0001213900-26-052253 | 10-Q | XBRL Viewer

Investment, Identifier [Axis]: Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Services: Consumer - Senior Secured First Lien Term Loan

3,375,000

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

3,375,000

^[4],[5],[6]

Investment, Identifier [Axis]: Affiliated Investments - FST Holdings Parent, LLC - High Tech Industries - Equity - Class A Units

^[4]

12.00%

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

12.00%

^[6]

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured 6th Amendment Term loan

625,548

^[1],[3],[7]

625,548

^[4],[6],[8]

^{[1],[3],[9],[10]}

10.00%

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured Delayed Draw Term Loan

^{[1],[3],[9],[10]}

4.00%

10.00%

^{[1],[3],[9],[10],[11]}

10.00%

^{[4],[6],[12],[13],[14],[15],[16]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Revolver

4.00%

^{[1],[3],[9],[10],[11]}

4.00%

^{[4],[6],[12],[13],[14],[15],[16]}

8.00%

^{[1],[3],[9],[10],[11],[17],[18]}

8.00%

^{[4],[6],[12],[13],[14],[15],[16]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Term Loan

4.00%

^{[1],[3],[9],[10],[11],[17],[18]}

4.00%

^{[4],[6],[12],[13],[14],[15],[16]}

8.00%

^{[1],[3],[9],[10],[11]}

8.00%

^{[4],[6],[12],[13],[15]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Warrants - Outstanding Equity

4.00%

^{[1],[3],[9],[10],[11]}

4.00%

^{[4],[6],[12],[13],[15]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Warrants of Outstanding Equity

^[1],[3]

2.28%

Percentage on outstanding equity by warrants

^[4],[6]

2.28%

Investment, Identifier [Axis]: Controlled Investments - ECC Capital Corp. - Real Estate - Equity

Investment, Identifier [Axis]: Controlled Investments - ECC Capital Corp. - Real Estate - Senior Secured Promissory Note

84,000,000

^{[2],[3],[19],[20]}

84,000,000

^{[5],[6],[21],[22]}

5.00%

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

5.00%

^{[6],[13],[21]}

Investment, Identifier [Axis]: Controlled Investments - NSG Captive, Inc. - Insurance - Equity

0.00%

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

0.00%

^{[6],[13],[21]}

Investment, Identifier [Axis]: Controlled Investments - NSG Captive, Inc. - Insurance - Preferred Equity

^{[5],[6],[21],[23]}

100,000

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Equity - Class A Units

^[3],[19]

100,000

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured First Lien Term Loan C

1,000

^[2],[3],[19]

1,000

^[5],[6],[21]

12.00%

^{[3],[19],[24]}

12.00%

^{[6],[21],[25]}

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured First Lien Term Loan D

2.00%

^{[3],[19],[24]}

2.00%

^{[6],[21],[25]}

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

7.00%

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured Revolving Note

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

2.00%

^{[6],[21],[26]}

7.00%

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured Revolving Note

^{[6],[21],[26]}

2.00%

^{[3],[10],[19],[24]}

7.00%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Adamas Trust, Inc. - Real Estate - Equity - Class E Preferred Units

^{[3],[10],[19],[24]}

2.00%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Adamas Trust, Inc. - Real Estate - Equity - Class F Preferred Units

140,721

^{[3],[10],[20],[27],[28]}

221,469

^{[6],[13],[22],[29]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Equity

17,243

^{[3],[20],[27],[28]}

17,243

^{[6],[22],[30]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Senior Secured First Lien Term Loan B

547,179

^{[2],[3],[20],[27],[28]}

547,180

^{[5],[6],[22],[29]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business -Senior Secured First Lien Term Loan B

^{[6],[12],[13],[15],[29],[31]}

6.50%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Arora Engineers, LLC - Construction & Building - First Lien Term Loan

^{[3],[9],[10],[11],[27],[28],[32]}

6.50%

^{[3],[27],[33]}

6.75%

^{[3],[27],[33]}

0.25%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Arora Engineers, LLC - Construction & Building - Warrants

^{[3],[27],[33]}

3.00%

Warrants units (in Shares)

^[3],[27]

444,382

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Boostability Seotowncenter, Inc. - Services: Business - Equity - Common Units

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - CB&L Associates Holdco I, LLC - Real Estate - First Lien Term Loan

^[5],[6]

833,152

^{[6],[12],[26],[29],[31],[34]}

2.75%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp. - Real Estate - Equity - Class B Preferred Units

^{[6],[12],[26],[29],[31],[34]}

1.00%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp. - Real Estate - Equity - Class C Preferred Units

^{[6],[13],[22],[29]}

26,133

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Compass Diversified Holdings - Real Estate - Equity - Series C Preferred Units

22,829

^{[3],[20],[27],[28],[35]}

151,710

^{[6],[22],[29],[36]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Franklin BSP Realty Trust, Inc. - Real Estate - Equity

61,734

^{[3],[20],[27],[28],[37]}

22,049

^{[6],[22],[29],[38]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Innovate Corp. - Construction & Building - Senior Secured Notes

^{[6],[22],[29]}

50,000

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Invesco Mortgage Capital, Inc. - Real Estate - Equity - Common Units

10.50%

^{[3],[27],[28],[32],[34]}

10.50%

^{[6],[29],[31]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - JFL-NGS-WCS Partners, LLC - Construction & Building - Equity

180,000

^{[3],[20],[27],[28]}

180,000

^[6],[22]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Jacmel Arora, LLC - Equity

10,000,000

^[2],[3]

10,000,000

^[5],[6]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Kemmerer Operations, LLC - Metals & Mining - Senior Secured First Lien Term Loan

^[2],[3],[27]

3,150,000

^{[3],[10],[27]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - LB NewHoldCo, LLC - Consumer Discretionary - Equity - Membership Units

^[6],[13]

5.00%

Membership interest (in Shares)

230,739

^[2],[3],[27]

230,739

^[5],[6]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) - Consumer Discretionary - Priority First Out Exit Term Loan

7.50%

^{[3],[9],[27],[39]}

7.50%

^{[6],[12],[40]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) - Consumer Discretionary - Priority Second Out Term Loan

1.00%

^{[3],[9],[27],[39]}

1.00%

^{[6],[12],[40]}

7.50%

^{[3],[9],[27],[39]}

7.50%

^{[6],[12],[40]}

5.00%

^{[3],[9],[27],[39]}

5.00%

^{[6],[12],[40]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MFA Financial, Inc. - Real Estate - Equity - Class C Preferred Units

1.00%

^{[3],[9],[27],[39]}

1.00%

^{[6],[12],[40]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MFA Financial, Inc. - Real Estate - Equity - Common Units

39,493

^{[3],[10],[20],[27]}

114,695

^{[6],[13],[22],[29]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - NGS-WCS Group Holdings - Construction & Building - Senior Secured First Lien Term Loan B

120,000

^{[3],[20],[27],[28]}

70,000

^{[6],[22],[29]}

^[6],[26]

4.75%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Neptune Bidco US, Inc. (dba Nielsen) - Media: Broadcasting & Subscription - First Lien Term Loan

^[6],[26]

0.50%

^{[6],[12],[13],[31]}

5.00%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Onity Group Inc. - Real Estate - Equity - Preferred Units

^{[6],[12],[13],[31]}

0.50%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PHH Mortgage Corp. - Real Estate - Senior Secured Note

200,000

^{[3],[27],[28],[37]}

200,000

^{[6],[29],[38]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured First Lien Term Loan

9.875%

^{[3],[27],[32]}

9.875%

^[6],[31]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured Revolving Note

7.00%

^{[3],[27],[32],[33]}

7.00%

^{[6],[26],[31]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Services: Consumer - Senior Secured First Lien Revolver

5.50%

^{[3],[17],[27],[33]}

5.50%

^{[6],[14],[26]}

6.50%

^{[3],[17],[18],[27],[33]}

6.50%

^{[6],[14],[16],[26]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Services: Consumer - Senior Secured First Lien Term Loan

1.00%

^{[3],[17],[18],[27],[33]}

1.00%

^{[6],[14],[16],[26]}

6.50%

^{[3],[27],[33]}

6.50%

^[6],[26]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Power Stop LLC - Automotive - Senior Secured First Lien Term Loan

1.00%

^{[3],[27],[33]}

1.00%

^[6],[26]

4.75%

^{[3],[9],[10],[27],[32]}

4.75%

^{[6],[12],[13],[31]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Redwood Trust Inc. - Real Estate - Equity

0.50%

^{[3],[9],[10],[27],[32]}

0.50%

^{[6],[12],[13],[31]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Redwood Trust Inc. - Real Estate - Equity - Common Units

^{[6],[22],[29]}

165,000

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Services: Consumer - Senior Secured First Lien Revolver

^{[3],[20],[27],[28]}

185,000

5.75%

^{[3],[17],[18],[27],[33]}

5.75%

^{[6],[16],[26]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Services: Consumer - Senior Secured First Lien Term Loan

1.00%

^{[3],[17],[18],[27],[33]}

1.00%

^{[6],[16],[26]}

5.75%

^{[3],[27],[33]}

5.75%

^[6],[26]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Stancor (dba Industrial Flow Solutions Holdings, LLC) - Business - Equity

1.00%

^{[3],[27],[33]}

1.00%

^[6],[26]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Stancor (dba Industrial Flow Solutions Holdings, LLC) - Services: Business - Equity - Class A Units

^[5],[6]

358,867

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Staples, Inc. - Services: Consumer - First Lien Term Loan

^[2],[3],[27]

358,867

^{[6],[13],[31]}

5.75%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Thryv Holdings, Inc. - Media: Broadcasting & Subscription - Senior Secured First Lien Term Loan

^{[6],[13],[31]}

0.50%

6.75%

^{[3],[27],[28],[32],[33]}

6.75%

^{[6],[26],[29],[31]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Equity - Common Shares

1.00%

^{[3],[27],[28],[32],[33]}

1.00%

^{[6],[26],[29],[31]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Senior Secured First Lien Term Loan

^[2],[3],[27]

350

8.75%

^{[3],[9],[27],[33]}

8.75%

^{[6],[12],[26]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Senior Secured Revolving Note

3.00%

^{[3],[9],[27],[33]}

3.00%

^{[6],[12],[26]}

8.75%

^{[3],[9],[17],[18],[33]}

8.75%

^{[6],[12],[14],[16],[26]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - First Out Delayed Draw Term Loan

3.00%

^{[3],[9],[17],[18],[33]}

3.00%

^{[6],[12],[14],[16],[26]}

3.50%

^{[3],[10],[27]}

3.50%

^[6],[13]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - First Out Term Loan

2.00%

^{[3],[10],[27]}

2.00%

^[6],[13]

3.50%

^{[3],[10],[27]}

3.50%

^[6],[13]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Delayed Draw Term Loan

2.00%

^{[3],[10],[27]}

2.00%

^[6],[13]

^{[3],[10],[27]}

6.25%

^{[3],[10],[27]}

2.75%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Delayed Draw Term Loan - First Out Skim

^{[3],[10],[27]}

2.00%

^[6],[13]

6.25%

^[6],[13]

2.75%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Term Loan

^[6],[13]

2.00%

^{[3],[10],[27]}

6.25%

^{[3],[10],[27]}

2.75%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Term Loan - First Out Skim

^{[3],[10],[27]}

2.00%

^[6],[13]

6.25%

^[6],[13]

2.75%

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments- Neptune Bidco US, Inc. (dba Nielsen) - Media: Broadcasting & Subscription - Senior Secured Note

^[6],[13]

2.00%

^[6],[31]

9.29%

[1]	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.
[2]	Non-income producing security.
[3]	Substantially all of our investments are domiciled in the United States. Certain investments also have international operations.
[4]	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.
[5]	Non-income producing security.
[6]	Substantially all of our investments are domiciled in the United States. Certain investments also have international operations.
[7]	The investment is held through PhenixFIN Investment Holdings FST, LLC.
[8]	The investment is held through PhenixFIN Investment Holdings FST, LLC.
[9]	Credit Spread Adjustment (“CSA”).
[10]	The interest rate on these securities is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.
[11]	The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
[12]	Credit Spread Adjustment (“CSA”).
[13]	The interest rate on these securities is subject to 3 month SOFR, which as of September 30, 2025 was 3.98%.
[14]	The investment has an unfunded commitment as of September 30, 2025 (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 investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
[16]	This investment earns 0.50% commitment fee on all unused commitments as of September 30, 2025, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[17]	The investment has an unfunded commitment as of March 31, 2026 (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]	This investment earns 0.50% commitment fee on all unused commitments as of March 31, 2026, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[19]	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.
[20]	This investment represents a Level 1 security in the ASC 820 table as of March 31, 2026 (see Note 4).
[21]	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.
[22]	This investment represents a Level 1 security in the ASC 820 table as of September 30, 2025 (see Note 4).
[23]	NSG Captive, Inc. owns 80% of National Security Group Holdings Inc.
[24]	The investment was on non-accrual status as of March 31, 2026.
[25]	The investment was on non-accrual status as of September 30, 2025.
[26]	The interest rate on these securities is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.
[27]	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.
[28]	The investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act, in whole, or in part. As of March 31, 2026, non-qualifying assets represented 11.16% of total assets.
[29]	The investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act, in whole, or in part. As of September 30, 2025, non-qualifying assets represented 14.70% of total assets.
[30]	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 6.130% spread on 10/15/2026.
[31]	This investment represents a Level 2 security in the ASC 820 table as of September 30, 2025 (see Note 4).
[32]	This investment represents a Level 2 security in the ASC 820 table as of March 31, 2026 (see Note 4).
[33]	The interest rate on these securities is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.
[34]	For this investment, the 8/1/2025 and 2/1/2026 interest payments are payment-in-kind (“PIK”).
[35]	The interest rate on this preferred equity is fixed-to-floating and shifted to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025.
[36]	The interest rate on this preferred equity is fixed-to-floating and shifted to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025.
[37]	The interest rate on this preferred equity is 7.875%.
[38]	The interest rate on this preferred equity is 7.875%.
[39]	The interest rate on these securities is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.
[40]	The interest rate on these securities is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%.

