Annual report [Section 13 and 15(d), not S-K Item 405]

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)

v3.25.3
INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 12 Months Ended
Sep. 30, 2025
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,
2024
Gross
Additions(D)
Gross
Reductions(E)
Net
Unrealized
Appreciation
(Depreciation)		 Value as of
September 30,
2025
AFFILIATE INVESTMENTS—11.2%
Secured First Lien Debt—7.2%
Diversified/Conglomerate Manufacturing—2.6%
Edge Adhesives Holdings, Inc.—Term Debt (S + 5.5%. 9.6% Cash, Due 8/2026)
 $ 6,140  —  —  $ 380  —  —  $ 133  $ 513 
Zero Case Holding Inc. – Line of Credit, $4,000 available (S + 6.4%, 10.5% Cash, Due 7/2030)
 —  —  4  —  —  —  —  — 
Zero Case Holding Inc. – Term Debt (S + 6.4%, 10.5% Cash, Due 7/2030)
 12,000  —  232  —  12,000  —  —  12,000 
$ —  —  $ 236  —  $ 380  —  $ 12,000  —  $ —  —  $ 133  —  $ 12,513 
Personal, Food, and Miscellaneous Services – 4.6%
Snif-Snax, LLC – Term Debt (S + 6.7%, 10.8% Cash, Due 7/2030)
 22,200  —  487  —  22,200  —  —  22,200 
$ —  $ 723  $ 380  $ 34,200  $ —  $ 133  $ 34,713 
Preferred Equity —2.0%
Diversified/Conglomerate Manufacturing —0.0%
Edge Adhesives Holdings, Inc.—Preferred Stock 5,466  —  —  —  —  —  —  — 
Diversified/Conglomerate Service—1.4%
Encore Dredging Holdings, LLC—Preferred Stock 3,840,000  —  40  3,168  —  —  3,746  6,914 
Personal, Food, and Miscellaneous Services – 0.3%
Snif-Snax, LLC – Preferred Stock 1,500,000  —  —  —  1,500  —  —  1,500 
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.2%
Canopy Safety Brands, LLC—Preferred Stock 500,000  —  —  931  —  —  75  1,006 
Total Preferred Equity $ —  $ 40  $ 4,099  $ 1,500  $ —  $ 3,821  $ 9,420 
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,
2024
Gross
Additions(D)
Gross
Reductions(E)
Net
Unrealized
Appreciation
(Depreciation)		 Value as of
September 30,
2025
Common Equity—2.0%
Diversified/Conglomerate Manufacturing – 0.2%
Zero Case Holding Inc. – Common Stock 1,000  —  —  —  1,000  —  —  1,000 
Finance – 1.1%
Gladstone Alternative Income Fund – Common Stock
 500,000  —  191  —  5,000  —  75  5,075 
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.8%
Canopy Safety Brands, LLC—Common Stock 1,170,370  —  —  $ 2,959  —  —  $ 744  $ 3,703 
Total Common Equity $ —  $ 191  $ 2,959  $ 6,000  $ —  $ 819  $ 9,778 
TOTAL AFFILIATE INVESTMENTS $ —  $ 954  $ 7,438  $ 41,700  $ —  $ 4,773  $ 53,911 
CONTROL INVESTMENTS—22.6%
Secured First Lien Debt—14.5%
Beverage, Food, and Tobacco – 2.6%
Eegee Acquisition Corp. – Line of Credit, $3,250 available (S + 7.0%, 11.1% Cash, Due 4/2028)
 12,750  $ —  $ 646  $ —  $ 12,750  $ —  $ —  $ 12,750 
Diversified/Conglomerate Manufacturing – 4.7%
Engineering Manufacturing Technologies, LLC – Line of Credit, $1,900 available (S + 8.3%, 12.4% Cash, Due 10/2026)
 1,100  —  62  —  1,100  —  (266) 834 
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 4.4% PIK, Due 10/2026)
 23,163  —  1,257  —  23,163  —  (5,602) 17,561 
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(F)
4,450  —  588  4,200  273  —  (23) 4,450 
$ —  $ 1,907  $ 4,200  $ 24,536  $ —  $ (5,891) $ 22,845 
Healthcare, Education, and Childcare – 5.2%
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)
 3,076  —  230  —  3,076  —  (353) 2,723 
Technical Resource Management, LLC – Line of Credit, $400 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)
 1,214  —  60  —  1,214  —  (140) 1,074 
Technical Resource Management, LLC – Term Debt (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028)
 24,111  —  1,800  —  24,111  —  (2,764) 21,347 
