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INVESTMENTS | 9 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Fair Value 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 in those 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 June 30, 2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investments in Gladstone Alternative Income Fund (“Gladstone Alternative”) and Leeds Novamark Capital I, L.P. (“Leeds”), which were valued using NAV as a practical expedient. 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, 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 nine months ended June 30, 2025 and 2024, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy. As of June 30, 2025 and September 30, 2024, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:
|  | Fair Value Measurements |  |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
As of June 30, 2025: |  |  |  |  |  |  |  |
Secured first lien debt |  | $ | — |  |  | $ | — |  |  | $ | 529,149 |  |  | $ | 529,149 |
Secured second lien debt |  | — |  |  | — |  |  | 144,299 |  |  | 144,299 |
Unsecured debt |  | — |  |  | — |  |  | 354 |  |  | 354 |
Preferred equity |  | — |  |  | — |  |  | 25,717 |  |  | 25,717 |
Common equity/equivalents |  | — |  |  | — |  |  | 46,695 |  |  | 46,695 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 746,214 |  |  | $ | 746,214 |
Investments measured at NAV(A) |  | — |  |  | — |  |  | — |  |  | 5,046 |
Total Investments as of June 30, 2025 |  | $ | — |  |  | $ | — |  |  | $ | 746,214 |  |  | $ | 751,260 |
|  | Fair Value Measurements |  |
|  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
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 |  |  | 96,191 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 796,222 |  |  | $ | 796,222 |
Investments measured at NAV(A) |  | — |  |  | — |  |  | — |  |  | 38 |
Total Investments as of September 30, 2024 |  | $ | — |  |  | $ | — |  |  | $ | 796,222 |  |  | $ | 796,260 |
(A)Includes our investments in Gladstone Alternative and Leeds as of June 30, 2025 and our investment in Leeds as of September 30, 2024. Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this quarterly report. 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 June 30, 2025 and September 30, 2024, 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)
| June 30, 2025 |  | September 30, 2024 |
Non-Control/Non-Affiliate Investments |  |  |  |
Secured first lien debt | $ | 458,578 |  |  | $ | 540,661 |  |
Secured second lien debt | 135,507 |  |  | 105,169 |  |
Unsecured debt | 20 |  |  | 32 |  |
Preferred equity | 18,126 |  |  | 27,247 |  |
Common equity/equivalents | 26,736 |  | (A) | 77,757 |  | (B)
Total Non-Control/Non-Affiliate Investments | $ | 638,967 |  |  | $ | 750,866 |  |
Affiliate Investments |  |  |  |
Secured first lien debt | $ | 245 |  |  | $ | 380 |  |
Preferred equity | 7,591 |  |  | 4,099 |  |
Common equity/equivalents | 3,748 |  |  | 2,959 |  |
Total Affiliate Investments | $ | 11,584 |  |  | $ | 7,438 |  |
Control Investments |  |  |  |
Secured first lien debt | $ | 70,326 |  |  | $ | 13,896 |  |
Secured second lien debt | 8,792 |  |  | 8,547 |  |
Unsecured debt | 334 |  |  | — |  |
Common equity/equivalents | 16,211 |  |  | 15,475 |  |
Total Control Investments | $ | 95,663 |  |  | $ | 37,918 |  |
Total Investments at Fair Value Using Level 3 Inputs | $ | 746,214 |  |  | $ | 796,222 |  |
