Purchases of investments, including PIK interest, for the three and nine months ended June 30, 2026, totaled $78.9 million and $306.8 million, respectively (excluding U.S. Government Securities). For the three and nine months ended June 30, 2025, purchases of investments, including PIK interest, totaled $89.6 million and $565.9 million, respectively (excluding U.S. Government Securities). Sales and repayments of investments for the three and nine months ended June 30, 2026 totaled $145.5 million and $532.1 million, respectively (excluding U.S. Government Securities). Sales and repayment of investments for the three and nine months ended June 30, 2025, totaled $132.2 and $749.0 million, respectively (excluding U.S. Government Securities).

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:



	June 30, 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	$	269,308	$	269,266		27	%		63	%	$	124,809	$	124,788		12	%		27	%
Healthcare, Education and Childcare		106,550		157,621		16	%		36	%		128,969		168,000		16	%		36	%
Business Services		147,900		125,591		13	%		29	%		195,614		184,452		17	%		40	%
Financial Services		72,458		69,590		7	%		16	%		70,403		68,959		6	%		15	%
Distribution		39,030		53,791		5	%		13	%		57,352		130,850		12	%		28	%
Auto Sector		51,623		49,613		5	%		12	%		26,621		27,826		2	%		6	%
Consumer Products		39,455		30,973		3	%		7	%		53,746		49,414		5	%		11	%
Aerospace and Defense		24,726		28,941		3	%		7	%		39,513		47,113		4	%		10	%
Environmental Services		60,905		25,231		3	%		6	%		61,588		31,238		3	%		7	%
Gaming		24,118		24,841		2	%		6	%		22,853		23,151		2	%		5	%
Consumer Services		20,477		20,180		2	%		5	%		19,067		19,319		2	%		4	%
Personal, Food and Miscellaneous Services		15,743		19,349		2	%		5	%		16,207		18,769		2	%		4	%
Media		18,416		17,364		2	%		4	%		17,477		17,434		2	%		4	%
Diversified Conglomerate Service		16,643		16,157		2	%		4	%		17,268		16,416		1	%		4	%
Manufacturing/Basic Industry		17,121		17,832		2	%		4	%		42,601		43,067		4	%		9	%
Chemicals, Plastics and Rubber		16,152		13,502		1	%		3	%		15,237		12,240		1	%		3	%
Electronics		10,801		10,958		1	%		3	%		2,507		5,485		1	%		1	%
Telecommunications		9,947		10,424		1	%		2	%		22,305		13,695		1	%		3	%
Buildings and Real Estate		9,277		9,292		1	%		2	%		12,546		12,495		1	%		3	%
Transportation		12,766		7,063		1	%		2	%		9,787		4,655		0	%		1	%
Building Materials		4,248		3,988		0	%		1	%		4,116		3,982		0	%		1	%
Machinery		1,645		3,792		0	%		1	%		1,645		3,083		0	%		1	%
All Other		16,237		15,907		1	%		3	%		52,012		53,042		6	%		11	%
Total	$	1,005,546	$	1,001,266		100	%		234	%	$	1,014,243	$	1,079,473		100	%		234	%

(1)

Excludes investments in PSLF.

In July 2020, we and Pantheon formed PSLF, an unconsolidated joint venture as a Delaware limited liability company. PSLF invests primarily in middle-market and other corporate debt securities consistent with its strategy. As of June 30, 2026 and September 30, 2025, PSLF had total assets of $1,336.4 million and $1,315.4 million, respectively and its investment portfolio consisted of investments in 113 and 109 portfolio companies, respectively. As of June 30, 2026, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interest of $5.0 million and $7.1 million, respectively, in PSLF. As of September 30, 2025, we and Pantheon had remaining commitments to fund subordinated notes of $8.2 million and $11.7 million, respectively, and equity interests of $5.0 million and $7.1 million, respectively, in PSLF. As of June 30, 2026, at fair value, the largest investment in a single portfolio company in PSLF was $26.3 million and the five largest investments totaled $124.6 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSLF was $24.8 million and the five largest investments totaled $121.4 million. PSLF invests in portfolio companies in the same industries in which we may directly invest.

