v3.26.1
Transactions with Affiliated Companies
 9 Months Ended
Jun. 30, 2026
Investments in and Advances to Affiliates [Abstract]  
Transactions with Affiliated Companies

6. TRANSACTIONS WITH AFFILIATED COMPANIES

 

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but 25% or less of its voting securities and a controlled affiliate when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the nine months ended June 30, 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 June 30, 2026

 

 

Interest
Income

 

 

PIK
Income

 

 

Dividend
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited

 

$

88,646

 

 

$

4,547

 

 

$

(4,604

)

 

$

(1,073

)

 

$

24,459

 

 

$

111,975

 

 

$

4,016

 

 

$

—

 

 

$

—

 

Flock Financial, LLC

 

 

49,314

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

363

 

 

 

49,677

 

 

 

2,184

 

 

 

—

 

 

 

—

 

JF Intermediate, LLC
 (JF Holdings Corp.)

 

 

68,332

 

 

 

—

 

 

 

(67,546

)

 

 

63,059

 

 

 

(63,845

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pragmatic Institute, LLC

 

 

10,875

 

 

 

—

 

 

 

(108

)

 

 

—

 

 

 

(5,696

)

 

 

5,071

 

 

 

—

 

 

 

—

 

 

 

—

 

PennantPark Senior Loan Fund, LLC (2)

 

 

207,800

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,894

)

 

 

191,906

 

 

 

12,548

 

 

 

—

 

 

 

12,830

 

Total Controlled Affiliates

 

$

424,967

 

 

$

4,547

 

 

$

(72,258

)

 

$

61,986

 

 

$

(60,613

)

 

$

358,629

 

 

$

18,748

 

 

$

—

 

 

$

12,830

 

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

 

 

$

(72,258

)

 

$

61,986

 

 

$

(65,504

)

 

$

358,629

 

 

$

18,748

 

 

$

—

 

 

$

12,830

 

 

 

(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 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.

 

 

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
June 30, 2025

 

 

Interest
Income

 

 

PIK
Income

 

 

Dividend/
Other Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited

 

$

60,798

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

16,073

 

 

$

76,871

 

 

$

4,828

 

 

$

—

 

 

$

27

 

Flock Financial, LLC

 

 

48,839

 

 

 

823

 

 

 

—

 

 

 

—

 

 

 

2,725

 

 

 

52,387

 

 

 

1,448

 

 

 

823

 

 

 

—

 

JF Intermediate, LLC
 (JF Holdings Corp.)

 

 

90,858

 

 

 

512

 

 

 

(49,625

)

 

 

—

 

 

 

36,714

 

 

 

78,459

 

 

 

4,282

 

 

 

—

 

 

 

—

 

Pragmatic Institute, LLC (3)

 

 

—

 

 

 

14,740

 

 

 

(71

)

 

 

—

 

 

 

(1,650

)

 

 

13,019

 

 

 

4

 

 

 

355

 

 

 

—

 

PennantPark Senior Loan Fund, LLC (2)

 

 

183,809

 

 

 

39,324

 

 

 

—

 

 

 

—

 

 

 

(9,516

)

 

 

213,617

 

 

 

12,798

 

 

 

—

 

 

 

16,008

 

Total Controlled Affiliates

 

$

384,304

 

 

$

55,399

 

 

$

(49,696

)

 

$

—

 

 

$

44,346

 

 

$

434,353

 

 

$

23,360

 

 

$

1,178

 

 

$

16,035

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

$

29,262

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(21,799

)

 

$

7,463

 

 

$

—

 

 

$

—

 

 

$

—

 

Walker Edison Furniture Company LLC

 

 

4,161

 

 

 

1,708

 

 

 

—

 

 

 

—

 

 

 

(5,848

)

 

 

21

 

 

 

—

 

 

 

—

 

 

 

—

 

 Total Non-Controlled Affiliates

 

$

33,423

 

 

$

1,708

 

 

$

—

 

 

$

—

 

 

$

(27,647

)

 

$

7,484

 

 

$

—

 

 

$

—

 

 

$

—

 

Total Controlled and
   Non-Controlled Affiliates

 

$

417,727

 

 

$

57,107

 

 

$

(49,696

)

 

$

—

 

 

$

16,699

 

 

$

441,837

 

 

$

23,360

 

 

$

1,178

 

 

$

16,035

 

 

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 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.