| Summary of Transactions with Affiliated Companies |
Transactions related to our funded investments with both controlled and non-controlled affiliates for the six months ended March 31, 2026 and 2025 were as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Investment |
|
Fair Value at September 30, 2025 |
|
|
Gross
Additions(1) |
|
|
Gross
Reductions |
|
|
Net Realized
Gains
(Losses) |
|
|
Net Change in
Appreciation /
(Depreciation) |
|
|
Fair Value at March 31, 2026 |
|
|
Interest
Income |
|
|
PIK
Income |
|
|
Dividend
Income |
|
Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AKW Holdings Limited |
|
$ |
88,646 |
|
|
$ |
4,547 |
|
|
$ |
(4,604 |
) |
|
$ |
(1,073 |
) |
|
$ |
15,085 |
|
|
$ |
102,601 |
|
|
$ |
2,706 |
|
|
$ |
— |
|
|
$ |
— |
|
Flock Financial, LLC |
|
|
49,314 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,873 |
|
|
|
51,187 |
|
|
|
1,455 |
|
|
|
— |
|
|
|
— |
|
JF Intermediate, LLC
(JF Holdings Corp.) |
|
|
68,332 |
|
|
|
— |
|
|
|
(67,546 |
) |
|
|
63,059 |
|
|
|
(63,845 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Pragmatic Institute, LLC |
|
|
10,875 |
|
|
|
— |
|
|
|
(72 |
) |
|
|
— |
|
|
|
(3,450 |
) |
|
|
7,353 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
PennantPark Senior Loan Fund, LLC (2) |
|
|
207,800 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,605 |
) |
|
|
194,195 |
|
|
|
8,412 |
|
|
|
— |
|
|
|
8,647 |
|
Total Controlled Affiliates |
|
$ |
424,967 |
|
|
$ |
4,547 |
|
|
$ |
(72,222 |
) |
|
$ |
61,986 |
|
|
$ |
(63,942 |
) |
|
$ |
355,336 |
|
|
$ |
12,573 |
|
|
$ |
— |
|
|
$ |
8,647 |
|
Non-Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cascade Environmental Holdings, LLC |
|
$ |
4,891 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(4,891 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Total Non-Controlled Affiliates |
|
$ |
4,891 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(4,891 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Total Controlled and
Non-Controlled Affiliates |
|
$ |
429,858 |
|
|
$ |
4,547 |
|
|
$ |
(72,222 |
) |
|
$ |
61,986 |
|
|
$ |
(68,833 |
) |
|
$ |
355,336 |
|
|
$ |
12,573 |
|
|
$ |
— |
|
|
$ |
8,647 |
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Investment |
|
Fair Value at September 30, 2024 |
|
|
Gross
Additions(1) |
|
|
Gross
Reductions |
|
|
Net Realized
Gains
(Losses) |
|
|
Net Change in
Appreciation /
(Depreciation) |
|
|
Fair Value at March 31, 2025 |
|
|
Interest
Income |
|
|
PIK
Income |
|
|
Dividend Income |
|
Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AKW Holdings Limited |
|
$ |
60,798 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,950 |
|
|
$ |
66,748 |
|
|
$ |
3,169 |
|
|
$ |
— |
|
|
$ |
27 |
|
Flock Financial, LLC |
|
|
48,839 |
|
|
|
823 |
|
|
|
— |
|
|
|
— |
|
|
|
1,141 |
|
|
|
50,803 |
|
|
|
720 |
|
|
|
823 |
|
|
|
— |
|
JF Intermediate, LLC
(JF Holdings Corp.) |
|
|
90,858 |
|
|
|
144 |
|
|
|
(250 |
) |
|
|
— |
|
|
|
38,439 |
|
|
|
129,191 |
|
|
|
2,807 |
|
|
|
— |
|
|
|
— |
|
Pragmatic Institute, LLC (3) |
|
|
— |
|
|
|
14,385 |
|
|
|
(36 |
) |
|
|
— |
|
|
|
— |
|
|
|
14,349 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
PennantPark Senior Loan Fund, LLC (2) |
|
|
183,809 |
|
|
|
39,324 |
|
|
|
— |
|
|
|
— |
|
|
|
(5,472 |
) |
|
|
217,661 |
|
|
|
8,442 |
|
|
|
— |
|
|
|
10,430 |
|
Total Controlled Affiliates |
|
$ |
384,304 |
|
|
$ |
54,676 |
|
|
$ |
(286 |
) |
|
$ |
— |
|
|
$ |
40,058 |
|
|
$ |
478,752 |
|
|
$ |
15,142 |
|
|
$ |
823 |
|
|
$ |
10,457 |
|
Non-Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cascade Environmental Holdings, LLC |
|
$ |
29,262 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(19,929 |
) |
|
$ |
9,333 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Walker Edison Furniture Company LLC |
|
|
4,161 |
|
|
|
1,333 |
|
|
|
— |
|
|
|
— |
|
|
|
(3,777 |
) |
|
|
1,717 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total Non-Controlled Affiliates |
|
$ |
33,423 |
|
|
$ |
1,333 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(23,706 |
) |
|
$ |
11,050 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Total Controlled and
Non-Controlled Affiliates |
|
$ |
417,727 |
|
|
$ |
56,009 |
|
|
$ |
(286 |
) |
|
$ |
— |
|
|
$ |
16,352 |
|
|
$ |
489,802 |
|
|
$ |
15,142 |
|
|
$ |
823 |
|
|
$ |
10,457 |
|
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 PSLF’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.
|