In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of June 30, 2025 and September 30, 2024. 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
| June 30, 2025 |  | September 30, 2024 |  | Valuation Techniques/ Methodologies |  | Unobservable Input |  | June 30, 2025 |  | September 30, 2024
Secured first lien debt | $ | 455,368 |  |  | $ | 464,090 |  |  | Yield Analysis |  | Discount Rate |  | 10.5% - 18.0% / 12.0% |  | 10.8% - 17.3% / 12.6%
| 73,781 |  |  | 90,847 |  |  | TEV |  | EBITDA multiple |  | 4.5x – 7.2x / 6.3x |  | 4.1x – 13.9x / 10.0x
|  |  |  |  |  |  | EBITDA |  | $408 - $4,591 / $3,330 |  | $3,020 - $16,211 / $10,309
|  |  |  |  |  |  | Revenue multiple |  | 0.6x – 0.7x / 0.7x |  | 0.2x – 4.6x / 2.1x
|  |  |  |  |  |  | Revenue |  | $11,320 - $21,248 / $14,719 |  | $6,336 - $21,118 / $13,981
Secured second lien debt | 131,824 |  |  | 101,928 |  |  | Yield Analysis |  | Discount Rate |  | 11.9% - 15.4% / 13.4% |  | 12.2% - 16.0% / 14.1%
| 3,683 |  |  | 3,241 |  |  | Market Quote |  | IBP |  | 100.0% - 100.0% / 100.0% |  | 88.0% - 88.0% / 88.0%
| 8,792 |  |  | 8,547 |  |  | TEV |  | EBITDA multiple |  | 5.4x – 5.4x / 5.4x |  | 5.4x – 5.4x / 5.4x
|  |  |  |  |  |  | EBITDA |  | $2,463 - $2,463 / $2,463 |  | $3,343 - $3,343 / $3,343
Unsecured debt | 354 |  |  | 32 |  |  | TEV |  | EBITDA multiple |  | 7.2x – 7.2x / 7.2x |  | 0.0x – 0.0x / 0.0x
|  |  |  |  |  |  | EBITDA |  | $4,591 - $4,591 / $4,591 |  | $0 - $0 / $0
|  |  |  |  |  |  | Revenue multiple |  | 1.0x – 1.0x / 1.0x |  | 1.0x – 1.0x / 1.0x
|  |  |  |  |  |  | Revenue |  | $5,202 - $5,202 / $5,202 |  | $7,834 - $7,834 / $7,834
Preferred and common equity / equivalents(A) | 72,412 |  |  | 127,537 |  |  | TEV |  | EBITDA multiple |  | 4.1x – 14.7x / 7.3x |  | 4.1x – 13.9x / 8.0x
|  |  |  |  |  |  | EBITDA |  | $408 -$143,118 / $8,787 |  | $1,182 -$144,458 / $10,847
|  |  |  |  |  |  | Revenue multiple |  | 0.6x – 1.0x / 0.7x |  | 0.2x– 4.6x / 2.0x
|  |  |  |  |  |  | Revenue |  | $5,202 -$21,248 / $13,175 |  | $4,672 -$21,118 / $12,587
Total Level 3 Investments, at Fair Value | $ | 746,214 |  |  | $ | 796,222 |  |  |  |  |  |  |  |  |
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 three and nine months ended June 30, 2025 and 2024 for all investments for which we determine fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three months ended June 30, 2025 |  | Secured First Lien Debt |  | Secured Second Lien Debt |  | Unsecured Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Fair Value as of March 31, 2025 |  | $ | 541,524 |  |  | $ | 144,970 |  |  | $ | 335 |  |  | $ | 25,031 |  |  | $ | 45,765 |  |  | $ | 757,625 |
Total gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) |  | (4,439) |  |  | — |  |  | — |  |  | — |  |  | 731 |  |  | (3,708) |
Net unrealized appreciation (depreciation)(B) |  | 815 |  |  | (355) |  |  | 7 |  |  | 686 |  |  | (7,570) |  |  | (6,417) |
Reversal of prior period net depreciation (appreciation) on realization(B) |  | 6,053 |  |  | 295 |  |  | — |  |  | — |  |  | — |  |  | 6,348 |
New investments, repayments and settlements: (C) |  |  |  |  |  |  |  |  |  |  |  |
Issuances/originations |  | 73,889 |  |  | 130 |  |  | 12 |  |  | — |  |  | — |  |  | 74,031 |
Settlements/repayments |  | (80,193) |  |  | (741) |  |  | — |  |  | — |  |  | — |  |  | (80,934) |
Net proceeds from sales |  | — |  |  | — |  |  | — |  |  | — |  |  | (731) |  |  | (731) |
