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INVESTMENTS | 12 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS In accordance with ASC 820, the fair value of each investment is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. •Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; •Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers; and •Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy. As of September 30, 2024, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Leeds Novamark Capital I, L.P. (“Leeds”), which was valued using NAV as a practical expedient. As of September 30, 2023, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs, and our investment in Leeds, which was valued using NAV as a practical expedient. We transfer investments in and out of Level 1, 2, and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. During the years ended September 30, 2024 and 2023, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy. As of September 30, 2024 and 2023, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:
|  |  |  | Fair Value Measurements
|  | Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
As of September 30, 2024: |  |  |  |  |  |  |  |
Secured first lien debt |  | $ | 554,937 |  |  | $ | — |  |  | $ | — |  |  | $ | 554,937 |
Secured second lien debt |  | 113,716 |  |  | — |  |  | — |  |  | 113,716 |
Unsecured debt |  | 32 |  |  | — |  |  | — |  |  | 32 |
Preferred equity |  | 31,346 |  |  | — |  |  | — |  |  | 31,346 |
Common equity/equivalents |  | 96,191 |  | (A) | — |  |  | — |  |  | 96,191 |
Total Investments as of September 30, 2024: |  | $ | 796,222 |  |  | $ | — |  |  | $ | — |  |  | $ | 796,222 |
|  | Fair Value |  | Fair Value Measurements
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
As of September 30, 2023: |  |  |  |  |  |  |  |
Secured first lien debt |  | $ | 510,701 |  |  | $ | — |  |  | $ | — |  |  | $ | 510,701 |
Secured second lien debt |  | 127,854 |  |  | — |  |  | — |  |  | 127,854 |
Unsecured debt |  | 24 |  |  | — |  |  | — |  |  | 24 |
Preferred equity |  | 26,855 |  |  | — |  |  | — |  |  | 26,855 |
Common equity/equivalents |  | 39,150 |  | (A) | — |  |  | 22 |  | (B) | 39,128 |
Total Investments as of September 30, 2023: |  | $ | 704,584 |  |  | $ | — |  |  | $ | 22 |  |  | $ | 704,562 |
(A)Excludes our investment in Leeds with a fair value of $38 thousand and $0.2 million as of September 30, 2024 and 2023, respectively. Leeds was valued using NAV as a practical expedient. (B)Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability as our investment was subject to certain restrictions. The following table presents our portfolio investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy and carried at fair value as of September 30, 2024 and 2023 by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:
| Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) |
| September 30, 2024 |  | September 30, 2023 |
Non-Control/Non-Affiliate Investments |  |  |  |
Secured first lien debt | $ | 540,661 |  |  | $ | 491,686 |  |
Secured second lien debt | 105,169 |  |  | 120,429 |  |
Unsecured debt | 32 |  |  | 24 |  |
Preferred equity | 27,247 |  |  | 21,733 |  |
Common equity/equivalents | 77,757 |  | (A) | 29,419 |  | (B)
Total Non-Control/Non-Affiliate Investments | $ | 750,866 |  |  | $ | 663,291 |  |
Affiliate Investments |  |  |  |
Secured first lien debt | $ | 380 |  |  | $ | 2,895 |  |
Preferred equity | 4,099 |  |  | 5,122 |  |
Common equity/equivalents | 2,959 |  |  | 2,404 |  |
Total Affiliate Investments | $ | 7,438 |  |  | $ | 10,421 |  |
Control Investments |  |  |  |
Secured first lien debt | $ | 13,896 |  |  | $ | 16,120 |  |
Secured second lien debt | 8,547 |  |  | 7,425 |  |
Preferred equity | — |  |  | — |  |
Common equity/equivalents | 15,475 |  |  | 7,305 |  |
Total Control Investments | $ | 37,918 |  |  | $ | 30,850 |  |
Total Investments at Fair Value Using Level 3 Inputs | $ | 796,222 |  |  | $ | 704,562 |  |
(A)Excludes our investment in Leeds with fair value of $38 thousand as of September 30, 2024. Leeds was valued using NAV as a practical expedient. (B)Excludes our investments in Leeds and Funko with fair values of $0.2 million and $22 thousand, respectively, as of September 30, 2023. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs. In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of September 30, 2024 and 2023. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input.
