Portfolio Investments (Tables)
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3 Months Ended |
Sep. 30, 2026 |
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| Schedule of Investments [Abstract] |
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| Schedule of Composition of Investment Portfolio |
The following table shows the composition of our investment portfolio as of September 30, 2026 and June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | June 30, 2026 | | Cost | | Fair Value | | Cost | | Fair Value | | First Lien Revolving Line of Credit | $ | 92,288 | | | $ | 82,317 | | | $ | 78,795 | | | $ | 72,378 | | First Lien Debt(1) | 4,154,259 | | | 3,952,018 | | | 4,494,789 | | | 4,216,556 | | | Second Lien Revolving Line of Credit | 5,284 | | | 5,284 | | | 1,854 | | | 1,854 | | | Second Lien Debt | 651,305 | | | 568,779 | | | 752,658 | | | 577,354 | | | Unsecured Debt | 7,200 | | | 5,213 | | | 7,200 | | | 5,195 | | | Subordinated Structured Notes | — | | | — | | | 2,108 | | | 2,794 | | | Equity | 1,033,983 | | | 1,330,867 | | | 977,965 | | | 1,466,427 | | | Total Investments | $ | 5,944,319 | | | $ | 5,944,478 | | | $ | 6,315,369 | | | $ | 6,342,558 | |
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| Schedule of Fair Value of Investments |
The following table shows the fair value of our investments and derivative instruments disaggregated into the three levels of the ASC 820 valuation hierarchy as of September 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | First Lien Revolving Line of Credit | $ | — | | | $ | — | | | $ | 82,317 | | | $ | 82,317 | | First Lien Debt(1) | — | | | 1,124 | | | 3,950,894 | | | 3,952,018 | | | Second Lien Revolving Line of Credit | — | | | — | | | 5,284 | | | 5,284 | | | Second Lien Debt | — | | | — | | | 568,779 | | | 568,779 | | | Unsecured Debt | — | | | — | | | 5,213 | | | 5,213 | | | Subordinated Structured Notes | — | | | — | | | — | | | — | | | Equity | — | | | — | | | 1,330,867 | | | 1,330,867 | | | Total Investments | $ | — | | | $ | 1,124 | | | $ | 5,943,354 | | | $ | 5,944,478 | | Derivative Instruments(2) | | | | | | | | | Foreign currency forward contracts - Assets | $ | — | | | $ | 14,373 | | | $ | — | | | $ | 14,373 | | | Total Foreign currency forward contracts - Assets | $ | — | | | $ | 14,373 | | | $ | — | | | $ | 14,373 | | | Foreign currency forward contracts - Liabilities | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Total Foreign currency forward contracts - Liabilities | $ | — | | | $ | — | | | $ | — | | | $ | — | |
(1) First lien debt includes loans that the Company classifies as “unitranche”. The total amortized cost and fair value of the unitranche loan was $63,005 and $58,579, respectively, as of September 30, 2026. (2) All foreign currency forward contracts are designated in hedge relationships. The following table shows the fair value of our investments and derivative instruments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2026. | | | | | | | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Total | | First Lien Revolving Line of Credit | $ | — | | | $ | — | | | $ | 72,378 | | | $ | 72,378 | | First Lien Debt(1) | — | | | 1,192 | | | 4,215,364 | | | 4,216,556 | | | Second Lien Revolving Line of Credit | — | | | — | | | 1,854 | | | 1,854 | | | Second Lien Debt | — | | | 41 | | | 577,313 | | | 577,354 | | | Unsecured Debt | — | | | — | | | 5,195 | | | 5,195 | | | Subordinated Structured Notes | — | | | — | | | 2,794 | | | 2,794 | | | Equity | — | | | — | | | 1,466,427 | | | 1,466,427 | | | Total Investments | $ | — | | | $ | 1,233 | | | $ | 6,341,325 | | | $ | 6,342,558 | | Derivative Instruments(2) | | | | | | | | | Foreign currency forward contracts - Assets | $ | — | | | $ | 18,900 | | | $ | — | | | $ | 18,900 | | | Total Foreign currency forward contracts - Assets | $ | — | | | $ | 18,900 | | | $ | — | | | $ | 18,900 | | | Foreign currency forward contracts - Liabilities | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Total Foreign currency forward contracts - Liabilities | $ | — | | | $ | — | | | $ | — | | | $ | — | |
(1) First lien debt includes loans that the Company classifies as “unitranche”. The total amortized cost and fair value of the unitranche loan were $219,582 and $155,717, respectively, as of June 30, 2026.(2) All foreign currency forward contracts are designated in hedge relationships.
