Investments (Tables)

6 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Cash and Cash Equivalents

Investments and cash and cash equivalents consisted of the following:


	March 31, 2026				September 30, 2025
Investment Classification ($ in thousands)	Cost		Fair Value		Cost		Fair Value
First lien	$	509,412		481,700	$	606,949	$	582,373
U.S. Government Securities		209,462		209,427		124,809		124,788
Second lien		15,232		14,825		18,619		18,161
Subordinated debt / corporate notes		66,337		66,788		60,575		60,933
Subordinated notes in PSLF		140,287		140,288		140,287		140,287
Equity		199,234		236,578		203,291		293,218
Equity in PSLF		82,358		53,907		82,358		67,513
Total investments		1,222,322		1,203,513		1,236,888		1,287,273
Cash and cash equivalents		44,858		44,807		51,739		51,783
Total investments and cash and cash equivalents	$	1,267,180	$	1,248,320	$	1,288,627	$	1,339,056

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 by cost and fair value and enumerates the percentage, by fair value and total net asset value in such industries as of:



	March 31, 2026 (1)										September 30, 2025 (1)
Industry Classification	Cost		Fair Value		Fair Value Percentage			Net Asset Value Percentage			Cost		Fair Value		Fair Value Percentage			Net Asset Value Percentage
Short-Term U.S. Government Securities	$	209,462	$	209,427		21	%		48	%	$	124,809	$	124,788		12	%		27	%
Healthcare, Education and Childcare		120,903		171,921		17	%		39	%		128,969		168,000		16	%		36	%
Business Services		154,653		134,049		13	%		31	%		195,614		184,452		17	%		40	%
Financial Services		77,983		77,215		8	%		18	%		70,403		68,959		6	%		15	%
Distribution		36,593		46,086		5	%		10	%		57,352		130,850		12	%		28	%
Auto Sector		40,828		38,350		4	%		9	%		26,621		27,826		2	%		6	%
Aerospace and Defense		20,028		38,288		4	%		9	%		39,513		47,113		4	%		10	%
Media		37,606		36,342		4	%		8	%		17,477		17,434		2	%		4	%
Consumer Products		41,563		33,878		3	%		8	%		53,746		49,414		5	%		11	%
Environmental Services		63,048		27,334		3	%		6	%		61,588		31,238		3	%		7	%
Gaming		24,101		24,269		2	%		6	%		22,853		23,151		2	%		5	%
Diversified Conglomerate Service		22,761		22,181		2	%		5	%		17,268		16,416		1	%		4	%
Consumer Services		19,991		19,749		2	%		4	%		19,067		19,319		2	%		4	%
Personal, Food and Miscellaneous Services		16,316		19,403		2	%		4	%		16,207		18,769		2	%		4	%
Manufacturing/Basic Industry		15,269		15,902		2	%		4	%		42,601		43,067		4	%		9	%
Buildings and Real Estate		13,637		13,688		1	%		3	%		12,546		12,495		1	%		3	%
Chemicals, Plastics and Rubber		15,473		12,919		1	%		3	%		15,237		12,240		1	%		3	%
Government Services		11,094		11,537		1	%		3	%		896		1,164		0	%		0	%
Telecommunications		9,085		9,648		1	%		2	%		22,305		13,695		1	%		3	%
Home and Office Furnishings, Housewares and Durable Consumer Products		7,218		9,009		1	%		2	%		9,258		9,723		1	%		2	%
Transportation		12,530		7,646		1	%		2	%		9,787		4,655		0	%		1	%
Machinery		3,325		4,757		0	%		1	%		1,645		3,083		0	%		1	%
All Other		26,210		25,720		2	%		6	%		48,481		51,622		6	%		11	%
Total	$	999,677	$	1,009,318		100	%		231	%	$	1,014,243	$	1,079,473		100	%		234	%

(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)	March 31, 2026 (Unaudited)			September 30, 2025
Total investments	$	1,314,347		$	1,265,901
Weighted average cost yield on income producing investments		9.6	%		10.1	%
Number of portfolio companies in PSLF		114			109
Largest portfolio company investment at fair value	$	26,443		$	24,802
Total of five largest portfolio company investments at fair value	$	124,702		$	121,360