Transfers |  | (8,500) |  |  | — |  |  | — |  |  | — |  |  | 8,500 |  |  | — |
Fair Value as of June 30, 2025 |  | $ | 529,149 |  |  | $ | 144,299 |  |  | $ | 354 |  |  | $ | 25,717 |  |  | $ | 46,695 |  |  | $ | 746,214 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Nine months ended June 30, 2025 |  | Secured First Lien Debt |  | Secured Second Lien Debt |  | Unsecured Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Fair Value as of September 30, 2024 |  | $ | 554,937 |  |  | $ | 113,716 |  |  | $ | 32 |  |  | $ | 31,346 |  |  | $ | 96,191 |  |  | $ | 796,222 |
Total gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) |  | (8,513) |  |  | — |  |  | — |  |  | 5,404 |  |  | 64,827 |  |  | 61,718 |
Net unrealized appreciation (depreciation)(B) |  | (10,011) |  |  | (252) |  |  | (23) |  |  | 7,513 |  |  | 6,432 |  |  | 3,659 |
Reversal of prior period net depreciation (appreciation) on realization(B) |  | 9,612 |  |  | 295 |  |  | — |  |  | (5,404) |  |  | (60,010) |  |  | (55,507) |
New investments, repayments and settlements: (C) |  |  |  |  |  |  |  |  |  |  |  |
Issuances/originations |  | 212,754 |  |  | 47,827 |  |  | 345 |  |  | 6,262 |  |  | 915 |  |  | 268,103 |
Settlements/repayments |  | (221,130) |  |  | (17,287) |  |  | — |  |  | — |  |  | — |  |  | (238,417) |
Net proceeds from sales |  | — |  |  | — |  |  | — |  |  | (19,404) |  |  | (70,160) |  |  | (89,564) |
Transfers |  | (8,500) |  |  | — |  |  | — |  |  | — |  |  | 8,500 |  |  | — |
Fair Value as of June 30, 2025 |  | $ | 529,149 |  |  | $ | 144,299 |  |  | $ | 354 |  |  | $ | 25,717 |  |  | $ | 46,695 |  |  | $ | 746,214 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three months ended June 30, 2024 |  | Secured First Lien Debt |  | Secured Second Lien Debt |  | Unsecured Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Fair Value as of March 31, 2024 |  | $ | 563,849 |  |  | $ | 140,409 |  |  | $ | 33 |  |  | $ | 32,598 |  |  | $ | 54,435 |  |  | $ | 791,324 |
Total gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) |  | (50) |  |  | — |  |  | — |  |  | — |  |  | 1,465 |  |  | 1,415 |
Net unrealized appreciation (depreciation)(B) |  | (6,748) |  |  | 727 |  |  | — |  |  | 367 |  |  | 9,213 |  |  | 3,559 |
Reversal of prior period net depreciation (appreciation) on realization(B) |  | (33) |  |  | (58) |  |  | — |  |  | — |  |  | — |  |  | (91) |
New investments, repayments and settlements: (C) |  |  |  |  |  |  |  |  |  |  |  |
Issuances/originations |  | 26,964 |  |  | 20,132 |  |  | — |  |  | — |  |  | 750 |  |  | 47,846 |
Settlements/repayments |  | (41,749) |  |  | (43,335) |  |  | — |  |  | — |  |  | — |  |  | (85,084) |
Net proceeds from sales |  | 50 |  |  | — |  |  | — |  |  | — |  |  | (1,484) |  |  | (1,434) |
Fair Value as of June 30, 2024 |  | $ | 542,283 |  |  | $ | 117,875 |  |  | $ | 33 |  |  | $ | 32,965 |  |  | $ | 64,379 |  |  | $ | 757,535 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Nine months ended June 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) |  |  | — |  |  | — |  |  | 219 |  |  | 1,724 |  |  | 1,893 |
Net unrealized appreciation (depreciation)(B) |  | (1,750) |  |  | 2,270 |  |  | 9 |  |  | (3,270) |  |  | 24,804 |  |  | 22,063 |
Reversal of prior period net depreciation (appreciation) on realization(B) |  | (52) |  |  | 99 |  |  | — |  |  | 130 |  |  | (283) |  |  | (106) |