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| Schedule of Changes in Fair Value of Level 3 Investments |
The following tables show the aggregate changes in the fair value of our Level 3 investments during the three months ended September 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Lien Revolving Line of Credit | | First Lien Debt(2) | | Second Lien Revolving Line of Credit | | Second Lien Debt | | Unsecured Debt | | Subordinated Structured Notes | | Equity | | Total | | Fair value as of June 30, 2026 | $ | 72,378 | | | $ | 4,215,364 | | | $ | 1,854 | | | $ | 577,313 | | | $ | 5,195 | | | $ | 2,794 | | | $ | 1,466,427 | | | $ | 6,341,325 | | | Net realized (losses) gains on investments | — | | | (85,924) | | | — | | | (88,823) | | | 6 | | | 163 | | | 107,655 | | | (66,923) | | | Net change in unrealized (losses) gains | (3,554) | | | 71,292 | | | — | | | 92,778 | | | 18 | | | (686) | | | (191,578) | | | (31,730) | | | Net realized and unrealized (losses) gains | (3,554) | | | (14,632) | | | — | | | 3,955 | | | 24 | | | (523) | | | (83,923) | | | (98,653) | | | Purchases of portfolio investments | 15,091 | | | 24,123 | | | 3,430 | | | — | | | — | | | — | | | 28,801 | | | 71,445 | | | Payment-in-kind interest | 958 | | | 13,170 | | | — | | | 2,327 | | | — | | | — | | | 2,577 | | | 19,032 | | | Accretion of discounts and premiums, net | — | | | 1,208 | | | — | | | 72 | | | — | | | — | | | — | | | 1,280 | | | Decrease to Subordinated Structured Notes cost, net(4) | — | | | — | | | — | | | — | | | — | | | (1,837) | | | — | | | (1,837) | | | Repayments and sales of portfolio investments | (2,556) | | | (236,262) | | | — | | | (6,500) | | | (6) | | | (434) | | | (143,605) | | | (389,363) | | | Transfers within Level 3(1)(3) | — | | | (52,161) | | | — | | | (8,429) | | | — | | | — | | | 60,590 | | | — | | | Transfers out of Level 3(1) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Transfers into Level 3(1) | — | | | 84 | | | — | | | 41 | | | — | | | — | | | — | | | 125 | | | Fair value as of September 30, 2026 | $ | 82,317 | | | $ | 3,950,894 | | | $ | 5,284 | | | $ | 568,779 | | | $ | 5,213 | | | $ | — | | | $ | 1,330,867 | | | $ | 5,943,354 | | | | | | | | | | | | | | | | | |
(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the three months ended September 30, 2026, three of our first lien notes and one of our second lien notes transferred out of Level 2 into Level 3 because inputs to the valuation became unobservable. During the three months ended September 30, 2026, one of our second lien notes and six first lien loans transferred to two first lien loans and two equity positions. (2) First lien debt includes loans that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $63,005 and $58,579, respectively, as of September 30, 2026. The total amortized cost and fair value of the unitranche and/or last out loans were $219,582 and $155,717, respectively, as of June 30, 2026. (3) Includes reorganizations and restructuring of investments.
(4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the three months ended September 30, 2026, of $1,837 and no effective yield interest income was recognized on our Subordinated Structured Notes.
