Investments (Tables)

12 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Cash and Cash Equivalents

Investments and cash and cash equivalents consisted of the following ($ in thousands):


	September 30, 2025				September 30, 2024
Investment Classification ($ in thousands)	Cost		Fair Value		Cost		Fair Value
First lien	$	606,949		582,373	$	700,390	$	667,926
U.S. Government Securities		124,809		124,788		99,652		99,632
Second lien		18,619		18,161		68,470		67,180
Subordinated debt / corporate notes		60,575		60,933		65,865		65,804
Subordinated notes in PSLF		140,287		140,287		115,886		115,886
Equity		203,291		293,218		199,173		243,699
Equity in PSLF		82,358		67,513		67,436		67,923
Total investments		1,236,888		1,287,273		1,316,872		1,328,050
Cash and cash equivalents		51,739		51,783		49,833		49,861
Total investments and cash and cash equivalents	$	1,288,627	$	1,339,056	$	1,366,705	$	1,377,911

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

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



	September 30, 2025 (1)										September 30, 2024 (1)
Industry Classification	Cost		Fair Value		Fair Value Percentage			Net Asset Value Percentage			Cost		Fair Value		Fair Value Percentage			Net Asset Value Percentage
Business Services	$	195,614	$	184,452		17	%		40	%	$	205,232	$	184,233		16	%		37	%
Healthcare, Education and Childcare		128,969		168,000		16	%		36	%		124,430		127,574		11	%		26	%
Distribution		57,352		130,850		12	%		28	%		120,378		165,304		14	%		33	%
Short-Term U.S. Government Securities		124,809		124,788		12	%		27	%		99,652		99,632		8	%		20	%
Financial Services		70,403		68,959		6	%		15	%		69,915		71,527		6	%		14	%
Consumer Products		53,746		49,414		5	%		11	%		89,773		89,743		8	%		18	%
Aerospace and Defense		39,513		47,113		4	%		10	%		53,472		54,017		5	%		11	%
Manufacturing/Basic Industry		42,601		43,067		4	%		9	%		12,686		12,713		1	%		3	%
Environmental Services		61,588		31,238		3	%		7	%		51,402		44,290		4	%		9	%
Auto Sector		26,621		27,826		2	%		6	%		39,449		40,752		4	%		8	%
Gaming		22,853		23,151		2	%		5	%		-		-		0	%		0	%
Consumer Services		19,067		19,319		2	%		4	%		8,700		8,449		1	%		2	%
Personal, Food and Miscellaneous Services		16,207		18,769		2	%		4	%		17,203		18,850		2	%		4	%
Media		17,477		17,434		2	%		4	%		31,964		32,130		3	%		7	%
Diversified Conglomerate Service		17,268		16,416		1	%		4	%		10,091		9,834		1	%		2	%
Telecommunications		22,305		13,695		1	%		3	%		35,986		34,045		3	%		7	%
Buildings and Real Estate		12,546		12,495		1	%		3	%		12,515		12,442		1	%		3	%
Chemicals, Plastics and Rubber		15,237		12,240		1	%		3	%		32,255		31,598		3	%		6	%
Event Services		11,823		12,073		1	%		3	%		-		-		0	%		0	%
Home and Office Furnishings, Housewares and Durable Consumer Products		9,258		9,723		1	%		2	%		9,663		9,663		1	%		2	%
Electronics		2,507		5,485		1	%		1	%		14,887		19,633		2	%		4	%
Consulting Services		5,970		5,966		1	%		1	%		-		-		0	%		0	%
All Other		40,509		37,000		3	%		8	%		93,898		77,812		7	%		16	%
Total	$	1,014,243	$	1,079,473		100	%		234	%	$	1,133,551	$	1,144,241		100	%		232	%

(1)

Excludes investments in PSLF.

Summary of PSLF's Portfolio at Fair Value

Below is a summary of PSLF’s portfolio at fair value ($ in thousands):


($ in thousands)	September 30, 2025			September 30, 2024
Total investments	$	1,265,901		$	1,031,225
Weighted average cost yield on income producing investments		10.1	%		11.3	%
Number of portfolio companies in PSLF		109			102
Largest portfolio company investment at fair value	$	24,802		$	25,073
Total of five largest portfolio company investments at fair value	$	121,360		$	109,927

Summary of Listing of PSLFs Individual Investments

Below is a listing of PSLF’s individual investments as of September 30, 2025 ($ in thousands):