Share Transactions (Details) - USD ($)
$ / shares in Units, $ in Millions

6 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Feb. 08, 2023

Aggregate repurchased shares (in Shares)

Repurchase amount

$ 32.2

787,425

Percentage of shares outstanding

28.90%

Remaining amount authorized

$ 2.8

Average price per share (in Dollars per share)

^[1]

$ 1.15

Common Stock [Member]

Average price per share (in Dollars per share)

$ 40.94

Minimum [Member]

Repurchase amount

$ 25.0

Maximum [Member]

Repurchase amount

$ 35.0

[1]	The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the repurchase of common stock because of the timing of repurchase of the Company’s shares.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
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Schedule of Debt Issuance Costs

Borrowings (Details) - USD ($)							6 Months Ended		12 Months Ended
Borrowings (Details) - USD ($)	Apr. 17, 2025	Aug. 05, 2024	May 02, 2024	Feb. 21, 2024	Dec. 15, 2022	Nov. 09, 2021	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025	May 04, 2026	Jan. 17, 2023	Mar. 31, 2018
Borrowings [Line Items]
Asset coverage percentage							200.00%
Revolving credit facility in terms					3 years
Revolving credit facility (in Dollars)					$ 50,000,000
Maturity date					Dec. 15, 2025
Borrowed amount (in Dollars)											$ 23,200,000
Aggregate principal amount (in Dollars)							$ 147,492,000		$ 149,153,000
Aggregate principal amount (in Dollars)								$ 29,527,047
Interest rate							2.50%
Outstanding credit facility (in Dollars)							$ 90,000,000		$ 90,000,000
Commitment fee percentage							0.25%
2023 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount (in Dollars)											$ 22,600,000
Accrued and unpaid interest rate											100.00%
2028 Promissory Note [Member]
Borrowings [Line Items]
Percentage of unsecured notes			5.25%
Principal amount (in Dollars)			$ 1,661,498
2028 Promissory Note [Member] \| Unsecured Notes [Member]
Borrowings [Line Items]
Aggregate principal amount (in Dollars)						$ 57,500,000
Percentage of unsecured notes						5.25%
Maturity date						Nov. 01, 2028
Asset Coverage [Member]
Borrowings [Line Items]
Asset coverage percentage							204.30%		207.80%
Line of Credit [Member]
Borrowings [Line Items]
Uncommitted accordion provision (in Dollars)	$ 50,000,000
Maximum [Member]
Borrowings [Line Items]
Asset coverage percentage										150.00%		200.00%
Aggregate principal amount (in Dollars)	$ 100,000,000	$ 87,500,000		$ 62,500,000
Maximum [Member] \| ABR [Member]
Borrowings [Line Items]
Interest rate	1.75%
Maximum [Member] \| SOFR [Member]
Borrowings [Line Items]
Interest rate	2.75%
Minimum [Member]
Borrowings [Line Items]
Asset coverage percentage										200.00%		150.00%
Aggregate principal amount (in Dollars)	$ 12,500,000	$ 25,000,000		$ 12,500,000
Minimum [Member] \| ABR [Member]
Borrowings [Line Items]
Interest rate	1.35%
Minimum [Member] \| SOFR [Member]
Borrowings [Line Items]
Interest rate	2.35%
Underwriters [Member] \| 2028 Promissory Note [Member]
Borrowings [Line Items]
Aggregate principal amount (in Dollars)						$ 7,500,000

Agreements

6 Months Ended

Mar. 31, 2026

Agreements [Abstract]

Agreements

Note 6. Agreements

Administration Agreement

SS&C Technologies, Inc. (“SS&C”) serves as the administrator of the Company and provides the Company with fund accounting and financial reporting services pursuant to the services agreement with the Company since August 9, 2022. Effective September 12, 2022, Computershare Trust Company, N.A. (“Computershare”) serves as custodian for the Company pursuant to its Loan Administration and Custodial Agreement with the Company. For the three and six months ended March 31, 2026 we incurred approximately $0.1 million and $0.2 million in administrator expenses, respectively. For the three and six months ended March 31, 2025 we incurred approximately $0.1 million and $0.2 million in administrator expenses, respectively.

As of March 31, 2026 and September 30, 2025, $0.0 million and $0.0 million was included in “administrator expenses payable” in the accompanying Consolidated Statements of Assets and Liabilities.

Long-Term Cash Incentive Plan

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

In December 2022, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2022 and ending on September 30, 2025 (the “2023 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The Compensation Committee, in approving the awards, evaluated each performance goal separately.

In December 2023, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2023 and ending on September 30, 2026 (the “2024 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The Compensation Committee, in approving the awards, evaluated each performance goal separately.

In December 2024, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2024 and ending on September 30, 2027 (the “2025 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The threshold, target, and maximum performance levels are structured similar to those of the CIP. The Compensation Committee, in approving the awards, evaluated each performance goal separately.

In December 2025, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2025 and ending on September 30, 2028 (the “2026 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their target award amount based on the factors described above. The threshold, target, and maximum performance levels are structured similar to those of the CIP. The Compensation Committee, in approving the awards, evaluated each performance goal separately.

The Target Performance Award for each executive officer for the 2023 LTIP Plan, the 2024 LTIP Plan, the 2025 LTIP Plan and the 2026 LTIP Plan is set forth in the table below:

Name and Title	2023 LTIP Dollar Value of Target Award		2024 LTIP Dollar Value of Target Award		2025 LTIP Dollar Value of Target Award		2026 LTIP Dollar Value of Target Award
David Lorber, Chairman of the Board and Chief Executive Officer	$	890,000	$	890,000	$	1,000,000	$	1,000,000
Ellida McMillan, Chief Financial Officer		380,000		380,000		425,000		425,000

During the three and six months ended March 31, 2026, the Company recorded an expense of $66,875 and $133,750, respectively, for these awards. During the three and six months ended March 31, 2025, the Company recorded an expense of $303,848 and $630,168, respectively, for these awards.

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Borrowings (Tables)

6 Months Ended

Mar. 31, 2026

Borrowings [Abstract]

The Company’s outstanding debt excluding debt issuance costs as of March 31, 2026 and September 30, 2025 were as follows (dollars in thousands):

	March 31, 2026								September 30, 2025
	Aggregate Principal Available⁽¹⁾		Principal Amount Outstanding		Carrying Value		Fair Value		Aggregate Principal Available ⁽¹⁾		Principal Amount Outstanding		Carrying Value		Fair Value
2028 Notes	$	57,500	$	57,500	$	56,635	$	54,556	$	57,500	$	57,500	$	56,477	$	55,154
2028 Promissory Note		-		-		-		-		1,661		1,661		1,543		1,594
Revolving Credit Facility		10,008		89,992		89,992		89,992		10,008		89,992		89,992		89,992
Total debt	$	67,508	$	147,492	$	146,627	$	144,548	$	69,169	$	149,153	$	148,012	$	146,740

(1)

For the 2028 Notes and 2028 Promissory Note, this represents the total principal amount and for the Revolving Credit Facility, this represents the undrawn principal amount.

Schedule of Consolidated Statements of Assets and Liabilities

As of March 31, 2026 and September 30, 2025, debt issuance costs related to the 2028 Notes were as follows (dollars in thousands):

	For the six months ended						For the year ended
	March 31, 2026						September 30, 2025
	2028 Notes		2028 Promissory Note		Total		2028 Notes		2028 Promissory Note		Total
Total debt issuance costs at beginning of period	$	1,023	$	118	$	1,141	$	1,357	$	154	$	1,511
Debt issuance costs during the period		-		-		-		-		-		-
Amortized debt issuance costs		159		118		277		334		36		370
Unamortized debt issuance costs	$	864	$	-	$	864	$	1,023	$	118	$	1,141

Schedule of Interest Expense, Amortized Debt Issuance Costs, Amortized Deferred Financing Costs, Weighted Average Stated Interest Rate And Weighted Average Outstanding Debt

For the three and six months ended March 31, 2026 and 2025, 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 2028 Notes, 2028 Promissory Note and Credit Facility were as follows (dollars in thousands):

	For the Three Months Ended March 31,						For the Six Months Ended March 31,
	2026			2025			2026			2025
2028 Notes Interest	$	754		$	763			1,509			1,510
2028 Promissory Note Interest		-			22			16			44
Credit facility interest		1,391			1,493			2,885			2,994
Commitment fees		7			2			13			9
Amortization of deferred financing costs		75			207			152			384
Amortization of debt issuance costs		82			92			166			184
Other		-			-			-			-
Total	$	2,309		$	2,579		$	4,741		$	5,125
Weighted average stated interest rate		5.9	%		6.4	%		6.0	%		6.6	%
Weighted average debt outstanding	$	147,492		$	142,324		$	148,112		$	139,254

Investments - Schedule of Income Statement (Details) - FlexFIN LLC’s and NVTN LLC’s [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Schedule of Income Statement [Line Items]
Total Income	$ 10,285	$ 1,997	$ 19,643	$ 3,592
Total Expenses	10,170	463	19,680	899
Net Income	$ 115	$ 1,534	$ (37)	$ 2,693

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Investment Company, Financial Highlights [Abstract]

Financial Highlights (Tables)

6 Months Ended

Mar. 31, 2026

Schedule of Financial Highlights

The following is a schedule of financial highlights for the six months ended March 31, 2026 and 2025:

	For the Six Months Ended March 31,
	2026			2025
Per share data
Net Asset Value per share at Beginning of Period	$	80.24		$	79.37

Results of Operations:
Net Investment Income/(Loss)⁽¹⁾		1.45			1.28
Net Realized Gain/(Loss) on Investments		(0.21	)		0.05
Net Unrealized Gain/(Loss) on Investments		(2.76	)		(0.39	)
Net loss on extinguishment of debt		(0.01	)		-
Deferred tax benefit (expense)		(0.30	)		(0.16	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1.83	)		0.78

Capital Share Transactions
Distributions declared		-			(1.43	)
Repurchase of common stock under stock repurchase program⁽²⁾		1.15			-
Net Increase (Decrease) Resulting from Capital Share Transactions		1.15			(1.43	)
Net Asset Value per share at End of Period	$	79.56		$	78.72

Net Assets at End of Period	$	153,811,704		$	158,987,514
Shares Outstanding at End of Period		1,933,238			2,019,778

Per share market value at end of period	$	39.06		$	54.00
Total return based on market value⁽³⁾		(17.99	)%		16.45	%
Total return based on net asset value⁽⁴⁾		(4.33	)%		0.98	%
Portfolio turnover rate		9.61	%		29.19	%
Ratios:
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements⁽⁵⁾		3.68	%		3.27	%
Ratio of total expenses to average net assets		11.49	%		12.16	%

Supplemental Data:
Percentage of non-recurring fee income⁽⁶⁾		2.97	%		0.33	%
Average debt outstanding⁽⁷⁾	$	148,112,398		$	139,253,604
Average debt outstanding per weighted average common share	$	74.53		$	68.95
Asset coverage ratio per unit⁽⁸⁾	$	2,043		$	2,146
Senior Securities Outstanding⁽⁹⁾
2023 Notes	$	-		$	-
2028 Notes	$	57,500,000		$	57,500,000
2028 Promissory Note	$	-		$	1,661,498
Credit Facility	$	89,991,619		$	79,600,000
Average market value per unit:
2028 Notes	$	22.85		$	22.57

(1)	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $1.45 and $1.28 per share for the six months ended March 31, 2026 and 2025, respectively.

(2)	The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the repurchase of common stock because of the timing of repurchase of the Company’s shares.

(3)	Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.
(4)	Total return is historical and assumes changes in NAV, reinvestments of all dividends at prices obtained under the Company’s dividend reinvestment plan, and no sales charges for the period. Calculation is not annualized.
(5)	Ratios are annualized during interim periods.
(6)	Represents the impact of the non-recurring fees as a percentage of total investment income.
(7)	Based on daily weighted average carrying value of debt outstanding during the period.
(8)	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 March 31, 2026, the Company’s asset coverage was 204.3% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act.
(9)	Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.

Investments - Schedule of Portfolio Composition by Industry Grouping at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Percentage	100.00%	100.00%
Insurance [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 55,356	$ 48,470
Percentage	18.70%	16.00%
Services: Business [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 48,874	$ 56,249
Percentage	16.50%	18.60%
Real Estate [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 38,002	$ 47,632
Percentage	12.80%	15.80%
Services: Consumer [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 33,785	$ 38,418
Percentage	11.40%	12.70%
Construction & Building [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 29,832	$ 18,131
Percentage	10.10%	6.00%
Aerospace & Defense [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 28,398	$ 25,881
Percentage	9.60%	8.60%
Hotel, Gaming & Leisure [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 20,192	$ 22,328
Percentage	6.80%	7.40%
High Tech Industries [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 18,840	$ 16,961
Percentage	6.40%	5.60%
Automotive [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 8,229	$ 7,860
Percentage	2.80%	2.60%
Metals & Mining [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 6,763	$ 8,763
Percentage	2.30%	2.90%
Consumer Discretionary [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 3,235	$ 4,502
Percentage	1.10%	1.50%
Banking [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 2,320	$ 2,227
Percentage	0.80%	0.70%
Media: Broadcasting & Subscription [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 1,985	$ 4,850
Percentage	0.70%	1.60%
Total Investments [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 295,811	$ 302,272
Percentage	100.00%	100.00%

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2023	Sep. 30, 2025
Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 3,100,000		$ 3,100,000			$ 7,300,000
Restricted cash and cash equivalents
PIK interest	500,000	$ 300,000	700,000	$ 700,000
Fee income	164,374	29,673	352,207	40,737
Realized gains or losses		300,000		300,000
Non-accrual status with fair value	$ 0		$ 0			$ 0
Percentage of portfolio fair value	0.00%		0.00%			0.00%
Portfolio fair value cost	$ 7,600,000		$ 7,600,000			$ 7,600,000
Term of debt investments with remaining maturities			60 days
Percentage of investment company taxable income			90.00%		90.00%
Percentage of nondeductible U.S. federal excise tax			4.00%
Percentage of distributable ordinary income			98.00%
Percentage of capital gain net income			98.20%
Net deferred tax asset	727,925		$ 727,925			1,234,847
Change in provision for deferred taxes	(166,015)	$ (329,636)	(589,444)	$ (329,636)
Deferred tax asset	13,500,000		13,500,000			14,400,000
Deferred tax asset valuation allowance	$ 12,700,000		$ 12,700,000			$ 13,200,000
Control Investments [Member]
Significant Accounting Policies [Line Items]
Percentage of outstanding voting securities	25.00%		25.00%
Affiliated Investments [Member] \| Minimum [Member]
Significant Accounting Policies [Line Items]
Percentage of outstanding voting securities	5.00%		5.00%
Affiliated Investments [Member] \| Maximum [Member]
Significant Accounting Policies [Line Items]
Percentage of outstanding voting securities	25.00%		25.00%

Share Transactions (Tables)

6 Months Ended

Mar. 31, 2026

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 $40.94 per share under its share repurchase program from February 10, 2021 through March 31, 2026:

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
November 2023		475		$37.03 - $37.78		17,825
December 2023		12,748		$37.53 - $41.03		520,749
March 2024		40,000		$45.03 - $45.03		1,801,205
April 2024		700		$43.76 - $43.76		30,637
May 2024		12		$44.82 - $44.82		543
June 2025		15,909		$50.03 - $50.03		795,932
September 2025		100		$47.68 - $47.68		4,773
December 2025		4,135		$41.68 - $47.38		182,876
January 2026		1,375		$43.09 - $45.62		60,872
February 2026		60,600		$42.41 - $47.77		2,893,547
March 2026		1,375		$40.04 - $44.40		187,893
Total		787,425			$	32,234,338

Significant Accounting Policies

6 Months Ended

Mar. 31, 2026

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 (“ASC 946”), Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the consolidated accounts of the Company and its wholly owned subsidiaries PhenixFIN Small Business Fund, LP, PhenixFIN SLF Funding I LLC, PhenixFIN Investment Holdings, LLC, PhenixFIN Investment Holdings Omnivere, LLC, PhenixFIN Investment Holdings AAR, LLC, and PhenixFIN Investment Holdings Amvestar, LLC. All references made to the “Company,” “we,” and “us” herein include PhenixFIN Corporation and its consolidated subsidiaries, except as stated otherwise. Additionally, the accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Act of 1933. Therefore, this Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended September 30, 2025. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending September 30, 2026.

