Investments

6 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

4. INVESTMENTS

For the three and six months ended March 31, 2026, purchases of investments, including payment-in-kind ("PIK") interest totaled $296.3 million and $599.0 million, respectively. Sales and repayments of investments for the three and six months ended March 31, 2026, totaled $328.0 million and $769.5 million, respectively. For the three and six months ended March 31, 2025, purchases of investments, including payment-in-kind ("PIK") interest totaled $295.0 million and $903.3 million, respectively. Sales and repayments of the investments for the three and six months ended March 31, 2025, totaled $122.4 million and $523.7 million, respectively.

Investments and cash and cash equivalents consisted of the following:


($ in thousands)	March 31, 2026				September 30, 2025
Investment Classification	Cost		Fair Value		Cost		Fair Value
First lien	$	1,982,553	$	1,948,853	$	2,289,071	$	2,275,982
First lien in PSSL		237,650		237,650		237,650		237,650
First Lien in PSSL II		65,625		65,625		—		—
Second Lien		—		—		995		995
Subordinate debt		18,866		18,813		17,387		17,986
Equity		150,506		221,345		150,565		196,397
Equity interests in PSSL		163,100		60,116		123,725		44,318
Equity interests in PSSL II		28,125		27,879		—		—
Total investments		2,646,425		2,580,281		2,819,393		2,773,328
Cash and cash equivalents		121,873		121,871		122,684		122,688
Total investments and cash and cash equivalents	$	2,768,298	$	2,702,152	$	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	March 31, 2026 (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
Aerospace and Defense	$205,014	$251,979	12%	24%	$222,607	$236,703	10%	22%
Professional Services	221,792	219,229	10%	21%	252,226	248,621	10%	23%
Media	186,885	184,864	8%	18%	169,182	169,013	7%	16%
Healthcare Providers and Services	160,133	160,893	7%	15%	195,695	199,549	8%	19%
Diversified Consumer Services	132,306	133,846	6%	13%	121,706	120,861	5%	11%
Business Services	130,206	123,494	6%	12%	171,987	169,086	7%	16%
IT Services	105,340	103,905	5%	10%	123,257	125,392	5%	12%
Personal Products	102,180	93,547	4%	9%	99,851	99,069	4%	9%
Distributors	79,729	84,981	4%	8%	84,194	88,795	4%	8%
All Other	89,371	79,719	4%	9%	112,159	102,794	3%	10%
Construction & Engineering	74,366	78,455	4%	8%	106,806	110,299	4%	10%
Healthcare Technology	66,085	67,515	3%	7%	103,230	105,500	4%	10%
Commercial Services & Supplies	56,072	57,924	3%	6%	70,373	73,060	3%	7%
Leisure Products	60,176	57,691	3%	6%	97,385	95,499	4%	9%
Electronic Equipment, Instruments, and Components	50,234	51,287	2%	5%	43,733	44,241	2%	4%
Government Services	45,155	46,483	2%	4%	28,870	29,837	1%	3%
Auto Components	44,038	44,733	2%	4%	31,104	32,224	1%	3%
Automobiles	41,550	40,511	2%	4%	34,935	34,207	1%	3%
High Tech Industries	23,440	35,724	2%	3%	41,135	56,769	2%	5%
Healthcare, Education and Childcare	27,648	27,841	1%	3%	36,349	36,530	1%	3%
Consumer Services	29,777	25,730	1%	2%	28,840	28,878	1%	3%
Manufacturing/Basic Industry	24,740	24,701	1%	2%	56,192	56,192	2%	5%
Internet Software and Services	24,609	24,041	1%	2%	39,660	40,012	2%	4%
Healthcare Equipment and Supplies	19,625	21,690	1%	2%	29,575	31,850	1%	3%
Marketing Services	19,982	20,092	1%	2%	19,307	19,365	1%	2%
Building Products	20,471	19,510	1%	2%	20,322	19,964	1%	2%
Gaming	18,378	18,426	1%	2%	14,852	14,974	1%	2%
Software	17,672	15,708	1%	2%	17,716	17,453	1%	2%
Independent Power and Renewable Electricity Producers	14,148	15,315	1%	1%	20,028	21,134	1%	2%
Metals and Mining	14,783	14,825	1%	1%	14,437	14,447	1%	1%
Air Freight and Logistics	13,736	13,416	—	1%	14,122	13,785	1%	1%
Media: Diversified and Production	8,756	7,337	—	1%	12,478	11,534	—	1%
Food Products	12,231	12,280	—	1%	12,681	12,602	1%	1%
Consumer products	11,297	11,319	—	1%	11,024	11,121	0%	0%
Total	$2,151,925	$2,189,011	100%	211%	$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 March 31, 2026 and September 30, 2025, PSSL had total assets of $1,248.8 million and $1,153.7 million, respectively, and its investment portfolio consisted of investments in 120 and 117 portfolio companies, respectively. As of March 31, 2026, at fair value, the largest investment in a single portfolio company in PSSL was $24.9 million and the five largest investments totaled $111.9 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 March 31, 2026 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 and six months ended March 31, 2026, the Company made capital contributions of zero and 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 March 31, 2026.