Issuer Name	Acquisition	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 1,035.8% of Net Assets
ACP Avenu Buyer, LLC	04/23/24	10/02/29	Business Services	9.04%	SOFR+475		7,590	$	7,474	$	7,514
Acp Falcon Buyer, Inc.	10/06/23	08/01/29	Business Services	9.79%	SOFR+550		15,196		14,963		15,348
AFC-Dell Holding Corp.	02/23/24	04/09/27	Distribution	9.83%	SOFR+550		16,181		16,072		16,100
Ad.Net Acquisition, LLC	03/02/22	05/07/26	Media	10.26%	SOFR+626		4,788		4,788		4,788
Aechelon Technology, Inc.	12/23/24	08/16/29	Aerospace and Defense	9.91%	SOFR+575		4,800		4,718		4,800
Alpine Acquisition Corp II (4), (7)	10/12/22	11/30/26	Containers, Packaging and Glass				15,185		15,056		7,896
Amsive Holdings Corporation	03/02/22	12/10/26	Media	10.35%	SOFR+635		13,805		13,745		13,667
Anteriad, LLC (f/k/a MeritDirect, LLC)	03/02/22	06/30/26	Media	9.90%	SOFR+590		13,837		13,803		13,837
Arcfield Acquisition Corp.	07/26/22	10/28/31	Aerospace and Defense	9.31%	SOFR+500		14,888		14,867		14,813
Archer Lewis, LLC	12/20/24	08/28/29	Healthcare, Education and Childcare	9.75%	SOFR+575		15,581		15,426		15,581
Argano, LLC	12/16/24	09/13/29	Business Services	9.89%	SOFR+575		14,850		14,730		14,628
BLC Holding Company, INC.	02/24/25	11/20/30	Environmental Services	8.50%	SOFR+450		12,013		11,942		12,013
Beacon Behavioral Support Services, LLC	09/16/24	06/21/29	Healthcare, Education and Childcare	9.50%	SOFR+550		24,607		24,305		24,607
Best Practice Associates, LLC	01/21/25	11/08/29	Aerospace and Defense	10.91%	SOFR+675		19,850		19,606		19,701
Beta Plus Technologies, Inc.	08/11/22	07/02/29	Business Services	9.75%	SOFR+575		14,550		14,375		14,405
Big Top Holdings, LLC	06/26/24	02/28/30	Manufacturing / Basic Industries	9.25%	SOFR+525		6,626		6,531		6,626
Bioderm, Inc.	06/26/24	01/31/28	Healthcare, Education and Childcare	10.77%	SOFR+650		8,798		8,726		8,688
Blackhawk Industrial Distribution, Inc.	07/24/23	09/17/26	Distribution	9.40%	SOFR+540		25,244		25,052		24,802
Boss Industries, LLC	07/21/25	12/27/30	Conglomerate Manufacturing	9.00%	SOFR+500		5,955		5,916		5,955
Burgess Point Purchaser Corporation	10/03/22	07/25/29	Auto Sector	9.51%	SOFR+535		6,186		5,926		5,348
C5MI Acquisition, LLC	10/09/24	07/31/29	Business Services	10.00%	SOFR+600		7,425		7,334		7,425
CF512, Inc.	12/29/21	08/20/26	Media	10.36%	SOFR+619		9,042		8,983		8,952
Carisk Buyer, Inc.	02/09/24	12/01/29	Healthcare, Education and Childcare	9.00%	SOFR+500		11,370		11,276		11,370
Carnegie Dartlet, LLC	06/26/24	02/07/30	Education	9.66%	SOFR+550		22,655		22,360		22,428
Cartessa Aesthetics, LLC	09/09/22	06/14/28	Distribution	10.00%	SOFR+600		21,880		21,708		21,880
Case Works, LLC	11/26/24	10/01/29	Business Services	9.25%	SOFR+525		10,436		10,366		9,966
Commercial Fire Protection Holdings, LLC	12/16/24	09/23/30	Business Services	8.50%	SOFR+450		20,831		20,730		20,831
Compex Legal Services, Inc.	12/23/24	02/09/26	Business Services	9.55%	SOFR+555		931		931		931
Confluent Health, LLC	12/23/24	11/30/28	Healthcare, Education and Childcare	11.66%	SOFR+750		1,950		1,950		1,940
CJX Borrower, LLC	08/12/22	07/13/27	Media	10.08%	SOFR+576		8,624		8,614		8,624
Crane 1 Services, Inc.	07/24/23	08/16/27	Personal, Food and Miscellaneous Services	10.03%	SOFR+586		5,271		5,243		5,232
DRI Holding Inc.	08/04/22	12/21/28	Media	9.51%	SOFR+535		5,770		5,442		5,655
DRS Holdings III, Inc.	03/02/22	11/03/25	Consumer Products	9.41%	SOFR+525		4,478		4,478		4,523
Duggal Acquisition, LLC	12/23/24	09/30/30	Marketing Services	8.75%	SOFR+475		4,950		4,910		4,950
Dynata, LLC - First Out Term Loan	07/15/24	07/17/28	Business Services	9.46%	SOFR+526		1,572		1,486		1,565
Dynata, LLC - Last Out Term Loan	07/15/24	10/16/28	Business Services	9.96%	SOFR+576		9,670		9,670		7,873
EDS Buyer, LLC	07/24/23	01/10/29	Aerospace and Defense	8.75%	SOFR+475		23,169		22,915		23,227
ETE Intermediate II, LLC	07/24/23	05/29/29	Personal, Food and Miscellaneous Services	9.16%	SOFR+500		12,124		11,963		12,124
Emergency Care Partners, LLC	12/23/24	10/18/27	Healthcare, Education and Childcare	9.00%	SOFR+500		6,930		6,895		6,930
EvAL Home Care Solutions Intermediate, LLC	07/23/24	05/10/30	Healthcare, Education and Childcare	9.91%	SOFR+575		7,040		6,955		7,040
Exigo Intermediate II, LLC	07/24/23	03/15/27	Business Services	10.51%	SOFR+635		9,551		9,491		9,551
Five Star Buyer, Inc.	07/24/23	02/23/28	Hotels, Motels, Inns and Gaming	13.35%	SOFR+915		4,140		4,096		4,057
GGG Midco, LLC	12/16/24	09/27/30	Home and Office Furnishings, Housewares and Durable Consumer Products	9.00%	SOFR+500		12,485		12,377		12,485
Global Holdings InterCo, LLC	03/02/22	03/16/26	Banking, Finance, Insurance & Real Estate	9.74%	SOFR+560		6,593		6,589		6,593
Graffiti Buyer, Inc.	03/02/22	08/10/27	Distribution	9.80%	SOFR+560		3,959		3,928		3,880
HEC Purchaser Corp.	09/16/24	06/17/29	Healthcare, Education and Childcare	8.87%	SOFR+500		7,798		7,723		7,798
HV Watterson Holdings, LLC (4)	09/09/22	12/17/26	Business Services	8.00%			15,570		15,496		8,548
HW Holdco, LLC	03/02/22	05/10/26	Media	9.90%	SOFR+590		23,593		23,537		23,593
Hancock Roofing And Construction, LLC	03/02/22	12/31/26	Insurance	9.60%	SOFR+550		6,029		6,029		5,968
Harris & Co, LLC	12/20/24	08/09/30	Financial Services	9.16%	SOFR+500		19,182		18,995		19,015
Hills Distribution, Inc.	02/13/24	11/08/29	Distribution	10.32%	SOFR+600		14,148		13,992		14,148
IG Investments Holdings, LLC	03/02/22	09/22/28	Business Services	9.31%	SOFR+500		4,350		4,305		4,328