We provide capital to PSLF in the form of subordinated notes and equity interests. As of June 30, 2026, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interests of PSLF. As of September 30, 2025, we and Pantheon owned 55.8% and 44.2%, respectively, of each of the outstanding subordinated notes and equity interest of PSLF. As of June 30, 2026, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million, respectively. As of September 30, 2025, our investment in PSLF consisted of subordinated notes of $140.3 million and equity interests of $82.4 million respectively.

We and Pantheon each appointed two members to PSLF’s four-person Member Designees’ Committee, or the Member Designees’ Committee. All material decisions with respect to PSLF, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees’ Committee. Quorum is defined as (i) the presence of two members of the Member Designees’ Committee; provided that at least one individual is present that was elected, designated or appointed by each of us and Pantheon; (ii) the presence of three members of the Member Designees’ Committee, provided that the individual that was elected, designated or appointed by each of us or Pantheon, as the case may be, with only one individual present being entitled to cast two votes on each matter; and (iii) the presence of four members of the Member Designees’ Committee constitute a quorum, provided that the two individuals are present that were elected, designated or appointed by each of us and Pantheon.

Additionally, PSLF, through its wholly-owned subsidiary, has entered into a $400.0 million (increased from $325.0 million in August 2024) senior secured revolving credit facility, with BNP Paribas, which bears interest at SOFR (or an alternative risk-free interest rate index) plus 210 basis points reduced from plus 225 basis points in June 2026, during the investment period and is subject to leverage and borrowing base restrictions.

In March 2022, PSLF completed a $304.0 million debt securitization in the form of a collateralized loan obligation, or the “2034 Asset-Backed Debt”. The 2034 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO IV, LLC., a wholly-owned and consolidated subsidiary of PSLF, consisting primarily of middle market loans and participation interests in middle market loans. The 2034 Asset-Backed Debt is scheduled to mature in April 2034. On the closing date of the transaction, in consideration of PSLF’s transfer to PennantPark CLO IV, LLC of the initial closing date loan portfolio, which included loans distributed to PSLF by certain of its wholly owned subsidiaries and us, PennantPark CLO IV, LLC transferred to PSLF 100% of the Preferred Shares of PennantPark CLO IV, LLC and 100% of the subordinated notes issued by PennantPark CLO IV, LLC. As of June 30, 2026 and September 30, 2025 there were $246.0 million and $246.0 million, respectively, of external 2034 Asset-Backed Debt.

On July 26, 2023, CLO VII , LLC ("CLO VII") completed a $300 million debt securitization in the form of a collateralized loan obligation (the "2035 Debt Securitization" or "2035 Asset-Backed Debt"). The 2035 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2035 Debt Securitization was executed through a private placement of: (i) $151.0 million Class A-1a Notes maturing 2035, which bear interest at the three-month SOFR plus 2.7%, (ii) $20.0 million Class A-1b Loans 2035, which bear interest at 6.5%, (iii) $12.0 million Class A-2 Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 3.2%, (iv) $21.0 million Class B Senior Secured Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.1%, (v) $24.0 million Class C Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 4.7%, and (vi) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2035, which bear interest at the three-month SOFR plus 7.0%. On July 21, 2025, CLO VII closed a partial refinancing of the 2035 Debt Securitization where the $21.0 million Class B (B-R) Senior Secured Floating Rate Notes interest rate was decreased to SOFR plus 2.0%, the $24.0 million Class C (C-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 2.3% and the $18.0 million Class D (D-R) Secured Deferrable Floating Rate Notes interest rate was decreased to SOFR plus 3.4%. As of June 30, 2026 and September 30, 2025, there were $246.0 million and $246.0 million of external 2035 Asset-Backed Debt.

