |  | SOFR+626 |  |  |  | 11,610 |  |  |  | 11,566 |  |  |  | 11,610 |
Aechelon Technology, Inc. |  | 4/10/2025 |  | 8/16/2029 |  |  | Aerospace and Defense |  | 9.91% |  |  | SOFR+575 |  |  |  | 11,640 |  |  |  | 11,640 |  |  |  | 11,640 |
AFC-Dell Holding Corp. |  | 12/23/2024 |  | 4/9/2027 |  |  | Distributors |  | 9.83% |  |  | SOFR+550 |  |  |  | 7,608 |  |  |  | 7,576 |  |  |  | 7,570 |
Aphix Buyer, Inc. |  | 9/3/2025 |  | 7/17/2031 |  |  | Business Services |  | 8.91% |  |  | SOFR+475 |  |  |  | 9,000 |  |  |  | 8,951 |  |  |  | 8,955 |
Alpine Acquisition Corp II (4) |  | 10/11/2022 |  | 11/30/2026 |  |  | Containers and Packaging |  |  |  |  |  |  |  |  | 13,154 |  |  |  | 13,012 |  |  |  | 6,840 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 4/10/2025 |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  | 9.90% |  |  | SOFR+575 |  |  |  | 4,434 |  |  |  | 4,357 |  |  |  | 4,434 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 4/11/2023 |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  | 9.90% |  |  | SOFR+575 |  |  |  | 4,375 |  |  |  | 4,360 |  |  |  | 4,375 |
Arcfield Acquisition Corp. |  | 11/11/2024 |  | 10/28/2031 |  |  | Aerospace and Defense |  | 9.31% |  |  | SOFR+500 |  |  |  | 5,955 |  |  |  | 5,946 |  |  |  | 5,925 |
Archer Lewis, LLC |  | 11/22/2024 |  | 8/28/2029 |  |  | Commercial Services & Supplies |  | 9.75% |  |  | SOFR+575 |  |  |  | 9,900 |  |  |  | 9,821 |  |  |  | 9,900 |
Argano, LLC |  | 1/9/2025 |  | 9/13/2029 |  |  | Business Services |  | 9.89% |  |  | SOFR+575 |  |  |  | 9,900 |  |  |  | 9,819 |  |  |  | 9,752 |
Azureon, LLC (F/K/A Tpcn Midco, LLC) |  | 4/10/2025 |  | 6/26/2029 |  |  | Diversified Consumer Services |  | 9.75% |  |  | SOFR+575 |  |  |  | 4,975 |  |  |  | 4,865 |  |  |  | 4,831 |
Beacon Behavioral Support Services, LLC |  | 10/9/2024 |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  | 9.50% |  |  | SOFR+550 |  |  |  | 17,748 |  |  |  | 17,549 |  |  |  | 17,748 |
Best Practice Associates, LLC |  | 4/10/2025 |  | 11/8/2029 |  |  | Aerospace and Defense |  | 10.91% |  |  | SOFR+675 |  |  |  | 14,925 |  |  |  | 14,792 |  |  |  | 14,813 |
Beta Plus Technologies, Inc. |  | 7/21/2022 |  | 7/2/2029 |  |  | Business Services |  | 9.75% |  |  | SOFR+575 |  |  |  | 4,850 |  |  |  | 4,794 |  |  |  | 4,802 |
Big Top Holdings, LLC |  | 6/26/2024 |  | 3/1/2030 |  |  | Business Services |  | 9.25% |  |  | SOFR+525 |  |  |  | 14,671 |  |  |  | 14,458 |  |  |  | 14,671 |
BioDerm, Inc. |  | 2/28/2023 |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  | 10.77% |  |  | SOFR+650 |  |  |  | 8,798 |  |  |  | 8,730 |  |  |  | 8,688 |
Blackhawk Industrial Distribution, Inc. |  | 6/30/2022 |  | 9/17/2026 |  |  | Distributors |  | 9.40% |  |  | SOFR+540 |  |  |  | 14,816 |  |  |  | 14,714 |  |  |  | 14,557 |
BLC Holding Company, Inc. |  | 4/10/2025 |  | 11/20/2030 |  |  | Business Services |  | 8.50% |  |  | SOFR+450 |  |  |  | 4,975 |  |  |  | 4,952 |  |  |  | 4,975 |
Boss Industries, LLC |  | 4/10/2025 |  | 12/27/2030 |  |  | Independent Power and Renewable Electricity Producers |  | 9.00% |  |  | SOFR+500 |  |  |  | 4,975 |  |  |  | 4,904 |  |  |  | 4,975 |
Burgess Point Purchaser Corporation |  | 10/3/2022 |  | 7/25/2029 |  |  | Automotive |  | 9.51% |  |  | SOFR+535 |  |  |  | 438 |  |  |  | 416 |  |  |  | 378 |
By Light Professional IT Services, LLC |  | 8/28/2025 |  | 7/15/2031 |  |  | High Tech Industries |  | 9.66% |  |  | SOFR+550 |  |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 4,963 |
C5MI Acquisition, LLC |  | 3/7/2025 |  | 7/31/2029 |  |  | IT Services |  | 10.00% |  |  | SOFR+600 |  |  |  | 14,850 |  |  |  | 14,670 |  |  |  | 14,850 |
Capital Construction, LLC |  | 8/28/2025 |  | 10/22/2026 |  |  | Consumer Services |  | 9.89% |  |  | SOFR+590 |  |  |  | 4,263 |  |  |  | 4,236 |  |  |  | 4,220 |
Carisk Buyer, Inc. |  | 10/16/2024 |  | 12/3/2029 |  |  | Healthcare Technology |  | 9.00% |  |  | SOFR+500 |  |  |  | 9,925 |  |  |  | 9,863 |  |  |  | 9,925 |
Carnegie Dartlet, LLC |  | 4/11/2025 |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  | 9.66% |  |  | SOFR+550 |  |  |  | 15,090 |  |  |  | 14,897 |  |  |  | 14,939 |
Cartessa Aesthetics, LLC |  | 4/11/2023 |  | 6/14/2028 |  |  | Distributors |  | 10.00% |  |  | SOFR+600 |  |  |  | 9,441 |  |  |  | 9,359 |  |  |  | 9,441 |
Case Works, LLC |  | 4/10/2025 |  | 10/1/2029 |  |  | Professional Services |  | 9.25% |  |  | SOFR+525 |  |  |  | 14,887 |  |  |  | 14,783 |  |  |  | 14,218 |
CF512, Inc. |  | 12/27/2021 |  | 8/20/2026 |  |  | Media |  | 10.36% |  |  | SOFR+619 |  |  |  | 6,483 |  |  |  | 6,447 |  |  |  | 6,418 |
Commercial Fire Protection Holdings, LLC |  | 11/26/2024 |  | 9/23/2030 |  |  | Commercial Services & Supplies |  | 8.50% |  |  | SOFR+450 |  |  |  | 19,837 |  |  |  | 19,746 |  |  |  | 19,837 |
Confluent Health, LLC |  | 1/12/2024 |  | 11/30/2028 |  |  | Healthcare and Pharmaceuticals |  | 11.66% |  |  | SOFR+750 |  |  |  | 6,637 |  |  |  | 6,479 |  |  |  | 6,206 |