Issuer Name	Acquisition	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
Imagine Acquisitionco, Inc.	07/24/23	11/15/27	Business Services	9.29%	SOFR+510		5,452		5,402		5,452
Infinity Home Services Holdco, Inc.	02/07/23	12/28/28	Personal, Food and Miscellaneous Services	10.16%	SOFR+600		13,749		13,622		13,749
Infolinks Media Buyco, LLC	07/24/23	11/01/26	Media	9.50%	SOFR+550		13,046		13,007		12,981
Inovex Information Systems Incorporated	03/04/25	12/17/30	Business Services	9.25%	SOFR+525		5,955		5,918		5,955
Inventus Power, Inc.	10/10/23	01/15/26	Consumer Products	11.78%	SOFR+761		12,968		12,934		12,968
Kinetic Purchaser, LLC	07/24/23	11/10/27	Consumer Products	10.15%	SOFR+615		13,701		13,590		11,646
LAV Gear Holdings, Inc. - Takeback TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	10.10%	SOFR+594		2,295		2,295		2,295
LAV Gear Holdings, Inc. - Priority TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	10.10%	SOFR+594		729		720		898
Lash OpCo, LLC	03/02/22	02/18/27	Consumer Products	12.16%	SOFR+785		21,525		21,466		20,987
Lightspeed Buyer, Inc.	03/02/22	02/03/27	Healthcare, Education and Childcare	8.75%	SOFR+475		20,115		20,017		20,115
LJ Avalon Holdings, LLC	07/24/23	02/01/30	Environmental Services	8.77%	SOFR+450		7,636		7,550		7,636
MAG DS Corp.	03/02/22	04/01/27	Aerospace and Defense	9.60%	SOFR+560		8,175		7,939		8,142
MDI Buyer, Inc.	12/20/24	07/25/28	Chemicals, Plastics and Rubber	8.95%	SOFR+475		19,728		19,568		19,728
Marketplace Events Acquisition, LLC	03/04/25	12/19/30	Media	9.12%	SOFR+525		19,900		19,727		19,900
MBS Holdings, Inc.	03/02/22	04/16/27	Telecommunications	9.30%	SOFR+510		8,244		8,197		8,244
Meadowlark Acquirer, LLC	04/01/22	12/10/27	Business Services	9.65%	SOFR+565		2,893		2,865		2,893
Medina Health, LLC	01/18/24	10/20/28	Healthcare, Education and Childcare	10.25%	SOFR+625		19,423		19,311		19,520
Megawatt Acquisitionco, Inc.	07/17/24	03/01/30	Business Services	9.25%	SOFR+525		7,880		7,788		7,502
MOREgroup Holdings, Inc.	08/29/24	01/16/30	Business Services	9.25%	SOFR+525		19,700		19,472		19,700
Municipal Emergency Services, Inc.	03/02/22	10/01/27	Distribution	9.15%	SOFR+515		9,575		9,512		9,575
NBH Group, LLC	03/02/22	08/19/26	Healthcare, Education and Childcare	10.12%	SOFR+585		7,180		7,159		7,180
NORA Acquisition, LLC	11/21/23	08/31/29	Healthcare, Education and Childcare	10.35%	SOFR+635		20,090		19,860		19,939
OSP Embedded Purchaser, LLC	01/17/25	12/17/29	Aerospace and Defense	9.76%	SOFR+575		18,926		18,793		18,661
Omnia Exterior Solutions, LLC	07/25/24	12/29/29	Diversified Conglomerate Service	9.26%	SOFR+525		17,982		17,766		17,622
One Stop Mailing, LLC	06/07/23	05/07/27	Transportation	10.53%	SOFR+636		8,274		8,199		8,274
PCS Midco, Inc.	08/29/24	03/01/30	Financial Services	9.75%	SOFR+575		5,753		5,688		5,753
Pink Lily Holdco, LLC (5)	04/01/22	11/09/27	Retail	4.27%			8,761		8,699		3,504
Pacific Purchaser, LLC	03/21/24	10/02/28	Business Services	10.42%	SOFR+625		12,773		12,602		12,721
PAR Excellence Holdings, Inc.	11/26/24	09/03/30	Healthcare, Education and Childcare	9.17%	SOFR+500		9,925		9,842		9,751
Project Granite Buyer, Inc.	07/21/25	12/31/30	Business Services	9.75%	SOFR+575		5,955		5,903		6,015
RRA Corporate, LLC	12/23/24	08/15/29	Business Services	9.25%	SOFR+525		3,960		3,930		3,936
RTIC Subsidiary Holdings, LLC	07/23/24	05/03/29	Consumer Products	9.75%	SOFR+575		24,700		24,365		24,453
Radius Aerospace, Inc.	11/06/19	03/29/27	Aerospace and Defense	10.45%	SOFR+615		11,780		11,714		11,515
Rancho Health MSO, Inc.	03/02/22	06/20/29	Healthcare, Education and Childcare	9.29%	SOFR+500		22,704		22,631		22,704
Recteq, LLC	06/26/24	01/29/26	Consumer Products	10.40%	SOFR+640		9,550		9,537		9,526
Riverpoint Medical, LLC	03/02/22	06/21/27	Healthcare, Education and Childcare	8.75%	SOFR+475		3,891		3,861		3,891
Ro Health, LLC	04/03/25	01/17/31	Healthcare Providers & Services	8.50%	SOFR+450		9,308		9,249		9,308
Rural Sourcing Holdings, Inc.	07/24/23	06/16/29	Professional Services	9.92%	SOFR+575		5,435		5,367		4,891
Sabel Systems Technology Solutions, LLC	01/07/25	10/31/30	Business Services	9.91%	SOFR+575		11,910		11,813		11,910
Sales Benchmark Index, LLC	03/02/22	07/07/26	Business Services	10.20%	SOFR+620		6,617		6,597		6,617
Seacoast Service Partners NA, LLC	07/21/25	12/20/29	Diversified Conglomerate Service	9.00%	SOFR+500		4,963		4,926		4,759
Seaway Buyer, LLC	09/14/22	06/13/29	Chemicals, Plastics and Rubber	10.15%	SOFR+615		14,550		14,394		13,568
Sigma Defense Systems, LLC	12/01/23	12/20/27	Telecommunications	10.31%	SOFR+615		23,904		23,741		23,904
SpendMend Holdings, LLC	07/24/23	03/01/28	Business Services	9.15%	SOFR+515		9,412		9,261		9,412
STG Distribution, LLC - First Out New Money Term Loans	10/03/24	10/03/29	Transportation	12.57%	SOFR+835		1,986		1,895		1,768
STG Distribution, LLC - Second Out Term Loans (5)	10/03/24	10/03/29	Transportation	5.32%			4,566		2,594		365
SV-Aero Holdings, LLC	10/31/24	11/01/30	Aerospace and Defense	9.00%	SOFR+500		14,719		14,656		14,719
Systems Planning And Analysis, Inc.	03/02/22	08/16/27	Aerospace and Defense	8.92%	SOFR+475		16,919		16,816		16,784
TCG 3.0 Jogger Acquisitionco, Inc.	02/27/24	01/23/29	Media	10.52%	SOFR+650		9,850		9,732		9,801
TMII Enterprises, LLC	07/24/23	12/22/28	Personal, Food and Miscellaneous Services	8.66%	SOFR+450		19,878		19,692		19,878
TPC US Parent, LLC	03/02/22	11/24/25	Food	10.19%	SOFR+590		11,275		11,269		11,185
Team Services Group, LLC	07/24/23	12/20/27	Healthcare, Education and Childcare	9.56%	SOFR+525		9,588		9,434		9,548
The Bluebird Group, LLC	03/02/22	07/28/26	Business Services	9.90%	SOFR+590		16,348		16,306		16,348
The Vertex Companies, LLC	03/02/22	08/31/28	Business Services	8.93%	SOFR+475		14,480		14,393		14,408
Transgo, LLC	06/07/24	12/29/28	Auto Sector	9.91%	SOFR+575		16,363		16,215		16,486
Tyto Athene, LLC	03/02/22	04/01/28	Aerospace and Defense	9.19%	SOFR+490		11,342		11,271		11,058
Urology Management Holdings, Inc.	07/24/23	06/15/27	Healthcare, Education and Childcare	9.66%	SOFR+550		12,380		12,333		12,380
US Fertility Enterprises, LLC	09/03/25	10/11/31	Healthcare, Education and Childcare	8.67%	SOFR+450		4,975		4,931		4,975
Watchtower Buyer, LLC	09/19/24	12/01/29	Consumer Products	10.00%	SOFR+600		23,114		22,912		22,885
Wash & Wax Systems, LLC	04/30/25	04/30/28	Business Services	9.81%	SOFR+550		6,577		6,686		6,708
Total First Lien Secured Debt									1,276,720		1,253,543
Subordinated Debt - 3.7% of Net Assets