Summary of Listing of PSLFs Individual Investments

Below is a listing of PSLF’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		Cost		Fair Value (2)
First Lien Secured Debt - 1,346.87% of Net Assets
ACP Avenu Buyer, LLC	04/23/24	10/02/29	Business Services	8.66%	SOFR +500		23,391	$	23,145	$	22,806
ACP Falcon Buyer, Inc.	10/06/23	08/01/29	Business Services	9.16%	SOFR +550		15,119		14,918		15,119
AFC-Dell Holding Corp.	02/23/24	04/09/27	Distribution	8.67%	SOFR +500		16,161		16,089		16,161
APT OPCO, LLC	12/24/25	09/30/31	Health Care Providers and Services	8.70%	SOFR +500		2,861		2,846		2,861
Ad.Net Acquisition, LLC	03/02/22	05/07/26	Media	9.96%	SOFR +626		5,411		5,410		5,411
Aechelon Technology, Inc.	12/23/24	08/16/29	Aerospace and Defense	9.42%	SOFR +575		16,100		16,030		16,261
Alpine Acquisition Corp II - Second out Term Loan (6)	10/12/22	01/14/31	Containers, Packaging and Glass	8.66%	SOFR +500		1,210		1,210		1,210
Alpine Acquisition Corp II - Third out Term Loan (6)	10/12/22	01/14/31	Containers, Packaging and Glass	8.92%	SOFR +525		1,614		1,614		1,614
Alpine Acquisition Corp II Unfunded Revolver (6), (7)	10/12/22	01/14/31	Containers, Packaging and Glass				484		-		-
Alpine Acquisition Corp II Unfunded First out DDTL (6), (7)	10/12/22	12/29/30	Containers, Packaging and Glass				121		-		-
Amsive Holdings Corporation	03/02/22	12/10/26	Media	9.95%	SOFR +625		13,732		13,706		13,595
Anteriad, LLC (f/k/a MeritDirect, LLC)	03/02/22	12/31/27	Media	9.60%	SOFR +590		13,398		13,387		13,298
Arcfield Acquisition Corp.	07/26/22	10/28/31	Aerospace and Defense	8.67%	SOFR +500		14,813		14,794		14,738
Archer Lewis, LLC	12/20/24	08/28/29	Healthcare, Education and Childcare	9.45%	SOFR +575		15,502		15,361		15,192
Argano, LLC	12/16/24	09/13/29	Business Services	9.18%	SOFR +550		20,241		20,065		20,038
BLC Holding Company, INC.	02/24/25	11/20/30	Environmental Services	8.20%	SOFR +450		11,953		11,888		11,953
Beacon Behavioral Support Services, LLC	09/16/24	06/21/29	Healthcare, Education and Childcare	9.20%	SOFR +550		24,483		24,223		24,483
Best Practice Associates, LLC	01/21/25	11/08/29	Aerospace and Defense	10.42%	SOFR +675		19,750		19,527		19,306
Beta Plus Technologies, Inc.	08/11/22	07/02/29	Business Services	9.45%	SOFR +575		14,475		14,322		14,258
Big Top Holdings, LLC	06/26/24	03/01/30	Manufacturing / Basic Industries	8.95%	SOFR +525		6,591		6,508		6,591
Bioderm, Inc.	06/26/24	01/31/28	Healthcare, Education and Childcare	10.17%	SOFR +650		8,753		8,695		8,621
Blackhawk Industrial Distribution, Inc.	07/24/23	09/17/26	Distribution	9.10%	SOFR +540		25,113		25,030		24,360
Blue Cloud Pediatric Surgery Centers LLC	10/09/25	01/21/31	Health Care Providers and Services	8.67%	SOFR +500		2,481		2,458		2,444
Boss Industries, LLC	07/21/25	12/27/30	Conglomerate Manufacturing	8.45%	SOFR +475		5,925		5,891		5,925
Burgess Point Purchaser Corporation	10/03/22	07/25/29	Auto Sector	9.02%	SOFR +535		6,154		5,924		5,339
C5MI Acquisition, LLC	10/09/24	07/31/29	Business Services	9.70%	SOFR +600		9,838		9,757		9,838
CF512, Inc.	12/29/21	08/20/26	Media	9.86%	SOFR +619		8,995		8,967		8,905