Use of Estimates in the Preparation of Financial Statements

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

Cash, Restricted Cash and Cash Equivalents

The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less. Cash and cash equivalents include deposits in a money market account. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. As of March 31, 2026 and September 30, 2025, we had $3.1 million and $7.3 million in cash and cash equivalents, respectively, none of which is restricted.

Debt Issuance Costs and Deferred Financing Costs

Debt issuance costs, incurred in connection with unsecured notes (see Note 5), are deferred and amortized over the life of the respective instrument. Deferred financing costs related to the issuance of revolving debt obligations (see Note 5) are deferred and amortized over the life of the respective obligation. Debt issuance costs related to any unsecured notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities. Deferred financing costs related to any credit facilities are presented on the Consolidated Statements of Assets and Liabilities.

Indemnification

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

Revenue Recognition

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment. Loan origination fees, exit fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. For the three and six months ended March 31, 2026, the Company earned approximately $0.5 million and $0.7 million in PIK interest, respectively. For the three and six months ended March 31, 2025, the Company earned approximately $0.3 million and $0.7 million in PIK interest, respectively.

Amendment and transaction break-up fees associated with investments in portfolio companies are recognized as income when we become entitled to such fees. Prepayment penalties received by the Company for debt instruments paid back to the Company prior to the maturity date are recorded as income upon repayment of debt. Administrative agent fees received by the Company are capitalized as deferred revenue and recorded as fee income when the services are rendered. Other income includes fees for providing managerial assistance to our portfolio companies and is recognized as revenue when earned. For the three and six months ended March 31, 2026, fee income was approximately $164.4 thousand and approximately $352.2 thousand, respectively (see Note 9). For the three and six months ended March 31, 2025, fee income was approximately $29.7 thousand and approximately $40.7 thousand, respectively (see Note 9).

Investment transactions are accounted for on a trade date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment using the specific identification method, without regard to unrealized gains or losses previously recognized. No realized gains or losses relating to restructuring transactions occurred during the three and six months ended March 31, 2026. The Company recognized a realized gain related to restructuring transactions of $0.3 million for the three and six months ended March 31, 2025. The Company reports changes in fair value of investments as net unrealized appreciation/(depreciation) on investments in the Consolidated Statements of Operations.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed not collectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At March 31, 2026, a certain investment in one portfolio company held by the Company was on non-accrual status with a fair value of approximately $0.0 million, or 0.0% of the fair value of our portfolio, and a cost of $7.6 million. At September 30, 2025, a certain investment in one portfolio company held by the Company was on non-accrual status with a combined fair value of approximately $0.0 million, or 0.0% of the fair value of our portfolio, and a cost of $7.6 million.

Investment Classification

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

Valuation of Investments

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

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

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

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

●

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

●

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

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

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

●

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

●

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

●

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

●

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

●

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

●

estimating the value to potential buyers.

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

	●	discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow (“DCF”) Approach); and
	●	Black-Scholes model or simulation models or a combination thereof (Income Approach - Option Model) with respect to the valuation of warrants.

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

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

	●	Our quarterly valuation process generally begins with each portfolio investment being initially valued by a Valuation Firm;

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

●

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

●

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

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

	●	The Valuation Designee’s report is then presented to the Board of Directors and the Audit Committee.

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

Fair Value of Financial Instruments

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

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after September 30, 2024, and interim periods beginning after September 30, 2025 for the Company. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company adopted the guidance during the year ended September 30, 2025 and its adoption did not have a material impact on the Company’s financial statements. See “Note 15 – Segment Reporting” for more information.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to its Consolidated Financial Statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”)”, which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion for oil and gas companies, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, as clarified by ASU 2025-01, which was released by the FASB in January 2025. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying Consolidated Financial Statements.

Federal Income Taxes

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

The Company is subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least 98% of its ordinary income in any calendar year and 98.2% of its capital gain net income for each one-year period ending on October 31 of such calendar year and any income realized, but not distributed, in preceding years and on which it did not pay federal income tax. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. There was no provision for federal excise tax at March 31, 2026 and September 30, 2025. On December 13, 2024, the Company identified that it did not distribute at least 90% of its investment company taxable income for the tax year ended September 30, 2023. The Company filed Form 8927 on December 16, 2024 notifying the IRS.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the unrealized gains generated by the investments held by the Taxable Subsidiaries. As of March 31, 2026 and September 30, 2025, the Company recorded a net deferred tax asset of $727,925 and $1,234,847 respectively, on the Consolidated Statements of Assets and Liabilities. The change in provision for deferred taxes is included as a component of net realized and unrealized gain/(loss) on the Consolidated Statements of Operations. For the three and six months ended March 31, 2026 the Company recorded a change in provision for deferred taxes of $(166,015) and $(589,444), respectively, on the unrealized (appreciation)/depreciation on investments. For the three and six months ended March 31, 2025 the Company recorded a change in provision for deferred taxes of $(329,636) and $(329,636), respectively, on the unrealized (appreciation)/depreciation on investments.

As of March 31, 2026 and September 30, 2025, the Company had a deferred tax asset of $13.5 million and $14.4 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of March 31, 2026 and September 30, 2025, the Company has booked a valuation allowance of $12.7 million and $13.2 million, respectively, against its deferred tax asset.

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

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. There were no material uncertain income tax positions at March 31, 2026. Although we file federal and state tax returns, our major tax jurisdiction is federal. The Company’s federal and state tax returns for the prior four fiscal years remain open, subject to examination by the Internal Revenue Service and applicable state tax authorities.

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

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

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

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

Commitments (Tables)

6 Months Ended

Mar. 31, 2026

Commitments [Abstract]

Schedule of Composition of the Unfunded Commitments

The Company maintains adequate liquidity to fund its unfunded commitments. A summary of the composition of the unfunded commitments as of March 31, 2026 and September 30, 2025 is shown in the table below (dollars in thousands):

	March 31, 2026		September 30, 2025
MB Precision Investment Holdings LLC - Senior Secured First Lien Revolver	$	3	$	85
MB Precision Investment Holdings LLC - Senior Secured Delayed Draw Term Loan		85		1,521
PREIT Associates - Revolver		61		61
PSB Group, LLC - Revolver		472		472
SS Acquisition, LLC (dba Soccer Shots Franchising) - Revolver		1,029		1,029
Tamarix Capital Partners II, L.P. - Fund Investment		865		865
WHI Global, LLC - Revolver		916		1,484
Total unfunded commitments	$	3,431	$	5,517

Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease

The following table shows future minimum payments under PhenixFIN’s operating lease as of March 31, 2026:

For the Years Ended September 30,	Amount
2026	$	158,288
2027		325,261
2028		335,019
2029		345,070
2030		355,422
Thereafter		1,908,314
		3,427,374
Difference between undiscounted and discounted cash flows		(929,618	)
	$	2,497,756

Investments - Schedule of Portfolio Composition by Geographic Location at Fair Value (Details) - USD ($)	Mar. 31, 2026	Sep. 30, 2025
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 295,810,691	$ 302,272,488
Percentage	100.00%	100.00%
Northeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 109,560,000	$ 114,610,000
Percentage	37.00%	37.90%
Southeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 102,843,000	$ 106,037,000
Percentage	34.80%	35.10%
West [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 36,535,000	$ 31,549,000
Percentage	12.40%	10.40%
Midwest [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 17,555,000	$ 19,272,000
Percentage	5.90%	6.40%
Southwest [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 17,241,000	$ 15,645,000
Percentage	5.80%	5.20%
Mid-Atlantic [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 314,000	$ 314,000
Percentage	0.10%	0.10%
International [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 11,763,000	$ 14,845,000
Percentage	4.00%	4.90%

Fair Value Measurements - Schedule of Investments that Use Level 3 Inputs (Details) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	$ 224,187	$ 140,290
Purchases and other adjustments to cost	27,509	121,928
Sales (including repayments or maturities)	(6,501)	(31,092)
Net realized gains/(losses) from investments	(50)	(1,388)
Net unrealized gains/(losses)	(4,487)	(326)
Transfer in/(out)
Balance at ending	240,658	229,412
Senior Secured First Lien Term Loans [Member]
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	88,981	68,987
Purchases and other adjustments to cost	14,574	46,455
Sales (including repayments or maturities)	(3,835)	(19,625)
Net realized gains/(losses) from investments	16	(1,388)
Net unrealized gains/(losses)	(4,730)	1,410
Transfer in/(out)
Balance at ending	95,006	95,839
Senior Secured Notes [Member]
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	6,997	7,422
Purchases and other adjustments to cost
Sales (including repayments or maturities)
Net realized gains/(losses) from investments
Net unrealized gains/(losses)
Transfer in/(out)
Balance at ending	6,997	7,422
Equities/ Warrants [Member]
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	128,209	63,881
Purchases and other adjustments to cost	12,989	75,473
Sales (including repayments or maturities)	(2,666)	(11,467)
Net realized gains/(losses) from investments	(66)
Net unrealized gains/(losses)	189	(1,736)
Transfer in/(out)
Balance at ending	$ 138,655	$ 126,151

Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Schedule of Fair Value Measurements of Investments

The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of March 31, 2026 (dollars in thousands):

	Fair Value Hierarchy as of March 31, 2026
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	18,485	$	95,006	$	113,491
Senior Secured Notes		-		6,402		6,997		13,399
Equity/Warrants		27,946		-		138,655		166,601
Total	$	27,946	$	24,887	$	240,658	$	293,491
Investments measured at net asset value⁽¹⁾								2,320
Total Investments, at fair value							$	295,811

(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, 2025 (dollars in thousands):

	Fair Value Hierarchy as of September 30, 2025
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	27,586	$	88,981	$	116,567
Senior Secured Notes		-		10,460		6,997		17,457
Equity/Warrants		37,812		-		128,209		166,021
Total	$	37,812	$	38,046	$	224,187	$	300,045
Investments measured at net asset value⁽¹⁾								2,227
Total Investments, at fair value							$	302,272

(1)

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 six months ended March 31, 2026 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Notes		Equities/ Warrants			Total
Balance as of September 30, 2025	$	88,981		$	6,997	$	128,209		$	224,187
Purchases and other adjustments to cost		14,574			-		12,989			27,509
Sales (including repayments or maturities)		(3,835	)		-		(2,666	)		(6,501	)
Net realized gains/(losses) from investments		16			-		(66	)		(50	)
Net unrealized gains/(losses)		(4,730	)		-		189			(4,487	)
Transfer in/(out)		-			-		-			-
Balance as of March 31, 2026	$	95,006		$	6,997	$	138,655		$	240,658

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended March 31, 2025 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Notes		Equities/ Warrants			Total
Balance as of September 30, 2024	$	68,987		$	7,422	$	63,881		$	140,290
Purchases and other adjustments to cost		46,455			-		75,473			121,928
Sales (including repayments or maturities)		(19,625	)		-		(11,467	)		(31,092	)
Net realized gains/(losses) from investments		(1,388	)		-		-			(1,388	)
Net unrealized gains/(losses)		1,410			-		(1,736	)		(326	)
Transfer in/(out)		-			-		-			-
Balance as of March 31, 2025	$	95,839		$	7,422	$	126,151		$	229,412

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 March 31, 2026 (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

85,193

Income Approach

Market Yield

4.5% - 21.0% (11.3%)

Decrease

Senior Secured First Lien Term Loans

9,742

Market Approach

EBITDA Multiple

2.8x - 3.8x (3.3x)

Increase

Senior Secured First Lien Term Loans

Recent Transaction

Purchase Price

N/A

Senior Secured Notes

6,997

Cost Approach

Collateral Value

N/A

Equity/Warrants

85,199

Market Approach

EBITDA Multiple

1.1x - 14.0x (4.5x)

Increase

Equity/Warrants

36,796

Cost Approach

Replacement Cost

N/A

Equity/Warrants

6,655

Market Approach

Revenue Multiple

4.0x-5.0x (4.5x)

Increase

Equity/Warrants

9,905

Income Approach

Market Yield

7.6%-28.8% (16.5%)

Decrease

Equity/Warrants

100

Cost Approach

Collateral Value

N/A

Total

240,658

The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2025 (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

74,485

Income Approach

Market Yield

3.3% - 14.5% (10.0%)

Decrease

Senior Secured First Lien Term Loans

13,428

Market Approach

EBITDA Multiple

1.8x - 2.8x (2.3x)

Increase

Senior Secured First Lien Term Loans

997

Market Approach

Market Spread

4.8% - 5.5% (5.1%)

Increase

Senior Secured First Lien Term Loans

Recent Transaction

Purchase Price

N/A

Senior Secured Notes

6,997

Cost Approach

Collateral Value

N/A

Equity/Warrants

78,255

Market Approach

EBITDA Multiple

1.3x - 13.0x (11.0x)

Increase

Equity/Warrants

37,181

Cost Approach

Replacement Cost

N/A

Equity/Warrants

3,948

Market Approach

Market Quote

N/A

Equity/Warrants

6,000

Market Approach

Revenue Multiple

2.5x-3.0x (2.8x)

Increase

Equity/Warrants

2,725

Income Approach

Market Yield

28.3% - 28.8% (28.5%)

Decrease

Equity/Warrants

100

Cost Approach

Collateral Value

N/A

Total

224,187

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Dividends (Details)	Feb. 06, 2025 $ / shares
Dividends [Abstract]
Dividend per share	$ 1.43

Subsequent Events (Details)	May 05, 2026 $ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend price per share	$ 0.07

Subsequent Events

6 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

The Board of Directors declared a special dividend effective May 5, 2026 of $0.07 per share. This dividend will be paid on May 28, 2026 to stockholders of record as of May 18, 2026.

Management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items disclosed herein, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the Consolidated Financial Statements as of and for the three and six months ended March 31, 2026.

