Commitments |
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| Commitments | Note 8. Commitments
Unfunded commitments
As of June 30, 2026 and September 30, 2025, we had commitments under loan and financing agreements to fund up to $10.6 million to eight portfolio companies and $5.5 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured delayed draw term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedules of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. The Company maintains adequate liquidity to fund its unfunded commitments. A summary of the composition of the unfunded commitments as of June 30, 2026 and September 30, 2025 is shown in the table below (dollars in thousands):
Lease obligations
The Company evaluates its leases to determine whether they should be classified as operating or finance leases. PhenixFIN identified one operating lease for its office space. The lease commenced on September 5, 2021. On December 18, 2024, the Company amended the terms of the lease, contingent on certain events, extending the lease term until August 31, 2035, with a right to terminate on the 36th and 60th month anniversaries of September 5, 2025, as well as any time on or after the 84th month anniversary of September 5, 2025.
Upon entering into the lease on September 5, 2021, PhenixFIN recorded a right-of-use asset and a lease liability as of that date.
As of June 30, 2026 and September 30, 2025, the asset related to the operating lease was $2.3 million and $2.5 million, respectively, and is included in the Other assets balance on the Consolidated Balance Sheet. As of June 30, 2026 and September 30, 2025, the lease liability was $2.5 million and $2.4 million, respectively, and is included in the Other liabilities balance on the Consolidated Statements of Assets and Liabilities. As of June 30, 2026 and September 30, 2025, the remaining lease term was approximately nine and ten years respectively, and the implied borrowing rate was 6.85%.
The following table shows future minimum payments under PhenixFIN’s operating lease as of June 30, 2026:
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