v3.25.4
Transactions with Affiliated Companies (Tables)
 12 Months Ended
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.