0001213900-23-098182 | 10-K | XBRL Viewer

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

Maximum [Member]

Total Affiliated Investments [Member]

^[1],[2]

^[1],[2]

12,314,192

57,595,245

^[1],[2]

13,908,773

^[1],[2]

7,327,399

96,490

^[1],[2]

(1,018,267)

4,408,961

^[1],[2]

37,289,617

12,314,192

Total Affiliated Investments [Member] | Minimum [Member]

^[1],[2]

2,386,149

1,014,714

Total Controlled Investments [Member]

^[1],[2]

4,757,520

(49,786,504)

^[1],[2]

58,026,182

9,891,860

^[1],[2]

3,341,227

^[1],[2]

8,659,262

2,141,326

^[1],[2]

23,456

1,850

^[1],[2]

63,640,043

58,026,182

Total Controlled Investments [Member] | Maximum [Member]

^[1],[2]

4,941,969

4,803,388

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

^[1],[2]

(6,410,084)

45,991,146

^[1],[2]

^[1],[2]

^[1],[2]

751,479

^[1],[2]

^[1],[2]

751,479

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

^[1],[2]

84,559

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

^[1],[2]

^[1],[2]

4,151,562

^[1],[2]

^[1],[2]

264,993

^[1],[2]

^[1],[2]

4,632,177

4,151,562

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

^[1],[2]

553,233

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

^[1],[2]

215,622

^[1],[2]

758,929

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

875,749

758,929

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

^[1],[2]

232,614

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

^[1],[2]

116,820

^[1],[2]

1,547,918

^[1],[2]

^[1],[2]

(88,669)

^[1],[2]

^[1],[2]

1,459,249

1,547,918

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

^[1],[2]

159,780

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

^[1],[2]

^[1],[2]

2,378,510

^[1],[2]

(2,378,510)

^[1],[2]

^[1],[2]

^[1],[2]

2,378,510

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

^[1],[2]

89,743

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

^[1],[2]

^[1],[2]

1,500,000

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

1,920,960

1,500,000

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

^[1],[2]

360,670

Equity type of investment [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member]

^[1],[2]

420,960

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

Equity type of investment [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member] | Minimum [Member]

^[1],[2]

Equity type of investment [Member] | Affiliated Investments [Member] | FST Holdings Parent, LLC [Member]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

10,000,003

Equity type of investment [Member] | Affiliated Investments [Member] | FST Holdings Parent, LLC [Member] | Minimum [Member]

^[1],[2]

121,385

Equity type of investment [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member]

^[1],[2]

10,000,000

^[1],[2]

694,702

^[1],[2]

(962,717)

^[1],[2]

268,015

^[1],[2]

^[1],[2]

694,702

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

^[1],[2]

Equity type of investment [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member]

^[1],[2]

^[1],[2]

^[1],[2]

5,000,000

^[1],[2]

5,150,000

^[1],[2]

^[1],[2]

10,150,000

Equity type of investment [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member] | Minimum [Member]

^[1],[2]

Equity type of investment [Member] | Affiliated Investments [Member] | US Multifamily, LLC [Member]

^[1],[2]

^[1],[2]

1,282,571

^[1],[2]

^[1],[2]

854,744

^[1],[2]

(1,118,971)

^[1],[2]

1,282,571

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

^[1],[2]

Equity type of investment [Member] | Controlled Investments [Member] | Kemmerer Operations, LLC [Member]

^[1],[2]

(1,018,344)

^[1],[2]

^[1],[2]

962,717

^[1],[2]

7,296,895

^[1],[2]

^[1],[2]

9,133,052

Equity type of investment [Member] | Controlled Investments [Member] | Kemmerer Operations, LLC [Member] | Maximum [Member]

^[1],[2]

Senior Secured First Lien Term Loan A [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member]

^[1],[2]

873,440

^[1],[2]

^[1],[2]

4,900,000

^[1],[2]

^[1],[2]

100,704

^[1],[2]

Senior Secured First Lien Term Loan A [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member] | Minimum [Member]

^[1],[2]

218,788

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

^[1],[2]

(5,000,704)

^[1],[2]

2,249,835

^[1],[2]

^[1],[2]

3,556,057

^[1],[2]

(3,345,444)

^[1],[2]

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

^[1],[2]

(1,693)

Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member]

^[1],[2]

(2,460,448)

^[1],[2]

^[1],[2]

7,350,000

^[1],[2]

126,834

^[1],[2]

^[1],[2]

7,500,000

Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member] | Minimum [Member]

^[1],[2]

565,377

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

^[1],[2]

23,166

^[1],[2]

^[1],[2]

^[1],[2]

6,483,741

^[1],[2]

(6,483,741)

^[1],[2]

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

^[1],[2]

(2,974)

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

^[1],[2]

^[1],[2]

47,136,146

2,500,000

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

38,870,711

47,136,146

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

^[1],[2]

3,716,676

3,505,220

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

^[1],[2]

(8,265,435)

44,636,146

^[1],[2]

2,378,510

2,360,547

^[1],[2]

^[1],[2]

21,438

^[1],[2]

^[1],[2]

2,378,510

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

^[1],[2]

368,331

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

^[1],[2]

(3,475)

^[1],[2]

^[1],[2]

2,378,510

^[1],[2]

^[1],[2]

23,456

^[1],[2]

3,383,877

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

^[1],[2]

557,981

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

^[1],[2]

981,911

^[1],[2]

7,192,927

^[1],[2]

^[1],[2]

21,929

^[1],[2]

^[1],[2]

7,214,856

7,192,927

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

^[1],[2]

667,312

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

^[1],[2]

^[1],[2]

3,697,109

^[1],[2]

^[1],[2]

1,340,438

^[1],[2]

^[1],[2]

5,037,547

3,697,109

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

^[1],[2]

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

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

19,468,870

^[1],[2]

(19,468,870)

^[1],[2]

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

^[1],[2]

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

^[1],[2]

^[1],[2]

24,639

^[1],[2]

^[1],[2]

(24,639)

^[1],[2]

^[1],[2]

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

^[1],[2]

79,084

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

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

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

^[1],[2]

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

^[1],[2]

^[1],[2]

4,151,562

3,554,069

^[1],[2]

^[1],[2]

(264,993)

^[1],[2]

^[1],[2]

4,151,562

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

^[1],[2]

235,755

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

^[1],[2]

862,486

^[1],[2]

758,929

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

758,929

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

^[1],[2]

79,375

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

^[1],[2]

^[1],[2]

162,441

^[1],[2]

^[1],[2]

1,474

^[1],[2]

^[1],[2]

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

^[1],[2]

6,601

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

^[1],[2]

(163,915)

^[1],[2]

1,547,918

2,279,814

^[1],[2]

^[1],[2]

(731,896)

^[1],[2]

^[1],[2]

1,547,918

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

^[1],[2]

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

^[1],[2]

^[1],[2]

2,577,416

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

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

^[1],[2]

93,338

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

^[1],[2]

(2,577,418)

^[1],[2]

1,500,000

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

1,500,000

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

^[1],[2]

156,885

Equity [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

Equity [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member] | Minimum [Member]

^[1],[2]

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

^[1],[2]

^[1],[2]

694,702

553,746

^[1],[2]

^[1],[2]

140,956

^[1],[2]

^[1],[2]

694,702

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

^[1],[2]

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

^[1],[2]

^[1],[2]

1,282,571

2,236,261

^[1],[2]

^[1],[2]

238,995

^[1],[2]

^[1],[2]

1,282,571

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

^[1],[2]

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

^[1],[2]

(1,192,685)

^[1],[2]

3,454,786

^[1],[2]

^[1],[2]

(925,960)

^[1],[2]

919,393

^[1],[2]

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

^[1],[2]

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

^[1],[2]

(3,448,219)

^[1],[2]

^[1],[2]

^[1],[2]

7,328,568

^[1],[2]

(2,417,897)

^[1],[2]

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

^[1],[2]

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

^[1],[2]

(4,910,671)

^[1],[2]

8,099,949

^[1],[2]

^[1],[2]

(7,970,361)

^[1],[2]

7,955,051

^[1],[2]

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

^[1],[2]

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

^[1],[2]

(8,084,639)

^[1],[2]

26,862,813

^[1],[2]

^[1],[2]

(26,805,513)

^[1],[2]

26,750,220

^[1],[2]

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

^[1],[2]

Warrants [Member] | Affiliated Investments [Member] | Path Medical, LLC [Member]

^[1],[2]

(26,807,520)

^[1],[2]

^[1],[2]

^[1],[2]

499,751

^[1],[2]

(499,751)

^[1],[2]

Warrants [Member] | Affiliated Investments [Member] | Path Medical, LLC [Member] | Minimum [Member]

^[1],[2]

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

^[1],[2]

^[1],[2]

920,000

^[1],[2]

^[1],[2]

(920,000)

^[1],[2]

1,000,000

^[1],[2]

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

^[1],[2]

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

^[1],[2]

(1,000,000)

^[1],[2]

7,192,927

6,414,860

^[1],[2]

^[1],[2]

34,057

^[1],[2]

^[1],[2]

7,192,927

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

^[1],[2]

1,124,346

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

^[1],[2]

744,010

^[1],[2]

977,000

^[1],[2]

^[1],[2]

21,150

^[1],[2]

1,850

^[1],[2]

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

^[1],[2]

173,822

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

^[1],[2]

(1,000,000)

^[1],[2]

$ 3,697,109

^[1],[2]

^[1],[2]

2,086,119

^[1],[2]

^[1],[2]

3,697,109

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

^[1],[2]

Investment Company, Financial Highlights [Abstract]

^[1],[2]

$ 1,610,990

[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 Schedules of Investments.

Investments (Details) - USD ($)	12 Months Ended
Investments (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Investments [Abstract]
Total fair value of warrants	$ 206,500	$ 62,600
Total unrealized depreciation	$ 143,900	$ 299,100	$ 981,400

Commitments (Details) - USD ($)	12 Months Ended
Commitments (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Commitments [Line Items]
Received insurance proceeds	$ 0	$ 0	$ 2,100,000
Lease term, description	The lease commenced September 1, 2021 and expires November 30, 2026.
Total operating lease cost	$ 141,330	$ 129,552
Security deposit			72,000
Prepaid rent			$ 12,000
Lease term	3 years	4 years
Implied borrowing rate percentage	5.25%	5.25%
Other Asset [Member]
Commitments [Line Items]
Asset operating lease	$ 449,815	$ 513,142
Other Liability [Member]
Commitments [Line Items]
Liabilities operating lease	432,698	570,695
Portfolio Companies [Member]
Commitments [Line Items]
Total unfunded commitments	$ 3,400,000	$ 6,000,000

Financial Highlights

12 Months Ended

Sep. 30, 2023

Financial Highlights

Note 12. Financial Highlights

The following is a schedule of financial highlights for the years ended September 30, 2023, 2022, 2021, 2020 and 2019:

	For the Years Ended September 30,
	2023			2022			2021			2020			2019
Per share data
Net Asset Value per share at Beginning of Period	$	57.49		$	57.08		$	55.30		$	79.46		$	117.92

Results of Operations:
Net Investment Income/(Loss)(1)		3.11			1.48			6.92			(1.00	)		(7.66	)
Net Realized Gain/(Loss) on Investments		(5.51	)		2.24			(15.86	)		(18.35	)		(41.18	)
Net Unrealized Gain/(Loss) on Investments		15.27			(6.22	)		9.47			(3.90	)		14.13
Net loss on extinguishment of debt		-			(0.13	)		(0.05	)		(0.91	)		(0.75	)
Net Increase (Decrease) in Net Assets Resulting from Operations		12.87			(2.63	)		0.48			(24.16	)		(35.46	)

Capital Share Transactions
Distributions declared		-			(0.12	)		-			-			(3.00	)
Repurchase of common stock under stock repurchase program		0.39			3.16			1.30			-			-
Net Increase (Decrease) Resulting from Capital Share Transactions		0.39			3.04			1.30			-			(3.00	)
Net Asset Value per share at End of Period	$	70.75		$	57.49		$	57.08		$	55.30		$	79.46

Net Assets at End of Period	$	146,705,535		$	120,845,408		$	143,693,981		$	150,619,517		$	216,432,530
Shares Outstanding at End of Period		2,073,713			2,102,129			2,517,221			2,723,709			2,723,709

Per share market value at end of period	$	37.90		$	34.88		$	42.90		$	17.83		$	51.80
Total return based on market value(2)		8.66	%		(18.69	)%		140.61	%		(65.58	)%		(29.91	)%
Total return based on net asset value (3)		21.40	%		(15.90	)%		(4.60	)%		(30.41	)%		(29.47	)%
Portfolio turnover rate		32.62	%		69.43	%		24.97	%		5.66	%		11.93	%

Ratios:
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements		4.80	%		2.55	%		12.44	%		(1.64	)%		(7.96	)%
Ratio of total expenses to average net assets		10.04	%		9.02	%		9.26	%		14.64	%		25.62	%

Supplemental Data:
Percentage of non-recurring fee income		1.61	%		2.70	%		7.94	%		2.33	%		4.29	%
Average debt outstanding(4)	$	81,599,762		$	85,397,690		$	82,930,098		$	189,038,998		$	347,991,878
Average debt outstanding per weighted average common share	$	39.18		$	36.75		$	30.97		$	69.40		$	127.76
Asset coverage ratio per unit(5)	$	2,707		$	2,550		$	2,856		$	1,992		$	1,842
2021 Notes(6)	$	-		$	-		$	-		$	74,012,825		$	74,012,825
2023 Notes	$	-		$	22,521,800		$	77,846,800		$	77,846,800		$	77,846,800
2028 Notes	$	57,500,000		$	57,500,000		$	-		$	-		$	-
Credit Facility	$	28,441,941		$	-		$	-		$	-		$	-
Israeli Notes(7)	$	-		$	-		$	-		$	-		$	105,136,927

(1)

Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $3.11, $1.48, $6.92, $(3.35), and $(7.66) per share for the years ended September 30, 2023, 2022, 2021, 2020, and 2019, 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.

(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.

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

(5)

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 September 30, 2023, the Company’s asset coverage was 270.7% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act.

(6)	During the year ended September 30, 2021, the 2021 Notes were redeemed in full and ceased trading on November 20, 2020. The average price for the year ended September 30, 2021 reflects the period from October 1, 2020 through November 20, 2020.

(7)	During the year ended September 30, 2020, the Israeli Notes were redeemed in full and ceased trading on the TASE on April 14, 2020.

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Debt issuance costs of notes payable	$ 1,688,835	$ 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)	2,073,713	2,102,129
Non-Controlled, Non-Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 134,339,121	$ 147,378,917
Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	48,223,910	30,585,884
Controlled Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 82,437,692	$ 85,483,093

Cost of the investment.