Investments - Schedule of Investments at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Senior Secured First Lien Term Loans [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 127,359	$ 125,373
Percentage	39.30%	38.60%
Fair Value	$ 113,491	$ 116,567
Percentage	38.40%	38.60%
Senior Secured Notes [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 13,576	$ 17,039
Percentage	4.20%	5.30%
Fair Value	$ 13,399	$ 17,457
Percentage	4.50%	5.80%
Fund Investment [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 2,138	$ 2,194
Percentage	0.70%	0.70%
Fair Value	$ 2,320	$ 2,227
Percentage	0.80%	0.70%
Equity/Warrants [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 180,339	$ 179,783
Percentage	55.80%	55.40%
Fair Value	$ 166,601	$ 166,021
Percentage	56.30%	54.90%
Investments [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 313,412	$ 324,389
Percentage	100.00%	100.00%
Fair Value	$ 295,811	$ 302,272
Percentage	100.00%	100.00%

Share Transactions - Schedule of Shares of Common Stock Repurchased (Details) - Share Repurchase Program [Member] - USD ($)																																				3 Months Ended	6 Months Ended
	Mar. 31, 2026	Feb. 28, 2026	Jan. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Aug. 31, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2025	Mar. 31, 2026
Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares)	1,375	60,600	1,375	100	15,909	12	700	40,000	12,748	475	125	14,751	2,300	100	649	2,003	3,131	2,052	1,501	1,103	701	91,508	3,081	700	3,515	3,391	2,942	132,054	170,589	7,312	141,700	25,075	14,390	12,241	13,082	4,135	787,425
Aggregate Consideration for Repurchased Shares (in Dollars)	$ 187,893	$ 2,893,547	$ 60,872	$ 4,773	$ 795,932	$ 543	$ 30,637	$ 1,801,205	$ 520,749	$ 17,825	$ 4,772	$ 575,728	$ 85,556	$ 3,658	$ 23,671	$ 76,214	$ 115,430	$ 68,665	$ 51,295	$ 38,790	$ 14,434	$ 3,443,845	$ 112,456	$ 25,864	$ 135,063	$ 131,338	$ 117,758	$ 5,306,885	$ 6,908,864	$ 293,756	$ 5,944,213	$ 976,440	$ 491,469	$ 393,938	$ 397,384	$ 182,876	$ 32,234,338
Minimum [Member]
Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 40.04	$ 42.41	$ 43.09	$ 47.68	$ 50.03	$ 44.82	$ 43.76	$ 45.03	$ 37.53	$ 37.03	$ 38.11	$ 36.98	$ 33.63	$ 36.53	$ 35.79	$ 37.02	$ 33.06	$ 32.78	$ 33.26	$ 34.53	$ 35.2	$ 36.8	$ 28.24	$ 36.4	$ 37.28	$ 37.7	$ 39.07	$ 39.24	$ 39.53	$ 39.07	$ 41.03	$ 34.56	$ 33.11	$ 30.25	$ 30.25	$ 41.68
Maximum [Member]
Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 44.4	$ 47.77	$ 45.62	$ 47.68	$ 50.03	$ 44.82	$ 43.76	$ 45.03	$ 41.03	$ 37.78	$ 38.11	$ 39.41	$ 38.76	$ 36.53	$ 37.03	$ 38.89	$ 39.03	$ 34.84	$ 34.84	$ 35.28	$ 36.14	$ 37.5	$ 37.79	$ 37.23	$ 39.19	$ 39.78	$ 41	$ 40.57	$ 41	$ 40.88	$ 42.28	$ 39.93	$ 34.89	$ 34.42	$ 30.96	$ 47.38

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

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Borrowings - Schedule of Consolidated Statements of Assets and Liabilities (Details) - Level 1 [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	$ 1,141	$ 1,511
Debt issuance costs during the period
Amortized debt issuance costs	277	370
Unamortized debt issuance costs	864	1,141
2028 Notes [Member]
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	1,023	1,357
Debt issuance costs during the period
Amortized debt issuance costs	159	334
Unamortized debt issuance costs	864	1,023
2028 Promissory Note [Member]
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	118	154
Debt issuance costs during the period
Amortized debt issuance costs	118	36
Unamortized debt issuance costs		$ 118

Fee Income

6 Months Ended

Mar. 31, 2026

Fee Income [Abstract]

Fee Income

Note 9. Fee Income

Fee income consists of amendment fees, prepayment penalty and other fees which are non-recurring in nature, as well as administrative agent fees and management fees, which are recurring in nature. The following table summarizes the Company’s fee income for the three and six months ended March 31, 2026 and 2025 (dollars in thousands):

	For the Three Months Ended March 31,				For the Six Months Ended March 31,
	2026		2025		2026		2025
Prepayment fee	$	-	$	15			$	15
Administrative agent fee		-		-		5
Amendment fee		-		-		-		5
Management fee		15		-		30
Other fees		149		15	$	317		21
Fee income	$	164	$	30	$	352	$	41

Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
Fair Value Measurements (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurements [Line Items]
Unrealized gain (loss)	$ 1,669,856	$ (467,459)	$ (5,484,788)	$ (797,445)
Transferred into level 3
Level 3 [Member]
Fair Value Measurements [Line Items]
Unrealized gain (loss)			(4,487,000)	(326,000)
Level 3 [Member] \| Investments [Member]
Fair Value Measurements [Line Items]
Unrealized gain (loss)			$ 4,400,000	$ 100,000

Earnings Per Share - Schedule of Weighted Average Basic and Diluted Net Increase/(Decrease) in Net Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$ 1,132,768	$ (896,133)	$ (3,637,408)	$ 1,568,024
Weighted average shares of common stock outstanding - basic	1,972,943	2,019,778	1,987,363	2,019,778
Weighted average shares of common stock outstanding - diluted	1,972,943	2,019,778	1,987,363	2,019,778
Earnings (loss) per share of common stock - basic	$ 0.57	$ (0.44)	$ (1.83)	$ 0.78
Earnings (loss) per share of common stock - diluted	$ 0.57	$ (0.44)	$ (1.83)	$ 0.78

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Other Affiliates [Member]
Related Party Transactions [Line Items]
Income recognized	$ 0.2	$ 0.2	$ 0.3	$ 0.3

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.

Fee Income - Schedule of Fee Income (Details) - USD ($)	3 Months Ended		6 Months Ended
Fee Income - Schedule of Fee Income (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Schedule of Fee Income [Line Items]
Fee income	$ 164,374	$ 29,673	$ 352,207	$ 40,737
Prepayment fee [Member]
Schedule of Fee Income [Line Items]
Fee income		15,000		15,000
Administrative agent fee [Member]
Schedule of Fee Income [Line Items]
Fee income			5,000
Amendment fee [Member]
Schedule of Fee Income [Line Items]
Fee income				5,000
Management fee [Member]
Schedule of Fee Income [Line Items]
Fee income	15,000		30,000
Other fees [Member]
Schedule of Fee Income [Line Items]
Fee income	$ 149,000	$ 15,000	$ 317,000	$ 21,000

Agreements (Details) - USD ($)	3 Months Ended		6 Months Ended
Agreements (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025
Agreements [Line Items]
Administrator expenses	$ 100,000	$ 100,000	$ 200,000	$ 200,000
Administrator expenses payable	0		0		$ 0
Expense	$ 66,875	$ 303,848	$ 133,750	$ 630,168

Commitments

6 Months Ended

Mar. 31, 2026

Commitments [Abstract]

Commitments

Note 8. Commitments

Unfunded commitments

As of March 31, 2026 and September 30, 2025, we had commitments under loan and financing agreements to fund up to $3.4 million to six portfolio companies and $5.5 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured delayed draw term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedules of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. The Company maintains adequate liquidity to fund its unfunded commitments. A summary of the composition of the unfunded commitments as of March 31, 2026 and September 30, 2025 is shown in the table below (dollars in thousands):

	March 31, 2026		September 30, 2025
MB Precision Investment Holdings LLC - Senior Secured First Lien Revolver	$	3	$	85
MB Precision Investment Holdings LLC - Senior Secured Delayed Draw Term Loan		85		1,521
PREIT Associates - Revolver		61		61
PSB Group, LLC - Revolver		472		472
SS Acquisition, LLC (dba Soccer Shots Franchising) - Revolver		1,029		1,029
Tamarix Capital Partners II, L.P. - Fund Investment		865		865
WHI Global, LLC - Revolver		916		1,484
Total unfunded commitments	$	3,431	$	5,517

Lease obligations

The Company evaluates its leases to determine whether they should be classified as operating or finance leases. PhenixFIN identified one operating lease for its office space. The lease commenced on September 5, 2021. On December 18, 2024, the Company amended the terms of the lease, contingent on certain events, extending the lease term until August 31, 2035, with a right to terminate on the 36th and 60th month anniversaries of September 5, 2025, as well as any time on or after the 84th month anniversary of September 5, 2025.

Upon entering into the lease on September 5, 2021, PhenixFIN recorded a right-of-use asset and a lease liability as of that date.

As of March 31, 2026 and September 30, 2025, the asset related to the operating lease was $2.4 million and $2.5 million, respectively, and is included in the Other assets balance on the Consolidated Balance Sheet. As of March 31, 2026 and September 30, 2025, the lease liability was $2.5 million and $2.4 million, respectively, and is included in the Other liabilities balance on the Consolidated Statements of Assets and Liabilities. As of March 31, 2026 and September 30, 2025, the remaining lease term was approximately ten years, and the implied borrowing rate was 6.85%.

The following table shows future minimum payments under PhenixFIN’s operating lease as of March 31, 2026:

For the Years Ended September 30,	Amount
2026	$	158,288
2027		325,261
2028		335,019
2029		345,070
2030		355,422
Thereafter		1,908,314
		3,427,374
Difference between undiscounted and discounted cash flows		(929,618	)
	$	2,497,756

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 05, 2026
Document Information [Line Items]
Entity Central Index Key	0001490349
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Securities Act File Number	1-35040
Entity Registrant Name	PHENIXFIN CORPORATION
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,932,600
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--09-30
Common Stock, par value $0.001 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PFX
Security Exchange Name	NASDAQ
5.25% Notes due 2028
Document Information [Line Items]
Title of 12(b) Security	5.25% Notes due 2028
Trading Symbol	PFXNZ
Security Exchange Name	NASDAQ

Borrowings - Schedule of Debt Issuance Costs (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Sep. 30, 2025

^[1]

$ 67,508

$ 69,169

147,492

149,153

146,627

148,012

144,548

146,740

2028 Notes [Member]

^[1]

57,500

57,500

56,635

56,477

2028 Promissory Note [Member]

54,556

55,154

^[1]

1,661

1,661

1,543

Revolving Credit Facility [Member]

1,594

^[1]

10,008

89,992

89,992

$ 89,992

[1]	For the 2028 Notes and 2028 Promissory Note, this represents the total principal amount and for the Revolving Credit Facility, this represents the undrawn principal amount.

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References + Details

Earnings Per Share

6 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share

In accordance with the provisions of ASC Topic 260 - Earnings per Share, basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company does not have any potentially dilutive common shares as of March 31, 2026.

The following information sets forth the computation of the weighted average basic and diluted net increase/(decrease) in net assets per share from operations for the three and six months ended March 31, 2026 and 2025 (amounts in thousands, except shares and per share amounts):

	For the Three Months Ended March 31,					For the Six Months Ended March 31,
	2026		2025			2026			2025
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$	1,133	$	(896	)	$	(3,637	)	$	1,568
Weighted average shares of common stock outstanding - basic and diluted		1,972,943		2,019,778			1,987,363			2,019,778
Earnings (loss) per share of common stock - basic and diluted	$	0.57	$	(0.44	)	$	(1.83	)	$	0.78

Borrowings - Schedule of Interest Expense, Amortized Debt Issuance Costs, Amortized Deferred Financing Costs, Weighted Average Stated Interest Rate And Weighted Average Outstanding Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Schedule of Interest Expense, Amortized Debt Issuance Costs, Amortized Deferred Financing Costs, Weighted Average Stated Interest Rate And Weighted Average Outstanding Debt [Line Items]
Credit facility interest	$ 1,391	$ 1,493	$ 2,885	$ 2,994
Commitment fees	7	2	13	9
Amortization of deferred financing costs	75	207	152	384
Amortization of debt issuance costs	82	92	166	184
Other
Total	$ 2,309	$ 2,579	$ 4,741	$ 5,125
Weighted average stated interest rate	5.90%	6.40%	6.00%	6.60%
Weighted average debt outstanding	$ 147,492	$ 142,324	$ 148,112	$ 139,254
2028 Note [Member]
Schedule of Interest Expense, Amortized Debt Issuance Costs, Amortized Deferred Financing Costs, Weighted Average Stated Interest Rate And Weighted Average Outstanding Debt [Line Items]
Notes Interest	754	763	1,509	1,510
2028 Promissory Note [Member]
Schedule of Interest Expense, Amortized Debt Issuance Costs, Amortized Deferred Financing Costs, Weighted Average Stated Interest Rate And Weighted Average Outstanding Debt [Line Items]
Notes Interest		$ 22	$ 16	$ 44

Segment Reporting

6 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Note 15. Segment Reporting

The Company has determined that it has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC 280”). The Company’s Chief Operating Decision Maker (“CODM”) are the Chief Executive Officer and the Chief Financial Officer. While the Company derives income and capital appreciation by providing investments to companies across various industries, the Company and the CODM evaluate and monitor performance of the business on a consolidated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, and loan servicing as well as the administrative functions of human resources, legal, finance, and information technology.

The CODM uses consolidated net investment income and net increase (decrease) in net assets resulting from operations when allocating resources and assessing the Company’s performance. Net investment income is comprised of consolidated total investment income (“segment revenues”) and consolidated total net operating expenses (“significant segment expenses”). The net increase (decrease) in net assets resulting from operations is comprised of consolidated net investment income, consolidated net realized gains (losses) from investments, and consolidated net change in unrealized gains (losses) from investments. These performance metrics are considered the key segment measures of profit or loss reviewed by the CODM. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as Total Assets, investments held on the Consolidated Schedule of Investments, and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

The entire disclosure for segment reporting.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Affiliated Investments [Member]

Investments - Schedule of Transactions with Affiliated Investments and Controlled Investments (Details) - USD ($)

6 Months Ended

Mar. 31, 2026

Mar. 31, 2025

^[1],[2]

$ 35,381,405

$ 14,750,785

^[1],[2]

2,434,292

8,289

^[1],[2]

^[1],[2]

(1,043,189)

(981,553)

^[1],[2]

3,496

^[1],[2]

36,776,004

13,777,521

^[1],[2]

2,020,927

254,231

Controlled Investments [Member]

^[1],[2]

^[1],[2]

121,610,914

70,931,647

^[1],[2]

7,689,883

53,537,545

^[1],[2]

^[1],[2]

(299,405)

(1,807,602)

^[1],[2]

^[1],[2]

129,001,392

122,661,590

^[1],[2]

3,078,522

4,194,951

Advocates for Disabled Vets, LLC (dba Reps for Vets) [Member] | Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member]

^[1],[2]

329,831

^[1],[2]

8,798,513

^[1],[2]

(23,545)

^[1],[2]

^[1],[2]

(125,526)

^[1],[2]

1,171

^[1],[2]

8,650,613

^[1],[2]

545,661

Advocates for Disabled Vets, LLC (dba Reps for Vets) [Member] | Equity [Member] | Affiliated Investments [Member]

^[1],[2]

^[1],[2]

3,359,511

^[1],[2]

^[1],[2]

^[1],[2]

(561,187)

^[1],[2]

^[1],[2]

2,798,324

^[1],[2]

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

^[1],[2]

^[1],[2]

10,960,741

^[1],[2]

^[1],[2]

^[1],[2]

1,224,663

^[1],[2]

^[1],[2]

12,185,404

^[1],[2]

268,540

MB Precision Investment Holdings LLC [Member] | Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member]

^[1],[2]

^[1],[2]

6,398,561

^[1],[2]

(45,310)

^[1],[2]

^[1],[2]

(231,879)

^[1],[2]

2,325

^[1],[2]

6,123,697

^[1],[2]

485,033

MB Precision Investment Holdings LLC [Member] | Equity [Member] | Affiliated Investments [Member]

^[1],[2]

^[1],[2]

2,725,408

^[1],[2]

427,146

^[1],[2]