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 March 31, 2026. 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)	March 31, 2026			September 30, 2025
Total investments	$	1,209,044		$	1,084,649
Weighted average cost yield on income producing investments		9.5	%		10.1	%
Number of portfolio companies in PSSL		120			117
Largest portfolio company investment	$	24,874		$	20,901
Total of five largest portfolio company investments	$	111,858		$	99,270

Below is a listing of PSSL’s individual investments as of March 31, 2026 (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 - 1,737.2% of Net Assets
ACP Avenu Buyer, LLC	10/6/2023	10/2/2029	Business Services	8.66%		SOFR+500			19,912	$	19,709	$	19,414
ACP Falcon Buyer, Inc.	8/22/2023	8/1/2029	Business Services	9.16%		SOFR+550			18,478		18,247		18,478
APT OPCO, LLC	10/23/2025	9/30/2031	Healthcare and Pharmaceuticals	8.70%		SOFR+500			12,438		12,377		12,438
Ad.net Acquisition, LLC	5/24/2021	5/7/2026	Media	9.96%		SOFR+626			12,716		12,707		12,716
Aechelon Technology, Inc.	4/10/2025	8/16/2029	Aerospace and Defense	9.42%		SOFR+575			11,400		11,400		11,514
AFC-Dell Holding Corp.	12/23/2024	4/9/2027	Distributors	8.67%		SOFR+500			7,594		7,573		7,594
Aphix Buyer, Inc.	9/3/2025	7/17/2031	Business Services	8.42%		SOFR+475			8,955		8,906		8,910
Alpine Acquisition Corp II - Second out Term Loan	11/30/2026	1/14/2031	Containers and Packaging		—		—		1,048		1,048		1,048
Alpine Acquisition Corp II - Third out Term Loan	11/30/2026	1/14/2031	Containers and Packaging		—		—		1,398		1,398		1,398
Alpine Acquisition Corp II - Unfunded Term Loan	11/30/2026	1/14/2031	Containers and Packaging		—		—		419		-		-
Alpine Acquisition Corp II - Unfunded Revolver	11/30/2026	12/29/2030	Containers and Packaging		—		—		105		-		-
Anteriad, LLC (f/k/a MeritDirect, LLC)	4/10/2025	12/31/2027	Media: Advertising, Printing & Publishing	9.60%		SOFR+590			10,962		10,931		10,880
Arcfield Acquisition Corp.	11/11/2024	10/28/2031	Aerospace and Defense	8.67%		SOFR+500			5,925		5,917		5,895
Archer Lewis, LLC	11/22/2024	8/28/2029	Commercial Services & Supplies	9.45%		SOFR+575			14,825		14,754		14,528
Argano, LLC	1/9/2025	9/13/2029	Business Services	9.17%		SOFR+550			22,313		22,071		22,090
Azureon, LLC (F/K/A Tpcn Midco, LLC)	4/10/2025	6/26/2029	Diversified Consumer Services	9.45%		SOFR+575			4,950		4,855		4,876
Beacon Behavioral Support Services, LLC	10/9/2024	6/21/2029	Healthcare and Pharmaceuticals	9.20%		SOFR+550			24,874		24,701		24,874
Best Practice Associates, LLC	4/10/2025	11/8/2029	Aerospace and Defense	10.42%		SOFR+675			14,850		14,727		14,516
Beta Plus Technologies, Inc.	7/21/2022	7/2/2029	Business Services	9.45%		SOFR+575			14,799		14,563		14,577
Big Top Holdings, LLC	6/26/2024	2/28/2030	Business Services	8.95%		SOFR+525			14,594		14,407		14,594
BioDerm, Inc.	2/28/2023	1/31/2028	Healthcare and Pharmaceuticals	10.17%		SOFR+650			8,753		8,703		8,621
Blackhawk Industrial Distribution, Inc.	6/30/2022	9/17/2026	Distributors	9.10%		SOFR+540			14,737		14,694		14,295
BLC Holding Company, Inc.	4/10/2025	11/20/2030	Business Services	8.20%		SOFR+450			4,950		4,929		4,950
Boss Industries, LLC	4/10/2025	12/27/2030	Independent Power and Renewable Electricity Producers	8.45%		SOFR+500			4,950		4,886		4,950
Burgess Point Purchaser Corporation	10/3/2022	7/25/2029	Automotive	9.02%		SOFR+535			435		417		378
By Light Professional IT Services, LLC	8/28/2025	7/15/2031	High Tech Industries	9.17%		SOFR+550			18,399		18,278		18,124