| Quantitative Information about Level 3 Fair Value Measurements
|  |  |  |  |  |  |  |  | Range / Weighted Average as of
| September 30, 2024 |  | September 30, 2023 |  | Valuation Techniques/ Methodologies |  | Unobservable Input |  | September 30, 2024 |  | September 30, 2023
Secured first lien debt | $ | 464,090 |  |  | $ | 461,638 |  |  | Yield Analysis |  | Discount Rate |  | 10.8%–17.3% / 12.6% |  | 11.8%–29.9% / 14.8%
| 90,847 |  |  | 49,063 |  |  | TEV |  | EBITDA multiple |  | 4.1x–13.9x / 10.0x |  | 4.7x–6.8x / 6.7x
|  |  |  |  |  |  | EBITDA |  | $3,020–$16,211 / $10,309 |  | $995–$14,002 / $13,624
|  |  |  |  |  |  | Revenue multiple |  | 0.2x–4.6x / 2.1x |  | 0.3x–0.8x / 0.6x
|  |  |  |  |  |  | Revenue |  | $6,336–$21,118 / $13,981 |  | $14,934–$16,283 / $15,361
Secured second lien debt | 101,928 |  |  | 110,820 |  |  | Yield Analysis |  | Discount Rate |  | 12.2%–16.0% / 14.1% |  | 12.5%—15.6% / 14.5%
| 3,241 |  |  | 9,609 |  |  | Market Quote |  | IBP |  | 88.0%–88.0% / 88.0% |  | 67.8%–94.0% / 82.2%
| 8,547 |  |  | 7,425 |  |  | TEV |  | EBITDA multiple |  | 5.4x–5.4x / 5.4x |  | 5.6x–5.6x / 5.6x
|  |  |  |  |  |  | EBITDA |  | $3,343–$3,343 / $3,343 |  | $3,690–$3,690 / $3,690
Unsecured debt | 32 |  |  | 24 |  |  | TEV |  | Revenue multiple |  | 1.0x–1.0x / 1.0x |  | 1.0x–1.0x / 1.0x
|  |  |  |  |  |  | Revenue |  | $7,834–$7,834 / $7,834 |  | $5,044–$5,044 / $5,044
Preferred and common equity / equivalents(A) | 127,537 |  |  | 65,983 |  |  | TEV |  | EBITDA multiple |  | 4.1x–13.9x / 8.0x |  | 4.7x–13.0x / 6.9x
|  |  |  |  |  |  | EBITDA |  | $1,182–$144,458 / $10,847 |  | $995–$112,841 / $10,570
|  |  |  |  |  |  | Revenue multiple |  | 0.2x–4.6x / 2.0x |  | 0.3x–3.0x / 1.2x
|  |  |  |  |  |  | Revenue |  | $4,672–$21,118 / $12,587 |  | $4,213–$16,283 / $14,959
Total Level 3 Investments, at Fair Value | $ | 796,222 |  |  | $ | 704,562 |  |  |  |  |  |  |  |  |
(A)Fair value as of September 30, 2024 excludes our investment in Leeds with fair value of $38 thousand. Fair value as of September 30, 2023 excludes our investments in Leeds and Funko with fair values of $0.2 million and $22 thousand, respectively. Leeds was valued using NAV as a practical expedient as of both September 30, 2024 and 2023, and Funko was valued using Level 2 inputs as of September 30, 2023. Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields, discount rates, or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase, respectively, in the fair value of certain of our investments. Changes in Level 3 Fair Value Measurements of Investments The following tables provide the changes in fair value, broken out by security type, during the years ended September 30, 2024 and 2023 for all investments for which we determine fair value using unobservable (Level 3) inputs.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Year Ended September 30, 2024 |  | Secured First Lien Debt |  | Secured Second Lien Debt |  | Unsecured Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Fair Value as of September 30, 2023 |  | $ | 510,701 |  |  | $ | 127,854 |  |  | $ | 24 |  |  | $ | 26,855 |  |  | $ | 39,128 |  |  | $ | 704,562 |
Total gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) |  | (50) |  |  | — |  |  | — |  |  | 332 |  |  | 1,724 |  |  | 2,006 |
Net unrealized appreciation (depreciation)(B) |  | (7,071) |  |  | 2,445 |  |  | 8 |  |  | (5,039) |  |  | 52,781 |  |  | 43,124 |
Reversal of prior period net depreciation (appreciation) on realization(B) |  | (53) |  |  | (22) |  |  | — |  |  | 130 |  |  | (283) |  |  | (228) |
New investments, repayments and settlements:(C) |  |  |  |  |  |  |  |  |  |  |  |
Issuances/originations |  | 131,462 |  |  | 36,978 |  |  | — |  |  | 10,150 |  |  | 4,585 |  |  | 183,175 |
Settlements/repayments |  | (80,102) |  |  | (53,539) |  |  | — |  |  | — |  |  | — |  |  | (133,641) |
Net proceeds from sales |  | 50 |  |  | — |  |  | — |  |  | (1,082) |  |  | (1,744) |  |  | (2,776) |
