v3.25.4
Unconsolidated Significant Subsidiaries
12 Months Ended
Sep. 30, 2025
Investments in and Advances to Affiliates [Abstract]  
Unconsolidated Significant Subsidiaries

13. UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES

We must determine which, if any, of our unconsolidated controlled portfolio companies is a "significant subsidiary" within the meaning of Regulation S-X. We have determined that, as of September 30, 2025, PennantPark Senior Loan Fund, LLC, JF Intermediate, LLC, and AKW Holdings Limited triggered at least one of the significance tests. In accordance with Rule 3-09, separate audited financial statements of JF Intermediate, LLC, and AKW Holdings Limited for the years ended September 30, 2025, 2024, and 2023 will be filed via Form 10-K/A at a later date. Similar, in accordance with Rule 3-09 of Regulation S-X, separate audited financial statements of PennantPark Senior Loan Fund, LLC for the years ended September 30, 2025, 2024, and 2023 are being filed herein as Exhibit 99.3 and Exhibit 99.4.

In December 2023, JF Intermediate LLC became controlled affiliate. Below is certain selected key financial data from JF Intermediate, LLC Balance Sheet at September 30, 2025 and 2024, and the twelve months ended September 30, 2025, 2024 and 2023 Income Statement for the periods in which our investment in JF Intermediate, LLC exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

 

JF Intermediate, LLC:

 

Balance Sheet

 

September 30, 2025

 

 

September 30, 2024

 

Current assets

 

$

303,498

 

 

$

278,646

 

Noncurrent assets

 

 

121,000

 

 

 

120,808

 

Current liabilities

 

 

192,665

 

 

 

181,517

 

Noncurrent liabilities

 

 

280,683

 

 

 

246,278

 

 

 

 

Year Ended September 30,

 

Income Statement

 

2025

 

 

2024

 

 

2023

 

Total revenue

 

$

916,105

 

 

$

813,923

 

 

$

570,348

 

Total expenses

 

 

936,468

 

 

 

836,196

 

 

 

584,776

 

Net loss

 

$

(20,363

)

 

$

(22,273

)

 

$

(14,428

)

In March 2018, AKW Holdings Limited became controlled affiliate. Below is certain selected key financial data from AKW Holdings Limited Balance Sheet at September 30, 2025 and 2024, and the twelve months ended September 30, 2025, 2024 and 2023 Income Statement for the periods in which our investment in AKW Holdings Limited exceeded the threshold in at least one of the tests under Rule 3-09 of Regulation S-X (amounts in thousands).

 

AKW Holdings Limited:

 

Balance Sheet

 

September 30, 2025

 

 

September 30, 2024

 

Current assets

 

$

38,987

 

 

$

41,980

 

Noncurrent assets

 

 

9,620

 

 

 

10,016

 

Current liabilities

 

 

16,042

 

 

 

15,464

 

Noncurrent liabilities

 

 

53,902

 

 

 

56,665

 

 

 

 

Years Ended September 30,

 

Income Statement

 

2025

 

 

2024

 

 

2023

 

Total revenue

 

$

93,718

 

 

$

86,518

 

 

$

79,006

 

Total expenses

 

 

93,754

 

 

 

90,016

 

 

 

82,325

 

Net loss

 

$

(36

)

 

$

(3,498

)

 

$

(3,319

)