CJX Borrower, LLC |  | 7/29/2021 |  | 7/13/2027 |  |  | Media |  | 10.08% |  |  | SOFR+576 |  |  |  | 3,735 |  |  |  | 3,708 |  |  |  | 3,735 |
Crane 1 Services, Inc. |  | 4/11/2023 |  | 8/16/2027 |  |  | Commercial Services & Supplies |  | 10.03% |  |  | SOFR+586 |  |  |  | 2,046 |  |  |  | 2,034 |  |  |  | 2,031 |
DRI Holding Inc. |  | 9/15/2022 |  | 12/21/2028 |  |  | Media |  | 9.51% |  |  | SOFR+535 |  |  |  | 2,574 |  |  |  | 2,429 |  |  |  | 2,522 |
DRS Holdings III, Inc. |  | 1/27/2021 |  | 11/3/2025 |  |  | Consumer Goods: Durable |  | 9.41% |  |  | SOFR+525 |  |  |  | 4,487 |  |  |  | 4,487 |  |  |  | 4,532 |
Duggal Acquisition, LLC |  | 4/10/2025 |  | 9/30/2030 |  |  | Marketing Services |  | 8.75% |  |  | SOFR+475 |  |  |  | 4,950 |  |  |  | 4,909 |  |  |  | 4,950 |
Dynata, LLC - First Out Term Loan (5) |  | 7/15/2024 |  | 7/17/2028 |  |  | Diversified Consumer Services |  | 9.46% |  |  | SOFR+526 |  |  |  | 1,347 |  |  |  | 1,273 |  |  |  | 1,341 |
Dynata, LLC - Last Out Term Loan |  | 7/15/2024 |  | 10/16/2028 |  |  | Diversified Consumer Services |  | 9.96% |  |  | SOFR+576 |  |  |  | 8,354 |  |  |  | 8,354 |  |  |  | 6,802 |
EDS Buyer, LLC |  | 4/11/2023 |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  | 8.75% |  |  | SOFR+475 |  |  |  | 8,776 |  |  |  | 8,694 |  |  |  | 8,797 |
Emergency Care Partners, LLC |  | 11/11/2024 |  | 10/18/2027 |  |  | Healthcare Providers and Services |  | 9.00% |  |  | SOFR+500 |  |  |  | 5,940 |  |  |  | 5,911 |  |  |  | 5,940 |
Exigo Intermediate II, LLC |  | 11/21/2022 |  | 3/15/2027 |  |  | Software |  | 10.51% |  |  | SOFR+635 |  |  |  | 12,416 |  |  |  | 12,335 |  |  |  | 12,416 |
ETE Intermediate II, LLC |  | 6/12/2023 |  | 5/29/2029 |  |  | Diversified Consumer Services |  | 9.16% |  |  | SOFR+500 |  |  |  | 12,124 |  |  |  | 11,950 |  |  |  | 12,124 |
EvAL Home Care Solutions Intermediate, LLC |  | 7/10/2024 |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  | 9.91% |  |  | SOFR+575 |  |  |  | 8,822 |  |  |  | 8,704 |  |  |  | 8,822 |
GGG MIDCO, LLC |  | 4/10/2025 |  | 9/27/2030 |  |  | Diversified Consumer Services |  | 9.00% |  |  | SOFR+500 |  |  |  | 19,573 |  |  |  | 19,491 |  |  |  | 19,573 |
Global Holdings InterCo, LLC |  | 6/8/2021 |  | 3/16/2026 |  |  | Diversified Financial Services |  | 9.74% |  |  | SOFR+560 |  |  |  | 3,505 |  |  |  | 3,503 |  |  |  | 3,505 |
Graffiti Buyer, Inc. |  | 3/15/2022 |  | 8/10/2027 |  |  | Trading Companies & Distributors |  | 9.80% |  |  | SOFR+560 |  |  |  | 3,685 |  |  |  | 3,660 |  |  |  | 3,611 |
Halo Buyer, Inc. |  | 5/22/2025 |  | 8/7/2029 |  |  | Consumer Products |  | 10.16% |  |  | SOFR+600 |  |  |  | 6,468 |  |  |  | 6,344 |  |  |  | 6,468 |
Hancock Roofing And Construction, LLC |  | 1/27/2021 |  | 12/31/2026 |  |  | Insurance |  | 9.60% |  |  | SOFR+550 |  |  |  | 2,112 |  |  |  | 2,100 |  |  |  | 2,091 |
Harris & Co, LLC |  | 11/26/2024 |  | 8/9/2030 |  |  | Professional Services |  | 9.16% |  |  | SOFR+500 |  |  |  | 19,800 |  |  |  | 19,650 |  |  |  | 19,627 |
HEC Purchaser Corp. |  | 4/10/2025 |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  | 8.87% |  |  | SOFR+500 |  |  |  | 3,606 |  |  |  | 3,572 |  |  |  | 3,606 |
Hills Distribution, Inc. |  | 5/3/2024 |  | 11/8/2029 |  |  | Business Services |  | 10.32% |  |  | SOFR+600 |  |  |  | 8,867 |  |  |  | 8,761 |  |  |  | 8,867 |
Issuer Name |  | Acquisition |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value (2) |
HW Holdco, LLC |  | 4/11/2023 |  | 5/11/2026 |  |  | Media |  | 9.90% |  |  | SOFR+590 |  |  |  | 3,441 |  |  |  | 3,431 |  |  |  | 3,441 |
Imagine Acquisitionco, Inc. |  | 3/15/2022 |  | 11/15/2027 |  |  | Software |  | 9.29% |  |  | SOFR+510 |  |  |  | 9,060 |  |  |  | 8,961 |  |  |  | 9,060 |
Infinity Home Services Holdco, Inc. |  | 4/11/2023 |  | 12/28/2028 |  |  | Commercial Services & Supplies |  | 10.16% |  |  | SOFR+600 |  |  |  | 5,968 |  |  |  | 5,891 |  |  |  | 5,968 |
Inovex Information Systems Incorporated |  | 3/3/2025 |  | 12/17/2030 |  |  | Software |  | 9.25% |  |  | SOFR+525 |  |  |  | 8,143 |  |  |  | 8,087 |  |  |  | 8,143 |
Inventus Power, Inc. |  | 7/11/2023 |  | 1/15/2026 |  |  | Consumer Goods: Durable |  | 11.78% |  |  | SOFR+761 |  |  |  | 8,081 |  |  |  | 8,062 |  |  |  | 8,081 |
Kinetic Purchaser, LLC |  | 11/30/2021 |  | 11/10/2027 |  |  | Personal Products |  | 10.15% |  |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,344 |  |  |  | 11,468 |
Lash OpCo, LLC |  | 10/14/2021 |  | 2/18/2027 |  |  | Personal Products |  | 12.16% |  |  | SOFR+785 |  |  |  | 15,508 |  |  |  | 15,400 |  |  |  | 15,120 |
LAV Gear Holdings, Inc. - Takeback TL (5) |  | 7/31/2025 |  | 7/31/2029 |  |  | Capital Equipment |  | 10.10% |  |  | SOFR+594 |  |  |  | 7,612 |  |  |  | 7,612 |  |  |  | 7,612 |
LAV Gear Holdings, Inc. - Priority TL (5) |  | 7/31/2025 |  | 7/31/2029 |  |  | Capital Equipment |  | 10.10% |  |  | SOFR+594 |  |  |  | 2,409 |  |  |  | 2,381 |  |  |  | 2,967 |
Lightspeed Buyer, Inc. |  | 1/27/2021 |  | 2/3/2027 |  |  | Healthcare Providers and Services |  | 8.75% |  |  | SOFR+475 |  |  |  | 16,232 |  |  |  | 16,187 |  |  |  | 16,232 |
