0001213900-23-009500 | 10-Q | XBRL Viewer

Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2022

Schedule of fair value measurements of our investments

	Fair Value Hierarchy as of December 31, 2022
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	14,030	$	74,661	$	88,691
Senior Secured Notes		-		-		1,617		1,617
Unsecured Debt		-		-		-		-
Equity/Warrants		28,231		5,669		59,063		92,963
Total	$	28,231	$	19,699	$	135,341	$	183,271

	Fair Value Hierarchy as of September 30, 2022
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	13,996	$	74,252	$	88,248
Senior Secured Second Lien Term Loans		-		-		2,607		2,607
Senior Secured Notes		-		1,659		-		1,659
Unsecured Debt		-		-		-		-
Equity/Warrants		24,750		5,877		69,816		100,443
Total	$	24,750	$	21,532	$	146,675	$	192,957

Schedule of investments that use level 3 inputs

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans			Senior Secured Notes			Equities/ Warrants			Total
Balance as of September 30, 2022	$	74,252		$	2,607		$	-		$	69,816		$	146,675
Purchases and other adjustments to cost		2,900			-			-			4,282			7,184
Sales		(1,046	)		(2,607	)		-			(14,644	)		(18,297)
Net realized gains/(losses) from investments		3			5			-			-			8
Net unrealized gains/(losses)		(1,448	)		(5	)		(42	)		(391	)		(1,888)
Transfer in/(out)		-			-			1,659			-			1,659
Balance as of December 31, 2022	$	74,661		$	-		$	1,617		$	59,063		$	135,341

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans		Secured Debt			Unsecured Debt			Equities/ Warrants			Total
Balance as of September 30, 2021	$	61,934		$	2,490	$	2,500		$	-		$	48,889		$	115,813
Purchases and other adjustments to cost		27,629			-		-			-			38,344			65,973
Sales		(32,951	)		-		-			(100	)		(40,292	)		(73,343	)
Net realized gains/(losses) from investments		(21,759	)		-		-			(99	)		36,153			14,295
Net unrealized gains/(losses)		20,453			3		(2,500	)⁽¹⁾		199			(32,443	)⁽¹⁾		(14,288	)
Balance as of December 31, 2021	$	55,306		$	2,493	$	-		$	-		$	50,651		$	108,450

Schedule of quantitative information about level 3 fair value measurements of our investments

Fair Value

Valuation Methodology

Unobservable
Input

Range
(Weighted Average)

Senior Secured First Lien Term Loans

65,118

Income Approach

Market Yield

8.50% - 29.0% (13.85%)

Senior Secured First Lien Term Loans

4,788

Market Approach

EBITDA Multiple

4.0x - 7.25x (4.9x)

Senior Secured First Lien Term Loans

4,755

Market Approach

Revenue Multiple

0.2x - 0.3x (0.3x)

Senior Secured Notes

1,617

Market Approach

EBITDA Multiple

21.0x - 22.0x (21.5x)

Equity/Warrants

36,672

Cost Approach

Replacement Cost

N/A

Equity/Warrants

11,244

Market Approach

EBITDA Multiple

2.0x - 32.2x (6.49x)

Equity/Warrants

10,036

Income Approach

Market Yield

0.00% - 13.75% (6.52%)

Equity/Warrants

1,111

Market Approach

Sum of the Parts/Estimated proceeds

6.9x - 7.6x (7.3x)

Total

135,341

Fair Value

Valuation Methodology

Unobservable
Input

Range
(Weighted Average)

Senior Secured First Lien Term Loans

65,428

Income Approach

Market Yield

8.50% - 24.00% (10.57%)

Senior Secured First Lien Term Loans

3,807

Market Approach

EBITDA Multiple

4.0x - 5.0x (4.5x)

Senior Secured First Lien Term Loans

4,152

Market Approach

Revenue Multiple

0.2x - 0.3x (2.5x)

Senior Secured First Lien Term Loans

865

Income Approach

Market Spread

5.75% - 6.25% (6.00%)

Senior Secured Second Lien Term Loans

2,607

Market Approach

EBITDA Multiple

9.0x - 10.0x (9.5x)

Equity/Warrants

47,138

Cost Approach

Replacement Cost

N/A

Equity/Warrants

11,444

Market Approach

EBITDA Multiple

2.0x - 21.0x (17.4x)

Equity/Warrants

9,951

Income Approach

Market Yield

8.50% - 13.25% (12.75%)

Equity/Warrants

1,283

Market Approach

Sum of the Parts/Estimated Proceeds

8.1x - 11.4x (9.8x)

Total

146,675

Borrowings (Tables)

15 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt issuance costs

	December 31, 2022								September 30, 2022
	Aggregate Principal Available		Principal Amount Outstanding		Carrying Value		Fair Value		Aggregate Principal Available		Principal Amount Outstanding		Carrying Value		Fair Value
2023 Notes	$	22,522	$	22,522	$	22,502	$	22,594	$	22,522	$	22,522	$	22,483	$	22,378
2028 Notes		57,500		57,500		55,564		50,439		57,500		57,500		55,480		50,255
Total debt	$	80,022	$	80,022	$	78,066	$	73,033	$	80,022	$	80,022	$	77,963	$	72,633

Schedule of consolidated statements of assets and liabilities

	December 31, 2022						September 30, 2022
	2023 Notes		2028 Notes		Total		2023 Notes		2028 Notes		Total
Total debt issuance costs	$	3,102	$	2,311	$	5,413	$	3,102	$	2,311	$	5,413
Amortized debt issuance costs		3,083		374		3,457		3,063		291		3,354
Unamortized debt issuance costs	$	19	$	1,937	$	1,956	$	39	$	2,020	$	2,059

Schedule of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt

	For the Three Months Ended December 31,
	2022			2021
2023 Notes Interest	$	755		$	715
2028 Notes Interest		345			731
Amortization of debt issuance costs		103			42
Total	$	1,203		$	1,488
Weighted average stated interest rate		6.1	%		7.5	%
Weighted average outstanding balance	$	80,022		$	80,022

Borrowings

3 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings

As a BDC, we are generally only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing.

However, in March 2018, the Small Business Credit Availability Act modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from 200% to 150%, if certain requirements under the 1940 Act are met. Under the 1940 Act, we are allowed to increase our leverage capacity if stockholders representing at least a majority of the votes cast, when a quorum is present, approve a proposal to do so. If we receive stockholder approval, we would be allowed to increase our leverage capacity on the first day after such approval. Alternatively, the 1940 Act allows the majority of our independent directors to approve an increase in our leverage capacity, and such approval would become effective after the one-year anniversary of such approval. In either case, we would be required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage.

As of December 31, 2022 and September 30, 2022, the Company’s asset coverage was 259.7% and 255.0%, respectively, after giving effect to leverage and therefore the Company’s asset coverage was greater than 200%, the minimum asset coverage requirement applicable presently to the Company under the 1940 Act.

The Company’s outstanding debt excluding debt issuance costs as of December 31, 2022 and September 30, 2022 was as follows (dollars in thousands):

	December 31, 2022								September 30, 2022
	Aggregate Principal Available		Principal Amount Outstanding		Carrying Value		Fair Value		Aggregate Principal Available		Principal Amount Outstanding		Carrying Value		Fair Value
2023 Notes	$	22,522	$	22,522	$	22,502	$	22,594	$	22,522	$	22,522	$	22,483	$	22,378
2028 Notes		57,500		57,500		55,564		50,439		57,500		57,500		55,480		50,255
Total debt	$	80,022	$	80,022	$	78,066	$	73,033	$	80,022	$	80,022	$	77,963	$	72,633

Credit Facility

On December 15, 2022, the Company and its wholly-owned subsidiaries executed a three-year, $50 million revolving credit facility (the “Credit Facility”) with WoodForest Bank, N.A. (“WoodForest”), Valley National Bank, and Axiom Bank, (collectively, the “Lenders”). WoodForest is the administrative agent, sole bookrunner and sole lead arranger. As of December 31, 2022, there were no outstanding borrowings by the Company under the Credit Facility.

Outstanding loans under the Credit Facility will bear a monthly interest rate at Term SOFR + 2.90%. The Company is also subject to a commitment fee of 0.25%, which shall accrue on the actual daily amount of the undrawn portion of the revolving credit. The Credit Facility contains customary representations and warranties and affirmative and negative covenants. The Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility.

Unsecured Notes

2023 Notes

On March 18, 2013, the Company issued $60.0 million in aggregate principal amount of 6.125% unsecured notes that mature on March 30, 2023 (the “2023 Notes”). On March 26, 2013, the Company closed an additional $3.5 million in aggregate principal amount of the 2023 Notes, pursuant to the partial exercise of the underwriters’ option to purchase additional notes. As of March 30, 2016, the 2023 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 2023 Notes bear interest at a rate of 6.125% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year, beginning June 30, 2013.

On December 12, 2016, the Company entered into an “At-The-Market” (“ATM”) debt distribution agreement with FBR Capital Markets & Co., through which the Company could offer for sale, from time to time, up to $40.0 million in aggregate principal amount of the 2023 Notes. The Company sold 1,573,872 of the 2023 Notes at an average price of $25.03 per note, and raised $38.6 million in net proceeds, through the ATM debt distribution agreement.

On March 10, 2018, the Company redeemed $13.0 million in aggregate principal amount of the 2023 Notes. On December 31, 2018, the Company redeemed $12.0 million in aggregate principal amount of the 2023 Notes. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.3 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt.

On December 21, 2020, the Company announced that it completed the application process for and was authorized to transfer the listing of the 2023 Notes to the NASDAQ Global Market. The listing and trading of the 2023 Notes on the NYSE ceased at the close of trading on December 31, 2020. Effective January 4, 2021, the 2023 Notes began trading on the NASDAQ Global Market under the trading symbol “PFXNL.”

On November 15, 2021, the Company caused notices to be issued to the holders of the 2023 Notes regarding the Company’s exercise of its option to redeem $55,325,000 in aggregate principal amount of the issued and outstanding 2023 Notes on December 16, 2021. On December 16, 2021, the Company redeemed $55,325,000 in aggregate principal amount of the issued and outstanding 2023 Notes. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.3 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt.

On December 15, 2022, the Company caused notices to be issued to the holders of its 2023 Notes regarding the Company’s exercise of its option to redeem $22,521,800 in aggregate principal amount of issued and outstanding 2023 Notes, comprising all issued and outstanding 2023 Notes, at a price equal to 100% of the principal amount of the 2023 Notes, plus accrued and unpaid interest thereon from September 30, 2022, through, but excluding, January 17, 2023 in accordance with the terms of the indenture governing the 2023 Notes. The Company expects the redemption to be completed on January 17, 2023. The Company intends to fund the redemption of the 2023 Notes with loans obtained under the Credit Facility. See also “Subsequent Events.”

2028 Notes

On November 9, 2021, the Company entered into an underwriting agreement, by and between the Company and Oppenheimer & Co. Inc., as representative of the several underwriters, in connection with the issuance and sale (the “Offering”) of $57,500,000 (including the underwriters’ option to purchase up to $7,500,000 aggregate principal amount) in aggregate principal amount of its 5.25% Notes that mature on November 1, 2028 (the “2028 Notes” and collectively with the 2023 Notes, the “Notes”). The Offering occurred on November 15, 2021, pursuant to the Company’s effective shelf registration statement on Form N-2 previously filed with the SEC. Effective November 16, 2021, the 2028 Notes began trading on the NASDAQ Global Market under the trading symbol “PFXNZ.”

On November 15, 2021, the Company and U.S. Bank National Association, as trustee, entered into a Fourth Supplemental Indenture to its base Indenture, dated February 7, 2012, between the Company and the Trustee. The Fourth Supplemental Indenture relates to the Offering of the 2028 Notes.

Fair Value of Debt Obligations

The fair values of our debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Notes, which are publicly traded, is based upon closing market quotes as of the measurement date. As of December 31, 2022 and September 30, 2022, the Notes would be deemed to be Level 1 in the fair value hierarchy, as defined in Note 4.

Debt issuance costs related to the Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of the Notes. As of December 31, 2022 and September 30, 2022, debt issuance costs related to the Notes were as follows (dollars in thousands):

	December 31, 2022						September 30, 2022
	2023 Notes		2028 Notes		Total		2023 Notes		2028 Notes		Total
Total debt issuance costs	$	3,102	$	2,311	$	5,413	$	3,102	$	2,311	$	5,413
Amortized debt issuance costs		3,083		374		3,457		3,063		291		3,354
Unamortized debt issuance costs	$	19	$	1,937	$	1,956	$	39	$	2,020	$	2,059

For the three months ended December 31, 2022 and 2021, the components of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt balance for the Notes were as follows (dollars in thousands):

	For the Three Months Ended December 31,
	2022			2021
2023 Notes Interest	$	755		$	715
2028 Notes Interest		345			731
Amortization of debt issuance costs		103			42
Total	$	1,203		$	1,488
Weighted average stated interest rate		6.1	%		7.5	%
Weighted average outstanding balance	$	80,022		$	80,022

For the three months ended December 31, 2022 and 2021, Interest and financing expenses on the Consolidated Statements of Operations includes $30,431 and $0, respectively, for amortization of deferred financing costs pertaining to the credit facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Borrowings (Details) - Schedule of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Borrowings (Details) - Schedule of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt [Line Items]
Amortization of debt issuance costs	$ 103	$ 42
Total	$ 1,203	$ 1,488
Weighted average stated interest rate	6.10%	7.50%
Weighted average outstanding balance	$ 80,022	$ 80,022
2023 Notes Interest [Member]
Borrowings (Details) - Schedule of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt [Line Items]
Notes Interest	755	715
2028 Notes Interest [Member]
Borrowings (Details) - Schedule of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt [Line Items]
Notes Interest	$ 345	$ 731

Share Transactions (Details) - $ / shares			3 Months Ended	12 Months Ended
Share Transactions (Details) - $ / shares	Dec. 31, 2022	Feb. 10, 2021	Dec. 31, 2022	Sep. 30, 2022
Share Transactions (Details) [Line Items]
Treasury shares	2,305		2,305
Treasury stock shares repurchased				300
Additional repurchased shares	1,000		624,885
Repurchase Programm [Member]
Share Transactions (Details) [Line Items]
Stock repurchased weighted average price (in Dollars per share)		$ 37.03

Investments

3 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

Note 3. Investments

The composition of our investments as of December 31, 2022 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands):

	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Term Loans	$	129,910		51.6	%	$	88,691		48.4	%
Senior Secured Notes		2,252		0.9			1,617		0.9
Unsecured Debt		182		0.1			-		-
Equity/Warrants		119,127		47.4			92,963		50.7
Total Investments	$	251,471		100.0	%	$	183,271		100.0	%

The composition of our investments as of September 30, 2022 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands):

	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Term Loans	$	128,482		48.7	%	$	88,248		45.6	%
Senior Secured Second Lien Term Loans		2,603		1.0			2,607		1.4
Senior Secured Notes		2,252		0.9			1,659		0.9
Unsecured Debt		182		0.1			-		-
Equity/Warrants		129,929		49.3			100,443		52.1
Total Investments	$	263,448		100.0	%	$	192,957		100.0	%

In connection with certain of the Company’s investments, the Company receives warrants that are obtained for the objective of increasing the total investment returns and are not held for hedging purposes. At December 31, 2022 and September 30, 2022, the total fair value of warrants was $0.0 and $62.6 thousand, respectively, and were included in investments at fair value on the Consolidated Statements of Assets and Liabilities. During the three months ended December 31, 2022, the Company did not acquire any additional warrants in an existing portfolio company. During the three months ended December 31, 2021, the Company did not acquire any additional warrants in an existing portfolio company.

For the three months ended December 31, 2022, there was no unrealized appreciation/(depreciation) related to warrants. For the three months ended December 31, 2021, there was no unrealized appreciation/(depreciation) related to warrants. The warrants are received in connection with individual investments and are not subject to master netting arrangements.

The following table shows the portfolio composition by industry grouping at fair value at December 31, 2022 (dollars in thousands):

	Fair Value		Percentage

Services: Business	$	42,167		23.0	%
Banking, Finance, Insurance & Real Estate		35,012		19.1
Hotel, Gaming & Leisure		32,073		17.5
Services: Consumer		17,618		9.6
Construction & Building		17,404		9.4
Media: Broadcasting & Subscription		10,356		5.7
Automotive		7,514		4.1
High Tech Industries		5,342		2.9
Consumer Discretionary		4,916		2.7
Energy: Oil & Gas		4,755		2.6
Packaging		3,353		1.8
Metals & Mining		2,640		1.4
Retail		121		0.1
Total	$	183,271		100.0	%

The following table shows the portfolio composition by industry grouping at fair value at September 30, 2022 (dollars in thousands):

	Fair Value		Percentage

Services: Business	$	52,851		27.4	%
Hotel, Gaming & Leisure		31,947		16.6
Banking, Finance, Insurance & Real Estate		31,910		16.5
Services: Consumer		21,243		11.0
Construction & Building		17,724		9.1
Automotive		8,075		4.2
Consumer Discretionary		6,208		3.2
High Tech Industries		5,465		2.8
Media: Broadcasting & Subscription		4,220		2.2
Energy: Oil & Gas		4,152		2.2
Packaging		3,361		1.7
Metals & Mining		3,073		1.6
Aerospace & Defense		2,607		1.4
Retail		121		0.1
Total	$	192,957		100.0	%

The Company invests in portfolio companies principally located in North America. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business.

The following table shows the portfolio composition by geographic location at fair value at December 31, 2022 (dollars in thousands):

	Fair Value		Percentage
Northeast	$	85,952		46.9	%
Southeast		51,451		28.1
West		19,453		10.6
Midwest		14,869		8.1
Southwest		6,049		3.3
Mid-Atlantic		162		0.1
Other⁽¹⁾		5,335		2.9
Total	$	183,271		100.0	%

⁽¹⁾

As of December 31, 2022, comprised of our investments in foreign investments.

The following table shows the portfolio composition by geographic location at fair value at September 30, 2022 (dollars in thousands):

	Fair Value		Percentage
Northeast	$	92,939		48.2	%
Southeast		51,797		26.8
West		20,196		10.5
Midwest		16,023		8.3
Southwest		6,288		3.3
Mid-Atlantic		265		0.1
Other⁽¹⁾		5,449		2.8
Total	$	192,957		100.0	%

⁽¹⁾	As of September 30, 2022, comprised of our investments in foreign investments.

Transactions With Affiliated/Controlled Companies

The Company had investments in portfolio companies designated as Affiliated Investments and Controlled Investments under the 1940 Act. Transactions with Affiliated Investments and Controlled Investments during the three months ended December 31, 2022 and 2021 were as follows:

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2022		Purchases/ (Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at December 31, 2022		Earned Income
Affiliated Investments
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan C	$	-	$	-		$	-	$	123,193		$	-	$	123,193	$	27,308
	Revolving Credit Facility		4,151,562		215,622			-		264,993			-		4,632,177		97,647
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		758,929		-			-		-			-		758,929		24,693
	Senior Secured First Lien Term Loan		1,547,918		-			-		117,776			-		1,665,694		-
	Senior Secured First Lien Super Priority DDTL		1,500,000		-			-		-			-		1,500,000		48,805
Kemmerer Operations, LLC	Senior Secured First Lien Term Loan		2,378,510		(813,559	)		-		-			-		1,564,951		89,743
	Equity		694,702		-			-		380,742			-		1,075,444		-
US Multifamily, LLC	Equity		1,282,571		-			-		(171,167	)		-		1,111,404		-
Total Affiliated Investments		$	12,314,192	$	(597,937	)	$	-	$	715,537		$	-	$	12,431,792	$	288,196

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2022		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair Value at December 31, 2022		Earned Income
Controlled Investments
FlexFIN, LLC	Equity Interest	$	47,136,146	$	(10,467,262	)	$	-	$	1,627	$	-	$	36,670,511	$	1,210,200
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		7,192,927		-			-		51,169		-		7,244,096		194,627
	Senior Secured First Lien Term Loan B		3,697,109		-			-		-		-		3,697,109		-
Total Controlled Investments		$	58,026,182	$	(10,467,262	)	$	-	$	52,796	$	-	$	47,611,716	$	1,404,827

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2021		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value at December 31, 2021		Earned Income
Affiliated Investments
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan B	$	-	$	-		$	-	$	19,468,870		$	(19,468,870	)	$	-	$	-
	Senior Secured First Lien Term Loan C		24,639		-			-		(24,639	)		-			-		-
	Revolving Credit Facility		3,554,069		-			-		-			-			3,554,069		-
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		758,929		-			-		-			-			758,929		19,395
	Senior Secured First Lien Term Loan		2,279,814		-			-		(529,994	)		-			1,749,820		-
	Senior Secured First Lien Super Priority DDTL		1,500,000		-			-		-			-			1,500,000		38,333
Caddo Investors Holdings 1 LLC	Equity		3,454,786		(3,448,219	)		-		(925,960	)		919,393			-		-
Dynamic Energy Services International LLC	Senior Secured First Lien Term Loan		-		(4,910,671	)		-		7,328,568			(2,417,897	)		-		-
JFL-NGS Partners, LLC	Equity		26,862,813		(26,807,520	)		-		(26,805,513	)		26,750,220			-		-
JFL-WCS Partners, LLC	Equity		8,099,949		(8,084,639	)		-		(7,970,361	)		7,955,051			-		-
Kemmerer Operations, LLC	Senior Secured First Lien Term Loan		2,360,547		91,309			-		4,125			-			2,455,981		91,347
	Senior Secured First Lien Delayed Draw Term Loan		162,441		(129,875	)		-		(4,442	)		-			28,124		5,665
	Equity		553,746		-			-		(62,347	)		-			491,399		-
Path Medical, LLC	Senior Secured First Lien Term Loan A		2,249,835		-			-		(31,984	)		-			2,217,851		-
URT Acquisition Holdings Corporation	Warrants		920,000		(1,000,000	)		-		(920,000	)		1,000,000			-		-
US Multifamily, LLC	Senior Secured First Lien Term Loan		2,577,416		-			-		-			-			2,577,416		64,435
	Equity		2,236,261		-			-		(166	)		-			2,236,095		-
Total Affiliated Investments		$	57,595,245	$	(44,289,615	)	$	-	$	(10,473,843	)	$	14,737,897		$	17,569,684	$	219,175

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2021		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair Value at December 31, 2021		Earned Income
Controlled Investments
FlexFIN, LLC	Equity Interest	$	2,500,000	$	28,000,000		$	-	$	-	$	-	$	30,500,000	$	398,844
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		6,414,860		-			-		6,566		-		6,421,426		-
	Super Priority Senior Secured First Lien Term Loan		977,000		(500,000	)		-		11,075		925		489,000		154,794
Total Controlled Investments		$	9,891,860	$	27,500,000		$	-	$	17,641	$	925	$	37,410,426	$	553,638

(1)	The par amount and additional detail are shown in the Consolidated Schedule of Investments.

(2) Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward.

Purchases/(sales) of or advances to/(distributions) from Affiliated Investments and Controlled Investments represent the proceeds from sales and settlements of investments, purchases, originations and participations, investment increases due to PIK interest as well as net amortization of premium/(discount) on investments and are included in the purchases and sales presented on the Consolidated Statements of Cash Flows for the three months ended December 31, 2022 and 2021. Transfers in/(out) of Affiliated Investments and Controlled Investments represent the fair value for the month an investment became or was removed as an Affiliated Investment or a Controlled Investment. Income received from Affiliated Investments and Controlled Investments is included in total investment income on the Consolidated Statements of Operations for the three months ended December 31, 2022 and 2021.