New investments, repayments and settlements: (C) |  |  |  |  |  |  |  |  |  |  |  |
Issuances/originations |  | 106,939 |  |  | 35,494 |  |  | — |  |  | 10,000 |  |  | 750 |  |  | 153,183 |
Settlements/repayments |  | (73,555) |  |  | (47,842) |  |  | — |  |  | — |  |  | — |  |  | (121,397) |
Net proceeds from sales |  | 50 |  |  | — |  |  | — |  |  | (969) |  |  | (1,744) |  |  | (2,663) |
Fair Value as of June 30, 2024 |  | $ | 542,283 |  |  | $ | 117,875 |  |  | $ | 33 |  |  | $ | 32,965 |  |  | $ | 64,379 |  |  | $ | 757,535 |
(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 Operation s 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 June 30, 2025 and September 30, 2024, we held 49 and 47 proprietary investments with an aggregate fair value of $747.5 million and $792.9 million, or 99.5% and 99.6% of the total investment portfolio at fair value, respectively. The following significant proprietary investment transactions occurred during the nine months ended June 30, 2025: •In October 2024, our $15.0 million debt investment in Perimeter Solutions Group paid off at par. We also received a $0.5 million prepayment penalty in conjunction with the payoff. •In October 2024, our investment in Antenna Research Associates, Inc. was sold, which resulted in a net realized gain on our common equity of approximately $59.3 million and the repayment of our debt investment of $31.3 million at par. •In November 2024, we invested an additional $28.9 million in Giving Home Healthcare, LLC (“Giving Home”), an existing portfolio company, through secured first lien debt. In June 2025, we invested an additional $7.0 million in Giving Home through secured first lien debt. •In November 2024, we invested $10.5 million in Wings ‘N More Restaurants, LLC (“Wings”) through secured first lien debt. We also extended Wings a $1.5 million secured first lien line of credit commitment and a $5.0 million secured first lien delayed draw term loan commitment, both of which were unfunded at close. •In November 2024, our $22.3 million debt investment in ENET Holdings, LLC paid off at par. •In December 2024, we invested $42.8 million in Vet’s Choice Radiology, LLC through secured first lien debt. •In December 2024, we invested $28.9 million in Pan-Am Dental, LLC through secured second lien debt and preferred equity. •In December 2024, we invested $15.0 million in Freedom Dental Management, Inc. through secured first lien debt. •In December 2024, we invested $5.0 million in Tube Bending Technology, LLC through secured second lien debt. •In December 2024, we invested $5.0 million in Gladstone Alternative, one of our affiliated funds, through common equity. •In December 2024, our investment in Salt and Straw, LLC, paid off which resulted in a realized gain of approximately $2.5 million on our preferred equity and the repayment of our debt investment of $10.9 million at par. We also received a $0.1 million prepayment penalty in conjunction with the payoff. We continue to hold warrants for common equity in Salt and Straw, LLC. •In December 2024, we sold our debt investments in DKI Ventures, LLC, which resulted in a net realized loss on our debt of approximately $4.1 million. •In January 2025, our $20.6 million debt investment in Fix-It Group, LLC paid off at par. We also received a $0.1 million prepayment penalty. •In January 2025, our $5.4 million debt investment in Sokol and Company, LLC (“Sokol”) paid off at par. Additionally, in February 2025, a portion of our common equity investment in Sokol was sold, representing a return of our equity cost basis of $1.1 million and a realized gain of $4.7 million. •In February 2025, we invested $18.9 million in Dutch Gold Honey, Inc. through secured second lien debt and common equity. •In February 2025, we invested $19.4 million in Viron International, LLC through secured first lien debt and common equity. •In March 2025, we received a $6.0 million partial repayment on our debt investment in Viva Railings, LLC. •In March 2025, we exited our investment in MCG Energy Solutions, LLC, which resulted in a realized gain on our preferred equity investment of approximately $3.0 million and the repayment of our debt investment of $20.4 million at par. •In April 2025, our $42.2 million debt investment in SpaceCo Holdings, LLC paid off at par. •In April 2025, our investment in Eegees, LLC was restructured as part of the bankruptcy process resulting in a new $12.8 million first lien debt investment and a new $8.5 million common equity investment in Eegee Acquisition Corporation. In conjunction with the restructuring, we recorded a net realized loss of approximately $4.4 million. •In May 2025, we invested $46.0 million in Altior Healthcare, LLC through secured first lien debt. •In June 2025, our $36.1 million debt investment in Cafe Zupas paid off at par. We also received a $0.4 million prepayment penalty in conjunction with the payoff. •In June 2025, we invested $12.6 million in RF Technologies, LLC through secured first lien debt. We also extended RF Technologies, LLC a $3.5 million secured first lien line of credit commitment which was unfunded as of June 30, 2025. Syndicated Investments As of June 30, 2025 and September 30, 2024, we held two syndicated investments with an aggregate fair value of $3.8 million and $3.3 million, or 0.5% and 0.4% of the total investment portfolio at fair value, respectively. Investment Concentrations As of June 30, 2025, our investment portfolio consisted of investments in 51 portfolio companies located in 22 states in 14 different industries, with an aggregate fair value of $751.3 million. The five largest investments at fair value as of June 30, 2025 totaled $189.7 million, or 25.3% of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2024 totaling $232.7 million, or 29.2% of our total investment portfolio. As of June 30, 2025 and September 30, 2024, our average investment by obligor was $15.3 million and $15.7 million at cost, respectively. The following table outlines our investments by security type as of June 30, 2025 and September 30, 2024:
| June 30, 2025 |  | September 30, 2024
| Cost |  | Fair Value |  | Cost |  | Fair Value
Secured first lien debt | $ | 555,347 |  |  | 71.4 | % |  | $ | 529,149 |  |  | 70.4 | % |  | $ | 580,736 |  |  | 75.3 | % |  | $ | 554,937 |  |  | 69.7 | %
Secured second lien debt | 144,231 |  |  | 18.5 |  |  | 144,299 |  |  | 19.2 |  |  | 113,691 |  |  | 14.8 |  |  | 113,716 |  |  | 14.3 |
Unsecured debt | 543 |  |  | 0.1 |  |  | 354 |  |  | 0.1 |  |  | 198 |  |  | 0.0 |  |  | 32 |  |  | 0.0 |
Total debt investments | 700,121 |  |  | 90.0 |  |  | 673,802 |  |  | 89.7 |  |  | 694,625 |  |  | 90.1 |  |  | 668,685 |  |  | 84.0 |
Preferred equity | 37,279 |  |  | 4.8 |  |  | 25,717 |  |  | 3.4 |  |  | 45,017 |  |  | 5.8 |  |  | 31,346 |  |  | 3.9 |