Transfers |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair Value as of September 30, 2024 |  | $ | 554,937 |  |  | $ | 113,716 |  |  | $ | 32 |  |  | $ | 31,346 |  |  | $ | 96,191 |  |  | $ | 796,222 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Year Ended September 30, 2023 |  | Secured First Lien Debt |  | Secured Second Lien Debt |  | Unsecured Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Fair Value as of September 30, 2022 |  | $ | 463,858 |  |  | $ | 115,928 |  |  | $ | 55 |  |  | $ | 27,046 |  |  | $ | 36,273 |  |  | $ | 643,160 |
Total gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) |  | (107) |  |  | — |  |  | (95) |  |  | (279) |  |  | 8,695 |  |  | 8,214 |
Net unrealized appreciation (depreciation)(B) |  | (7,577) |  |  | 617 |  |  | (31) |  |  | (1,829) |  |  | 10,563 |  |  | 1,743 |
Reversal of prior period net depreciation (appreciation) on realization(B) |  | 850 |  |  | 6 |  |  | 95 |  |  | 526 |  |  | (9,257) |  |  | (7,780) |
New investments, repayments and settlements:(C) |  |  |  |  |  |  |  |  |  |  |  |
Issuances/originations |  | 154,762 |  |  | 15,421 |  |  | — |  |  | 2,045 |  |  | 4,532 |  |  | 176,760 |
Settlements/repayments |  | (101,085) |  |  | (4,118) |  |  | — |  |  | — |  |  | — |  |  | (105,203) |
Net proceeds from sales |  | — |  |  | — |  |  | — |  |  | (654) |  |  | (11,678) |  |  | (12,332) |
Transfers |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair Value as of September 30, 2023 |  | $ | 510,701 |  |  | $ | 127,854 |  |  | $ | 24 |  |  | $ | 26,855 |  |  | $ | 39,128 |  |  | $ | 704,562 |
(A)Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the corresponding period. (B)Included in net unrealized appreciation (depreciation) on investments on our accompanying Consolidated Statements of Operations for the corresponding period. (C)Includes increases in the cost basis of investments resulting from new portfolio investments, accretion of discounts, PIK, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments. Investment Activity Proprietary Investments As of September 30, 2024 and 2023, we held 47 and 47 proprietary investments with an aggregate fair value of $792.9 million and $695.1 million, or 99.6% and 98.6% of the total portfolio at fair value, respectively. The following significant proprietary investment transactions occurred during the year ended September 30, 2024: •In November 2023, we invested $11.0 million in Quality Environmental Midco, Inc. (“Quality”) through secured first lien debt and preferred equity. We also extended Quality a $2.0 million secured first lien line of credit commitment, which was unfunded at close. In February 2024, we invested an additional $5.0 million in Quality through new secured first lien debt and preferred equity and increased the secured first lien line of credit commitment to $3.0 million. •In November 2023, we extended Cafe Zupas, an existing portfolio company, a new $10.5 million secured first lien delayed draw term loan commitment, which was unfunded at close. We funded $1.4 million on the delayed draw term loan in December 2023. In addition, our existing term loan was paid down by $7.3 million. •In November 2023, our remaining investment in PIC 360, LLC was sold resulting in a net realized gain of $0.3 million. •In December 2023, we invested an additional $14.3 million in ALS Education, LLC, an existing portfolio company, through secured first lien debt. •In December 2023, we invested an additional $12.0 million in Leadpoint Business Services, LLC, an existing portfolio company, through secured first lien debt. •In December 2023, we invested an additional $7.0 million in Salt & Straw, LLC, an existing portfolio company, through preferred equity. We also increased our delayed draw term loan commitment to Salt & Straw, LLC by $2.9 million. •In February and March 2024, we invested a total of an additional $13.5 million in SpaceCo Holdings, LLC (“SpaceCo”), an existing portfolio company, through secured first lien debt. •In February 2024, we invested $15.0 million in Perimeter Solutions Group