On December 23, 2024, PennantPark CLO X, LLC ("CLO X”) completed a $400.5 million debt securitization in the form of a collateralized loan obligation (the "2037 Debt Securitization" or "2037 Asset-Backed Debt"). The 2037 Asset-Backed Debt is secured by a carefully constructed portfolio consisting primarily of middle market loans. The 2037 Debt Securitization was executed through a private placement of: (i) $158.0 million Class A-1 Notes maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (ii) $30.0 million Class A-1A Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iii) $40.0 million Class A-1W Loans maturing 2037, which bear interest at the three-month SOFR plus 1.59%, (iv) $16.0 million Class A-2W Loans due 2037, which bear interest at the three-month SOFR plus 1.75%, (v) $28.0 million Class B Notes due 2037, which bear interest at the three-month SOFR plus 1.85%, (vi) $32.0 million Class C Notes due 2037, which bear interest at the three-month SOFR plus 2.40%., (vii) $24.0 million Class D Notes due 2037, which bear interest at the three-month SOFR plus 3.85%. As of June 30, 2026 and September 30, 2025, there were $328.0 million and $328.0 million, respectively, of external 2037 Asset-Backed Debt.

On August 28, 2024, PSLF entered into an amendment (the “Amendment”) to PSLF’s limited liability company agreement (the “LLC Agreement”). The Amendment amended the term of PSLF, which would have otherwise expired on January 31, 2025, to be indefinite, subject to the other terms of dissolution, wind down and termination in the LLC Agreement. The Amendment also modified the LLC Agreement to permit any member of PSLF (each, a “PSLF Member”) to request to redeem its interests in PSLF (in minimum tranches of 25% of the interests then-owned by such PSFL Member) at any time. Under the Amendment, if a PSLF Member makes a redemption request, PSLF will be required to use commercially reasonable efforts to redeem any such PSFL Member’s interests within 18 months and, in any event, within three years from the date of such redemption request, subject to customary limitations with respect to the liquidity of PSLF and the requirement that the Company’s proportionate share or ownership of PSLF not exceed 87.5%.