LJ Avalon Holdings, LLC |  | 4/11/2023 |  | 2/1/2030 |  |  | Environmental Industries |  | 8.77% |  |  | SOFR+450 |  |  |  | 2,533 |  |  |  | 2,497 |  |  |  | 2,533 |
Loving Tan Intermediate II, Inc. |  | 10/25/2023 |  | 5/31/2028 |  |  | Personal Products |  | 9.00% |  |  | SOFR+500 |  |  |  | 12,279 |  |  |  | 12,164 |  |  |  | 12,279 |
Lucky Bucks, LLC - First-Out Term Loan (5) |  | 12/1/2023 |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  | 11.66% |  |  | SOFR+765 |  |  |  | 256 |  |  |  | 256 |  |  |  | 238 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 5/20/2024 |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  | 11.66% |  |  | SOFR+765 |  |  |  | 529 |  |  |  | 529 |  |  |  | 426 |
MAG DS Corp. |  | 9/27/2023 |  | 4/1/2027 |  |  | Aerospace and Defense |  | 9.60% |  |  | SOFR+560 |  |  |  | 2,193 |  |  |  | 2,146 |  |  |  | 2,184 |
Marketplace Events Acquisition, LLC |  | 1/13/2025 |  | 12/19/2030 |  |  | Media |  | 9.12% |  |  | SOFR+525 |  |  |  | 16,915 |  |  |  | 16,769 |  |  |  | 16,915 |
MBS Holdings, Inc. |  | 6/8/2021 |  | 4/16/2027 |  |  | Internet Software and Services |  | 9.30% |  |  | SOFR+510 |  |  |  | 8,244 |  |  |  | 8,186 |  |  |  | 8,244 |
MDI Buyer, Inc. |  | 4/11/2023 |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  | 8.95% |  |  | SOFR+475 |  |  |  | 6,251 |  |  |  | 6,181 |  |  |  | 6,251 |
Meadowlark Acquirer, LLC |  | 1/29/2022 |  | 12/10/2027 |  |  | Professional Services |  | 9.65% |  |  | SOFR+565 |  |  |  | 2,323 |  |  |  | 2,303 |  |  |  | 2,323 |
Medina Health, LLC |  | 11/6/2023 |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  | 10.25% |  |  | SOFR+625 |  |  |  | 18,833 |  |  |  | 18,613 |  |  |  | 18,927 |
Megawatt Acquisitionco, Inc. |  | 4/29/2024 |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  | 9.25% |  |  | SOFR+525 |  |  |  | 15,514 |  |  |  | 15,338 |  |  |  | 14,769 |
MOREgroup Holdings, Inc. |  | 3/22/2024 |  | 1/16/2030 |  |  | Business Services |  | 9.25% |  |  | SOFR+525 |  |  |  | 12,935 |  |  |  | 12,788 |  |  |  | 12,935 |
Municipal Emergency Services, Inc. |  | 4/11/2023 |  | 10/1/2027 |  |  | Distributors |  | 9.15% |  |  | SOFR+515 |  |  |  | 3,360 |  |  |  | 3,332 |  |  |  | 3,360 |
NBH Group, LLC |  | 8/25/2021 |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  | 10.12% |  |  | SOFR+585 |  |  |  | 10,352 |  |  |  | 10,304 |  |  |  | 10,352 |
NORA Acquisition, LLC |  | 10/2/2023 |  | 8/31/2029 |  |  | Healthcare Providers and Services |  | 10.35% |  |  | SOFR+635 |  |  |  | 21,059 |  |  |  | 20,761 |  |  |  | 20,901 |
Omnia Exterior Solutions, LLC |  | 11/1/2024 |  | 12/31/2029 |  |  | Diversified Consumer Services |  | 9.26% |  |  | SOFR+525 |  |  |  | 16,958 |  |  |  | 16,824 |  |  |  | 16,619 |
One Stop Mailing, LLC |  | 7/8/2021 |  | 5/7/2027 |  |  | Air Freight and Logistics |  | 10.53% |  |  | SOFR+636 |  |  |  | 15,484 |  |  |  | 15,358 |  |  |  | 15,484 |
ORL Acquisition, Inc. (5) |  | 5/22/2025 |  | 9/3/2027 |  |  | Consumer Finance |  | 13.70% |  |  | SOFR+940 |  |  |  | 2,231 |  |  |  | 2,220 |  |  |  | 1,975 |
OSP Embedded Purchaser, LLC |  | 11/19/2024 |  | 12/17/2029 |  |  | Aerospace and Defense |  | 9.76% |  |  | SOFR+575 |  |  |  | 14,900 |  |  |  | 14,695 |  |  |  | 14,691 |
Output Services Group, Inc. - First-Out Term Loan |  | 12/1/2023 |  | 11/30/2028 |  |  | Business Services |  | 12.71% |  |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc. - Last-Out Term Loan |  | 12/1/2023 |  | 5/30/2028 |  |  | Business Services |  | 10.96% |  |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
PCS MIDCO, Inc. |  | 4/10/2025 |  | 3/1/2030 |  |  | Diversified Consumer Services |  | 9.75% |  |  | SOFR+575 |  |  |  | 3,833 |  |  |  | 3,787 |  |  |  | 3,833 |
Pacific Purchaser, LLC |  | 1/12/2024 |  | 10/2/2028 |  |  | Business Services |  | 10.42% |  |  | SOFR+625 |  |  |  | 11,818 |  |  |  | 11,669 |  |  |  | 11,770 |
PAR Excellence Holdings, Inc. |  | 10/16/24 |  | 9/3/2030 |  |  | Healthcare Technology |  | 9.17% |  |  | SOFR+500 |  |  |  | 10,933 |  |  |  | 10,836 |  |  |  | 10,741 |
Paving Lessor Corp. First Lien -Term Loan |  | 8/28/2025 |  | 7/1/2031 |  |  | Business Services |  | 9.25% |  |  | SOFR+525 |  |  |  | 9,963 |  |  |  | 9,896 |  |  |  | 9,888 |
Penta Group Holdings, Inc. |  | 9/8/2025 |  | 7/31/2031 |  |  | Professional Services |  | 8.81% |  |  | SOFR+450 |  |  |  | 5,000 |  |  |  | 4,979 |  |  |  | 4,975 |
Pink Lily Holdco, LLC (5),(7) |  | 11/30/2021 |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  | 4.35% |  |  |  | — |  |  |  | 8,359 |  |  |  | 8,323 |  |  |  | 3,343 |
Pragmatic Institute, LLC |  | 3/28/2025 |  | 3/28/2030 |  |  | Education |  | 9.50% |  |  | SOFR+550 |  |  |  | 4,200 |  |  |  | 4,200 |  |  |  | 3,045 |
Project Granite Buyer, Inc. |  | 5/22/2025 |  | 12/31/2030 |  |  | Professional Services |  | 9.75% |  |  | SOFR+575 |  |  |  | 6,467 |  |  |  | 6,375 |  |  |  | 6,532 |
Rancho Health MSO, Inc. |  | 4/11/2023 |  | 6/20/2029 |  |  | Healthcare Providers and Services |  | 9.29% |  |  | SOFR+500 |  |  |  | 18,781 |  |  |  | 18,717 |  |  |  | 18,781 |