^[1],[2]

(459,723)

^[1],[2]

^[1],[2]

2,692,831

^[1],[2]

427,146

MB Precision Investment Holdings LLC [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Affiliated Investments [Member]

^[1],[2]

^[1],[2]

490,306

^[1],[2]

1,408,804

^[1],[2]

^[1],[2]

(112,984)

^[1],[2]

^[1],[2]

1,786,126

^[1],[2]

106,789

MB Precision Investment Holdings LLC [Member] | Senior Secured First Lien Revolver [Member] | Affiliated Investments [Member]

^[1],[2]

^[1],[2]

1,975,347

^[1],[2]

93,394

^[1],[2]

^[1],[2]

(80,612)

^[1],[2]

^[1],[2]

1,988,129

^[1],[2]

187,758

MB Precision Investment Holdings LLC [Member] | Senior Secured 6th Amendment Term Loan [Member] | Affiliated Investments [Member]

^[1],[2]

^[1],[2]

^[1],[2]

573,803

^[1],[2]

^[1],[2]

(22,923)

^[1],[2]

^[1],[2]

550,880

^[1],[2]

MB Precision Investment Holdings LLC [Member] | Warrants [Member] | Affiliated Investments [Member]

^[1],[2]

^[1],[2]

673,018

^[1],[2]

^[1],[2]

^[1],[2]

(673,018)

^[1],[2]

^[1],[2]

^[1],[2]

ECC Capital Corp [Member] | Senior Secured First Lien Term Loan [Member] | Controlled Investments [Member]

^[1],[2]

^[1],[2]

6,997,012

7,422,012

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

6,997,012

7,422,012

^[1],[2]

324,446

391,510

ECC Capital Corp [Member] | Equity [Member] | Controlled Investments [Member]

^[1],[2]

^[1],[2]

6,636,000

^[1],[2]

^[1],[2]

^[1],[2]

3,024,000

^[1],[2]

^[1],[2]

9,660,000

^[1],[2]

ECC Capital Corp [Member] | Equity [Member] | Controlled Investments [Member]

^[1],[2]

79,831

^[1],[2]

4,872,000

^[1],[2]

^[1],[2]

^[1],[2]

159,600

^[1],[2]

^[1],[2]

5,031,600

^[1],[2]

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

^[1],[2]

^[1],[2]

37,180,761

^[1],[2]

(384,417)

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

36,796,344

^[1],[2]

1,907,359

NSG Captive, Inc. [Member] | Equity [Member] | Controlled Investments [Member]

^[1],[2]

^[1],[2]

48,469,540

^[1],[2]

6,474,300

^[1],[2]

^[1],[2]

411,853

^[1],[2]

^[1],[2]

55,355,693

^[1],[2]

NSG Captive, Inc. [Member] | Equity [Member] | Controlled Investments [Member]

^[1],[2]

250,000

^[1],[2]

101,000

^[1],[2]

49,145,255

^[1],[2]

^[1],[2]

(849,113)

^[1],[2]

^[1],[2]

48,397,142

^[1],[2]

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

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

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

^[1],[2]

^[1],[2]

8,900,000

5,500,000

^[1],[2]

950,000

4,300,000

^[1],[2]

^[1],[2]

(49,250)

^[1],[2]

^[1],[2]

9,800,750

9,800,000

^[1],[2]

518,544

294,649

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

^[1],[2]

^[1],[2]

13,427,601

16,353,590

^[1],[2]

^[1],[2]

^[1],[2]

(3,686,008)

(1,118,089)

^[1],[2]

^[1],[2]

9,741,593

15,235,501

^[1],[2]

315,797

528,826

NVTN LLC [Member] | Senior Secured Revolving Note [Member] | Controlled Investments [Member]

^[1],[2]

^[1],[2]

^[1],[2]

650,000

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

650,000

^[1],[2]

12,376

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

^[1],[2]

^[1],[2]

751,207

^[1],[2]

^[1],[2]

^[1],[2]

(302,288)

^[1],[2]

^[1],[2]

448,919

^[1],[2]

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

^[1],[2]

^[1],[2]

1,647,776

^[1],[2]

^[1],[2]

^[1],[2]

(663,070)

^[1],[2]

^[1],[2]

984,706

^[1],[2]

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

^[1],[2]

^[1],[2]

12,351,802

^[1],[2]

8,289

^[1],[2]

^[1],[2]

(16,195)

^[1],[2]

^[1],[2]

12,343,896

^[1],[2]

254,231

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

^[1],[2]

^[1],[2]

36,683,045

^[1],[2]

92,290

^[1],[2]

^[1],[2]

^[1],[2]

^[1],[2]

36,775,335

^[1],[2]

2,979,966

Schedule of Fair Value Measurements of Investments [Line Items]

^[1],[2]

[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.

Fair Value Measurements - Schedule of Fair Value Measurements of Investments (Details) - Investments [Member] - USD ($)
$ in Thousands

Mar. 31, 2026

Sep. 30, 2025

Investments measured at net asset value

$ 293,491

$ 300,045

^[1]

2,320

2,227

Total Investments, at fair value

295,811

302,272

Senior Secured First Lien Term Loans [Member]

Schedule of Fair Value Measurements of Investments [Line Items]

Senior Secured Notes [Member]

113,491

116,567

Schedule of Fair Value Measurements of Investments [Line Items]

Schedule of Fair Value Measurements of Investments [Line Items]

13,399

17,457

Equity/Warrants [Member]

Schedule of Fair Value Measurements of Investments [Line Items]

166,601

166,021

Level 1 [Member]

Level 1 [Member] | Senior Secured First Lien Term Loans [Member]

27,946

37,812

Schedule of Fair Value Measurements of Investments [Line Items]

Level 1 [Member] | Senior Secured Notes [Member]

Schedule of Fair Value Measurements of Investments [Line Items]

Level 1 [Member] | Equity/Warrants [Member]

Schedule of Fair Value Measurements of Investments [Line Items]

Schedule of Fair Value Measurements of Investments [Line Items]

27,946

37,812

Level 2 [Member]

Level 2 [Member] | Senior Secured First Lien Term Loans [Member]

24,887

38,046

Schedule of Fair Value Measurements of Investments [Line Items]

Level 2 [Member] | Senior Secured Notes [Member]

18,485

27,586

Schedule of Fair Value Measurements of Investments [Line Items]

Level 2 [Member] | Equity/Warrants [Member]

6,402

10,460

Schedule of Fair Value Measurements of Investments [Line Items]

Schedule of Fair Value Measurements of Investments [Line Items]

Level 3 [Member]

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

240,658

224,187

Schedule of Fair Value Measurements of Investments [Line Items]

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

95,006

88,981

Schedule of Fair Value Measurements of Investments [Line Items]

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

6,997

Schedule of Fair Value Measurements of Investments [Line Items]

Investment Company, Financial Highlights [Abstract]

$ 138,655

$ 128,209

[1]

Financial Highlights

6 Months Ended

Mar. 31, 2026

Financial Highlights

Note 12. Financial Highlights

The following is a schedule of financial highlights for the six months ended March 31, 2026 and 2025:

	For the Six Months Ended March 31,
	2026			2025
Per share data
Net Asset Value per share at Beginning of Period	$	80.24		$	79.37

Results of Operations:
Net Investment Income/(Loss)⁽¹⁾		1.45			1.28
Net Realized Gain/(Loss) on Investments		(0.21	)		0.05
Net Unrealized Gain/(Loss) on Investments		(2.76	)		(0.39	)
Net loss on extinguishment of debt		(0.01	)		-
Deferred tax benefit (expense)		(0.30	)		(0.16	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1.83	)		0.78

Capital Share Transactions
Distributions declared		-			(1.43	)
Repurchase of common stock under stock repurchase program⁽²⁾		1.15			-
Net Increase (Decrease) Resulting from Capital Share Transactions		1.15			(1.43	)
Net Asset Value per share at End of Period	$	79.56		$	78.72

Net Assets at End of Period	$	153,811,704		$	158,987,514
Shares Outstanding at End of Period		1,933,238			2,019,778

Per share market value at end of period	$	39.06		$	54.00
Total return based on market value⁽³⁾		(17.99	)%		16.45	%
Total return based on net asset value⁽⁴⁾		(4.33	)%		0.98	%
Portfolio turnover rate		9.61	%		29.19	%
Ratios:
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements⁽⁵⁾		3.68	%		3.27	%
Ratio of total expenses to average net assets		11.49	%		12.16	%

Supplemental Data:
Percentage of non-recurring fee income⁽⁶⁾		2.97	%		0.33	%
Average debt outstanding⁽⁷⁾	$	148,112,398		$	139,253,604
Average debt outstanding per weighted average common share	$	74.53		$	68.95
Asset coverage ratio per unit⁽⁸⁾	$	2,043		$	2,146
Senior Securities Outstanding⁽⁹⁾
2023 Notes	$	-		$	-
2028 Notes	$	57,500,000		$	57,500,000
2028 Promissory Note	$	-		$	1,661,498
Credit Facility	$	89,991,619		$	79,600,000
Average market value per unit:
2028 Notes	$	22.85		$	22.57

(1)	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $1.45 and $1.28 per share for the six months ended March 31, 2026 and 2025, respectively.

(2)	The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the repurchase of common stock because of the timing of repurchase of the Company’s shares.

(3)	Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.
(4)	Total return is historical and assumes changes in NAV, reinvestments of all dividends at prices obtained under the Company’s dividend reinvestment plan, and no sales charges for the period. Calculation is not annualized.
(5)	Ratios are annualized during interim periods.
(6)	Represents the impact of the non-recurring fees as a percentage of total investment income.
(7)	Based on daily weighted average carrying value of debt outstanding during the period.
(8)	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 March 31, 2026, the Company’s asset coverage was 204.3% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act.
(9)	Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.

Agreements (Tables)

6 Months Ended

Mar. 31, 2026

Agreements [Abstract]

Schedule of Target Performance Award for each Executive Officer

The Target Performance Award for each executive officer for the 2023 LTIP Plan, the 2024 LTIP Plan, the 2025 LTIP Plan and the 2026 LTIP Plan is set forth in the table below:

Name and Title	2023 LTIP Dollar Value of Target Award		2024 LTIP Dollar Value of Target Award		2025 LTIP Dollar Value of Target Award		2026 LTIP Dollar Value of Target Award
David Lorber, Chairman of the Board and Chief Executive Officer	$	890,000	$	890,000	$	1,000,000	$	1,000,000
Ellida McMillan, Chief Financial Officer		380,000		380,000		425,000		425,000

Fair Value Measurements

6 Months Ended

Mar. 31, 2026

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 March 31, 2026 (dollars in thousands):

	Fair Value Hierarchy as of March 31, 2026
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	18,485	$	95,006	$	113,491
Senior Secured Notes		-		6,402		6,997		13,399
Equity/Warrants		27,946		-		138,655		166,601
Total	$	27,946	$	24,887	$	240,658	$	293,491
Investments measured at net asset value⁽¹⁾								2,320
Total Investments, at fair value							$	295,811

(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, 2025 (dollars in thousands):

	Fair Value Hierarchy as of September 30, 2025
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	27,586	$	88,981	$	116,567
Senior Secured Notes		-		10,460		6,997		17,457
Equity/Warrants		37,812		-		128,209		166,021
Total	$	37,812	$	38,046	$	224,187	$	300,045
Investments measured at net asset value⁽¹⁾								2,227
Total Investments, at fair value							$	302,272

(1)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended March 31, 2026 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Notes		Equities/ Warrants			Total
Balance as of September 30, 2025	$	88,981		$	6,997	$	128,209		$	224,187
Purchases and other adjustments to cost		14,574			-		12,989			27,509
Sales (including repayments or maturities)		(3,835	)		-		(2,666	)		(6,501	)
Net realized gains/(losses) from investments		16			-		(66	)		(50	)
Net unrealized gains/(losses)		(4,730	)		-		189			(4,487	)
Transfer in/(out)		-			-		-			-
Balance as of March 31, 2026	$	95,006		$	6,997	$	138,655		$	240,658

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended March 31, 2025 (dollars in thousands):

	Senior Secured First Lien Term Loans			Senior Secured Notes		Equities/ Warrants			Total
Balance as of September 30, 2024	$	68,987		$	7,422	$	63,881		$	140,290
Purchases and other adjustments to cost		46,455			-		75,473			121,928
Sales (including repayments or maturities)		(19,625	)		-		(11,467	)		(31,092	)
Net realized gains/(losses) from investments		(1,388	)		-		-			(1,388	)
Net unrealized gains/(losses)		1,410			-		(1,736	)		(326	)
Transfer in/(out)		-			-		-			-
Balance as of March 31, 2025	$	95,839		$	7,422	$	126,151		$	229,412

Net change in unrealized gain (loss) for the six months ended March 31, 2026 and 2025 included in earnings related to Level 3 investments still held as of March 31, 2026 and 2025 was approximately $(4.4) million and $(0.1) 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 six months ended March 31, 2026 and March 31, 2025, no investments were transferred in or out of Level 3.

The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of March 31, 2026 (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

85,193

Income Approach

Market Yield

4.5% - 21.0% (11.3%)

Decrease

Senior Secured First Lien Term Loans

9,742

Market Approach

EBITDA Multiple

2.8x - 3.8x (3.3x)

Increase

Senior Secured First Lien Term Loans

Recent Transaction

Purchase Price

N/A

Senior Secured Notes

6,997

Cost Approach

Collateral Value

N/A

Equity/Warrants

85,199

Market Approach

EBITDA Multiple

1.1x - 14.0x (4.5x)

Increase

Equity/Warrants

36,796

Cost Approach

Replacement Cost

N/A

Equity/Warrants

6,655

Market Approach

Revenue Multiple

4.0x-5.0x (4.5x)

Increase

Equity/Warrants

9,905

Income Approach

Market Yield

7.6%-28.8% (16.5%)

Decrease

Equity/Warrants

100

Cost Approach

Collateral Value

N/A

Total

240,658

The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2025 (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

74,485

Income Approach

Market Yield

3.3% - 14.5% (10.0%)

Decrease

Senior Secured First Lien Term Loans

13,428

Market Approach

EBITDA Multiple

1.8x - 2.8x (2.3x)

Increase

Senior Secured First Lien Term Loans

997

Market Approach

Market Spread

4.8% - 5.5% (5.1%)

Increase

Senior Secured First Lien Term Loans

Recent Transaction

Purchase Price

N/A

Senior Secured Notes

6,997

Cost Approach

Collateral Value

N/A

Equity/Warrants

78,255

Market Approach

EBITDA Multiple

1.3x - 13.0x (11.0x)

Increase

Equity/Warrants

37,181

Cost Approach

Replacement Cost

N/A

Equity/Warrants

3,948

Market Approach

Market Quote

N/A

Equity/Warrants

6,000

Market Approach

Revenue Multiple

2.5x-3.0x (2.8x)

Increase

Equity/Warrants

2,725

Income Approach

Market Yield

28.3% - 28.8% (28.5%)

Decrease

Equity/Warrants

100

Cost Approach

Collateral Value

N/A

Total

224,187

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.

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.