Carisk Buyer, Inc.	02/09/24	11/30/29	Healthcare, Education and Childcare	8.70%	SOFR +500		11,312		11,231		11,340
Carnegie Dartlet, LLC	06/26/24	02/07/30	Education	9.17%	SOFR +550		22,540		22,274		22,371
Cartessa Aesthetics, LLC	09/09/22	06/14/28	Distribution	9.70%	SOFR +600		21,767		21,626		21,658
Case Works, LLC	11/26/24	10/01/29	Business Services	8.95%	SOFR +525		10,383		10,322		10,279
Commercial Fire Protection Holdings, LLC	12/16/24	09/23/30	Business Services	8.20%	SOFR +450		20,726		20,638		20,726
Confluent Health, LLC	12/23/24	11/30/28	Healthcare, Education and Childcare	11.17%	SOFR +750		1,940		1,940		1,765
Cornerstone Advisors of Arizona, LLC	10/09/25	05/13/32	Professional Services	8.45%	SOFR +475		5,940		5,913		5,910
CJX Borrower, LLC	08/12/22	07/13/27	Media	9.41%	SOFR +576		8,577		8,572		8,449
Crane 1 Services, Inc.	07/24/23	08/16/27	Personal, Food and Miscellaneous Services	9.53%	SOFR +586		5,244		5,224		5,166
DRI Holding Inc.	08/04/22	12/21/28	Media	9.02%	SOFR +535		5,740		5,457		5,537
DRS Holdings III, Inc.	03/02/22	11/01/28	Consumer Products	8.92%	SOFR +525		4,376		4,364		4,420
DX Electric Company, LLC	12/25/25	10/01/31	Electronic Equipment, Instruments and Components	8.95%	SOFR +525		7,029		6,985		7,029
Duggal Acquisition, LLC	12/23/24	09/30/30	Marketing Services	8.45%	SOFR +475		4,925		4,889		4,925
Dynata, LLC - First Out Term Loan	07/15/24	07/17/28	Business Services	8.91%	SOFR +526		1,564		1,492		1,526
Dynata, LLC - Last Out Term Loan	07/15/24	10/16/28	Business Services	9.41%	SOFR +576		9,621		9,621		4,859
EDS Buyer, LLC	07/24/23	01/10/29	Aerospace and Defense	8.20%	SOFR +450		23,051		22,835		23,051
ETE Intermediate II, LLC	07/24/23	05/29/29	Personal, Food and Miscellaneous Services	8.70%	SOFR +500		12,062		11,923		12,062
Emergency Care Partners, LLC	12/23/24	10/18/27	Healthcare, Education and Childcare	8.70%	SOFR +500		6,895		6,869		6,895
EvAL Home Care Solutions Intermediate, LLC	07/23/24	05/10/30	Healthcare, Education and Childcare	9.42%	SOFR +575		6,864		6,789		6,864
Exigo Intermediate II, LLC	07/24/23	03/15/27	Business Services	10.02%	SOFR +635		9,501		9,462		9,026
Five Star Buyer, Inc.	07/24/23	02/23/28	Hotels, Motels, Inns and Gaming	12.88%	SOFR +925		4,116		4,083		4,024
GGG Midco, LLC	12/16/24	09/27/30	Home and Office Furnishings, Housewares and Durable Consumer Products	8.67%	SOFR +500		15,047		14,951		15,183
Global Holdings InterCo, LLC	03/02/22	09/16/27	Banking, Finance, Insurance & Real Estate	9.28%	SOFR +560		6,290		6,279		6,290
Graffiti Buyer, Inc.	03/02/22	08/10/27	Distribution	9.27%	SOFR +560		3,938		3,916		3,830
HEC Purchaser Corp.	09/16/24	06/17/29	Healthcare, Education and Childcare	8.70%	SOFR +500		12,192		12,129		12,192
HV Watterson Holdings, LLC (4)	09/09/22	12/17/26	Business Services				15,523		15,449		5,123
HW Holdco, LLC	03/02/22	05/10/27	Media	9.53%	SOFR +585		23,121		23,111		23,121
Hancock Roofing And Construction, LLC	03/02/22	12/31/26	Insurance	9.30%	SOFR +560		6,029		6,029		5,637
Harris & Co, LLC	12/20/24	08/09/30	Financial Services	8.67%	SOFR +500		19,086		18,914		19,086


