Annual report pursuant to Section 13 and 15(d)

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)

v3.23.3
INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 12 Months Ended
Sep. 30, 2023
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates
Company and Investment(A)(B)(I)(L)(M)
Principal/
Shares/Units(K)
Net
Realized
Gain (Loss) for Period
Amount of
Investment
Income(C)
Value as of
September 30,
2022
Gross
Additions(D)
Gross
Reductions(E)
Net
Unrealized
Appreciation
(Depreciation)		 Value as of
September 30,
2023
AFFILIATE INVESTMENTS—2.6%
Secured First Lien Debt—0.7%
Diversified/Conglomerate Manufacturing—0.7%
Edge Adhesives Holdings, Inc.—Term Debt (S + 5.5%. 10.8% Cash, Due 8/2024)
 $ 6,140  —  (42) 2,550  —  —  345  2,895 
Diversified/Conglomerate Service—0.0%
Encore Dredging Holdings, LLC—Line of Credit(G)
—  —  75  —  —  —  —  — 
Encore Dredging Holdings, LLC—Term Debt(G)
—  —  3,293  22,962  362  (23,973) 649  — 
Encore Dredging Holdings, LLC—Term Debt(G)
—  —  727  4,407  116  (4,648) 125  — 
Encore Dredging Holdings, LLC—Delayed Draw Term Loan(G)
—  —  700  4,885  78  (5,101) 138  — 
—  $ 4,795  $ 32,254  $ 556  $ (33,722) $ 912  $ — 
Total Secured First Lien Debt $ —  $ 4,753  $ 34,804  $ 556  (33,722) $ 1,257  $ 2,895 
Preferred Equity —1.3%
Diversified/Conglomerate Manufacturing —0.0%
Edge Adhesives Holdings, Inc.—Preferred Stock 5,466  —  —  —  —  —  —  — 
Diversified/Conglomerate Service—1.1%
Encore Dredging Holdings, LLC—Preferred Stock 3,840,000  —  —  2,842  —  —  1,423  4,265 
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.2%
Canopy Safety Brands, LLC—Preferred Stock 500,000  —  —  798  —  —  59  857 
Total Preferred Equity $ —  $ —  $ 3,640  $ —  $ —  $ 1,482  $ 5,122 
Company and Investment(A)(B)(I)(L)(M)
Principal/
Shares/Units(K)
Net
Realized
Gain (Loss) for Period
Amount of
Investment
Income(C)
Value as of
September 30,
2022
Gross
Additions(D)
Gross
Reductions(E)
Net
Unrealized
Appreciation
(Depreciation)		 Value as of
September 30,
2023
Common Equity—0.6%
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.6%
Canopy Safety Brands, LLC—Common Stock 1,170,370  —  —  647  500  —  1,257  2,404 
TOTAL AFFILIATE INVESTMENTS $ —  $ 4,753  $ 39,091  $ 1,056  $ (33,722) $ 3,996  $ 10,421 
CONTROL INVESTMENTS—7.5%
Secured First Lien Debt—3.9%
Diversified/Conglomerate Manufacturing—0.9%
Lonestar EMS, LLC—Term Debt (8.0% PIK, Due 6/2027)(F)
3,927  —  302  3,030  677  —  220  3,927 
Personal and Non-Durable Consumer Products (Manufacturing Only) —2.8%
WB Xcel Holdings, LLC—Line of Credit,$32 available (S + 10.5%, 15.8% Cash, Due 11/2026)
 1,468  —  226  1,468  —  —  —  1,468 
WB Xcel Holdings, LLC—Term Loan (S + 10.5%, 15.8% Cash, Due 11/2026)
 9,825  —  1,514  9,925  —  (100) —  9,825 
$ —  $ 1,740  $ 11,393  $ —  $ (100) $ —  $ 11,293 
Printing and Publishing—0.2%
TNCP Intermediate HoldCo, LLC—-Line of Credit, $1,100 available (8.0% Cash, Due 10/2024)(F)
900  —  75  1,000  —  (100) —  900 
Total Secured First Lien Debt $ —  $ 2,117  $ 15,423  $ 677  $ (200) $ 220  $ 16,120 
Secured Second Lien Debt—1.8%
Automobile—1.8%
Defiance Integrated Technologies, Inc.—Term Debt (S + 9.6%, 14.9% Cash, Due 5/2026)
 7,425  —  1,075  7,665  —  (240) —  7,425 
Unsecured Debt—0.0%
Diversified/Conglomerate Manufacturing—0.0%
LWO Acquisitions Company LLC—Term Debt(G)
$ —  (95) —  —  —  (95) 95  — 
Preferred Equity—0.0%
Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0%
WB Xcel Holdings, LLC - Preferred Stock 333  —  —  5,687  —  —  (5,687) — 
Common Equity—1.8%
Automobile– 1.0%
Defiance Integrated Technologies, Inc.—Common Stock 33,321  —  —  1,147  —  —  2,801  3,948 
Diversified/Conglomerate Manufacturing—0.0%
Circuitronics EMS Holdings LLC—Common Units(G)
—  (921) —  —  —  (921) 921  — 
Lonestar EMS, LLC - Common Units 100  % —  —  —  —  —  —  — 
$ (921) $ —  $ —  $ —  $ (921) $ 921  $ — 
Machinery—0.1%
PIC 360, LLC—Common Equity Units 750  3,700  691  3,454  —  —  (3,170) 284 
Company and Investment(A)(B)(I)(L)(M)
Principal/
Shares/Units(K)
Net
Realized
Gain (Loss) for Period
Amount of
Investment
Income(C)
Value as of
September 30,
2022
Gross
Additions(D)
Gross
Reductions(E)
Net
Unrealized
Appreciation
(Depreciation)		 Value as of
September 30,
2023
Printing and Publishing—0.7%
TNCP Intermediate HoldCo, LLC—Common Equity Units 790,000  —  —  2,337  —  —  736  3,073 
Total Common Equity $ 2,779  $ 691  $ 6,938  $ —  $ (921) $ 1,288  $ 7,305 
TOTAL CONTROL INVESTMENTS $ 2,684  $ 3,883  $ 35,713  $ 677  $ (1,456) $ (4,084) $ 30,850 
(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company.
(B)Common stock, warrants, options, membership units and, in some cases, preferred stock are generally non-income producing and restricted.
(C)Represents the total amount of interest, dividends and other income credited to investment income for the portion of the fiscal year an investment was a control or affiliate investment, as appropriate.
(D)Gross additions include increases in investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities.
(E)Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities.
(F)Debt security has a fixed interest rate.
(G)Investment was exited/paid off during the year ended September 30, 2023.
(H)Reserved.
(I)Interest rate percentages represent cash interest rates in effect at September 30, 2023, and due dates represent the contractual maturity date. Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 5.32% as of September 30, 2023. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or SOFR plus a spread. Due dates represent the contractual maturity date.
(J)Reserved.
(K)Represents the principal balance for debt investments and the number of shares/units held for equity investments as of September 30, 2023. Warrants are represented as a percentage of ownership, as applicable.
(L)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification Topic 820, “Fair Value Measurements and Disclosures” fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(M)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2023.
**    Information related to the amount of equity in the net profit and loss for the year for the investments listed has not been included in this schedule. This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation. These investments are not consolidated, nor are they accounted for under the equity method of accounting.