Unconsolidated Significant Subsidiaries

In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, that is deemed to be a “significant subsidiary” as of December 31, 2022 for which summarized financial information is presented below (dollars in thousands):

Balance Sheet	December 31, 2022 (Unaudited)		September 30, 2022 (Audited)
Total Assets	$	36,670	$	47,168
Total Liabilities		54		12

Income Statement	For the Three Months Ended December 31, 2022 (Unaudited)		For the Year Ended September 30, 2022 (Audited)
Total Income	$	1,085	$	3,855
Total Expenses		75		202
Net Income	$	1,010	$	3,653

Financial Highlights (Details) - Schedule of financial highlights - USD ($)

3 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Sep. 30, 2022

Sep. 30, 2021

Investment Company, Financial Highlights [Line Items]

Net Asset Value per share at Beginning of Period

$ 57.49

$ 57.08

Results of Operations:

Net Investment Income/(Loss)

^[1]

0.78

0.08

Net Realized Gain/(Loss) on Investments

0.01

6.05

Net Unrealized Gain/(Loss) on Investments

1.09

(4.1)

Net loss on extinguishment of debt

(0.12)

Net Increase (Decrease) in Net Assets Resulting from Operations

1.88

1.91

Capital Share Transactions

Repurchase of common stock under stock repurchase program

0.01

Net Increase (Decrease) Resulting from Capital Share Transactions

0.01

Net Asset Value per share at End of Period

$ 59.38

$ 58.99

Net Assets at End of Period (in Dollars)

$ 124,692,805

$ 148,496,991

$ 120,845,408

$ 143,693,981

Shares Outstanding at End of Period (in Shares)

2,099,824

2,517,221

2,102,129

Per share market value at end of period

$ 31.05

$ 41.83

Total return based on market value

^[2]

(10.98%)

134.60%

Total return based on net asset value

^[3]

3.18%

(1.41%)

Portfolio turnover rate

3.75%

188.23%

Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements

^[4]

1.28%

(0.08%)

Ratio of total expenses to average net assets

^[4]

2.38%

7.76%

Percentage of non-recurring fee income

^[4],[5]

1.56%

9.31%

Average debt outstanding (in Dollars)

^[6]

$ 80,021,800

$ 78,934,300

Average debt outstanding per common share

$ 38.09

$ 31.36

Asset coverage ratio per unit (in Dollars)

^[7]

$ 2,597

$ 2,913

Total Debt Outstanding (in Dollars)

80,022,000

$ 80,022,000

2023 Notes [Member]

Capital Share Transactions

Total Debt Outstanding (in Dollars)

^[8]

$ 22,521,800

Average market value per unit

$ 25.1

$ 25.44

2028 Notes [Member]

Capital Share Transactions

Total Debt Outstanding (in Dollars)

^[8]

$ 57,500,000

Average market value per unit

$ 23.55

$ 25.13

[1]	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $0.78 and $0.08 per share for the three months ended December 31, 2022 and 2021 respectively.
[2]	Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.
[3]	Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.
[4]	Ratios are annualized during interim periods.
[5]	Represents the impact of the non-recurring fees as a percentage of total investment income.
[6]	Based on daily weighted average carrying value of debt outstanding during the period.
[7]	Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
[8]	Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.

Agreements

3 Months Ended

Dec. 31, 2022

Target Performance Award Disclosure [Abstract]

Agreements

Note 6. Agreements

Administration Agreement

In connection with the adoption by the board of directors of an internalized management structure, on November 19, 2020, the Company entered into a Fund Accounting Servicing Agreement and an Administration Servicing Agreement on customary terms with U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services (“U.S. Bancorp”). A U.S. Bancorp affiliate also served as the Company’s custodian. The Company’s administrative and custodial relationship with U.S. Bancorp terminated on August 9, 2022. SS&C Technologies, Inc. (“SS&C”) has since served as administrator of the Company and has provided the Company with fund accounting and financial reporting services pursuant to the services agreement with the Company. Effective September 12, 2022, Computershare Trust Company, N.A. (“Computershare”) serves as custodian for the Company pursuant to its Loan Administration and Custodial Agreement with the Company. For the three months ended December 31, 2022 and 2021, we incurred approximately $0.1 million, and $68,866 in administrator expenses, respectively.

As of December 31, 2022 and September 30, 2022, approximately $0.1 million for each respective period was included in “administrator expenses payable” in the accompanying Consolidated Statements of Assets and Liabilities.

2022 Long-Term Cash Incentive Plan

On May 9, 2022, the board of directors of the Company adopted the PhenixFIN 2022 Long-Term Cash Incentive Plan (the “CIP”) pursuant to the recommendation by the Compensation Committee of the board of directors. The CIP provides for performance-based cash awards to key employees of the Company, as approved by the Compensation Committee, based on the achievement of pre-established financial goals for the approved performance period. The performance goals may be expressed as one or a combination of net asset value of the Company, net asset value per share of the Company’s common stock, changes in the market price of shares of the Company’s common stock, individual performance metrics and/or such other goals and objectives the Committee considers relevant in connection with accomplishing the purposes of the CIP.

In connection with the approval of the CIP, the Compensation Committee in April 2022, approved awards for the three year performance period commencing on January 1, 2022 and ending on December 31, 2024. Each participant is eligible to receive an amount of cash equal to 0%-200% of the target award set forth in the table below (“Target Performance Award”), based on the achievement of net asset value (“NAV”) and NAV per share goals (weighted at 30% and 70%, respectively) as of the end of the performance period (the “Performance Goals”). Performance is evaluated separately for each Performance Goal. No payment is made with respect to a Performance Goal if a threshold level of performance is not achieved. Each Performance Goal is subject to (i) a threshold level of performance at which a percentage of the Target Performance Award attributable to that Performance Goal may be paid and below which no payment is made pursuant to an Award, (ii) a target level of performance at which 100% of the Target Performance Award attributable to that Performance Goal may be paid and (iii) a maximum level of performance, at which 200% of the Target Performance Award attributable to that Performance Goal may be paid, in each case subject to such other terms and conditions of an Award. Between threshold, target and maximum performance levels for each Performance Goal, the portion of that Award attributed to the Performance Goal shall be interpolated in a linear progression. During the three months ended December 31, 2022, no accrual was recorded for these awards.

The Target Performance Award for each executive officer is set forth in the table below:

Name and Title	Dollar Value of Target Award
David Lorber, Chairman of the Board and Chief Executive Officer	$	890,000
Ellida McMillan, Chief Financial Officer		380,000

In December 2022, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on January 1, 2023 and ending on December 31, 2025. Each participant is eligible to receive an amount of cash equal to a percentage of the target award amount set forth above based on the factors described above. The Compensation Committee, in approving the awards, evaluated each Performance Goal separately.

Pledge and Security Agreement

In connection with the Credit Facility discussed in Note 5, the Company has entered into a Pledge and Security Agreement with the Lenders pursuant to which the Company and its wholly owned subsidiaries have pledged all their assets, including the cash and securities held in the Company’s custodial account with Computershare Trust Company, N.A., as collateral for any borrowings made by the Company pursuant to the Credit Agreement. The Lenders have the typical rights and remedies of a secured lender under the Uniform Commercial Code, including the right to foreclose on the collateral pledged by the Company.

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Debt issuance costs of notes payable	$ 1,955,972	$ 2,059,164
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	5,000,000	5,000,000
Common stock, shares issued (in Shares)	2,723,709	2,723,709
Common stock, shares outstanding (in Shares)	2,099,824	2,102,129
Non-Controlled, Non-Affiliated Investments [Member]
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 146,467,213	$ 147,378,917
Affiliated Investments [Member]
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	29,987,947	30,585,884
Controlled Investments [Member]
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 75,017,459	$ 85,483,093

N-2	3 Months Ended
N-2	Dec. 31, 2022
Cover [Abstract]
Entity Central Index Key	0001490349
Amendment Flag	false
Securities Act File Number	1-35040
Document Type	10-Q
Entity Registrant Name	PHENIXFIN CORPORATION
Entity Address, Address Line One	445 Park Avenue
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	859-0390
Entity Emerging Growth Company	false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	The COVID-19 outbreak continues to have, and any future outbreaks could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things.
Risk Factors [Table Text Block]	Item 1A. Risk Factors In addition to other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our annual report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on December 16, 2022, which could materially affect our business, financial condition and/or operating results. Other than the items disclosed below, there have been no material changes during the three months ended December 31, 2022 to the risk factors discussed in “Item 1A. Risk Factors” of our annual report on Form 10-K. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. Risks Related to our Business *We may not be able to pay you distributions and our distributions may not grow over time.* When possible, we may pay quarterly distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to pay a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC could limit our ability to pay distributions. As of December 31, 2022, the Company’s asset coverage was 259.7% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. All distributions will be paid at the discretion of our board of directors and will depend on our earnings, our financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations, and such other factors as our board of directors may deem relevant from time to time. We cannot assure you that we will pay distributions to our stockholders in the future. Risks Related to our Operations as a BDC and RIC Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital which could have a material adverse impact on our liquidity, financial condition and results of operations. Our business requires a substantial amount of capital to operate and grow. We may acquire additional capital from the issuance of senior securities (including debt and preferred stock), the issuance of additional shares of our common stock or from securitization transactions. However, we may not be able to raise additional capital in the future on favorable terms or at all. Additionally, we may only issue senior securities up to the maximum amount permitted by the 1940 Act. The 1940 Act permits us to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) after such issuance or incurrence. If our assets decline in value and we fail to satisfy this test, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales or repayment may be disadvantageous, which could have a material adverse impact on our liquidity, financial condition and results of operations. As of December 31, 2022, the Company’s asset coverage was 259.7% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. Risks Relating to an Investment in our Securities *The indenture under which the 2028 Notes are issued place restrictions on our and/or our subsidiaries’ activities.* The terms of the indentures under which the 2028 Notes were issued place restrictions on our and/or our subsidiaries’ ability to, among other things issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the 2028 Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the 2028 Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the 2028 Notes and  (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the 2028 Notes, except as would cause our asset coverage to be below 200% as a result of such borrowings and/or issuances, whether or not we continue to be subject to the regulations of the 1940 Act. These provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowings. As of December 31, 2022, the Company’s asset coverage was 259.7% after giving effect to leverage. These provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 200% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase. *The terms of the Credit Facility place restrictions on our and/or our subsidiaries activities.* The terms of the Credit Facility place restrictions on our and/or our subsidiaries’ ability to, among other things, issue securities or otherwise incur additional indebtedness or other obligations, and in certain cases we may need the approval of Woodforest, as the Administrative Agent, in order to incur further indebtedness. In addition, the Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility, which would adversely affect our liquidity position and, in turn, could force us to dispose of investments at inopportune times at reduced prices. Repayment could also adversely affect our ability to implement our investment strategy and achieve our investment objectives. Certain Risks in the Current Environment We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and operations. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of coronavirus (“COVID-19”) that began in December 2019. Some economists and major investment banks have expressed concern that the continued spread of the COVID-19 globally could lead to a world-wide economic downturn. Even after the COVID-19 pandemic subsides, the U.S. economy, as well as most other major economies, may continue to experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The COVID-19 outbreak continues to have, and any future outbreaks could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. With respect to the U.S. credit markets, the COVID-19 outbreak has resulted in, and until fully resolved is likely to continue to result in, the following among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility; and rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general which will not necessarily adequately address the problems facing the loan market and businesses. These and future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. For example, between 2008 and 2009, the U.S. and global capital markets were unstable as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our stockholders and our independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. The current market and future market conditions similar to those experienced from 2008 through 2009 for any substantial length of time could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Governmental authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. We also face an increased risk of investor, creditor or portfolio company disputes, litigation and governmental and regulatory scrutiny as a result of the effects of COVID-19 on economic and market conditions. *Events outside of our control, including terrorist attacks, acts of war, natural disasters or public health crises, could negatively affect our portfolio companies and our results of our operations.* Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control, including terrorist attacks, acts of war, natural disasters, public health crises or similar events. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies. COVID-19 and variants thereof continue to adversely impact global commercial activity and has contributed to significant volatility in financial markets. Local, state and federal and numerous non-U.S. governmental authorities have imposed travel and hospitality restrictions and bans, business closures or limited business operations and other quarantine measures on businesses and individuals. We cannot predict the full impact of COVID-19, including the duration and the impact of the closures and restrictions described above. As a result, we are unable to predict the duration of these business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. With respect to loans to portfolio companies, the Company will be impacted if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan payments or allowing for PIK interest payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity, or go out of business, or (iii) the value of loans held by the Company decreases as a result of such events and the uncertainty they cause. Portfolio companies may also be more likely to seek to draw on unfunded commitments we have made, and the risk of being unable to fund such commitments is heightened during such periods. Depending on the duration and extent of the disruption to the business operations of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries, to experience financial distress and possibly to default on their financial obligations to us and/or their other capital providers. In addition, if such portfolio companies are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital expenditures and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction in the value of our investments in them. The Company will also be negatively affected if the operations and effectiveness of our portfolio companies (or any of the key personnel or service providers of the foregoing) are compromised or if necessary or beneficial systems and processes are disrupted as a result of stay-at-home orders or other related interruptions to business operations. In February 2022, Russia launched a large-scale invasion of Ukraine. The extent and duration of Russian military action in the Ukraine, resulting sanctions and resulting future market disruptions, including declines in stock markets in Russia and elsewhere and the value of the ruble against the U.S. dollar, are impossible to predict, but have been and could continue to be significant. Any such disruptions caused by Russian military or other actions (including cyberattacks and espionage) or resulting from actual or threatened responses to such actions have caused and could continue to cause disruptions to portfolio companies located in Europe or that have substantial business relationships with European or Russian companies. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but have been and could continue to be substantial. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. We may be subject to risks associated with significant investments in one or more economic sectors and/or industries, including the business services sector, which includes our investment in our affiliate’s asset based lending business. At times, the Company may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors and/or industries, including the Services: Business, which includes our investment in an asset based lending business. Companies in the same sector or industry may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Company more vulnerable to unfavorable developments in that sector or industry than companies that invest more broadly. Generally, the more broadly the Company invests, the more it spreads risk and potentially reduces the risks of loss and volatility. As of December 31, 2022, investments in our affiliate’s asset-based lending business constituted 17.9% of our total assets. Thus, the Company presently has significant exposure to its asset based lending business. This asset based lending exposure subjects the Company to the particular risks of such business to a greater degree than others not similarly concentrated. The Company’s affiliate’s asset based lending activity within the gemstone and jewelry industry is exposed to factors that can impact price of gemstones and jewelry, including supply and demand of gemstones; political, economic, and global financial events; movement of the U.S. dollar versus other currencies; and the activity of large speculators and other participants. The gemstones and jewelry industry is exposed to the risk of loss as a result of fraud in its various forms. A significant decline in market prices of gemstones could result in reduced collateral value and losses, i.e., a lower balance of asset-based loans outstanding for the Company’s affiliate (which in turn would adversely impact out net asset value). See Item 1A of our Form 10-K, filed December 16, 2022, for risk factors related to our investment in this business.
Risk Related to our Business [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to our Business *We may not be able to pay you distributions and our distributions may not grow over time.* When possible, we may pay quarterly distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to pay a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC could limit our ability to pay distributions. As of December 31, 2022, the Company’s asset coverage was 259.7% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. All distributions will be paid at the discretion of our board of directors and will depend on our earnings, our financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations, and such other factors as our board of directors may deem relevant from time to time. We cannot assure you that we will pay distributions to our stockholders in the future.
Risks Related to our Operations as a BDC and RIC [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to our Operations as a BDC and RIC Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital which could have a material adverse impact on our liquidity, financial condition and results of operations. Our business requires a substantial amount of capital to operate and grow. We may acquire additional capital from the issuance of senior securities (including debt and preferred stock), the issuance of additional shares of our common stock or from securitization transactions. However, we may not be able to raise additional capital in the future on favorable terms or at all. Additionally, we may only issue senior securities up to the maximum amount permitted by the 1940 Act. The 1940 Act permits us to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) after such issuance or incurrence. If our assets decline in value and we fail to satisfy this test, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales or repayment may be disadvantageous, which could have a material adverse impact on our liquidity, financial condition and results of operations. As of December 31, 2022, the Company’s asset coverage was 259.7% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act.
Risks Relating to an Investment in our Securities [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Relating to an Investment in our Securities *The indenture under which the 2028 Notes are issued place restrictions on our and/or our subsidiaries’ activities.* The terms of the indentures under which the 2028 Notes were issued place restrictions on our and/or our subsidiaries’ ability to, among other things issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the 2028 Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the 2028 Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the 2028 Notes and  (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the 2028 Notes, except as would cause our asset coverage to be below 200% as a result of such borrowings and/or issuances, whether or not we continue to be subject to the regulations of the 1940 Act. These provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowings. As of December 31, 2022, the Company’s asset coverage was 259.7% after giving effect to leverage. These provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 200% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase. *The terms of the Credit Facility place restrictions on our and/or our subsidiaries activities.* The terms of the Credit Facility place restrictions on our and/or our subsidiaries’ ability to, among other things, issue securities or otherwise incur additional indebtedness or other obligations, and in certain cases we may need the approval of Woodforest, as the Administrative Agent, in order to incur further indebtedness. In addition, the Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility, which would adversely affect our liquidity position and, in turn, could force us to dispose of investments at inopportune times at reduced prices. Repayment could also adversely affect our ability to implement our investment strategy and achieve our investment objectives.
Certain Risks in the Current Environment [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Certain Risks in the Current Environment

Earnings Per Share

3 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share

In accordance with the provisions of ASC Topic 260 - Earnings per Share, basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company does not have any potentially dilutive common shares as of December 31, 2022.

The following information sets forth the computation of the weighted average basic and diluted net increase/(decrease) in net assets per share from operations for the three months ended December 31, 2022 and 2021 (dollars in thousands, except share and per share amounts):

	For the Three Months Ended December 31,
	2022		2021
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$	3,952	$	4,803
Weighted average shares of common stock outstanding - basic and diluted		2,100,876		2,517,221
Earnings (loss) per share of common stock - basic and diluted	$	1.88	$	1.91

Agreements (Tables)

3 Months Ended

Dec. 31, 2022

Target Performance Award [Abstract]

Schedule of target performance award for each executive officer

Name and Title	Dollar Value of Target Award
David Lorber, Chairman of the Board and Chief Executive Officer	$	890,000
Ellida McMillan, Chief Financial Officer		380,000

Significant Accounting Policies

3 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 (“ASC 946”), Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the consolidated accounts of the Company and its wholly owned subsidiaries PhenixFIN Small Business Fund, LP (“PhenixFIN Small Business Fund”) and PhenixFIN SLF Funding I LLC (“PhenixFIN SLF”), and its wholly owned Taxable Subsidiaries. All references made to the “Company,” “we,” and “us” herein include PhenixFIN Corporation and its consolidated subsidiaries, except as stated otherwise. Additionally, the accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K and Article 10 of Regulation S-X of the Securities Act of 1933. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications, which are of a normal recurring nature, that are necessary for the fair presentation of financial results as of and for the periods presented. Therefore, this Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended September 30, 2022. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending September 30, 2023.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash, Restricted Cash and Cash Equivalents

The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less. Cash and cash equivalents include deposits in a money market account. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. As of December 31, 2022 and September 30, 2022, we had $17.7 million and $22.8 million in cash and cash equivalents, respectively, none of which is restricted.

Debt Issuance Costs

Debt issuance costs, incurred in connection with any credit facilities and unsecured notes (see Note 5) are deferred and amortized over the life of the respective credit facility or instrument.

Indemnification

In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has had no material claims or payments pursuant to such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote.

Revenue Recognition

Interest income, adjusted for amortization of premiums and accretion of discounts, is recorded on an accrual basis. Dividend income, which represents dividends from equity investments and distributions from Taxable Subsidiaries, is recorded on the ex-dividend date and when the distribution is received, respectively.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. For the three months ended December 31, 2022 and 2021, the Company earned approximately $0.2 million and $0.2 million in PIK interest, respectively.

Origination/closing, amendment and transaction break-up fees associated with investments in portfolio companies are recognized as income when we become entitled to such fees. Prepayment penalties received by the Company for debt instruments paid back to the Company prior to the maturity date are recorded as income upon repayment of debt. Administrative agent fees received by the Company are capitalized as deferred revenue and recorded as fee income when the services are rendered. For the three months ended December 31, 2022 and 2021, fee income was approximately $0.1 million, and $0.3 million, respectively (see Note 9).

Investment transactions are accounted for on a trade date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. During the three months ended December 31, 2022 and 2021, $0.0 million and $(19.6) million of the Company’s realized losses were related to certain non-cash restructuring transactions, which are recorded on the Consolidated Statements of Operations as a component of net realized gain/(loss) from investments. The Company reports changes in fair value of investments as a component of the net unrealized appreciation/(depreciation) on investments in the Consolidated Statements of Operations.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed not collectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At December 31, 2022, certain investments in 5 portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $5.4 million, or 2.9% of the fair value of our portfolio. At September 30, 2022, certain investments in five portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $5.2 million, or 2.7% of the fair value of our portfolio.

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, we would be deemed to “control” a portfolio company if we owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. We refer to such investments in portfolio companies that we “control” as “Control Investments.” Under the 1940 Act, we would be deemed to be an “Affiliated Person” of a portfolio company if we own between 5% and 25% of the portfolio company’s outstanding voting securities or we are under common control with such portfolio company. We refer to such investments in Affiliated Persons as “Affiliated Investments.”

Valuation of Investments

The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 - Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from an independent pricing service or multiple broker-dealers or market makers. We weight the use of third-party broker quotations, if any, in determining fair value based on our understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. However, debt investments with remaining maturities within 60 days that are not credit impaired are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined by our Chief Financial Officer, the Company’s Valuation Designee, based upon input from management and third-party valuation firms. Because these investments are illiquid and because there may not be any directly comparable companies whose financial instruments have observable market values, these loans are valued using a fundamental valuation methodology, consistent with traditional asset pricing standards, that is objective and consistently applied across all loans and through time.

Investments in investment funds are valued at fair value. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. If the Company is in the process of the sale of an investment fund, fair value will be determined by actual or estimated sale proceeds.

The methodologies utilized by the Company in estimating the fair value of its investments categorized as Level 3 generally fall into the following two categories:

●

The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable (that is, similar) assets, liabilities, or a group of assets and liabilities, such as a business.

●

The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the Income Approach is used, the fair value measurement reflects current market expectations about those future amounts.

The Company has engaged third-party valuation firms (the “Valuation Firms”) to assist it and its Valuation Designee (the Chief Financial Officer) in the valuation of its portfolio investments. The valuation reports generated by the Valuation Firms consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance multiples, and movement in yields of debt instruments, among other factors. The Company uses a market yield analysis under the Income Approach or an enterprise model of valuation under the Market Approach, or a combination thereof. In applying the market yield analysis, the value of the Company’s loans is determined based upon inputs such as the coupon rate, current market yield, interest rate spreads of similar securities, the stated value of the loan, and the length to maturity. In applying the enterprise model, the Company uses a waterfall analysis, which takes into account the specific capital structure of the borrower and the related seniority of the instruments within the borrower’s capital structure into consideration. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation methods and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value.