Recteq, LLC |  | 2/24/2021 |  | 1/29/2026 |  |  | Leisure Products |  | 10.40% |  |  | SOFR+640 |  |  |  | 4,775 |  |  |  | 4,768 |  |  |  | 4,763 |
Ro Health, LLC |  | 3/3/2025 |  | 1/17/2031 |  |  | Healthcare Providers and Services |  | 8.50% |  |  | SOFR+450 |  |  |  | 10,518 |  |  |  | 10,449 |  |  |  | 10,518 |
RRA Corporate, LLC |  | 4/10/2025 |  | 8/15/2029 |  |  | Diversified Consumer Services |  | 9.25% |  |  | SOFR+525 |  |  |  | 7,700 |  |  |  | 7,639 |  |  |  | 7,654 |
RTIC Subsidiary Holdings, LLC |  | 11/1/2024 |  | 5/3/2029 |  |  | Leisure Products |  | 9.75% |  |  | SOFR+575 |  |  |  | 9,875 |  |  |  | 9,758 |  |  |  | 9,776 |
Rural Sourcing Holdings, Inc. |  | 9/6/2023 |  | 6/15/2029 |  |  | High Tech Industries |  | 9.92% |  |  | SOFR+575 |  |  |  | 4,303 |  |  |  | 4,245 |  |  |  | 3,873 |
Sabel Systems Technology Solutions, LLC |  | 11/11/2024 |  | 10/31/2030 |  |  | Government Services |  | 9.91% |  |  | SOFR+575 |  |  |  | 5,955 |  |  |  | 5,905 |  |  |  | 5,955 |
Safe Haven Defense US, LLC |  | 9/19/2024 |  | 5/23/2029 |  |  | Construction and Building |  | 9.50% |  |  | SOFR+550 |  |  |  | 9,864 |  |  |  | 9,747 |  |  |  | 9,815 |
Sales Benchmark Index, LLC |  | 1/27/2021 |  | 7/7/2026 |  |  | Professional Services |  | 10.20% |  |  | SOFR+620 |  |  |  | 9,186 |  |  |  | 9,172 |  |  |  | 9,186 |
Sath Industries, LLC |  | 4/10/2025 |  | 12/17/2029 |  |  | Event Services |  | 9.66% |  |  | SOFR+550 |  |  |  | 10,306 |  |  |  | 10,213 |  |  |  | 10,306 |
Schlesinger Global, Inc. (6) |  | 9/30/2021 |  | 10/24/2025 |  |  | Business Services |  | 12.76% |  |  | SOFR+860 |  |  |  | 6,647 |  |  |  | 6,647 |  |  |  | 6,315 |
Seaway Buyer, LLC |  | 4/11/2023 |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  | 10.15% |  |  | SOFR+615 |  |  |  | 4,850 |  |  |  | 4,802 |  |  |  | 4,523 |
Sigma Defense Systems, LLC |  | 12/27/2021 |  | 12/20/2027 |  |  | Aerospace and Defense |  | 10.31% |  |  | SOFR+615 |  |  |  | 18,078 |  |  |  | 17,812 |  |  |  | 18,078 |
Smile Brands, Inc. |  | 1/27/2021 |  | 10/12/2027 |  |  | Healthcare and Pharmaceuticals |  | 10.10% |  |  | SOFR+610 |  |  |  | 12,294 |  |  |  | 12,212 |  |  |  | 10,609 |
Spendmend Holdings, LLC |  | 4/11/2023 |  | 3/1/2028 |  |  | Healthcare Technology |  | 9.15% |  |  | SOFR+515 |  |  |  | 4,029 |  |  |  | 3,989 |  |  |  | 4,029 |
STG Distribution, LLC - First Out New Money Term Loans (5) |  | 10/24/2024 |  | 10/3/2029 |  |  | Air Freight and Logistics |  | 12.57% |  |  | SOFR+835 |  |  |  | 1,961 |  |  |  | 1,871 |  |  |  | 1,745 |
STG Distribution, LLC - Second Out Term Loans (5),(7) |  | 5/22/2025 |  | 10/3/2029 |  |  | Air Freight and Logistics |  | 5.32% |  |  |  | — |  |  |  | 4,535 |  |  |  | 2,562 |  |  |  | 363 |
SV-Aero Holdings, LLC |  | 10/31/2024 |  | 11/1/2030 |  |  | Aerospace and Defense |  | 9.00% |  |  | SOFR+500 |  |  |  | 14,719 |  |  |  | 14,656 |  |  |  | 14,719 |
Systems Planning And Analysis, Inc. |  | 3/15/2022 |  | 8/16/2027 |  |  | Aerospace and Defense |  | 8.92% |  |  | SOFR+475 |  |  |  | 14,438 |  |  |  | 14,345 |  |  |  | 14,322 |
TMII Enterprises, LLC |  | 4/11/2023 |  | 12/22/2028 |  |  | Commercial Services & Supplies |  | 8.66% |  |  | SOFR+450 |  |  |  | 2,873 |  |  |  | 2,835 |  |  |  | 2,873 |
TCG 3.0 Jogger Acquisitionco, Inc. |  | 4/26/2024 |  | 1/23/2029 |  |  | Media |  | 10.52% |  |  | SOFR+650 |  |  |  | 19,429 |  |  |  | 19,179 |  |  |  | 19,332 |
Team Services Group, LLC |  | 10/4/2022 |  | 12/20/2027 |  |  | Healthcare and Pharmaceuticals |  | 9.56% |  |  | SOFR+525 |  |  |  | 5,327 |  |  |  | 5,141 |  |  |  | 5,305 |
The Bluebird Group, LLC |  | 8/9/2021 |  | 7/28/2026 |  |  | Professional Services |  | 9.90% |  |  | SOFR+590 |  |  |  | 7,985 |  |  |  | 7,943 |  |  |  | 7,985 |
The Vertex Companies, LLC |  | 4/11/2023 |  | 8/31/2028 |  |  | Construction and Engineering |  | 8.93% |  |  | SOFR+475 |  |  |  | 17,482 |  |  |  | 17,309 |  |  |  | 17,395 |
TPC US Parent, LLC |  | 4/11/2023 |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  | 10.19% |  |  | SOFR+590 |  |  |  | 16,355 |  |  |  | 16,341 |  |  |  | 16,224 |
Issuer Name |  | Acquisition |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value (2) |
Transgo, LLC |  | 1/19/2024 |  | 12/29/2028 |  |  | Automotive |  | 9.91% |  |  | SOFR+575 |  |  |  | 15,880 |  |  |  | 15,694 |  |  |  | 16,005 |
Tyto Athene, LLC |  | 5/5/2021 |  | 4/3/2028 |  |  | IT Services |  | 9.19% |  |  | SOFR+490 |  |  |  | 14,604 |  |  |  | 14,530 |  |  |  | 14,238 |
Urology Management Holdings, Inc. |  | 4/11/2023 |  | 6/15/2027 |  |  | Healthcare and Pharmaceuticals |  | 9.66% |  |  | SOFR+550 |  |  |  | 6,753 |  |  |  | 6,718 |  |  |  | 6,753 |
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5) |  | 8/29/2025 |  | 3/1/2029 |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 353 |  |  |  | — |  |  |  | 12 |
Walker Edison Furniture Company, LLC - New Money DIP (5) |  | 8/29/2025 |  | 3/1/2029 |  |  | Wholesale |  | 10.00% |  |  |  | — |  |  |  | 134 |  |  |  | 134 |  |  |  | 136 |