The following tables show the aggregate changes in the fair value of our Level 3 investments during the three months ended September 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Lien Revolving Line of Credit | | First Lien Debt(2) | | Second Lien Revolving Line of Credit | | Second Lien Debt | | | | Unsecured Debt | | Subordinated Structured Notes | | Equity | | Total | | Fair value as of June 30, 2025 | $ | 68,350 | | | $ | 4,351,777 | | | $ | — | | | $ | 726,372 | | | | | $ | 5,403 | | | $ | 35,002 | | | $ | 1,404,527 | | | $ | 6,591,431 | | | Net realized (losses) gains on investments | — | | | 4 | | | — | | | — | | | | | 5 | | | (2,740) | | | 842 | | | (1,889) | | | Net change in unrealized (losses) gains | 341 | | | 26,161 | | | — | | | (8,839) | | | | | (112) | | | 4,415 | | | 24,845 | | | 46,811 | | | Net realized and unrealized (losses) gains | 341 | | | 26,165 | | | — | | | (8,839) | | | | | (107) | | | 1,675 | | | 25,687 | | | 44,922 | | | Purchases of portfolio investments(3) | 5,257 | | | 47,426 | | | 1,706 | | | — | | | | | — | | | — | | | 15,624 | | | 70,013 | | | Payment-in-kind interest | 565 | | | 15,126 | | | — | | | — | | | | | — | | | — | | | — | | | 15,691 | | | Accretion of discounts and premiums, net | (23) | | | 472 | | | — | | | 183 | | | | | — | | | — | | | — | | | 632 | | | Decrease to Subordinated Structured Notes cost, net(4) | — | | | — | | | — | | | — | | | | | — | | | (15,371) | | | — | | | (15,371) | | | Repayments and sales of portfolio investments(3) | (4,623) | | | (145,154) | | | — | | | (84,245) | | | | | (5) | | | (639) | | | (842) | | | (235,508) | | | | | | | | | | | | | | | | | | | | | Transfers out of Level 3(1) | — | | | — | | | — | | | (34,450) | | | | | — | | | — | | | — | | | (34,450) | | | Transfers into Level 3(1) | — | | | 21,956 | | | — | | | 21,500 | | | | | — | | | — | | | — | | | 43,456 | | | Fair value as of September 30, 2025 | $ | 69,867 | | | $ | 4,317,768 | | | $ | 1,706 | | | $ | 620,521 | | | | | $ | 5,291 | | | $ | 20,667 | | | $ | 1,444,996 | | | $ | 6,480,816 | |
(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the three months ended September 30, 2025, one of our first lien notes and one of our second lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the three months ended September 30, 2025, two of our first lien notes and one of our second lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable.
(2) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out.” The total amortized cost and fair value of the unitranche and/or last out loans were $202,687 and $146,873, respectively, as of September 30, 2025. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. (3) Includes reorganizations and restructuring of investments. (4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the three months ended September 30, 2025, of $15,371 and the effective yield interest income recognized on our Subordinated Structured Notes of $0.
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| Schedule of Industries Comprising Greater than 10% of Portfolio Fair Value |
The following table shows industries that comprise of greater than 10% of our portfolio at fair value as of September 30, 2026 and June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | June 30, 2026 | | Cost | | Fair Value | | % of Portfolio | | Cost | | Fair Value | | % of Portfolio | | Consumer Finance | $ | 775,068 | | | $ | 1,164,510 | | | 19.6 | % | | $ | 760,592 | | | $ | 1,149,153 | | | 18.1 | % | | Equity Real Estate Investment Trusts (REITs) | 911,906 | | | 1,071,107 | | | 18.0 | % | | 896,889 | | | 1,081,596 | | | 17.1 | % | | Health Care Providers & Services | 731,184 | | | 691,226 | | | 11.6 | % | | 776,917 | | | 758,688 | | | 12.0 | % | | All Other Industries | 3,526,161 | | | 3,017,635 | | | 50.8 | % | | 3,880,971 | | | 3,353,121 | | | 55.2 | % | | Total | $ | 5,944,319 | | | $ | 5,944,478 | | | 100.0 | % | | $ | 6,315,369 | | | $ | 6,342,558 | | | 100.0 | % |