Below is a listing of PSLF’s individual investments as of June 30, 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 - 1,367.6% of Net Assets
ACP Avenu Buyer, LLC	04/23/24	10/02/29	Business Services	8.69%	SOFR +500		23,332	$	23,103	$	22,865
ACP Falcon Buyer, Inc.	10/06/23	08/01/29	Business Services	9.19%	SOFR +550		15,080		14,890		15,080
AFC-Dell Holding Corp.	02/23/24	04/09/27	Distribution	8.67%	SOFR +500		16,151		16,095		16,151
APT OPCO, LLC	12/24/25	09/30/31	Health Care Providers and Services	8.23%	SOFR +450		2,853		2,840		2,853
Ad.Net Acquisition, LLC	03/02/22	05/08/28	Media	9.99%	SOFR +626		5,397		5,392		5,370
Alpine Acquisition Corp II - Second out Term Loan (6)	10/12/22	01/14/31	Containers, Packaging and Glass	8.64%	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	8.89%	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	10.13%	SOFR +640		13,695		13,664		13,695
Anteriad, LLC (f/k/a MeritDirect, LLC)	03/02/22	12/31/27	Media	9.63%	SOFR +590		13,179		13,172		13,047
Arcfield Acquisition Corp.	07/26/22	10/28/31	Aerospace and Defense	8.66%	SOFR +500		13,752		13,735		13,752
Archer Lewis, LLC	12/20/24	08/28/29	Healthcare, Education and Childcare	9.48%	SOFR +575		14,411		14,291		14,015
Argano, LLC	12/16/24	09/13/29	Business Services	9.15%	SOFR +550		20,188		20,023		19,986
BLC Holding Company, INC.	02/24/25	11/20/30	Environmental Services	8.23%	SOFR +450		12,685		12,625		12,685
Beacon Behavioral Support Services, LLC	09/16/24	06/21/29	Healthcare, Education and Childcare	9.23%	SOFR +550		24,421		24,176		24,421
Best Practice Associates, LLC	01/21/25	11/08/29	Aerospace and Defense	10.39%	SOFR +675		18,657		18,456		18,377
Beta Plus Technologies, Inc.	08/11/22	07/02/29	Business Services	9.48%	SOFR +575		19,425		19,195		19,230
Bioderm, Inc.	06/26/24	01/31/28	Healthcare, Education and Childcare	10.12%	SOFR +650		8,730		8,680		8,643
Blackhawk Industrial Distribution, Inc.	07/24/23	09/17/26	Distribution	9.58%	SOFR +585		25,146		25,099		24,769
Blue Cloud Pediatric Surgery Centers LLC	10/09/25	01/21/31	Health Care Providers and Services	8.64%	SOFR +500		2,475		2,452		2,456
Boss Industries, LLC	07/21/25	12/27/30	Conglomerate Manufacturing	8.73%	SOFR +475		5,910		5,877		5,910
Burgess Point Purchaser Corporation	10/03/22	07/25/29	Auto Sector	9.01%	SOFR +535		6,138		5,923		5,632
C5MI Acquisition, LLC	10/09/24	07/31/29	Business Services	9.73%	SOFR +600		12,737		12,606		12,737
CF512, Inc.	12/29/21	08/20/26	Media	9.85%	SOFR +619		8,972		8,977		8,972
Carisk Buyer, Inc.	02/09/24	12/03/29	Healthcare, Education and Childcare	8.48%	SOFR +500		11,283		11,206		11,340
Carnegie Dartlet, LLC	06/26/24	02/07/30	Education	9.14%	SOFR +550		24,791		24,521		24,605
Cartessa Aesthetics, LLC	09/09/22	06/14/28	Distribution	9.48%	SOFR +600		20,297		20,177		20,297
Case Works, LLC	11/26/24	10/01/29	Business Services	8.98%	SOFR +525		10,357		10,300		10,201
Commercial Fire Protection Holdings, LLC	12/16/24	09/23/30	Business Services	8.23%	SOFR +450		20,673		20,588		20,673
Confluent Health, LLC	12/23/24	11/30/28	Healthcare, Education and Childcare	11.14%	SOFR +750		1,935		1,935		1,935
Cornerstone Advisors of Arizona, LLC	10/09/25	05/13/32	Professional Services	8.48%	SOFR +475		5,925		5,899		5,896
CJX Borrower, LLC	08/12/22	07/13/27	Media	9.44%	SOFR +576		8,554		8,547		8,383
Crane 1 Services, Inc.	07/24/23	08/16/27	Personal, Food and Miscellaneous Services	9.51%	SOFR +586		5,230		5,213		5,178
DRI Holding Inc.	08/04/22	12/21/28	Media	9.06%	SOFR +535		5,725		5,464		5,312
DRS Holdings III, Inc.	03/02/22	11/01/28	Consumer Products	8.89%	SOFR +525		4,253		4,243		4,236
DX Electric Company, LLC	12/25/25	10/01/31	Electronic Equipment, Instruments and Components	8.73%	SOFR +500		7,011		6,969		7,011
Duggal Acquisition, LLC	12/23/24	09/30/30	Marketing Services	8.73%	SOFR +500		4,875		4,841		4,875
Dynata, LLC - First Out Term Loan	07/15/24	07/17/28	Business Services	8.90%	SOFR +526		1,560		1,496		1,470
Dynata, LLC - Last Out Term Loan	07/15/24	10/16/28	Business Services	9.40%	SOFR +576		9,597		9,597		3,711
EDS Buyer, LLC	07/24/23	01/10/29	Aerospace and Defense	8.48%	SOFR +475		22,992		22,799		22,992
ETE Intermediate II, LLC	07/24/23	05/29/29	Personal, Food and Miscellaneous Services	8.73%	SOFR +500		12,579		12,448		12,579
Emergency Care Partners, LLC	12/23/24	10/18/27	Healthcare, Education and Childcare	8.73%	SOFR +500		7,528		7,506		7,528
EvAL Home Care Solutions Intermediate, LLC	07/23/24	05/10/30	Healthcare, Education and Childcare	9.39%	SOFR +575		6,846		6,776		6,846
Exigo Intermediate II, LLC	07/24/23	03/15/27	Business Services	9.99%	SOFR +635		9,476		9,446		8,292
Five Star Buyer, Inc. (4)	07/24/23	02/23/28	Hotels, Motels, Inns and Gaming				4,137		4,098		3,796
Galt Newco, LLC	07/10/26	03/29/32	Aerospace and Defense	8.92%	SOFR +525		5,646		5,615		5,611
Global Holdings InterCo, LLC	03/02/22	09/16/27	Banking, Finance, Insurance & Real Estate	9.24%	SOFR +560		6,290		6,279		6,290