The methodologies and information that the Company utilizes when applying the Market Approach for performing investments include, among other things:

●

valuations of comparable public companies (“Guideline Comparable Approach”);

●

recent sales of private and public comparable companies (“Guideline Comparable Approach”);

●

recent acquisition prices of the company, debt securities or equity securities (“Recent Arms-Length Transaction”);

●

external valuations of the portfolio company, offers from third parties to buy the company (“Estimated Sales Proceeds Approach”);

●

subsequent sales made by the company of its investments (“Expected Sales Proceeds Approach”); and

●

estimating the value to potential buyers.

The methodologies and information that the Company utilizes when applying the Income Approach for performing investments include:

●

discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow (“DCF”) Approach); and

●

Black-Scholes model or simulation models or a combination thereof (Income Approach - Option Model) with respect to the valuation of warrants.

For non-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities using an expected recovery model (Market Approach - Expected Recovery Analysis or Estimated Liquidation Proceeds).

We undertake a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

●

our quarterly valuation process generally begins with each portfolio investment being internally valued by a Valuation Firm;

●

Available third-party market data will be reviewed by company personnel designated by the Valuation Designee (“Fair Value Personnel”) and the Valuation Firm.

●

Available portfolio company data and general industry data are then reviewed by the Fair Value Personnel.

●

Preliminary valuation conclusions are then documented and discussed with the Fair Value Personnel.

●

The Valuation Designee then determines the fair value of each investment in the Company’s portfolio in good faith based on such discussions, the Company’s Valuation Policy and the Valuation Firms’ final estimated valuations.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment (including the impact of COVID-19 on financial markets), portfolio company performance, and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned.

Fair Value of Financial Instruments

The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to their short-term nature. The carrying amounts and fair values of our long-term obligations are discussed in Note 5.

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, “Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting.” The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. In January 2021, the FASB issued ASU 2021-01, “Reference rate reform (Topic 848),” which expanded the scope of Topic 848. ASU 2020-04 and ASU 2021-01 are effective through December 31, 2022 when the Company plans to apply the amendments in this update to account for contract modifications due to changes in reference rates. On Dec. 21, 2022, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” that extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to Dec. 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The ASU is effective immediately. The Company has adopted ASU 2020-04 and ASU 2021-01 and there is no material impact on its consolidated financial statements and disclosures.

Federal Income Taxes

The Company has elected, and intends to qualify annually, to be treated as a RIC under Subchapter M of the Code. In order to continue to qualify as a RIC and be eligible for tax treatment under Subchapter M of the Code, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of the sum of investment company taxable income (“ICTI”), as defined by the Code, including PIK interest, and net tax exempt interest income (which is the excess of gross tax exempt interest income over certain disallowed deductions) for each taxable year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

The Company is subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least 98% of its ordinary income in any calendar year and 98.2% of its capital gain net income for each one-year period ending on October 31 of such calendar year and any income realized, but not distributed, in preceding years and on which it did not pay federal income tax. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. There was no provision for federal excise tax at December 31, 2022 and December 31, 2021.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the unrealized gains generated by the investments held by the Taxable Subsidiaries. As of December 31, 2022 and September 30, 2022, the Company did not record a deferred tax liability on the Consolidated Statements of Assets and Liabilities. The change in provision for deferred taxes is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statements of Operations. For the three months ended December 31, 2022 and 2021, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments.

As of December 31, 2022 and September 30 2022, the Company had a deferred tax asset of $26.3 million and $26.2 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of December 31, 2022 and September 30, 2022, the Company has booked a valuation allowance of $26.3 million and $26.2 million, respectively, against its deferred tax asset.

ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. The Company may be required to recognize ICTI in certain circumstances in which it does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount, the Company must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in ICTI other amounts that it has not yet received in cash, such as 1) PIK interest income and 2) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in the Company’s ICTI for the year of accrual, the Company may be required to make a distribution to its stockholders in order to satisfy the minimum distribution requirements, even though the Company will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. There were no material uncertain income tax positions at December 31, 2022. Although we file federal and state tax returns, our major tax jurisdiction is federal. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and applicable state tax authorities.

Segments

The Company invests in various industries. The Company separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships has similar business and economic characteristics, they have been aggregated into a single investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements. See Note 3 for further information.

Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk

The Company has broad discretion in making investments. Investments generally consist of debt instruments that may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate.

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as our borrowers, and those for which market yields are observable increase materially.

The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Company performance (including that of certain of its portfolio companies) has been and may continue to be negatively impacted by the COVID-19 pandemic’s effects. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that may continue and may change in unforeseen ways for an indeterminate period. The pandemic has also adversely affected various businesses, including some in which we are invested. The COVID-19 pandemic may exacerbate pre-existing business performance, political, social and economic risks affecting certain companies and countries generally. The impacts, as well as the uncertainty over impacts to come, of COVID-19 have adversely affected the performance of the Company (including certain portfolio companies) and may continue to do so in the future. Further, the potential exists for additional variants of COVID-19 to impede the global economic recovery and exacerbate geographic differences in the spread of, and response to, COVID-19.

Commitments (Details) - Schedule of unfunded commitments - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Commitments (Details) - Schedule of unfunded commitments [Line Items]
Total unfunded commitments	$ 2,237	$ 6,028
SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of unfunded commitments [Line Items]
Total unfunded commitments	1,333	4,000
Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan[Member]
Commitments (Details) - Schedule of unfunded commitments [Line Items]
Total unfunded commitments		908
Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of unfunded commitments [Line Items]
Total unfunded commitments	517	517
NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of unfunded commitments [Line Items]
Total unfunded commitments	220	220
Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of unfunded commitments [Line Items]
Total unfunded commitments	167	167
1888 Industrial Services, LLC - Revolving Credit Facility [Member]
Commitments (Details) - Schedule of unfunded commitments [Line Items]
Total unfunded commitments		$ 216

Subsequent Events

3 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

Management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items disclosed herein, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the Consolidated Financial Statements as of and for the three months ended December 31, 2022.

Under the share repurchase program, the Company repurchased an aggregate of 2,252 shares of common stock subsequent to December 31, 2022 through February 7, 2023 with a total cost of $75,426.

On February 8, 2023, the Board of Directors approved the expansion of the amount authorized for repurchase under the Company’s share repurchase program from $25 million to $35 million. Since announcing this share repurchase program on January 11, 2021, the Company has repurchased an aggregate of 627,137 shares of common stock through February 7, 2023 with a total cost of approximately $24.9 million, or 23.0% of shares outstanding as of the program’s inception. Taking into account such prior repurchases, the total remaining amount authorized under the expanded share repurchase program is approximately $10.1 million.

On January 17, 2023, the Company borrowed $23.2 million under the Credit Facility. Also on that date (the “Full Redemption Date”) and using the proceeds of such borrowings, the Company redeemed $22,521,800 in aggregate principal amount of the issued and outstanding 2023 Notes, comprising all issued and outstanding 2023 Notes. The 2023 Notes were redeemed at 100% of their principal amount, plus accrued and unpaid interest thereon from September 30, 2022, through, but excluding, the Full Redemption Date. The redemption will be accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments.

Financial Highlights

3 Months Ended

Dec. 31, 2022

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 12. Financial Highlights

The following is a schedule of financial highlights for the three months ended December 31, 2022 and 2021:

	For the Three Months Ended December 31,
	2022			2021
Per share data
Net Asset Value per share at Beginning of Period	$	57.49		$	57.08

Results of Operations:
Net Investment Income/(Loss)⁽¹⁾		0.78			0.08
Net Realized Gain/(Loss) on Investments		0.01			6.05
Net Unrealized Gain/(Loss) on Investments		1.09			(4.10	)
Net loss on extinguishment of debt		-			(0.12	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1.88			1.91

Capital Share Transactions
Repurchase of common stock under stock repurchase program		0.01			-
Net Increase (Decrease) Resulting from Capital Share Transactions		0.01			-
Net Asset Value per share at End of Period	$	59.38		$	58.99

Net Assets at End of Period	$	124,692,805		$	148,496,991
Shares Outstanding at End of Period		2,099,824			2,517,221

Per share market value at end of period	$	31.05		$	41.83
Total return based on market value⁽²⁾		(10.98	)%		134.60	%
Total return based on net asset value⁽³⁾		3.18	%		(1.41	)%
Portfolio turnover rate		3.75	%		188.23	%

Ratios:
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements⁽⁴⁾		1.28	%		(0.08	)%
Ratio of total expenses to average net assets⁽⁴⁾		2.38	%		7.76	%

Supplemental Data:
Percentage of non-recurring fee income⁽⁴⁾⁽⁵⁾		1.56	%		9.31	%
Average debt outstanding⁽⁶⁾	$	80,021,800		$	78,934,300
Average debt outstanding per common share	$	38.09		$	31.36
Asset coverage ratio per unit⁽⁷⁾	$	2,597		$	2,913
Total Debt Outstanding⁽⁸⁾
2023 Notes	$	22,521,800		$	22,521,800
2028 Notes	$	57,500,000		$	57,500,000

Average market value per unit:
2023 Notes	$	25.10		$	25.44
2028 Notes	$	23.55		$	25.13

⁽¹⁾	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $0.78 and $0.08 per share for the three months ended December 31, 2022 and 2021 respectively.

⁽²⁾	Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.

⁽³⁾	Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.

⁽⁴⁾	Ratios are annualized during interim periods.

⁽⁵⁾	Represents the impact of the non-recurring fees as a percentage of total investment income.

⁽⁶⁾	Based on daily weighted average carrying value of debt outstanding during the period.

⁽⁷⁾

Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

As of December 31, 2022, the Company’s asset coverage was 259.7% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act.

⁽⁸⁾	Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.

Commitments (Details) - Schedule of future minimum payments under PhenixFIN’s operating lease - ASU (842) [Member]	Dec. 31, 2022 USD ($)
Commitments (Details) - Schedule of future minimum payments under PhenixFIN’s operating lease [Line Items]
2023	$ 111,240
2024	152,399
2025	156,971
2026	161,680
2027	27,417
Thereafter
Operating Leases, Future Minimum Payments Due	609,707
Difference between undiscounted and discounted cash flows	(74,938)
Total	$ 534,769

Share Transactions (Tables)

3 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of shares of common stock repurchased

Month Ended	Shares Repurchased		Repurchase Price Per Share	Aggregate Consideration for Repurchased Shares
February 2021		13,082	$30.25 - $30.96	$	397,384
March 2021		12,241	$30.25 - $34.42		393,938
April 2021		14,390	$33.11 - $34.89		491,469
May 2021		25,075	$34.56 - $39.93		976,440
August 2021		141,700	$41.03 - $42.28		5,944,213
January 2022		7,312	$39.07 - $40.88		293,756
February 2022		170,589	$39.53 - $41.00		6,908,864
March 2022		132,054	$39.24 - $40.57		5,306,885
April 2022		2,942	$39.07 - $41.00		117,758
May 2022		3,391	$37.70 - $39.78		131,338
June 2022		3,515	$37.28 - $39.19		135,063
July 2022		700	$36.43 - $37.26		25,864
August 2022		3,081	$28.27 - $37.82		112,456
September 2022		91,808	$36.13 - $37.53		3,443,845
October 2022		401	$35.20 - $36.14		14,434
November 2022		1,103	$34.53 - $35.28		38,790
December 2022		1,501	$33.26 - $34.84		51,295
Total		624,885		$	24,783,792

Fair Value Measurements

3 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The Company follows ASC 820 for measuring the fair value of portfolio investments. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Financial investments recorded at fair value in the consolidated financial statements are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the investment as of the measurement date. Investments which are valued using NAV as a practical expedient are excluded from this hierarchy, and certain prior period amounts have been reclassified to conform to the current period presentation. The three levels are defined below:

●

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date.

●

Level 2 - Valuations based on inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivatives or other assets or liabilities.

●

Level 3 - Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and are based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the Market or Income Approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates, beta and EBITDA multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

In addition to using the above inputs in investment valuations, the Company continues to employ a valuation policy approved by the board of directors that is consistent with ASC 820 (see Note 2). Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of December 31, 2022 (dollars in thousands):

	Fair Value Hierarchy as of December 31, 2022
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	14,030	$	74,661	$	88,691
Senior Secured Notes		-		-		1,617		1,617
Unsecured Debt		-		-		-		-
Equity/Warrants		28,231		5,669		59,063		92,963
Total	$	28,231	$	19,699	$	135,341	$	183,271

The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of September 30, 2022 (dollars in thousands):

	Fair Value Hierarchy as of September 30, 2022
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	13,996	$	74,252	$	88,248
Senior Secured Second Lien Term Loans		-		-		2,607		2,607
Senior Secured Notes		-		1,659		-		1,659
Unsecured Debt		-		-		-		-
Equity/Warrants		24,750		5,877		69,816		100,443
Total	$	24,750	$	21,532	$	146,675	$	192,957

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended December 31, 2022 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans			Senior Secured Notes			Equities/ Warrants			Total
Balance as of September 30, 2022	$	74,252		$	2,607		$	-		$	69,816		$	146,675
Purchases and other adjustments to cost		2,900			-			-			4,282			7,184
Sales		(1,046	)		(2,607	)		-			(14,644	)		(18,297)
Net realized gains/(losses) from investments		3			5			-			-			8
Net unrealized gains/(losses)		(1,448	)		(5	)		(42	)		(391	)		(1,888)
Transfer in/(out)		-			-			1,659			-			1,659
Balance as of December 31, 2022	$	74,661		$	-		$	1,617		$	59,063		$	135,341

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended December 31, 2021 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans		Secured Debt			Unsecured Debt			Equities/ Warrants			Total
Balance as of September 30, 2021	$	61,934		$	2,490	$	2,500		$	-		$	48,889		$	115,813
Purchases and other adjustments to cost		27,629			-		-			-			38,344			65,973
Sales		(32,951	)		-		-			(100	)		(40,292	)		(73,343	)
Net realized gains/(losses) from investments		(21,759	)		-		-			(99	)		36,153			14,295
Net unrealized gains/(losses)		20,453			3		(2,500	)⁽¹⁾		199			(32,443	)⁽¹⁾		(14,288	)
Balance as of December 31, 2021	$	55,306		$	2,493	$	-		$	-		$	50,651		$	108,450

(1)	FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021.

Net change in unrealized gain (loss) for the three months ended December 31, 2022 and 2021 included in earnings related to investments still held as of December 31, 2022 and 2021 was approximately $2.3 million and $(10.3) million, respectively.

Purchases and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK.

Sales represent net proceeds received from investments sold.

A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. During the three months ended December 31, 2022, no investments were transferred out of Level 3 and one investment was transferred into Level 3. During the three months ended December 31, 2021, one of our investments transferred out of Level 3 and no investments transferred into Level 3.

The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of December 31, 2022 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable
Input

Range
(Weighted Average)

Senior Secured First Lien Term Loans

65,118

Income Approach

Market Yield

8.50% - 29.0% (13.85%)

Senior Secured First Lien Term Loans

4,788

Market Approach

EBITDA Multiple

4.0x - 7.25x (4.9x)

Senior Secured First Lien Term Loans

4,755

Market Approach

Revenue Multiple

0.2x - 0.3x (0.3x)

Senior Secured Notes

1,617

Market Approach

EBITDA Multiple

21.0x - 22.0x (21.5x)

Equity/Warrants

36,672

Cost Approach

Replacement Cost

N/A

Equity/Warrants

11,244

Market Approach

EBITDA Multiple

2.0x - 32.2x (6.49x)

Equity/Warrants

10,036

Income Approach

Market Yield

0.00% - 13.75% (6.52%)

Equity/Warrants

1,111

Market Approach

Sum of the Parts/Estimated proceeds

6.9x - 7.6x (7.3x)

Total

135,341

The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2022 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable
Input

Range
(Weighted Average)

Senior Secured First Lien Term Loans

65,428

Income Approach

Market Yield

8.50% - 24.00% (10.57%)

Senior Secured First Lien Term Loans

3,807

Market Approach

EBITDA Multiple

4.0x - 5.0x (4.5x)

Senior Secured First Lien Term Loans

4,152

Market Approach

Revenue Multiple

0.2x - 0.3x (2.5x)

Senior Secured First Lien Term Loans

865

Income Approach

Market Spread

5.75% - 6.25% (6.00%)

Senior Secured Second Lien Term Loans

2,607

Market Approach

EBITDA Multiple

9.0x - 10.0x (9.5x)

Equity/Warrants

47,138

Cost Approach

Replacement Cost

N/A

Equity/Warrants

11,444

Market Approach

EBITDA Multiple

2.0x - 21.0x (17.4x)

Equity/Warrants

9,951

Income Approach

Market Yield

8.50% - 13.25% (12.75%)

Equity/Warrants

1,283

Market Approach

Sum of the Parts/Estimated Proceeds

8.1x - 11.4x (9.8x)

Total

146,675

The significant unobservable inputs used in the fair value measurement of the Company’s debt and derivative investments are market yields. Increases in market yields would result in lower fair value measurements.

The significant unobservable inputs used in the fair value measurement of the Company’s equity/warrants investments are comparable company multiples of revenue or EBITDA for the latest twelve months (“LTM”), next twelve months (“NTM”) or a reasonable period a market participant would consider. Increases in EBITDA multiples in isolation would result in higher fair value measurement.

In September 2017, the Company entered into an agreement with Global Accessories Group, LLC (“Global Accessories”), in which the Company exchanged its full position in Lydell Jewelry Design Studio, LLC for a 3.8% membership interest in Global Accessories, which is included in the Consolidated Schedule of Investments. As part of the agreement, the Company is entitled to contingent consideration in the form of cash payments (“Earnout”), as well as up to an additional 5% membership interest (“AMI”), provided Global Accessories achieves certain financial benchmarks through calendar year ended 2022. The Earnout and AMI were initially recorded with an aggregate fair value of $2.4 million on the transaction date using the Income Approach and were included on the Consolidated Statements of Assets and Liabilities in other assets. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value will be recognized in earnings. As of December 31, 2022 and September 30, 2022, the Company deemed the contingent consideration to be uncollectible.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments (Tables)

3 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of investments at amortized cost and fair value

	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Term Loans	$	129,910		51.6	%	$	88,691		48.4	%
Senior Secured Notes		2,252		0.9			1,617		0.9
Unsecured Debt		182		0.1			-		-
Equity/Warrants		119,127		47.4			92,963		50.7
Total Investments	$	251,471		100.0	%	$	183,271		100.0	%

	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Term Loans	$	128,482		48.7	%	$	88,248		45.6	%
Senior Secured Second Lien Term Loans		2,603		1.0			2,607		1.4
Senior Secured Notes		2,252		0.9			1,659		0.9
Unsecured Debt		182		0.1			-		-
Equity/Warrants		129,929		49.3			100,443		52.1
Total Investments	$	263,448		100.0	%	$	192,957		100.0	%

Schedule of portfolio composition by industry grouping at fair value

	Fair Value		Percentage

Services: Business	$	42,167		23.0	%
Banking, Finance, Insurance & Real Estate		35,012		19.1
Hotel, Gaming & Leisure		32,073		17.5
Services: Consumer		17,618		9.6
Construction & Building		17,404		9.4
Media: Broadcasting & Subscription		10,356		5.7
Automotive		7,514		4.1
High Tech Industries		5,342		2.9
Consumer Discretionary		4,916		2.7
Energy: Oil & Gas		4,755		2.6
Packaging		3,353		1.8
Metals & Mining		2,640		1.4
Retail		121		0.1
Total	$	183,271		100.0	%

	Fair Value		Percentage

Services: Business	$	52,851		27.4	%
Hotel, Gaming & Leisure		31,947		16.6
Banking, Finance, Insurance & Real Estate		31,910		16.5
Services: Consumer		21,243		11.0
Construction & Building		17,724		9.1
Automotive		8,075		4.2
Consumer Discretionary		6,208		3.2
High Tech Industries		5,465		2.8
Media: Broadcasting & Subscription		4,220		2.2
Energy: Oil & Gas		4,152		2.2
Packaging		3,361		1.7
Metals & Mining		3,073		1.6
Aerospace & Defense		2,607		1.4
Retail		121		0.1
Total	$	192,957		100.0	%

Schedule of portfolio composition by geographic location at fair value

	Fair Value		Percentage
Northeast	$	85,952		46.9	%
Southeast		51,451		28.1
West		19,453		10.6
Midwest		14,869		8.1
Southwest		6,049		3.3
Mid-Atlantic		162		0.1
Other⁽¹⁾		5,335		2.9
Total	$	183,271		100.0	%

	Fair Value		Percentage
Northeast	$	92,939		48.2	%
Southeast		51,797		26.8
West		20,196		10.5
Midwest		16,023		8.3
Southwest		6,288		3.3
Mid-Atlantic		265		0.1
Other⁽¹⁾		5,449		2.8
Total	$	192,957		100.0	%

Schedule of transactions with affiliated investments and controlled Investments

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2022		Purchases/ (Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at December 31, 2022		Earned Income
Affiliated Investments
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan C	$	-	$	-		$	-	$	123,193		$	-	$	123,193	$	27,308
	Revolving Credit Facility		4,151,562		215,622			-		264,993			-		4,632,177		97,647
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		758,929		-			-		-			-		758,929		24,693
	Senior Secured First Lien Term Loan		1,547,918		-			-		117,776			-		1,665,694		-
	Senior Secured First Lien Super Priority DDTL		1,500,000		-			-		-			-		1,500,000		48,805
Kemmerer Operations, LLC	Senior Secured First Lien Term Loan		2,378,510		(813,559	)		-		-			-		1,564,951		89,743
	Equity		694,702		-			-		380,742			-		1,075,444		-
US Multifamily, LLC	Equity		1,282,571		-			-		(171,167	)		-		1,111,404		-
Total Affiliated Investments		$	12,314,192	$	(597,937	)	$	-	$	715,537		$	-	$	12,431,792	$	288,196

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2022		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair Value at December 31, 2022		Earned Income
Controlled Investments
FlexFIN, LLC	Equity Interest	$	47,136,146	$	(10,467,262	)	$	-	$	1,627	$	-	$	36,670,511	$	1,210,200
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		7,192,927		-			-		51,169		-		7,244,096		194,627
	Senior Secured First Lien Term Loan B		3,697,109		-			-		-		-		3,697,109		-
Total Controlled Investments		$	58,026,182	$	(10,467,262	)	$	-	$	52,796	$	-	$	47,611,716	$	1,404,827