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Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Non-controlled, non-affiliated investments:
Cash	$ 8,031,539	$ 5,207,850	$ 5,974,807
Payment in-kind	506,555	444,741	609,964
Affiliated investments:
Cash	1,925,293	639,733	1,099,809
Payment in-kind	460,856	374,981	327,804
Controlled investments:
Cash	667,312	2,489,381	75,000
Payment in-kind	557,981
Total interest income	12,149,536	9,156,686	8,087,384
Dividend income	6,856,268	5,503,425	21,564,348
Interest from cash and cash equivalents	400,031	139,942	10,402
Fee income (see Note 9)	324,290	420,279	2,566,519
Other income	402,138	323,828	78,204
Total Investment Income	20,132,263	15,544,160	32,306,857
Expenses:
Base management fees (see Note 6)			1,146,403
Interest and financing expenses	5,531,833	5,113,105	5,800,100
Salaries and benefits	4,186,852	2,952,106	1,993,277
Professional fees, net	1,404,676	1,340,828	559,975
General and administrative expenses	983,274	1,103,125	1,012,147
Directors fees	728,833	712,000	1,039,717
Insurance expenses	466,319	590,178	1,619,536
Administrator expenses (see Note 6)	320,310	301,281	612,983
Total expenses	13,622,097	12,112,623	13,784,138
Net Investment Income	6,510,166	3,431,537	18,522,719
Net realized gains (losses):
Non-controlled, non-affiliated investments	(10,538,228)	810,240	7,747,672
Affiliated investments	(1,018,267)	4,408,961	(10,088,405)
Controlled investments	23,456	1,850	(40,144,795)
Total net realized gains (losses)	(11,533,039)	5,221,051	(42,485,528)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments	15,954,552	(16,701,153)	(5,022,484)
Affiliated investments	7,327,399	96,490	(10,342,450)
Controlled investments	8,659,262	2,141,326	40,728,006
Total net change in unrealized gains (losses)	31,941,213	(14,463,337)	25,363,072
Loss on extinguishment of debt (see Note 5)		(296,197)	(122,355)
Total realized and unrealized gains (losses)	20,408,174	(9,538,483)	(17,244,811)
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 26,918,340	$ (6,106,946)	$ 1,277,908
Weighted average basic earnings per common share (in Dollars per share)	$ 12.87	$ (2.63)	$ 0.48
Weighted average common shares outstanding - basic (in Shares)	2,092,326	2,323,601	2,677,891

Share Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2023	Feb. 08, 2023
Share Transactions (Details) [Line Items]
Share repurchase program	$ 9.3
Aggregate repurchased shares (in Shares)	649,996
Total cost	$ 25.7
Percentage of shares outstanding	23.90%
Stock repurchased weighted average price (in Dollars per share)	$ 39.6
Number of share transferred (in Shares)	28,291
Treasury shares (in Shares)	300
Minimum [Member]
Share Transactions (Details) [Line Items]
Share repurchase program		$ 25.0
Maximum [Member]
Share Transactions (Details) [Line Items]
Share repurchase program		$ 35.0

Borrowings

12 Months Ended

Sep. 30, 2023

Borrowings [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. No approval was requested or obtained and the Company is still subject to the 200% requirement.

As of September 30, 2023, the Company’s asset coverage was 270.7% 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.

As of September 30, 2022, the Company’s asset coverage was 255.0% 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 September 30, 2023 and 2022 were as follows (dollars in thousands):

	September 30, 2023								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	$	22,483	$	22,378
2028 Notes		57,500		57,500		55,811		49,105		57,500		57,500		55,480		50,255
Revolving Credit Facility		21,558		28,442		28,442		28,442		-		-		-		-
Total debt	$	79,058	$	85,942	$	84,253	$	77,547	$	80,022	$	80,022	$	77,963	$	72,633

Credit Facility

On December 15, 2022, the Company entered into a 3 year $50.0 million revolving credit facility (the “Credit Facility”) with Woodforest National Bank (“Woodforest’). Woodforest is the administrative agent, sole bookrunner and sole lead arranger.

Under the Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, (e) maintaining a ratio of total assets to total indebtedness of the Company and its consolidated subsidiaries (subject to certain exceptions) of not less than 2.0:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. Amounts available to borrow under the Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Credit Facility) that are pledged as collateral. As of September 30, 2023, the Company was in compliance in all respects with the terms of the Credit Facility.

As of September 30, 2023 and September 30, 2022, there was $28.4 million and $0.0 million outstanding, respectively, under the Credit Facility.

Outstanding loans under the Credit Facility 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.

On January 17, 2023, the Company borrowed $23.2 million under the Credit Facility and used these proceeds to redeem $22.6 million 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 January 17, 2023 (the “Redemption Date”).

Unsecured Notes

2021 Notes

On December 17, 2015, the Company issued $70.8 million in aggregate principal amount of 6.50% unsecured notes that mature on January 30, 2021 (the “2021 Notes”). On January 14, 2016, the Company closed an additional $3.25 million in aggregate principal amount of the 2021 Notes, pursuant to the partial exercise of the underwriters’ option to purchase additional notes. The 2021 Notes bore interest at a rate of 6.50% per year, payable quarterly on January 30, April 30, July 30 and October 30 of each year, beginning January 30, 2016.

On October 21, 2020, the Company caused notices to be issued to the holders of the 2021 Notes regarding the Company’s exercise of its option to redeem, in whole, the issued and outstanding 2021 Notes, pursuant to Section 1104 of the Indenture dated as of February 7, 2012, between the Company and U.S. Bank National Association, as trustee, and Section 101(h) of the Third Supplemental Indenture dated as of December 17, 2015. The Company redeemed $74,012,825 in aggregate principal amount of the issued and outstanding 2021 Notes on November 20, 2020 (the “Redemption Date”). The 2021 Notes were redeemed at 100% of their principal amount ($25 per 2021 Note), plus the accrued and unpaid interest thereon from October 31, 2020, through, but excluding, the Redemption Date. The Company funded the redemption of the 2021 Notes with cash on hand.

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 bore 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 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 $0.2 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 redemption was completed on January 17, 2023. The Company funded the redemption of the 2023 Notes with loans obtained under the Credit Facility.

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” or 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 2023 Notes and the 2028 Notes, which are or were publicly traded, is based upon closing market quotes as of the measurement date. As of September 30, 2023 and 2022 with respect to the 2028 Notes, and as of September 30, 2022 with respect to the 2023 Notes, such notes are deemed to be Level 1 in the fair value hierarchy, as defined in Note 4. As of September 30, 2023, the Credit Facility is deemed to be Level 3 in the fair value hierarchy, as defined in Note 4.

Debt issuance costs related to the 2023 Notes and the 2028 Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of the 2023 Notes and the 2028 Notes. As of September 30, 2023 and September 30, 2022, debt issuance costs related to the 2023 Notes and the 2028 Notes were as follows (dollars in thousands):

	September 30, 2023						September 30, 2022
	2023 Notes		2028 Notes		Total		2023 Notes		2028 Notes		Total
Total debt issuance costs at beginning of period	$	39	$	2,020	$	2,059	$	3,102	$	2,311	$	5,413
Amortized debt issuance costs		39		331		370		3,063		291		3,354
Unamortized debt issuance costs	$	-	$	1,689	$	1,689	$	39	$	2,020	$	2,059

For the years ended September 30, 2023, 2022 and 2021, the components of interest expense, amortized debt issuance costs, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the 2023 Notes and the 2028 Notes were as follows (dollars in thousands):

	For the Years Ended September 30,
	2023			2022			2021
2021 Notes Interest	$	-		$	-		$	668
2023 Notes Interest		410			1,749			4,768
2023 Notes Premium		-			-			(3	)
2028 Notes Interest		3,019			2,996			-
Credit Facility Interest		1,390			-			-
Commitment fees		56			-			-
Amortization of deferred financing costs		287			-			-
Amortization of debt issuance costs		370			368			367
Total	$	5,532		$	5,113		$	5,800
Weighted average stated interest rate		5.9	%		6.0	%		7.0	%
Weighted average debt outstanding	$	81,600		$	85,398		$	82,930

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.

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Schedule of Fair Value Measurements of Our Investments

Consolidated Statements of Assets and Liabilities - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Investments at fair value
Total Investments at fair value	$ 226,460,691	$ 192,956,649
Cash and cash equivalents	5,988,223	22,768,066
Receivables:
Interest receivable	971,115	727,576
Paydown receivable		112,500
Dividends receivable	161,479	269,330
Other receivable	31,425	36,992
Other assets	833,000	1,192,677
Deferred financing costs	699,124	50,000
Due from affiliate	409,214	271,962
Prepaid share repurchase	199,019	489,156
Receivable for investments sold	3,940,175
Total Assets	239,693,465	218,874,908
Liabilities:
Credit facility and note payable (net of debt issuance costs of $1,688,835 and $2,059,164, respectively)	84,253,106	77,962,636
Payable for investments purchased	4,123,059	16,550,000
Accounts payable and accrued expenses	3,066,984	2,040,277
Interest and fees payable	690,398	503,125
Other liabilities	432,698	572,949
Deferred revenue	421,685	325,602
Administrator expenses payable (see Note 6)		74,911
Total Liabilities	92,987,930	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; 2,073,713 and 2,102,129 common shares outstanding, respectively	2,074	2,102
Capital in excess of par value	694,812,239	675,401,802
Total distributable earnings (loss)	(548,108,778)	(554,558,496)
Total Net Assets	146,705,535	120,845,408
Total Liabilities and Net Assets	$ 239,693,465	$ 218,874,908
Net Asset Value Per Common Share (in Dollars per share)	$ 70.75	$ 57.49
Non-Controlled, Non-Affiliated Investments
Investments at fair value
Total Investments at fair value	$ 125,531,031	$ 122,616,275
Affiliated Investments
Investments at fair value
Total Investments at fair value	37,289,617	12,314,192
Controlled Investments
Investments at fair value
Total Investments at fair value	$ 63,640,043	$ 58,026,182

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2023

Fair Value Measurements [Abstract]

The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of September 30, 2023 (dollars in thousands):

	Fair Value Hierarchy as of September 30, 2023
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	20,505	$	82,499	$	103,004
Senior Secured Notes		-		8,922		-		8,922
Unsecured Debt		-		-		-		-
Equity/Warrants		24,709		6,217		82,817		113,743
Total	$	24,709	$	35,644	$	165,316	$	225,669
Investments measured at net asset value⁽¹⁾								792
Total Investments, at fair value							$	226,461

(1)

Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

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

Schedule of Investments that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended September 30, 2023 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans			Unsecured Debt			Equities/ Warrants			Total
Balance as of September 30, 2022	$	74,252		$	2,607		$	-		$	69,816		$	146,675
Purchases and other adjustments to cost		23,481			-			-			29,571			53,052
Sales (including repayments or maturities)		(12,840	)		(2,607	)		(191	)		(33,213	)		(48,851	)
Net realized gains/(losses) from investments		162	)		5			9			(9,574	)		(9,398	)
Net unrealized gains/(losses)		(2,556	)		(5	)		182			26,217			23,838
Transfer in/(out)		-			-			-			-			-
Balance as of September 30, 2023	$	82,499		$	-		$	-		$	82,817		$	165,316

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended September 30, 2022 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans		Secured Debt			Unsecured Debt			Equities/ Warrants⁽¹⁾			Total
Balance as of September 30, 2021	$	61,934		$	2,490	$	2,500		$	-		$	48,889		$	115,813
Purchases and other adjustments to cost		59,179			-		-			-			71,111			130,290
Sales		(58,333	)		-		-			(1,280	)		(52,938	)		(112,551	)
Net realized gains/(losses) from investments		(23,917	)		-		-			(99	)		36,101			12,085
Net unrealized gains/(losses)		35,189			117		(2,500	)⁽¹⁾		1,379			(33,347	)⁽¹⁾		838
Transfer in/(out)		200			-		-			-			-			200
Balance as of September 30, 2022	$	74,252		$	2,607	$	-		$	-		$	69,816		$	146,675

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

Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments

The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2023 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Input

Range
(Weighted Average)

Impact to
Valuation From
An Increase In
Input

Senior Secured First Lien Term Loans

69,943

Income Approach

Market Yield

8.50% - 32.0% (13.78%)

Decrease

Senior Secured First Lien Term Loans

751

Market Approach

Revenue Multiple

0.3x - 0.3x (0.3x)

Increase

Senior Secured First Lien Term Loans

10,939

Market Approach

EBITDA Multiple

1.7x - 5.0x (3.1x)

Increase

Senior Secured First Lien Term Loans

866

Market Approach

LTM EBITDA Multiple

5.8x - 6.8x (6.3x)

Increase

Equity/Warrants

38,870

Cost Approach

Collateral Value

N/A

Equity/Warrants

11,734

Market Approach

LTM Multiple

5.8x – 6.8x (6.3x)

Increase

Equity/Warrants

22,007

Market Approach

EBITDA Multiple

1.8x – 36.8x (2.8x)

Increase

Equity/Warrants

10,000

Recent Purchase

Purchase Price

N/A – N/A (N/A)

N/A

Equity/Warrants

206

Income Approach

DLOM (Discount for lack of Marketability)

3.0x – 3.2x (3.1x)

Decrease

Total

165,316

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	Market 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

Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Agreements (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Agreements (Details) [Line Items]
Annual rate percentage			0.375%				1.50%
Gross assets (in Dollars)	$ 1,000,000,000
Management fees (in Dollars)						$ 1,100,000
Administrator expenses (in Dollars)				$ 320,310	$ 301,281	612,983
Administrator expenses payable (in Dollars)					74,911
Accrual amount (in Dollars)				$ 317,000
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%
Administration Agreement [Member]
Agreements (Details) [Line Items]
Administrator expenses payable (in Dollars)				$ 0	100,000
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%
Base Management Fee and Incentive Fee [Member]
Agreements (Details) [Line Items]
Annual rate percentage		0.4375%					1.75%
Gross assets (in Dollars)				$ 1,000,000,000
Administration Agreement [Member]
Agreements (Details) [Line Items]
Administrator expenses (in Dollars)				$ 300,000	$ 300,000	$ 600,000

Consolidated Schedule of Investments - USD ($)

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Altisource S.A.R.L [Member]

^[1],[2]

^[3],[4]

5.45%

^[5]

4.51%

^[6]

^[3],[7]

$ 9,640,790

^[5]

$ 6,486,419

^[6]

^[3],[8]

8,012,089

^[5]

5,448,591

^[6]

Arcline FM Holdings, LLC [Member]

^[3]

$ 8,507,963

^[5],[9]

$ 5,825,616

^[6],[10]

^[3],[4]

1.80%

^[3],[7]

$ 2,679,494

^[3],[8]

2,644,660

Be Green Packaging, LLC [Member]

^[3],[9]

$ 2,591,013

^[3],[4]

0.00%

^[6]

^[3],[7]

$ 417

$ 1

^[6]

^[3],[8]

^[6]

Boostability Seotowncenter, Inc. [Member]

^[3]

$ 416,250

^[9]

$ 416,250

^[6],[10]

^[3],[4]

0.00%

^[6]

^[3],[7]

$ 833,152

^[6]

^[3],[8]

^[6]

CB&L Associates Holdco I, LLC [Member]

^[3]

$ 66,475

^[9]

$ 66,475

^[6],[10]

^[3],[4]

3.53%

^[3],[7]

$ 5,916,102

^[3],[8]

5,191,380

Chimera Investment Corp [Member]

^[3],[9]

$ 4,990,179

^[3],[4]

3.76%

^[5]

1.59%

^[6]

^[3],[7]

$ 280,911

^[5]

$ 117,310

^[6]

^[3],[8]

5,530,624

^[5]

1,915,672

^[6]

DataOnline Corp. [Member]

^[3]

$ 6,347,999

^[5],[9]

$ 2,884,724

^[6],[10]

^[3],[4]

3.72%

4.52%

^[6]

^[3],[7]

$ 5,526,786

$ 5,576,786

^[6]

^[3],[8]

5,471,518

5,465,250

^[6]

Deer Management Systems LLC [Member]

^[3]

$ 5,526,786

^[9]

$ 5,576,786

^[6],[10]

^[3],[4]

2.26%

^[3],[7]

$ 3,357,500

^[3],[8]

3,323,925

DirecTV Financing, LLC [Member]

^[3],[9]

$ 3,294,306

^[3],[4]

2.72%

3.49%

^[6]

^[3],[7]

$ 4,100,000

$ 4,550,000

^[6]

^[3],[8]

4,003,908

4,220,000

^[6]

First Brands Group, LLC [Member]

^[3]

$ 4,100,000

^[9]

$ 4,550,000

^[6],[10]

^[3],[4]

2.64%

3.25%

^[3],[7]

$ 3,919,598

$ 3,959,799

^[3],[8]

3,880,402

3,930,101

Franklin BSP Realty Trust, Inc. [Member]

^[3],[9]

$ 3,919,598

$ 3,959,799

^[3],[4]

2.04%

^[5]

4.72%

^[3],[7]

$ 226,107

^[5]

$ 529,914

^[3],[8]

2,993,657

^[5]

5,707,174

Global Accessories Group, LLC [Member]

^[3],[9]

$ 3,572,788

^[5]

$ 8,754,386

^[3],[4]

0.00%

^[3],[7]

$ 380

^[3],[8]

^[3],[9]

$ 151,337

Innovate Corp. [Member]

^[3],[4]

1.41%

^[5]

1.37%

^[3],[7]

$ 2,750,000

^[5]