Common equity/equivalents | 40,451 |  |  | 5.2 |  |  | 51,741 |  |  | 6.9 |  |  | 31,369 |  |  | 4.1 |  |  | 96,229 |  |  | 12.1 |
Total equity investments | 77,730 |  |  | 10.0 |  |  | 77,458 |  |  | 10.3 |  |  | 76,386 |  |  | 9.9 |  |  | 127,575 |  |  | 16.0 |
Total Investments | $ | 777,851 |  |  | 100.0 | % |  | $ | 751,260 |  |  | 100.0 | % |  | $ | 771,011 |  |  | 100.0 | % |  | $ | 796,260 |  |  | 100.0 | %
Our investments at fair value consisted of the following industry classifications as of June 30, 2025 and September 30, 2024:
|  | June 30, 2025 |  | September 30, 2024
Industry Classification |  | Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
Healthcare, Education, and Childcare |  | $ | 272,883 |  |  | 36.3 | % |  | $ | 101,707 |  |  | 12.8 | %
Diversified/Conglomerate Manufacturing |  | 174,470 |  |  | 23.2 |  |  | 160,264 |  |  | 20.1 |
Diversified/Conglomerate Service |  | 110,727 |  |  | 14.7 |  |  | 179,032 |  |  | 22.5 |
Beverage, Food, and Tobacco |  | 56,001 |  |  | 7.5 |  |  | 88,327 |  |  | 11.1 |
Automobile |  | 27,147 |  |  | 3.6 |  |  | 28,286 |  |  | 3.6 |
Machinery |  | 25,831 |  |  | 3.4 |  |  | 21,816 |  |  | 2.7 |
Cargo Transportation |  | 20,000 |  |  | 2.7 |  |  | 20,200 |  |  | 2.5 |
Oil and Gas |  | 18,463 |  |  | 2.5 |  |  | 20,554 |  |  | 2.6 |
Aerospace and Defense |  | 16,975 |  |  | 2.3 |  |  | 153,096 |  |  | 19.2 |
Personal and Non-Durable Consumer Products |  | 12,743 |  |  | 1.7 |  |  | 13,586 |  |  | 1.7 |
Printing and Publishing |  | 5,445 |  |  | 0.7 |  |  | 4,312 |  |  | 0.5 |
Other, < 2.0% |  | 10,575 |  |  | 1.4 |  |  | 5,080 |  |  | 0.7 |
Total Investments |  | $ | 751,260 |  |  | 100.0 | % |  | $ | 796,260 |  |  | 100.0 | %
Our investments at fair value were included in the following U.S. geographic regions as of June 30, 2025 and September 30, 2024:
|  | June 30, 2025 |  | September 30, 2024
Location |  | Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
South |  | $ | 247,674 |  |  | 33.0 | % |  | $ | 314,010 |  |  | 39.4 | %
Midwest |  | 229,178 |  |  | 30.5 |  |  | 192,897 |  |  | 24.2 |
West |  | 218,612 |  |  | 29.1 |  |  | 249,082 |  |  | 31.3 |
Northeast |  | 55,796 |  |  | 7.4 |  |  | 40,271 |  |  | 5.1 |
Total Investments |  | $ | 751,260 |  |  | 100.0 | % |  | $ | 796,260 |  |  | 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 June 30, 2025:
|  |  |  | Amount
For the remaining three months ending September 30: |  | 2025(A) |  | $ | 4,951 |
For the fiscal years ending September 30: |  | 2026 |  | 71,503 |
|  | 2027 |  | 160,622 |
|  | 2028 |  | 204,797 |
|  | 2029 |  | 105,614 |
|  | Thereafter |  | 153,214 |
|  | Total contractual repayments |  | $ | 700,701 |
|  | Adjustments to cost basis of debt investments |  | (580) |
|  | Investments in equity securities |  | 77,730 |
|  | Investments held as of June 30, 2025 at cost: |  | $ | 777,851 |
(A)Includes debt investments with contractual principal amounts totaling $0.5 million for which the maturity date has passed as of June 30, 2025. 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 June 30, 2025 and September 30, 2024, we had gross receivables from portfolio companies of $2.4 million and $1.7 million, respectively. The allowance for uncollectible receivables was $0.1 million and $75 thousand as of June 30, 2025 and September 30, 2024, respectively.

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