$ —  $ 2,090  $ —  $ 28,401  $ —  $ (3,257) $ 25,144 
Personal and Non-Durable Consumer Products (Manufacturing Only) — 1.9%
WB Xcel Holdings, LLC—Line of Credit, $0 available (S + 10.5%, 14.6% Cash, Due 11/2026)
 5,150  —  $ —  $ 3,171  $ 400  —  $ (411) $ 3,160 
WB Xcel Holdings, LLC—Term Loan (S + 10.5%, 14.6% Cash, Due 11/2026)
 9,775  —  —  6,525  —  $ —  (528) 5,997 
$ —  $ —  $ 9,696  $ 400  $ —  $ (939) $ 9,157 
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,
2024
Gross
Additions(D)
Gross
Reductions(E)
Net
Unrealized
Appreciation
(Depreciation)		 Value as of
September 30,
2025
Printing and Publishing — 0.0%
TNCP Intermediate HoldCo, LLC—-Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(F)
—  —  $ 70  $ —  —  $ —  —  — 
Total Secured First Lien Debt $ —  $ 4,713  $ 13,896  $ 66,087  $ —  $ (10,087) $ 69,896 
Secured Second Lien Debt—3.9%
Automobile—1.8%
Defiance Integrated Technologies, Inc.—Term Debt (S + 9.6%, 13.7% Cash, Due 1/2027)
 8,792  —  $ 1,236  $ 8,547  $ 325  $ (80) —  $ 8,792 
Diversified/Conglomerate Service – 2.1%
Alsay Incorporated – Term Debt (12.8% Cash, Due 12/2030)(F)
10,000  —  319  —  10,000  —  —  10,000 
Total Secured Second Lien Debt $ —  $ 1,555  $ 8,547  $ 10,325  $ (80) $ —  $ 18,792 
Unsecured Debt—0.1%
Healthcare, Education, and Childcare – 0.1%
Technical Resource Management, LLC – Term Debt (14.0% PIK, Due 10/2028)(F)
357  $ —  $ 24  $ —  $ 357  $ —  $ (41) $ 316 
Preferred Equity—1.0%
Diversified/Conglomerate Service – 1.0%
Alsay Incorporated – Preferred Stock 5,000,000  $ —  $ —  $ —  $ 5,000  $ —  $ —  $ 5,000 
Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0%
WB Xcel Holdings, LLC - Preferred Stock 333  —  —  —  —  —  —  — 
Total Preferred Equity $ —  $ —  $ —  $ 5,000  $ —  $ —  $ 5,000 
Common Equity—3.1%
Automobile– 0.0%
Defiance Integrated Technologies, Inc.—Common Stock 33,321  —  —  2,949  —  —  $ (2,949) — 
Beverage, Food, and Tobacco – 1.0%
Eegee Acquisition Corp. – Common Stock
 1,000  —  —  —  8,500  —  (3,642) 4,858 
Diversified/Conglomerate Manufacturing—0.9%
 Engineering Manufacturing Technologies, LLC – Common Stock 16,000  —  —  —  3,000  —  (3,000) — 
Lonestar EMS, LLC - Common Units 100  % —  —  8,214  —  —  (3,989) 4,225 
$ —  $ —  $ 8,214  $ 3,000  $ —  $ (6,989) $ 4,225 
Healthcare, Education, and Childcare – 0.0%
Technical Resource Management, LLC – Common Stock
 2,000,000  —  —  —  2,000  —  (2,000) — 
Technical Resource Management, LLC – Common Warrants
 4,558,041  —  —  —  —  —  —  — 
$ —  $ —  $ —  $ 2,000  $ —  $ (2,000) $ — 
Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0%
WB Xcel Holdings, LLC - Common Warrant 12,340  —  —  —  —  —  —  — 
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,
2024
Gross
Additions(D)
Gross
Reductions(E)
Net
Unrealized
Appreciation
(Depreciation)		 Value as of
September 30,
2025
Printing and Publishing—1.2%
TNCP Intermediate HoldCo, LLC—Common Equity Units 790,000  —  —  4,312  —  —  1,497  5,809 
Total Common Equity $ —  $ —  $ 15,475  $ 13,500  $ —  $ (14,083) $ 14,892 
TOTAL CONTROL INVESTMENTS $ —  $ 6,292  $ 37,918  $ 95,269  $ (80) $ (24,211) $ 108,896 
(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)Reserved.
(H)Reserved.
(I)Interest rate percentages represent cash interest rates in effect at September 30, 2025, 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 4.13% as of September 30, 2025. 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, 2025. 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, 2025.
**    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.