through secured second lien debt. •In March 2024, we received net cash proceeds of $8.4 million from the sale of Trowbridge Chicago, LLC (“Trowbridge”), an existing portfolio company. In conjunction with the sale, we received $0.2 million in prepayment fees and recorded a net realized gain of $0.2 million on our equity. In September 2024, our remaining debt investment in Trowbridge paid off at par for net cash proceeds of $0.3 million. •In April 2024, we invested $7.3 million in Total Access Elevator, LLC (“Total Access”) through secured first lien debt and common equity. We also extended Total Access a $3.0 million line of credit commitment and a $2.5 million delayed draw term loan commitment, both of which were unfunded at close. •In April 2024, our debt investment in Giving Home Healthcare, LLC (“Giving Home”) paid off at par for net cash proceeds of $29.7 million including a $0.9 million prepayment penalty. We also exercised our warrant position for common equity in Giving Home, which we continue to hold, and received a $2.5 million distribution associated with this investment. •In May 2024, our debt investment in Gray Matter Systems, LLC paid off at par for net cash proceeds of $14.0 million including a $0.2 million prepayment penalty. •In May 2024, our debt investment in Pansophic Learning, Ltd. (“Pansophic”) paid off at par for net cash proceeds of $33.0 million. •In May 2024, we invested $20.0 million in RPM Freight Systems, LLC (“RPM”) through secured second lien debt. We also extended RPM a $5.0 million delayed draw term loan commitment, which was unfunded at close. •In May 2024, our remaining shares in Funko were sold representing an exit of our investment and a return of our equity cost basis of $21 thousand and a realized gain of $2 thousand. •In June 2024, we invested an additional $7.4 million in Workforce QA, LLC, an existing portfolio company, through secured first lien debt. •In July 2024, we invested an additional $6.5 million in Turn Key Health Clinics, LLC (“Turn Key”), an existing portfolio company, through secured first lien debt. We also extended Turn Key an additional $2.0 million line of credit commitment which was funded in July 2024. •In September 2024, we invested an additional $13.5 million in Arc Drilling Holdings LLC, an existing portfolio company, through secured first lien debt and common equity. We also extended Arc Drilling an additional $4.0 million line of credit commitment and funded $0.9 million under the line of credit at close. Syndicated Investments As of September 30, 2024 and 2023, we held two and four syndicated investments with an aggregate fair value of $3.3 million and $9.7 million, or 0.4% and 1.4% of the total portfolio at fair value, respectively. The following significant syndicated investment transactions occurred during the year ended September 30, 2024: •In January 2024, our investment in CHA Holdings, Inc. paid off at par for net proceeds of $3.0 million. •In July 2024, our investment in Tailwind Smith Cooper Immediate Corporation paid off at par for net proceeds of $5.0 million. Investment Concentrations As of September 30, 2024, our investment portfolio consisted of investments in 49 portfolio companies located in 22 states in 13 different industries, with an aggregate fair value of $796.3 million. The five largest investments at fair value as of September 30, 2024 totaled $232.7 million, or 29.2% of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2023 totaling $176.9 million, or 25.1% of our total investment portfolio. As of September 30, 2024 and 2023, our average investment by obligor was $15.7 million and $14.2 million at cost, respectively. The following table outlines our investments by security type as of September 30, 2024 and 2023:
| September 30, 2024 |  | September 30, 2023
| Cost |  | Fair Value |  | Cost |  | Fair Value
Secured first lien debt | $ | 580,736 |  |  | 75.3 | % |  | $ | 554,937 |  |  | 69.7 | % |  | $ | 529,376 |  |  | 73.3 | % |  | $ | 510,701 |  |  | 72.5 | %