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Related Party Transactions

Segment Reporting (Details)	6 Months Ended
Segment Reporting (Details)	Mar. 31, 2026
Segment Reporting [Abstract]
Operating segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s Chief Operating Decision Maker (“CODM”) are the Chief Executive Officer and the Chief Financial Officer. While the Company derives income and capital appreciation by providing investments to companies across various industries, the Company and the CODM evaluate and monitor performance of the business on a consolidated basis.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer
Reporting segment	1

Agreements - Schedule of Target Performance Award for each Executive Officer (Details)	Mar. 31, 2026 USD ($)
2023 LTIP Dollar Value of Target Award [Member] \| David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	$ 890,000
2023 LTIP Dollar Value of Target Award [Member] \| Ellida McMillan, Chief Financial Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	380,000
2024 LTIP Dollar Value of Target Award [Member] \| David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	890,000
2024 LTIP Dollar Value of Target Award [Member] \| Ellida McMillan, Chief Financial Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	380,000
2025 LTIP Dollar Value of Target Award [Member] \| David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	1,000,000
2025 LTIP Dollar Value of Target Award [Member] \| Ellida McMillan, Chief Financial Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	425,000
2026 LTIP Dollar Value of Target Award [Member] \| David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	1,000,000
2026 LTIP Dollar Value of Target Award [Member] \| Ellida McMillan, Chief Financial Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	$ 425,000

Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Sep. 30, 2025
Commitments [Line Items]
Lease liability	$ 2.5	$ 2.4
Remaining lease term	10 years	10 years
Implied borrowing rate percentage	6.85%	6.85%
Other assets [Member]
Commitments [Line Items]
Asset related to the operating lease	$ 2.4	$ 2.5
Unfunded Loan Commitment [Member]
Commitments [Line Items]
Financing agreements to fund	$ 3.4	$ 5.5

Commitments - Schedule of Composition of the Unfunded Commitments (Details) - Unfunded Loan Commitment [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Sep. 30, 2025
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 3,431	$ 5,517
MB Precision Investment Holdings LLC - Senior Secured First Lien Revolver [member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	3	85
MB Precision Investment Holdings LLC - Senior Secured Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	85	1,521
PREIT Associates - Revolver [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	61	61
PSB Group, LLC - Revolver [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	472	472
SS Acquisition, LLC (dba Soccer Shots Franchising) - Revolver [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	1,029	1,029
Tamarix Capital Partners II, L.P. - Fund Investment [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	865	865
WHI Global, LLC - Revolver [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 916	$ 1,484

Consolidated Statements of Assets and Liabilities - USD ($)	Mar. 31, 2026	Sep. 30, 2025
Investments at fair value
Total Investments at fair value	$ 295,810,691	$ 302,272,488
Cash and cash equivalents	3,074,794	7,289,371
Receivables:
Interest receivable	1,303,922	1,203,404
Other receivable		44,971
Dividends receivable	64,800	42,950
Other assets	2,537,376	2,746,775
Deferred tax asset, net	727,925	1,234,847
Deferred financing costs	1,232,943	1,384,767
Due from Affiliate	275,173	572,331
Prepaid share repurchase	115,969	96,342
Receivable for investments sold	431,184	21,549
Total Assets	305,574,777	316,909,795
Liabilities:
Credit facility and notes payable (net of debt issuance costs of $864,414 and $1,141,393, respectively)	146,627,205	148,011,724
Accounts payable and accrued expenses	1,329,714	4,226,889
Other liabilities	2,499,673	2,439,405
Interest and fees payable	1,131,408	1,187,574
Taxes payable	48,137	137,538
Due to Affiliate	126,936	132,365
Total Liabilities	151,763,073	156,135,495
Commitments and Contingencies (see Note 8)
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 1,933,238 and 2,003,769 common shares outstanding, respectively	1,933	2,004
Capital in excess of par value	701,315,531	704,640,648
Total distributable earnings (loss)	(547,505,760)	(543,868,352)
Total Net Assets	153,811,704	160,774,300
Total Liabilities and Net Assets	$ 305,574,777	$ 316,909,795
Net Asset Value Per Common Share (in Dollars per share)	$ 79.56	$ 80.24
Non-Controlled, Non-Affiliated Investments
Investments at fair value
Total Investments at fair value	$ 130,033,295	$ 145,280,169
Affiliated Investments
Investments at fair value
Total Investments at fair value	36,776,004	35,381,405
Controlled Investments
Investments at fair value
Total Investments at fair value	$ 129,001,392	$ 121,610,914

Directors Fees (Details) - USD ($)		3 Months Ended		6 Months Ended		17 Months Ended
Directors Fees (Details) - USD ($)	Oct. 01, 2024	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024
Directors Fees [Line Items]
Directors annual fees		$ 169,428	$ 204,000	$ 373,428	$ 408,000
Independent Directors [Member]
Directors Fees [Line Items]
Directors annual fees	$ 165,000					$ 150,000
Lead Independent Director [Member]
Directors Fees [Line Items]
Directors annual fees	30,000					30,000
Audit Committee Chair [Member]
Directors Fees [Line Items]
Directors annual fees						25,000
Other Members of Audit Committee [Member]
Directors Fees [Line Items]
Directors annual fees						12,500
Chairs of Nominating and Corporate Governance Committee and Compensation Committee [Member]
Directors Fees [Line Items]
Directors annual fees						15,000
Other Member of Committee [Member]
Directors Fees [Line Items]
Directors annual fees						$ 8,000
Audit Committee [Member]
Directors Fees [Line Items]
Directors annual fees	19,000
Other [Members]
Directors Fees [Line Items]
Directors annual fees	12,500
Nominating and Corporate Governance Committee [Member]
Directors Fees [Line Items]
Directors annual fees	12,000
Other Members Receives [Member]
Directors Fees [Line Items]
Directors annual fees	11,000
Compensation Committee [Member]
Directors Fees [Line Items]
Directors annual fees	$ 15,000

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Non-controlled, non-affiliated investments:
Total interest income	$ 4,132,144	$ 3,847,954	$ 8,002,038	$ 7,783,515
Dividend income
Total dividend income	853,004	2,070,584	3,400,146	4,208,727
Interest from cash and cash equivalents	48,871	45,812	104,237	104,753
Fee income (see Note 9)	164,374	29,673	352,207	40,737
Other income		25,000		97,774
Total Investment Income	5,198,393	6,019,023	11,858,628	12,235,506
Expenses:
Interest and financing expenses	2,308,578	2,578,963	4,740,913	5,124,774
Salaries and benefits	1,016,836	1,185,054	1,986,009	2,213,671
Professional fees, net	410,332	577,965	800,272	995,978
General and administrative expenses	362,493	307,739	722,978	529,532
Directors fees	169,428	204,000	373,428	408,000
Administrator expenses (see Note 6)	109,223	112,829	211,284	197,184
Insurance expenses	73,990	86,498	149,624	174,919
Total expenses	4,450,880	5,053,048	8,984,508	9,644,058
Net Investment Income	747,513	965,975	2,874,120	2,591,448
Net realized gains (losses):
Total net realized gains (losses)	(1,118,586)	(1,065,013)	(424,982)	103,657
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	1,669,856	(467,459)	(5,484,788)	(797,445)
Deferred tax benefit (expense)	(166,015)	(329,636)	(589,444)	(329,636)
Loss on Extinguishment of Debt (see Note 5)			(12,314)
Total realized and unrealized gains (losses)	385,255	(1,862,108)	(6,511,528)	(1,023,424)
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 1,132,768	$ (896,133)	$ (3,637,408)	$ 1,568,024
Weighted average basic earnings per common share (in Dollars per share)	$ 0.57	$ (0.44)	$ (1.83)	$ 0.78
Weighted average diluted earnings per common share (in Dollars per share)	$ 0.57	$ (0.44)	$ (1.83)	$ 0.78
Weighted average common shares outstanding - basic (in Shares)	1,972,943	2,019,778	1,987,363	2,019,778
Weighted average common shares outstanding - diluted (in Shares)	1,972,943	2,019,778	1,987,363	2,019,778
Non-controlled, non-affiliated investments
Non-controlled, non-affiliated investments:
Cash	$ 2,242,062	$ 2,957,380	$ 4,800,297	$ 5,950,065
Payment in-kind	250,799	263,784	278,191	618,465
Dividend income
Total dividend income	428,380	378,232	1,224,247	974,530
Net realized gains (losses):
Total net realized gains (losses)	(1,120,698)	(1,065,013)	(428,478)	103,657
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	587,985	1,183,172	(4,142,194)	1,991,710
Affiliated investments
Non-controlled, non-affiliated investments:
Cash	670,874		1,302,466
Payment in-kind	242,930		449,921
Dividend income
Total dividend income	268,540	111,736	268,540	254,231
Net realized gains (losses):
Total net realized gains (losses)	2,112		3,496
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	(704,662)	(92,367)	(1,043,189)	(981,553)
Controlled investments
Non-controlled, non-affiliated investments:
Cash	725,479	626,790	1,171,163	1,214,985
Payment in-kind
Dividend income
Total dividend income	156,084	1,580,616	1,907,359	2,979,966
Net realized gains (losses):
Total net realized gains (losses)
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	$ 1,786,533	$ (1,558,264)	$ (299,405)	$ (1,807,602)

Related Party Transactions

6 Months Ended

Mar. 31, 2026

Note 7. Related Party Transactions

The Company has entered into contracts with its affiliated portfolio companies, The National Security Group (and certain of its affiliates) and ECC Capital Corporation, pursuant to which the Company (and/or certain of its subsidiaries) provide such affiliated portfolio companies certain services, including managing a portion of their assets. During the three and six months ended March 31, 2026, the Company recognized $0.2 million and $0.3 million of income, respectively, related to these contracts. During the three and six months ended March 31, 2025, the Company recognized $0.2 million and $0.3 million of income, respectively, related to these contracts.

Due from/to Affiliates

Due from affiliates at March 31, 2026 and September 30, 2025 consists of certain legal and general and administrative expenses paid by the Company on behalf of certain of its affiliates. Due to affiliates at March 31, 2026 and September 30, 2025 consists of certain expenses payable by the Company to 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.

Borrowings

6 Months Ended

Mar. 31, 2026

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 (“SBCAA”) modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from 200% to 150% of asset coverage, if certain requirements under the 1940 Act are met (“Modified Asset Coverage Requirements”). 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. On May 4, 2026, the board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the board of directors, approved the application of the Modified Asset Coverage Requirements set forth in the 1940 Act. As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective May 4, 2027.

As of March 31, 2026 and September 30, 2025, the Company’s asset coverage was 204.3% and 207.8%, respectively, after giving effect to leverage and therefore the Company’s asset coverage was greater than 200%, the minimum asset coverage requirement applicable presently to the Company under the 1940 Act.

The Company’s outstanding debt excluding debt issuance costs as of March 31, 2026 and September 30, 2025 were as follows (dollars in thousands):

	March 31, 2026								September 30, 2025
	Aggregate Principal Available⁽¹⁾		Principal Amount Outstanding		Carrying Value		Fair Value		Aggregate Principal Available ⁽¹⁾		Principal Amount Outstanding		Carrying Value		Fair Value
2028 Notes	$	57,500	$	57,500	$	56,635	$	54,556	$	57,500	$	57,500	$	56,477	$	55,154
2028 Promissory Note		-		-		-		-		1,661		1,661		1,543		1,594
Revolving Credit Facility		10,008		89,992		89,992		89,992		10,008		89,992		89,992		89,992
Total debt	$	67,508	$	147,492	$	146,627	$	144,548	$	69,169	$	149,153	$	148,012	$	146,740

(1)

For the 2028 Notes and 2028 Promissory Note, this represents the total principal amount and for the Revolving Credit Facility, this represents the undrawn principal amount.

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 was the administrative agent, sole bookrunner and sole lead arranger. The Credit Facility had an original maturity date of December 15, 2025.

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”).

On February 21, 2024 (the “First Amendment Effective Date”), in order to increase the size of the Credit Facility, the parties to the Credit Facility amended the terms of the Credit Facility, effective as of the First Amendment Effective Date (the “First Amendment”). The First Amendment increased the principal amount of loan available under the Credit Facility by $12.5 million to $62.5 million. All other material terms of the Credit Facility remain unchanged.

On August 5, 2024 (the “Second Amendment Effective Date”), in order to increase the size of the Credit Facility, the parties to the Credit Facility amended the Credit Facility, effective as of the Second Amendment Effective Date (the “Second Amendment”). The Second Amendment increased the principal amount of loan available under the Credit Facility by $25 million to $87.5 million. All other material terms of the Credit Facility remain unchanged.

On April 17, 2025 (the “Third Amendment Effective Date”), in order to extend the term and increase the size of the Credit Facility, the parties to the Credit Facility amended the terms of the Credit Facility, effective as of the Third Amendment Effective Date (the “Third Amendment”). The Third Amendment increased the principal amount of the loan available under the Credit Facility by $12.5 million to $100.0 million (with potential access to up to an additional $50.0 million pursuant to an uncommitted accordion provision) and appointed BankUnited, N.A. to assume all agency and syndication responsibilities from the prior agent and lenders. Outstanding loans under the terms of the Amendment bear a monthly interest rate ranging from ABR + 1.35% to ABR + 1.75% for any alternative base rate loans and from Term SOFR + 2.35% to Term SOFR + 2.75% for any term benchmark loans based on the total debt to tangible net worth ratio. The Amendment also extended the term of the credit facility to April 17, 2030, five years from the Third Amendment Effective Date. Other material terms remain substantially unchanged.

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 March 31, 2026 and September 30, 2025, there was $90.0 million and $90.0 million outstanding, respectively, under the Credit Facility.

Outstanding loans under the Credit Facility bear a monthly interest rate at Term SOFR + 2.50%. 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.

Unsecured Notes

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.

2028 Promissory Note

On May 2, 2024, the Company issued a 5.25% note due November 1, 2028 in the principal amount of $1,661,498 to National Security Insurance Company (the “2028 Promissory Note”). The financial terms of the note are substantially the same as the 2028 Notes.

On December 8, 2025, the Company redeemed in aggregate its principal amount of the issued and outstanding 2028 Promissory Note, comprising all issued and outstanding 2028 Promissory Notes, at a price equal to the closing market price of the 2028 Notes on December 5, 2025, plus accrued and unpaid interest thereon from November 1, 2025, through, but excluding, December 8, 2025 in accordance with the terms of the indenture governing the 2028 Promissory Note. The redemption was completed on December 8, 2025.