$ 2,250,000

^[3],[8]

2,076,250

^[5]

1,659,375

Invesco Mortgage Capital, Inc. [Member]

^[3],[9]

$ 2,615,913

^[5]

$ 2,252,156

^[3],[4]

2.71%

^[5]

2.60%

^[3],[7]

$ 205,000

^[5]

$ 205,000

^[3],[8]

3,989,300

^[5]

3,138,550

JFL-NGS-WCS Partners, LLC [Member]

^[3],[9]

$ 5,035,506

^[5]

$ 5,035,506

^[3],[4]

8.57%

9.20%

^[3],[7]

$ 10,861,605

$ 10,885,050

^[3],[8]

12,599,438

11,113,935

Lighting Science Group Corporation [Member]

^[3],[9]

$ 10,864,482

$ 10,888,790

^[3],[4]

0.00%

^[3],[7]

$ 5,000,000

^[3],[8]

Lucky Bucks, LLC [Member]

^[3],[9]

$ 955,680

^[3],[4]

2.45%

5.14%

^[3],[7]

$ 2,231,520

$ 7,218,750

^[3],[8]

3,596,099

6,208,125

McKissock Investment Holdings, LLC (dba Colibri) [Member]

^[3],[9]

$ 2,134,927

$ 7,095,116

^[3]

3.25%

^[4]

4.03%

^[11]

^[3],[7]

$ 4,924,535

$ 4,974,999

^[3],[8]

4,776,799

4,875,500

MFA Financial, Inc. [Member]

^[3]

$ 4,883,570

^[9]

$ 4,927,870

^[10]

^[3]

1.26%

^[4]

1.43%

^[11]

^[3],[7]

$ 97,426

^[3],[8]

1,856,940

1,722,492

New York Mortgage Trust, Inc. [Member]

^[3]

$ 2,318,487

^[9]

$ 2,318,487

^[10]

^[3]

2.50%

^[4]

2.44%

^[11]

^[3],[7]

$ 165,000

^[3],[8]

3,677,850

2,953,500

PennyMac Financial Services, Inc. [Member]

^[3]

$ 4,102,076

^[9]

$ 4,102,076

^[10]

^[3]

1.34%

^[4]

2.89%

^[11]

^[3],[7]

$ 29,500

$ 81,500

^[3],[8]

1,964,700

3,496,350

PHH Mortgage Corp [Member]

^[3]

$ 1,921,275

^[9]

$ 5,364,478

^[10]

^[3],[4]

4.66%

^[3],[7]

$ 7,686,000

^[3],[8]

6,845,344

^[3],[9]

$ 6,895,720

Point.360 [Member]

^[3]

0.00%

^[4]

0.00%

^[11]

^[3],[7]

$ 2,777,366

^[3],[8]

^[3]

$ 2,103,712

^[9]

$ 2,103,712

^[10]

Power Stop LLC [Member]

^[3]

3.84%

^[4]

3.33%

^[11]

^[3],[7]

$ 6,919,937

$ 4,975,000

^[3],[8]

5,639,748

4,029,750

Rithm Capital Corp. [Member]

$ 6,515,010

^[3],[9]

$ 4,930,071

^[10]

^[3]

3.20%

^[4]

3.23%

^[11],[12]

^[3],[7]

$ 206,684

^{[12],[13],[14]}

^[3],[8]

4,695,860

3,902,194

^[12]

Secure Acquisition Inc [Member]

^[3]

$ 5,129,170

^[9]

$ 5,129,170

^[10],[12]

^[3],[4]

2.31%

^[3],[7]

$ 3,430,517

^[3],[8]

3,396,212

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

^[3],[9]

$ 3,417,600

^[3]

6.72%

^[4]

5.45%

^[11]

^[3],[7]

$ 9,866,667

$ 6,666,667

^[3],[8]

9,866,667

6,591,667

SMART Financial Operations, LLC [Member]

^[3]

$ 9,753,518

^[9]

$ 6,575,847

^[10]

^[3]

0.67%

^[4]

0.10%

^[11]

^[3],[7]

$ 700,000

^[3],[8]

978,140

120,793

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

^[3]

$ 700,000

^[9]

$ 700,000

^[10]

^[3]

0.14%

^[4]

0.22%

^[11]

^[3],[7]

$ 338,736

^[3],[8]

200,566

265,269

^[3]

$ 308,652

^[9]

$ 308,652

^[10]

Staples, Inc. [Member]

^[3]

2.48%

^[4]

2.89%

^[11]

^[3],[7]

$ 3,692,159

$ 3,730,720

^[3],[8]

3,648,315

3,488,223

Tamarix Capital Partners II, L.P [Member]

^[3]

$ 3,655,672

^[9]

$ 3,659,706

^[10]

^[3],[4]

0.54%

^[3],[7]

^[3],[8]

792,346

Thryv Holdings, Inc [Member]

^[3],[9]

$ 1,026,818

^[3]

5.21%

^[4]

5.20%

^[11]

^[3],[7]

$ 7,656,442

$ 6,515,633

^[3],[8]

7,661,227

6,287,583

Velocity Pooling Vehicle, LLC [Member]

^[3]

$ 7,604,838

^[9]

$ 6,406,051

^[10]

^[3],[4]

0.00%

^[3],[7]

$ 11,947

^[3],[8]

Wingman Holdings, Inc [Member]

^[3],[9]

$ 664,131

^[3]

0.00%

^[4]

0.00%

^[11]

^[3],[7]

$ 350

^[3],[8]

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

^[3]

$ 700,000

^[9]

$ 700,000

^[10]

^[3]

85.41%

^[4]

96.58%

^[11]

^[3],[7]

$ 106,630,423

$ 109,151,781

^[3],[8]

125,531,031

122,616,275

1888 Industrial Services, LLC

^[3]

$ 134,339,121

^[9]

$ 147,378,917

^[10]

^[3]

3.66%

^[4],[15]

3.44%

^[11],[16]

^[3],[7]

$ 15,832,412

^[15]

$ 15,616,790

^[16]

^[3],[8]

5,383,656

^[15]

4,151,562

^[16]

Black Angus Steakhouses, LLC [Member]

^[3]

$ 15,296,502

^[9],[15]

$ 15,080,880

^[10],[16]

^[3]

2.90%

^[4],[15]

3.15%

^[11],[16]

^[3],[7]

$ 15,825,824

^[15]

$ 10,671,525

^[16]

^[3],[8]

4,255,958

^[15]

3,806,847

^[16]

FST Holdings Parent, LLC [Member]

^[3]

$ 10,564,242

^[9],[15]

$ 10,026,462

^[10],[16]

^[3],[4],[15]

6.81%

^[3],[7],[15]

$ 625,548

^[3],[8],[15]

10,000,003

Maritime Wireless Holdings LLC [Member]

^[3],[9],[15]

$ 10,000,000

^[3]

12.01%

^[4],[15]

14.27%

^[11]

^[3],[7]

$ 12,500,000

^[15]

$ 17,500,000

^[3],[8]

17,650,000

^[15]

17,250,000

Subtotal Affiliated Investments [Member]

$ 12,373,166

^[3],[9],[15]

$ 17,250,000

^[10]

^[3]

25.38%

^[4],[15]

10.19%

^[11],[16]

^[3],[7]

$ 44,783,784

^[15]

$ 28,700,132

^[16]

^[3],[8]

37,289,617

^[15]

12,314,192

^[16]

^[3]

$ 48,233,910

^[9],[15]

$ 30,585,884

^[10],[16]

FlexFIN, LLC [Member]

^[3],[6]

26.45%

^[4]

39.01%

^[11]

^[3],[7]

$ 38,870,711

$ 47,136,146

^[6]

^[3],[6],[8]

38,870,711

47,136,146

Kemmerer Holdings, LLC [Member]

^[3],[6]

$ 38,870,711

^[9]

$ 47,136,146

^[10]

^[3],[4],[6]

8.52%

^[3],[7]

$ 3,383,908

^[3],[6],[8]

12,516,929

^[3],[6],[9]

$ 5,220,034

NVTN LLC [Member]

^[3],[6]

8.34%

^[4]

9.01%

^[11]

^[3],[7]

$ 36,369,131

$ 49,622,304

^[6]

^[3],[6],[8]

12,252,403

10,890,036

Subtotal Control Investments [Member]

^[3],[6]

$ 38,346,947

^[9]

$ 38,346,947

^[10]

^[3],[6]

43.31%

^[4]

48.02%

^[11]

^[3],[7]

$ 78,623,750

$ 96,758,450

^[6]

^[3],[6],[8]

63,640,043

58,026,182

Total Investments [Member]

^[3],[6]

$ 82,437,692

^[9]

$ 85,483,093

^[10]

^[3],[6],[11]

154.79%

^[3],[6],[7]

$ 234,610,363

^[3],[6],[8]

192,956,649

CPI International, Inc. [Member]

^[3],[6],[10]

$ 263,447,894

^[3],[4],[6]

2.16%

^[3],[6],[7]

$ 2,607,062

^[3],[6],[8]

2,607,062

Dream Finders Homes, LLC [Member]

^[3],[6],[10]

$ 2,602,547

^[3],[4],[6]

4.10%

^[3],[6],[7]

$ 5,309,341

^[3],[6],[8]

4,950,961

Footprint Holding Company Inc. [Member]

^[3],[6],[10]

$ 5,309,341

^[3],[4]

0.00%

^[3],[7]

$ 150

^[3],[8]

Great AJAX Corp. [Member]

^[3],[9]

^[3],[4]

1.58%

^[3],[7]

$ 254,922

^[3],[8]

1,914,464

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

^[3],[9]

$ 3,333,786

^[3],[11]

2.78%

^[3],[7]

$ 3,465,345

^[3],[8]

3,361,385

Sendero Drilling Company, LLC [Member]

^[3],[10]

$ 3,450,604

^[3],[11]

0.00%

^[3],[7]

$ 191,250

^[3],[8]

Velocity Pooling Vehicle, LLC [Member]

^[3],[10]

$ 182,081

^[3],[11]

0.09%

^[3],[7]

$ 11,947

^[3],[8]

114,911

Walker Edison Furniture Company LLC [Member]

^[3],[10]

$ 664,131

^[3],[11]

0.00%

^[3],[7]

$ 13,044

^[3],[8]

Watermill QMC Midco, Inc [Member]

^[3],[10]

$ 2,114,646

^[3],[11]

0.00%

^[3],[7]

$ 518,283

^[3],[8]

Kemmerer Operations, LLC [Member]

^[3],[10]

$ 518,283

^{[3],[11],[17]}

2.54%

^[3],[7],[17]

$ 2,378,517

^[3],[8],[17]

3,073,212

US Multifamily, LLC [Member]

^{[3],[10],[17]}

$ 3,341,227

^{[3],[11],[16]}

1.06%

^[3],[7],[16]

$ 33,300

^[3],[8],[16]

1,282,571

Services Business [Member] | Equity - 833,152 Common Units [Member] | Boostability Seotowncenter, Inc. [Member]

^{[3],[10],[16]}

$ 2,137,315

^[3],[4]

0.00%

^[3],[7]

$ 833,152

^[3],[8]

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

^[3],[9]

$ 66,475

^[3],[4]

0.14%

^[3],[7]

$ 338,736

^[3],[8]

200,566

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

^[3],[9]

$ 308,652

^[3],[4],[6]

26.45%

^[3],[6],[7]

$ 38,870,711

^[3],[6],[8]

38,870,711

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

^[3],[6],[9]

$ 38,870,711

^[3],[4]

0.00%

^[3],[7]

$ 417

^[3],[8]

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

^[3],[9]

$ 416,250

^[3],[4],[5]

1.44%

^[3],[5],[7]

$ 117,310

^[3],[5],[8]

2,116,271

Banking, Finance, Insurance & Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp [Member]

^[3],[5],[9]

$ 2,884,724

^[3],[4],[5]

2.32%

^[3],[5],[7]

$ 163,601

^[3],[5],[8]

3,414,353

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

^[3],[5],[9]

$ 3,463,275

^[3],[4]

4.23%

^[3],[7]

$ 597,795

^[3],[8]

6,217,067

Banking, Finance, Insurance & Real Estate [Member] | Equity - 226,107 Common Units [Member] | Franklin BSP Realty Trust, Inc. [Member]

^[3],[9]

$ 7,547,670

^[3],[4],[5]

2.04%

^[3],[5],[7]

$ 226,107

^[3],[5],[8]

2,993,657

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

^[3],[5],[9]

$ 3,572,788

^[3],[4],[5]

2.71%

^[3],[5],[7]

$ 205,000

^[3],[5],[8]

3,989,300

Banking, Finance, Insurance & Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc. [Member]

^[3],[5],[9]

$ 5,035,506

^[3],[4],[5]

1.26%

^[3],[5],[7]

$ 97,426

^[3],[5],[8]

1,856,940

Banking, Finance, Insurance & Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc. [Member]

^[3],[5],[9]

$ 2,318,487

^[3],[4],[5]

2.50%

^[3],[5],[7]

$ 165,000

^[3],[5],[8]

3,677,850

Banking, Finance, Insurance & Real Estate [Member] | Equity - 29,500 Common Unit [Member] | PennyMac Financial Services, Inc. [Member]

^[3],[5],[9]

$ 4,102,076

^[3],[4],[5]

1.34%

^[3],[5],[7]

$ 29,500

^[3],[5],[8]

1,964,700

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

^[3],[5],[9]

$ 1,921,275

^[3],[4],[5]

3.20%

^[3],[5],[7]

$ 206,684

^[3],[5],[8]

4,695,860

Consumer Discretionary [Member] | Equity180,739 Membership Units[ Member] | Lucky Bucks, LLC [Member]

^[3],[5],[9]

$ 5,129,170

^[3],[4]

1.05%

^[3],[7]

$ 180,739

^[3],[8]

1,545,318

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

^[3],[9]

$ 174,393

^[3],[4]

0.00%

^[3],[7]

$ 380

^[3],[8]

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

^[3],[9]

$ 151,337

^[3],[4]

0.67%

^[3],[7]

$ 700,000

^[3],[8]

978,140

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

^[3],[9]

$ 700,000

^[3],[4]

0.00%

^[3],[7]

$ 5,441

^[3],[8]

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

^[3],[9]

$ 302,464

^[3],[4]

0.00%

^[3],[7]

$ 6,506

^[3]

Mar. 30, 2028

^[3],[8]

Warrants - 0.65% of Outstanding Equity [Member] | Equity - 350 Common Units [Member] | Wingman Holdings, Inc [Member]

^[3],[9]

$ 361,667

^[3],[4]

0.00%

^[3],[7]

$ 350

^[3],[8]

Metals & Mining [Member] | Equity - 31 Common Units [Member] | Kemmerer Holdings, LLC [Member]

^[3],[9]

$ 700,000

^{[3],[4],[6],[18]}

6.22%

^[3],[7],[18]

$ 31

^{[3],[6],[8],[18]}

9,133,052

Subtotal Control Investments [Member] | Total Investments [Member]

^{[3],[6],[9],[18]}

$ 1,836,157

^[3],[4],[6]

154.40%

^[3],[7]

$ 230,037,957

^[3],[6],[8]

226,460,691

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

^[3],[6],[9]

$ 265,010,723

^[3],[4]

5.31%

^[5]

4.51%

^[6]

^[3],[7]

$ 9,565,710

^[5]

$ 6,486,419

^[6]

^[3]

Apr. 30, 2025

^[5]

Apr. 03, 2024

^[6]

^[3],[8]

$ 7,805,619

^[5]

$ 5,448,591

^[6]

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

^[3]

$ 8,507,963

^[5],[9]

$ 5,825,616

^[6],[10]

^[3],[4]

0.59%

^[3],[7]

$ 861,605

^[3]

Nov. 12, 2026

^[3],[8]

$ 865,913

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

^[3],[9]

$ 864,482

^[3],[4],[15]

5.10%

^[3],[7],[15]

$ 7,500,000

^[3],[15]

May 31, 2027

^[3],[8],[15]

$ 7,500,000

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

^[3],[9],[15]

$ 7,373,166

^[3],[6],[11]

3.06%

^[3],[6],[7]