C5MI Acquisition, LLC	3/7/2025	7/31/2029	IT Services	9.70%		SOFR+600			14,775		14,621		14,775
Capital Construction, LLC	8/28/2025	10/22/2026	Consumer Services	9.59%		SOFR+590			4,252		4,238		4,188
Carisk Buyer, Inc.	10/16/2024	12/3/2029	Healthcare Technology	8.70%		SOFR+500			9,875		9,821		9,900
Carnegie Dartlet, LLC	4/11/2025	2/7/2030	Media: Advertising, Printing & Publishing	9.17%		SOFR+550			15,014		14,839		14,901
Cartessa Aesthetics, LLC	4/11/2023	6/14/2028	Distributors	9.70%		SOFR+600			9,392		9,325		9,345
Case Works, LLC	4/10/2025	10/1/2029	Professional Services	8.95%		SOFR+525			14,812		14,721		14,664
CF512, Inc.	12/27/2021	8/20/2026	Media	9.86%		SOFR+619			6,449		6,434		6,384
Commercial Fire Protection Holdings, LLC	11/26/2024	9/23/2030	Commercial Services & Supplies	8.20%		SOFR+450			19,737		19,658		19,737
Confluent Health, LLC	1/12/2024	11/30/2028	Healthcare and Pharmaceuticals	7.78%		SOFR+750			6,602		6,468		5,603
CJX Borrower, LLC	7/29/2021	7/13/2027	Media	9.41%		SOFR+576			3,715		3,695		3,659
Crane 1 Services, Inc.	4/11/2023	8/16/2027	Commercial Services & Supplies	9.53%		SOFR+536			2,036		2,027		2,005
DRI Holding Inc.	9/15/2022	12/21/2028	Media	9.02%		SOFR+535			2,560		2,435		2,470
DRS Holdings III, Inc.	1/27/2021	11/1/2028	Consumer Goods: Durable	8.92%		SOFR+525			4,384		4,378		4,428
Duggal Acquisition, LLC	4/10/2025	9/30/2030	Marketing Services	8.45%		SOFR+475			4,925		4,888		4,925
Dynata, LLC - First Out Term Loan (5)	7/15/2024	7/17/2028	Diversified Consumer Services	8.91%		SOFR+576			1,340		1,277		1,307
Dynata, LLC - Last Out Term Loan	7/15/2024	10/16/2028	Diversified Consumer Services	9.41%		SOFR+576			8,312		8,312		4,198
EDS Buyer, LLC	4/11/2023	1/10/2029	Electronic Equipment, Instruments, and Components	8.20%		SOFR+450			8,731		8,662		8,731
Emergency Care Partners, LLC	11/11/2024	10/18/2027	Healthcare Providers and Services	8.70%		SOFR+500			7,166		7,145		7,166
Exigo Intermediate II, LLC	11/21/2022	3/15/2027	Software	10.02%		SOFR+635			12,351		12,297		11,734
ETE Intermediate II, LLC	6/12/2023	5/29/2029	Diversified Consumer Services	8.70%		SOFR+500			12,062		11,912		12,062
EvAL Home Care Solutions Intermediate, LLC	7/10/2024	5/10/2030	Healthcare and Pharmaceuticals	9.42%		SOFR+575			8,601		8,496		8,601
GGG MIDCO, LLC	4/10/2025	9/27/2030	Diversified Consumer Services	8.67%		SOFR+500			24,449		24,377		24,644
Global Holdings InterCo, LLC	6/8/2021	9/16/2027	Diversified Financial Services	9.28%		SOFR+560			3,344		3,334		3,344
Graffiti Buyer, Inc.	3/15/2022	8/10/2027	Trading Companies & Distributors	9.27%		SOFR+560			3,666		3,648		3,565
Halo Buyer, Inc.	5/22/2025	8/7/2029	Consumer Products	9.67%		SOFR+600			6,435		6,324		6,403
Hancock Roofing And Construction, LLC	1/27/2021	12/31/2026	Insurance	9.30%		SOFR+560			2,112		2,105		1,975
Harris & Co, LLC	11/26/2024	8/9/2030	Professional Services	8.67%		SOFR+500			19,700		19,564		19,700
Harvest Group Topco Buyer, LLC	3/2/2026	3/2/2032	Media	8.42%			—		10,000		9,958		9,950
HEC Purchaser Corp.	4/10/2025	6/17/2029	Healthcare and Pharmaceuticals	8.70%		SOFR+500			6,419		6,391		6,419
Highwire Public Relations, LLC	1/12/2026	1/12/2031	Professional Services	8.70%			—		10,000		9,852		9,900
Hills Distribution, Inc.	5/3/2024	11/8/2029	Business Services	9.21%		SOFR+550			8,230		8,145		8,230
HW Holdco, LLC	4/11/2023	5/11/2026	Media	9.53%		SOFR+590			3,441		3,439		3,441
Imagine Acquisitionco, Inc.	3/15/2022	11/15/2027	Software	8.75%		SOFR+510			9,013		8,939		8,833