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| Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments |
The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2026 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (3) | | First Lien Debt | | $ | 1,295,503 | | | Discounted cash flow (Yield analysis) | | Market yield | | 8.6% | to | 24.7% | | 12.7% | | First Lien Debt | | 891,876 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.5% | | 7.2% | | Terminal Cap Rate | | 5.5% | to | 8.3% | | 6.0% | | First Lien Debt | | 570,356 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 6.3x | to | 12.5x | | 10.3x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 13.0% | to | 16.5% | | 14.0% | | First Lien Debt | | 469,630 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.5x | to | 4.0x | | 4.0x | | | | Earnings multiple | | 8.8x | to | 13.3x | | 13.3x | | First Lien Debt | | 434,653 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.8x | to | 10.0x | | 8.3x | | First Lien Debt | | 278,120 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 3.5x | | 1.9x | | First Lien Debt | | 54,113 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 0.9x | to | 1.6x | | 1.6x | | First Lien Debt | | 18,104 | | | Discounted cash flow (Yield analysis) | | Market yield | | 12.9% | to | 12.9% | | 12.9% | | Option Pricing Model | | Expected volatility | | 50.0% | to | 60.0% | | 60.0% | | First Lien Debt | | 11,294 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 20.0% | | 15.0% | | First Lien Debt | | 8,575 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 1.1x | to | 1.5x | | 1.5x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 18.8% | to | 20.8% | | 18.8% | | First Lien Debt | | 987 | | | Option Pricing Model | | Expected volatility | | 60.0% | to | 70.0% | | 65.0% | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 6.5x | to | 7.5x | | 7.0x | | Second Lien Debt | | 417,369 | | | Discounted cash flow (Yield analysis) | | Market yield | | 12.5% | to | 58.6% | | 18.8% | | Second Lien Debt | | 69,388 | | | Takeout Scenario | | Takeout Fair Value | | 100% | to | 100% | | 100% | | Second Lien Debt | | 65,232 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 6.3x | | 6.3x | | Second Lien Debt | | 21,404 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 9.5x | to | 10.0x | | 9.5x | | Discounted cash flow (Yield analysis) | | Equity rates of return | | 25.0% | to | 30.0% | | 27.5% | | Second Lien Debt | | 670 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Unsecured Debt | | 5,213 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 6.8x | | 6.8x | | Preferred Equity | | 160,562 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.3x | to | 10.5x | | 8.7x | | Preferred Equity | | 31,537 | | | Option Pricing Model | | Expected volatility | | 55.0% | to | 70.0% | | 67.0% | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 6.5x | to | 7.8x | | 7.7x | | Liquidation Trust | | 7,586 | | | Deficiency claim analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 514,270 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.5x | to | 4.0x | | 4.0x | | Earnings multiple | | 8.8x | to | 13.3x | | 13.3x | | Common Equity/Interests/Warrants | | 291,348 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.5x | to | 11.0x | | 7.4x | | Common Equity/Interests/Warrants | | 179,231 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.5% | | 7.2% | | Terminal Cap Rate | 5.5% | to | 8.3% | 6.0% | | Common Equity/Interests/Warrants (2) | | 52,455 | | | Discounted cash flow | | Discount rate | | 7.8% | to | 8.8% | | 8.8% | | | | Recovery rate | | 25.0% | to | 125.0% | | 109.4% | | Common Equity/Interests/Warrants | | 32,106 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 3.5x | | 0.7x | | Common Equity/Interests/Warrants | | 26,010 | | | Enterprise value waterfall (Market Approach) | | EBITDA multiple | | 6.3x | to | 12.5x | | 7.1x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 13.0% | to | 16.5% | | 14.3% | | Common Equity/Interests/Warrants | | 18,724 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 20.0% | | 15.0% | | Common Equity/Interests/Warrants | | 12,008 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 5,030 | | | Option Pricing Model | | Expected volatility | | 40.0% | to | 40.0% | | 40.0% | | Total Level 3 Investments | | $ | 5,943,354 | | | | | | | | | | | |