Issuer Name	Acquisition	Maturity		Industry	Current Coupon		Basis Point Spread Above Index (1)		Par		Cost		Fair Value (2)
Wash & Wax Systems, LLC - Subordinate Debt	04/30/25	07/30/28		Business Services	12.00%					4,422		4,422		4,422
Total Subordinated Debt										4,422		4,422		4,422

Equity Securities - 6.6% of Net Assets
New Insight Holdings, Inc. - Common Equity	07/15/24		—	Business Services		—		—		134,330		2,351		2,014
48Forty Intermediate Holdings, Inc. - Common Equity	11/05/24		—	Containers, Packaging and Glass		—		—		1,988		—		—
Wash & Wax Group, LP - Common Equity	04/30/25		—	Business Services		—		—		2,803		5,002		5,165
White Tiger Newco, LLC - Common Equity	07/31/25		—	Business Services		—		—		10,805		824		757

Total Equity Securities												8,177		7,936
Total Investments - 1,046.0% of Net Assets(3)(6)												1,289,319		1,265,901
Cash and Cash Equivalents - 33.9%
JPMorgan U.S. Government (Money Market Fund)					4.09%							7,972		7,972
Goldman Sachs Financial Square Government Fund (Money Market Fund)					4.18%							6,946		6,946
BlackRock Federal FD Institutional 81 (Money Market Fund)					4.19%							1,920		1,920
Non-Money Market Cash												24,147		24,147
Total Cash and Cash Equivalents												40,985		40,985
Total Investments and Cash Equivalents - 1,079.8% of Net Assets											$	1,330,304	$	1,306,886
Liabilities in Excess of Other Assets — (979.8)% of Net Assets														(1,185,860	)
Members' Equity—100.0%													$	121,026

(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" or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

(2)

Valued based on PSLF’s accounting policy.

(3)

As of September 30, 2025, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S. Companies were $1,289.3 million, $1,265.9 million and 1,046.0%

(4)

Non-accrual security

(5)

Partial non-accrual PIK Security.

(6)

All of our investments are not registered under the 1933 Act and have restrictions on resale.

(7)

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 2034 Asset-Backed Debt and held through PennantPark CLO IV, LLC, or,3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO VII, LLC, or 4) securing the 2037 Asset-Backed Debt and held through PennantPark CLO X, LLC

Below is a listing of PSLF’s individual investments as of September 30, 2024 ($ in thousands):