Issuer Name	Acquisition	Maturity	Industry	Current Coupon		Basis Point Spread Above Index (1)		Par or Number of Shares		Cost		Fair Value (2)
Infinity Home Services Holdco, Inc.	4/11/2023	12/28/2028	Commercial Services & Supplies	9.70%		SOFR+600			5,937		5,871		5,937
Inovex Information Systems Incorporated	3/3/2025	12/17/2030	Software	8.95%		SOFR+525			8,102		8,053		7,980
Inventus Power, Inc.	7/11/2023	6/30/2026	Consumer Goods: Durable	11.29%		SOFR+761			8,040		8,026		8,040
Kinetic Purchaser, LLC (4)	11/30/2021	11/10/2027	Personal Products		—		—		13,960		13,380		7,643
Lash OpCo, LLC	10/14/2021	9/17/2027	Personal Products	10.77%		SOFR+710			15,755		15,693		15,479
LAV Gear Holdings, Inc. - Takeback TL (5)	7/31/2025	7/31/2029	Leisure, Amusement, Motion Pictures, Entertainment	9.61%		SOFR+594			7,707		7,707		6,551
LAV Gear Holdings, Inc. - Priority TL (5)	7/31/2025	7/31/2029	Leisure, Amusement, Motion Pictures, Entertainment	9.61%		SOFR+594			2,439		2,413		2,439
LJ Avalon Holdings, LLC	4/11/2023	2/1/2030	Environmental Industries	8.15%		SOFR+450			2,520		2,488		2,495
Loving Tan Intermediate II, Inc.	10/25/2023	5/31/2028	Personal Products	8.95%		SOFR+500			12,130		12,039		12,070
MAG DS Corp.	9/27/2023	4/1/2027	Aerospace and Defense	9.30%		SOFR+560			2,181		2,149		2,169
Marketplace Events Acquisition, LLC	1/13/2025	12/19/2030	Media	8.99%		SOFR+525			16,830		16,700		16,704
MBS Holdings, Inc.	6/8/2021	4/16/2027	Internet Software and Services	8.77%		SOFR+510			8,201		8,163		8,201
MDI Buyer, Inc.	4/11/2023	7/25/2028	Chemicals, Plastics and Rubber	8.67%		SOFR+475			6,219		6,162		6,219
Meadowlark Acquirer, LLC	1/29/2022	12/10/2027	Professional Services	9.35%		SOFR+565			2,311		2,295		2,311
Medina Health, LLC	11/6/2023	10/20/2028	Healthcare and Pharmaceuticals	9.95%		SOFR+625			18,833		18,648		18,833
Megawatt Acquisitionco, Inc.	4/29/2024	3/1/2030	Electronic Equipment, Instruments, and Components	9.20%		SOFR+550			15,435		15,269		15,126
MOREgroup Holdings, Inc.	3/22/2024	1/16/2030	Business Services	8.95%		SOFR+525			17,844		17,714		17,844
MES Intermediate, Inc.	4/11/2023	10/1/2027	Distributors	8.45%		SOFR+475			3,343		3,321		3,336
NBH Group, LLC	8/25/2021	8/19/2026	Healthcare, Education & Childcare	9.52%		SOFR+585			10,298		10,278		9,784
NORA Acquisition, LLC	10/2/2023	8/31/2029	Healthcare Providers and Services	10.05%		SOFR+635			20,952		20,689		20,061
North American Rail Solutions, LLC	10/23/2025	8/29/2031	Road and Rail	8.45%		SOFR+475			17,413		17,346		17,325
Omnia Exterior Solutions, LLC	11/1/2024	12/31/2029	Diversified Consumer Services	9.20%		SOFR+525			16,864		16,748		16,569
One Stop Mailing, LLC	7/8/2021	5/7/2027	Air Freight and Logistics	10.03%		SOFR+636			14,395		14,313		14,395
ORL Acquisition, Inc. (5)	5/22/2025	9/3/2027	Consumer Finance	13.10%		SOFR+940			2,295		2,287		1,354
OSP Embedded Purchaser, LLC	11/19/2024	12/17/2029	Aerospace and Defense	9.45%		SOFR+575			14,825		14,645		14,602
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	9.45%		SOFR+575			3,434		3,397		3,434
Pacific Purchaser, LLC	1/12/2024	10/2/2028	Business Services	9.99%		SOFR+625			11,758		11,633		11,758
PAR Excellence Holdings, Inc.	10/16/24	9/3/2030	Healthcare Technology	8.67%		SOFR+500			10,878		10,794		10,660
Paving Lessor Corp. First Lien -Term Loan	8/28/2025	7/1/2031	Business Services	8.95%		SOFR+525			19,877		19,755		19,877
PN Buyer, Inc.	11/19/2025	7/31/2031	Professional Services	8.17%		SOFR+450			9,975		9,933		9,875
Podean Buyer, LLC	11/4/2025	8/4/2031	Education	9.70%		SOFR+600			4,980		4,938		4,930
Pragmatic Institute, LLC (4)	3/28/2025	3/28/2030	Education		—		—		4,381		4,180		2,059
Project Granite Buyer, Inc.	5/22/2025	12/31/2030	Professional Services	9.45%		SOFR+575			6,435		6,350		6,435
Puget Collision, LLC	11/19/2025	10/3/2030	Automobiles	8.45%		SOFR+475			14,963		14,888		14,813
RRA Corporate, LLC	4/10/2025	8/15/2029	Diversified Consumer Services	8.95%		SOFR+525			7,661		7,609		7,355
RTIC Subsidiary Holdings, LLC	11/1/2024	5/3/2029	Leisure Products	9.45%		SOFR+575			14,800		14,657		14,578
Rancho Health MSO, Inc.	4/11/2023	6/20/2029	Healthcare Providers and Services	8.69%		SOFR+500			18,660		18,608		18,660
Ro Health, LLC	3/3/2025	1/17/2031	Healthcare Providers and Services	8.20%		SOFR+450			10,462		10,399		10,462
Rosco Parent, LLC	11/19/2025	8/29/2031	Auto Components	8.45%		SOFR+475			10,448		10,384		10,448
Rural Sourcing Holdings, Inc.	9/6/2023	6/15/2029	High Tech Industries	9.85%		SOFR+625			4,395		4,345		3,659
SCP Clinical Research Intermediate Holdings, LLC	1/2/2026	1/2/2032	Healthcare Providers and Services	8.42%			—		10,000		9,962		9,950
Sabel Systems Technology Solutions, LLC	11/11/2024	10/31/2030	Government Services	9.67%		SOFR+600			13,406		13,359		13,406
Safe Haven Defense US, LLC	9/19/2024	5/23/2029	Construction and Building	9.22%		SOFR+550			9,810		9,710		9,590
Sales Benchmark Index, LLC	1/27/2021	7/7/2026	Professional Services	9.90%		SOFR+620			9,131		9,126		9,131
Sath Industries, LLC	4/10/2025	12/17/2029	Event Services	9.20%		SOFR+550			10,254		10,174		10,254
Schlesinger Global, Inc.	9/30/2021	3/31/2027	Business Services	10.02%		SOFR+610			6,611		6,611		6,280
Seaway Buyer, LLC	4/11/2023	6/13/2029	Chemicals, Plastics and Rubber	9.84%		SOFR+615			4,944		4,902		4,944
Sigma Defense Systems, LLC	12/27/2021	12/20/2027	Aerospace and Defense	10.10%		SOFR+690			20,393		20,133		20,189
Smile Brands, Inc.	1/27/2021	10/12/2027	Healthcare and Pharmaceuticals	9.77%		SOFR+600			12,327		12,252		9,837
Spendmend Holdings, LLC	4/11/2023	3/1/2028	Healthcare Technology	8.85%		SOFR+515			4,008		3,977		4,008
STG Distribution, LLC - First Out New Money Term Loans (4)(5)	10/24/2024	10/3/2029	Air Freight and Logistics		—		—		2,028		1,858		2,028
STG Distribution, LLC - Second Out Term Loans (4),(5)	10/24/2024	10/3/2029	Air Freight and Logistics		—		—		4,637		2,562		111
STG Distribution, LLC - Final initial New Money TL	10/24/2024	7/14/2026	Air Freight and Logistics	8.00%			—		1,324		1,232		1,324
SV-Aero Holdings, LLC	10/31/2024	11/1/2030	Aerospace and Defense	8.70%		SOFR+500			14,531		14,476		14,531
Systems Planning And Analysis, Inc.	3/15/2022	8/16/2027	Aerospace and Defense	8.45%		SOFR+475			14,363		14,293		14,363
TMII Enterprises, LLC	4/11/2023	12/22/2028	Commercial Services & Supplies	8.17%		SOFR+450			2,859		2,827		2,859
TCG 3.0 Jogger Acquisitionco, Inc.	4/26/2024	1/23/2029	Media	10.20%		SOFR+650			19,331		19,118		18,799
The Bluebird Group, LLC	8/9/2021	7/28/2026	Professional Services	9.60%		SOFR+590			7,171		7,157		7,171
The Vertex Companies, LLC	4/11/2023	8/31/2028	Construction and Engineering	8.68%		SOFR+475			17,393		17,266		17,306