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 2028 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date. As of March 31, 2026 and September 30, 2025, the Notes are deemed to be Level 1 in the fair value hierarchy, as defined in Note 4. As of March 31, 2026 and September 30, 2025, 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 2028 Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of the 2028 Notes. As of March 31, 2026 and September 30, 2025, debt issuance costs related to the 2028 Notes were as follows (dollars in thousands):

	For the six months ended						For the year ended
	March 31, 2026						September 30, 2025
	2028 Notes		2028 Promissory Note		Total		2028 Notes		2028 Promissory Note		Total
Total debt issuance costs at beginning of period	$	1,023	$	118	$	1,141	$	1,357	$	154	$	1,511
Debt issuance costs during the period		-		-		-		-		-		-
Amortized debt issuance costs		159		118		277		334		36		370
Unamortized debt issuance costs	$	864	$	-	$	864	$	1,023	$	118	$	1,141

	For the Three Months Ended March 31,						For the Six Months Ended March 31,
	2026			2025			2026			2025
2028 Notes Interest	$	754		$	763			1,509			1,510
2028 Promissory Note Interest		-			22			16			44
Credit facility interest		1,391			1,493			2,885			2,994
Commitment fees		7			2			13			9
Amortization of deferred financing costs		75			207			152			384
Amortization of debt issuance costs		82			92			166			184
Other		-			-			-			-
Total	$	2,309		$	2,579		$	4,741		$	5,125
Weighted average stated interest rate		5.9	%		6.4	%		6.0	%		6.6	%
Weighted average debt outstanding	$	147,492		$	142,324		$	148,112		$	139,254

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.

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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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Net Asset Value per share at Beginning of Period

Share Transactions

6 Months Ended

Mar. 31, 2026

Share Transactions [Abstract]

Share Transactions

Note 14. Share Transactions

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 787,425 shares of common stock through March 31, 2026 with a total cost of approximately $32.2 million, or 28.9% of shares outstanding as of the program’s inception. The total remaining amount authorized under the expanded share repurchase program is approximately $2.8 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
November 2023		475		$37.03 - $37.78		17,825
December 2023		12,748		$37.53 - $41.03		520,749
March 2024		40,000		$45.03 - $45.03		1,801,205
April 2024		700		$43.76 - $43.76		30,637
May 2024		12		$44.82 - $44.82		543
June 2025		15,909		$50.03 - $50.03		795,932
September 2025		100		$47.68 - $47.68		4,773
December 2025		4,135		$41.68 - $47.38		182,876
January 2026		1,375		$43.09 - $45.62		60,872
February 2026		60,600		$42.41 - $47.77		2,893,547
March 2026		1,375		$40.04 - $44.40		187,893
Total		787,425			$	32,234,338

As of March 31, 2026, there were zero shares that were not yet transferred into treasury.

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

6 Months Ended

Sep. 30, 2025

Mar. 31, 2026

Mar. 31, 2025

Financial Highlights [Line Items]

$ 80.24

$ 79.37

Results of Operations:

Net Investment Income/(Loss)

^[1]

1.45

1.28

Net Realized Gain/(Loss) on Investments

(0.21)

0.05

Net Unrealized Gain/(Loss) on Investments

(2.76)

(0.39)

Net loss on extinguishment of debt

(0.01)

Deferred tax benefit (expense)

(0.3)

(0.16)

Net Increase (Decrease) in Net Assets Resulting from Operations

(1.83)

0.78

Capital Share Transactions

Distributions declared

(1.43)

Repurchase of common stock under stock repurchase program

^[2]

1.15

Net Increase (Decrease) Resulting from Capital Share Transactions

1.15

(1.43)

Net Asset Value per share at End of Period

$ 80.24

$ 79.56

$ 78.72

Net Assets at End of Period (in Dollars)

$ 153,811,704

$ 158,987,514

Shares Outstanding at End of Period (in Shares)

2,003,769

1,933,238

2,019,778

Per share market value at end of period

$ 39.06

$ 54

Total return based on market value

^[3]

(17.99%)

16.45%

Total return based on net asset value

^[4]

(4.33%)

0.98%

Portfolio turnover rate

9.61%

29.19%

Ratios:

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

^[5]

3.68%

3.27%

Ratio of total expenses to average net assets

11.49%

12.16%

Supplemental Data:

Percentage of non-recurring fee income

^[6]

2.97%

0.33%

Average debt outstanding (in Dollars)

^[7]

$ 148,112,398

$ 139,253,604

Average debt outstanding per weighted average common share

$ 74.53

$ 68.95

Asset coverage ratio per unit (in Dollars)

^[8]

$ 2,043

$ 2,146

Average market value per unit:

2028 Notes

$ 22.85

$ 22.57

2023 Notes [Member]

^[9]

2028 Notes [Member]

2028 Promissory Note [Member]

^[9]

57,500,000

^[9]

1,661,498

Credit Facility [Member]

^[9]

$ 89,991,619

$ 79,600,000

[1]	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $1.45 and $1.28 per share for the six months ended March 31, 2026 and 2025, respectively.
[2]	The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the repurchase of common stock because of the timing of repurchase of the Company’s shares.
[3]	Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized.
[4]	Total return is historical and assumes changes in NAV, reinvestments of all dividends at prices obtained under the Company’s dividend reinvestment plan, and no sales charges for the period. Calculation is not annualized.
[5]	Ratios are annualized during interim periods.
[6]	Represents the impact of the non-recurring fees as a percentage of total investment income.
[7]	Based on daily weighted average carrying value of debt outstanding during the period.
[8]	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 March 31, 2026, the Company’s asset coverage was 204.3% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act.
[9]	Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.

Investments (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Investments (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025
Investments [Line Items]
Total fair value of warrants			$ 896,500		$ 815,500
Total unrealized depreciation	$ 1,669,856	$ (467,459)	(5,484,788)	$ (797,445)
Warrant [Member]
Investments [Line Items]
Total unrealized depreciation	$ (559,500)	$ (228.7)	$ (789,100)	$ (493.7)

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.

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

Earnings Per Share (Tables)

6 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

	For the Three Months Ended March 31,					For the Six Months Ended March 31,
	2026		2025			2026			2025
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$	1,133	$	(896	)	$	(3,637	)	$	1,568
Weighted average shares of common stock outstanding - basic and diluted		1,972,943		2,019,778			1,987,363			2,019,778
Earnings (loss) per share of common stock - basic and diluted	$	0.57	$	(0.44	)	$	(1.83	)	$	0.78

Financial Highlights (Details) - USD ($)

6 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Financial Highlights [Line Items]

Net investment income/(loss) per share

^[1]

$ 1.45

$ 1.28

Asset coverage of indebtedness

$ 1,000

Percentage of asset coverage

204.30%

Percentage of leverage asset coverage

200.00%

Common Stock [Member]

Financial Highlights [Line Items]

Net investment income/(loss) per share

$ 1.45

$ 1.28

[1]	Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $1.45 and $1.28 per share for the six months ended March 31, 2026 and 2025, respectively.

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.

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Investments

6 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments

Note 3. Investments

The composition of our investments as of March 31, 2026 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	$	127,359		39.3	%	$	113,491		38.4	%
Senior Secured Notes		13,576		4.2			13,399		4.5
Fund Investment		2,138		0.7			2,320		0.8
Equity/Warrants		180,339		55.8			166,601		56.3
Total Investments	$	313,412		100.0	%	$	295,811		100.0	%

The composition of our investments as of September 30, 2025 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	$	125,373		38.6	%	$	116,567		38.6	%
Senior Secured Notes		17,039		5.3			17,457		5.8
Fund Investment		2,194		0.7			2,227		0.7
Equity/Warrants		179,783		55.4			166,021		54.9
Total Investments	$	324,389		100.0	%	$	302,272		100.0	%

In connection with certain of the Company’s investments, the Company receives warrants that are obtained for the objective of increasing the total investment returns and are not held for hedging purposes. At March 31, 2026 and September 30, 2025, the total fair value of warrants was $896.5 thousand and $815.5 thousand, respectively, and were included in investments at fair value on the Consolidated Statements of Assets and Liabilities. During the three and six months ended March 31, 2026, the Company acquired warrants in one existing portfolio company. During the three and six months ended March 31, 2025, the Company acquired warrants in one existing portfolio company.

Total change in unrealized appreciation/(depreciation) related to warrants for the three and six months ended March 31, 2026 was $(559.5) thousand and $(789.1) thousand, respectively, and was recorded on the Consolidated Statements of Operations as net change in unrealized appreciation/(depreciation) on investments. Total change in unrealized appreciation/(depreciation) related to warrants for the three and six months ended March 31, 2025 was $(228.7) thousand and $(493.7) thousand, respectively, and was recorded on the Consolidated Statements of Operations as net change in unrealized appreciation/(depreciation) on investments. The warrants are received in connection with individual investments and are not subject to master netting arrangements.

The following table shows the portfolio composition by industry grouping at fair value at March 31, 2026 (dollars in thousands):

	Fair Value		Percentage
Insurance	$	55,356		18.7	%
Services: Business		48,874		16.5
Real Estate		38,002		12.8
Services: Consumer		33,785		11.4
Construction & Building		29,832		10.1
Aerospace & Defense		28,398		9.6
Hotel, Gaming & Leisure		20,192		6.8
High Tech Industries		18,840		6.4
Automotive		8,229		2.8
Metals & Mining		6,763		2.3
Consumer Discretionary		3,235		1.1
Banking		2,320		0.8
Media: Broadcasting & Subscription		1,985		0.7
Total	$	295,811		100.0	%

The following table shows the portfolio composition by industry grouping at fair value at September 30, 2025 (dollars in thousands):

	Fair Value		Percentage

Services: Business	$	56,249		18.6	%
Insurance		48,470		16.0
Real Estate		47,632		15.8
Services: Consumer		38,418		12.7
Aerospace & Defense		25,881		8.6
Hotel, Gaming & Leisure		22,328		7.4
Construction & Building		18,131		6.0
High Tech Industries		16,961		5.6
Metals & Mining		8,763		2.9
Automotive		7,860		2.6
Media: Broadcasting & Subscription		4,850		1.6
Consumer Discretionary		4,502		1.5
Banking		2,227		0.7
Total	$	302,272		100.0	%

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

The following table shows the portfolio composition by geographic location at fair value at March 31, 2026 (dollars in thousands):

	Fair Value		Percentage
Northeast	$	109,560		37.0	%
Southeast		102,843		34.8
West		36,535		12.4
Midwest		17,555		5.9
Southwest		17,241		5.8
Mid-Atlantic		314		0.1
International		11,763		4.0
Total	$	295,811		100.0	%

The following table shows the portfolio composition by geographic location at fair value at September 30, 2025 (dollars in thousands):

	Fair Value		Percentage
Northeast	$	114,610		37.9	%
Southeast		106,037		35.1
West		31,549		10.4
Midwest		19,272		6.4
Southwest		15,645		5.2
Mid-Atlantic		314		0.1
International		14,845		4.9
Total	$	302,272		100.0	%

Transactions With Affiliated/Controlled Companies

The Company had investments in portfolio companies designated as Affiliated Investments and Controlled Investments under the 1940 Act. Transactions with Affiliated Investments and Controlled Investments during the six months ended March 31, 2026 and 2025 were as follows:

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2025		Purchases/ (Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliated		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at March 31, 2026		Earned Income		Fee/Other Income
Affiliated Investments
Advocates for Disabled Vets, LLC (dba Reps for Vets)	Senior Secured First Lien Term Loan	$	8,798,513	$	(23,545	)	$	-	$	(125,526	)	$	1,171	$	8,650,613	$	545,661	$	-
	Equity		3,359,511		-			-		(561,187	)		-		2,798,324		-		-
FST Holdings Parent, LLC	Equity		10,960,741		-			-		1,224,663			-		12,185,404		268,540		-
MB Precision Investment Holdings LLC	Senior Secured First Lien Term Loan		6,398,561		(45,310	)		-		(231,879	)		2,325		6,123,697		485,033		-
	Senior Secured Delayed Draw Term Loan		490,306		1,408,804			-		(112,984	)		-		1,786,126		106,789		-
	Senior Secured First Lien Revolver		1,975,347		93,394			-		(80,612	)		-		1,988,129		187,758		-
	Senior Secured 6th Amendment Term Loan		-		573,803			-		(22,923	)		-		550,880		-		-
	Equity		2,725,408		427,146			-		(459,723	)		-		2,692,831		427,146		-
	Warrants		673,018		-			-		(673,018	)		-		-		-		-
Total Affiliated Investments		$	35,381,405	$	2,434,292		$	-	$	(1,043,189	)	$	3,496	$	36,776,004	$	2,020,927	$	-

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2025		Purchases/ (Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Controlled		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at March 31, 2026		Earned Income		Fee/Other Income
Controlled Investments
ECC Capital Corp.	Senior Secured First Lien Term Loan	$	6,997,012	$	-		$	-	$	-		$	-	$	6,997,012	$	324,446	$	-
	Equity		6,636,000		-			-		3,024,000			-		9,660,000		-		79,831
FlexFIN, LLC	Equity Interest		37,180,761		(384,417	)		-		-			-		36,796,344		1,907,359		-
NSG Captive, Inc.	Equity		48,469,540		6,474,300			-		411,853			-		55,355,693		-		250,000
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		8,900,000		950,000			-		(49,250	)		-		9,800,750		518,544		-
	Senior Secured First Lien Term Loan B		13,427,601		-			-		(3,686,008	)		-		9,741,593		315,797		-
	Senior Secured First Lien Term Loan C		-		-			-		-			-		-		-		-
	Senior Secured Revolving Note		-		650,000			-		-			-		650,000		12,376		-
Total Controlled Investments		$	121,610,914	$	7,689,883		$	-	$	(299,405	)	$	-	$	129,001,392	$	3,078,522	$	329,831

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2024		Purchases/ (Sales) of or Advances/ (Distributions)		Transfers In/(Out) of Affiliated		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at March 31, 2025		Earned Income		Fee/Other Income
Affiliated Investments
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan	$	751,207	$	-	$	-	$	(302,288	)	$	-	$	448,919	$	-	$	-
	Senior Secured First Lien Super Priority DDTL		1,647,776		-		-		(663,070	)		-		984,706		-		-
FST Holdings Parent, LLC	Equity		12,351,802		8,289		-		(16,195	)		-		12,343,896		254,231		-
Total Affiliated Investments		$	14,750,785	$	8,289	$	-	$	(981,553	)	$	-	$	13,777,521	$	254,231	$	-

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2024		Purchases/ (Sales) of or Advances/ (Distributions)		Transfers In/(Out) of Controlled		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at March 31, 2025		Earned Income		Fee/Other Income
Controlled Investments
ECC Capital Corp.	Senior Secured First Lien Term Loan	$	7,422,012	$	-	$	-	$	-		$	-	$	7,422,012	$	391,510	$	-
	Equity		4,872,000		-		-		159,600			-		5,031,600		-		-
FlexFIN, LLC	Equity Interest		36,683,045		92,290		-		-			-		36,775,335		2,979,966		-
NSG Captive, Inc.	Equity		101,000		49,145,255		-		(849,113	)		-		48,397,142		-		-
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		5,500,000		4,300,000		-		-			-		9,800,000		294,649		-
	Senior Secured First Lien Term Loan B		16,353,590		-		-		(1,118,089	)		-		15,235,501		528,826		-
Total Controlled Investments		$	70,931,647	$	53,537,545	$	-	$	(1,807,602	)	$	-	$	122,661,590	$	4,194,951	$	-

(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.

Purchases/(sales) of or advances to/(distributions) from Affiliated Investments and Controlled Investments represent the proceeds from sales and settlements of investments, purchases, originations and participations, investment increases due to PIK interest as well as net amortization of premium/(discount) on investments and are included in the purchases and sales presented on the Consolidated Statements of Cash Flows for the six months ended March 31, 2026 and 2025. Transfers in/(out) of Affiliated Investments and Controlled Investments represent the fair value for the quarter an investment became or was removed as an Affiliated Investment or a Controlled Investment. Income received from Affiliated Investments and Controlled Investments is included in total investment income on the Consolidated Statements of Operations for the three and six months ended March 31, 2026 and 2025.