Issuer Name	Acquisition	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
Hills Distribution, Inc.	02/13/24	11/08/29	Distribution	9.21%	SOFR +550		14,405		14,279		14,405
IG Investments Holdings, LLC	03/02/22	09/22/28	Business Services	8.67%	SOFR +500		4,328		4,292		4,231
Imagine Acquisitionco, Inc.	07/24/23	11/15/27	Business Services	8.75%	SOFR +510		5,424		5,387		5,315
Impact Advisors, LLC	12/10/25	03/19/32	Health Care Technology	8.20%	SOFR +450		7,920		7,920		7,920
Infinity Home Services Holdco, Inc.	02/07/23	12/28/28	Personal, Food and Miscellaneous Services	9.70%	SOFR +600		13,679		13,569		13,679
Infolinks Media Buyco, LLC	07/24/23	11/01/26	Media	9.45%	SOFR +575		13,039		13,020		12,518
Inovex Information Systems Incorporated	03/04/25	12/17/30	Business Services	8.95%	SOFR +525		5,925		5,891		5,836
Inventus Power, Inc.	10/10/23	06/30/26	Consumer Products	11.29%	SOFR +761		12,902		12,878		12,902
Kinetic Purchaser, LLC (4)	07/24/23	11/10/27	Consumer Products				14,176		13,615		7,761
LAV Gear Holdings, Inc. - Takeback TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.61%	SOFR +594		2,324		2,324		1,975
LAV Gear Holdings, Inc. - Priority TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.61%	SOFR +594		738		730		738
Lash OpCo, LLC	03/02/22	09/17/27	Consumer Products	10.77%	SOFR +710		21,867		21,835		21,485
LJ Avalon Holdings, LLC	07/24/23	02/01/30	Environmental Services	8.15%	SOFR +450		12,212		12,136		12,090
MAG DS Corp.	03/02/22	04/01/27	Aerospace and Defense	9.30%	SOFR +560		8,130		7,969		8,084
MDI Buyer, Inc.	12/20/24	07/25/28	Chemicals, Plastics and Rubber	8.67%	SOFR +500		19,626		19,496		19,626
Marketplace Events Acquisition, LLC	03/04/25	12/19/30	Media	8.99%	SOFR +525		19,800		19,646		19,652
MBS Holdings, Inc.	03/02/22	04/16/27	Telecommunications	8.77%	SOFR +510		8,201		8,170		8,201
Meadowlark Acquirer, LLC	04/01/22	12/10/27	Business Services	9.35%	SOFR +565		2,878		2,856		2,878
Medina Health, LLC	01/18/24	10/20/28	Healthcare, Education and Childcare	9.95%	SOFR +625		19,423		19,328		19,423
Megawatt Acquisitionco, Inc.	07/17/24	03/01/30	Business Services	9.20%	SOFR +550		7,840		7,759		7,683
MOREgroup Holdings, Inc.	08/29/24	01/16/30	Business Services	8.95%	SOFR +525		19,600		19,398		19,600
Municipal Emergency Services, Inc.	03/02/22	10/01/27	Distribution	8.45%	SOFR +475		9,526		9,478		9,506
NBH Group, LLC	03/02/22	08/19/26	Healthcare, Education and Childcare	9.52%	SOFR +585		7,143		7,134		6,786
NORA Acquisition, LLC	11/21/23	08/31/29	Healthcare, Education and Childcare	10.05%	SOFR +635		19,988		19,787		19,138
North American Rail Solutions	12/25/25	08/29/31	Road and Rail	8.45%	SOFR +475		9,975		9,936		9,925
OSP Embedded Purchaser, LLC	01/17/25	12/17/29	Aerospace and Defense	9.45%	SOFR +575		18,831		18,716		18,548
Omnia Exterior Solutions, LLC	07/25/24	12/29/29	Diversified Conglomerate Service	9.20%	SOFR +550		17,882		17,693		17,569
One Stop Mailing, LLC	06/07/23	05/07/27	Transportation	10.03%	SOFR +636		7,693		7,644		7,693
PCS Midco, Inc.	08/29/24	03/01/30	Financial Services	9.45%	SOFR +575		5,155		5,102		5,155
PN Buyer, Inc.	10/09/25	07/31/31	Financial Services	8.17%	SOFR +450		3,547		3,530		3,511
Pacific Purchaser, LLC	03/21/24	10/02/28	Business Services	9.99%	SOFR +625		12,708		12,565		12,708
