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Transactions with Affiliated Companies
12 Months Ended
Sep. 30, 2024
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 year ended September 30, 2024 and 2023 were as follows ($ in thousands):

 

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.

 

Name of Investment

 

Fair Value at
September 30, 2022

 

 

Gross
Additions
(1)

 

 

Gross
Reductions

 

 

Net Change in
Appreciation /
(Depreciation)

 

 

Fair Value at September 30, 2023

 

 

Interest
Income

 

 

PIK
Income

 

 

Dividend Income

 

 

Net Realized
Gains
(Losses)

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AKW Holdings Limited

 

$

45,995

 

 

$

2,596

 

 

$

 

 

$

3,069

 

 

$

51,660

 

 

$

2,806

 

 

$

2,596

 

 

$

 

 

$

 

Mailsouth Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Loan Fund, LLC (3)

 

 

139,109

 

 

 

23,595

 

 

 

 

 

 

1,704

 

 

 

164,408

 

 

 

12,619

 

 

 

 

 

 

15,730

 

 

 

 

RAM Energy LLC

 

 

74,282

 

 

 

 

 

 

(162,708

)

 

 

88,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(133,098

)

Total Controlled Affiliates

 

$

259,386

 

 

$

26,191

 

 

$

(162,708

)

 

$

93,199

 

 

$

216,068

 

 

$

15,425

 

 

$

2,596

 

 

$

15,730

 

 

$

(133,098

)

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cascade Environmental Holdings, LLC

 

$

32,791

 

 

$

918

 

 

$

 

 

$

(1,604

)

 

$

32,105

 

 

$

 

 

$

 

 

$

 

 

$

 

JF Intermediate, LLC

 

 

1,969

 

 

 

96

 

 

 

 

 

 

6,694

 

 

 

8,759

 

 

 

 

 

 

 

 

 

 

 

 

 

Walker Edison Furniture Company LLC (2)

 

 

 

 

 

17,162

 

 

 

 

 

 

(3,255

)

 

 

13,907

 

 

 

73

 

 

 

625

 

 

 

 

 

 

 

 Total Non-Controlled Affiliates

 

$

34,760

 

 

$

18,176

 

 

$

-

 

 

$

1,835

 

 

$

54,771

 

 

$

73

 

 

$

625

 

 

$

 

 

$

 

Total Controlled and
   Non-Controlled Affiliates

 

$

294,146

 

 

$

44,367

 

 

$

(162,708

)

 

$

95,034

 

 

$

270,839

 

 

$

15,498

 

 

$

3,221

 

 

$

15,730

 

 

$

(133,098

)

 

(1)
Includes PIK.
(2)
Walker Edison Furniture Company LLC became a non-controlled affiliate during the quarter ended March 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.