Watchtower Buyer, LLC |  | 5/20/2024 |  | 12/3/2029 |  |  | Diversified Consumer Services |  | 10.00% |  |  | SOFR+600 |  |  |  | 12,066 |  |  |  | 11,914 |  |  |  | 11,946 |
Wash & Wax Systems LLC (5) |  | 4/30/2025 |  | 4/30/2028 |  |  | Automobiles |  | 9.81% |  |  | SOFR+550 |  |  |  | 5,847 |  |  |  | 5,947 |  |  |  | 5,964 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,083,891 |  |  | $ | 1,066,863 |
Subordinate Debt - 14.8% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Integrative Nutrition, LLC |  | 4/17/2025 |  | 4/15/2030 |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,877 |  |  |  | 1,628 |  |  |  | 1,605 |
Integrative Nutrition, LLC |  | 4/17/2025 |  | 4/15/2033 |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 4,275 |  |  |  | 1,977 |  |  |  | 1,977 |
Wash & Wax Systems LLC |  | 4/30/2025 |  | 7/30/2028 |  |  | Automobiles |  | 12.00% |  |  |  | — |  |  |  | 3,932 |  |  |  | 3,932 |  |  |  | 3,932 |
Total Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,537 |  |  | $ | 7,514 |
Equity Securities - 20.3% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
48Forty Intermediate Holdings, Inc. - Common Equity |  | 11/5/2024 |  |  | — |  |  | Containers and Packaging |  |  | — |  |  |  | — |  |  |  | 1,722 |  |  |  | — |  |  |  | — |
New Insight Holdings, Inc. - Common Equity |  | 7/15/2024 |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116,055 |  |  |  | 2,031 |  |  |  | 1,740 |
Lucky Bucks, LLC - Common Equity |  | 12/1/2023 |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 392 |
Output Services Group, Inc. - Common Equity |  | 12/1/2023 |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126,324 |  |  |  | 1,012 |  |  |  | 1,037 |
Pragmatic Holdco, Inc. - Common Equity |  | 3/28/2025 |  |  | — |  |  | Education |  |  | — |  |  |  | — |  |  |  | 134 |  |  |  | — |  |  |  | — |
Wash & Wax Group, LP - Common Equity |  | 4/30/2025 |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 2,493 |  |  |  | 4,449 |  |  |  | 4,593 |
White Tiger Newco, LLC - Common Equity (5) |  | 7/31/2025 |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 35,834 |  |  |  | 2,734 |  |  |  | 2,510 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,288 |  |  | $ | 10,272 |
Total Investments - 2,141.5% of Net Assets (6)(8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,103,716 |  |  | $ | 1,084,649 |
Cash Equivalents - 94.5% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 81 ( Money Market Fund) |  |  |  |  |  |  |  |  |  | 4.11 | % |  |  |  |  |  |  |  | $ | 12,475 |  |  | $ | 12,475 |
Blackrock Liquidity Fed Fund Inst (Money Market Fund) |  |  |  |  |  |  |  |  |  | 4.02 | % |  |  |  |  |  |  |  |  | 4,265 |  |  |  | 4,265 |
JP Morgan USD Liquidity Inst (Money Market Fund) |  |  |  |  |  |  |  |  |  | 4.10 | % |  |  |  |  |  |  |  |  | 14,682 |  |  |  | 14,682 |
JP Morgan US Government Fund (Money Market Fund) |  |  |  |  |  |  |  |  |  | 4.02 | % |  |  |  |  |  |  |  |  | 10,539 |  |  |  | 10,539 |
Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  |  |  |  |  |  |  | 4.10 | % |  |  |  |  |  |  |  |  | 5,909 |  |  |  | 5,909 |
Total Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 47,870 |  |  | $ | 47,870 |
Cash - 27.0% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,690 |  |  | $ | 13,690 |
Total Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,690 |  |  | $ | 13,690 |
Total Investments, Cash Equivalents, and Cash —2,263.0% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,165,276 |  |  | $ | 1,146,209 |
Liabilities in Excess of Other Assets — (2,163.0)% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,095,559 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 50,650 |
(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) As of September 30, 2025, all investments are in U.S Companies. Total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,103.7 million, $1,084.6 million and 2,141.5%. (7) Partial PIK non-accrual security (8) All of our investments are not registered under the 1933 Act and have restrictions on resale. Below are the Consolidated Statements of Assets and Liabilities for PSSL ($ in thousands):
|  | December 31, 2025 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2025 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$1,224,427 and $1,103,716, respectively) | $ |  | 1,195,016 |  |  | $ |  | 1,084,649 |
Cash equivalents (cost—$18,863 and $47,870, respectively) |  |  | 18,863 |  |  |  |  | 47,870 |
Cash (cost—$14,853 and $13,690, respectively) |  |  | 14,853 |  |  |  |  | 13,690 |
Interest receivable |  |  | 4,177 |  |  |  |  | 4,138 |
Receivable for investments sold |  |  | 37 |  |  |  |  | 838 |
Due from affiliate |  |  | 96 |  |  |  |  | 208 |
Prepaid expenses and other assets |  |  | 2,142 |  |  |  |  | 2,296 |
Total assets |  |  | 1,235,184 |  |  |  |  | 1,153,689 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 130,500 |  |  |  |  | 74,500 |