PAR Excellence Holdings, Inc.	11/26/24	09/03/30	Healthcare, Education and Childcare	8.67%	SOFR +500		9,875		9,803		9,678
PD Tri-State Holdco, LLC	12/25/25	10/14/30	Diversified Conglomerate Service	8.95%	SOFR +525		2,963		2,941		2,992
Paving Lessor Corp. First Lien -Term Loan	10/24/25	07/01/31	Commercial Services and Supplies	8.95%	SOFR +525		6,914		6,866		6,914
Project Granite Buyer, Inc.	07/21/25	12/31/30	Business Services	9.45%	SOFR +575		5,925		5,878		5,925
Puget Collision, LLC	12/24/25	10/03/30	Auto Sector	8.45%	SOFR +475		9,975		9,925		9,875
RRA Corporate, LLC	12/23/24	08/15/29	Business Services	8.95%	SOFR +525		3,940		3,914		3,782
RTIC Subsidiary Holdings, LLC	07/23/24	05/03/29	Consumer Products	9.45%	SOFR +575		24,575		24,283		24,206
Radius Aerospace, Inc.	11/06/19	03/29/27	Aerospace and Defense	9.60%	SOFR +615		11,715		11,677		11,510
Rancho Health MSO, Inc.	03/02/22	06/20/29	Healthcare, Education and Childcare	8.66%	SOFR +500		22,560		22,501		22,560
Riverpoint Medical, LLC	03/02/22	06/21/27	Healthcare, Education and Childcare	8.20%	SOFR +450		3,621		3,603		3,621
Ro Health, LLC	04/03/25	01/17/31	Health Care Providers and Services	8.20%	SOFR +450		9,258		9,205		9,258
Rosco Parent, LLC	12/24/25	09/12/31	Auto Sector	8.45%	SOFR +475		5,141		5,109		5,141
Rural Sourcing Holdings, Inc.	07/24/23	06/15/29	Professional Services	9.85%	SOFR +625		5,552		5,492		4,622
Sabel Systems Technology Solutions, LLC	01/07/25	10/31/30	Business Services	9.66%	SOFR +600		11,850		11,760		11,850
Sales Benchmark Index, LLC	03/02/22	07/07/26	Business Services	9.90%	SOFR +620		6,577		6,570		6,577
Sath Industries, LLC	12/10/25	12/17/29	Building Products	9.20%	SOFR +550		11,331		11,331		11,331
Seacoast Service Partners NA, LLC	07/21/25	12/20/29	Diversified Conglomerate Service	8.95%	SOFR +525		4,938		4,906		4,789
Seaway Buyer, LLC	09/14/22	06/13/29	Chemicals, Plastics and Rubber	9.85%	SOFR +615		14,831		14,695		14,831
Sigma Defense Systems, LLC	12/01/23	12/20/27	Telecommunications	10.10%	SOFR +640		26,710		26,573		26,443
SpendMend Holdings, LLC	07/24/23	03/01/28	Business Services	8.85%	SOFR +515		10,550		10,430		10,550
STG Distribution, LLC - First Out New Money Term Loans (4)	10/03/24	10/03/29	Transportation				2,054		1,907		2,054
STG Distribution, LLC - Second Out Term Loans (4)	10/03/24	10/03/29	Transportation				4,695		2,593		113
STG Distribution, LLC - Final Initial New Money TL		07/14/26	Transportation	8.00%			1,340		1,247		1,340
SV-Aero Holdings, LLC	10/31/24	11/01/30	Aerospace and Defense	8.70%	SOFR +500		14,531		14,477		14,531
Systems Planning And Analysis, Inc.	03/02/22	08/16/27	Aerospace and Defense	8.45%	SOFR +475		16,837		16,760		16,837
TCG 3.0 Jogger Acquisitionco, Inc.	02/27/24	01/23/29	Media	10.20%	SOFR +650		9,800		9,698		9,531
TMII Enterprises, LLC	07/24/23	12/22/28	Personal, Food and Miscellaneous Services	8.17%	SOFR +450		19,776		19,620		19,776
TPC US Parent, LLC	03/02/22	04/20/26	Food	9.56%	SOFR +590		10,858		10,855		10,858
The Bluebird Group, LLC	03/02/22	07/28/26	Business Services	9.60%	SOFR +590		14,682		14,666		14,682
The Vertex Companies, LLC	03/02/22	08/31/28	Business Services	8.68%	SOFR +500		14,406		14,343		14,334
Transgo, LLC	06/07/24	12/29/28	Auto Sector	8.91%	SOFR +525		25,595		25,412		25,211