(1)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. (2)Represents PSEC’s 94.99% share of the escrow and earnout receivables from the sale of Valley Electric Company, Inc. (3)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2026 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (3) | | First Lien Debt | | $ | 1,387,300 | | | Discounted cash flow (Yield analysis) | | Market yield | | 8.0% | to | 24.0% | | 12.0% | | First Lien Debt | | 876,859 | | | Discounted cash flow | | Discount Rate | | 6.5% | to | 10.5% | | 7.3% | | Terminal Cap Rate | | 5.5% | to | 8.3% | | 6.1% | | First Lien Debt | | 655,124 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 12.5x | | 9.7x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 11.3% | to | 16.0% | | 13.3% | | First Lien Debt | | 506,062 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.8x | to | 10.0x | | 8.4x | | First Lien Debt | | 460,264 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.5x | to | 4.0x | | 4.0x | | | | Earnings multiple | | 8.8x | to | 13.3x | | 13.3x | | First Lien Debt | | 307,175 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 3.0x | | 1.5x | | First Lien Debt | | 56,537 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 0.9x | to | 1.6x | | 1.3x | | First Lien Debt | | 18,034 | | | Discounted cash flow (Yield analysis) | | Market yield | | 13.1% | to | 13.1% | | 13.1% | | Option Pricing Model | | Expected volatility | | 50.0% | to | 60.0% | | 60.0% | | First Lien Debt | | 11,012 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 20.0% | | 15.0% | | First Lien Debt | | 9,375 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 1.1x | to | 1.5x | | 1.5x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 18.3% | to | 20.3% | | 18.3% | | Second Lien Debt | | 480,118 | | | Discounted cash flow (Yield analysis) | | Market yield | | 11.4% | to | 57.7% | | 17.0% | | Second Lien Debt | | 61,802 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 6.3x | to | 7.3x | | 7.3x | | Second Lien Debt | | 21,402 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 9.3x | to | 9.8x | | 9.5x | | Discounted cash flow (Yield analysis) | | Equity rates of return | | 25.0% | to | 30.0% | | 25.0% | | Second Lien Debt | | 8,429 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 8.0x | | 6.6x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 11.3% | to | 13.3% | | 12.3% | | Second Lien Debt | | 7,416 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Subordinated Structured Notes | | 2,794 | | | Discounted cash flow | | Discount rate (1) | | 13.8% | to | 13.9% | | 13.9% | | Unsecured Debt | | 5,195 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.3x | to | 6.8x | | 6.8x | | Preferred Equity | | 158,791 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.5x | to | 10.0x | | 8.7x | | Preferred Equity | | 35,496 | | | Option Pricing Model | | Expected volatility | | 55.0% | to | 70.0% | | 66.9% | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 6.0x | to | 7.5x | | 7.2x | | Liquidation Trust | | 12,264 | | | Deficiency claim analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 503,988 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.5x | to | 11.3x | | 8.1x | | Common Equity/Interests/Warrants | | 500,514 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.5x | to | 4.0x | | 4.0x | | Earnings multiple | | 8.8x | to | 13.3x | | 13.3x | | Common Equity/Interests/Warrants | | 187,771 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.5% | | 7.3% | | Terminal Cap Rate | 5.5% | to | 8.3% | 6.1% | | Common Equity/Interests/Warrants | | 20,720 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 20.0% | | 