Secured second lien debt | 113,691 |  |  | 14.8 |  |  | 113,716 |  |  | 14.3 |  |  | 130,252 |  |  | 18.1 |  |  | 127,854 |  |  | 18.1 |
Unsecured debt | 198 |  |  | 0.0 |  |  | 32 |  |  | 0.0 |  |  | 198 |  |  | 0.0 |  |  | 24 |  |  | 0.0 |
Total debt investments | 694,625 |  |  | 90.1 |  |  | 668,685 |  |  | 84.0 |  |  | 659,826 |  |  | 91.4 |  |  | 638,579 |  |  | 90.6 |
Preferred equity | 45,017 |  |  | 5.8 |  |  | 31,346 |  |  | 3.9 |  |  | 35,617 |  |  | 4.9 |  |  | 26,855 |  |  | 3.8 |
Common equity/equivalents | 31,369 |  |  | 4.1 |  |  | 96,229 |  |  | 12.1 |  |  | 26,826 |  |  | 3.7 |  |  | 39,381 |  |  | 5.6 |
Total equity investments | 76,386 |  |  | 9.9 |  |  | 127,575 |  |  | 16.0 |  |  | 62,443 |  |  | 8.6 |  |  | 66,236 |  |  | 9.4 |
Total Investments | $ | 771,011 |  |  | 100.0 | % |  | $ | 796,260 |  |  | 100.0 | % |  | $ | 722,269 |  |  | 100.0 | % |  | $ | 704,815 |  |  | 100.0 | %
Our investments at fair value consisted of the following industry classifications as of September 30, 2024 and 2023:
Industry Classification |  | September 30, 2024 |  | September 30, 2023
| Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
Diversified/Conglomerate Service |  | $ | 179,032 |  |  | 22.5 | % |  | $ | 135,060 |  |  | 19.2 | %
Diversified/Conglomerate Manufacturing |  | 160,264 |  |  | 20.1 |  |  | 158,061 |  |  | 22.4 |
Aerospace and Defense |  | 153,096 |  |  | 19.2 |  |  | 97,836 |  |  | 13.9 |
Healthcare, Education, and Childcare |  | 101,707 |  |  | 12.8 |  |  | 146,438 |  |  | 20.8 |
Beverage, Food, and Tobacco |  | 88,327 |  |  | 11.1 |  |  | 78,788 |  |  | 11.2 |
Automobile |  | 28,286 |  |  | 3.6 |  |  | 27,571 |  |  | 3.9 |
Machinery |  | 21,816 |  |  | 2.7 |  |  | 6,411 |  |  | 0.9 |
Oil and Gas |  | 20,554 |  |  | 2.6 |  |  | 27,830 |  |  | 3.9 |
Cargo Transportation |  | 20,200 |  |  | 2.5 |  |  | — |  |  | — |
Personal and Non-Durable Consumer Products |  | 13,586 |  |  | 1.7 |  |  | 14,576 |  |  | 2.1 |
Other, < 2.0% |  | 9,392 |  |  | 1.2 |  |  | 12,244 |  |  | 1.7 |
Total Investments |  | $ | 796,260 |  |  | 100.0 | % |  | $ | 704,815 |  |  | 100.0 | %
Our investments at fair value were included in the following U.S. geographic regions as of September 30, 2024 and 2023:
Location |  | September 30, 2024 |  | September 30, 2023
| Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
South |  | $ | 314,010 |  |  | 39.4 | % |  | $ | 273,181 |  |  | 38.8 | %
West |  | 249,082 |  |  | 31.3 |  |  | 224,235 |  |  | 31.8 |
Midwest |  | 192,897 |  |  | 24.2 |  |  | 145,122 |  |  | 20.6 |
Northeast |  | 40,271 |  |  | 5.1 |  |  | 62,277 |  |  | 8.8 |
Total Investments |  | $ | 796,260 |  |  | 100.0 | % |  | $ | 704,815 |  |  | 100.0 | %
The geographic composition indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional locations in other geographic regions. Investment Principal Repayments The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of September 30, 2024:
Year Ending September 30, |  | Amount
2025(A) |  | $ | 16,322 |
2026 |  | 160,366 |
2027 |  | 227,287 |
2028 |  | 193,374 |
2029 |  | 78,697 |
Thereafter |  | 20,000 |
Total contractual repayments |  | $ | 696,046 |
Adjustments to cost basis of debt investments |  | (1,421) |
Investments in equity securities |  | 76,386 |
Investments held as of September 30, 2024 at cost: |  | $ | 771,011 |
(A)Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of September 30, 2024. Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs incurred on behalf of such portfolio companies and are included in other assets on our accompanying Consolidated Statements of Assets and Liabilities. We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write-off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of September 30, 2024 and 2023, we had gross receivables from portfolio companies of $1.7 million and $0.8 million, respectively. The allowance for uncollectible receivables was $75 thousand and $9 thousand as of September 30, 2024 and 2023, respectively.

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