2036 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,269 and $1,341, respectively) |  |  | 244,731 |  |  |  |  | 244,659 |
2037 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,818 and $1,904, respectively) |  |  | 244,182 |  |  |  |  | 244,096 |
2037-R Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $2,407 and $2,518, respectively) |  |  | 243,593 |  |  |  |  | 243,481 |
Notes payable to members |  |  | 271,600 |  |  |  |  | 271,600 |
Interest payable on credit facility and asset backed debt |  |  | 9,802 |  |  |  |  | 16,868 |
Interest payable on notes to members |  |  | 6,545 |  |  |  |  | 6,788 |
Accrued expenses |  |  | 1,130 |  |  |  |  | 997 |
Due to affiliate |  |  | 25 |  |  |  |  | 50 |
Total liabilities |  |  | 1,152,108 |  |  |  |  | 1,103,039 |
Members' equity |  |  | 83,076 |  |  |  |  | 50,650 |
Total liabilities and members' equity | $ |  | 1,235,184 |  |  | $ |  | 1,153,689 |
(1) As of December 31, 2025 and September 30, 2025, PSSL had unfunded commitments to fund investments of $0.2 and $0.4 million, respectively. Below are the Consolidated Statements of Operations for PSSL ($ in thousands):
|  | Three Months Ended December 31, |
|  | 2025 |  |  | 2024 |
Investment income: |  |  |  |  |  |
Interest |  | $ | 29,167 |  |  | $ | 29,425 |
Other income |  |  | 306 |  |  |  | 583 |
Total investment income |  |  | 29,473 |  |  |  | 30,008 |
Expenses:(1) |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 14,302 |  |  |  | 14,085 |
Interest expense on notes to members |  |  | 8,312 |  |  |  | 8,853 |
Administration fees |  |  | 758 |  |  |  | 668 |
General and administrative expenses |  |  | 463 |  |  |  | 493 |
Total expenses |  |  | 23,835 |  |  |  | 24,099 |
Net investment income |  |  | 5,638 |  |  |  | 5,909 |
Realized and unrealized gain (loss) on investments: |  |  |  |  |  |
Net realized gain (loss) on investments |  |  | (2,176 | ) |  |  | 1,333 |
Net change in unrealized appreciation (depreciation) on investments |  |  | (10,386 | ) |  |  | (10,890 | )
Net realized and unrealized gain (loss) on investments |  |  | (12,562 | ) |  |  | (9,557 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | (6,924 | ) |  | $ | (3,648 | )
(1) No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately dis PennantPark Senior Secured Loan Fund II LLC In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II was formed as a Delaware limited liability company. PSSL II invests in portfolio companies in the same industries in which we may directly invest. PSSL II commenced operations on November 18, 2025. As of December 31, 2025, PSSL II had total assets of $201.7 million and its investment portfolio consisted of investments in 41 portfolio companies. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL II was $7.0 million and the five largest investments totaled $34.9 million. PSSL II invests in portfolio companies in the same industries in which we may directly invest. We and HL have committed to invest up to $200.0 million in the aggregate in the PSSL II, with the Company committing to invest up to $150.0 million and HL committing to invest up to $50.0 million. Investments by each of the Company and HL are made in the form of membership interests and secured notes. The Company's commitment consists of $105.0 million in secured notes and $45.0 million in membership interests. HL's commitment consists of $35.0 million in secured notes and $15.0 million in membership interests. All material decisions regarding PSSL II must be submitted to its board of managers, which is comprised of an equal number of representatives from each of the Company and HL. Further, all portfolio and other material decisions require the affirmative vote of at least one board member designated by the Company and one board member from HL. We and HL provide capital to PSSL II in the form of secured notes and equity interests. As of December 31, 2025, our investment in PSSL II consisted of secured notes of $39.4 million ($65.6 million remaining unfunded) and equity interests of $16.9 million ($28.1 million remaining unfunded). During the three months ended December 31, 2025, the Company made capital contributions of approximately $56.2 million of assets at their most recent fair market value as of the date of the transaction. In November 2025, PSSL II entered into a $150.0 million revolving credit facility which bears all-in interest rate at SOFR plus 1.85% with Goldman Sachs Bank USA through its wholly owned subsidiary, PSSL II SPV LLC, subject to leverage and borrowing base restrictions. Below is a summary of PSSL II's portfolio at fair value:
($ in thousands) |  | December 31, 2025 |
Total investments |  | $ | 193,151 |
Weighted average cost yield on income producing investments |  |  | 9.0 | %
Number of portfolio companies in PSSL II |  |  | 41 |
Largest portfolio company investment |  | $ | 6,983 |
Total of five largest portfolio company investments |  | $ | 34,905 |
Below is a listing of PSSL II’s individual investments as of December 31, 2025 (Par and $ in thousands):