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2021		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value at December 31, 2021		Earned Income
Affiliated Investments
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan B	$	-	$	-		$	-	$	19,468,870		$	(19,468,870	)	$	-	$	-
	Senior Secured First Lien Term Loan C		24,639		-			-		(24,639	)		-			-		-
	Revolving Credit Facility		3,554,069		-			-		-			-			3,554,069		-
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		758,929		-			-		-			-			758,929		19,395
	Senior Secured First Lien Term Loan		2,279,814		-			-		(529,994	)		-			1,749,820		-
	Senior Secured First Lien Super Priority DDTL		1,500,000		-			-		-			-			1,500,000		38,333
Caddo Investors Holdings 1 LLC	Equity		3,454,786		(3,448,219	)		-		(925,960	)		919,393			-		-
Dynamic Energy Services International LLC	Senior Secured First Lien Term Loan		-		(4,910,671	)		-		7,328,568			(2,417,897	)		-		-
JFL-NGS Partners, LLC	Equity		26,862,813		(26,807,520	)		-		(26,805,513	)		26,750,220			-		-
JFL-WCS Partners, LLC	Equity		8,099,949		(8,084,639	)		-		(7,970,361	)		7,955,051			-		-
Kemmerer Operations, LLC	Senior Secured First Lien Term Loan		2,360,547		91,309			-		4,125			-			2,455,981		91,347
	Senior Secured First Lien Delayed Draw Term Loan		162,441		(129,875	)		-		(4,442	)		-			28,124		5,665
	Equity		553,746		-			-		(62,347	)		-			491,399		-
Path Medical, LLC	Senior Secured First Lien Term Loan A		2,249,835		-			-		(31,984	)		-			2,217,851		-
URT Acquisition Holdings Corporation	Warrants		920,000		(1,000,000	)		-		(920,000	)		1,000,000			-		-
US Multifamily, LLC	Senior Secured First Lien Term Loan		2,577,416		-			-		-			-			2,577,416		64,435
	Equity		2,236,261		-			-		(166	)		-			2,236,095		-
Total Affiliated Investments		$	57,595,245	$	(44,289,615	)	$	-	$	(10,473,843	)	$	14,737,897		$	17,569,684	$	219,175

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2021		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair Value at December 31, 2021		Earned Income
Controlled Investments
FlexFIN, LLC	Equity Interest	$	2,500,000	$	28,000,000		$	-	$	-	$	-	$	30,500,000	$	398,844
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		6,414,860		-			-		6,566		-		6,421,426		-
	Super Priority Senior Secured First Lien Term Loan		977,000		(500,000	)		-		11,075		925		489,000		154,794
Total Controlled Investments		$	9,891,860	$	27,500,000		$	-	$	17,641	$	925	$	37,410,426	$	553,638

Schedule of summarized balance sheet or financial position for Unconsolidated Significant Subsidiaries

Balance Sheet	December 31, 2022 (Unaudited)		September 30, 2022 (Audited)
Total Assets	$	36,670	$	47,168
Total Liabilities		54		12

Schedule of summarized income statement or financial information for Unconsolidated Significant Subsidiaries

Income Statement	For the Three Months Ended December 31, 2022 (Unaudited)		For the Year Ended September 30, 2022 (Audited)
Total Income	$	1,085	$	3,855
Total Expenses		75		202
Net Income	$	1,010	$	3,653

Fair Value Measurements (Details) - Schedule of quantitative information about level 3 fair value measurements of our investments - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 135,341	$ 146,675
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 65,118	$ 65,428
Valuation Methodology	Income Approach	Income Approach
Unobservable Input	Market Yield	Market Yield
Range (Weighted Average)	8.50% - 29.0% (13.85%)	8.50% - 24.00% (10.57%)
Senior Secured First Lien Term Loans One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,788	$ 3,807
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	EBITDA Multiple
Range (Weighted Average)	4.0x - 7.25x (4.9x)	4.0x - 5.0x (4.5x)
Senior Secured First Lien Term Loans Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,755	$ 4,152
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	Revenue Multiple	Revenue Multiple
Range (Weighted Average)	0.2x - 0.3x (0.3x)	0.2x - 0.3x (2.5x)
Senior Secured First Lien Term Loans Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,617	$ 865
Valuation Methodology	Market Approach	Income Approach
Unobservable Input	EBITDA Multiple	Market Spread
Range (Weighted Average)	21.0x - 22.0x (21.5x)	5.75% - 6.25% (6.00%)
Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 36,672	$ 47,138
Valuation Methodology	Cost Approach	Cost Approach
Unobservable Input	Replacement Cost	Replacement Cost
Range (Weighted Average)	N/A
Equity/Warrants One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 11,244	$ 11,444
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	EBITDA Multiple
Range (Weighted Average)	2.0x - 32.2x (6.49x)	2.0x - 21.0x (17.4x)
Equity/Warrants Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,036	$ 9,951
Valuation Methodology	Income Approach	Income Approach
Unobservable Input	Market Yield	Market Yield
Range (Weighted Average)	0.00% - 13.75% (6.52%)	8.50% - 13.25% (12.75%)
Equity/Warrants Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,111	$ 1,283
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	Sum of the Parts/Estimated proceeds	Sum of the Parts/Estimated Proceeds
Range (Weighted Average)	6.9x - 7.6x (7.3x)	8.1x - 11.4x (9.8x)
Senior Secured First Lien Term Loans Four [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 2,607
Valuation Methodology		Market Approach
Unobservable Input		EBITDA Multiple
Range (Weighted Average)		9.0x - 10.0x (9.5x)

Borrowings (Details) - USD ($)								1 Months Ended			3 Months Ended
Borrowings (Details) - USD ($)	Dec. 15, 2022	Nov. 09, 2021	Dec. 12, 2016	Dec. 12, 2016	Jan. 14, 2016	Mar. 26, 2013	Mar. 18, 2013	Dec. 16, 2021	Dec. 31, 2018	Mar. 18, 2013	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Nov. 15, 2021	Mar. 31, 2018	Mar. 10, 2018	Dec. 30, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 30, 2013
Borrowings (Details) [Line Items]
Asset coverage percentage											200.00%
Revolving credit facility	$ 50,000,000
Outstanding borrowings
Interest rate											2.90%
Commitment fee percentage											0.25%
Aggregate principal amount												$ 57,500,000
Gain (loss) on extinguishment of debt												(296,197)
Aggregate principal amount	$ 22,521,800
Percentage of principal amount	100.00%
Interest and financing expenses											$ 30,431	$ 0
Maximum [Member]
Borrowings (Details) [Line Items]
Asset coverage percentage											259.70%		255.00%		200.00%
Minimum [Member]
Borrowings (Details) [Line Items]
Asset coverage percentage											200.00%		200.00%		150.00%
2023 Notes [Member] \| Unsecured Debt [Member]
Borrowings (Details) [Line Items]
Aggregate principal amount						$ 3,500,000				$ 60,000,000
Percentage of unsecured notes							6.125%			6.125%							6.125%	6.125%	6.125%	6.125%
Maturity date							Mar. 30, 2023
Sale of debt (in Shares)			1,573,872
Redemption price per share (in Dollars per share)			$ 25.03	$ 25.03
Net proceeds			$ 38,600,000
Aggregate principal amount								$ 55,325,000	$ 12,000,000					$ 55,325,000		$ 13,000,000
Gain (loss) on extinguishment of debt								$ 300,000	$ 300,000
2023 Notes [Member] \| Unsecured Debt [Member] \| Maximum [Member]
Borrowings (Details) [Line Items]
Aggregate principal amount				$ 40,000,000
2021 Notes [Member] \| Unsecured Debt [Member]
Borrowings (Details) [Line Items]
Aggregate principal amount					$ 3,500,000
2028 Notes [Member] \| Underwriters [Member]
Borrowings (Details) [Line Items]
Aggregate principal amount		$ 7,500,000
2028 Notes [Member] \| Unsecured Debt [Member]
Borrowings (Details) [Line Items]
Aggregate principal amount		$ 57,500,000
Percentage of unsecured notes		5.25%
Maturity date		Nov. 01, 2028

Fee Income (Tables)

3 Months Ended

Dec. 31, 2022

Fee Income [Abstract]

Schedule of fee income

	For the Three Months Ended December 31,
	2022		2021
Prepayment fee	$	-	$	209
Administrative agent fee		-		19
Amendment fee		-		4
Other fees		74		38
Fee income	$	74	$	270

Fee Income (Details) - Schedule of fee income - USD ($)	3 Months Ended
Fee Income (Details) - Schedule of fee income - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Fee Income Abstract
Prepayment fee		$ 209,000
Administrative agent fee		19,000
Amendment fee		4,000
Other fees	74,000	38,000
Fee income	$ 73,599	$ 270,122

Investments (Details) - Schedule of transactions with affiliated investments and controlled Investments - USD ($)

3 Months Ended

15 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Total Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

$ 12,314,192

$ 57,595,245

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

715,537

(10,473,843)

Realized Gain/(Loss)

14,737,897

Fair value as of ending

12,431,792

17,569,684

Earned Income

288,196

219,175

Total Controlled Investments [Member]

Affiliated Investments

Fair value as of beginning

58,026,182

9,891,860

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

52,796

17,641

Realized Gain/(Loss)

925

Fair value as of ending

47,611,716

37,410,426

Earned Income

1,404,827

553,638

Minimum [Member] | Total Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

(597,937)

(44,289,615)

Maximum [Member] | Total Controlled Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

(10,467,262)

27,500,000

Senior Secured First Lien Term Loan C One [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

123,193

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

123,193

Earned Income

^[1],[2]

27,308

Senior Secured First Lien Term Loan C One [Member] | Minimum [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Revolving Credit Facility [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

4,151,562

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

264,993

Realized Gain/(Loss)

Fair value as of ending

4,632,177

Earned Income

97,647

Revolving Credit Facility [Member] | Minimum [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

215,622

Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

758,929

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

758,929

Earned Income

^[1],[2]

24,693

Senior Secured First Lien Delayed Draw Term Loan [Member] | Minimum [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

1,547,918

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

117,776

Realized Gain/(Loss)

Fair value as of ending

1,665,694

Earned Income

Senior Secured First Lien Term Loan [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

2,378,510

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

1,564,951

Earned Income

^[1],[2]

89,743

Senior Secured First Lien Term Loan [Member] | Minimum [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Senior Secured First Lien Term Loan [Member] | Minimum [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

(813,559)

Senior Secured First Lien Super Priority DDTL [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

1,500,000

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

Realized Gain/(Loss)

Fair value as of ending

1,500,000

Earned Income

48,805

Senior Secured First Lien Super Priority DDTL [Member] | Minimum [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Equity [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

694,702

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

380,742

Realized Gain/(Loss)

Fair value as of ending

1,075,444

Earned Income

Equity [Member] | US Multifamily, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

1,282,571

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

(171,167)

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

1,111,404

Earned Income

^[1],[2]

Equity [Member] | Minimum [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Equity [Member] | Minimum [Member] | US Multifamily, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Equity Interest [Member] | FlexFIN, LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

47,136,146

2,500,000

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

1,627

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

36,670,511

30,500,000

Earned Income

^[1],[2]

1,210,200

398,844

Equity Interest [Member] | Maximum [Member] | FlexFIN, LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

(10,467,262)

28,000,000

Senior Secured First Lien Delayed Draw Term Loan One [Member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

7,192,927

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

51,169

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

7,244,096

Earned Income

^[1],[2]

194,627

Senior Secured First Lien Delayed Draw Term Loan One [Member] | Maximum [Member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Super Priority Senior Secured First Lien Term Loan [Member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Fair value as of beginning

3,697,109

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

Realized Gain/(Loss)

Fair value as of ending

3,697,109

Earned Income

Super Priority Senior Secured First Lien Term Loan [Member] | Maximum [Member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Senior Secured First Lien Term Loan B Three [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

19,468,870

Realized Gain/(Loss)

^[1],[2]

(19,468,870)

Fair value as of ending

^[1],[2]

Earned Income

^[1],[2]

Senior Secured First Lien Term Loan B Three [Member] | Minimum [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

24,639

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

(24,639)

Realized Gain/(Loss)

Fair value as of ending

Earned Income

Senior Secured First Lien Term Loan C [Member] | Minimum [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Revolving Credit Facility One [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

3,554,069

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

Realized Gain/(Loss)

Fair value as of ending

3,554,069

Earned Income

Revolving Credit Facility One [Member] | Minimum [Member] | 1888 Industrial Services, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

758,929

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

758,929

Earned Income

^[1],[2]

19,395

Senior Secured First Lien Delayed Draw Term Loan [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

162,441

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

(4,442)

Realized Gain/(Loss)

Fair value as of ending

28,124

Earned Income

5,665

Senior Secured First Lien Delayed Draw Term Loan [Member] | Minimum [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Senior Secured First Lien Delayed Draw Term Loan [Member] | Minimum [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

(129,875)

Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

2,279,814

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

(529,994)

Realized Gain/(Loss)

Fair value as of ending

1,749,820

Earned Income

Senior Secured First Lien Term Loan [Member] | US Multifamily, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

2,577,416

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

2,577,416

Earned Income

^[1],[2]

64,435

Senior Secured First Lien Term Loan [Member] | Minimum [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Senior Secured First Lien Term Loan [Member] | Minimum [Member] | US Multifamily, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Senior Secured First Lien Super Priority DDTL [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

1,500,000

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

Realized Gain/(Loss)

Fair value as of ending

1,500,000

Earned Income

38,333

Senior Secured First Lien Super Priority DDTL [Member] | Minimum [Member] | Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Equity [Member] | Caddo Investors Holdings One LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

3,454,786

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

(925,960)

Realized Gain/(Loss)

^[1],[2]

919,393

Fair value as of ending

^[1],[2]

Earned Income

^[1],[2]

Equity [Member] | Minimum [Member] | Caddo Investors Holdings One LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

(3,448,219)

Senior Secured First Lien Term Loan Six [Member] | Dynamic Energy Services International LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

7,328,568

Realized Gain/(Loss)

^[1],[2]

(2,417,897)

Fair value as of ending

^[1],[2]

Earned Income

^[1],[2]

Senior Secured First Lien Term Loan Six [Member] | Minimum [Member] | Dynamic Energy Services International LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

(4,910,671)

Equity One [Member] | JFL-NGS Partners, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

26,862,813

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

(26,805,513)

Realized Gain/(Loss)

^[1],[2]

26,750,220

Fair value as of ending

^[1],[2]

Earned Income

^[1],[2]

Equity One [Member] | JFL-WCS Partners, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

8,099,949

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

(7,970,361)

Realized Gain/(Loss)

^[1],[2]

7,955,051

Fair value as of ending

^[1],[2]

Earned Income

^[1],[2]

Equity One [Member] | Minimum [Member] | JFL-NGS Partners, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

(26,807,520)

Equity One [Member] | Minimum [Member] | JFL-WCS Partners, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

(8,084,639)

Senior Secured First Lien Term Loan [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

2,360,547

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

4,125

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

2,455,981

Earned Income

^[1],[2]

91,347

Senior Secured First Lien Term Loan [Member] | Minimum [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

91,309

Equity [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

553,746

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

(62,347)

Realized Gain/(Loss)

Fair value as of ending

491,399

Earned Income

Equity [Member] | US Multifamily, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

2,236,261

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

(166)

Realized Gain/(Loss)

Fair value as of ending

2,236,095

Equity [Member] | Minimum [Member] | Kemmerer Operations, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Equity [Member] | Minimum [Member] | US Multifamily, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

Senior Secured First Lien Term Loan A [Member] | Path Medical, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

2,249,835

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

(31,984)

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

2,217,851

Earned Income

^[1],[2]

Senior Secured First Lien Term Loan A [Member] | Minimum [Member] | Path Medical, LLC [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Warrants [Member] | URT Acquisition Holdings Corporation [Member] | Affiliated Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

920,000

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

(920,000)

Realized Gain/(Loss)

^[1],[2]

1,000,000

Fair value as of ending

^[1],[2]

Earned Income

^[1],[2]

Warrants [Member] | Minimum [Member] | URT Acquisition Holdings Corporation [Member] | Affiliated Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

(1,000,000)

Senior Secured First Lien Term Loan Two [Member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Fair value as of beginning

^[1],[2]

6,414,860

Transfers In/(Out) of Affiliates

^[1],[2]

Unrealized Gain/(Loss)

^[1],[2]

6,566

Realized Gain/(Loss)

^[1],[2]

Fair value as of ending

^[1],[2]

6,421,426

Earned Income

^[1],[2]

Senior Secured First Lien Term Loan Two [Member] | Maximum [Member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

^[1],[2]

Super Priority Senior Secured First Lien Term Loan [member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Fair value as of beginning

977,000

Transfers In/(Out) of Affiliates

Unrealized Gain/(Loss)

11,075

Realized Gain/(Loss)

925

Fair value as of ending

489,000

Earned Income

154,794

Super Priority Senior Secured First Lien Term Loan [member] | Maximum [Member] | NVTN LLC [Member] | Total Controlled Investments [Member]

Affiliated Investments

Purchases/ (Sales) of or Advances/ (Distributions)

$ (500,000)

[1]	Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward.
[2]	The par amount and additional detail are shown in the Consolidated Schedule of Investments.

Share Transactions

3 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Share Transactions

Note 14. Share Transactions

The following table sets forth the number of shares of common stock repurchased by the Company at an average price of $37.03 per share under its share repurchase program from February 10, 2021 through December 31, 2022:

Month Ended	Shares Repurchased		Repurchase Price Per Share	Aggregate Consideration for Repurchased Shares
February 2021		13,082	$30.25 - $30.96	$	397,384
March 2021		12,241	$30.25 - $34.42		393,938
April 2021		14,390	$33.11 - $34.89		491,469
May 2021		25,075	$34.56 - $39.93		976,440
August 2021		141,700	$41.03 - $42.28		5,944,213
January 2022		7,312	$39.07 - $40.88		293,756
February 2022		170,589	$39.53 - $41.00		6,908,864
March 2022		132,054	$39.24 - $40.57		5,306,885
April 2022		2,942	$39.07 - $41.00		117,758
May 2022		3,391	$37.70 - $39.78		131,338
June 2022		3,515	$37.28 - $39.19		135,063
July 2022		700	$36.43 - $37.26		25,864
August 2022		3,081	$28.27 - $37.82		112,456
September 2022		91,808	$36.13 - $37.53		3,443,845
October 2022		401	$35.20 - $36.14		14,434
November 2022		1,103	$34.53 - $35.28		38,790
December 2022		1,501	$33.26 - $34.84		51,295
Total		624,885		$	24,783,792

During the quarter ended December 31, 2022, 2,305 shares were transferred into treasury, of which 300 were repurchased on September 30, 2022. An additional 1,000 shares repurchased between December 23, 2022 and December 30, 2022 had not transferred into treasury as of December 31, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Agreements (Details) - Schedule of target performance award for each executive officer	Dec. 31, 2022 USD ($)
David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Target Performance Award [Abstract]
Value of Target Award	$ 890,000
Ellida McMillan, Chief Financial Officer [Member]
Target Performance Award [Abstract]
Value of Target Award	$ 380,000

Consolidated Statements of Changes in Net Assets Equity (Unaudited) - USD ($)	Common Stock	Capital in Excess of Par Value	Total Distributable Earnings/(Loss)	Total
Balance at Sep. 30, 2021	$ 2,517	$ 688,866,642	$ (545,175,178)	$ 143,693,981
Balance (in Shares) at Sep. 30, 2021	2,517,221
Net investment income (loss)			200,111	200,111
Net realized gains (losses) on investments			15,223,335	15,223,335
Net change in unrealized appreciation (depreciation) on investments			(10,324,239)	(10,324,239)
Net loss on extinguishment of debt			(296,197)	(296,197)
Total Increase (Decrease) in Net Assets			4,803,010	4,803,010
Balance at Dec. 31, 2021	$ 2,517	688,866,642	(540,372,168)	148,496,991
Balance (in Shares) at Dec. 31, 2021	2,517,221
Balance at Sep. 30, 2021	$ 2,517	688,866,642	(545,175,178)	143,693,981
Balance (in Shares) at Sep. 30, 2021	2,517,221
Balance at Sep. 30, 2022	$ 2,102	675,401,802	(554,558,496)	120,845,408
Balance (in Shares) at Sep. 30, 2022	2,102,129
Net investment income (loss)			1,648,663	1,648,663
Net realized gains (losses) on investments			13,448	13,448
Net change in unrealized appreciation (depreciation) on investments			2,289,805	2,289,805
Net loss on extinguishment of debt
Repurchase of common shares	$ (2)	(104,517)		$ (104,519)
Repurchase of common shares (in Shares)	(2,305)			624,885
Total Increase (Decrease) in Net Assets	$ (2)	(104,517)	3,951,916	$ 3,847,397
Total Increase (Decrease) in Net Assets (in Shares)	(2,305)
Balance at Dec. 31, 2022	$ 2,100	$ 675,297,285	$ (550,606,580)	$ 124,692,805
Balance (in Shares) at Dec. 31, 2022	2,099,824

Fair Value Measurements (Details) - Schedule of investments that use level 3 inputs - USD ($)
$ in Thousands

3 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance at beginning

$ 146,675

$ 115,813

Purchases and other adjustments to cost

7,184

65,973

Sales

(18,297)

(73,343)

Net realized gains/(losses) from investments

14,295

Net unrealized gains/(losses)

(1,888)

(14,288)

Transfer in/(out)

1,659

Balance at ending

135,341

108,450

Senior Secured First Lien Term Loans [Member] | Level 3 [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance at beginning

74,252

61,934

Purchases and other adjustments to cost

2,900

27,629

Sales

(1,046)

(32,951)

Net realized gains/(losses) from investments

(21,759)

Net unrealized gains/(losses)

(1,448)

20,453

Transfer in/(out)

Balance at ending

74,661

55,306

Senior Secured Second Lien Term Loans [Member] | Level 3 [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance at beginning

2,607

2,490

Purchases and other adjustments to cost

Sales

(2,607)

Net realized gains/(losses) from investments

Net unrealized gains/(losses)

(5)

Transfer in/(out)

Balance at ending

2,493

Equities/ Warrants [Member] | Level 3 [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance at beginning

69,816

48,889

Purchases and other adjustments to cost

4,282

38,344

Sales

(14,644)

(40,292)

Net realized gains/(losses) from investments

36,153

Net unrealized gains/(losses)

(391)

(32,443)

^[1]

Transfer in/(out)

Balance at ending

59,063

50,651

Senior Secured Notes [Member] | Level 3 [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Purchases and other adjustments to cost

Sales

Net realized gains/(losses) from investments

Net unrealized gains/(losses)

(42)

Transfer in/(out)

1,659

Balance at ending

$ 1,617

Secured Debt [Member] | Level 3 [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance at beginning

2,500

Purchases and other adjustments to cost

Sales

Net realized gains/(losses) from investments

Net unrealized gains/(losses)

^[1]

(2,500)

Balance at ending

Unsecured Debt [Member] | Level 3 [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Balance at beginning

Purchases and other adjustments to cost

Sales

(100)

Net realized gains/(losses) from investments

(99)

Net unrealized gains/(losses)

199

Balance at ending

[1]	FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021.