$ 19,561,424

^[3],[6]

Dec. 31, 2024

^[3],[6],[8]

$ 3,697,109

Warrants [Member] | Services Business [Member] | Altisource S.A.R.L [Member]

^[3],[6],[10]

$ 13,916,082

^[3],[4],[5]

0.14%

^[3],[5],[7]

$ 75,080

^[3],[5]

May 22, 2027

^[3],[5],[8]

$ 206,470

First Lien Term Loans [Member] | Aerospace & Defense [Member] | Arcline FM Holdings, LLC [Member]

^[3],[5],[9]

^[3],[4]

1.80%

^[3],[7]

$ 2,679,494

^[3]

Jun. 23, 2028

^[3],[8]

$ 2,644,660

First Lien Term Loan [Member] | Banking, Finance, Insurance & Real Estate [Member] | CB&L Associates Holdco I, LLC [Member]

^[3],[9]

$ 2,591,013

^[3],[4]

3.53%

^[3],[7]

$ 5,916,102

^[3]

Nov. 01, 2025

^[3],[8]

$ 5,191,380

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

^[3],[9]

$ 4,990,179

^[3],[4]

3.24%

^[3],[7]

$ 4,812,500

^[3]

Nov. 13, 2025

^[3],[8]

$ 4,764,375

First Lien Term Loan [Member] | Consumer Discretionary [Member] | Deer Management Systems LLC [Member]

^[3],[9]

$ 4,812,500

^[3],[4]

2.26%

^[3],[7]

$ 3,357,500

^[3]

May 01, 2028

^[3],[8]

$ 3,323,925

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

^[3],[9]

$ 3,294,306

^[3]

2.48%

^[4]

2.89%

^[11]

^[3],[7]

$ 3,692,159

$ 3,730,720

^[3]

Sep. 12, 2024

^[3],[8]

$ 3,648,315

$ 3,488,223

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

^[3]

$ 3,655,672

^[9]

$ 3,659,706

^[10]

^[3],[4]

0.48%

^[3],[7]

$ 714,286

^[3]

Nov. 13, 2025

^[3],[8]

$ 707,143

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

^[3],[9]

$ 714,286

^[3],[4],[15]

3.15%

^[3],[7],[15]

$ 4,632,177

^[3],[15]

Aug. 31, 2024

^[3],[8],[15]

$ 4,632,177

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

^[3],[9],[15]

$ 4,632,177

^[3],[4],[6]

0.58%

^[3],[6],[7]

$ 714,286

^[3],[6]

Nov. 13, 2025

^[3],[6],[8]

$ 700,000

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

^[3],[6],[10]

$ 714,286

^{[3],[11],[16]}

3.44%

^[3],[7],[16]

$ 4,416,555

^[3],[16]

May 01, 2023

^[3],[8],[16]

$ 4,151,562

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

^{[3],[10],[16]}

$ 4,416,555

^[4]

2.72%

^[3],[7]

$ 4,100,000

^[3]

Aug. 02, 2027

^[3],[8]

$ 4,003,908

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

^[3],[9]

$ 4,100,000

^[3],[4]

2.64%

^[3],[7]

$ 3,919,598

^[3]

Mar. 30, 2027

^[3],[8]

$ 3,880,402

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

^[3],[9]

$ 3,919,598

^[3],[4]

3.25%

^[3],[7]

$ 4,924,535

^[3]

Mar. 12, 2029

^[3],[8]

$ 4,776,799

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

^[3],[9]

$ 4,883,570

^{[3],[11],[19]}

5.45%

^[3],[7],[19]

$ 6,666,667

^[3],[19]

Dec. 30, 2026

^[3],[8],[19]

$ 6,591,667

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

^{[3],[10],[19]}

$ 6,575,847

^[3],[4],[6]

2.30%

^[3],[7]

$ 3,383,877

^[3],[6]

Jun. 21, 2025

^[3],[6],[8]

$ 3,383,877

Senior Secured Notes [Member] | Banking, Finance, Insurance & Real Estate [Member] | PHH Mortgage Corp [Member]

^[3],[6],[9]

$ 3,383,877

^[3],[4]

4.66%

^[3],[7]

$ 7,686,000

^[3]

Mar. 15, 2026

^[3],[8]

$ 6,845,344

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

^[3],[9]

$ 6,895,720

^[3],[4],[5]

1.41%

^[3],[5],[7]

$ 2,750,000

^[3],[5]

Feb. 01, 2026

^[3],[5],[8]

$ 2,076,250

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

^[3],[5],[9]

$ 2,615,913

^[3],[4]

7.98%

8.48%

^[3],[7]

$ 10,000,000

^[3],[8]

11,733,525

10,248,798

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

^[3],[9]

$ 10,000,000

^[3],[4]

0.00%

^[3],[7]

$ 5,000,000

^[3],[8]

Second Out Exit Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]

^[3],[9]

$ 955,680

^[3],[4]

0.93%

^[3],[7]

$ 1,361,240

^[3]

Oct. 02, 2029

^[3],[8]

$ 1,361,240

First Out Exit Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]

^[3],[9]

$ 1,334,015

^[3],[4]

0.47%

^[3],[7]

$ 689,541

^[3]

Oct. 02, 2028

^[3],[8]

$ 689,541

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

^[3],[9]

$ 626,519

^[3]

0.00%

^[4]

0.00%

^[11]

^[3],[7]

$ 2,777,366

^[3]

Jul. 08, 2020

^[3],[8]

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

^[3]

$ 2,103,712

^[9]

$ 2,103,712

^[10]

^[3],[4]

5.14%

^[3],[7]

$ 7,218,750

^[3]

Jul. 30, 2027

^[3],[8]

$ 6,208,125

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

^[3],[9]

$ 7,095,116

^[3],[4],[6]

3.49%

^[3],[6],[7]

$ 4,550,000

^[3],[6]

Aug. 02, 2027

^[3],[6],[8]

$ 4,220,000

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

^[3],[6],[10]

$ 4,550,000

^[3],[4]

3.84%

^[3],[7]

$ 6,919,937

^[3]

Jan. 26, 2029

^[3],[8]

$ 5,639,748

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

^[3],[9]

$ 6,515,010

^[3],[11]

4.03%

^[3],[7]

$ 4,974,999

^[3]

Mar. 10, 2029

^[3],[8]

$ 4,875,500

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

^[3],[10]

$ 4,927,870

^[3],[4]

4.54%

^[3],[7]

$ 6,666,667

^[3]

Dec. 30, 2026

^[3],[8]

$ 6,666,667

Senior Secured First Lien Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]

^[3],[9]

$ 6,592,976

^[3],[4]

2.31%

^[3],[7]

$ 3,430,517

^[3]

Dec. 16, 2028

^[3],[8]

$ 3,396,212

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

^[3],[9]

$ 3,418,570

^{[3],[11],[17]}

2.78%

^[3],[7],[17]

$ 3,465,345

^[3],[17]

Dec. 16, 2028

^[3],[8],[17]

$ 3,361,385

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

^{[3],[10],[17]}

$ 3,451,574

^[3],[4]

3.25%

^[3],[7]

$ 3,959,799

^[3]

Mar. 30, 2027

^[3],[8]

$ 3,930,101

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

^[3],[9]

$ 3,959,799

^[3],[11]

3.33%

^[3],[7]

$ 4,975,000

^[3]

Jan. 26, 2029

^[3],[8]

$ 4,029,750

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

^[3],[10]

$ 4,930,071

^{[3],[11],[16],[17]}

1.97%

^{[3],[7],[16],[17]}

$ 2,378,510

^{[3],[16],[17]}

Jun. 21, 2023

^{[3],[8],[16],[17]}

$ 2,378,510

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

^{[3],[10],[16],[17]}

$ 2,378,510

^[3],[4],[6]

3.94%

^[3],[6],[7]

$ 4,862,500

^[3],[6]

Nov. 13, 2025

^[3],[6],[8]

$ 4,765,250

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

^[3],[6],[10]

$ 4,862,500

^{[3],[11],[16],[19]}

1.28%

^{[3],[7],[16],[19]}

$ 8,412,596

^{[3],[16],[19]}

Jan. 31, 2024

^{[3],[8],[16],[19]}

$ 1,547,918

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

^{[3],[10],[16],[19]}

$ 7,767,533

^[3],[4],[15]

0.60%

^[3],[7],[15]

$ 875,749

^[3],[15]

Jan. 31, 2024

^[3],[8],[15]

$ 875,749

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

^[3],[9],[15]

$ 875,749

^[3],[4]

2.18%

^[3],[7]

$ 3,200,000

^[3]

Dec. 30, 2026

^[3],[8]

$ 3,200,000

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

^[3],[9]

$ 3,160,542

^{[3],[11],[17]}

0.00%

^[3],[7],[17]

^[3],[17]

Dec. 16, 2028

^[3],[8],[17]

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

^{[3],[10],[17]}

$ (970)

^{[3],[11],[16]}

0.63%

^[3],[7],[16]

$ 758,929

^[3],[16]

Jan. 31, 2024

^[3],[8],[16]

$ 758,929

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

^{[3],[10],[16]}

$ 758,929

^{[3],[6],[11],[19]}

5.95%

^{[3],[6],[7],[19]}

$ 7,309,885

^[3],[6],[19]

Dec. 31, 2024

^{[3],[6],[8],[19]}

$ 7,192,927

Fund Investment [Member] | Banking, Finance, Insurance & Real Estate [Member] | Tamarix Capital Partners II, L.P [Member]

^{[3],[6],[10],[19]}

$ 7,309,885

^[3],[4],[5]

0.54%

^[3],[5],[7]

^[3],[5],[8]

792,346

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

^[3],[5],[9]

$ 1,026,818

^[3],[4]

5.21%

^[3],[7]

$ 7,656,442

^[3]

Mar. 01, 2026

^[3],[8]

$ 7,661,227

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

^[3],[9]

$ 7,604,838

^[3],[4],[15]

0.00%

^[3],[7],[15]

$ 9,946,741

^[3],[15]

Aug. 31, 2024

^[3],[8],[15]

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

^[3],[9],[15]

$ 9,473,068

^{[3],[11],[16]}

1.24%

^[3],[7],[16]

$ 1,500,000

^[3],[16]

Jan. 31, 2024

^[3],[8],[16]

$ 1,500,000

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

^{[3],[10],[16]}

$ 1,500,000

^[3],[4],[15]

0.00%

^[3],[7],[15]

^[3],[8],[15]

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

^[3],[9],[15]

^{[3],[11],[16]}

0.00%

^[3],[7],[16]

^[3],[8],[16]

Equity 625,548 Class A Units [Member] | High Tech Industries [Member] | FST Holdings Parent, LLC [Member]

^{[3],[10],[16]}

^[3],[4],[15]

6.81%

^[3],[7],[15]

$ 625,548

^[3],[8],[15]

10,000,003

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

^[3],[9],[15]

$ 10,000,000

^[3]

6.91%

^[4],[15]

4.14%

^[11]

^[3],[7]

$ 500,000

^[15]

$ 5,000,000

^[3],[8]

10,150,000

^[15]

5,000,000

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

$ 5,000,000

^[3],[9],[15]

$ 5,000,000

^[10]

^{[3],[11],[16]}

0.00%

^[3],[7],[16]

$ 1,231,932

^{[3],[15],[16]}

May 01, 2023

^[3],[8],[16]

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

^{[3],[10],[16]}

$ 1,191,257

^[3],[6],[11]

0.00%

^[3],[6],[7]

$ 13,199,860

^[3],[6]

Dec. 31, 2024

^[3],[6],[8]

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

^[3],[6],[10]

$ 7,570,056

^[3],[4],[6]

0.00%

^[3],[6],[7]

$ 1

^[3],[6],[8]

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

^[3],[6],[10]

$ 416,250

^[3],[4],[6]

0.00%

^[3],[6],[7]

$ 833,152

^[3],[6],[8]

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

^[3],[6],[10]

$ 66,475

^{[3],[4],[5],[6]}

1.59%

^{[3],[5],[6],[7]}

$ 117,310

^{[3],[5],[6],[8]}

1,915,672

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

^{[3],[5],[6],[10]}

$ 2,884,724

^[3],[4],[6]

4.86%

^[3],[6],[7]

$ 437,795

^[3],[6],[8]

5,877,398

Senior Secured Second Lien Term Loans [Member] | Aerospace & Defense [Member] | CPI International, Inc. [Member]

^[3],[6],[10]

$ 6,314,757

^[3],[4],[6]

2.16%

^[3],[6],[7]

$ 2,607,062

^[3],[6]

Jul. 28, 2025

^[3],[6],[8]

$ 2,607,062

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

^[3],[6],[10]

$ 2,602,547

^[3],[4],[6]

4.10%

^[3],[6],[7]

$ 5,309,341

^[3],[6],[8]

4,950,961

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

^[3],[6],[10]

$ 5,309,341

^[3],[4]

0.00%

^[3],[7]

$ 150

^[3],[8]

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

^[3],[9]

^[3],[4]

4.72%

^[3],[7]

$ 529,914

^[3],[8]

5,707,174

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

^[3],[9]

$ 8,754,386

^[3],[4]

0.00%

^[3],[7]

$ 380

^[3],[8]

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

^[3],[9]

$ 151,337

^[3],[4]

1.58%

^[3],[7]

$ 254,922

^[3],[8]

1,914,464

8.50% Senior Secured Notes [Member] | Construction & Building [Member] | Innovate Corp. [Member]

^[3],[9]

$ 3,333,786

^[3],[4]

1.37%

^[3],[7]

$ 2,250,000

^[3]

Feb. 01, 2026

^[3],[8]

$ 1,659,375

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

^[3],[9]

$ 2,252,156

^[3],[4]

2.60%

^[3],[7]

$ 205,000

^[3],[8]

3,138,550

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

^[3],[9]

$ 5,035,506

^[3],[4]

0.72%

^[3],[7]

$ 885,050

^[3]

Nov. 12, 2026

^[3],[8]

$ 865,137

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

^[3],[9]

$ 888,790

^[3],[11]

5.20%

^[3],[7]

$ 6,515,633

^[3]

Mar. 01, 2026

^[3],[8]

$ 6,287,583

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

^[3],[10]

$ 6,406,051

^[3],[11]

6.08%

^[3],[7]

$ 7,500,000

^[3]

May 31, 2027

^[3],[8]

$ 7,350,000

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

^[3],[10]

$ 7,350,000

^[3],[11]

4.05%

^[3],[7]

$ 5,000,000

^[3]

Feb. 15, 2024

^[3],[8]

$ 4,900,000

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

^[3],[10]

$ 4,900,000

^{[3],[11],[16]}

0.00%

^[3],[7],[16]

$ 9,946,741

^[3],[16]

May 01, 2023

^[3],[8],[16]

Equity - 97,426 Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | MFA Financial, Inc. [Member]

^{[3],[10],[16]}

$ 9,473,068

^[3],[11]

1.43%

^[3],[7]

$ 97,426

^[3],[8]

1,722,492

Equity - 165,000 Class E Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | New York Mortgage Trust, Inc. [Member]

^[3],[10]

$ 2,318,487

^[3],[11]

2.44%

^[3],[7]

$ 165,000

^[3],[8]

2,953,500

Equity - 81,500 Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | PennyMac Financial Services, Inc. [Member]

^[3],[10]

$ 4,102,076

^[3],[11]

2.89%

^[3],[7]

$ 81,500

^[3],[8]

3,496,350

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

^[3],[10]

$ 5,364,478

^{[3],[11],[12]}

3.23%

^[3],[7],[12]

$ 206,684

^[3],[8],[12]

3,902,194

Unsecured Debt (9.00%) [Member]

^{[3],[10],[12]}

5,129,170

Unsecured Debt (9.00%) [Member] | Energy Oil & Gas [Member] | Sendero Drilling Company, LLC [Member]

^[3],[11]

0.00%

^[3],[7]

$ 191,250

^[3]

Aug. 01, 2023

^[3],[8]

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

^[3],[10]

$ 182,081

^[3],[11]

0.10%

^[3],[7]

$ 700,000

^[3],[8]

120,793

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

^[3],[10]

$ 700,000

^[3],[11]