Issuer Name	Acquisition	Maturity		Industry	Current Coupon		Basis Point Spread Above Index (1)		Par or Number of Shares		Cost		Fair Value (2)
TPC US Parent, LLC	4/11/2023	4/20/2026		Consumer Goods: Non-Durable	9.56%		SOFR+590			15,751		15,745		15,751
Transgo, LLC	1/19/2024	12/29/2028		Automotive	8.92%		SOFR+575			15,780		15,616		15,543
Tyto Athene, LLC	5/5/2021	4/3/2028		IT Services	8.56%		SOFR+490			14,604		14,547		14,202
Walker Edison Furniture Company, LLC - Litigation DIP (5)	8/29/2025	3/1/2029		Wholesale	10.00%			—		146		146		151
Walker Edison Furniture Company, LLC - Unfunded Term Loan (5),(3)	8/29/2025	3/1/2029		Wholesale		—		—		116		-		5
Watchtower Buyer, LLC	5/20/2024	12/3/2029		Diversified Consumer Services	9.70%		SOFR+600			12,005		11,870		11,885
Wash & Wax Systems LLC (5)	4/30/2025	4/30/2028		Automobiles	9.17%		SOFR+550			5,959		6,043		6,078
Total First Lien Secured Debt											$	1,215,640	$	1,193,499
Subordinate Debt - 10.6% of Net Assets
Integrative Nutrition, LLC - Promissory Note #1	4/17/2025	4/15/2030		Diversified Consumer Services		—		—		1,877	$	1,654	$	1,633
Integrative Nutrition, LLC - Promissory Note #2	4/17/2025	4/15/2033		Diversified Consumer Services		—		—		3,623		1,977		1,449
Wash & Wax Systems LLC	4/30/2025	7/30/2028		Automobiles	12.00%			—		4,174		4,174		4,174
Total Subordinate Debt											$	7,805	$	7,256
Equity Securities - 12.1% of Net Assets
48Forty Intermediate Holdings, Inc. - Preferred Equity	11/5/2024		—	Containers and Packaging		—		—		699	$	4,158	$	4,158
48Forty Intermediate Holdings, Inc. - Common Equity	11/5/2024		—	Containers and Packaging		—		—		699		—		—
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		687
PLB Brands, LLC - Common Equity	3/5/2026			Education		—		—		560,239		560		560
Pragmatic Holdco, Inc. - Common Equity	3/28/2025		—	Education		—		—		134		—		—
Wash & Wax Group, LP - Common Equity	4/30/2025		—	Automobiles		—		—		2,493		4,449		1,562
White Tiger Newco, LLC - Common Equity (5)	7/31/2025		—	Capital Equipment		—		—		35,834		2,734		—
Total Equity Securities											$	14,944	$	8,289
Total Investments - 1,759.8% of Net Assets (6)(7)											$	1,238,389	$	1,209,044