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)			25 Months Ended
	Feb. 07, 2023	Jan. 17, 2023	Feb. 07, 2023	Feb. 08, 2023
Subsequent Events (Details) [Line Items]
Repurchase aggregate shares (in Shares)	2,252
Repurchase of total cost	$ 75,426
Authorized repurchase program	10,100,000		$ 10,100,000
Borrowed credit facility amount		$ 23,200,000
Aggregate principal amount		$ 22,521,800
Redeemed percentage		100.00%
Minimum [Member]
Subsequent Events (Details) [Line Items]
Authorized repurchase program				$ 25,000,000
Maximum [Member]
Subsequent Events (Details) [Line Items]
Authorized repurchase program				$ 35,000,000
Board of Directors [Member]
Subsequent Events (Details) [Line Items]
Repurchase aggregate shares (in Shares)			627,137
Repurchase of total cost	$ 24.9
Shares outstanding percentage			23.00%

Investments (Details) - Schedule of portfolio composition by industry grouping at fair value - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 183,271,179	$ 192,956,649
Percentage	100.00%	100.00%
Services: Business [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 42,167,000	$ 52,851,000
Percentage	23.00%	27.40%
Banking, Finance, Insurance & Real Estate [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 35,012,000	$ 31,910,000
Percentage	19.10%	16.50%
Hotel, Gaming and Leisure [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 32,073,000	$ 31,947,000
Percentage	17.50%	16.60%
Services: Consumer [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 17,618,000	$ 21,243,000
Percentage	9.60%	11.00%
Construction & Building [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 17,404,000	$ 17,724,000
Percentage	9.40%	9.10%
Media: Broadcasting & Subscription [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 10,356,000	$ 4,220,000
Percentage	5.70%	2.20%
Automotive [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 7,514,000	$ 8,075,000
Percentage	4.10%	4.20%
High Tech Industries [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 5,342,000
Percentage	2.90%
Consumer Discretionary [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 4,916,000
Percentage	2.70%
Energy: Oil & Gas [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 4,755,000	$ 4,152,000
Percentage	2.60%	2.20%
Packaging [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 3,353,000	$ 3,361,000
Percentage	1.80%	1.70%
Metals & Mining [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 2,640,000	$ 3,073,000
Percentage	1.40%	1.60%
Retail [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value	$ 121,000	$ 121,000
Percentage	0.10%	0.10%
Consumer goods: Durable [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value		$ 6,208,000
Percentage		3.20%
Environmental Industries [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value		$ 5,465,000
Percentage		2.80%
Aerospace & Defense [Member]
Investments (Details) - Schedule of portfolio composition by industry grouping at fair value [Line Items]
Fair Value		$ 2,607,000
Percentage		1.40%

Investments (Details) - Schedule of investments at amortized cost and fair value - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Senior Secured First Lien Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 129,910	$ 128,482
Percentage	51.60%	48.70%
Fair Value	$ 88,691	$ 88,248
Percentage	48.40%	45.60%
Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 2,252	$ 2,252
Percentage	0.90%	0.90%
Fair Value	$ 1,617	$ 1,659
Percentage	0.90%	0.90%
Unsecured Debt [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 182	$ 182
Percentage	0.10%	0.10%
Fair Value
Percentage
Equity Warrants [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 119,127	$ 129,929
Percentage	47.40%	49.30%
Fair Value	$ 92,963	$ 100,443
Percentage	50.70%	52.10%
Total Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 251,471	$ 263,448
Percentage	100.00%	100.00%
Fair Value	$ 183,271	$ 192,957
Percentage	100.00%	100.00%
Senior Secured Second Lien Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 2,603
Percentage		1.00%
Fair Value		$ 2,607
Percentage		1.40%

Fee Income

3 Months Ended

Dec. 31, 2022

Fee Income [Abstract]

Fee Income

Note 9. Fee Income

Fee income consists of origination/closing fees, amendment fees, prepayment penalty and other miscellaneous fees which are non-recurring in nature, as well as administrative agent fees, which are recurring in nature. The following table summarizes the Company’s fee income for the three months ended December 31, 2022, and 2021 (dollars in thousands):

	For the Three Months Ended December 31,
	2022		2021
Prepayment fee	$	-	$	209
Administrative agent fee		-		19
Amendment fee		-		4
Other fees		74		38
Fee income	$	74	$	270

Borrowings (Details) - Schedule of debt issuance costs - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Borrowings (Details) - Schedule of debt issuance costs [Line Items]
Aggregate Principal Available	$ 80,022,000	$ 80,022,000
Principal Amount Outstanding	80,022,000	80,022,000
Carrying Value	78,065,828	77,962,636
Fair Value	73,033,000	72,633,000
2023 Notes [Member]
Borrowings (Details) - Schedule of debt issuance costs [Line Items]
Aggregate Principal Available	22,522,000	22,522,000
Principal Amount Outstanding	22,522,000	22,522,000
Carrying Value	22,502,000	22,483,000
Fair Value	22,594,000	22,378,000
2028 Notes [Member]
Borrowings (Details) - Schedule of debt issuance costs [Line Items]
Aggregate Principal Available	57,500,000	57,500,000
Principal Amount Outstanding	57,500,000	57,500,000
Carrying Value	55,564,000	55,480,000
Fair Value	$ 50,439,000	$ 50,255,000

Borrowings (Details) - Schedule of consolidated statements of assets and liabilities - Level 1 [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Borrowings (Details) - Schedule of consolidated statements of assets and liabilities [Line Items]
Total debt issuance costs	$ 5,413	$ 5,413
Amortized debt issuance costs	3,457	3,354
Unamortized debt issuance costs	1,956	2,059
2023 Notes [Member]
Borrowings (Details) - Schedule of consolidated statements of assets and liabilities [Line Items]
Total debt issuance costs	3,102	3,102
Amortized debt issuance costs	3,083	3,063
Unamortized debt issuance costs	19	39
2028 Notes [Member]
Borrowings (Details) - Schedule of consolidated statements of assets and liabilities [Line Items]
Total debt issuance costs	2,311	2,311
Amortized debt issuance costs	374	291
Unamortized debt issuance costs	$ 1,937	$ 2,020

Commitments (Details) - USD ($)	3 Months Ended
Commitments (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Commitments (Details) [Line Items]
Total unfunded commitments	$ 2,237,000	$ 6,028,000
Lease term, description	The lease commenced September 1, 2021 and expires November 30, 2026.
Lease term	4 years	4 years
Implied borrowing rate percentage	5.25%	5.25%
Other Asset [Member]
Commitments (Details) [Line Items]
Asset operating lease	$ 478,604	$ 513,142
Other Liability [Member]
Commitments (Details) [Line Items]
Liabilities operating lease	534,769	570,695
Portfolio Companies [Member]
Commitments (Details) [Line Items]
Total unfunded commitments	$ 2,200,000	$ 6,000,000

Financial Highlights (Tables)

3 Months Ended

Dec. 31, 2022

Investment Company, Financial Highlights [Abstract]

Schedule of financial highlights

	For the Three Months Ended December 31,
	2022			2021
Per share data
Net Asset Value per share at Beginning of Period	$	57.49		$	57.08

Results of Operations:
Net Investment Income/(Loss)⁽¹⁾		0.78			0.08
Net Realized Gain/(Loss) on Investments		0.01			6.05
Net Unrealized Gain/(Loss) on Investments		1.09			(4.10	)
Net loss on extinguishment of debt		-			(0.12	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1.88			1.91

Capital Share Transactions
Repurchase of common stock under stock repurchase program		0.01			-
Net Increase (Decrease) Resulting from Capital Share Transactions		0.01			-
Net Asset Value per share at End of Period	$	59.38		$	58.99

Net Assets at End of Period	$	124,692,805		$	148,496,991
Shares Outstanding at End of Period		2,099,824			2,517,221

Per share market value at end of period	$	31.05		$	41.83
Total return based on market value⁽²⁾		(10.98	)%		134.60	%
Total return based on net asset value⁽³⁾		3.18	%		(1.41	)%
Portfolio turnover rate		3.75	%		188.23	%

Ratios:
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements⁽⁴⁾		1.28	%		(0.08	)%
Ratio of total expenses to average net assets⁽⁴⁾		2.38	%		7.76	%

Supplemental Data:
Percentage of non-recurring fee income⁽⁴⁾⁽⁵⁾		1.56	%		9.31	%
Average debt outstanding⁽⁶⁾	$	80,021,800		$	78,934,300
Average debt outstanding per common share	$	38.09		$	31.36
Asset coverage ratio per unit⁽⁷⁾	$	2,597		$	2,913
Total Debt Outstanding⁽⁸⁾
2023 Notes	$	22,521,800		$	22,521,800
2028 Notes	$	57,500,000		$	57,500,000

Average market value per unit:
2023 Notes	$	25.10		$	25.44
2028 Notes	$	23.55		$	25.13

Consolidated Statements of Assets and Liabilities - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Assets:
Total Investments at fair value	$ 183,271,179	$ 192,956,649
Cash and cash equivalents	17,654,080	22,768,066
Receivables:
Interest receivable	1,712,890	727,576
Paydown receivable	400,308	112,500
Dividends receivable	269,330	269,330
Other receivable		36,992
Prepaid share repurchase	384,637	489,156
Deferred financing costs	332,092	50,000
Due from Affiliate	301,020	271,962
Other assets	1,054,413	1,192,677
Total Assets	205,379,949	218,874,908
Liabilities:
Notes payable (net of debt issuance costs of $1,955,972 and $2,059,164, respectively)	78,065,828	77,962,636
Accounts payable and accrued expenses	1,042,136	2,040,277
Other liabilities	535,267	572,949
Interest and fees payable	503,125	503,125
Deferred revenue	472,521	325,602
Administrator expenses payable (see Note 6)	68,267	74,911
Due to broker		16,550,000
Total Liabilities	80,687,144	98,029,500
Commitments and Contingencies (see Note 8)
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,099,824 and 2,102,129 common shares outstanding, respectively	2,100	2,102
Capital in excess of par value	675,297,285	675,401,802
Total distributable earnings (loss)	(550,606,580)	(554,558,496)
Total Net Assets	124,692,805	120,845,408
Total Liabilities and Net Assets	$ 205,379,949	$ 218,874,908
Net Asset Value Per Common Share (in Dollars per share)	$ 59.38	$ 57.49
Non-Controlled, Non-Affiliated Investments [Member]
Assets:
Total Investments at fair value	$ 123,227,670	$ 122,616,275
Affiliated Investments [Member]
Assets:
Total Investments at fair value	12,431,792	12,314,192
Controlled Investments [Member]
Assets:
Total Investments at fair value	$ 47,611,717	$ 58,026,182

Investments (Details) - Schedule of summarized balance sheet or financial position for Unconsolidated Significant Subsidiaries - FlexFIN, LLC [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Investments (Details) - Schedule of summarized balance sheet or financial position for Unconsolidated Significant Subsidiaries [Line Items]
Total Assets	$ 36,670	$ 47,168
Total Liabilities	$ 54	$ 12

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Investments (Details) - Schedule of portfolio composition by geographic location at fair value - USD ($)

Dec. 31, 2022

Sep. 30, 2022

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 183,271,179

$ 192,956,649

Percentage

100.00%

Northeast [Member]

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 85,952,000

$ 92,939,000

Percentage

46.90%

48.20%

Southeast [Member]

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 51,451,000

$ 51,797,000

Percentage

28.10%

26.80%

West [Member]

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 19,453,000

$ 20,196,000

Percentage

10.60%

10.50%

Midwest [Member]

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 14,869,000

$ 16,023,000

Percentage

8.10%

8.30%

Southwest [Member]

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 6,049,000

$ 6,288,000

Percentage

3.30%

Mid-Atlantic [Member]

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 162,000

$ 265,000

Percentage

0.10%

Other [Member]

Investments (Details) - Schedule of portfolio composition by geographic location at fair value [Line Items]

Fair Value

$ 5,335,000

^[1]

$ 5,449,000

^[2]

Percentage

2.90%

^[1]

2.80%

^[2]

[1]	As of December 31, 2022, comprised of our investments in foreign investments.
[2]	As of September 30, 2022, comprised of our investments in foreign investments.

Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
Investments (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Total fair value of warrants	$ 0	$ 62,600

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		12 Months Ended
Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Significant Accounting Policies (Details) [Line Items]
Cash and cash equivalents	$ 17,700,000		$ 22,800,000
PIK Interest	200,000	$ 200,000
Fee income	73,599	270,122
Realized Gains (losses)	13,448	15,223,335
Non-accrual investments at fair value	$ 5,400,000		$ 5,200,000
Portfolio percentage at fair value	2.90%		2.70%
Percentage of investment company taxable income	90.00%
Federal excise tax percentage	4.00%
Distributable ordinary income percentage	98.00%
Capital gain net income percentage	98.20%
Deferred tax asset, net	$ 26,300,000		$ 26,200,000
Deferred tax assets valuation allowance	$ 26,300,000		$ 26,200,000
Controlled Investment [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	25.00%
Affiliated Investments [Member] \| Minimum [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	5.00%
Affiliated Investments [Member] \| Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	25.00%
Investment Income (Expense) [Member]
Significant Accounting Policies (Details) [Line Items]
Realized Gains (losses)	$ 0	$ (19,600,000)

Consolidated Schedule of Investments (Unaudited) (Parentheticals) - USD ($)

Sep. 27, 2027

Sep. 30, 2025

Mar. 31, 2025

Jan. 15, 2025

Aug. 15, 2024

Dec. 31, 2022

Sep. 30, 2022

Investment interest rate

5.00%

^[1]

1.30%

Net assets (in Dollars)

$ 124,692,805

$ 120,845,408

Equity common units (in Shares)

17.92

1,000

Commitment fee percentage

0.50%

Services Business [Member] | Equity - 3,434,169.6 Common Units [Member] | Boostability Seotowncenter, Inc [Member]

Equity common units (in Shares)

3,434,169.6

Services Business [Member] | Equity - 150 Common Units [Member] | Footprint Holding Company Inc. [Member]

Equity common units (in Shares)

150

Services Business [Member] | Equity - 338,736.11 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]

Equity common units (in Shares)

338,736.11

Services Business [Member] | Equity Interest [Member] | FlexFIN, LLC [Member] | Minimum [Member]

Voting rights percentage

25.00%

Services Business [Member] | Equity Interest [Member] | FlexFIN, LLC [Member] | Maximum [Member]

Voting rights percentage

50.00%

Containers, packaging & Glass [Member] | Equity - 417 Common Units [Member] | Be Green packaging, LLC [Member]

Equity common units (in Shares)

417

Containers, packaging & Glass [Member] | Warrants - 0.62% of Outstanding Equity [Member] | Lighting Science Group Corporation [Member]

Investment interest rate

0.62%

Banking, Finance, Insurance & Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp [Member]

Interest rate percentage

4.743%

Equity common units (in Shares)

^[2],[3]

117,310

Banking, Finance, Insurance & Real Estate [Member] | Equity - 529,914 Common Units [Member] | Franklin BSP Realty Trust, Inc [Member]

Equity common units (in Shares)

529,914

^[4]

529,914

^[3]

Banking, Finance, Insurance & Real Estate [Member] | Equity - 254,922 Common Units [Member] | Great AJAX Corp [Member]

Equity common units (in Shares)

254,922

^[4]

254,922

^[3]

Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc [Member]

Interest rate percentage

5.29%

Equity common units (in Shares)

^[4],[5]

205,000

Banking, Finance, Insurance & Real Estate [Member] | Equity Class C Preferred Units [Member] | MFA Financial, Inc [Member]

Interest rate percentage

5.345%

Equity common units (in Shares)

^[3],[6]

97,426

Banking, Finance, Insurance & Real Estate [Member] | Equity Class E Preferred Units [Member] | New York Mortgage Trust, Inc [Member]

Interest rate percentage

6.429%

Equity common units (in Shares)

^[3],[7]

165,000

Banking, Finance, Insurance & Real Estate [Member] | Equity Common Units [Member] | PennyMac Financial Services, Inc [Member]

Equity common units (in Shares)

^[3]

81,500

Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]

Interest rate percentage

5.64%

Equity common units (in Shares)

^[4],[8],[9]

206,684

Banking, Finance, Insurance & Real Estate [Member] | Equity - 33,300 Preferred Units [Member] | US Multifamily, LLC [Member]

Equity common units (in Shares)

33,300

Construction & Building [Member] | Senior Secured Notes [Member] | Innovate Corp [Member]

Investment interest rate

8.50%

Construction & Building [Member] | Equity - 10,000,000 Units [Member] | JFL-NGS-WCS Partners, LLC [Member]

Equity common units (in Shares)

10,000,000

Automotive [Member] | Equity - 5,441 Class A Units [Member] | Velocity Pooling Vehicle, LLC [Member]

Equity common units (in Shares)

5,441

Automotive [Member] | Warrants - 0.65% of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]

Investment interest rate

0.65%

Automotive [Member] | Equity - 1.30% Partnership Interest [Member] | Watermill QMC Midco, Inc [Member]

Investment interest rate

^[10]

1.30%

Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC [Member]

Investment interest rate

3.80%

Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc [Member]

Equity common units (in Shares)

^[4],[5]

205,000

Banking, Finance, Insurance & Real Estate [Member] | Equity Class C Preferred Units [Member] | MFA Financial, Inc [Member]

Equity common units (in Shares)

^[4],[6]

97,426

Banking, Finance, Insurance & Real Estate [Member] | Equity Class E Preferred Units [Member] | New York Mortgage Trust, Inc [Member]

Equity common units (in Shares)

^[4],[11]

165,000

Banking, Finance, Insurance & Real Estate [Member] | Equity Common Units [Member] | PennyMac Financial Services, Inc [Member]

Equity common units (in Shares)

^[4]

81,500

Energy Oil & Gas [Member] | Unsecured Debt [Member] | Sendero Drilling Company, LLC [Member]

Investment interest rate

^[12]

9.00%

Retail [Member] | Equity - 700,000 Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member]

Equity common units (in Shares)

700,000

Consumer Goods Durable [Member] | Equity - 13,044 Common Units [Member] | Walker Edison Furniture Company LLC [Member]

Equity common units (in Shares)

13,044

Aerospace and Defense [Member] | Equity - 350 Common Units [Member] | Wingman Holdings, Inc. [Member]

Equity common units (in Shares)

350

Energy Oil & Gas [Member] | Unsecured Debt [Member] | Sendero Drilling Company, LLC [Member]

Investment interest rate

^[13]

9.00%

Energy Oil & Gas [Member] | Equity - 21,562 Class A Units [Member] | 1888 Industrial Services, LLC

Equity common units (in Shares)

21,562

Metals & Mining [Member] | Equity - 6.7797 Common Units [Member] | Kemmerer Operations, LLC [Member]

Equity common units (in Shares)

6.78

Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member]

Equity common units (in Shares)

1,000

Construction and Building [Member] | Senior Secured Notes [Member] | Innovate Corp [Member]

Investment interest rate

^[14]

8.50%

Metals & Mining [Member] | Equity - 6.78 Common Units [Member] | Kemmerer Operations, LLC [Member]

Equity common units (in Shares)

6.78

London Interbank Offered Rate (LIBOR) [Member] | Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L [Member]

Investment interest rate

^[14]

4.00%

London Interbank Offered Rate (LIBOR) [Member] | Services Business [Member] | Senior Secured First Lien Term Loan [Member] | Point 360 [Member]

Investment PIK interest rate

^[12]

6.00%

London Interbank Offered Rate (LIBOR) [Member] | Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L [Member]

Investment interest rate

^[14]

4.00%

London Interbank Offered Rate (LIBOR) [Member] | High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp [Member]

Investment interest rate

6.25%

London Interbank Offered Rate (LIBOR) [Member] | High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp [Member]

Investment interest rate

6.25%

London Interbank Offered Rate (LIBOR) [Member] | High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp [Member]

Investment interest rate

6.25%

London Interbank Offered Rate (LIBOR) [Member] | Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan B [Member] | Thryv Holdings, Inc [Member]

Investment interest rate

8.50%

London Interbank Offered Rate (LIBOR) [Member] | Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member]

Investment interest rate

5.00%

^[15]

5.00%

^[14]

London Interbank Offered Rate (LIBOR) [Member] | Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member]

Investment interest rate

5.50%

London Interbank Offered Rate (LIBOR) [Member] | Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member]

Investment interest rate

5.50%

London Interbank Offered Rate (LIBOR) [Member] | Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Power Stop LLC [Member]

Investment interest rate

4.75%

London Interbank Offered Rate (LIBOR) [Member] | Consumer Discretionary [Member] | Senior Secured First Lien Term Loan [Member] | Lucky Bucks, LLC [Member]

Investment interest rate

5.50%

London Interbank Offered Rate (LIBOR) [Member] | Services: Consumer [Member] | Senior Secured First Lien Term Loan B [Member] | Thryv Holdings, Inc [Member]

Investment interest rate

8.50%

London Interbank Offered Rate (LIBOR) [Member] | Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

Investment interest rate

6.50%

London Interbank Offered Rate (LIBOR) [Member] | Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

Investment interest rate

^[1]

6.50%

London Interbank Offered Rate (LIBOR) [Member] | Services: Consumer [Member] | First Lien Term Loan [Member] | Staples, Inc [Member]

Investment interest rate

4.50%

^[15]

4.50%

^[14]

London Interbank Offered Rate (LIBOR) [Member] | Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

Investment interest rate

5.00%

London Interbank Offered Rate (LIBOR) [Member] | Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

Investment interest rate

^[1]

5.00%

London Interbank Offered Rate (LIBOR) [Member] | Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

Investment interest rate

^[1]

5.00%

London Interbank Offered Rate (LIBOR) [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC

Investment interest rate

5.00%

London Interbank Offered Rate (LIBOR) [Member] | Aerospace and Defense [Member] | Senior Secured Second Lien Term Loan [Member] | CPI International, Inc [Member]

Investment interest rate

7.25%

London Interbank Offered Rate (LIBOR) [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC

Investment interest rate

^[12]

5.00%

London Interbank Offered Rate (LIBOR) [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC

Investment interest rate

5.00%

London Interbank Offered Rate (LIBOR) [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | NVTN LLC [Member]

Investment interest rate

4.00%

London Interbank Offered Rate (LIBOR) [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | NVTN LLC [Member]

Investment interest rate

^[12]

12.00%

London Interbank Offered Rate (LIBOR) [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority DDTL [Member] | NVTN LLC [Member]

Investment interest rate

4.00%

London Interbank Offered Rate (LIBOR) [Member] | High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp [Member]

Investment interest rate

6.25%

London Interbank Offered Rate (LIBOR) [Member] | Energy Oil & Gas [Member] | Revolving Credit Facility [Member] | 1888 Industrial Services, LLC

Investment interest rate

^[16]

5.00%

Interest Rate Floor [Member] | Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L [Member]

Investment interest rate

^[14]

1.00%

Net unrealized depreciation (in Dollars)

$ (68,128,841)

$ (69,642,639)

Tax cost (in Dollars)

$ 251,399,020

$ 262,599,288

Qualifying asset percentage

19.96%

17.24%

Interest rate percentage

1.30%

Net assets (in Dollars)

$ 124,692,805

$ 121,845,408

Interest Rate Floor [Member] | Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L [Member]

Investment interest rate

^[14]

1.00%

Interest Rate Floor [Member] | High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan B [Member] | Thryv Holdings, Inc [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member]

Investment interest rate

0.75%

^[15]

0.75%

^[14]

Interest Rate Floor [Member] | Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Automotive [Member] | Senior Secured First Lien Term Loan [Member] | First Brands Group, LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Power Stop LLC [Member]

Investment interest rate

0.50%

Interest Rate Floor [Member] | Automotive [Member] | Senior Secured First Lien Term Loans [Member] | First Brands Group, LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Consumer Discretionary [Member] | Senior Secured First Lien Term Loan [Member] | Lucky Bucks, LLC [Member]

Investment interest rate

0.75%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Maritime Wireless Holdings LLC [Member]

Investment interest rate

^[17]

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]

Investment interest rate

^[12]

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

1.00%

^[12]

1.00%

^[13]

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan A [Member] | Maritime Wireless Holdings LLC [Member]

Investment interest rate

^[17]

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority DDTL [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Services: Consumer [Member] | Senior Secured First Lien Term Loan B [Member] | Thryv Holdings, Inc [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | McKissock Investment Holdings, LLC [Member]

Investment interest rate

^[17]