0.22%

^[3],[7]

$ 338,736

^[3],[8]

265,269

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

^[3],[10]

$ 308,652

^[3],[11]

0.04%

^[3],[7]

$ 5,441

^[3],[8]

52,342

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

^[3],[10]

$ 302,464

^[3],[11]

0.05%

^[3],[7]

$ 6,506

^[3]

Mar. 30, 2028

^[3],[8]

$ 62,569

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

^[3],[10]

$ 361,667

^[3],[11]

0.00%

^[3],[7]

$ 13,044

^[3],[8]

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

^[3],[10]

$ 2,114,646

^[3],[11]

0.00%

^[3],[7]

$ 518,283

^[3],[8]

Equity - 350 Common Shares [Member] | Aerospace & Defense [Member] | Wingman Holdings, Inc [Member]

^[3],[10]

$ 518,283

^[3],[11]

0.00%

^[3],[7]

$ 350

^[3],[8]

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

^[3],[10]

$ 700,000

^{[3],[11],[16]}

^[3],[7],[16]

$ 21,562

^[3],[8],[16]

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

^{[3],[10],[16]}

^{[3],[11],[17]}

0.57%

^[3],[7],[17]

$ 7

^[3],[8],[17]

694,702

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

^{[3],[10],[17]}

$ 962,717

^{[3],[11],[16]}

1.06%

^[3],[7],[16]

$ 33,300

^[3],[8],[16]

1,282,571

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

^{[3],[10],[16]}

$ 2,137,315

^[3],[6],[11]

39.01%

^[3],[6],[7]

$ 47,136,146

^[3],[6],[8]

47,136,146

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

^[3],[6],[10]

$ 47,136,146

^[3],[6],[11]

0.00%

^[3],[6],[7]

$ 9,551,135

^[3],[6],[8]

Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc one [Member]

^[3],[6],[10]

$ 9,550,924

^[3],[4]

0.00%

^[3],[7]

^[3]

Dec. 16, 2028

^[3],[8]

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

^[3],[9]

$ (970)

^{[3],[4],[6],[18],[20]}

3.43%

^{[3],[7],[18],[20]}

$ 17,552,420

^{[3],[6],[18],[20]}

Dec. 31, 2024

^{[3],[6],[8],[18],[20]}

$ 5,037,547

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

^{[3],[6],[9],[18],[20]}

$ 13,916,083

^{[3],[4],[6],[19],[21]}

4.91%

^{[3],[7],[19],[21]}

$ 7,309,552

^{[3],[6],[19],[21]}

Dec. 31, 2024

^{[3],[6],[8],[19],[21]}

$ 7,214,856

London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member]

^{[3],[6],[9],[19],[21]}

$ 7,309,885

^{[3],[4],[6],[18]}

0.00%

^[3],[7],[18]

$ 1,000

^{[3],[6],[8],[18]}

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

^{[3],[6],[9],[18]}

$ 9,550,924

^[3],[4],[15]

0.51%

^[3],[7],[15]

$ 1,231,932

^[3],[15]

Aug. 31, 2024

^[3],[8],[15]

$ 751,479

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

^[3],[9],[15]

$ 1,191,257

^{[3],[4],[6],[18],[20]}

0.00%

^{[3],[7],[18],[20]}

$ 11,506,159

^{[3],[6],[18],[20]}

Dec. 31, 2024

^{[3],[6],[8],[18],[20]}

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

^{[3],[6],[9],[18],[20]}

$ 7,570,055

^[3],[4],[15]

0.99%

^[3],[7],[15]

$ 13,029,115

^[3],[15]

Jan. 31, 2024

^[3],[8],[15]

$ 1,459,249

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

^[3],[9],[15]

$ 7,767,533

^[3],[4],[15]

1.31%

^[3],[7],[15]

$ 1,920,960

^[3],[15]

Jan. 31, 2024

^[3],[8],[15]

$ 1,920,960

Affiliated Investments [Member] | Portfolio Company [Member] | Minimum [Member]

^[3],[9],[15]

$ 1,920,960

^[3],[4],[15]

^[3],[7],[15]

$ 21,562

^[3],[8],[15]

Schedule of Debt Issuance Costs

^[3],[9],[15]

[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 Schedules of Investments.
[3]	All of our investments are domiciled in the United States. Certain investments also have international operations.
[4]	Percentage is based on net assets of $146,705,535 as of September 30, 2023.
[5]	The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2023, non-qualifying assets represented 20.21% of total assets.
[6]	Control Investments are defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
[7]	Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted
[8]	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).
[9]	Net unrealized depreciation for U.S. federal income tax purposes totaled $(38,550,032).The tax cost basis of investments is $265,010,723 as of September 30, 2023.The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
[10]	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.
[11]	Percentage is based on net assets of $120,845,408 as of September 30, 2022.
[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 September 30, 2022, 17.24% of the Company’s portfolio investments were non-qualifying assets.
[13]	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.
[14]	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.
[15]	Affiliated Investments are defined by Investment Company Act of 1940 Act, as amended (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.
[16]	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.
[17]	The investment has an unfunded commitment as of September 30, 2022 (see Note 8), and fair value includes the value of any unfunded commitments. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan.
[18]	Non-income producing security.
[19]	The investment has an unfunded commitment as of September 30, 2023 (see Note 8), and fair value includes the value of any unfunded commitments. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan.
[20]	The investment was on non-accrual status as of September 30, 2023.
[21]	The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.

Borrowings (Tables)

12 Months Ended

Sep. 30, 2023

Borrowings [Abstract]

The Company’s outstanding debt excluding debt issuance costs as of September 30, 2023 and 2022 were as follows (dollars in thousands):

	September 30, 2023								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	$	22,483	$	22,378
2028 Notes		57,500		57,500		55,811		49,105		57,500		57,500		55,480		50,255
Revolving Credit Facility		21,558		28,442		28,442		28,442		-		-		-		-
Total debt	$	79,058	$	85,942	$	84,253	$	77,547	$	80,022	$	80,022	$	77,963	$	72,633

Schedule of Consolidated Statements of Assets and Liabilities

	September 30, 2023						September 30, 2022
	2023 Notes		2028 Notes		Total		2023 Notes		2028 Notes		Total
Total debt issuance costs at beginning of period	$	39	$	2,020	$	2,059	$	3,102	$	2,311	$	5,413
Amortized debt issuance costs		39		331		370		3,063		291		3,354
Unamortized debt issuance costs	$	-	$	1,689	$	1,689	$	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 Years Ended September 30,
	2023			2022			2021
2021 Notes Interest	$	-		$	-		$	668
2023 Notes Interest		410			1,749			4,768
2023 Notes Premium		-			-			(3	)
2028 Notes Interest		3,019			2,996			-
Credit Facility Interest		1,390			-			-
Commitment fees		56			-			-
Amortization of deferred financing costs		287			-			-
Amortization of debt issuance costs		370			368			367
Total	$	5,532		$	5,113		$	5,800
Weighted average stated interest rate		5.9	%		6.0	%		7.0	%
Weighted average debt outstanding	$	81,600		$	85,398		$	82,930

Agreements (Tables)

12 Months Ended

Sep. 30, 2023

Agreements [Abstract]

Schedule of Target Performance Award for Each Executive Officer

The Target Performance Award for each executive officer for both the 2022 LTIP plan and 2023 LTIP plan 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

Organization

12 Months Ended

Sep. 30, 2023

Organization [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 was a wholly owned subsidiary of Medley LLC, which was controlled by Medley Management Inc. (OTCM: MDLM), a publicly traded asset management firm, which in turn was 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, MDLM, 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.”

Sale of MCC JV

On October 8, 2020, the Company, Great American Life Insurance Company (“GALIC”), MCC Senior Loan Strategy JV I LLC (the “MCC JV”), and an affiliate of Golub Capital LLC (“Golub”) entered into a Membership Interest Purchase Agreement pursuant to which a fund affiliated with and managed by Golub concurrently purchased all of the Company’s interest in the MCC JV and all of GALIC’s interest in the MCC JV for a pre-adjusted gross purchase price of $156.4 million and an adjusted gross purchase price (which constitutes the aggregate consideration for the membership interests) of $145.3 million (giving effect to adjustments primarily for principal and interest payments from portfolio companies of MCC JV from July 1, 2020 through October 7, 2020), resulting in net proceeds (before transaction expenses) of $41.0 million and $6.6 million for the Company and GALIC, respectively.

Commitments (Details) - Schedule of Composition of the Unfunded Commitments - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 3,375	$ 6,028
SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		4,000
Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan[Member]
Commitments (Details) - Schedule of Composition of the 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 Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	517	517
NVTN L–C - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the 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 Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		167
1888 Industrial Services, LLC - Revolving Credit Facility [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		216
Deer Management Systems LLC – Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	600
Tamarix Capital Partners II, L.P. - Fund Investment [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 2,038

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets

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 years ended September 30, 2023, 2022 and 2021 (dollars in thousands, except share and per share amounts):

	For the Years Ended September 30,
	2023		2022			2021
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$	26,918	$	(6,107	)	$	1,278
Weighted average shares of common stock
outstanding - basic and diluted		2,092,326		2,323,601			2,677,891
Earnings (loss) per share of common stock - basic and diluted	$	12.87	$	(2.63	)	$	0.48

Subsequent Events

12 Months Ended

Sep. 30, 2023

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-K or would be required to be recognized in the Consolidated Financial Statements as of and for the year ended September 30, 2023.

In December 2023, the Company established a subsidiary to serve as a regulated insurance company. This subsidiary also entered into a merger agreement pursuant to which it agreed to acquire a controlling interest in VR Insurance SPV, LLC, a company primarily engaged in the insurance business through its subsidiaries (“VR”), and to provide additional capital to such company. Our subsidiary’s controlling interest in VR is being acquired pursuant to a plan of reorganization duly adopted by VR which calls for the merger and recapitalization of VR. The Company’s total investment in the insurance subsidiary and VR is expected to approximate $49 million. The merger transaction is presently expected to close in the first half of 2024 and is subject to various closing conditions, including insurance regulatory approvals.

Investments (Details) - Schedule of Investments at Amortized Cost and Fair Value - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Senior Secured First Lien Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 139,103	$ 128,482
Percentage	52.50%	48.70%
Fair Value	$ 103,004	$ 88,248
Percentage	45.60%	45.60%
Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 9,512	$ 2,252
Percentage	3.60%	0.90%
Fair Value	$ 8,922	$ 1,659
Percentage	3.90%	0.90%
Fund Investment [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 1,027
Percentage	0.40%
Fair Value	$ 792
Percentage	0.30%
Equity/Warrants [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 115,369	$ 129,929
Percentage	43.50%	49.30%
Fair Value	$ 113,743	$ 100,443
Percentage	50.20%	52.10%
Total Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 265,011	$ 263,448
Percentage	100.00%	100.00%
Fair Value	$ 226,461	$ 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%
Unsecured Debt [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 182
Percentage		0.10%
Fair Value
Percentage

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

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2019

Investment Company, Financial Highlights [Line Items]

Net Asset Value per share at Beginning of Period

$ 57.49

$ 57.08

$ 55.3

$ 79.46

$ 117.92

Results of Operations:

Net Investment Income/(Loss)

^[1]

3.11

1.48

6.92

(1)

(7.66)

Net Realized Gain/(Loss) on Investments

(5.51)

2.24

(15.86)

(18.35)

(41.18)

Net Unrealized Gain/(Loss) on Investments

15.27

(6.22)

9.47

(3.9)

14.13

Net loss on extinguishment of debt

(0.13)

(0.05)

(0.91)

(0.75)

Net Increase (Decrease) in Net Assets Resulting from Operations

12.87

(2.63)

0.48

(24.16)

(35.46)

Repurchase of common stock under stock repurchase program

Distributions declared

(0.12)

(3)

0.39

3.16

1.3

Net Increase (Decrease) Resulting from Capital Share Transactions

0.39

3.04

1.3

(3)

Net Asset Value per share at End of Period

$ 70.75

$ 57.49

$ 57.08

$ 55.3

$ 79.46

Net Assets at End of Period (in Dollars)

$ 146,705,535

$ 120,845,408

$ 143,693,981

$ 150,619,517

$ 216,432,530

Shares Outstanding at End of Period (in Shares)

2,073,713

2,102,129

2,517,221

2,723,709

Per share market value at end of period

$ 37.9

$ 34.88

$ 42.9

$ 17.83

$ 51.8

Total return based on market value

^[2]

8.66%

(18.69%)

140.61%

(65.58%)

(29.91%)

Total return based on net asset value

^[3]

21.40%

(15.90%)

(4.60%)

(30.41%)

(29.47%)

Portfolio turnover rate

32.62%

69.43%

24.97%

5.66%

11.93%

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

4.80%

2.55%

12.44%

(1.64%)

(7.96%)

Ratio of total expenses to average net assets

10.04%

9.02%

9.26%

14.64%

25.62%

Percentage of non-recurring fee income

1.61%

2.70%

7.94%

2.33%

4.29%

Average debt outstanding (in Shares)

^[4]

81,599,762

85,397,690

82,930,098

189,038,998

347,991,878

Average debt outstanding per weighted average common share

$ 39.18

$ 36.75

$ 30.97

$ 69.4

$ 127.76

Asset coverage ratio per unit (in Dollars)

^[5]

$ 2,707

$ 2,550

$ 2,856

$ 1,992

$ 1,842

Credit Facility (in Dollars)

28,441,941

Israeli Notes (in Dollars)

^[6]

105,136,927

2021 Notes [Member]

2021 Notes (in Dollars)

^[7]

74,012,825

2023 Notes [Member]

2023 Notes (in Dollars)

22,521,800

77,846,800

2028 Notes [Member]

2028 Notes (in Dollars)

$ 57,500,000

[1]	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $3.11, $1.48, $6.92, $(3.35), and $(7.66) per share for the years ended September 30, 2023, 2022, 2021, 2020, and 2019, 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.
[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.
[4]	Based on daily weighted average carrying value of debt outstanding during the period.
[5]	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.
[6]	During the year ended September 30, 2020, the Israeli Notes were redeemed in full and ceased trading on the TASE on April 14, 2020.
[7]	During the year ended September 30, 2021, the 2021 Notes were redeemed in full and ceased trading on November 20, 2020. The average price for the year ended September 30, 2021 reflects the period from October 1, 2020 through November 20, 2020.

Significant Accounting Policies (Details) - Schedule of Income Tax - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Income Tax [Abstract]
Ordinary income		$ 265,798
Distributions of long term capital gains
Return of capital
Distributions on a tax basis		$ 265,798

Fair Value Measurements

12 Months Ended

Sep. 30, 2023

Fair Value Measurements [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 quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

●

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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 September 30, 2023 (dollars in thousands):

	Fair Value Hierarchy as of September 30, 2023
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	20,505	$	82,499	$	103,004
Senior Secured Notes		-		8,922		-		8,922
Unsecured Debt		-		-		-		-
Equity/Warrants		24,709		6,217		82,817		113,743
Total	$	24,709	$	35,644	$	165,316	$	225,669
Investments measured at net asset value⁽¹⁾								792
Total Investments, at fair value							$	226,461

(1)

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 year ended September 30, 2023 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans			Unsecured Debt			Equities/ Warrants			Total
Balance as of September 30, 2022	$	74,252		$	2,607		$	-		$	69,816		$	146,675
Purchases and other adjustments to cost		23,481			-			-			29,571			53,052
Sales (including repayments or maturities)		(12,840	)		(2,607	)		(191	)		(33,213	)		(48,851	)
Net realized gains/(losses) from investments		162	)		5			9			(9,574	)		(9,398	)
Net unrealized gains/(losses)		(2,556	)		(5	)		182			26,217			23,838
Transfer in/(out)		-			-			-			-			-
Balance as of September 30, 2023	$	82,499		$	-		$	-		$	82,817		$	165,316

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended September 30, 2022 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Second Lien Term Loans		Secured Debt			Unsecured Debt			Equities/ Warrants⁽¹⁾			Total
Balance as of September 30, 2021	$	61,934		$	2,490	$	2,500		$	-		$	48,889		$	115,813
Purchases and other adjustments to cost		59,179			-		-			-			71,111			130,290
Sales		(58,333	)		-		-			(1,280	)		(52,938	)		(112,551	)
Net realized gains/(losses) from investments		(23,917	)		-		-			(99	)		36,101			12,085
Net unrealized gains/(losses)		35,189			117		(2,500	)⁽¹⁾		1,379			(33,347	)⁽¹⁾		838
Transfer in/(out)		200			-		-			-			-			200
Balance as of September 30, 2022	$	74,252		$	2,607	$	-		$	-		$	69,816		$	146,675

(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 years ended September 30, 2023 and 2022 included in earnings related to investments still held as of September 30, 2023 and 2022 was approximately $26.5 million and $(2.5) 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, including any repayments or maturities.