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
First Lien Secured Debt - 916.4%of Net Assets
A1 Garage Merger Sub, LLC	12/22/28	Personal, Food and Miscellaneous Services		10.95	%	SOFR+610		14,738	$	14,504	$	14,738
ACP Avenu Buyer, LLC	10/02/29	Business Services		10.57	%	SOFR+525		7,667		7,526		7,418
ACP Falcon Buyer, Inc.	08/01/29	Business Services		10.83	%	SOFR+550		15,351		15,067		15,412
Ad.net Acquisition, LLC	05/07/26	Media		11.28	%	SOFR+626		4,838		4,838		4,838
Aeronix, Inc. - Term Loan	12/18/28	Aerospace and Defense		9.85	%	SOFR+525		14,888		14,700		14,888
AFC - Dell Holding Corp.	04/09/27	Distribution		10.49	%	SOFR+550		7,131		7,059		7,059
Alpine Acquisition Corp II	11/30/26	Containers, Packaging and Glass		11.30	%	SOFR+610		14,687		14,459		14,100
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/25	Media		10.75	%	SOFR+650		13,813		13,769		13,675
Anteriad Holdings Inc (fka MeritDirect)	06/30/26	Media		10.50	%	SOFR+590		14,714		14,638		14,714
Applied Technical Services, LLC	12/29/26	Environmental Services		10.50	%	SOFR+590		14,522		14,389		14,304
Arcfield Acquisition Corp.	08/03/29	Aerospace and Defense		11.56	%	SOFR+625		21,574		21,270		21,466
Beacon Behavioral Support Services, LLC	06/21/29	Healthcare, Education and Childcare		9.92	%	SOFR+525		14,963		14,750		14,738
Beta Plus Technologies, Inc.	07/01/29	Business Services		10.35	%	SOFR+575		14,700		14,486		14,259
Big Top Holdings, LLC	02/28/30	Manufacturing / Basic Industries		11.18	%	SOFR+625		6,965		6,852		6,965
Bioderm, Inc.	01/31/28	Healthcare, Education and Childcare		11.84	%	SOFR+650		8,887		8,795		8,776
Blackhawk Industrial Distribution, Inc.	09/17/26	Distribution		10.92	%	SOFR+640		20,504		20,245		20,152
BlueHalo Global Holdings, LLC	10/31/25	Aerospace and Defense		10.70	%	SOFR+600		13,292		13,218		13,026
Broder Bros., Co.	12/04/25	Personal and Non-Durable Consumer Products		10.97	%	SOFR+611		9,374		9,374		9,374
Burgess Point Purchaser Corporation	07/25/29	Auto Sector		10.20	%	SOFR+535		4,874		4,625		4,585
Carisk Buyer, Inc.	11/30/29	Healthcare, Education and Childcare		10.35	%	SOFR+575		5,473		5,400		5,390
Carnegie Dartlet, LLC	02/07/30	Education		10.35	%	SOFR+550		9,950		9,810		9,801
Cartessa Aesthetics, LLC	06/14/28	Distribution		10.35	%	SOFR+575		17,106		16,879		17,106
CF512, Inc.	08/20/26	Media		11.21	%	SOFR+619		2,891		2,876		2,848
Connatix Buyer, Inc.	07/13/27	Media		10.53	%	SOFR+561		8,716		8,702		8,716
Crane 1 Services, Inc.	08/16/27	Personal, Food and Miscellaneous Services		10.71	%	SOFR+586		2,549		2,529		2,530
Dr. Squatch, LLC	08/31/27	Personal and Non-Durable Consumer Products		9.95	%	SOFR+535		22,993		22,842		22,993
DRI Holding Inc.	12/21/28	Media		10.20	%	SOFR+535		5,830		5,423		5,626
DRS Holdings III, Inc.	11/03/25	Consumer Products		11.20	%	SOFR+635		13,777		13,760		13,667
Dynata, LLC - First Out Term Loan	07/15/28	Business Services		10.38	%	SOFR+526		1,588		1,476		1,586
Dynata, LLC - Last Out Term Loan	10/15/28	Business Services		10.88	%	SOFR+576		9,768		9,768		8,993
EDS Buyer, LLC	01/10/29	Aerospace and Defense		10.35	%	SOFR+575		11,144		11,013		10,977
ETE Intermediate II, LLC	05/29/29	Personal, Food and Miscellaneous Services		11.56	%	SOFR+650		12,249		12,049		12,249
Eval Home Health Solutions Intermediate, LLC	05/10/30	Healthcare, Education and Childcare		10.85	%	SOFR+575		7,396		7,293		7,322