Issuer Name	Acquisition	Maturity	Industry	Current Coupon	Basis Point Spread Above Index (1)	Par		Cost		Fair Value (2)
Graffiti Buyer, Inc.	03/02/22	08/10/27	Distribution	9.27%	SOFR +560		3,928		3,909		3,810
HEC Purchaser Corp.	09/16/24	06/17/29	Healthcare, Education and Childcare	8.74%	SOFR +500		11,582		11,534		11,582
HW Holdco, LLC	03/02/22	05/10/27	Media	9.48%	SOFR +585		22,863		22,810		22,863
Hancock Roofing And Construction, LLC	03/02/22	12/31/26	Insurance	9.33%	SOFR +560		6,029		6,029		6,029
Harris & Co, LLC	12/20/24	08/09/30	Financial Services	8.90%	SOFR +525		24,481		24,314		24,481
Harvest Group Topco Buyer, LLC	06/15/26	03/02/32	Media	8.39%	SOFR +475		14,963		14,899		14,888
Hills Distribution, Inc.	02/13/24	11/08/29	Distribution	9.23%	SOFR +550		14,402		14,287		14,402
IG Investments Holdings, LLC	03/02/22	09/22/28	Business Services	8.66%	SOFR +500		4,317		4,284		4,274
Imagine Acquisitionco, Inc.	07/24/23	11/15/27	Business Services	8.74%	SOFR +510		5,410		5,377		5,356
Impact Advisors, LLC	12/10/25	03/19/32	Health Care Technology	8.23%	SOFR +450		7,900		7,900		7,900
Infinity Home Services Holdco, Inc.	02/07/23	12/28/28	Personal, Food and Miscellaneous Services	9.73%	SOFR +600		13,643		13,541		13,643
Infolinks Media Buyco, LLC	07/24/23	11/02/26	Media	9.48%	SOFR +575		13,036		13,024		12,482
Inovex Information Systems Incorporated	03/04/25	12/17/30	Business Services	8.98%	SOFR +525		5,910		5,877		5,821
Kinetic Purchaser, LLC (4)	07/24/23	11/10/27	Consumer Products				14,176		13,615		4,146
LAV Gear Holdings, Inc. - Takeback TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.58%	SOFR +594		2,339		2,339		1,964
LAV Gear Holdings, Inc. - Priority TL	07/31/25	07/31/29	Leisure, Amusement, Motion Pictures, Entertainment	9.58%	SOFR +594		742		734		742
Lash OpCo, LLC	03/02/22	09/17/27	Consumer Products	10.76%	SOFR +710		21,927		21,907		21,598
LJ Avalon Holdings, LLC	07/24/23	02/01/30	Environmental Services	8.43%	SOFR +475		15,343		15,239		15,266
MAG DS Corp.	03/02/22	04/01/27	Aerospace and Defense	9.33%	SOFR +560		8,107		7,986		8,067
MBS Holdings, Inc.	03/02/22	04/16/27	Telecommunications	8.74%	SOFR +510		8,180		8,157		8,180
MDI Buyer, Inc.	12/20/24	07/25/28	Chemicals, Plastics and Rubber	8.42%	SOFR +475		19,575		19,457		19,575
Marketplace Events Acquisition, LLC	03/04/25	12/20/30	Media	8.99%	SOFR +525		19,471		19,330		19,471
Marwood Group Buyer, LLC		04/01/32	Healthcare and Pharmaceuticals	8.23%	SOFR +450		2,576		2,565		2,563
Meadowlark Acquirer, LLC	04/01/22	12/10/27	Business Services	9.38%	SOFR +565		2,870		2,851		2,856
Medina Health, LLC	01/18/24	10/20/28	Healthcare, Education and Childcare	9.98%	SOFR +625		19,913		19,827		19,913
Megawatt Acquisitionco, Inc.	07/17/24	03/01/30	Business Services	8.98%	SOFR +525		7,641		7,566		7,641
MOREgroup Holdings, Inc.	08/29/24	01/16/30	Business Services	8.95%	SOFR +525		19,550		19,360		19,550
Municipal Emergency Services, Inc.	03/02/22	10/01/27	Distribution	8.73%	SOFR +500		9,501		9,460		9,501
NBH Group, LLC	03/02/22	08/19/26	Healthcare, Education and Childcare	9.50%	SOFR +585		6,652		6,649		6,319
NORA Acquisition, LLC	11/21/23	08/31/29	Healthcare, Education and Childcare	10.08%	SOFR +635		19,936		19,747		19,538