0.75%

Interest Rate Floor [Member] | Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

Investment interest rate

^[1]

1.00%

Interest Rate Floor [Member] | Services: Consumer [Member] | First Lien Term Loan [Member] | Staples, Inc [Member]

Investment interest rate

0.00%

^[15]

0.00%

^[14]

Interest Rate Floor [Member] | Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

Investment interest rate

0.50%

Interest Rate Floor [Member] | Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

Investment interest rate

^[1]

0.50%

Interest Rate Floor [Member] | Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

Investment interest rate

^[1]

0.50%

Interest Rate Floor [Member] | Energy Oil & Gas [Member] | Revolving Credit Facility [Member] | 1888 Industrial Services, LLC

Investment interest rate

^[1]

1.00%

Interest Rate Floor [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC

Investment interest rate

1.00%

Interest Rate Floor [Member] | Aerospace and Defense [Member] | Senior Secured Second Lien Term Loan [Member] | CPI International, Inc [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC

Investment interest rate

^[12]

1.00%

Interest Rate Floor [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC | Minimum [Member]

Voting rights percentage

5.00%

Interest Rate Floor [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC | Maximum [Member]

Voting rights percentage

25.00%

Interest Rate Floor [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC

Investment interest rate

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]

Investment interest rate

^[13]

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | NVTN LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | NVTN LLC [Member]

Investment interest rate

1.00%

^[12]

1.00%

^[13]

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Maritime Wireless Holdings LLC [Member]

Investment interest rate

^[17]

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan A [Member] | Maritime Wireless Holdings LLC [Member]

Investment interest rate

^[17]

1.00%

Interest Rate Floor [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority DDTL [Member] | NVTN LLC [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp [Member]

Investment interest rate

1.00%

Interest Rate Floor [Member] | Energy Oil & Gas [Member] | Revolving Credit Facility [Member] | 1888 Industrial Services, LLC

Investment interest rate

^[16]

1.00%

Payment in Kind (PIK) Note [Member] | Construction & Building [Member] | Preferred Equity [Member] | Dream Finders Homes, LLC [Member]

Investment interest rate

8.00%

Equity common units (in Shares)

Payment in Kind (PIK) Note [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

^[13]

9.00%

Payment in Kind (PIK) Note [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC

Investment interest rate

^[12]

1.00%

Payment in Kind (PIK) Note [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC | Minimum [Member]

Voting rights percentage

5.00%

Payment in Kind (PIK) Note [Member] | Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC | Maximum [Member]

Voting rights percentage

25.00%

Payment in Kind (PIK) Note [Member] | Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Kemmerer Operations, LLC [Member]

Investment PIK interest rate

15.00%

Payment in Kind (PIK) Note [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | NVTN LLC [Member]

Investment interest rate

^[13]

12.00%

Payment in Kind (PIK) Note [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]

Investment interest rate

^[13]

9.25%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Automotive [Member] | Senior Secured First Lien Term Loan [Member] | First Brands Group, LLC [Member]

Investment interest rate

5.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Automotive [Member] | Senior Secured First Lien Term Loans [Member] | First Brands Group, LLC [Member]

Investment interest rate

5.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Maritime Wireless Holdings LLC [Member]

Investment interest rate

^[17]

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

^[12]

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan A [Member] | Maritime Wireless Holdings LLC [Member]

Investment interest rate

^[17]

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority DDTL [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | McKissock Investment Holdings, LLC [Member]

Investment interest rate

^[17]

5.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

Investment interest rate

6.50%

Investment interest rate

^[17]

9.00%

Investment interest rate

^[17]

9.00%

LIBOR and PIK [Member] | Services Business [Member] | Senior Secured First Lien Term Loan [Member] | Point 360 [Member]

Investment interest rate

^[13]

6.00%

LIBOR and PIK [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]

Investment interest rate

^[12]

9.25%

Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]

Interest rate percentage

5.64%

Equity common units (in Shares)

^[3],[18]

206,684

Interest rate floor and PIK [Member] | Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

Investment interest rate

1.00%

[1]	This investment earns 0.50% commitment fee on all unused commitment as of December 31, 2022, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[2]	The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 4.743% spread on 9/30/2025.
[3]	This investment represents a Level 1 security in the ASC 820 table as of June 30, 2022 (see Note 4).
[4]	This investment represents a Level 1 security in the ASC 820 table as of December 31, 2022 (see Note 4).
[5]	The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 5.29% spread on 9/27/2027.
[6]	The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.345% spread on 3/31/2025.
[7]	The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 6.429% spread on 1/15/2025.
[8]	The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.
[9]	The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of December 31, 2022, 19.96% of the Company’s portfolio investments were non-qualifying assets.
[10]	Represents 1.3% partnership interest in Watermill-QMC Partners, LP and Watermill-EMI Partners, LP.
[11]	The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 6.429% spread on 1/15/2025.
[12]	The investment was on non-accrual status as of December 31, 2022.
[13]	The investment was on non-accrual status as of September 30, 2022.
[14]	This investment represents a Level 2 security in the ASC 820 table as of June 30, 2022 (see Note 4).
[15]	This investment represents a Level 2 security in the ASC 820 table as of December 31, 2022 (see Note 4).
[16]	This investment earns 0.50% commitment fee on all unused commitment as of June 30, 2022, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[17]	Credit Spread Adjustment (“CSA”)
[18]	The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.

Earnings Per Share (Details) - Schedule of weighted average basic and diluted net increase (decrease) in net assets - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$ 3,951,916	$ 4,803,010
Weighted average shares of common stock outstanding - basic and diluted	2,100,876	2,517,221
Earnings (loss) per share of common stock - basic and diluted	$ 1.88	$ 1.91

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Non-controlled, non-affiliated investments:
Cash	$ 1,916,041	$ 1,015,692
Payment in-kind	106,187	138,511
Affiliated investments:
Cash	198,453	122,147
Payment in-kind	89,743	97,028
Controlled investments:
Cash	194,627	553,638
Total interest income	2,505,051	1,927,016
Dividend income	2,032,358	702,930
Interest from cash and cash equivalents	92,226	2,739
Fee income (see Note 9)	73,599	270,122
Other income		230,434
Total Investment Income	4,703,234	3,133,241
Expenses:
Interest and financing expenses	1,233,176	1,487,675
Salaries and benefits	857,533	505,875
Professional fees, net (see Note 8)	347,917	306,751
General and administrative expenses	219,977	196,559
Directors fees	194,000	208,500
Insurance expenses	124,084	158,904
Administrator expenses (see Note 6)	77,884	68,866
Total expenses	3,054,571	2,933,130
Net Investment Income	1,648,663	200,111
Net realized gains (losses):
Non-controlled, non-affiliated investments	13,448	484,513
Affiliated investments		14,737,897
Controlled investments		925
Total net realized gains (losses)	13,448	15,223,335
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments	1,523,099	131,963
Affiliated investments	715,537	(10,473,843)
Controlled investments	51,169	17,641
Total net change in unrealized gains (losses)	2,289,805	(10,324,239)
Loss on extinguishment of debt (see Note 5)		(296,197)
Total realized and unrealized gains (losses)	2,303,253	4,602,899
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 3,951,916	$ 4,803,010
Weighted average basic and diluted earnings per common share (in Dollars per share)	$ 1.88	$ 1.91
Weighted average basic and diluted net investment income (loss) per common share (in Dollars per share)	$ 0.78	$ 0.08
Weighted average common shares outstanding - basic and diluted (see Note 11) (in Shares)	2,100,876	2,517,221

Organization

3 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Organization

Note 1. Organization

PhenixFIN Corporation (“PhenixFIN.” the “Company,” “we” and “us”) is an internally-managed non-diversified closed end management investment company incorporated in Delaware that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We completed our initial public offering (“IPO”) and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). On November 18, 2020, the board of directors of the Company approved the adoption of an internalized management structure, effective January 1, 2021. Until close of business on December 31, 2020 we were externally managed and advised by MCC Advisors LLC (“MCC Advisors”), pursuant to an investment management agreement. MCC Advisors is a wholly owned subsidiary of Medley LLC, which is controlled by Medley Management Inc. (OTCM: MDLM), a publicly traded asset management firm, which in turn is controlled by Medley Group LLC, an entity wholly owned by the senior professionals of Medley LLC. We use the term “Medley” to refer collectively to the activities and operations of Medley Capital LLC, Medley LLC, MDLY, Medley Group LLC, MCC Advisors, associated investment funds and their respective affiliates. Since January 1, 2021 the Company has been managed pursuant to an internalized management structure.

The Company has formed and expects to continue to form certain taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow us to, among other things, hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code.

The Company’s investment objective is to generate current income and capital appreciation. The management team seeks to achieve this objective primarily through making loans, private equity or other investments in privately-held companies. The Company may also make debt, equity or other investments in publicly-traded companies. (These investments may also include investments in other BDCs, closed-end funds or REITs.) We may also pursue other strategic opportunities and invest in other assets or operate other businesses to achieve our investment objective, such as operating and managing an asset-based lending business. The portfolio generally consists of senior secured first lien term loans, senior secured second lien term loans, senior secured bonds, preferred equity and common equity. Occasionally, we will receive warrants or other equity participation features which we believe will have the potential to increase total investment returns. Our loan and other debt investments are primarily rated below investment grade or are unrated. Investments in below investment grade securities are considered predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due.

Since January 4, 2021, the common stock trades on the NASDAQ Global Market under the trading symbol “PFX.”

Dividends

3 Months Ended

Dec. 31, 2022

Dividend Disclosure [Abstract]

Dividends

Note 13. Dividends

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by our board of directors.

We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a cash dividend or other distribution, each stockholder that has not “opted out” of our dividend reinvestment plan will have its dividends automatically reinvested in additional shares of our common stock rather than receiving cash dividends. Stockholders who receive distributions in the form of shares of common stock will be subject to the same federal, state and local tax consequences as if they received cash distributions.

The Company did not make any distribution payments during the three months ended December 31, 2022 and 2021.

Agreements (Details) - USD ($)	3 Months Ended
Agreements (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Agreements (Details) [Line Items]
Administrator expenses (in Dollars)	$ 77,884	$ 68,866
Administrator expenses payable (in Dollars)	68,267		$ 74,911
Accrual awarded compensation amount (in Dollars)
Minimum [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage	0.00%
Net asset value per share performance goal percentage	30.00%
Maximum [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage	(200.00%)
Net asset value per share performance goal percentage	70.00%
Target level of performance [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage	100.00%
Maximum level of performance [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage	200.00%
Administration Agreement [Member]
Agreements (Details) [Line Items]
Administrator expenses payable (in Dollars)	$ 100,000		$ 100,000

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 31, 2022	Feb. 07, 2023
Document Information [Line Items]
Entity Registrant Name	PHENIXFIN CORPORATION
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		2,096,772
Amendment Flag	false
Entity Central Index Key	0001490349
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Securities Act File Number	1-35040
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4576073
Entity Address, Address Line One	445 Park Avenue
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	859-0390
Entity Interactive Data Current	Yes
Common Stock, par value $0.001 per share
Document Information [Line Items]
Trading Symbol	PFX
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
5.25% Notes due 2028
Document Information [Line Items]
Trading Symbol	PFXNZ
Title of 12(b) Security	5.25% Notes due 2028
Security Exchange Name	NASDAQ

Related Party Transactions

3 Months Ended

Dec. 31, 2022

Related Party Transactions

Note 7. Related Party Transactions

Due from Affiliates

Due from affiliates at December 31, 2022 and September 30, 2022 consists of certain legal and general and administrative expenses paid by the Company on behalf of certain of its affiliates.

Accounting Policies, by Policy (Policies)

3 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates in the Preparation of Financial Statements

Use of Estimates in the Preparation of Financial Statements

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash, Restricted Cash and Cash Equivalents

Debt Issuance Costs

Debt Issuance Costs

Debt issuance costs, incurred in connection with any credit facilities and unsecured notes (see Note 5) are deferred and amortized over the life of the respective credit facility or instrument.

Indemnification

Indemnification

Revenue Recognition

Revenue Recognition

Investment Classification

Investment Classification

Valuation of Investments

Valuation of Investments

The methodologies utilized by the Company in estimating the fair value of its investments categorized as Level 3 generally fall into the following two categories:

●

The methodologies and information that the Company utilizes when applying the Market Approach for performing investments include, among other things:

●

valuations of comparable public companies (“Guideline Comparable Approach”);

●

recent sales of private and public comparable companies (“Guideline Comparable Approach”);

●

recent acquisition prices of the company, debt securities or equity securities (“Recent Arms-Length Transaction”);

●

external valuations of the portfolio company, offers from third parties to buy the company (“Estimated Sales Proceeds Approach”);

●

subsequent sales made by the company of its investments (“Expected Sales Proceeds Approach”); and

●

estimating the value to potential buyers.

The methodologies and information that the Company utilizes when applying the Income Approach for performing investments include:

●

discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow (“DCF”) Approach); and

●

Black-Scholes model or simulation models or a combination thereof (Income Approach - Option Model) with respect to the valuation of warrants.

We undertake a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:

●

our quarterly valuation process generally begins with each portfolio investment being internally valued by a Valuation Firm;

●

Available third-party market data will be reviewed by company personnel designated by the Valuation Designee (“Fair Value Personnel”) and the Valuation Firm.

●

Available portfolio company data and general industry data are then reviewed by the Fair Value Personnel.

●

Preliminary valuation conclusions are then documented and discussed with the Fair Value Personnel.

●

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Federal Income Taxes

Federal Income Taxes

Segments

Segments

Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk

Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk

Directors Fees (Details) - USD ($)	3 Months Ended		12 Months Ended
Directors Fees (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Directors Fees (Details) [Line Items]
Director fees expense	$ 194,000	$ 208,500
Accrued Director Fees	200,000	$ 0.0000002
Independent Directors [Member]
Directors Fees (Details) [Line Items]
Director fees expense			$ 100,000	$ 100,000
Independent Directors [Member] \| Each Board Meeting [Member]
Directors Fees (Details) [Line Items]
Director fees expense	3,000
Independent Directors [Member] \| Each Committee Meeting [Member]
Directors Fees (Details) [Line Items]
Director fees expense	2,500
Lead Independent Director [Member]
Directors Fees (Details) [Line Items]
Director fees expense	30,000
Audit Committee Chair [Member]
Directors Fees (Details) [Line Items]
Director fees expense	25,000
Other members of Audit Committee [Member]
Directors Fees (Details) [Line Items]
Director fees expense	12,500
Nominating and Corporate Governance Committee Chair and Compensation Committee Chair [Member]
Directors Fees (Details) [Line Items]
Director fees expense	15,000
Other members of Nominating and Corporate Governance Committee and the Compensation Committee [Member]
Directors Fees (Details) [Line Items]
Director fees expense	$ 8,000

Earnings Per Share (Tables)

3 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of weighted average basic and diluted net increase (decrease) in net assets

	For the Three Months Ended December 31,
	2022		2021
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$	3,952	$	4,803
Weighted average shares of common stock outstanding - basic and diluted		2,100,876		2,517,221
Earnings (loss) per share of common stock - basic and diluted	$	1.88	$	1.91

Consolidated Schedule of Investments (Unaudited) - USD ($)

Dec. 31, 2022

Sep. 30, 2022

Altisource S.A.R.L [Member]

% of Net Assets

^[1]

4.28%

5.23%

^[2],[3]

Par Amount

^[4]

$ 6,486,419

^[2],[3],[5]

Fair Value

^[6]

5,335,079

5,448,591

^[2],[3],[5]

Cost

^[7]

$ 5,870,077

$ 5,825,616

^[2],[3],[5]

Be Green packaging, LLC [Member]

% of Net Assets

^[1]

0.00%

^[2]

Par Amount

^[4]

$ 1

^[2]

Fair Value

^[6]

^[2]

Cost

^[7]

$ 416,250

^[2]

Boostability Seotowncenter, Inc [Member]

% of Net Assets

0.00%

^[1]

0.00%

^[2],[8]

Par Amount

^[4]

$ 833,152

^[2]

Fair Value

^[6]

^[2]

Cost

$ 66,475

^[7]

$ 66,475

^[2],[9]

Chimera Investment Corp [Member]

% of Net Assets

^[1]

1.61%

1.84%

^[2]

Par Amount

^[4]

$ 117,310

^[2]

Fair Value

^[6]

2,011,866

1,915,672

^[2]

Cost

^[7]

$ 2,884,724

^[2]

DataOnline Corp [Member]

% of Net Assets

^[1],[2]

4.28%

5.25%

Par Amount

^[2],[4]

$ 5,564,286

$ 5,576,786

Fair Value

^[2],[6]

5,341,714

5,465,250

Cost

^[2],[7]

$ 5,564,286

$ 5,576,786

DirecTV Financing, LLC [Member]

% of Net Assets

^[1],[2]

3.45%

4.05%

Par Amount

^[2],[4]

$ 4,437,500

$ 4,550,000

Fair Value

^[2],[6]

4,307,038

4,220,000

Cost

^[2],[7]

$ 4,437,500

$ 4,550,000

Dream Finders Homes, LLC [Member]

% of Net Assets

^[1],[2]

4.04%

4.76%

Par Amount

^[2],[4]

$ 5,415,528

$ 5,309,341

Fair Value

^[2],[6]

5,036,441

4,950,961

Cost

^[2],[7]

$ 5,415,528

$ 5,309,341

First Brands Group, LLC [Member]

% of Net Assets

^[2]

2.96%

^[8]

3.78%

^[1]

Par Amount

^[2],[4]

$ 3,949,749

$ 3,959,799

Fair Value

^[2],[6]

3,693,015

3,930,101

Cost

^[2]

$ 3,949,749

^[9]

$ 3,959,799

^[7]

Footprint Holding Company Inc. [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

$ 150

^[2],[4]

Fair Value

^[2],[6]

Cost

^[2]

^[9]

^[7]

Franklin BSP Realty Trust, Inc [Member]

% of Net Assets

^[2]

5.48%

^[8]

5.48%

^[1]

Par Amount

^[2],[4]

$ 529,914

Fair Value

^[2],[6]

6,835,891

5,707,174

Cost

^[2]

$ 8,754,386

^[9]

$ 8,754,386

^[7]

Global Accessories Group, LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 380

Fair Value

^[2],[6]

Cost

^[2]

$ 151,337

^[9]

$ 151,337

^[7]

Great AJAX Corp [Member]

% of Net Assets

^[2]

1.48%

^[8]

1.84%

^[1],[3]

Par Amount

$ 254,922

^[2],[3],[4]

Fair Value

^[2],[6]

1,848,185

1,914,464

^[3]

Cost

^[2]

$ 3,333,786

^[9]

$ 3,333,786

^[3],[7]

Innovate Corp [Member]

% of Net Assets

^[2],[8]

1.30%

1.59%

Par Amount

^[2],[4]

$ 2,250,000

Fair Value

^[2],[6]

1,617,300

1,659,375

Cost

^[2],[9]

$ 2,252,156

Invesco Mortgage Capital, Inc [Member]

% of Net Assets

^[2]

3.37%

^[8]

3.02%

^[1]

Par Amount

^[2],[4]

$ 205,000

Fair Value

^[2],[6]

4,206,600

3,138,550

Cost

^[2]

$ 5,035,506

^[9]

$ 5,035,506

^[7]

JFL-NGS-WCS Partners, LLC [Member]

% of Net Assets

^[2]

8.62%

^[8]

10.68%

^[1]

Par Amount

^[2],[4]

$ 10,879,189

$ 10,885,050

Fair Value

^[2],[6]

10,749,960

11,113,935

Cost

^[2]

$ 10,882,715

^[9]

$ 10,888,790

^[7]

Lighting Science Group Corporation [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 5,000,000

Fair Value

^[2],[6]

Cost

^[2]

$ 955,680

^[9]

$ 955,680

^[7]

Lucky Bucks, LLC [Member]

% of Net Assets

^[2]

3.94%

^[8]

5.96%

^[1]

Par Amount

^[2],[4]

$ 7,125,000

$ 7,218,750

Fair Value

^[2],[6]

4,916,250

6,208,125

Cost

^[2]

$ 7,008,030

^[9]

$ 7,095,116

^[7]

Maritime Wireless Holdings LLC [Member]

% of Net Assets

^[2]

13.80%

^[8]

16.57%

^[1]

Par Amount

^[2],[4]

$ 17,425,000

$ 17,500,000

Fair Value

^[2],[6]

17,207,563

17,250,000

Cost

^[2]

$ 17,174,752

^[9]

$ 17,250,000

^[7]

McKissock Investment Holdings, LLC [Member]

% of Net Assets

^[2]

3.78%

^[8]

4.68%

^[1]

Par Amount

^[2],[4]

$ 4,962,498

$ 4,974,999

Fair Value

^[2],[6]

4,714,373

4,875,500

Cost

^[2]

$ 4,916,886

^[9]

$ 4,927,870

^[7]

MFA Financial, Inc [Member]

% of Net Assets

^[2]

1.38%

^[8]

1.65%

^[1]

Par Amount

^[2],[4]

$ 97,426

Fair Value

^[2],[6]

1,714,698

1,722,492

Cost

^[2]

$ 2,318,487

^[9]

$ 2,318,487

^[7]

New York Mortgage Trust, Inc [Member]

% of Net Assets

2.42%

^[8]

2.84%

^[1],[2]

Par Amount

^[4]

$ 165,000

^[2]

Fair Value

^[6]

3,021,150

2,953,500

^[2]

Cost

$ 4,102,076

^[9]

$ 4,102,076

^[2],[7]

PennyMac Financial Services, Inc [Member]

% of Net Assets

^[2]

3.70%

^[8]

3.36%

^[1]

Par Amount

^[2],[4]

$ 81,500

Fair Value

^[2],[6]

4,617,790

3,496,350

Cost

^[2]

$ 5,364,478

^[9]

$ 5,364,478

^[7]

Point 360 [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 2,777,366

Fair Value

^[2],[6]

Cost

^[2]

$ 2,103,712

^[9]

$ 2,103,712

^[7]

Power Stop LLC [Member]

% of Net Assets

^[2]

3.06%

^[8]

3.87%

^[1]

Par Amount

^[2],[4]

$ 4,962,500

$ 4,975,000

Fair Value

^[2],[6]

3,821,125

4,029,750

Cost

^[2]

$ 4,917,684

^[9]

$ 4,930,071

^[7]

Rithm Capital Corp [Member]

% of Net Assets

^[2]

3.19%

^[8]

3.75%

^[1]

Par Amount

^[2],[4]

$ 206,684

Fair Value

^[2],[6]

3,974,533

3,902,194

Cost

^[2]

$ 5,129,170

^[9]

$ 5,129,170

^[7]

Secure Acquisition Inc. (dba Paragon Films) [Member]

% of Net Assets

^[2]

2.69%

^[8]

3.23%

^[1]

Par Amount

^[2],[4]

$ 3,456,638

$ 3,465,345

Fair Value

^[2],[6]

3,352,939

3,361,385

Cost

^[2]

$ 3,443,009

^[9]

$ 3,450,604

^[7]

Sendero Drilling Company, LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 191,250

Fair Value

^[2],[6]

Cost

^[2]

$ 182,081

^[9]

$ 182,081

^[7]

SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

% of Net Assets

^[2]

7.40%

^[8]

6.33%

^[1]

Par Amount

^[2],[4]

$ 9,293,334

$ 6,666,667

Fair Value

^[2],[6]