Exigo Intermediate II, LLC	03/15/27	Business Services		11.20	%	SOFR+635		9,651		9,556		9,603
Fairbanks Morse Defense	06/17/28	Aerospace and Defense		9.74	%	SOFR+450		3,491		3,417		3,495
Five Star Buyer, Inc.	02/23/28	Hotels, Motels, Inns and Gaming		12.21	%	SOFR+710		4,241		4,175		4,241
Global Holdings InterCo LLC	03/16/26	Banking, Finance, Insurance & Real Estate		11.43	%	SOFR+615		6,952		6,940		6,605
Graffiti Buyer, Inc.	08/10/27	Distribution		10.45	%	SOFR+560		3,118		3,081		3,087
Hancock Roofing and Construction L.L.C.	12/31/26	Insurance		10.20	%	SOFR+560		6,146		6,146		6,023
HEC Purchaser Corp.	06/17/29	Healthcare, Education and Childcare		9.75	%	SOFR+550		7,980		7,887		7,924
Hills Distribution, Inc	11/08/29	Distribution		11.11	%	SOFR+600		14,292		14,106		14,149
HV Watterson Holdings, LLC	12/17/26	Business Services	12.00% (PIK 4.0%)					15,144		15,019		13,887
HW Holdco, LLC	05/10/26	Media		11.04	%	SOFR+590		18,355		18,296		18,355
IG Investments Holdings, LLC	09/22/28	Business Services		11.35	%	SOFR+610		4,383		4,322		4,339
Imagine Acquisitionco, LLC	11/15/27	Business Services		10.20	%	SOFR+510		5,509		5,440		5,481
Infinity Home Services Holdco, Inc.	12/28/28	Personal, Food and Miscellaneous Services		11.49	%	SOFR+685		13,890		13,730		14,029
Infolinks Media Buyco, LLC	11/01/26	Media		10.10	%	SOFR+550		12,286		12,214		12,194
Inventus Power, Inc.	06/30/25	Consumer Products		12.46	%	SOFR+761		13,101		12,980		12,905
Kinetic Purchaser, LLC	11/10/27	Consumer Products		10.75	%	SOFR+615		13,701		13,520		13,701
LAV Gear Holdings, Inc.	10/31/25	Leisure, Amusement, Motion Pictures, Entertainment		11.66	%	SOFR+640		4,613		4,601		4,530
Lash OpCo, LLC	02/18/27	Consumer Products	12.94% (PIK 5.10%)			SOFR+785		20,447		20,338		20,243
Lightspeed Buyer Inc.	02/03/26	Healthcare, Education and Childcare		10.20	%	SOFR+535		14,267		14,170		14,267
LJ Avalon Holdings, LLC	01/31/30	Environmental Services		10.48	%	SOFR+525		6,255		6,151		6,255
MAG DS Corp.	04/01/27	Aerospace and Defense		10.20	%	SOFR+550		8,266		7,890		7,770
Magenta Buyer, LLC -First out	07/31/28	Software		12.13	%	SOFR+701		450		450		425
Magenta Buyer, LLC -Second out	07/31/28	Software		12.38	%	SOFR+801		569		569		390
Magenta Buyer, LLC -Third out	07/31/28	Software		11.63	%	SOFR+726		2,109		2,109		617
MBS Holdings, Inc.	04/16/27	Telecommunications		10.67	%	SOFR+585		8,330		8,256		8,338
Meadowlark Acquirer, LLC	12/10/27	Business Services		10.50	%	SOFR+590		2,923		2,884		2,850
Medina Health, LLC	10/20/28	Healthcare, Education and Childcare		10.85	%	SOFR+625		14,912		14,765		14,912
Megawatt Acquisitionco, Inc.	03/01/30	Business Services		9.85	%	SOFR+525		7,960		7,851		7,514
MOREgroup Holdings, LLC	01/16/30	Business Services		10.35	%	SOFR+575		12,450		12,303		12,263
Municipal Emergency Services, Inc.	10/01/27	Distribution		9.77	%	SOFR+515		5,912		5,822		5,912
NBH Group LLC	08/19/26	Healthcare, Education and Childcare		11.19	%	SOFR+585		7,353		7,311		7,133
NORA Acquisition, LLC	08/31/29	Healthcare, Education and Childcare		10.95	%	SOFR+635		14,850		14,597		14,850
Omnia Exterior Solutions, LLC	12/29/29	Diversified Conglomerate Service		10.01	%	SOFR+550		9,768		9,650		9,622
One Stop Mailing, LLC	5/7/2027	Transportation		11.21	%	SOFR+636		8,380		8,256		8,380
Owl Acquisition, LLC	2/4/2028	Education		10.20	%	SOFR+535		3,893		3,811		3,825
Ox Two, LLC	5/18/2026	Distribution		11.12	%	SOFR+651		9,340		9,307		9,340