Cash Equivalents - 26.2% of Net Assets
BlackRock Federal FD Institutional 81 ( Money Market Fund)					3.54%						$	470	$	470
Blackrock Liquidity Fed Fund Inst (Money Market Fund)					3.54%							3,739		3,739
JP Morgan USD Liquidity Inst (Money Market Fund)					3.65%							1,462		1,462
JP Morgan US Government Fund (Money Market Fund)					3.46%							3,014		3,014
Goldman Sachs Financial Square Government Fund (Money Market Fund)					3.56%							9,316		9,316
Total Cash Equivalents											$	18,001	$	18,001
Cash - 23.3% of Net Assets
Cash											$	15,997	$	15,997
Total Cash											$	15,997	$	15,997
Total Investments, Cash Equivalents, and Cash —1,809.3% of Net Assets											$	1,272,387	$	1,243,042
Liabilities in Excess of Other Assets — (1,709.3)% of Net Assets														(1,174,338	)
Members' Equity—100.0%													$	68,704

(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 not 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 March 31, 2026, all investments were in U.S Companies and total cost, fair value, percentage of Net Assets for the U.S Companies were $1,238.4 million, $1,209.0 million and 1,759.8%.

(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


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 - 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
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

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)

(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):


		March 31, 2026
		(Unaudited)			September 30, 2025
Assets
Investments at fair value (amortized cost—$1,238,389 and $1,103,716, respectively)	$		1,209,044	$		1,084,649
Cash equivalents (cost—$18,001 and $47,870, respectively)			18,001			47,870
Cash (cost—15,997 and $13,690, respectively)			15,997			13,690
Interest receivable			3,782			4,138
Receivable for investments sold			37			838
Due from affiliate			25			208
Prepaid expenses and other assets			1,881			2,296
Total assets			1,248,767			1,153,689
Liabilities
Credit facility payable			158,500			74,500
2036 Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $1,197 and $1,341, respectively)			244,803			244,659
2037 Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $1,732 and $1,904, respectively)			244,268			244,096
2037-R Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $2,296 and $2,518, respectively)			243,704			243,481
Notes payable to members			271,600			271,600
Interest payable on credit facility and asset backed debt			9,361			16,868
Interest payable on notes to members			6,251			6,788
Accrued expenses			1,314			997
Due to affiliate			262			50
Total liabilities			1,180,063			1,103,039
Members' equity			68,704			50,650
Total liabilities and members' equity	$		1,248,767	$		1,153,689

(1)

As of March 31, 2026 and September 30, 2025, PSSL had unfunded commitments to fund investments of $0.6 million and $0.4 million, respectively.

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


	Three Months Ended March 31,						Six Months Ended March 31,
	2026			2025			2026			2025
Investment income:
Interest	$	28,992		$	27,350		$	58,159		$	56,776
Other income		218			205			524			788
Total investment income		29,210			27,555			58,683			57,564
Expenses:(1)
Interest and expense on credit facility and asset-backed debt		13,914			13,731			28,216			27,816
Interest expense on notes to members		7,984			8,393			16,296			17,247
Administration fees		795			717			1,553			1,385
General and administrative expenses		633			414			1,096			906
Total expenses		23,326			23,255			47,161			47,354
Net investment income		5,884			4,300			11,522			10,210
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		(14,364	)		(7,788	)		(16,540	)		(6,455	)
Net change in unrealized appreciation (depreciation) on investments		108			(4,252	)		(10,278	)		(15,142	)
Net realized and unrealized gain (loss) on investments		(14,256	)		(12,040	)		(26,818	)		(21,597	)
Net increase (decrease) in members' equity resulting from operations	$	(8,372	)	$	(7,740	)	$	(15,296	)	$	(11,387	)

(1) No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Consolidated Statement of Operations. PSSL pays the Administrator an annual fee of 0.25% of average gross assets under management on a quarterly basis.

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 March 31, 2026, PSSL II had total assets of $357.5 million and its investment portfolio consisted of investments in 54 portfolio companies. As of March 31, 2026, at fair value, the largest investment in a single portfolio company in PSSL II was $13.0 million and the five largest investments totaled $64.8 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 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 March 31, 2026, our investment in PSSL II consisted of secured notes of $65.6 million ($39.4 million remaining unfunded) and equity interests of $28.1 million ($16.9 million remaining unfunded). During the three and six months ended March 31, 2025, the Company made capital contributions of approximately $37.5 million and $93.8 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 as administrative agent, through its wholly owned subsidiary, PSSL II SPV LLC, subject to leverage and borrowing base restrictions. In February 2026, the revolving credit facility was upsized to $250.0 million.