Issuer Name |  | Acquisition |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 859.4% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACP Avenu Buyer, LLC |  | 11/19/2025 |  | 10/2/2029 |  | IT Services |  | 8.74% |  |  | SOFR+475 |  |  | 7,000 |  |  |  | 6,943 |  |  |  | 6,983 |
ACP Falcon Buyer, Inc. |  | 11/18/2025 |  | 8/1/2029 |  | Internet Software and Services |  | 9.49% |  |  | SOFR+550 |  |  | 816 |  |  |  | 824 |  |  |  | 825 |
APT OPCO, LLC |  | 11/18/2025 |  | 9/30/2031 |  | Healthcare Providers & Services |  | 8.67% |  |  | SOFR+500 |  |  | 4,988 |  |  |  | 4,926 |  |  |  | 4,925 |
Archer Lewis, LLC |  | 11/18/2025 |  | 8/28/2029 |  | Professional Services |  | 9.75% |  |  | SOFR+575 |  |  | 1,130 |  |  |  | 1,130 |  |  |  | 1,130 |
Beacon Behavioral Support Services, LLC |  | 11/18/2025 |  | 6/21/2029 |  | Healthcare Providers & Services |  | 9.17% |  |  | SOFR+550 |  |  | 5,079 |  |  |  | 5,030 |  |  |  | 5,079 |
Big Top Holdings, LLC |  | 11/18/2025 |  | 3/1/2030 |  | Construction and Engineering |  | 8.92% |  |  | SOFR+525 |  |  | 6,982 |  |  |  | 6,982 |  |  |  | 6,982 |
BLC Holding Company, Inc. |  | 11/18/2025 |  | 11/20/2030 |  | Commercial Services & Supplies |  | 8.17% |  |  | SOFR+450 |  |  | 3,791 |  |  |  | 3,791 |  |  |  | 3,791 |
Boss Industries, LLC |  | 11/18/2025 |  | 12/27/2030 |  | Independent Power and Renewable Electricity Producers |  | 8.71% |  |  | SOFR+500 |  |  | 5,853 |  |  |  | 5,853 |  |  |  | 5,853 |
By Light Professional IT Services, LLC |  | 11/19/2025 |  | 7/15/2031 |  | Aerospace and Defense |  | 9.22% |  |  | SOFR+550 |  |  | 7,000 |  |  |  | 6,947 |  |  |  | 6,930 |
Carisk Buyer, Inc. |  | 11/21/2025 |  | 12/3/2029 |  | Healthcare Technology |  | 8.67% |  |  | SOFR+500 |  |  | 5,877 |  |  |  | 5,877 |  |  |  | 5,921 |
Case Works, LLC |  | 11/18/2025 |  | 10/1/2029 |  | Professional Services |  | 8.92% |  |  | SOFR+525 |  |  | 4,480 |  |  |  | 4,379 |  |  |  | 4,404 |
Commercial Fire Protection Holdings, LLC |  | 11/18/2025 |  | 9/23/2030 |  | Commercial Services & Supplies |  | 8.17% |  |  | SOFR+450 |  |  | 6,982 |  |  |  | 6,982 |  |  |  | 6,982 |
Crane 1 Services, Inc. |  | 11/18/2005 |  | 8/16/2027 |  | Commercial Services & Supplies |  | 9.08% |  |  | SOFR+536 |  |  | 2,517 |  |  |  | 2,500 |  |  |  | 2,498 |
EDS Buyer, LLC |  | 11/18/2025 |  | 1/10/2029 |  | Aerospace and Defense |  | 8.17% |  |  | SOFR+450 |  |  | 1,975 |  |  |  | 1,980 |  |  |  | 1,980 |
Emergency Care Partners, LLC |  | 11/20/2025 |  | 10/18/2027 |  | Healthcare Providers & Services |  | 8.67% |  |  | SOFR+500 |  |  | 6,282 |  |  |  | 6,282 |  |  |  | 6,282 |
ETE Intermediate II, LLC |  | 11/18/2025 |  | 5/29/2029 |  | Auto Components |  | 8.72% |  |  | SOFR+500 |  |  | 975 |  |  |  | 975 |  |  |  | 975 |
GGG MIDCO, LLC |  | 11/18/2025 |  | 9/27/2030 |  | Diversified Consumer Services |  | 8.67% |  |  | SOFR+500 |  |  | 6,982 |  |  |  | 6,982 |  |  |  | 6,982 |
Harris & Co, LLC |  | 11/18/2025 |  | 8/9/2030 |  | Professional Services |  | 8.72% |  |  | SOFR+500 |  |  | 6,982 |  |  |  | 6,982 |  |  |  | 6,930 |
HEC Purchaser Corp. |  | 11/18/2025 |  | 6/17/2029 |  | Health Care Equipment & supplies |  | 8.67% |  |  | SOFR+500 |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |
Hills Distribution, Inc. |  | 12/2/2025 |  | 11/8/2029 |  | Distributors |  | 9.19% |  |  | SOFR+550 |  |  | 1,501 |  |  |  | 1,500 |  |  |  | 1,486 |
MBS Holdings, Inc. |  | 11/19/2025 |  | 4/16/2027 |  | Internet Software and Services |  | 8.92% |  |  | SOFR+510 |  |  | 5,132 |  |  |  | 5,132 |  |  |  | 5,132 |
Medina Health, LLC |  | 11/18/2025 |  | 10/20/2028 |  | Healthcare and Pharmaceuticals |  | 9.92% |  |  | SOFR+625 |  |  | 3,314 |  |  |  | 3,323 |  |  |  | 3,314 |
MES Intermediate, Inc. |  | 11/19/2025 |  | 10/1/2027 |  | Distributors |  | 8.42% |  |  | SOFR+475 |  |  | 4,691 |  |  |  | 4,691 |  |  |  | 4,691 |
North American Rail Solutions |  | 11/21/2025 |  | 8/29/2031 |  | Road and Rail |  | 8.42% |  |  | SOFR+475 |  |  | 7,000 |  |  |  | 6,966 |  |  |  | 6,965 |
OSP Embedded Purchaser, LLC |  | 11/18/2025 |  | 12/17/2029 |  | Aerospace and Defense |  | 9.42% |  |  | SOFR+575 |  |  | 6,982 |  |  |  | 6,874 |  |  |  | 6,619 |
PCS MIDCO, Inc. |  | 11/25/2025 |  | 3/1/2030 |  | Professional Services |  | 9.42% |  |  | SOFR+575 |  |  | 2,615 |  |  |  | 2,628 |  |  |  | 2,628 |
PD Tri-State Holdco, LLC. |  | 11/19/2025 |  | 10/14/2030 |  | Diversified Consumer Services |  | 8.92% |  |  | SOFR+525 |  |  | 2,970 |  |  |  | 2,944 |  |  |  | 2,952 |
Pacific Purchaser, LLC |  | 11/18/2025 |  | 10/2/2028 |  | Professional Services |  | 9.85% |  |  | SOFR+625 |  |  | 2,205 |  |  |  | 2,182 |  |  |  | 2,152 |
PAR Excellence Holdings, Inc. |  | 11/18/2025 |  | 9/3/2030 |  | Healthcare Technology |  | 8.74% |  |  | SOFR+500 |  |  | 6,982 |  |  |  | 6,915 |  |  |  | 6,860 |
Project Granite Buyer, Inc. |  | 11/18/2025 |  | 12/31/2030 |  | Professional Services |  | 9.42% |  |  | SOFR+575 |  |  | 3,944 |  |  |  | 3,983 |  |  |  | 3,983 |