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par		Cost		Fair Value (2)
Pacific Purchaser, LLC	10/2/2028		Business Services		11.51	%	SOFR+600			12,903		12,682		12,877
PCS Midco, Inc.	3/1/2030		Financial Services		10.81	%	SOFR+575			5,812		5,735		5,812
PL Acquisitionco, LLC	11/9/2027		Retail	11.99% (PIK 3.5%)			SOFR+725			8,193		8,100		6,554
Quantic Electronics, LLC	11/19/2026		Aerospace and Defense		10.95	%	SOFR+635			3,280		3,245		3,263
RTIC Subsidiary Holdings, LLC	5/3/2029		Consumer Products		10.35	%	SOFR+575			19,950		19,673		19,551
Radius Aerospace, Inc.	3/31/2025		Aerospace and Defense		10.75	%	SOFR+575			12,565		12,543		12,313
Rancho Health MSO, Inc.	12/18/2025		Healthcare, Education and Childcare		10.85	%	SOFR+560			5,530		5,530		5,530
Reception Purchaser, LLC	4/28/2028		Transportation		25.00	%	SOFR+615			4,937		4,888		3,703
Recteq, LLC	1/29/2026		Consumer Products		11.75	%	SOFR+715			9,650		9,592		9,554
Riverpoint Medical, LLC	6/21/2025		Healthcare, Education and Childcare		9.85	%	SOFR+525			3,932		3,919		3,936
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)	6/16/2029		Professional Services		10.74	%	SOFR+575			4,336		4,268		4,282
S101 Holdings Inc.	12/29/2026		Electronics		11.48	%	SOFR+615			6,467		6,387		6,402
Sales Benchmark Index LLC	1/3/2025		Business Services		10.80	%	SOFR+620			6,676		6,668		6,676
Sargent & Greenleaf Inc.	12/20/2024		Electronics	12.45% (PIK 1.00%)			SOFR+760			4,634		4,634		4,634
Seaway Buyer, LLC	6/13/2029		Chemicals, Plastics and Rubber		10.75	%	SOFR+615			14,700		14,510		14,186
Sigma Defense Systems, LLC	12/18/2027		Telecommunications		11.50	%	SOFR+690			14,621		14,465		14,475
Simplicity Financial Marketing Group Holdings, Inc	12/2/2026		Banking, Finance, Insurance & Real Estate		11.38	%	SOFR+640			11,359		11,207		11,472
Skopima Consilio Parent, LLC	5/17/2028		Business Services		9.46	%	SOFR+461			1,290		1,269		1,289
Smartronix, LLC	11/23/2028		Aerospace and Defense		10.35	%	SOFR+610			25,078		24,798		25,073
Solutionreach, Inc.	7/17/2025		Communications		12.40	%	SOFR+715			9,239		9,216		9,239
SpendMend Holdings, LLC	3/1/2028		Business Services		10.26	%	SOFR+565			9,510		9,302		9,510
Summit Behavioral Healthcare, LLC	11/24/2028		Healthcare, Education and Childcare		9.31	%	SOFR+425			3,554		3,398		3,305
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	8/16/2027		Aerospace and Defense		10.26	%	SOFR+500			15,803		15,600		15,772
TCG 3.0 Jogger Acquisitionco, Inc.	1/23/2029		Media		11.10	%	SOFR+650			9,950		9,800		9,851
TPC US Parent, LLC	11/24/2025		Food		10.98	%	SOFR+565			11,392		11,330		11,392
TWS Acquisition Corporation	6/6/2025		Education		11.33	%	SOFR+640			1,568		1,567		1,568
Team Services Group, LLC	11/24/2028		Healthcare, Education and Childcare		9.95	%	SOFR+510			9,661		9,462		9,537
Teneo Holdings LLC	3/13/2031		Business Services		9.60	%	SOFR+475			2,985		2,955		2,994
The Bluebird Group LLC	7/27/2026		Business Services		11.25	%	SOFR+665			14,445		14,404		14,445
The Vertex Companies, LLC	8/31/2027		Business Services		10.99	%	SOFR+610			7,611		7,536		7,611
Transgo, LLC	12/29/2028		Auto Sector		10.60	%	SOFR+575			14,479		14,282		14,479
Tyto Athene, LLC	4/3/2028		Aerospace and Defense		10.23	%	SOFR+490			11,393		11,306		11,165
Urology Management Holdings, Inc.	6/15/2026		Healthcare, Education and Childcare		11.46	%	SOFR+550			10,928		10,836		10,819
Watchtower Buyer, LLC	12/1/2029		Consumer Products		10.60	%	SOFR+600			13,942		13,769		13,803
Wildcat Buyerco, Inc.	2/27/2027		Electronics		10.60	%	SOFR+575			19,256		19,126		19,256
Zips Car Wash, LLC	12/31/2024		Business Services	12.46% (PIK 1.5%)			SOFR+740			19,687		19,648		18,801