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 year ended September 30, 2023, no investments were transferred in or out of Level 3. During the year ended September 30, 2022, $5,248 (in thousands) of investments were transferred out of Level 3 and $1,923 (in thousands) of investments were transferred into Level 3.

The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2023 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Input

Range
(Weighted Average)

Impact to
Valuation From
An Increase In
Input

Senior Secured First Lien Term Loans

69,943

Income Approach

Market Yield

8.50% - 32.0% (13.78%)

Decrease

Senior Secured First Lien Term Loans

751

Market Approach

Revenue Multiple

0.3x - 0.3x (0.3x)

Increase

Senior Secured First Lien Term Loans

10,939

Market Approach

EBITDA Multiple

1.7x - 5.0x (3.1x)

Increase

Senior Secured First Lien Term Loans

866

Market Approach

LTM EBITDA Multiple

5.8x - 6.8x (6.3x)

Increase

Equity/Warrants

38,870

Cost Approach

Collateral Value

N/A

Equity/Warrants

11,734

Market Approach

LTM Multiple

5.8x – 6.8x (6.3x)

Increase

Equity/Warrants

22,007

Market Approach

EBITDA Multiple

1.8x – 36.8x (2.8x)

Increase

Equity/Warrants

10,000

Recent Purchase

Purchase Price

N/A – N/A (N/A)

N/A

Equity/Warrants

206

Income Approach

DLOM (Discount for lack of Marketability)

3.0x – 3.2x (3.1x)

Decrease

Total

165,316

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	Market 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 September 30, 2023 and September 30, 2022, the Company deemed the contingent consideration to be uncollectible.

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

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 (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 226,461	$ 192,957
Percentage	100.00%	100.00%
Services: Business [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 47,083	$ 52,851
Percentage	20.70%	27.50%
Banking, Finance, Insurance & Real Estate [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 43,755	$ 31,910
Percentage	19.30%	16.50%
Hotel, Gaming and Leisure [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 34,158	$ 31,947
Percentage	15.10%	16.70%
Services: Consumer [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 18,292	$ 21,243
Percentage	8.10%	11.00%
High Tech Industries [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 15,472
Percentage	6.80%
Construction & Building [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 14,676	$ 17,724
Percentage	6.50%	9.10%
Metals & Mining [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 12,517	$ 3,073
Percentage	5.50%	1.60%
Media: Broadcasting & Subscription [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 11,665	$ 4,220
Percentage	5.20%	2.20%
Automotive [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 9,520	$ 8,075
Percentage	4.20%	4.20%
Consumer Discretionary [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 6,920	$ 6,208
Percentage	3.10%	3.20%
Energy: Oil & Gas [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 5,384	$ 4,152
Percentage	2.40%	2.20%
Packaging [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 3,396	$ 3,361
Percentage	1.50%	1.70%
Aerospace & Defense [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 2,645	$ 2,607
Percentage	1.20%	1.40%
Retail [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 978	$ 121
Percentage	0.40%	0.10%
High Tech Industries [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value		$ 5,465
Percentage		2.80%

Commitments (Details) - Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease - Other Liability [Member] - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Commitments (Details) - Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease [Line Items]
2024	$ 156,359
2025	156,971
2026	161,680
2027	27,417
Thereafter
Operating Leases, Future Minimum Payments Due	502,427
Difference between undiscounted and discounted cash flows	(69,729)
Total	$ 432,698	$ 570,695

Fair Value Measurements (Details) - Schedule of Investments that Use Level 3 Inputs - USD ($)
$ in Thousands

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

$ 146,675

$ 115,813

53,052

130,290

(48,851)

(112,551)

(9,398)

12,085

23,838

838

200

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

165,316

146,675

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

74,252

61,934

23,481

59,179

(12,840)

(58,333)

162

(23,917)

(2,556)

35,189

200

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

82,499

74,252

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

2,607

2,490

(2,607)

(5)

117

Level 3 [Member] | Unsecured Debt [Member]

2,607

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

(191)

(1,280)

(99)

182

1,379

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

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

^[1]

69,816

48,889

29,571

71,111

^[1]

(33,213)

(52,938)

^[1]

(9,574)

36,101

^[1]

26,217

(33,347)

^[1]

^[1]

Level 3 [Member] | Secured Debt [Member]

82,817

69,816

^[1]

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

2,500

^[1]

(2,500)

Services: Business [Member] | Equity - 833,152 Common Units [Member] | Boostability Seotowncenter, Inc. [Member]

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

Consolidated Schedule of Investments (Parentheticals) - $ / shares

12 Months Ended

Sep. 30, 2022

Sep. 30, 2023

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

^[1],[2]

833,152

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

^[1],[2]

338,736.11

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

^[1],[2]

417

Banking, Finance, Insurance & Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp [Member]

^{[1],[3],[4],[5]}

117,310

Banking, Finance, Insurance & Real Estate [Member] | Equity - 226,107 Common Units [Member] | Franklin BSP Realty Trust, Inc [Member]

^{[1],[4],[5],[6]}

163,601

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

^[1],[4],[5]

226,107

Banking, Finance, Insurance & Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc. [Member]

^{[1],[4],[5],[7]}

205,000

Banking, Finance, Insurance & Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc. [Member]

^{[1],[4],[5],[8]}

97,426

Banking, Finance, Insurance & Real Estate [Member] | Equity - 29,500 Common Unit [Member] | PennyMac Financial Services, Inc. [Member]

^{[1],[4],[5],[9]}

165,000

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

^[1],[4],[5]

29,500

Consumer Discretionary [Member] | Equity180,739 Membership Units[ Member] | Lucky Bucks, LLC [Member]

^{[1],[4],[5],[10]}

206,684

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

^[1],[2]

180,739

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

^[1],[2]

3.8

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

^[1],[2]

700,000

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

^[1],[2]

5,441

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

^[1],[2]

350

Metals & Mining [Member] | Equity - 31 Common Units [Member] | Kemmerer Holdings, LLC [Member]

^[1],[2],[11]

21,562

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

^[1],[12]

Senior Secured Notes [Member] | Banking, Finance, Insurance & Real Estate [Member] | PHH Mortgage Corp [Member]

^[1],[13]

4.50%

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

^[1],[13]

7.875%

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

^[1],[4],[13]

8.5

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

^[1],[2]

10,000,000

Warrants of outstanding equity

^[1],[2]

0.62%

Investment interest rate (in Dollars per share)

$ 0.62

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

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

^[1]

0.50%

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

^{[1],[11],[14]}

15.00%

Equity 625,548 Class A Units [Member] | High Tech Industries [Member] | FST Holdings Parent, LLC [Member]

^[1],[11]

17.92

^[2]

Equity 500,000 Class A Units [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]

^[1],[11]

625,548

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

^[1],[2],[11]

500,000

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

^[1]

417

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

^[1]

3,434,169.6

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

^{[1],[4],[15],[16]}

117,310

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

^[1]

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

150

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

^[1],[16]

529,914

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

^[1]

3.80%

8.50% Senior Secured Notes [Member] | Construction & Building [Member] | Innovate Corp. [Member]

254,922

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

^[1],[17]

8.50%

Equity - 97,426 Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | MFA Financial, Inc. [Member]

^[16],[18]

205,000

Equity - 165,000 Class E Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | New York Mortgage Trust, Inc. [Member]

^{[1],[4],[5],[19]}

97,426

Equity - 81,500 Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | PennyMac Financial Services, Inc. [Member]

^[1],[4],[16]

165,000

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

^[1],[4],[5]

81,500

Unsecured Debt (9.00%) [Member] | Energy Oil & Gas [Member] | Sendero Drilling Company, LLC [Member]

^{[1],[4],[16],[20]}

206,684

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

^[1],[21]

9.00%

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

^[1]

700,000

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

^[1]

338,736.11

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

^[1]

5,441

Equity - 350 Common Shares [Member] | Aerospace & Defense [Member] | Wingman Holdings, Inc [Member]

^[1]

13,044

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

^[1]

350

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

^{[1],[11],[14]}

21,562

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

^[1],[11]

6.78

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

^[1],[11]

33,300

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan B [Member] | Services: Business [Member] | Altisource S.A.R.L [Member]

^[1],[12]

1,000

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan B [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]

^{[1],[2],[4],[22]}

5.00%

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

^{[1],[23],[24]}

5.50%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | First Lien Term Loans [Member] | Aerospace Sector [Member] | Arcline FM Holdings, LLC [Member]

^{[1],[11],[23],[24]}

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | First Lien Term Loan [Member] | Banking, Finance, Insurance & Real Estate [Member] | CB&L Associates Holdco I, LLC [Member]

^{[1],[22],[23]}

4.75%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan one [Member] | High Tech Industries [Member] | DataOnline Corp. [Member]

^{[1],[13],[23],[24]}

2.75%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member] | High Tech Industries [Member] | DataOnline Corp. [Member]

^{[1],[22],[23]}

5.50%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loans [Member] | Consumer Discretionary [Member] | Deer Management Systems LLC [Member]

^{[1],[22],[23]}

5.50%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Media: Broadcasting & Subscription [Member] | DirecTV Financing, LLC [Member]

^{[1],[14],[22],[23]}

8.25%

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

^{[1],[13],[23],[24]}

5.00%

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

^{[1],[23],[25]}

5.00%

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

^{[1],[22],[23]}

5.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Second Out Exit Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]

^{[1],[11],[21],[23],[24]}

9.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | First Out Exit Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]

^{[1],[23],[24]}

7.50%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Automotive Sector [Member] | Power Stop LLC [Member]

^{[1],[23],[24]}

7.50%

^{[1],[23],[24]}

4.75%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]

^[1],[23]

5.00%

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

^{[1],[22],[23]}

5.00%

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

^[1]

5.00%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc one [Member]

^{[1],[11],[14],[21]}

9.00%

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

^{[1],[14],[22],[23],[26]}

5.00%

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

^{[1],[11],[14]}

9.00%

^{[1],[23],[24]}

6.50%

Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan A [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC

^{[1],[11],[23],[24]}

9.00%

^{[1],[2],[11],[21],[22]}

5.00%

^{[1],[11],[23],[24]}

9.00%

^{[1],[11],[14]}

9.00%

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

^[1],[23]

9.00%

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

^[1],[23]

9.00%

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

^[1]

1.00%

^[13]

3.75%

^[2],[4],[22]

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

^{[1],[23],[24]}

1.00%

Interest Rate Floor [Member] | First Lien Term Loans [Member] | Aerospace & Defense [Member] | Arcline FM Holdings, LLC [Member]

^{[1],[2],[12],[21]}

1.00%

Interest Rate Floor [Member] | First Lien Term Loan [Member] | Banking, Finance, Insurance & Real Estate [Member] | CB&L Associates Holdco I, LLC [Member]

^{[1],[22],[23]}

0.75%

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

^{[1],[13],[23],[24]}

1.00%

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

^[1],[13]

0.00%

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

^{[1],[22],[23]}

1.00%

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

^{[1],[22],[23]}

1.00%

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

^[1],[11]

1.00%

^[27]

1.00%

^[22],[26]

Interest Rate Floor [Member] | Senior Secured First Lien Term Loans [Member] | Consumer Discretionary [Member] | Deer Management Systems LLC [Member]

^[1]

1.00%

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

^{[1],[14],[22],[23]}

3.00%

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

^{[1],[13],[23],[24]}

0.75%

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

^{[1],[23],[25]}

1.00%

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

^[1],[14]

1.00%

Interest Rate Floor [Member] | Second Out Exit Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]

^{[1],[11],[21],[23],[24]}

1.00%

Interest Rate Floor [Member] | First Out Exit Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]

^{[1],[23],[24]}

1.00%

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

^{[1],[23],[24]}

1.00%

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

^[1]

0.75%

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

^[1],[13]

0.75%

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

^{[1],[23],[24]}

0.50%

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

^[1],[23]

0.75%

Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]

^{[1],[23],[24]}

1.00%

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

^{[1],[22],[23]}

0.50%

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

^[1],[14]

0.50%

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

^[1]

1.00%

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

^{[1],[11],[14],[21]}

1.00%

Interest Rate Floor [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc one [Member]

^[1]

1.00%

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

^{[1],[14],[22],[23],[26]}

0.50%

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

^{[1],[14],[26]}

0.50%

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

^{[1],[11],[14]}

1.00%

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

^{[1],[12],[14]}

1.00%

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

^{[1],[23],[24]}

1.00%

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

^{[1],[11],[23],[24]}

1.00%

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

^{[1],[12],[14],[28]}

1.00%

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

^{[1],[4],[13],[23],[24]}

1.00%

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

^{[1],[2],[11],[21],[22]}

1.00%

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

^[1],[11]

1.00%

^[22]

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

^{[1],[2],[12],[21]}

1.00%

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

^{[1],[12],[21]}

1.00%

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

^{[1],[11],[23],[24]}

1.00%

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

^{[1],[11],[14]}

1.00%

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

^[1]

1.00%

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

^[1],[4]

1.00%

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

^[1],[23]

1.00%

^[11],[24]

Interest Rate Floor [Member] | Senior Secured Second Lien Term Loans [Member] | Aerospace & Defense [Member] | CPI International, Inc. [Member]

^{[1],[12],[29]}

1.00%

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

^[1]

1.00%

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

^{[1],[11],[14],[21]}

1.00%

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

^[1],[23]

1.00%

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

^[1]

0.65%

Credit Spread Adjustment [Member] | Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]

^[1],[30]

1.30%

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

^{[1],[22],[23]}

0.75%

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

^[1],[13]

4.00%

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

9.25%

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

^[1],[13]

4.50%

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

^[1],[11]

5.00%

^[14],[27]

5.00%

^[22],[26]

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

^[1]

6.25%

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

^{[1],[23],[24]}

6.50%

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

^[1],[14]

6.50%

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

^[1],[2],[21]

6.00%

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

^[1]

5.50%

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

^[1],[13]

5.00%

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

^[1],[14]

5.00%

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

^[1]

4.75%

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

^[1]

6.25%

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

^{[1],[14],[26]}

5.00%

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

^{[1],[12],[14]}

4.00%

^{[1],[12],[14],[28]}

4.00%

London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loans Four [Member] | Media: Broadcasting & Subscription [Member] | Thryv Holdings, Inc. [Member]

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

1,000

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

^{[1],[4],[13],[23],[24]}

8.50%

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

^[1],[11]

5.00%

^[22]

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

^{[1],[2],[12],[21]}

12.00%

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

^{[1],[12],[21]}

12.00%

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

^[1]

5.50%

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

^[1],[4]

8.50%

London Interbank Offered Rates (LIBOR) [Member] | Senior Secured Second Lien Term Loans [Member] | Aerospace & Defense [Member] | CPI International, Inc. [Member]

^{[1],[12],[29]}

9.25%

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

^[1]

7.25%

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

^{[1],[11],[14],[21]}

5.00%

Warrants of outstanding equity

^[1],[2]

0.65%

Payment In Kind [Member] | Senior Secured First Lien Term Loan [Member] | Metals & Mining [Member] | Kemmerer Holdings, LLC [Member]

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

^[1],[12]

15.00%

Investment PIK interest rate

6.00%

[1]	All of our investments are domiciled in the United States. Certain investments also have international operations.
[2]	Non-income producing security.
[3]	The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025.
[4]	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, 2023, non-qualifying assets represented 20.21% of total assets.
[5]	This investment represents a Level 1 security in the ASC 820 table as of September 30, 2023 (see Note 4).
[6]	The interest rate on this investment is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.379% spread on 3/30/2024.
[7]	The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.29% spread on 9/27/2027.
[8]	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.
[9]	The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.429% spread on 1/15/2025.
[10]	The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.
[11]	Affiliated Investments are defined by Investment Company Act of 1940 Act, as amended (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.
[12]	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.
[13]	This investment represents a Level 2 security in the ASC 820 table as of September 30, 2023 (see Note 4).
[14]	The investment has an unfunded commitment as of September 30, 2023 (see Note 8), and fair value includes the value of any unfunded commitments. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan.
[15]	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.
[16]	This investment represents a Level 1 security in the ASC 820 table as of September 30, 2022 (see Note 4).
[17]	This investment represents a Level 2 security in the ASC 820 table as of September 30, 2022 (see Note 4).
[18]	The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 5.29% spread on 9/27/2027.
[19]	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.
[20]	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.
[21]	The investment was on non-accrual status as of September 30, 2023.
[22]	The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.27%.
[23]	Credit Spread Adjustment (“CSA”)
[24]	The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.
[25]	The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.17%.
[26]	This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2023, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[27]	This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2022, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[28]	The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.
[29]	The investment was on non-accrual status as of September 30, 2022.
[30]	Represents 1.3% partnership interest in Watermill-QMC Partners, LP and Watermill-EMI Partners, LP.