North American Rail Solutions	12/25/25	08/29/31	Road and Rail	8.48%	SOFR +475		9,950		9,913		9,801
OSP Embedded Purchaser, LLC	01/17/25	12/17/29	Aerospace and Defense	9.48%	SOFR +575		18,783		18,673		18,783
Omnia Exterior Solutions, LLC	07/25/24	12/31/29	Diversified Conglomerate Service	8.98%	SOFR +525		17,837		17,656		17,569
One Stop Mailing, LLC (6)	06/07/23	05/07/27	Transportation	10.01%	SOFR + 636		7,568		7,528		7,568
PCS Midco, Inc.	08/29/24	03/01/30	Financial Services	9.48%	SOFR +575		5,155		5,104		5,155
PN Buyer, Inc.	10/09/25	07/31/31	Financial Services	8.14%	SOFR +450		3,538		3,522		3,502
Pacific Purchaser, LLC	03/21/24	10/02/28	Business Services	10.10%	SOFR +625		12,675		12,546		12,675
PAR Excellence Holdings, Inc.	11/26/24	09/03/30	Healthcare, Education and Childcare	8.66%	SOFR +500		9,850		9,781		9,653
PD Tri-State Holdco, LLC	12/25/25	10/14/30	Diversified Conglomerate Service	8.98%	SOFR +525		2,955		2,935		2,997
Paving Lessor Corp. First Lien -Term Loan	10/24/25	07/01/31	Commercial Services and Supplies	8.98%	SOFR +525		6,914		6,868		6,914
Project Granite Buyer, Inc.	07/21/25	12/31/30	Business Services	9.48%	SOFR +575		5,910		5,865		5,984
Puget Collision, LLC	12/24/25	10/03/30	Auto Sector	8.48%	SOFR +475		9,950		9,902		9,801
RRA Corporate, LLC	12/23/24	08/15/29	Business Services	8.98%	SOFR +525		3,930		3,905		3,773
RTIC Subsidiary Holdings, LLC	07/23/24	05/03/29	Consumer Products	9.48%	SOFR +575		24,512		24,243		24,390
Radius Aerospace, Inc.	11/06/19	03/29/27	Aerospace and Defense	9.63%	SOFR +575		11,615		11,578		11,557
Rancho Health MSO, Inc.	03/02/22	06/20/29	Healthcare, Education and Childcare	8.69%	SOFR +500		22,487		22,435		22,487
Real Life Intermediate Holdings, LLC		01/16/31		8.73%	SOFR +500		867		860		861
Riverpoint Medical, LLC	03/02/22	06/21/27	Healthcare, Education and Childcare	8.23%	SOFR +450		3,513		3,498		3,513
Ro Health, LLC	04/03/25	01/17/31	Health Care Providers and Services	8.23%	SOFR +450		9,233		9,183		9,233
Rosco Parent, LLC	12/24/25	09/12/31	Auto Sector	8.48%	SOFR +475		10,090		10,059		10,090
Rural Sourcing Holdings, Inc.	07/24/23	06/15/29	Professional Services	10.10%	SOFR +625		5,611		5,555		3,956
SCP Clinical Research Intermediate Holdings, LLC	04/03/26	01/02/32	Health Care Providers and Services	8.39%	SOFR +475		4,474		4,456		4,452
STG Distribution, LLC - First Out New Money Term Loans (4),(6)	10/03/24	10/03/29	Transportation				2,080		1,907		1,872
STG Distribution, LLC - Second Out Term Loans (4), (6)	10/03/24	10/03/29	Transportation				4,697		2,593		-
STG Distribution, LLC - Final Initial New Money TL (6)		07/14/26	Transportation	8.00%			1,368		1,355		1,368
SV-Aero Holdings, LLC	10/31/24	11/01/30	Aerospace and Defense	8.41%	SOFR +475		12,876		12,829		12,876
Sabel Systems Technology Solutions, LLC	01/07/25	10/31/30	Business Services	9.64%	SOFR +600		22,071		21,984		22,071
Sath Industries, LLC	12/10/25	12/17/29	Building Products	9.48%	SOFR +575		11,057		11,057		11,057
Seacoast Service Partners NA, LLC	07/21/25	12/20/29	Diversified Conglomerate Service	8.98%	SOFR +525		4,925		4,895		4,777
Seaway Buyer, LLC	09/14/22	06/13/29	Chemicals, Plastics and Rubber	10.85%	SOFR +715		14,831		14,702		14,831


