v3.25.4

Transactions with Affiliated Companies (Tables) | 12 Months Ended
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Sep. 30, 2025
Investments in and Advances to Affiliates [Abstract] |
Summary of Transactions with Affiliated Companies | Transactions related to our funded investments with both controlled and non-controlled affiliates for the year ended September 30, 2025 and 2024 were as follows ($ in thousands):
Name of Investment |  | Fair Value at September 30, 2024 |  |  | Gross Additions(1) |  |  | Gross Reductions |  |  | Net Change in Appreciation / (Depreciation) |  |  | Fair Value at September 30, 2025 |  |  | Interest Income |  |  | PIK Income |  |  | Dividend Income/Other |  |  | Net Realized Gains (Losses) |
Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AKW Holdings Limited |  | $ | 60,798 |  |  | $ | 270 |  |  | $ | (3,361 | ) |  | $ | 30,939 |  |  | $ | 88,646 |  |  | $ | 6,375 |  |  | $ | — |  |  | $ | 27 |  |  | $ | — |
Flock Financial, LLC |  |  | 48,839 |  |  |  | 823 |  |  |  | — |  |  |  | (348 | ) |  |  | 49,314 |  |  |  | 2,182 |  |  |  | 823 |  |  |  | — |  |  |  | — |
JF Intermediate, LLC (JF Holdings Corp.) |  |  | 90,858 |  |  |  | 512 |  |  |  | (49,625 | ) |  |  | 26,587 |  |  |  | 68,332 |  |  |  | 4,282 |  |  |  | — |  |  |  | — |  |  |  | — |
Pragmatic Institute, LLC (3) |  |  | — |  |  |  | 15,108 |  |  |  | (108 | ) |  |  | (4,125 | ) |  |  | 10,875 |  |  |  | 3 |  |  |  | 723 |  |  |  | — |  |  |  | — |
PennantPark Senior Loan Fund, LLC (2) |  |  | 183,809 |  |  |  | 39,323 |  |  |  | — |  |  |  | (15,332 | ) |  |  | 207,800 |  |  |  | 17,207 |  |  |  | — |  |  |  | 20,471 |  |  |  | — |
Total Controlled Affiliates |  | $ | 384,304 |  |  | $ | 56,036 |  |  | $ | (53,094 | ) |  | $ | 37,721 |  |  | $ | 424,967 |  |  | $ | 30,049 |  |  | $ | 1,546 |  |  | $ | 20,498 |  |  | $ | — |
Non-Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cascade Environmental Holdings, LLC |  | $ | 29,262 |  |  | $ | — |  |  | $ | — |  |  | $ | (24,371 | ) |  | $ | 4,891 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Walker Edison Furniture Company LLC (4) |  |  | 4,161 |  |  |  | 2,069 |  |  |  | (22,243 | ) |  |  | 16,013 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (21,946 | )
Total Non-Controlled Affiliates |  | $ | 33,423 |  |  | $ | 2,069 |  |  | $ | (22,243 | ) |  | $ | (8,358 | ) |  | $ | 4,891 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21,946 | )
Total Controlled and Non-Controlled Affiliates |  | $ | 417,727 |  |  | $ | 58,105 |  |  | $ | (75,337 | ) |  | $ | 29,363 |  |  | $ | 429,858 |  |  | $ | 30,049 |  |  | $ | 1,546 |  |  | $ | 20,498 |  |  | $ | (21,946 | )
(1) Includes PIK. (2) We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise. (3) Pragmatic Institute, LLC became a controlled affiliate during the quarter ended March 31, 2025. (4) Walker Edison Furniture Company, LLC equity investment was realized during the quarter ended September 30, 2025 and was no longer a controlled affiliate as of that date.
Name of Investment |  | Fair Value at September 30, 2023 |  |  | Gross Additions(1) |  |  | Gross Reductions |  |  | Net Change in Appreciation / (Depreciation) |  |  | Fair Value at September 30, 2024 |  |  | Interest Income |  |  | PIK Income |  |  | Dividend Income |  |  | Net Realized Gains (Losses) |
Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AKW Holdings Limited |  | $ | 51,660 |  |  | $ | 2,687 |  |  | $ | — |  |  | $ | 6,451 |  |  | $ | 60,798 |  |  | $ | 3,820 |  |  | $ | 2,687 |  |  | $ | — |  |  | $ | — |
Flock Financial, LLC (5) |  |  | 32,300 |  |  |  | 20,816 |  |  |  | (5,306 | ) |  |  | 1,029 |  |  |  | 48,839 |  |  |  | 1,341 |  |  |  | 1,397 |  |  |  | — |  |  |  | (5,305 | )
JF Intermediate, LLC (JF Holdings Corp.) (2) |  |  | 8,759 |  |  |  | 51,912 |  |  |  | (375 | ) |  |  | 30,562 |  |  |  | 90,858 |  |  |  | 5,536 |  |  |  | — |  |  |  | — |  |  |  | — |
Mailsouth Inc. |  |  | — |  |  |  | — |  |  |  | (28,899 | ) |  |  | 28,899 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (28,899 | )
PennantPark Senior Loan Fund, LLC (3) |  |  | 164,408 |  |  |  | 22,353 |  |  |  | — |  |  |  | (2,952 | ) |  |  | 183,809 |  |  |  | 15,041 |  |  |  | — |  |  |  | 21,605 |  |  |  | — |
RAM Energy LLC (4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (795 | )
Total Controlled Affiliates |  | $ | 257,127 |  |  | $ | 97,768 |  |  | $ | (34,580 | ) |  | $ | 63,989 |  |  | $ | 384,304 |  |  | $ | 25,738 |  |  | $ | 4,084 |  |  | $ | 21,605 |  |  | $ | (34,999 | )
Non-Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cascade Environmental Holdings, LLC |  | $ | 32,105 |  |  | $ | — |  |  | $ | — |  |  | $ | (2,843 | ) |  | $ | 29,262 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Walker Edison Furniture Company LLC |  |  | 13,907 |  |  |  | 3,012 |  |  |  | — |  |  |  | (12,758 | ) |  |  | 4,161 |  |  |  | — |  |  |  | 347 |  |  |  | — |  |  |  | — |
Total Non-Controlled Affiliates |  | $ | 46,012 |  |  | $ | 3,012 |  |  | $ | — |  |  | $ | (15,601 | ) |  | $ | 33,423 |  |  | $ | — |  |  | $ | 347 |  |  | $ | — |  |  | $ | — |
Total Controlled and Non-Controlled Affiliates |  | $ | 303,139 |  |  | $ | 100,780 |  |  | $ | (34,580 | ) |  | $ | 48,388 |  |  | $ | 417,727 |  |  | $ | 25,738 |  |  | $ | 4,431 |  |  | $ | 21,605 |  |  | $ | (34,999 | )
(1) Includes PIK. (2) JF Intermediate, LLC became a controlled affiliate during the quarter ended December 31, 2023 (3) We and Pantheon are the members of PSLF, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSLF make investments in the PSLF in the form of subordinated debt and equity interests, and all portfolio and other material decision regarding PSLF must be submitted to PSFL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Pantheon. Because management of PSLF is shared equally between us and Pantheon, we do not believe we control PSLF for purposes of the 1940 Act or otherwise. (4) RAM Energy LLC was fully realized in January 2023, during the quarter ended June 30, 2024 there was realized loss due to reduction of the escrow receivable. (5) Flock Financial, LLC became a controlled affiliate during the quarter ended June 30, 2024.

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- Definition A tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. + References No definition available. + Details
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