Total First Lien Secured Debt												1,033,954		1,028,874
Equity Security - 2.1% of Net Assets
Dynata, LLC - Common Equity		—	Business Services		—			—		134		2,351		2,351


Total Investments - 918.5% of Net Assets (3)(4)												1,036,305		1,031,225
Cash and Cash Equivalents - 32.6% o f Net Assets
BlackRock Federal FD Institutional 30 (Money Market Fund)												36,595		36,595
Total Cash and Cash Equivalents												36,595		36,595
Total Investments and Cash Equivalents - 951.1% of Net Assets											$	1,072,900	$	1,067,820
Liabilities in Excess of Other Assets — (851.1)% of Net Assets														(955,549	)
Members' Equity—100.0%													$	112,271

(1)

(2)

Valued based on PSLF’s accounting policy.

(3)

As of September 30, 2024, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S. Companies were $1,036.3 million, $1,031.2 million and 918.5%

(4)

All of our investments are not registered under the 1933 Act and have restrictions on resale.

(5)

The securities are, 1) pledged as collateral under the BNP Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLO IV, LLC; or, 3)
securing the 2035 Asset-Backed Debt held through PennantPark CLO VII, LLC

Consolidated Statements of Assets and Liabilities for PSLF

Below is the consolidated statements of assets and liabilities for PSLF ($ in thousands):


	September 30, 2025		September 30, 2024
Assets
Investments at fair value (amortized cost—$1,289,319 and $1,036,305, respectively)	$	1,265,901	$	1,031,225
Cash and cash equivalents (cost—$40,985 and $36,595, respectively)		40,985		36,595
Interest receivable		5,271		5,089
Receivable for investments sold		1,055		—
Prepaid expenses and other assets		2,148		372
Due from affiliate		87		71
Total assets		1,315,447		1,073,352
Liabilities
2037 Asset-backed debt, net (par—$328,000 and $0, respectively and unamortized deferred financing cost of $1,887 and $0, respectively)		326,113		—
2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $940 and $1,328, respectively)		245,060		244,672
2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,434 and $1,882, respectively)		244,566		244,118
Credit facility payable		99,600		247,600
Subordinated notes payable to members		250,808		191,546
Payable for investments purchased		—		7,314
Interest payable on credit facility and asset backed debt		13,730		12,525
Distribution payable to members		8,000		8,000
Interest payable on subordinated notes to members		5,305		4,372
Accounts payable and accrued expenses		1,189		934
Due to affiliate		50		—
Total liabilities		1,194,421		961,081

Members' equity		121,026		112,271
Total liabilities and members' equity	$	1,315,447	$	1,073,352

*For the years ended of September 30, 2025 and 2024, PSLF had zero of unfunded commitments to fund investments.

Consolidated Statements of Operations for PSLF

Below are the consolidated statements of operations for PSLF ($ in thousands):


	Year Ended September 30,
	2025			2024
Investment income:
Interest	$	138,501		$	114,231
Other income		1,875			1,023
Total investment income		140,376			115,254
Expenses:
Interest expense on credit facility and asset-backed debt		67,975			54,405
Interest expense on subordinated notes to members		30,436			24,861
Administration services expense		3,457			2,423
General and administrative expenses		1,494			1,360
Expenses before debt issuance costs		103,362			83,049
Debt issuance costs		250			—
Total expenses		103,612			83,049
Net investment income		36,764			32,205
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments		(9,215	)		(2,838	)
Net realized gain (loss) on debt extinguishment		(187	)		—
Net change in unrealized appreciation (depreciation) on investments		(18,344	)		1,462
Net realized and unrealized gain (loss) on investments		(27,746	)		(1,376	)
Net increase (decrease) in members' equity resulting from operations	$	9,018		$	30,829

* No management or incentive fees are payable by PSLF