Issuer Name	Acquisition	Maturity		Industry	Current Coupon		Basis Point Spread Above Index (1)		Par		Cost		Fair Value (2)
Sigma Defense Systems, LLC	12/01/23	12/20/27		Telecommunications	10.13%		SOFR +640			26,589		26,469		26,323
SpendMend Holdings, LLC	07/24/23	03/01/28		Business Services	8.88%		SOFR +515			10,904		10,797		10,904
Systems Planning And Analysis, Inc.	03/02/22	08/16/27		Aerospace and Defense	8.48%		SOFR +475			16,796		16,735		16,754
TCG 3.0 Jogger Acquisitionco, Inc.	02/27/24	01/23/29		Media	10.23%		SOFR +650			9,775		9,683		9,311
TMII Enterprises, LLC	07/24/23	12/22/28		Personal, Food and Miscellaneous Services	8.14%		SOFR +450			14,885		14,789		14,885
TPC US Parent, LLC (6)	03/02/22	04/20/26		Food	9.58%		SOFR +590			2,102		2,102		2,102
The Vertex Companies, LLC	03/02/22	08/31/28		Business Services	8.74%		SOFR +510			14,369		14,317		14,225
Transgo, LLC	06/07/24	12/29/28		Auto Sector	8.89%		SOFR +525			23,558		23,401		23,377
Tyto Athene, LLC	03/02/22	04/03/28		Aerospace and Defense	8.58%		SOFR +490			11,334		11,284		11,023
Watchtower Buyer, LLC	09/19/24	12/03/29		Consumer Products	9.73%		SOFR +600			22,938		22,772		22,707
Wash & Wax Systems, LLC	04/30/25	04/30/28		Business Services	9.16%		SOFR +550			6,839		6,920		6,975
Watterson Renewalco Holdings, LLC	06/30/26	07/02/29		Consumer Products	6.00%					6,404		6,404		6,404
Watterson Renewalco Holdings, LLC - Unfunded Priority Revolving Credit (7)	06/30/26	07/02/29		Consumer Products						582		-		-