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


($ in thousands)	March 31, 2026
Total investments	$	339,929
Weighted average cost yield on income producing investments		8.9	%
Number of portfolio companies in PSSL II		54
Largest portfolio company investment	$	12,989
Total of five largest portfolio company investments	$	64,847

Below is a listing of PSSL II’s individual investments as of March 31, 2026 (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 - 914.5% of Net Assets
ACP Avenu Buyer, LLC	11/18/2025	10/2/2029	IT Services	8.66%	SOFR+500		13,000	$	12,935	$	12,675
ACP Falcon Buyer, Inc.	11/18/2025	8/1/2029	Internet Software and Services	9.16%	SOFR+550		814		822		814
APT OPCO, LLC	11/18/2025	9/30/2031	Healthcare Providers & Services	8.70%	SOFR+500		4,975		4,918		4,975
Arcfield Acquisition Corp.	2/3/2026	10/28/2031	Aerospace and Defense	8.67%	SOFR+500		3,990		3,971		3,970
Archer Lewis, LLC	11/18/2025	8/28/2029	Professional Services	9.45%	SOFR+575		1,128		1,128		1,105
Argano, LLC	1/27/2026	9/13/2029	Software	9.18%	SOFR+550		4,987		5,037		4,938
Beacon Behavioral Support Services, LLC	11/18/2025	6/21/2029	Healthcare Providers & Services	9.20%	SOFR+550		8,362		8,317		8,362
Big Top Holdings, LLC	11/18/2025	2/28/2030	Construction and Engineering	8.95%	SOFR+525		12,966		12,966		12,966
BLC Holding Company, Inc.	11/18/2025	11/20/2030	Commercial Services & Supplies	8.20%	SOFR+450		3,782		3,782		3,782
Boss Industries, LLC	11/18/2025	12/27/2030	Independent Power and Renewable Electricity Producers	8.45%	SOFR+500		5,839		5,839		5,839
By Light Professional IT Services, LLC	11/18/2025	7/15/2031	Aerospace and Defense	9.17%	SOFR+550		6,982		6,932		6,878
Carisk Buyer, Inc.	11/18/2025	12/3/2029	Healthcare Technology	8.70%	SOFR+500		5,862		5,862		5,876
Case Works, LLC	11/18/2025	10/1/2029	Professional Services	8.95%	SOFR+525		4,468		4,375		4,424
Commercial Fire Protection Holdings, LLC	11/18/2025	9/23/2030	Commercial Services & Supplies	8.20%	SOFR+450		12,967		12,967		12,967
Cornerstone Advisors of Arizona, LLC	1/27/2026	5/13/2032	Professional Services	8.45%	SOFR+475		6,501		6,471		6,468
Crane 1 Services, Inc.	11/18/2025	8/16/2027	Commercial Services & Supplies	9.53%	SOFR+586		2,511		2,496		2,473
EDS Buyer, LLC	11/18/2025	1/10/2029	Aerospace and Defense	8.20%	SOFR+450		1,970		1,975		1,970
Emergency Care Partners, LLC	11/18/2025	10/18/2027	Healthcare Providers & Services	8.70%	SOFR+500		6,250		6,250		6,250
ETE Intermediate II, LLC	11/18/2025	5/29/2029	Auto Components	8.70%	SOFR+500		973		973		973
GGG MIDCO, LLC	11/18/2025	9/27/2030	Diversified Consumer Services	8.67%	SOFR+500		9,458		9,458		9,546
Global Holdings InterCo, LLC	2/12/2026	9/16/2027	Diversified Financial Services	9.28%	SOFR+560		4,204		4,090		4,204
Harris & Co, LLC	11/18/2025	8/9/2030	Professional Services	8.67%	SOFR+500		12,967		12,925		12,967
Harvest Group Topco Buyer, LLC	3/31/2026	3/2/2032	Media	8.42%	SOFR+475		8,000		7,963		7,960
HEC Purchaser Corp.	11/18/2025	6/17/2029	Health Care Equipment & supplies	8.70%	SOFR+500		4,839		4,839		4,839
Highwire Public Relations, LLC	1/28/2026	1/12/2031	Professional Services	8.70%	SOFR+500		3,500		3,479		3,465
Hills Distribution, Inc.	11/18/2025	11/8/2029	Distributors	9.21%	SOFR+550		2,609		2,598		2,609
IG Investments Holdings, LLC	2/11/2026	9/22/2028	Professional Services	8.67%	SOFR+500		5,077		5,053		4,963
Impact Advisors, LLC	1/27/2026	3/19/2032	Healthcare Technology	8.19%	SOFR+450		9,108		9,108		9,108
LJ Avalon Holdings, LLC	12/2/2025	2/1/2030	Construction and Engineering	8.15%	SOFR+450		7,963		7,963		7,883
MBS Holdings, Inc.	11/18/2025	4/16/2027	Internet Software and Services	8.77%	SOFR+510		5,106		5,106		5,106
MOREgroup Holdings, Inc.	1/6/2026	1/16/2030	Construction and Engineering	8.95%	SOFR+525		7,204		7,204		7,204
Medina Health, LLC	11/18/2025	10/20/2028	Healthcare and Pharmaceuticals	9.95%	SOFR+625		3,314		3,323		3,314
MES Intermediate, Inc.	11/18/2025	10/1/2027	Distributors	8.45%	SOFR+475		12,984		12,984		12,958
North American Rail Solutions	11/18/2025	8/29/2031	Road and Rail	8.45%	SOFR+475		12,967		12,908		12,903
OSP Embedded Purchaser, LLC	11/18/2025	12/17/2029	Aerospace and Defense	9.45%	SOFR+575		6,965		6,864		6,860
PCS MIDCO, Inc.	11/18/2025	3/1/2030	Professional Services	9.45%	SOFR+575		2,343		2,354		2,343
PD Tri-State Holdco, LLC.	11/18/2025	10/14/2030	Diversified Consumer Services	8.95%	SOFR+525		2,963		2,939		2,992
PN Buyer, Inc.	1/9/2026	7/31/2031	Professional Services	8.17%	SOFR+450		9,975		9,929		9,875
Pacific Purchaser, LLC	11/18/2025	10/2/2028	Professional Services	9.99%	SOFR+625		2,199		2,179		2,199
PAR Excellence Holdings, Inc.	11/18/2025	9/3/2030	Healthcare Technology	8.67%	SOFR+500		6,965		6,902		6,826
Paving Lessor Corp.	1/28/2026	7/1/2031	Commercial Services & Supplies	8.94%	SOFR+525		4,815		4,793		4,815
Project Granite Buyer, Inc.	11/18/2025	12/31/2030	Professional Services	9.45%	SOFR+575		3,934		3,972		3,934
Puget Collision, LLC	11/18/2025	10/3/2030	Automobiles	8.45%	SOFR+475		8,124		8,078		8,043
Rancho Health MSO, Inc.	11/18/2025	6/20/2029	Healthcare Providers & Services	8.66%	SOFR+500		6,841		6,841		6,841
Sabel Systems Technology Solutions, LLC	1/31/2025	10/31/2030	IT Services	9.67%	SOFR+600		8,977		8,977		8,977
Sath Industries, LLC	11/18/2025	12/17/2029	Building Products	9.20%	SOFR+550		3,338		3,338		3,338
Sigma Defense Systems, LLC	11/18/2025	12/20/2027	Aerospace and Defense	10.10%	SOFR+640		10,422		10,388		10,318
Smartronix, LLC	11/24/2025	2/6/2032	Aerospace and Defense	8.17%	SOFR+450		5,940		5,919		5,841
Systems Planning And Analysis, Inc.	11/18/2025	8/16/2027	Aerospace and Defense	8.45%	SOFR+475		12,989		12,931		12,989
TMII Enterprises, LLC	11/18/2025	12/22/2028	Professional Services	8.17%	SOFR+450		1,969		1,969		1,969
The Bluebird Group, LLC	11/18/2025	7/28/2026	Professional Services	9.60%	SOFR+590		5,012		5,012		5,012
The Vertex Companies, LLC	11/18/2025	8/31/2028	Construction and Engineering	8.77%	SOFR+500		7,705		7,692		7,666
Transgo, LLC	11/18/2025	12/29/2028	Auto Components	8.92%	SOFR+525		7,980		7,927		7,860
Tyto Athene, LLC	11/18/2025	4/3/2028	IT Services	8.56%	SOFR+490		4,626		4,524		4,497
Total First Lien Secured Debt								$	340,545	$	339,929