Issuer Name	Acquisition	Maturity		Industry	Current Coupon		Basis Point Spread Above Index (1)		Par		Cost		Fair Value (2)
Tyto Athene, LLC	03/02/22	04/03/28		Aerospace and Defense	8.56%		SOFR +490			11,342		11,290		11,030
Watchtower Buyer, LLC	09/19/24	12/03/29		Consumer Products	9.70%		SOFR +600			22,994		22,824		22,765
Wash & Wax Systems, LLC	04/30/25	04/30/28		Business Services	9.17%		SOFR +550			6,702		6,793		6,836


Total First Lien Secured Debt												1,329,082		1,301,565
Subordinated Debt - 4.86% of Net Assets
Wash & Wax Systems, LLC - Subordinate Debt	04/30/25	07/30/28		Business Services	12.00%					4,694		4,694		4,694
Total Subordinated Debt										4,694		4,694		4,694

Equity Securities - 8.37% of Net Assets
48Forty Intermediate Holdings, Inc. - Preferred Equity (6)	11/05/24			Containers, Packaging and Glass						807		4,801		4,801
New Insight Holdings, Inc. - Common Equity	07/15/24		—	Business Services		—		—		134,330		2,351		1,530
48Forty Intermediate Holdings, Inc. - Common Equity (6)	11/05/24		—	Containers, Packaging and Glass		—		—		807		-		-
Wash & Wax Group, LP - Common Equity	04/30/25		—	Business Services		—		—		2,803		5,002		1,757
White Tiger Newco, LLC - Common Equity	07/31/25		—	Leisure, Amusement, Motion Pictures, Entertainment		—		—		10,805		824		-

Total Equity Securities												12,978		8,088
Total Investments - 1,360.10% of Net Assets (3), (5)												1,346,754		1,314,347
Cash Equivalents - 21.47% of Net Assets
JPMorgan U.S. Government (Money Market Fund)					3.46%							7,818		7,818
Goldman Sachs Financial Square Government Fund (Money Market Fund)					3.56%							11,145		11,145
BlackRock Federal FD Institutional 81 (Money Market Fund)					3.54%							1,782		1,782
Total Cash Equivalents												20,745		20,745
Cash - 30.69% of Net Assets
Cash												29,653		29,653
Total Cash												29,653		29,653

Total Investments, Cash Equivalents and Cash - 1,412.3% of Net Assets											$	1,397,152	$	1,364,745
Liabilities in Excess of Other Assets — (1,312.3)% of Net Assets														(1,268,109	)
Members' Equity—100.0%													$	96,636

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate ("S" or "SOFR"). 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 (1MS, 2MS, 3MS, or 6MS, respectively), at the borrower’s option. All securities are subject to the 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 PSLF's accounting policy.