Fair Value Measurements (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2023	Sep. 30, 2022
Fair Value Measurements (Details) [Line Items]
Net change in unrealized gain (loss)		$ 26.5	$ (2.5)
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 year ended September 30, 2023, no investments were transferred in or out of Level 3. During the year ended September 30, 2022, $5,248 (in thousands) of investments were transferred out of Level 3 and $1,923 (in thousands) of investments were 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%

Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Credit Facility Interest	$ 1,390
Commitment fees	56
Amortization of deferred financing costs	287
Amortization of debt issuance costs	370	368	367
Total	5,532	5,113	5,800
Weighted average debt outstanding	81,600	85,398	82,930
2021 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			668
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	410	1,749	4,768
2023 Notes Premium [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Premium			(3)
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	$ 3,019	$ 2,996
Weighted average stated interest rate [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Weighted average stated interest rate	5.90%	6.00%	7.00%

Significant Accounting Policies (Details) - Schedule of Organizational Expenses - USD ($)

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Schedule of Organizational Expenses [Abstract]

Undistributed ordinary income

$ 2,389,267

$ 265,798

Accumulated capital and other losses

^[1]

(512,809,528)

(485,107,934)

(490,032,788)

Other temporary differences

(57,438)

(73,646)

(89,856)

Unrealized appreciation/(depreciation)

(37,631,079)

(69,376,916)

(55,318,332)

Components of distributable earnings/(accumulated deficits) at year end

$ (548,108,778)

$ (554,558,496)

$ (545,175,178)

[1]

Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized for tax years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of September 30, 2023, the Company had a long-term capital loss carryforward available to offset future realized capital gains of $509,966,576 and a short-term capital loss carryforward of $2,842,952

Schedule of Investments at Amortized Cost and Fair Value

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Directors Fees

12 Months Ended

Sep. 30, 2023

Directors Fees [Abstract]

Directors Fees

Note 10. Directors Fees

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

For the 2023 calendar period through April 30, 2023, the independent directors were subject to the foregoing fee structure. Effective May 1, 2023, the structure was modified (simplified) such that each of the Company’s independent directors receives an annual fee of $150,000. 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 receives an annual retainer of $15,000 and each of the other members of these committees receives annual retainers of $8,000. The Company’s independent directors no longer receive fees for each board and 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 years ended September 30, 2023, 2022 and 2021, the Company recognized $0.7 million, $0.7 million and $1.0 million, for directors’ fees expense, respectively.

Fee Income

12 Months Ended

Sep. 30, 2023

Fee Income [Abstract]

Fee Income

Note 9. Fee Income

Fee income consists of 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 years ended September 30, 2023, 2022 and 2021 (dollars in thousands):

	For the Years Ended September 30,
	2023		2022		2021
Prepayment fee	$	-	$	235	$	-
Administrative agent fee		169		94		414
Amendment fee		53		4		94
Other fees		102		87		2,059
Fee income	$	324	$	420	$	2,567

Investments (Tables)

12 Months Ended

Sep. 30, 2023

Investments [Abstract]

The composition of our investments as of September 30, 2023 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	$	139,103		52.5	%	$	103,004		45.6	%
Senior Secured Notes		9,512		3.6			8,922		3.9
Fund Investment		1,027		0.4			792		0.3
Equity/Warrants		115,369		43.5			113,743		50.2
Total Investments	$	265,011		100.0	%	$	226,461		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

The following table shows the portfolio composition by industry grouping at fair value at September 30, 2023 (dollars in thousands):

	Fair Value		Percentage
Services: Business	$	47,083		20.7	%
Banking, Finance, Insurance & Real Estate		43,755		19.3
Hotel, Gaming & Leisure		34,158		15.1
Services: Consumer		18,292		8.1
High Tech Industries		15,472		6.8
Construction & Building		14,676		6.5
Metals & Mining		12,517		5.5
Media: Broadcasting & Subscription		11,665		5.2
Automotive		9,520		4.2
Consumer Discretionary		6,920		3.1
Energy: Oil & Gas		5,384		2.4
Packaging		3,396		1.5
Aerospace & Defense		2,645		1.2
Retail		978		0.4
Total	$	226,461		100.0	%

	Fair Value		Percentage
Services: Business	$	52,851		27.5	%
Hotel, Gaming & Leisure		31,947		16.7
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

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

	Fair Value		Percentage
Northeast	$	92,081		40.7	%
Southeast		60,116		26.5
Midwest		32,782		14.5
West		25,608		11.3
Southwest		7,661		3.4
Mid-Atlantic		201		0.1
International		8,012		3.5
Total	$	226,461		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
International		5,449		2.8
Total	$	192,957		100.0	%

Schedule of Transactions with Affiliated Investments and Controlled Investments

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 years ended September 30, 2023 and 2022 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 September 30, 2023		Earned Income
Affiliated Investments
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan C	$	-	$	-		$	-		$	751,479		$	-		$	751,479	$	84,559
	Revolving Credit Facility		4,151,562		215,622			-			264,993			-			4,632,177		553,233
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		758,929		116,820			-			-			-			875,749		232,614
	Senior Secured First Lien Term Loan		1,547,918		-			-			(88,669	)		-			1,459,249		159,780
	Senior Secured First Lien Super Priority Delayed Draw Term Loan		1,500,000		420,960			-			-			-			1,920,960		360,670
FST Holdings Parent, LLC	Equity	$	-	$	10,000,000		$	-		$	3		$	-		$	10,000,003	$	121,385
Kemmerer Operations, LLC	Senior Secured First Lien Term Loan		2,378,510	$	-			(2,378,510	)		-			-			-		89,743
	Equity		694,702	$	-			(962,717	)		268,015			-			-		-
Maritime Wireless Holdings LLC	Senior Secured First Lien Term Loan A	$	-	$	(5,000,704	)	$	4,900,000		$	-		$	100,704		$	-	$	218,788
	Senior Secured First Lien Term Loan B	$	-	$	23,166		$	7,350,000		$	126,834		$	-		$	7,500,000	$	565,377
	Equity	$	-	$	-		$	5,000,000		$	5,150,000		$	-		$	10,150,000	$	-
US Multifamily, LLC	Equity		1,282,571		(1,018,344	)		-			854,744			(1,118,971	)		-		-
Total Affiliated Investments		$	12,314,192	$	4,757,520		$	13,908,773		$	7,327,399		$	(1,018,267	)	$	37,289,617	$	2,386,149

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2022		Purchases/ (Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Controlled		Unrealized Gain/(Loss)		Realized Gain/(Loss)		Fair Value at September 30, 2023		Earned Income
Controlled Investments
FlexFIN, LLC	Equity Interest	$	47,136,146	$	(8,265,435	)	$	-	$	-		-	$	38,870,711	$	3,716,676
Kemmerer Operations, LLC	Senior Secured First Lien Term Loan		-		981,911			2,378,510		-		23,456		3,383,877		557,981
	Equity		-		873,440			962,717		7,296,895		-		9,133,052		-
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		7,192,927		-			-		21,929		-		7,214,856		667,312
	Senior Secured First Lien Term Loan B		3,697,109		-			-		1,340,438		-		5,037,547		-
Total Controlled Investments		$	58,026,182	$	(6,410,084	)	$	3,341,227	$	8,659,262	$	23,456	$	63,640,043	$	4,941,969

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 September 30, 2022		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	)		-			-		79,084
	Revolving Credit Facility		3,554,069		862,486			-		(264,993	)		-			4,151,562		235,755
	Equity		-		-			-		-			-			-		-
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		758,929		-			-		-			-			758,929		79,375
	Senior Secured First Lien Term Loan		2,279,814		-			-		(731,896	)		-			1,547,918		-
	Senior Secured First Lien Super Priority DDTL		1,500,000		-			-		-			-			1,500,000		156,885
	Equity		-		-			-		-			-			-		-
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	)		-		12
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		(3,475	)		-		21,438			-			2,378,510		368,331
	Senior Secured First Lien Delayed Draw Term Loan		162,441		(163,915	)		-		1,474			-			-		6,601
	Equity		553,746		-			-		140,956			-			694,702		-
Path Medical, LLC	Senior Secured First Lien Term Loan A		2,249,835		(2,460,448	)		-		3,556,057			(3,345,444	)		-		(1,693	)
	Senior Secured First Lien Term Loan B		-		-			-		6,483,741			(6,483,741	)		-		(2,974	)
	Warrants		-		-			-		499,751			(499,751	)		-		-
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		(2,577,418	)		-		2			-			-		93,338
	Equity		2,236,261		(1,192,685	)		-		238,995			-			1,282,571		-
Total Affiliated Investments		$	57,595,245	$	(49,786,504	)	$	-	$	96,490		$	4,408,961		$	12,314,192	$	1,014,714

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 September 30, 2022		Earned Income
Controlled Investments
FlexFIN, LLC	Equity Interest	$	2,500,000	$	44,636,146		$	-	$	-	$	-	$	47,136,146	$	3,505,220
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		6,414,860		744,010			-		34,057		-		7,192,927		1,124,346
	Super Priority Senior Secured First Lien Term Loan		977,000		(1,000,000	)		-		21,150		1,850		-		173,822
	Senior Secured First Lien Term Loan B		-		1,610,990			-		2,086,119		-		3,697,109		-
	Senior Secured First Lien Term Loan C		-		-			-		-		-		-		-
	Equity		-		-			-		-		-		-		-
Total Controlled Investments		$	9,891,860	$	45,991,146		$	-	$	2,141,326	$	1,850	$	58,026,182	$	4,803,388

(1)	The par amount and additional detail are shown in the Consolidated Schedules 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.

Fee Income (Tables)

12 Months Ended

Sep. 30, 2023

Fee Income [Abstract]

Schedule of Fee Income

The following table summarizes the Company’s fee income for the years ended September 30, 2023, 2022 and 2021 (dollars in thousands):

	For the Years Ended September 30,
	2023		2022		2021
Prepayment fee	$	-	$	235	$	-
Administrative agent fee		169		94		414
Amendment fee		53		4		94
Other fees		102		87		2,059
Fee income	$	324	$	420	$	2,567

Dividends (Details)	12 Months Ended
Dividends (Details)	Sep. 30, 2022 USD ($)
Dividends [Abstract]
Distribution payments	$ 265,798

Financial Highlights (Tables)

12 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights for the years ended September 30, 2023, 2022, 2021, 2020 and 2019:

	For the Years Ended September 30,
	2023			2022			2021			2020			2019
Per share data
Net Asset Value per share at Beginning of Period	$	57.49		$	57.08		$	55.30		$	79.46		$	117.92

Results of Operations:
Net Investment Income/(Loss)(1)		3.11			1.48			6.92			(1.00	)		(7.66	)
Net Realized Gain/(Loss) on Investments		(5.51	)		2.24			(15.86	)		(18.35	)		(41.18	)
Net Unrealized Gain/(Loss) on Investments		15.27			(6.22	)		9.47			(3.90	)		14.13
Net loss on extinguishment of debt		-			(0.13	)		(0.05	)		(0.91	)		(0.75	)
Net Increase (Decrease) in Net Assets Resulting from Operations		12.87			(2.63	)		0.48			(24.16	)		(35.46	)

Capital Share Transactions
Distributions declared		-			(0.12	)		-			-			(3.00	)
Repurchase of common stock under stock repurchase program		0.39			3.16			1.30			-			-
Net Increase (Decrease) Resulting from Capital Share Transactions		0.39			3.04			1.30			-			(3.00	)
Net Asset Value per share at End of Period	$	70.75		$	57.49		$	57.08		$	55.30		$	79.46

Net Assets at End of Period	$	146,705,535		$	120,845,408		$	143,693,981		$	150,619,517		$	216,432,530
Shares Outstanding at End of Period		2,073,713			2,102,129			2,517,221			2,723,709			2,723,709

Per share market value at end of period	$	37.90		$	34.88		$	42.90		$	17.83		$	51.80
Total return based on market value(2)		8.66	%		(18.69	)%		140.61	%		(65.58	)%		(29.91	)%
Total return based on net asset value (3)		21.40	%		(15.90	)%		(4.60	)%		(30.41	)%		(29.47	)%
Portfolio turnover rate		32.62	%		69.43	%		24.97	%		5.66	%		11.93	%

Ratios:
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements		4.80	%		2.55	%		12.44	%		(1.64	)%		(7.96	)%
Ratio of total expenses to average net assets		10.04	%		9.02	%		9.26	%		14.64	%		25.62	%

Supplemental Data:
Percentage of non-recurring fee income		1.61	%		2.70	%		7.94	%		2.33	%		4.29	%
Average debt outstanding(4)	$	81,599,762		$	85,397,690		$	82,930,098		$	189,038,998		$	347,991,878
Average debt outstanding per weighted average common share	$	39.18		$	36.75		$	30.97		$	69.40		$	127.76
Asset coverage ratio per unit(5)	$	2,707		$	2,550		$	2,856		$	1,992		$	1,842
2021 Notes(6)	$	-		$	-		$	-		$	74,012,825		$	74,012,825
2023 Notes	$	-		$	22,521,800		$	77,846,800		$	77,846,800		$	77,846,800
2028 Notes	$	57,500,000		$	57,500,000		$	-		$	-		$	-
Credit Facility	$	28,441,941		$	-		$	-		$	-		$	-
Israeli Notes(7)	$	-		$	-		$	-		$	-		$	105,136,927

(1)

(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.

(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.

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

(5)

(6)	During the year ended September 30, 2021, the 2021 Notes were redeemed in full and ceased trading on November 20, 2020. The average price for the year ended September 30, 2021 reflects the period from October 1, 2020 through November 20, 2020.

(7)	During the year ended September 30, 2020, the Israeli Notes were redeemed in full and ceased trading on the TASE on April 14, 2020.

Financial Highlights (Details) - USD ($)	12 Months Ended
Financial Highlights (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Investment Company, Financial Highlights [Abstract]
Weighted average common stock per share	$ 3.11	$ 1.48	$ 6.92	$ (3.35)	$ (7.66)
Asset coverage of indebtedness (in Dollars)	$ 1,000
Asset coverage percentage	270.70%
Leverage of asset coverage	200.00%

Organization (Details) - USD ($) $ in Millions	3 Months Ended
Organization (Details) - USD ($) $ in Millions	Oct. 07, 2020	Oct. 08, 2020
Organization (Details) [Line Items]
Net proceeds	$ 41.0
GALIC [Member]
Organization (Details) [Line Items]
Net proceeds	$ 6.6
Pre Adjusted [Member]
Organization (Details) [Line Items]
Purchase price		$ 156.4
Revision of Prior Period, Adjustment [Member]
Organization (Details) [Line Items]
Purchase price		$ 145.3

Agreements (Details) - Schedule of Target Performance Award for Each Executive Officer	Sep. 30, 2023 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

Dividends

12 Months Ended

Sep. 30, 2023

Dividends [Abstract]

Dividends

Note 13. Dividends

Any dividends and distributions to common stockholders are recorded on the ex-dividend date. Any amounts to be paid out as a dividend are 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 declare any regular distribution payments during the years ended September 30, 2023, 2022 and 2021. During the year ended September 30, 2022, a special dividend was declared in the amount of $265,798 on June 24, 2022 payable on July 13, 2022 to Stockholders of record on July 5, 2022.