9,228,800

6,591,667

Cost

^[2]

$ 9,207,651

^[9]

$ 6,575,847

^[7]

SMART Financial Operations, LLC [Member]

% of Net Assets

^[2]

0.10%

^[8]

0.12%

^[1]

Par Amount

^[2],[4]

$ 700,000

Fair Value

^[2],[6]

121,000

120,793

Cost

^[2]

$ 700,000

^[9]

$ 700,000

^[7]

Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]

% of Net Assets

^[2]

0.13%

^[8]

0.25%

^[1]

Par Amount

^[2],[4]

$ 338,736

Fair Value

^[2],[6]

161,654

265,269

Cost

^[2]

$ 308,652

^[9]

$ 308,652

^[7]

Staples, Inc [Member]

% of Net Assets

^[2]

2.96%

^[8]

3.35%

^[1]

Par Amount

^[2],[4]

$ 3,721,080

$ 3,730,720

Fair Value

^[2],[6]

3,674,566

3,488,223

Cost

^[2]

$ 3,658,517

^[9]

$ 3,659,706

^[7]

Thryv Holdings, Inc [Member]

% of Net Assets

^[2]

4.95%

^[8]

6.04%

^[1]

Par Amount

^[2],[4]

$ 6,187,924

$ 6,515,633

Fair Value

^[2],[6]

6,048,696

6,287,583

Cost

^[2]

$ 6,090,770

^[9]

$ 6,406,051

^[7]

Velocity Pooling Vehicle, LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.11%

^[1]

Par Amount

^[2],[4]

$ 11,947

Fair Value

^[2],[6]

114,911

Cost

^[2]

$ 664,131

^[9]

$ 664,131

^[7]

Walker Edison Furniture Company LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 13,044

Fair Value

^[2],[6]

Cost

^[2]

$ 2,114,646

^[9]

$ 2,114,646

^[7]

Watermill QMC Midco, Inc [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 518,283

Fair Value

^[2],[6]

Cost

^[2]

$ 518,283

^[9]

$ 518,283

^[7]

Wingman Holdings, Inc. [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 350

Fair Value

^[2],[6]

Cost

^[2]

$ 700,000

^[9]

$ 700,000

^[7]

Subtotal Non-Controlled/Non-Affiliated Investments [Member]

% of Net Assets

^[2]

98.92%

^[8]

112.13%

^[1]

Par Amount

^[2],[4]

$ 108,596,855

$ 109,151,781

Fair Value

^[2],[6]

123,227,670

122,616,275

Cost

^[2]

$ 146,467,213

^[9]

$ 147,378,917

^[7]

1888 Industrial Services, LLC

% of Net Assets

^[2]

3.81%

^[8],[10]

3.99%

^[1]

Par Amount

^[2],[4]

$ 15,832,412

^[10]

$ 15,616,790

Fair Value

^[2],[6]

4,755,370

^[10]

4,151,562

Cost

^[2]

$ 15,296,502

^[9],[10]

$ 15,080,880

^[7]

Black Angus Steakhouses, LLC [Member]

% of Net Assets

^[2]

3.15%

^[8],[10]

3.66%

^[1]

Par Amount

^[2],[4]

$ 10,671,525

^[10]

$ 10,671,525

Fair Value

^[2],[6]

3,924,623

^[10]

3,806,847

Cost

^[2]

$ 10,026,462

^[9],[10]

$ 10,026,462

^[7]

Kemmerer Operations, LLC [Member]

% of Net Assets

^[2]

2.12%

^[8],[10]

2.95%

^[1]

Par Amount

^[2],[4]

$ 1,564,958

^[10]

$ 2,378,517

Fair Value

^[2],[6]

2,640,395

^[10]

3,073,212

Cost

^[2]

$ 2,527,668

^[9],[10]

$ 3,341,227

^[7]

US Multifamily, LLC [Member]

% of Net Assets

^[2]

0.89%

^[8],[10]

1.23%

^[1]

Par Amount

^[2],[4]

$ 33,300

^[10]

$ 33,300

Fair Value

^[2],[6]

1,111,404

^[10]

1,282,571

Cost

^[2]

$ 2,137,315

^[9],[10]

$ 2,137,315

^[7]

Subtotal Affiliated Investments [Member]

% of Net Assets

^[2]

9.97%

^[8],[10]

11.83%

^[1]

Par Amount

^[2],[4]

$ 28,102,195

^[10]

$ 28,700,132

Fair Value

^[2],[6]

12,431,792

^[10]

12,314,192

Cost

^[2]

$ 29,987,947

^[9],[10]

$ 30,585,884

^[7]

FlexFIN, LLC [Member]

% of Net Assets

^[2],[11]

29.41%

^[8]

45.28%

^[1]

Par Amount

^[2],[4],[11]

$ 36,670,512

$ 47,136,146

Fair Value

^[2],[6],[11]

36,670,512

47,136,146

Cost

^[2],[11]

$ 36,670,512

^[9]

$ 47,136,146

^[7]

NVTN LLC [Member]

% of Net Assets

^[2]

8.77%

^[8],[11]

10.46%

^[1]

Par Amount

^[2],[4]

$ 49,622,304

^[11]

$ 49,622,304

Fair Value

^[2],[6]

10,941,205

^[11]

10,890,036

Cost

^[2]

$ 38,346,947

^[9],[11]

$ 38,346,947

^[7]

Subtotal Control Investments [Member]

% of Net Assets

^[2],[11]

38.18%

^[8]

55.74%

^[1]

Par Amount

^[2],[4],[11]

$ 86,292,816

$ 96,758,450

Fair Value

^[2],[6],[11]

47,611,717

58,026,182

Cost

^[2],[11]

$ 75,017,459

^[9]

$ 85,483,093

^[7]

Total Investments [Member]

% of Net Assets

^[2]

147.07%

^[6],[11]

179.70%

^[1]

Par Amount

^[2]

$ 222,991,866

^[11]

$ 234,610,363

^[4]

Fair Value

^[2]

183,271,179

^[9],[11]

192,956,649

^[6]

Cost

^[2]

$ 251,472,619

^[4],[11]

$ 263,447,894

^[7]

CPI International, Inc [Member]

% of Net Assets

^[1],[2]

2.50%

Par Amount

^[2],[4]

$ 2,607,062

Fair Value

^[2],[6]

2,607,062

Cost

^[2],[7]

$ 2,602,547

Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L [Member]

% of Net Assets

^[1],[2],[12]

4.28%

Par Amount

^[2],[4],[12]

$ 6,486,419

Maturity

^[2],[12]

Apr. 03, 2024

Fair Value

^[2],[6],[12]

$ 5,335,079

Cost

^[2],[7],[12]

$ 5,870,077

Services Business [Member] | Equity - 3,434,169.6 Common Units [Member] | Boostability Seotowncenter, Inc [Member]

% of Net Assets

^[1],[2]

0.00%

Par Amount

^[2],[4]

$ 833,152

Fair Value

^[2],[6]

Cost

^[2],[7]

$ 66,475

Services Business [Member] | Senior Secured First Lien Term Loan [Member] | Point 360 [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 2,777,366

Maturity

^[2]

Jul. 08, 2020

Fair Value

^[2],[6]

Cost

^[2]

$ 2,103,712

^[9]

$ 2,103,712

^[7]

Services Business [Member] | Equity - 150 Common Units [Member] | Footprint Holding Company Inc. [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 150

Fair Value

^[2]

^[6]

^[9]

Cost

^[2]

^[9]

^[7]

Services Business [Member] | Equity - 338,736.11 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]

% of Net Assets

^[2]

0.13%

^[8]

0.25%

^[1]

Par Amount

^[2],[4]

$ 338,736

Fair Value

^[2],[6]

161,654

265,269

Cost

^[2]

$ 308,652

^[9]

$ 308,652

^[7]

Services Business [Member] | Equity Interest [Member] | FlexFIN, LLC [Member]

% of Net Assets

^[2],[11]

29.41%

^[8]

45.28%

^[1]

Par Amount

^[2],[4],[11]

$ 36,670,512

$ 47,136,146

Fair Value

^[2],[6],[11]

36,670,512

47,136,146

Cost

^[2],[11]

$ 36,670,512

^[9]

$ 47,136,146

^[7]

Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L [Member]

% of Net Assets

^[1],[2],[3]

5.23%

Par Amount

^[2],[3],[4]

$ 6,486,419

Maturity

^[2],[3]

Apr. 03, 2024

Fair Value

^[2],[3],[6]

$ 5,448,591

Cost

^[2],[3],[7]

$ 5,825,616

Containers, packaging & Glass [Member] | Equity - 417 Common Units [Member] | Be Green packaging, LLC [Member]

% of Net Assets

^[1],[2]

0.00%

Par Amount

^[2],[4]

$ 1

Fair Value

^[2],[6]

Cost

^[2],[7]

$ 416,250

Containers, packaging & Glass [Member] | Warrants - 0.62% of Outstanding Equity [Member] | Lighting Science Group Corporation [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 5,000,000

Fair Value

^[2],[6]

Cost

^[2]

$ 955,680

^[9]

$ 955,680

^[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp [Member]

% of Net Assets

^[1],[2],[3]

1.61%

1.84%

Par Amount

^[2],[3],[4]

$ 117,310

Fair Value

^[2],[3],[6]

2,011,866

1,915,672

Cost

^[2],[3]

$ 2,884,724

^[13]

$ 2,884,724

^[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity Certificates [Member] | Copper Property CTL Pass Through Trust [Member]

% of Net Assets

^[1],[2]

4.55%

5.65%

Par Amount

^[2],[4]

$ 437,795

Fair Value

^[2],[6]

5,669,444

5,877,398

Cost

^[2],[7]

$ 5,874,043

$ 6,314,757

Banking, Finance, Insurance & Real Estate [Member] | Equity - 529,914 Common Units [Member] | Franklin BSP Realty Trust, Inc [Member]

% of Net Assets

^[2]

5.48%

^[8],[12]

5.48%

^[1],[3]

Par Amount

^[2],[4]

$ 529,914

^[12]

$ 529,914

^[3]

Fair Value

^[2],[6]

6,835,891

^[12]

5,707,174

^[3]

Cost

^[2]

$ 8,754,386

^[9],[12]

$ 8,754,386

^[3],[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity - 254,922 Common Units [Member] | Great AJAX Corp [Member]

% of Net Assets

^[2]

1.48%

^[8],[12]

1.84%

^[1],[3]

Par Amount

^[2],[4]

$ 254,922

^[12]

$ 254,922

^[3]

Fair Value

^[2],[6]

1,848,185

^[12]

1,914,464

^[3]

Cost

^[2]

$ 3,333,786

^[9],[12]

$ 3,333,786

^[3],[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc [Member]

% of Net Assets

^[2]

3.37%

^[8],[12]

3.02%

^[1],[3]

Par Amount

^[2],[4]

$ 205,000

^[12]

$ 205,000

^[3]

Fair Value

^[2],[6]

4,206,600

^[12]

3,138,550

^[3]

Cost

^[2]

$ 5,035,506

^[9],[12]

$ 5,035,506

^[3],[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity Class C Preferred Units [Member] | MFA Financial, Inc [Member]

% of Net Assets

^[2]

1.38%

^[8],[12]

1.65%

^[1],[3]

Par Amount

^[2],[4]

$ 97,426

^[12]

$ 97,426

^[3]

Fair Value

^[2],[6]

1,714,698

^[12]

1,722,492

^[3]

Cost

^[2]

$ 2,318,487

^[9],[12]

$ 2,318,487

^[3],[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity Class E Preferred Units [Member] | New York Mortgage Trust, Inc [Member]

% of Net Assets

2.42%

^[8],[12]

2.84%

^[1],[2],[3]

Par Amount

^[4]

$ 165,000

^[12]

$ 165,000

^[2],[3]

Fair Value

^[6]

3,021,150

^[12]

2,953,500

^[2],[3]

Cost

$ 4,102,076

^[9],[12]

$ 4,102,076

^[2],[3],[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity Common Units [Member] | PennyMac Financial Services, Inc [Member]

% of Net Assets

^[2]

3.70%

^[8],[12]

3.36%

^[1],[3]

Par Amount

^[2],[4]

$ 81,500

^[12]

$ 81,500

^[3]

Fair Value

^[2],[6]

4,617,790

^[12]

3,496,350

^[3]

Cost

^[2]

$ 5,364,478

^[9],[12]

$ 5,364,478

^[3],[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]

% of Net Assets

^[2]

3.19%

^[8],[12]

3.75%

^[1],[3]

Par Amount

^[2],[4]

$ 206,684

^[12]

$ 206,684

^[3]

Fair Value

^[2],[6]

3,974,533

^[12]

3,902,194

^[3]

Cost

^[2]

$ 5,129,170

^[9],[12]

$ 5,129,170

^[3],[7]

Banking, Finance, Insurance & Real Estate [Member] | Equity - 33,300 Preferred Units [Member] | US Multifamily, LLC [Member]

% of Net Assets

^[2]

0.89%

^[8],[10]

1.23%

^[1]

Par Amount

^[2],[4]

$ 33,300

^[10]

$ 33,300

Fair Value

^[2],[6]

1,111,404

^[10]

1,282,571

Cost

^[2]

$ 2,137,315

^[9],[10]

$ 2,137,315

^[7]

High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp [Member]

% of Net Assets

^[1],[2]

3.73%

Par Amount

^[2],[4]

$ 4,850,000

Maturity

^[2]

Nov. 13, 2025

Fair Value

^[2],[6]

$ 4,656,000

Cost

^[2],[7]

$ 4,850,000

High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp [Member]

% of Net Assets

^[1],[2]

0.55%

Par Amount

^[2],[4]

$ 714,286

Maturity

^[2]

Nov. 13, 2025

Fair Value

^[2],[6]

$ 685,714

Cost

^[2],[7]

$ 714,286

High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp [Member]

% of Net Assets

^[2],[14]

4.58%

Par Amount

^[2],[4]

$ 4,862,500

Maturity

^[2]

Nov. 13, 2025

Fair Value

^[2],[6]

$ 4,765,250

Cost

^[2],[7]

$ 4,862,500

Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member]

% of Net Assets

^[1],[2]

3.45%

Par Amount

^[2],[4]

$ 4,437,500

Maturity

^[2]

Aug. 02, 2027

Fair Value

^[2],[6]

$ 4,307,038

Cost

^[2],[7]

$ 4,437,500

Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member]

% of Net Assets

^[2],[8]

0.69%

Par Amount

^[2],[4]

$ 879,189

Maturity

^[2]

Nov. 12, 2026

Fair Value

^[2],[6]

$ 863,803

Cost

^[2],[9]

$ 882,715

Construction & Building [Member] | Preferred Equity [Member] | Dream Finders Homes, LLC [Member]

% of Net Assets

^[1],[2]

4.04%

4.76%

Par Amount

^[2],[4]

$ 5,415,528

$ 5,309,341

Fair Value

^[2],[6]

5,036,441

4,950,961

Cost

^[2],[7]

$ 5,415,528

$ 5,309,341

Construction & Building [Member] | Equity - 10,000,000 Units [Member] | JFL-NGS-WCS Partners, LLC [Member]

% of Net Assets

^[2]

7.93%

^[8]

9.85%

^[1]

Par Amount

^[2],[4]

$ 10,000,000

Fair Value

^[2],[6]

9,886,157

10,248,798

Cost

^[2]

$ 10,000,000

^[9]

$ 10,000,000

^[7]

Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member]

% of Net Assets

^[1],[2]

0.83%

Par Amount

^[2],[4]

$ 885,050

Maturity

^[2]

Nov. 12, 2026

Fair Value

^[2],[6]

$ 865,137

Cost

^[2],[7]

$ 888,790

Automotive [Member] | Senior Secured First Lien Term Loan [Member] | First Brands Group, LLC [Member]

% of Net Assets

^[2]

2.96%

^[8]

3.78%

^[1]

Par Amount

^[2],[4]

$ 3,949,749

$ 3,959,799

Maturity

^[2]

Mar. 30, 2027

Fair Value

^[2],[6]

$ 3,693,015

$ 3,930,101

Cost

^[2]

$ 3,949,749

^[9]

$ 3,959,799

^[7]

Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Power Stop LLC [Member]

% of Net Assets

^[2]

3.06%

^[8]

3.87%

^[1]

Par Amount

^[2],[4]

$ 4,962,500

$ 4,975,000

Maturity

^[2]

Jan. 26, 2029

Fair Value

^[2],[6]

$ 3,821,125

$ 4,029,750

Cost

^[2]

$ 4,917,684

^[9]

$ 4,930,071

^[7]

Automotive [Member] | Equity - 5,441 Class A Units [Member] | Velocity Pooling Vehicle, LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.05%

^[1]

Par Amount

^[2],[4]

$ 5,441

Fair Value

^[2],[6]

52,342

Cost

^[2]

$ 302,464

^[9]

$ 302,464

^[7]

Automotive [Member] | Warrants - 0.65% of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.06%

^[1]

Par Amount

^[2],[4]

$ 6,506

Maturity

^[2]

Mar. 30, 2028

Fair Value

^[2],[6]

$ 62,569

Cost

^[2]

$ 361,667

^[9]

$ 361,667

^[7]

Automotive [Member] | Equity - 1.30% Partnership Interest [Member] | Watermill QMC Midco, Inc [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 518,283

Fair Value

^[2],[6]

Cost

^[2]

$ 518,283

^[9]

$ 518,283

^[7]

Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 380

Fair Value

^[2],[6]

Cost

^[2]

$ 151,337

^[9]

$ 151,337

^[7]

Construction and Building [Member] | Senior Secured Notes [Member] | Innovate Corp [Member]

% of Net Assets

^[2]

1.30%

^[8]

1.59%

^[1]

Par Amount

^[2],[4]

$ 2,250,000

Maturity

^[2]

Feb. 01, 2026

Fair Value

^[2],[6]

$ 1,617,300

$ 1,659,375

Cost

^[2]

$ 2,252,156

^[9]

$ 2,252,156

^[7]

Consumer Discretionary [Member] | Senior Secured First Lien Term Loan [Member] | Lucky Bucks, LLC [Member]

% of Net Assets

^[2]

3.94%

^[8]

5.96%

^[1]

Par Amount

^[2],[4]

$ 7,125,000

$ 7,218,750

Maturity

^[2]

Jul. 30, 2027

Fair Value

^[2],[6]

$ 4,916,250

$ 6,208,125

Cost

^[2]

$ 7,008,030

^[9]

$ 7,095,116

^[7]

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Maritime Wireless Holdings LLC [Member]

% of Net Assets

^[2],[8]

5.91%

Par Amount

^[2],[4]

$ 7,500,000

Maturity

^[2]

May 31, 2027

Fair Value

^[2],[6]

$ 7,368,750

Cost

^[2],[9]

$ 7,348,945

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

% of Net Assets

^[2]

1.34%

^[5],[8],[10]

1.49%

^[1],[15]

Par Amount

^[2],[4]

$ 8,412,596

^[5],[10]

$ 8,412,596

^[15]

Maturity

^[2]

Jan. 31, 2024

^[5],[10]

Jan. 31, 2024

^[15]

Fair Value

^[2],[6]

$ 1,665,694

^[5],[10]

$ 1,547,918

^[15]

Cost

^[2]

$ 7,767,533

^[5],[9],[10]

$ 7,767,533

^[7],[15]

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan A [Member] | Maritime Wireless Holdings LLC [Member]

% of Net Assets

^[2],[8]

3.88%

Par Amount

^[2],[4]

$ 4,925,000

Maturity

^[2]

Feb. 15, 2024

Fair Value

^[2],[6]

$ 4,838,813

Cost

^[2],[9]

$ 4,825,807

Hotel, Gaming & Leisure [Member] | Convertible Promissory Note [Member] | Maritime Wireless Holdings LLC [Member]

% of Net Assets

^[2],[8]

4.01%

Par Amount

^[2],[4]

$ 5,000,000

Fair Value

^[2],[6]

5,000,000

Cost

^[2],[9]

$ 5,000,000

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

% of Net Assets

^[2]

0.61%

^[5],[8],[10]

0.73%

^[1],[15]

Par Amount

^[2],[4]

$ 758,929

^[5],[10]

$ 758,929

^[15]

Maturity

^[2]

Jan. 31, 2024

^[5],[10]

Jan. 31, 2024

^[15]

Fair Value

^[2],[6]

$ 758,929

^[5],[10]

$ 758,929

^[15]

Cost

^[2]

$ 758,929

^[5],[9],[10]

$ 758,929

^[7],[15]

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]

% of Net Assets

^{[2],[5],[8],[10]}

1.20%

Par Amount

^{[2],[4],[5],[10]}

$ 1,500,000

Maturity

^[2],[5],[10]

Jan. 31, 2024

Fair Value

^{[2],[5],[6],[10]}

$ 1,500,000

Cost

^{[2],[5],[9],[10]}

$ 1,500,000

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority DDTL [Member] | Black Angus Steakhouses, LLC [Member]

% of Net Assets

^[1],[2],[15]

1.44%

Par Amount

^[2],[4],[15]

$ 1,500,000

Maturity

^[2],[15]

Jan. 31, 2024

Fair Value

^[2],[6],[15]

$ 1,500,000

Cost

^[2],[7],[15]

$ 1,500,000

Services: Consumer [Member] | Senior Secured First Lien Term Loan B [Member] | Thryv Holdings, Inc [Member]

% of Net Assets

^[1],[2],[3]

6.04%

Par Amount

^[2],[3],[4]

$ 6,515,633

Maturity

^[2],[3]

Mar. 01, 2026

Fair Value

^[2],[3],[6]

$ 6,287,583

Cost

^[2],[3],[7]

$ 6,406,051

Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | McKissock Investment Holdings, LLC [Member]

% of Net Assets

^[2]

3.78%

^[8]

4.68%

^[1]

Par Amount

^[2],[4]

$ 4,962,498

$ 4,974,999

Maturity

^[2]

Mar. 10, 2029

Fair Value

^[2],[6]

$ 4,714,373

$ 4,875,500

Cost

^[2]

$ 4,916,886

^[9]

$ 4,927,870

^[7]

Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

% of Net Assets

^[2]

5.29%

^[5],[8]

6.33%

^[1],[15]

Par Amount

^[2]

$ 6,666,667

^[4],[5]

$ 6,666,667

^[15]

Maturity

^[2]

Dec. 30, 2026

^[5]

Dec. 30, 2026

^[15]

Fair Value

^[2]

$ 6,592,000

^[5],[6]

$ 6,591,667

^[15]

Cost

^[2]

$ 6,580,984

^[5],[9]

$ 6,575,847

^[7],[15]

Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]

% of Net Assets

^[2],[5]

2.11%

Par Amount

^[2],[5]

$ 2,626,667

Maturity

^[2],[5]

Dec. 30, 2026

Fair Value

^[2],[5]

$ 2,636,800

Cost

^[2],[5]

$ 2,626,667

Services: Consumer [Member] | First Lien Term Loan [Member] | Staples, Inc [Member]

% of Net Assets

^[2]

2.96%

^[8]

3.35%

^[1]

Par Amount

^[2],[4]

$ 3,721,080

$ 3,730,720

Maturity

^[2]

Sep. 12, 2024

Fair Value

^[2],[6]

$ 3,674,566

$ 3,488,223

Cost

^[2]

$ 3,658,517

^[9]

$ 3,659,706

^[7]

Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

% of Net Assets

^[2]