Total First Lien Secured Debt												1,287,692		1,265,504
Subordinated Debt - 5.23% of Net Assets
Wash & Wax Systems, LLC - Subordinate Debt	04/30/25	07/30/28		Business Services	12.00%					4,837		4,837		4,837
Total Subordinated Debt										4,837		4,837		4,837

Equity Securities - 8.67% of Net Assets
48Forty Intermediate Holdings, Inc. - Preferred Equity (6)	11/05/24		—	Containers, Packaging and Glass		—		—		807		4,801		3,584
Watterson Renewalco Holdings, LLC - Preferred Units (6)			—			—		—		4,075		2,170		2,170
New Insight Holdings, Inc. - Common Equity	07/15/24		—	Business Services		—		—		134,330		2,351		1,448
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		824
White Tiger Newco, LLC - Common Equity	07/31/25		—	Leisure, Amusement, Motion Pictures, Entertainment		—		—		10,805		824		-
Watterson Renewalco Holdings, LLC - Common Equity (6)			—			—		—		4,075		-		-

Total Equity Securities												15,148		8,026
Total Investments - 1,381.5% of Net Assets (3), (5)												1,307,677		1,278,367
Cash Equivalents - 22.0% of Net Assets
JP Morgan U.S. Government Money - Class: Agency Shares - Market Fund					3.50%							14,665		14,665
Goldman Sachs Financial Square Government Fund - Class: Institutional Shares - Money Market Fund					3.59%							5,445		5,445
BlackRock Federal Fund - Class: Institutional Shares - Money Market Fund					3.52%							259		259
Total Cash Equivalents												20,369		20,369
Cash - 34.5% of Net Assets
Cash												31,874		31,874
Total Cash												31,874		31,874

Total Investments, Cash Equivalents and Cash - 1,438.0% of Net Assets											$	1,359,920	$	1,330,610
Liabilities in Excess of Other Assets — (1,338.0)% of Net Assets														(1,238,077	)
Members' Equity—100.0%													$	92,533

(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 June 30, 2026, all investments are in U.S. Companies. Total cost, fair value, and percentage of Net Assets for U.S. Companies were $1,307.7 million, $1,278.4 million and 1,381.5%.

(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)

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


	Three Months Ended June 30,						Nine Months Ended June 30,
	2026			2025			2026			2025
Investment income:
Interest	$	31,093		$	36,203		$	95,867		$	104,583
Other income		414			313			1,130			1,142
Total investment income		31,507			36,516			96,997			105,725
Expenses:
Interest expense on credit facility and asset-backed debt		15,650			17,881			47,820			50,818
Interest expense on subordinated notes to members		7,395			7,788			22,444			22,565
Administration services expense		864			1,068			2,605			2,745
General and administrative expenses		363			173			1,148			869
Expenses before debt issuance costs		24,272			26,910			74,017			76,997
Debt issuance costs		60			—			60			—
Total expenses		24,332			26,910			74,077			76,997
Net investment income		7,175			9,606			22,920			28,728
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments		(6,876	)		(3,416	)		(22,521	)		(5,542	)
Net change in unrealized appreciation (depreciation) on investments		3,098			(3,439	)		(5,892	)		(11,743	)
Net realized and unrealized gain (loss) on investments		(3,778	)		(6,855	)		(28,413	)		(17,285	)
Net increase (decrease) in members' equity resulting from operations	$	3,397		$	2,751		$	(5,493	)	$	11,443

———————————

(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.