Investments

3 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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)

(2)

Valued based on PSSL’s accounting policy.

(3)

(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)

(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

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(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	)

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(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