Total Investments - 914.5% of Net Assets (3)(4)								$	340,545	$	339,929

Cash Equivalents - 14.4% of Net Assets
Dreyfus Govt CM INST 289				3.54%				$	5,320	$	5,320
Total Cash Equivalents								$	5,320	$	5,320
Cash - 24.7% of Net Assets
Cash								$	9,169	$	9,169
Total Cash								$	9,169	$	9,169
Total Investments, Cash Equivalents, and Cash —953.5% of Net Assets								$	355,034	$	354,418
Liabilities in Excess of Other Assets — (853.5)% of Net Assets											(317,246	)
Members' Equity—100.0%										$	37,172

——————————————————

(1)

(2)

Valued based on PSSL II’s accounting policy.

(3)

As of March 31, 2026, all investments were in U.S Companies, and total cost, fair value, percentage of Net Assets for the U.S Companies were $340.5 million, $339.9 million and 914.5%.

(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):


		March 31, 2026
		(Unaudited)
Assets
Investments at fair value (amortized cost—$340,545)	$		339,929
Cash equivalents (cost—$5,320)			5,320
Cash (cost—$9,169)			9,169
Interest receivable			904
Prepaid expenses and other assets			2,169
Due from affiliate			18
Total assets			357,509
Liabilities
Credit facility payable			226,000
Notes payable to members			87,500
Interest payable on credit facility			3,247
Interest payable on notes to members			1,644
Distribution payable to members			1,200
Accrued expenses			746
Total liabilities			320,337
Members' equity			37,172
Total liabilities and members' equity	$		357,509

—————————————————

(1)

As of March 31, 2026, PSSL II had unfunded commitments to fund investments of zero.

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


	Three Months Ended March 31, 2026			For the period November 18, 2025 (commencement of operations) through March 31, 2026
Investment income:
Interest	$	6,333		$	8,535
Other income		18			25
Total investment income		6,351			8,560
Expenses:(1)
Interest and expense on credit facility		2,659			3,487
Interest expense on notes to members		2,238			3,019
Administration fees		233			294
General and administrative expenses		156			239
Expenses before debt issuance costs		5,286			7,039
Debt issuance costs		33			33
Net investment income		1,032			1,488
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments		—			—
Net change in unrealized appreciation (depreciation) on investments		(135	)		(616	)
Net realized and unrealized gain (loss) on investments		(135	)		(616	)
Net increase (decrease) in members' equity resulting from operations	$	897		$	872

—————————————————

(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. PSSL II pays the Administrator an annual fee of 0.25% of the total assets under management on a quarterly basis.