2.69%

^[5],[8]

3.23%

^[1],[15]

Par Amount

^[2],[4]

$ 3,456,638

^[5]

$ 3,465,345

^[15]

Maturity

^[2]

Dec. 16, 2028

^[5]

Dec. 16, 2028

^[15]

Fair Value

^[2],[6]

$ 3,352,939

^[5]

$ 3,361,385

^[15]

Cost

^[2]

$ 3,443,979

^[5],[9]

$ 3,451,574

^[7],[15]

Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

% of Net Assets

^[2],[5],[8]

0.00%

Par Amount

^[2],[4],[5]

Maturity

^[2],[5]

Dec. 16, 2028

Fair Value

^[2],[5],[6]

Cost

^[2],[5],[9]

$ (970)

Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]

% of Net Assets

^[1],[2]

0.00%

Par Amount

^[2],[4]

Maturity

^[2]

Dec. 16, 2028

Fair Value

^[2],[6]

Cost

^[2],[7]

$ (970)

Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC

% of Net Assets

^[2],[10]

0.00%

^[8]

0.00%

^[1],[15]

Par Amount

^[2],[4],[10]

$ 9,946,741

^[15]

Maturity

^[2],[10]

May 01, 2023

^[15]

Fair Value

^[2],[6],[10]

^[15]

Cost

^[2],[10]

$ 9,473,068

^[9]

$ 9,473,068

^[7],[15]

Energy Oil & Gas [Member] | Unsecured Debt [Member] | Sendero Drilling Company, LLC [Member]

% of Net Assets

^[2],[8]

0.00%

Par Amount

^[2],[4]

$ 191,250

Maturity

^[2]

Aug. 01, 2023

Fair Value

^[2],[6]

Cost

^[2],[9]

$ 182,081

Energy Oil & Gas [Member] | Unsecured Debt [Member] | Sendero Drilling Company, LLC [Member]

% of Net Assets

^[1],[2]

0.00%

Par Amount

^[2],[4]

$ 191,250

Maturity

^[2]

Aug. 01, 2023

Fair Value

^[2],[6]

Cost

^[2],[7]

$ 182,081

Retail [Member] | Equity Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member]

% of Net Assets

^[2],[8]

0.10%

Par Amount

^[2],[4]

$ 700,000

Fair Value

^[2],[6]

121,000

Cost

^[2],[9]

$ 700,000

Retail [Member] | Equity - 700,000 Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member]

% of Net Assets

^[1],[2]

0.12%

Par Amount

^[2],[4]

$ 700,000

Fair Value

^[2],[6]

120,793

Cost

^[2],[7]

$ 700,000

Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan B [Member] | Thryv Holdings, Inc [Member]

% of Net Assets

^[2],[8],[12]

4.95%

Par Amount

^[2],[4],[12]

$ 6,187,924

Maturity

^[2],[12]

Mar. 01, 2026

Fair Value

^[2],[6],[12]

$ 6,048,696

Cost

^[2],[9],[12]

$ 6,090,770

Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member]

% of Net Assets

^[1],[2]

4.05%

Par Amount

^[2],[4]

$ 4,550,000

Maturity

^[2]

Aug. 02, 2027

Fair Value

^[2]

$ 4,220,000

Cost

^[2],[7]

$ 4,550,000

Consumer Goods Durable [Member] | Equity - 13,044 Common Units [Member] | Walker Edison Furniture Company LLC [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 13,044

Fair Value

^[2],[6]

Cost

^[2]

$ 2,114,646

^[9]

$ 2,114,646

^[7]

Aerospace and Defense [Member] | Equity - 350 Common Units [Member] | Wingman Holdings, Inc. [Member]

% of Net Assets

^[2]

0.00%

^[8]

0.00%

^[1]

Par Amount

^[2],[4]

$ 350

Fair Value

^[2],[6]

Cost

^[2]

$ 700,000

^[9]

$ 700,000

^[7]

Aerospace and Defense [Member] | Senior Secured Second Lien Term Loan [Member] | CPI International, Inc [Member]

% of Net Assets

^[1],[2]

2.50%

Par Amount

^[2],[4]

$ 2,607,062

Maturity

^[2]

Jul. 28, 2025

Fair Value

^[2],[6]

$ 2,607,062

Cost

^[2],[7]

$ 2,602,547

Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC

% of Net Assets

^[2],[8],[10]

0.10%

Par Amount

^[2],[4],[10]

$ 1,231,932

Maturity

^[2],[10]

May 01, 2023

Fair Value

^[2],[6],[10]

$ 123,193

Cost

^[2],[9],[10]

$ 1,191,257

Energy Oil & Gas [Member] | Revolving Credit Facility [Member] | 1888 Industrial Services, LLC

% of Net Assets

^{[2],[5],[8],[10]}

3.71%

Par Amount

^{[2],[4],[5],[10]}

$ 4,632,177

Maturity

^[2],[5],[10]

May 01, 2023

Fair Value

^{[2],[5],[6],[10]}

$ 4,632,177

Cost

^{[2],[5],[9],[10]}

$ 4,632,177

Energy Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC

% of Net Assets

^{[2],[8],[10],[15]}

0.00%

Par Amount

^{[2],[4],[10],[15]}

$ 1,231,932

Maturity

^{[2],[10],[15]}

May 01, 2023

Fair Value

^{[2],[6],[10],[15]}

Cost

^{[2],[10],[15]}

$ 1,191,257

Energy Oil & Gas [Member] | Revolving Credit Facility [Member] | 1888 Industrial Services, LLC

% of Net Assets

^{[1],[2],[10],[15]}

3.99%

Par Amount

^{[2],[4],[10],[15]}

$ 4,416,555

Maturity

^{[2],[10],[15]}

May 01, 2023

Fair Value

^{[2],[6],[10],[15]}

$ 4,151,562

Cost

^{[2],[7],[10],[15]}

$ 4,416,555

Energy Oil & Gas [Member] | Equity - 21,562 Class A Units [Member] | 1888 Industrial Services, LLC

% of Net Assets

^[2],[8],[10]

Par Amount

^[2],[4],[10]

$ 21,562

Fair Value

^[2],[6],[10]

Cost

^[2],[9],[10]

Hotel, Gaming & Leisure [Member] | Equity - 17.92% Membership Interest [Member] | Black Angus Steakhouses, LLC [Member]

% of Net Assets

^[5]

0.00%

Par Amount

^[5]

Fair Value

^[5]

Cost

^[5]

Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Kemmerer Operations, LLC [Member]

% of Net Assets

^[2]

1.26%

^[8],[10]

2.28%

^[1],[15]

Par Amount

^[2],[4]

$ 1,564,951

^[10]

$ 2,378,510

^[15]

Maturity

^[2]

Jun. 21, 2023

^[10]

Jun. 21, 2023

^[15]

Fair Value

^[2],[6]

$ 1,564,951

^[10]

$ 2,378,510

^[15]

Cost

^[2]

$ 1,564,951

^[9],[10]

$ 2,378,510

^[7],[15]

Metals & Mining [Member] | Equity - 6.7797 Common Units [Member] | Kemmerer Operations, LLC [Member]

% of Net Assets

^[2],[8],[10]

0.86%

Par Amount

^[2],[4],[10]

$ 7

Fair Value

^[2],[6],[10]

1,075,444

Cost

^[2],[9],[10]

$ 962,717

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]

% of Net Assets

^[2],[11]

2.96%

^[5],[8]

3.55%

^[1],[15]

Par Amount

^[2],[4],[11]

$ 19,561,424

^[5]

$ 19,561,424

^[15]

Maturity

^[2],[11]

Dec. 31, 2024

^[5],[16]

Dec. 31, 2024

^[4],[15]

Fair Value

^[2],[6],[11]

$ 3,697,109

^[5]

$ 3,697,109

^[15]

Cost

^[2],[11]

$ 13,916,082

^[5],[9]

$ 13,916,082

^[7],[15]

Hotel, Gaming & Leisure [Member] | Convertible Promissory Note [Member] | Maritime Wireless Holdings LLC [Member]

% of Net Assets

^[1],[2]

4.80%

Par Amount

^[2],[4]

$ 5,000,000

Fair Value

^[2],[6]

5,000,000

Cost

^[2],[7]

$ 5,000,000

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | NVTN LLC [Member]

% of Net Assets

^{[1],[2],[11],[15]}

6.91%

Par Amount

^{[2],[4],[11],[15]}

$ 7,309,885

Maturity

^{[2],[11],[15]}

Dec. 31, 2024

Fair Value

^{[2],[6],[11],[15]}

$ 7,192,927

Cost

^{[2],[7],[11],[15]}

$ 7,309,885

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | NVTN LLC [Member]

% of Net Assets

^[2],[11]

0.00%

^[5],[8]

0.00%

^[1],[15]

Par Amount

^[2],[4],[11]

$ 13,199,860

^[5]

$ 13,199,860

^[15]

Maturity

^[2],[11]

Dec. 31, 2024

^[5],[16]

Dec. 31, 2024

^[15]

Fair Value

^[2],[6],[11]

^[5]

^[15]

Cost

^[2],[11]

$ 7,570,056

^[5],[9]

$ 7,570,056

^[7],[15]

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | NVTN LLC [Member]

% of Net Assets

^{[2],[5],[9],[11]}

5.81%

Par Amount

^{[2],[5],[11],[16]}

$ 7,309,885

Maturity

^[2],[5],[11]

Dec. 31, 2024

Fair Value

^{[2],[4],[5],[11]}

$ 7,244,096

Cost

^[2],[5],[11]

$ 7,309,885

Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member]

% of Net Assets

^[2],[11]

0.00%

^[5],[8]

0.00%

^[1],[15]

Par Amount

^[2],[4],[11]

$ 9,551,135

^[5]

$ 9,551,135

^[15]

Fair Value

^[2],[6],[11]

^[5]

^[15]

Cost

^[2],[11]

$ 9,550,924

^[5],[9]

$ 9,550,924

^[7],[15]

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Maritime Wireless Holdings LLC [Member]

% of Net Assets

^[1],[2]

7.06%

Par Amount

^[2],[4]

$ 7,500,000

Maturity

^[2]

May 31, 2027

Fair Value

^[2],[6]

$ 7,350,000

Cost

^[2],[7]

$ 7,350,000

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan A [Member] | Maritime Wireless Holdings LLC [Member]

% of Net Assets

^[1],[2]

4.71%

Par Amount

^[2],[4]

$ 5,000,000

Maturity

^[2]

Feb. 15, 2024

Fair Value

^[2],[6]

$ 4,900,000

Cost

^[2],[7]

$ 4,900,000

Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority DDTL [Member] | NVTN LLC [Member]

% of Net Assets

^{[1],[2],[5],[11]}

0.00%

Par Amount

^{[2],[4],[5],[11]}

Maturity

^[2],[5],[11]

Dec. 31, 2024

Fair Value

^{[2],[5],[6],[11]}

Cost

^{[2],[5],[7],[11]}

High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp [Member]

% of Net Assets

^[1],[2]

0.67%

Par Amount

^[2],[4]

$ 714,286

Maturity

^[2]

Nov. 13, 2025

Fair Value

^[2],[6]

$ 700,000

Cost

^[2],[7]

$ 714,286

Energy Oil & Gas [Member] | Equity - 21,562 Class A Units [Member] | 1888 Industrial Services, LLC

% of Net Assets

^{[1],[2],[10],[15]}

Par Amount

^{[2],[4],[10],[15]}

$ 21,562

Fair Value

^{[2],[6],[10],[15]}

Cost

^{[2],[7],[10],[15]}

Metals & Mining [Member] | Equity - 6.78 Common Units [Member] | Kemmerer Operations, LLC [Member]

% of Net Assets

^[1],[2],[15]

0.67%

Par Amount

^[2],[4],[15]

$ 7

Fair Value

^[2],[6],[15]

694,702

Cost

^[2],[7],[15]

$ 962,717

[1]	Percentage is based on net assets of $121,845,408 as of September 30, 2022.
[2]	All of our investments are domiciled in the United States. Certain investments also have international operations.
[3]	The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2022, 17.24% of the Company’s portfolio investments were non-qualifying assets.
[4]	Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.
[5]	The investment has an unfunded commitment as of December 31, 2022 (see Note 8), and fair value includes the value of any unfunded commitments.
[6]	Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (see Note 4).
[7]	Net unrealized depreciation for U.S. federal income tax purposes totaled $(69,642,639). The tax cost basis of investments is $262,599,288 as of September 30, 2022.
[8]	Percentage is based on net assets of $124,692,805 as of December 31, 2022.
[9]	Net unrealized depreciation for U.S. federal income tax purposes totaled $(68,128,841). The tax cost basis of investments is $251,399,020 as of December 31, 2022.
[10]	Affiliated Investments are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25% outstanding voting securities or is under common control with such portfolio company.
[11]	Control Investments are defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
[12]	The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of December 31, 2022, 19.96% of the Company’s portfolio investments were non-qualifying assets.
[13]	This investment represents a Level 1 security in the ASC 820 table as of June 30, 2022 (see Note 4).
[14]	The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 4.743% spread on 9/30/2025.
[15]	The investment has an unfunded commitment as of September 30, 2022 (see Note 8), and fair value includes the value of any unfunded commitments.
[16]	The investment was on non-accrual status as of December 31, 2022.

Directors Fees

3 Months Ended

Dec. 31, 2022

Disclosure Of Investment Company Directors Fees Abstract

Directors Fees

Note 10. Directors Fees

For each of calendar year 2021 and 2022, the Company’s independent directors each receive an annual fee of $100,000. In addition, the lead independent director receives an annual retainer of $30,000; the chair of the Audit Committee receives an annual retainer of $25,000, and each of its other members receives an annual retainer of $12,500; and the chairs of the Nominating and Corporate Governance Committee and of the Compensation Committee each receive an annual retainer of $15,000 and each of the other members of these committees receive annual retainers of $8,000. The Company’s independent directors also receive a fee of $3,000 for each board meeting and $2,500 for each committee meeting that they attend.

No board service compensation is paid to directors who are “interested persons” of the Company (as such term is defined in the 1940 Act). For the three months ended December 31, 2022 and 2021, the Company recognized $0.2 million, and $0.2 million for directors’ fees expense, respectively.

Fair Value Measurements (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements (Details) [Line Items]
Net change in unrealized gain (loss)		$ 2.3	$ (10.3)
Investment transferred in/out, description		Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. During the three months ended December 31, 2022, no investments were transferred out of Level 3 and one investment was transferred into Level 3. During the three months ended December 31, 2021, one of our investments transferred out of Level 3 and no investments transferred into Level 3.
Membership interest percentage	5.00%
Aggregate fair value	$ 2.4
Lydell Jewelry Design Studio, LLC [Member]
Fair Value Measurements (Details) [Line Items]
Membership interest percentage	3.80%

Commitments

3 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments

Note 8. Commitments

Unfunded commitments

As of December 31, 2022 and September 30, 2022, we had commitments under loan and financing agreements to fund up to $2.2 million to four portfolio companies and $6.0 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedule 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. A summary of the composition of the unfunded commitments as of December 31, 2022 and September 30, 2022 is shown in the table below (dollars in thousands):

	December 31, 2022		September 30, 2022
SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan	$	1,333	$	4,000
Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan		-		908
Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan		517		517
NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan		220		220
Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan		167		167
1888 Industrial Services, LLC - Revolving Credit Facility		-		216
Total unfunded commitments	$	2,237	$	6,028

Lease obligations

The Company evaluates its leases to determine whether they should be classified as operating or financing leases. PhenixFIN identified one operating lease for its office space. The lease commenced September 1, 2021 and expires November 30, 2026.

Upon entering into the lease on September 1, 2021, PhenixFIN recorded a right-of-use asset and a lease liability as of that date.

As of December 31, 2022 and September 30, 2022, the asset related to the operating lease was $478,604 and $513,142, respectively, and is included in the Other assets balance on the Consolidated Balance Sheet. The lease liability was $534,769 and $570,695, respectively, and is included in the Other liabilities balance on the Consolidated Statements of Assets and Liabilities. As of December 31, 2022 and September 30, 2022, the remaining lease term was approximately four years for each of the respective periods and the implied borrowing rate was 5.25% for each of the respective periods.

The following table shows future minimum payments under PhenixFIN’s operating lease as of December 31, 2022:

For the Years Ended December 31,	Amount
2023	$	111,240
2024		152,399
2025		156,971
2026		161,680
2027		27,417
Thereafter		-
		609,707
Difference between undiscounted and discounted cash flows		(74,938	)
	$	534,769

Investments (Details) - Schedule of summarized income statement or financial information for Unconsolidated Significant Subsidiaries - FlexFIN, LLC [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Investments (Details) - Schedule of summarized income statement or financial information for Unconsolidated Significant Subsidiaries [Line Items]
Total Income	$ 1,085	$ 3,855
Total Expenses	75	202
Net Income	$ 1,010	$ 3,653

Commitments (Tables)

3 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

	December 31, 2022		September 30, 2022
SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan	$	1,333	$	4,000
Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan		-		908
Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan		517		517
NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan		220		220
Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan		167		167
1888 Industrial Services, LLC - Revolving Credit Facility		-		216
Total unfunded commitments	$	2,237	$	6,028

Schedule of future minimum payments under PhenixFIN’s operating lease

For the Years Ended December 31,	Amount
2023	$	111,240
2024		152,399
2025		156,971
2026		161,680
2027		27,417
Thereafter		-
		609,707
Difference between undiscounted and discounted cash flows		(74,938	)
	$	534,769

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 3,951,916	$ 4,803,010
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investment increases due to payment-in-kind interest	(195,930)	(235,539)
Net amortization of premium (discount) on investments	(72,247)	2,072
Amortization of debt issuance cost	103,192	41,698
Amortization of deferred financing cost	30,431
Net realized (gains) losses from investments	(13,448)	(15,223,335)
Net unrealized (gains) losses on investments	(2,289,805)	10,324,239
Proceeds from sale and settlements of investments	19,188,416	77,579,123
Purchases, originations and participations	(6,931,516)	(96,205,833)
Loss on extinguishment of debt		296,197
(Increase) decrease in operating assets:
Fees receivable		1,872,700
Interest receivable	(985,314)	(161,771)
Due from affiliate	(29,058)
Dividends receivable		(139,248)
Paydown receivable	(287,808)	(3,593,630)
Other receivable	36,992	(1,293)
Other assets	138,264	158,901
Increase (decrease) in operating liabilities:
Due to broker	(16,550,000)	10,503,033
Accounts payable and accrued expenses	(998,141)	(494,108)
Due to affiliates		(280,460)
Administrator expenses payable	(6,644)	60,045
Interest and fees payable		385,729
Deferred revenue	146,919	386,156
Other liabilities	(37,682)
Net cash provided by (used in) operating activities	(4,801,463)	(9,922,314)
Cash Flows from Financing Activities:
Debt issuance		57,500,000
Paydowns on debt		(55,325,000)
Debt issuance costs paid		(2,305,942)
Deferred financing costs	(312,523)
Net cash provided by (used in) financing activities	(312,523)	(130,942)
Net increase (decrease) in cash and cash equivalents	(5,113,986)	(10,053,256)
Cash and cash equivalents, beginning of period	22,768,066	69,433,256
Cash and cash equivalents, end of period	17,654,080	59,380,000
Supplemental information:
Interest paid during the period	1,099,553	1,873,404
Supplemental non-cash information:
Repurchase of common shares	$ (104,519)

Financial Highlights (Details) - $ / shares

3 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Investment Company, Financial Highlights [Abstract]

Net investment income/(loss)

^[1]

$ 0.78

$ 0.08

Indebtedness unit amount

$ 1,000

Asset coverage description

the Company’s asset coverage was 259.7% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act.

[1]	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $0.78 and $0.08 per share for the three months ended December 31, 2022 and 2021 respectively.

Fair Value Measurements (Details) - Schedule of fair value measurements of our investments - Investments [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Fair Value Measurements (Details) - Schedule of fair value measurements of our investments [Line Items]
Senior Secured First Lien Term Loans	$ 88,691	$ 88,248
Senior Secured Second Lien Term Loans		2,607
Senior Secured Notes	1,617	1,659
Unsecured Debt
Equity/Warrants	92,963	100,443
Total Investments, at fair value	183,271	192,957
Level 1 [Member]
Fair Value Measurements (Details) - Schedule of fair value measurements of our investments [Line Items]
Senior Secured First Lien Term Loans
Senior Secured Second Lien Term Loans
Senior Secured Notes
Unsecured Debt
Equity/Warrants	28,231	24,750
Total Investments, at fair value	28,231	24,750
Level 2 [Member]
Fair Value Measurements (Details) - Schedule of fair value measurements of our investments [Line Items]
Senior Secured First Lien Term Loans	14,030	13,996
Senior Secured Second Lien Term Loans
Senior Secured Notes		1,659
Unsecured Debt
Equity/Warrants	5,669	5,877
Total Investments, at fair value	19,699	21,532
Level 3 [Member]
Fair Value Measurements (Details) - Schedule of fair value measurements of our investments [Line Items]
Senior Secured First Lien Term Loans	74,661	74,252
Senior Secured Second Lien Term Loans		2,607
Senior Secured Notes	1,617
Unsecured Debt
Equity/Warrants	59,063	69,816
Total Investments, at fair value	$ 135,341	$ 146,675

Share Transactions (Details) - Schedule of shares of common stock repurchased - USD ($)		3 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)	1,000	624,885
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 24,783,792
Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		13,082
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 397,384
Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		12,241
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 393,938
Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		14,390
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 491,469
Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		25,075
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 976,440
Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		141,700
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 5,944,213
Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		7,312
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 293,756
Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		170,589
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 6,908,864
Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		132,054
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 5,306,885
Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		2,942
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 117,758
Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		3,391
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 131,338
Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		3,515
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 135,063
Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		700
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 25,864
Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		3,081
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 112,456
Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		91,808
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 3,443,845
Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		401
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 14,434
Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		1,103
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 38,790
Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Shares Repurchased (in Shares)		1,501
Aggregate Consideration for Repurchased Shares (in Dollars)		$ 51,295
Minimum [Member] \| Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		$ 30.25
Minimum [Member] \| Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		30.25
Minimum [Member] \| Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		33.11
Minimum [Member] \| Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		34.56
Minimum [Member] \| Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		41.03
Minimum [Member] \| Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		39.07
Minimum [Member] \| Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		39.53
Minimum [Member] \| Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		39.24
Minimum [Member] \| Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		39.07
Minimum [Member] \| Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		37.7
Minimum [Member] \| Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		37.28
Minimum [Member] \| Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		36.43
Minimum [Member] \| Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		28.27
Minimum [Member] \| Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		36.13
Minimum [Member] \| Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		35.2
Minimum [Member] \| Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		34.53
Minimum [Member] \| Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		33.26
Maximum [Member] \| Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		30.96
Maximum [Member] \| Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		34.42
Maximum [Member] \| Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		34.89
Maximum [Member] \| Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		39.93
Maximum [Member] \| Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		42.28
Maximum [Member] \| Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		40.88
Maximum [Member] \| Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		41
Maximum [Member] \| Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		40.57
Maximum [Member] \| Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		41
Maximum [Member] \| Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		39.78
Maximum [Member] \| Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		39.19
Maximum [Member] \| Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		37.26
Maximum [Member] \| Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		37.82
Maximum [Member] \| Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		37.53
Maximum [Member] \| Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		36.14
Maximum [Member] \| Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		35.28
Maximum [Member] \| Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of shares of common stock repurchased [Line Items]
Repurchase Price Per Share		$ 34.84