15.0% | | Common Equity/Interests/Warrants (2) | | 16,966 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.5% | | 7.3% | | | | Terminal Cap Rate | | 0.055 | to | 8.3% | | 6.1% | | Common Equity/Interests/Warrants | | 14,710 | | | Enterprise value waterfall (Market Approach) | | EBITDA multiple | | 5.8x | to | 12.5x | | 6.8x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 0.123 | to | 16.0% | | 15.0% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common Equity/Interests/Warrants | | 12,077 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 3,128 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.4x | to | 3.0x | | 3.0x | | Common Equity/Interests/Warrants | | 2 | | | Discounted cash flow | | Discount rate | | 21.5% | to | 22.5% | | 21.5% | | Total Level 3 Investments | | $ | 6,341,325 | | | | | | | | | | | |
(1)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. (2)Represents Residual Profit Interests in Real Estate Investments. (3)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.
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| Schedule of Summarized Financial Information for NPRC |
The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of September 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 1 | | Taco Bell, OK | | Yukon, OK | | 6/4/2014 | | $ | 1,719 | | | $ | — | | | 2 | | Taco Bell, MO | | Marshall, MO | | 6/4/2014 | | 1,405 | | | — | | | 3 | | Abbie Lakes OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 12,600 | | | 21,569 | | | 4 | | Kengary Way OH Partners, LLC | | Reynoldsburg, OH | | 9/30/2014 | | 11,500 | | | 22,945 | | | 5 | | Lakeview Trail OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 26,500 | | | 43,656 | | | 6 | | Lakepoint OH Partners, LLC | | Pickerington, OH | | 9/30/2014 | | 11,000 | | | 25,935 | | | 7 | | Sunbury OH Partners, LLC | | Columbus, OH | | 9/30/2014 | | 13,000 | | | 21,372 | | | 8 | | Heatherbridge OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 18,416 | | | 31,810 | | | 9 | | Jefferson Chase OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 13,551 | | | 27,625 | | | 10 | | Goldenstrand OH Partners, LLC | | Hilliard, OH | | 10/29/2014 | | 7,810 | | | 17,195 | | | 11 | | 9220 Old Lantern Way, LLC | | Laurel, MD | | 1/30/2017 | | 187,250 | | | 147,308 | | | 12 | | 7915 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 95,700 | | | 85,070 | | | 13 | | 8025 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 15,300 | | | 14,826 | | | 14 | | 23275 Riverside Drive Owner, LLC | | Southfield, MI | | 11/8/2017 | | 52,000 | | | 51,997 | | | 15 | | 23741 Pond Road Owner, LLC | | Southfield, MI | | 11/8/2017 | | 16,500 | | | 17,986 | | | 16 | | 150 Steeplechase Way Owner, LLC | | Largo, MD | | 1/10/2018 | | 44,500 | | | 34,334 | | | 17 | | Olentangy Commons Owner LLC | | Columbus, OH | | 6/1/2018 | | 113,000 | | | 91,050 | | | 18 | | Villages of Wildwood Holdings LLC | | Fairfield, OH | | 7/20/2018 | | 46,500 | | | 57,531 | | | 19 | | Falling Creek Holdings LLC | | Richmond, VA | | 8/8/2018 | | 25,000 | | | 29,537 | | | 20 | | Lorring Owner LLC | | Forestville, MD | | 10/30/2018 | | 58,521 | | | 46,382 | | | 21 | | Hamptons Apartments Owner, LLC | | Beachwood, OH | | 1/9/2019 | | 96,500 | | | 78,813 | | | 22 | | 5224 Long Road Holdings, LLC | | Orlando, FL | | 6/28/2019 | | 26,500 | | | 21,200 | | | 23 | | Druid Hills Holdings LLC | | Atlanta, GA | | 7/30/2019 | | 96,000 | | | 74,372 | | | 24 | | Sterling Place Holdings LLC | | Columbus, OH | | 10/28/2019 | | 41,500 | | | 34,196 | | | 25 | | SPCP Hampton LLC | | Dallas, TX | | 11/2/2020 | | 36,000 | | | 38,335 | | | 26 | | Palmetto Creek Holdings LLC | | North Charleston, SC | | 11/10/2020 | | 33,182 | | | 25,600 | | | 27 | | Valora at Homewood Holdings LLC | | Homewood, AL | | 11/19/2020 | | 81,250 | | | 62,379 | | | 28 | | NPRC Fairburn LLC | | Fairburn, GA | | 12/14/2020 | | 52,140 | | | 43,900 | | | 29 | | NPRC Taylors LLC | | Taylors, SC | | 1/27/2021 | | 18,762 | | | 13,910 | | | 30 | | Parkside at Laurel West Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 57,005 | | | 41,608 | | | 31 | | Willows at North End Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 23,255 | | | 18,421 | | | 32 | | SPCP Edge CL Owner LLC | | Webster, TX | | 3/12/2021 | | 34,000 | | | 25,496 | | | 33 | | Jackson Pear Orchard LLC | | Ridgeland, MS | | 6/28/2021 | | 50,900 | | | 42,836 | | | 34 | | Jackson Lakeshore Landing LLC | | Ridgeland, MS | | 6/28/2021 | | 22,600 | | | 17,896 | | | 35 | | Jackson Reflection Pointe LLC | | Flowood, MS | | 6/28/2021 | | 45,100 | | | 33,094 | | | 36 | | Jackson Crosswinds LLC | | Pearl, MS | | 6/28/2021 | | 41,400 | | | 38,476 | | | 37 | | Elliot Apartments Norcross, LLC | | Norcross, GA | | 11/30/2021 | | 128,000 | | | 106,850 | | | 38 | | Orlando 442 Owner, LLC (West Vue Apartments) | | Orlando, FL | | 12/30/2021 | | 97,500 | | | 62,223 | | | 39 | | NPRC Wolfchase LLC | | Memphis, TN | | 3/18/2022 | | 82,100 | | | 60,000 | | | 40 | | NPRC Twin Oaks LLC | | Hattiesburg. MS | | 3/18/2022 | | 44,850 | | | 37,145 | | | 41 | | NPRC Lancaster LLC | | Birmingham, AL | | 3/18/2022 | | 37,550 | | | 30,005 | | | 42 | | NPRC Rutland LLC | | Macon, GA | | 3/18/2022 | | 29,750 | | | 24,746 | | | 43 | | Southport Owner LLC (Southport Crossing) | | Indianapolis, IN | | 3/29/2022 | | 48,100 | | | 36,075 | | | 44 | | TP Cheyenne, LLC | | Cheyenne, WY | | 5/26/2022 | | 27,500 | | | 17,656 | | | 45 | | TP Pueblo, LLC | | Pueblo, CO | | 5/26/2022 | | 31,500 | | | 20,166 | | | 46 | | TP Stillwater, LLC | | Stillwater, OK | | 5/26/2022 | | 26,100 | | | 15,328 | | | 47 | | TP Kokomo, LLC | | Kokomo, IN | | 5/26/2022 | | 20,500 | | | 12,753 | | | 48 | | Terraces at Perkins Rowe JV LLC | | Baton Rouge, LA | | 11/14/2022 | | 41,400 | | | 29,322 | | | 49 | | NPRC Apex Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 34,225 | | | 27,712 | | | 50 | | NPRC Parkton Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 45,775 | | | 37,090 | | | | | | | | | | $ | 2,222,716 | | | $ | 1,915,734 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 1 | | Taco Bell, OK | | Yukon, OK | | 6/4/2014 | | $ | 1,719 | | | $ | — | | | 2 | | Taco Bell, MO | | Marshall, MO | | 6/4/2014 | | 1,405 | | | — | | | 3 | | Abbie Lakes OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 12,600 | | | 21,569 | | | 4 | | Kengary Way OH Partners, LLC | | Reynoldsburg, OH | | 9/30/2014 | | 11,500 | | | 22,945 | | | 5 | | Lakeview Trail OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 26,500 | | | 43,656 | | | 6 | | Lakepoint OH Partners, LLC | | Pickerington, OH | | 9/30/2014 | | 11,000 | | | 25,935 | | | 7 | | Sunbury OH Partners, LLC | | Columbus, OH | | 9/30/2014 | | 13,000 | | | 21,372 | | | 8 | | Heatherbridge OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 18,416 | | | 31,810 | | | 9 | | Jefferson Chase OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 13,551 | | | 27,625 | | | 10 | | Goldenstrand OH Partners, LLC | | Hilliard, OH | | 10/29/2014 | | 7,810 | | | 17,195 | | | 11 | | Vesper Corpus Christi, LLC | | Corpus Christi, TX | | 9/28/2016 | | 14,250 | | | 9,905 | | | 12 | | Vesper Campus Quarters, LLC | | Corpus Christi, TX | | 9/28/2016 | | 18,350 | | | 13,000 | | | 13 | | 9220 Old Lantern Way, LLC | | Laurel, MD | | 1/30/2017 | | 187,250 | | | 147,934 | | | 14 | | 7915 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 95,700 | | | 85,465 | | | 15 | | 8025 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 15,300 | | | 14,892 | | | 16 | | 23275 Riverside Drive Owner, LLC | | Southfield, MI | | 11/8/2017 | | 52,000 | | | 52,245 | | | 17 | | 23741 Pond Road Owner, LLC | | Southfield, MI | | 11/8/2017 | | 16,500 | | | 18,073 | | | 18 | | 150 Steeplechase Way Owner, LLC | | Largo, MD | | 1/10/2018 | | 44,500 | | | 34,505 | | | 19 | | Olentangy Commons Owner LLC | | Columbus, OH | | 6/1/2018 | | 113,000 | | | 91,417 | | | 20 | | Villages of Wildwood Holdings LLC | | Fairfield, OH | | 7/20/2018 | | 46,500 | | | 57,729 | | | 21 | | Falling Creek Holdings LLC | | Richmond, VA | | 8/8/2018 | | 25,000 | | | 29,652 | | | 22 | | Lorring Owner LLC | | Forestville, MD | | 10/30/2018 | | 58,521 | | | 46,561 | | | 23 | | Hamptons Apartments Owner, LLC | | Beachwood, OH | | 1/9/2019 | | 96,500 | | | 79,107 | | | 24 | | 5224 Long Road Holdings, LLC | | Orlando, FL | | 6/28/2019 | | 26,500 | | | 21,200 | | | 25 | | Druid Hills Holdings LLC | | Atlanta, GA | | 7/30/2019 | | 96,000 | | | 74,962 | | | 26 | | Sterling Place Holdings LLC | | Columbus, OH | | 10/28/2019 | | 41,500 | | | 34,196 | | | 27 | | SPCP Hampton LLC | | Dallas, TX | | 11/2/2020 | | 36,000 | | | 38,503 | | | 28 | | Palmetto Creek Holdings LLC | | North Charleston, SC | | 11/10/2020 | | 33,182 | | | 25,668 | | | 29 | | Valora at Homewood Holdings LLC | | Homewood, AL | | 11/19/2020 | | 81,250 | | | 62,718 | | | 30 | | NPRC Fairburn LLC | | Fairburn, GA | | 12/14/2020 | | 52,140 | | | 43,900 | | | 31 | | NPRC Taylors LLC | | Taylors, SC | | 1/27/2021 | | 18,762 | | | 13,980 | | | 32 | | Parkside at Laurel West Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 57,005 | | | 41,817 | | | 33 | | Willows at North End Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 23,255 | | | 18,519 | | | 34 | | SPCP Edge CL Owner LLC | | Webster, TX | | 3/12/2021 | | 34,000 | | | 25,496 | | | 35 | | Jackson Pear Orchard LLC | | Ridgeland, MS | | 6/28/2021 | | 50,900 | | | 42,975 | | | 36 | | Jackson Lakeshore Landing LLC | | Ridgeland, MS | | 6/28/2021 | | 22,600 | | | 17,955 | | | 37 | | Jackson Reflection Pointe LLC | | Flowood, MS | | 6/28/2021 | | 45,100 | | | 33,203 | | | 38 | | Jackson Crosswinds LLC | | Pearl, MS | | 6/28/2021 | | 41,400 | | | 38,601 | | | 39 | | Elliot Apartments Norcross, LLC | | Norcross, GA | | 11/30/2021 | | 128,000 | | | 106,850 | | | 40 | | Orlando 442 Owner, LLC (West Vue Apartments) | | Orlando, FL | | 12/30/2021 | | 97,500 | | | 62,223 | | | 41 | | NPRC Wolfchase LLC | | Memphis, TN | | 3/18/2022 | | 82,100 | | | 60,000 | | | 42 | | NPRC Twin Oaks LLC | | Hattiesburg, MS | | 3/18/2022 | | 44,850 | | | 37,105 | | | 43 | | NPRC Lancaster LLC | | Birmingham, AL | | 3/18/2022 | | 37,550 | | | 29,961 | | | 44 | | NPRC Rutland LLC | | Macon, GA | | 3/18/2022 | | 29,750 | | | 24,700 | | | 45 | | Southport Owner LLC (Southport Crossing) | | Indianapolis, IN | | 3/29/2022 | | 48,100 | | | 36,075 | | | 46 | | TP Cheyenne, LLC | | Cheyenne, WY | | 5/26/2022 | | 27,500 | | | 17,656 | | | 47 | | TP Pueblo, LLC | | Pueblo, CO | | 5/26/2022 | | 31,500 | | | 20,166 | | | 48 | | TP Stillwater, LLC | | Stillwater, OK | | 5/26/2022 | | 26,100 | | | 15,328 | | | 49 | | TP Kokomo, LLC | | Kokomo, IN | | 5/26/2022 | | 20,500 | | | 12,753 | | | 50 | | Terraces at Perkins Rowe JV LLC | | Baton Rouge, LA | | 11/14/2022 | | 41,400 | | | 29,403 | | | 51 | | NPRC Apex Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 34,225 | | | 27,712 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 52 | | NPRC Parkton Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 45,775 | | | 37,090 | | | | | | | | | | $ | 2,255,316 | | | $ | 1,943,307 | |
| | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | Summary Statement of Operations | 2026 | | 2025 | | | | | | Total income | $ | 83,309 | | | $ | 140,894 | | | | | | | Operating expenses | (48,841) | | | (55,098) | | | | | | | Operating income | 34,468 | | | 85,796 | | | | | | | Interest expense | (30,679) | | | (43,785) | | | | | | | Depreciation and amortization | (24,299) | | | (26,547) | | | | | | | Fair value adjustment | (1,503) | | | (2,642) | | | | | | | Net Income (loss) | $ | (22,013) | | | $ | 12,822 | | | | | |
| | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | Summary Statement of Operations | 2026 | | 2025 | | | | | | Total income | $ | 101,060 | | | $ | 88,288 | | | | | | | Gross profit | $ | 30,569 | | | $ | 26,018 | | | | | | | Net Profit (loss) | $ | 4,852 | | | $ | 3,056 | | | | | |
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