Puget Collision, LLC |  | 11/18/2025 |  | 10/3/2031 |  | Automobiles |  | 8.42% |  |  | SOFR+475 |  |  | 7,000 |  |  |  | 6,957 |  |  |  | 6,956 |
Rancho Health MSO, Inc. |  | 11/18/2025 |  | 6/20/2029 |  | Healthcare Providers & Services |  | 8.99% |  |  | SOFR+500 |  |  | 6,862 |  |  |  | 6,862 |  |  |  | 6,862 |
Sath Industries, LLC |  | 11/18/2025 |  | 12/17/2029 |  | Building Products |  | 9.17% |  |  | SOFR+550 |  |  | 3,346 |  |  |  | 3,346 |  |  |  | 3,346 |
Sigma Defense Systems, LLC |  | 11/18/2025 |  | 12/20/2027 |  | Aerospace and Defense |  | 10.62% |  |  | SOFR+690 |  |  | 6,969 |  |  |  | 6,969 |  |  |  | 6,899 |
Smartronix, LLC |  | 12/3/2025 |  | 2/6/2032 |  | Aerospace and Defense |  | 8.42% |  |  | SOFR+450 |  |  | 5,970 |  |  |  | 5,947 |  |  |  | 5,885 |
Systems Planning And Analysis, Inc. |  | 11/20/2025 |  | 8/16/2027 |  | Aerospace and Defense |  | 8.46% |  |  | SOFR+475 |  |  | 6,997 |  |  |  | 6,945 |  |  |  | 6,976 |
TMII Enterprises, LLC |  | 11/18/2025 |  | 12/22/2028 |  | Professional Services |  | 8.22% |  |  | SOFR+450 |  |  | 1,975 |  |  |  | 1,975 |  |  |  | 1,975 |
The Bluebird Group, LLC |  | 11/18/2025 |  | 7/28/2026 |  | Professional Services |  | 9.57% |  |  | SOFR+590 |  |  | 5,042 |  |  |  | 5,042 |  |  |  | 5,042 |
The Vertex Companies, LLC |  | 11/18/2025 |  | 8/31/2028 |  | Construction and Engineering |  | 8.82% |  |  | SOFR+510 |  |  | 6,982 |  |  |  | 6,969 |  |  |  | 6,941 |
Transgo, LLC |  | 11/18/2025 |  | 12/29/2028 |  | Auto Components |  | 9.47% |  |  | SOFR+575 |  |  | 594 |  |  |  | 597 |  |  |  | 594 |
Tyto Athene, LLC |  | 11/26/2025 |  | 4/3/2028 |  | IT Services |  | 8.88% |  |  | SOFR+490 |  |  | 4,626 |  |  |  | 4,520 |  |  |  | 4,441 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 193,632 |  |  | $ | 193,151 |
Total Investments - 859.4% of Net Assets (3)(4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 193,632 |  |  | $ | 193,151 |
Cash Equivalents - 0.1% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Instl 81 |  |  |  |  |  |  |  |  | 3.69 | % |  |  |  |  |  |  | $ | 2 |  |  | $ | 2 |
Total Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2 |  |  | $ | 2 |
Cash - 30.2% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,775 |  |  | $ | 6,775 |
Total Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,775 |  |  | $ | 6,775 |
Total Investments, Cash Equivalents, and Cash —889.6% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 200,409 |  |  | $ | 199,928 |
Liabilities in Excess of Other Assets — (789.6)% of Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (177,453 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 22,475 |
—————————————————— (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 II’s accounting policy. (3) As of December 31, 2025, all investments were in U.S Companies, and total cost, fair value, percentage of Net Assets for the U.S Companies were $193.6 million, $193.2 million and 859.4%. (4) All of our investments are not registered under the 1933 Act and have restrictions on resale. Below are the Consolidated Statements of Assets and Liabilities for PSSL II ($ in thousands):
|  | December 31, 2025 |  |
|  | (Unaudited) |  |
Assets |  |  |  |
Investments at fair value (amortized cost—$193,632) | $ |  | 193,151 |  |
Cash equivalents (cost—$2) |  |  | 2 |  |
Cash (cost—$6,775) |  |  | 6,775 |  |
Interest receivable |  |  | 401 |  |
Prepaid expenses and other assets |  |  | 1,347 |  |
Total assets |  |  | 201,676 |  |
Liabilities |  |  |  |
Credit facility payable |  |  | 125,000 |  |
Notes payable to members |  |  | 52,500 |  |
Interest payable on credit facility |  |  | 777 |  |
Interest payable on notes to members |  |  | 780 |  |
Accrued expenses |  |  | 144 |  |
Total liabilities |  |  | 179,201 |  |
Members' equity |  |  | 22,475 |  |
Total liabilities and members' equity | $ |  | 201,676 |  |
————————————————— (1) As of December 31, 2025, PSSL II had unfunded commitments to fund investments of zero. Below are the Consolidated Statements of Operations for PSSL II ($ in thousands):
|  | For the period November 18, 2025 (commencement of operations) through December 31, 2025 |
Investment income: |  |  |
Interest |  | $ | 2,201 |
Other income |  |  | 7 |
Total investment income |  |  | 2,208 |
Expenses:(1) |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 827 |
Interest expense on notes to members |  |  | 781 |
Administration fees |  |  | 61 |
General and administrative expenses |  |  | 83 |
Total expenses |  |  | 1,752 |
Net investment income |  |  | 456 |
Realized and unrealized gain (loss) on investments: |  |  |
Net realized gain (loss) on investments |  |  | — |
Net change in unrealized appreciation (depreciation) on investments |  |  | (481 | )
Net realized and unrealized gain (loss) on investments |  |  | (481 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | (25 | )
————————————————— (1) No management or incentive fees are payable by PSSL II. If any fees were to be charged, they would be separately disclosed in the Consolidated Statement of Operations

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