Consolidated Statements of Operations (Parentheticals) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Weighted average diluted earnings per common share	$ 12.87	$ (2.63)	$ 0.48
Weighted average common shares outstanding - diluted	2,092,326	2,323,601	2,677,891

Earnings Per Share (Details) - Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets (Parentheticals) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Weighted Average Basic and Diluted Net Increase Decrease in Net Assets [Abstract]
Weighted average shares of common stock outstanding - diluted	2,092,326	2,323,601	2,677,891
Earnings (loss) per share of common stock - diluted	$ 12.87	$ (2.63)	$ 0.48

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

Schedule of Composition of the Unfunded Commitments

Commitments (Tables)

12 Months Ended

Sep. 30, 2023

Commitments [Abstract]

A summary of the composition of the unfunded commitments as of September 30, 2023 and 2022 is shown in the table below (dollars in thousands):

	September 30, 2023		September 30, 2022
SS Acquisition, LLC (dba Soccer Shots Franchisin–) - Senior Secured First Lien Delayed Draw Term Loan	$	-	$	4,000
Kemmerer Operations, L–C - Senior Secured First Lien Delayed Draw Term Loan		-		908
Secure Acquisition Inc. (dba Paragon Film–) - Senior Secured First Lien Delayed Draw Term Loan		517		517
NVTN L–C - 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
1888 Industrial Services, L–C - Revolving Credit Facility		-		216
Deer Management Systems L–C - Senior Secured First Lien Delayed Draw Term Loan		600		-
Tamarix Capital Partners II, L.–. - Fund Investment		2,038		-
Total unfunded commitments		3,375		6,028

Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease

The following table shows future minimum payments under PhenixFIN’s operating lease as of September 30, 2023:

For the Years Ended September 30,	Amount
2024	$	156,359
2025		156,971
2026		161,680
2027		27,417
Thereafter		-
		502,427
Difference between undiscounted and discounted cash flows		(69,729	)
	$	432,698

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2023	Dec. 22, 2023	Mar. 31, 2023
Document Information [Line Items]
Entity Registrant Name	PHENIXFIN CORPORATION
Document Type	10-K
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		2,072,590
Entity Public Float			$ 60,578,642
Amendment Flag	false
Entity Central Index Key	0001490349
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Annual 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
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2024 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference in to Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended September 30, 2023.
Auditor Name	KPMG LLP
Auditor Location	New York, New York
Auditor Firm ID	185
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

Share Transactions (Tables)

12 Months Ended

Sep. 30, 2023

Share Transactions [Abstract]

Schedule of Shares of Common Stock Repurchased

The following table sets forth the number of shares of common stock repurchased by the Company at an average price of $39.60 per share under its share repurchase program from February 10, 2021 through September 30, 2023:

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	$36.40 - $37.23		25,864
August 2022		3,081	$28.24 - $37.79		112,456
September 2022		91,508	$36.80 - $37.50		3,443,845
October 2022		701	$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
January 2023		2,052	$32.78 - $34.84		68,665
February 2023		3,131	$33.06 - $39.03		115,430
March 2023		2,003	$37.02 - $38.89		76,214
April 2023		649	$35.79 - $37.03		23,671
May 2023		100	$36.53 - $36.53		3,658
June 2023		2,300	$33.63 - $38.76		85,556
August 2023		14,751	$36.98 - $39.41		575,728
September 2023		125	$38.11 - $38.11		4,772
Total		649,996		$	25,737,486

Borrowings (Details) - Schedule of Debt Issuance Costs - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	$ 79,058	$ 80,022
Principal Amount Outstanding	85,942	80,022
Carrying Value	84,253	77,963
Fair Value	77,547	72,633
2023 Notes [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available		22,522
Principal Amount Outstanding		22,522
Carrying Value		22,483
Fair Value		22,378
2028 Notes [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	57,500	57,500
Principal Amount Outstanding	57,500	57,500
Carrying Value	55,811	55,480
Fair Value	49,105	50,255
Revolving Credit Facility [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	21,558
Principal Amount Outstanding	28,442
Carrying Value	28,442
Fair Value	$ 28,442

Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 226,461	$ 192,957
Percentage	100.00%	100.00%
Northeast [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 92,081	$ 92,939
Percentage	40.70%	48.20%
Southeast [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 60,116	$ 51,797
Percentage	26.50%	26.80%
Midwest [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 32,782	$ 16,023
Percentage	14.50%	8.30%
West [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 25,608	$ 20,196
Percentage	11.30%	10.50%
Southwest [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 7,661	$ 6,288
Percentage	3.40%	3.30%
Mid-Atlantic [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 201	$ 265
Percentage	0.10%	0.10%
International [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 8,012	$ 5,449
Percentage	3.50%	2.80%

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 26,918,340	$ (6,106,946)	$ 1,277,908
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	(1,525,392)	(819,722)	(937,768)
Net amortization of premium (discount) on investments	(1,560,684)	(219,513)	(44,455)
Amortization of debt issuance cost	370,329	368,471	363,812
Amortization of deferred financing cost	286,597
Net realized (gains) losses from investments	11,533,039	(5,221,051)	42,485,528
Net unrealized (gains) losses on investments	(31,941,213)	14,463,337	(25,363,072)
Proceeds from sale and settlements of investments	66,642,920	123,801,226	124,303,888
Purchases, originations and participations	(76,652,712)	(173,321,143)	(45,340,354)
Loss on extinguishment of debt		296,197	122,355
(Increase) decrease in operating assets:
Fees receivable		1,872,700	(1,753,672)
Interest receivable	(243,539)	(356,000)	252,948
Due from affiliate	(137,252)	(271,962)
Receivable for investments sold	(3,940,175)
Dividends receivable	107,851	(188,119)	(81,211)
Paydown receivable	112,500	179,515	(292,015)
Other receivable	5,567	(36,992)
Prepaid share repurchase	290,137
Other assets	359,677	159,069	691,813
Increase (decrease) in operating liabilities:
Payable for investments purchased	(12,426,941)	14,964,000	1,586,000
Accounts payable and accrued expenses	1,026,707	623,753	(691,701)
Due to affiliates		(280,323)	227,240
Administrator expenses payable	(74,911)	6,991	(89,045)
Interest and fees payable	187,273	503,125	(801,805)
Deferred revenue	96,083	325,602	(10,529)
Management and incentive fees payable, net			(1,392,022)
Other liabilities	(140,251)	(40,586)	613,534
Net cash provided by (used in) operating activities	(20,706,050)	(29,298,371)	95,127,377
Cash Flows from Financing Activities:
Debt issuance	36,441,941	57,500,000
Paydowns on debt	(30,521,800)	(55,325,000)	(74,012,825)
Distributions paid to shareholders		(265,798)
Debt issuance costs paid		(2,311,036)
Deferred financing costs	(935,721)
Repurchase of common shares	(1,058,213)	(16,964,985)	(8,203,444)
Net cash provided by (used in) financing activities	3,926,207	(17,366,819)	(82,216,269)
Net increase (decrease) in cash and cash equivalents	(16,779,843)	(46,665,190)	12,911,108
Cash and cash equivalents, beginning of period	22,768,066	69,433,256	56,522,148
Cash and cash equivalents, end of period	5,988,223	22,768,066	69,433,256
Supplemental information:
Interest paid during the period	$ 4,647,166	$ 4,241,510	$ 6,601,905

Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments - Investments [Member] - USD ($)
$ in Thousands

Sep. 30, 2023

Sep. 30, 2022

Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]

$ 103,004

$ 88,248

2,607

8,922

1,659

113,743

100,443

Investments measured at net asset value

225,669

192,957

^[1]

792

Total Investments, at fair value

226,461

Fair Value, Inputs, Level 1 [Member]

Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]

24,709

24,750

Fair Value, Inputs, Level 2 [Member]

24,709

24,750

Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]

20,505

13,996

8,922

1,659

6,217

5,877

Fair Value, Inputs, Level 3 [Member]

35,644

21,532

Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]

82,499

74,252

2,607

82,817

69,816

$ 165,316

$ 146,675

[1]

Share Transactions

12 Months Ended

Sep. 30, 2023

Share Transactions [Abstract]

Share Transactions

Note 14. Share Transactions

On January 11, 2021, the Company announced that its board of directors approved a share repurchase program.

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 649,996 shares of common stock through September 30, 2023 with a total cost of approximately $25.7 million, or 23.9% of shares outstanding as of the program’s inception. The total remaining amount authorized under the expanded share repurchase program is approximately $9.3 million.

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	$36.40 - $37.23		25,864
August 2022		3,081	$28.24 - $37.79		112,456
September 2022		91,508	$36.80 - $37.50		3,443,845
October 2022		701	$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
January 2023		2,052	$32.78 - $34.84		68,665
February 2023		3,131	$33.06 - $39.03		115,430
March 2023		2,003	$37.02 - $38.89		76,214
April 2023		649	$35.79 - $37.03		23,671
May 2023		100	$36.53 - $36.53		3,658
June 2023		2,300	$33.63 - $38.76		85,556
August 2023		14,751	$36.98 - $39.41		575,728
September 2023		125	$38.11 - $38.11		4,772
Total		649,996		$	25,737,486

During the year ended September 30, 2023, 28,291 shares were transferred into treasury, including 300 shares that were repurchased during the year ended September 30, 2022 and transferred into treasury during the year ended September 30, 2023.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Consolidated Statements of Changes in Net Assets - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Balance	$ 120,845,408	$ 143,693,981	$ 150,619,517
Balance (in Shares)	2,102,129	2,517,221	2,723,709
OPERATIONS
Net investment income (loss)	$ 6,510,166	$ 3,431,537	$ 18,522,719
Net realized gains (losses) on investments	(11,533,039)	5,221,051	(42,485,528)
Net change in unrealized appreciation (depreciation) on investments	31,941,213	(14,463,337)	25,363,072
Net loss on extinguishment of debt		(296,197)	(122,355)
Distributions declared		(265,798)
Repurchase of common shares	(1,058,213)	(16,475,829)	(8,203,444)
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles
Total Increase (Decrease) in Net Assets	25,860,127	(22,848,573)	(6,925,536)
Balance	$ 146,705,535	$ 120,845,408	$ 143,693,981
Balance (in Shares)	2,073,713	2,102,129	2,517,221
Common Stock
Balance	$ 2,102	$ 2,517	$ 2,724
Balance (in Shares)	2,102,129	2,517,221	2,723,709
OPERATIONS
Net investment income (loss)
Net realized gains (losses) on investments
Net change in unrealized appreciation (depreciation) on investments
Net loss on extinguishment of debt
Distributions declared
Repurchase of common shares	$ (28)	$ (415)	$ (207)
Repurchase of common shares (in Shares)	(28,416)	(415,092)	(206,488)
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles
Total Increase (Decrease) in Net Assets	$ (28)	$ (415)	$ (207)
Total Increase (Decrease) in Net Assets (in Shares)	(28,416)	(415,092)	(206,488)
Balance	$ 2,074	$ 2,102	$ 2,517
Balance (in Shares)	2,073,713	2,102,129	2,517,221
Capital in Excess of Par Value
Balance	$ 675,401,802	$ 688,866,642	$ 672,381,617
OPERATIONS
Net investment income (loss)
Net realized gains (losses) on investments
Net change in unrealized appreciation (depreciation) on investments
Net loss on extinguishment of debt
Distributions declared		(265,798)
Repurchase of common shares	(1,058,185)	(16,475,414)	(8,203,237)
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles	20,468,622	3,276,372	24,688,262
Total Increase (Decrease) in Net Assets	(19,410,437)	(13,464,840)	16,485,025
Balance	694,812,239	675,401,802	688,866,642
Total Distributable Earnings/(Loss)
Balance	(554,558,496)	(545,175,178)	(521,764,824)
OPERATIONS
Net investment income (loss)	6,510,166	3,431,537	18,522,719
Net realized gains (losses) on investments	(11,533,039)	5,221,051	(42,485,528)
Net change in unrealized appreciation (depreciation) on investments	31,941,213	(14,463,337)	25,363,072
Net loss on extinguishment of debt		(296,197)	(122,355)
Distributions declared
Repurchase of common shares
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles	(20,468,622)	(3,276,372)	(24,688,262)
Total Increase (Decrease) in Net Assets	6,449,718	(9,383,318)	(23,410,354)
Balance	$ (548,108,778)	$ (554,558,496)	$ (545,175,178)

Significant Accounting Policies (Details) - Schedule of Investments - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Investments [Abstract]
Capital in excess of par value	$ 20,468,622	$ 3,276,372	$ 24,688,262
Accumulated undistributed net investment income/(loss)	(20,468,622)	(3,276,372)	(19,047,396)
Accumulated net realized gain/(loss) from investments			$ (5,640,866)

Related Party Transactions

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Fair Value Measurements (Details) - Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 165,316	$ 146,675
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 69,943	$ 65,428
Valuation Methodology	Income Approach	Income Approach
Unobservable Input	Market Yield	Market Yield
Range (Weighted Average)	8.50% - 32.0% (13.78%)	8.50% - 24.00% (10.57%)
Impact to Valuation From An Increase In Input	Decrease
Senior Secured First Lien Term Loans One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 751	$ 3,807
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	Revenue Multiple	EBITDA Multiple
Range (Weighted Average)	0.3x - 0.3x (0.3x)	4.0x – 5.0x (4.5x)
Impact to Valuation From An Increase In Input	Increase
Senior Secured First Lien Term Loans Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,939	$ 4,152
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	Revenue Multiple
Range (Weighted Average)	1.7x - 5.0x (3.1x)	0.2x – 0.3x (2.5x)
Impact to Valuation From An Increase In Input	Increase
Senior Secured First Lien Term Loans Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 866	$ 865
Valuation Methodology	Market Approach	Income Approach
Unobservable Input	LTM EBITDA Multiple	Market Spread
Range (Weighted Average)	5.8x - 6.8x (6.3x)	5.75% - 6.25% (6.00%)
Impact to Valuation From An Increase In Input	Increase
Equity Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 38,870	$ 47,138
Valuation Methodology	Cost Approach	Cost Approach
Unobservable Input	Collateral Value	Replacement Cost
Range (Weighted Average)	N/A	N/A
Impact to Valuation From An Increase In Input	N/A
Equity/Warrants Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 11,734	$ 9,951
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	LTM Multiple	Market Yield
Range (Weighted Average)	5.8x – 6.8x (6.3x)	8.50% - 13.25% (12.75%)
Impact to Valuation From An Increase In Input	Increase
Equity/Warrants Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 22,007	$ 1,283
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	Sum of the Parts/Estimated Proceeds
Range (Weighted Average)	1.8x – 36.8x (2.8x)	8.1x – 11.4x (9.8x)
Impact to Valuation From An Increase In Input	Increase
Equity/Warrants Four [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,000
Valuation Methodology	Recent Purchase
Unobservable Input	Purchase Price
Range (Weighted Average)	N/A – N/A (N/A)
Impact to Valuation From An Increase In Input	N/A
Equity/Warrants Five [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 206
Valuation Methodology	Income Approach
Unobservable Input	DLOM (Discount for lack of Marketability)
Range (Weighted Average)	3.0x – 3.2x (3.1x)
Impact to Valuation From An Increase In Input	Decrease
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)
Equity/Warrants One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 11,444
Valuation Methodology		Market Approach
Unobservable Input		EBITDA Multiple
Range (Weighted Average)		2.0x – 21.0x (17.4x)

Related Party Transactions

12 Months Ended

Sep. 30, 2023

Note 7. Related Party Transactions

Due from Affiliates

Due from affiliates at September 30, 2023 and September 30, 2022 consists of certain legal and general and administrative expenses paid by the Company on behalf of certain of its affiliates.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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