(3)

As of March 31, 2026, all investments are in US Companies. Total cost, fair value, and percentage of Net Assets for U.S Companies were $1,346.8 million, $1,314.3 million and 1,360.1%.

(4)

Non-accrual security

(5)

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

(6)

The securities, or a portion thereof, are not 1) pledge as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2034 Asset-Backed Debt and held through PennantPark CLOIV, LLC, or 3) securing the 2035 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.

(7)

Represents the purchase of a security with 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.

Below is a listing of PSLF’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		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
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


Issuer Name	Acquisition	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
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
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


Issuer Name	Acquisition	Maturity		Industry	Current Coupon		Basis Point Spread Above Index (1)		Par		Cost		Fair Value (2)
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 Equivalents - 13.9% of Net Assets
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
Total Cash Equivalents												16,838		16,838
Cash - 19.9% of Net Assets
Cash												24,147		24,147
Total Cash												24,147		24,147
Total Investments, Cash Equivalents and Cash - 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)

(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 investments are not registered under the 1933 Act and have restrictions on resale.

(7)

Consolidated Statements of Assets and Liabilities for PSLF

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


	March 31, 2026 (Unaudited)		September 30, 2025
Assets
Investments at fair value (amortized cost—$1,346,754 and $1,289,319, respectively)	$	1,314,347	$	1,265,901
Cash equivalents (cost—$20,745 and $16,838, respectively)		20,745		16,838
Cash (cost—$29,653 and $24,147 respectively)		29,653		24,147
Interest receivable		4,263		5,271
Receivable for investments sold		—		1,055
Prepaid expenses and other assets		1,661		2,148
Due from affiliate		41		87
Total assets		1,370,710		1,315,447
Liabilities
2037 Asset-backed debt, net (par—$328,000, unamortized deferred financing cost of $1,707 and $1,887, respectively)		326,294		326,113
2034 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $746 and $940, respectively)		245,254		245,060
2035 Asset-backed debt, net (par—$246,000, unamortized deferred financing cost of $1,246 and $1,434, respectively)		244,754		244,566
Credit facility payable		179,900		99,600
Subordinated notes payable to members		250,808		250,808
Interest payable on credit facility and asset backed debt		12,824		13,730
Distribution payable to members		8,000		8,000
Interest payable on subordinated notes to members		4,713		5,305
Accounts payable and accrued expenses		1,310		1,189
Due to affiliate		217		50
Total liabilities		1,274,074		1,194,421

Members' equity		96,636		121,026
Total liabilities and members' equity	$	1,370,710	$	1,315,447

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

Consolidated Statements of Operations for PSLF

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


	Three Months Ended March 31,						Six Months Ended March 31,
	2026			2025			2026			2025
Investment income:
Interest	$	32,334		$	35,427		$	64,773		$	68,380
Other income		312			306			717			829
Total investment income		32,646			35,733			65,490			69,209
Expenses:
Interest expense on credit facility and asset-backed debt		15,960			17,294			32,170			32,937
Interest expense on subordinated notes to members		7,353			7,434			15,051			14,777
Administration services expense		891			899			1,740			1,677
General and administrative expenses		441			300			784			696
Total expenses		24,645			25,927			49,745			50,087
Net investment income		8,001			9,806			15,745			19,122
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments		(15,645	)		—			(15,645	)		(2,126	)
Net change in unrealized appreciation (depreciation) on investments		5,140			(6,386	)		(8,990	)		(8,304	)
Net realized and unrealized gain (loss) on investments		(10,505	)		(6,386	)		(24,635	)		(10,430	)
Net increase (decrease) in members' equity resulting from operations	$	(2,504	)	$	3,420		$	(8,890	)	$	8,692

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(1) No management or incentive fees are payable by PSLF. PSLF pays the Administrator an annual fee of 0.25% of average gross assets under management payable on a quarterly basis.