Unconsolidated Significant Subsidiaries

We must determine which, if any, of our unconsolidated controlled portfolio companies is a “significant subsidiary” within the meaning of Regulation S-X. We have evaluated and determined that, as of March 31, 2026, two portfolio companies, FlexFIN LLC and NVTN LLC, triggered at least one of the significance tests, and as of March 31, 2025, one portfolio company, FlexFIN LLC, triggered at least one of the significance tests. Below is certain selected key financial data from FlexFIN LLC’s and NVTN LLC’s income statements for the periods in which our investment exceeded the threshold for at least one of the tests (dollars in thousands):

Income Statement	For the Three Months Ended March 31, 2026		For the Six Months Ended March 31, 2026			For the Three Months Ended March 31, 2025		For the Six Months Ended March 31, 2025
Total Income	$	10,285	$	19,643		$	1,997	$	3,592
Total Expenses		10,170		19,680			463		899
Net Income	$	115	$	(37	)	$	1,534	$	2,693

The entire disclosure for investments owned by investment company.

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Investment, Identifier [Axis]: Adamas Trust, Inc

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

Mar. 31, 2026

Sep. 30, 2025

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

$ 157,964

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

3,906,699

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

$ 3,846,902

Investment, Identifier [Axis]: Advocates for Disabled Vets, LLC (dba Reps for Vets)

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

2.51%

^[1],[7]

$ 12,270,231

$ 12,307,500

^[8],[9]

^[7]

12,123,097

^[4]

12,145,471

^[9],[10]

^[5],[7]

$ 11,448,937

$ 12,158,024

^[9],[11]

Investment, Identifier [Axis]: Affiliated Investments

^[7]

7.44%

^[6]

7.56%

^[9],[12]

$ 32,288,018

^[1],[2],[7]

$ 29,880,927

^[8],[9]

37,828,011

^[2],[4],[7]

35,390,223

^[9],[10]

$ 36,776,004

^[2],[5],[7]

$ 35,381,405

^[9],[11]

Investment, Identifier [Axis]: Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Services: Consumer - Equity

23.91%

^[2],[6],[7]

22.01%

^[12]

$ 3,375,000

^[2],[7],[13]

$ 3,375,000

^{[9],[14],[15]}

3,375,000

^{[1],[2],[7],[13]}

3,375,000

^{[9],[14],[15]}

$ 2,798,324

^{[2],[4],[7],[13]}

$ 3,359,511

^{[9],[14],[15]}

Investment, Identifier [Axis]: Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Services: Consumer - Senior Secured First Lien Term Loan

1.82%

^{[2],[5],[7],[13]}

2.09%

^{[9],[14],[15]}

^[7]

Mar. 07, 2030

^{[2],[13],[14]}

Mar. 07, 2030

^[9]

^[7]

$ 8,895,231

^{[2],[13],[14]}

$ 8,932,500

^[9]

^[7]

8,748,097

^{[2],[13],[14]}

8,770,471

^[9]

^[1],[7]

$ 8,650,613

^{[2],[13],[14]}

$ 8,798,513

^[8],[9]

Investment, Identifier [Axis]: Affiliated Investments - FST Holdings Parent, LLC - High Tech Industries - Equity - Class A Units

^[7]

5.62%

^{[2],[4],[13],[14]}

5.47%

^[9],[10]

^[7]

$ 625,548

^[2],[16]

$ 625,548

^[9],[17]

^[7]

10,008,289

^[2],[16]

10,008,289

^[9],[17]

^[1],[7]

$ 12,185,404

^[2],[16]

$ 10,960,741

^[8],[9],[17]

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Equity - Class E Preferred Units

^[7]

7.93%

^[2],[4],[16]

6.82%

^{[9],[10],[17]}

$ 4,525,766

^[2],[7],[13]

$ 4,106,076

^{[8],[9],[14],[15],[18]}

3,594,303

^{[1],[2],[7],[13]}

3,167,157

^{[9],[10],[14],[15],[18]}

$ 2,692,831

^{[2],[4],[7],[13]}

$ 2,725,408

^{[9],[11],[14],[15],[18]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured 6th Amendment Term loan

1.75%

^{[2],[5],[7],[13]}

1.70%

^{[9],[12],[14],[15],[18]}

^{[2],[7],[19],[20]}

Oct. 01, 2028

^{[2],[7],[19],[20]}

$ 591,549

^{[2],[7],[19],[20]}

573,803

^{[2],[7],[19],[20]}

$ 550,880

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured Delayed Draw Term Loan

^{[2],[7],[19],[20]}

0.36%

Oct. 01, 2028

^{[2],[7],[19],[20],[21],[22]}

Oct. 01, 2028

^{[9],[18],[23],[24],[25]}

$ 1,943,662

^{[2],[7],[19],[20],[21],[22]}

$ 505,470

^{[8],[18],[23],[24],[25]}

1,877,425

^{[1],[2],[7],[19],[20],[21],[22]}

468,621

^{[9],[10],[18],[23],[24],[25]}

$ 1,786,126

^{[2],[4],[7],[19],[20],[21],[22]}

$ 490,306

^{[9],[11],[18],[23],[24],[25]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Revolver

1.16%

^{[2],[5],[7],[19],[20],[21],[22]}

0.30%

^{[12],[18],[23],[24],[25]}

Oct. 01, 2028

^{[2],[7],[19],[20],[21],[22],[26]}

Sep. 30, 2028

^{[9],[18],[24],[25],[27]}

$ 2,193,797

^{[2],[7],[19],[20],[21],[22],[26]}

$ 2,112,671

^{[8],[18],[23],[24],[25],[27]}

2,170,442

^{[1],[2],[7],[19],[20],[21],[22],[26]}

2,077,048

^{[9],[10],[18],[23],[24],[25],[27]}

$ 1,988,129

^{[2],[4],[7],[19],[20],[21],[22],[26]}

$ 1,975,347

^{[9],[11],[18],[23],[24],[25],[27]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Term Loan

1.29%

^{[2],[5],[7],[19],[20],[21],[22],[26]}

1.23%

^{[12],[18],[23],[24],[25],[27]}

^[7]

Oct. 01, 2028

^{[2],[19],[20],[22]}

Sep. 30, 2028

^{[9],[18],[23],[24]}

^[7]

$ 6,757,183

^{[2],[19],[20],[22]}

$ 6,843,380

^{[9],[18],[23],[24]}

^[7]

6,653,243

^{[2],[19],[20],[22]}

6,696,228

^{[9],[18],[23],[24]}

^[1],[7]

$ 6,123,697

^{[2],[19],[20],[22]}

$ 6,398,561

^{[8],[9],[18],[23],[24]}

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Warrants - Outstanding Equity

^[7]

3.98%

^{[2],[4],[19],[20],[22]}

3.98%

^{[9],[10],[18],[23],[24]}

^[1],[2],[7]

$ 3,380,282

^[2],[4],[7]

827,409

^[2],[5],[7]

Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Warrants of Outstanding Equity

^[2],[6],[7]

0.00%

^{[8],[9],[14],[15]}

$ 3,380,282

^{[9],[10],[14],[15]}

827,409

^{[9],[11],[14],[15]}

$ 673,018

Investment, Identifier [Axis]: Altisource S.A.R.L.

^{[9],[12],[14],[15]}

0.42%

$ 8,782,847

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

$ 8,810,584

^[8],[9],[28]

13,366,318

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

13,057,133

^{[9],[10],[28]}

$ 11,763,416

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

$ 14,844,781

^{[9],[11],[28]}

Investment, Identifier [Axis]: Boostability Seotowncenter, Inc.

7.65%

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

9.24%

^{[9],[12],[28]}

^[8],[9],[28]

^{[9],[10],[28]}

$ 833,152

^{[9],[11],[28]}

66,475

^{[9],[12],[28]}

Investment, Identifier [Axis]: CB&L Associates Holdco I, LLC

0.00%

^[8],[9],[28]

$ 2,879,525

^{[9],[10],[28]}

2,419,049

^{[9],[11],[28]}

$ 2,753,546

Investment, Identifier [Axis]: Chimera Investment Corp.

^{[9],[12],[28]}

1.71%

$ 22,829

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

$ 177,843

^[8],[9],[28]

525,748

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

4,271,503

^{[9],[10],[28]}

$ 450,188

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

$ 4,134,045

^{[9],[11],[28]}

Investment, Identifier [Axis]: Compass Diversified Holdings

0.29%

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

2.57%

^{[9],[12],[28]}

^[2]

$ 61,734

^[1],[3]

$ 22,049

^[8],[9],[28]

^[2]

1,035,442

^[3],[4]

381,008

^{[9],[10],[28]}

^[2]

$ 1,206,282

^[3],[5]

$ 405,702

^{[9],[11],[28]}

Investment, Identifier [Axis]: Controlled Investments

^[2]

0.78%

^[3],[6]

0.25%

^{[9],[12],[28]}

$ 167,452,935

^[1],[2],[29]

$ 166,237,352

^[8]

157,346,334

^[2],[4],[29]

149,656,451

^[9],[10]

$ 129,001,392

^[2],[5],[29]

$ 121,610,914

^[9],[11]

Investment, Identifier [Axis]: Controlled Investments - ECC Capital Corp. - Real Estate - Equity

83.87%

^[2],[6],[29]

75.65%

^[12]

$ 84,000,000

^{[2],[13],[29],[30]}

$ 84,000,000

^{[8],[9],[15],[31],[32]}

4,257,002

^{[2],[13],[29],[30]}

4,257,002

^{[9],[10],[15],[31],[32]}

$ 9,660,000

^{[1],[2],[13],[29],[30]}

$ 6,636,000

^{[9],[11],[15],[31],[32]}

Investment, Identifier [Axis]: Controlled Investments - ECC Capital Corp. - Real Estate - Senior Secured Promissory Note

6.28%

^{[2],[4],[13],[29],[30]}

4.13%

^{[9],[12],[15],[31],[32]}

Dec. 31, 2031

^{[2],[20],[29]}

Dec. 31, 2031

^{[9],[24],[31]}

$ 6,997,012

^{[2],[20],[29]}

$ 6,997,012

^{[8],[24],[31]}

6,997,012

^{[1],[2],[20],[29]}

6,997,012

^{[9],[10],[24],[31]}

$ 6,997,012

^{[2],[4],[20],[29]}

$ 6,997,012

^{[9],[11],[24],[31]}

Investment, Identifier [Axis]: Controlled Investments - FlexFIN, LLC - Services: Business - Equity Interest

4.55%

^{[2],[5],[20],[29]}

4.35%

^{[12],[24],[31]}

$ 36,796,344

^[2],[29]

$ 37,180,761

^[8],[9],[31]

36,796,344

^[2],[29]

37,180,761

^{[9],[10],[31]}

$ 36,796,344

^[1],[2],[29]

$ 37,180,761

^{[9],[11],[31]}

Investment, Identifier [Axis]: Controlled Investments - NSG Captive, Inc. - Insurance - Equity

23.92%

^[2],[4],[29]

23.13%

^{[9],[12],[31]}

^{[8],[9],[15],[31],[33]}

$ 100,000

^{[9],[10],[15],[31],[33]}

49,255,076

^{[9],[11],[15],[31],[33]}

$ 48,469,540

Investment, Identifier [Axis]: Controlled Investments - NSG Captive, Inc. - Insurance - Preferred Equity

^{[9],[12],[15],[31],[33]}

30.15%

^{[1],[2],[13],[29],[34]}

$ 100,000

^{[2],[4],[13],[29],[34]}

55,729,376

^{[2],[5],[13],[29],[34]}

$ 55,355,693

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Equity - Class A Units

^{[2],[6],[13],[29],[34]}

36.00%

^{[2],[13],[29]}

$ 1,000

^{[1],[2],[13],[29]}

$ 1,000

^{[9],[10],[15]}

21,450,924

^{[2],[4],[13],[29]}

21,450,924

^{[9],[11],[15]}

^{[2],[5],[13],[29]}

^[12],[15]

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured First Lien Term Loan B

0.00%

^{[2],[6],[13],[29]}

0.00%

^[35]

Dec. 31, 2029

^[2],[29]

Dec. 31, 2026

^[9]

^[35]

$ 17,552,420

^[1],[2],[29]

$ 17,552,420

^[8]

^[35]

13,916,082

^[2],[4],[29]

13,916,082

^[9],[10]

^[35]

$ 9,741,593

^[2],[5],[29]

$ 13,427,601

^[9],[11]

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured First Lien Term Loan C

^[35]

6.33%

^[2],[6],[29]

8.35%

^[12]

^{[2],[29],[36]}

Dec. 31, 2026

^{[8],[9],[31],[37]}

$ 11,506,159

^{[1],[2],[29],[36]}

$ 11,506,159

^{[9],[10],[31],[37]}

7,570,055

^{[2],[4],[29],[36]}

7,570,055

^{[9],[11],[31],[37]}

^{[2],[5],[29],[36]}

^{[9],[12],[31],[37]}

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured First Lien Term Loan D

0.00%

^{[2],[6],[29],[36]}

0.00%

^{[9],[31],[37]}

^{[2],[20],[29]}

Dec. 31, 2029

^{[1],[2],[20],[29]}

$ 9,850,000

^{[2],[4],[20],[29]}

9,979,539

^{[2],[5],[20],[29]}

$ 9,800,750

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured Revolving Note

^{[2],[6],[20],[29]}

6.37%

^{[9],[31],[38]}

Dec. 31, 2026

^{[8],[9],[31],[38]}

$ 8,900,000

^{[9],[10],[31],[38]}

9,029,539

^{[5],[9],[11],[31],[38]}

$ 8,900,000

Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured Revolving Note

^{[9],[12],[31],[38]}

5.54%

^{[2],[20],[29],[36]}

Dec. 31, 2029

^{[1],[2],[20],[29],[36]}

$ 650,000

^{[2],[4],[20],[29],[36]}

650,000

^{[2],[5],[20],[29],[36]}

$ 650,000

Investment, Identifier [Axis]: Controlled Investments - Subtotal Control Investments

^{[2],[6],[20],[29],[36]}

0.42%

$ 299,986,930

^[2],[29]

$ 300,530,345

^[8]

323,412,156

^[1],[2],[29]

324,389,165

^[9],[10]

$ 295,810,691

^[2],[4],[29]

$ 302,272,488

^[9],[11]

Investment, Identifier [Axis]: Copper Property CTL Pass Through Trust

192.32%

^[2],[5],[29]

188.01%

^[12]

$ 437,795

^[1],[2]

$ 637,795

^[8],[9]

4,324,211

^[2],[4]

7,200,434

^[9],[10]

$ 4,754,454

^[2],[5]

$ 7,915,036

^[9]

Investment, Identifier [Axis]: ECC Capital Corp.

3.09%

^[2],[6]

4.92%

^[9],[12]

$ 90,997,012

^[1],[2],[29]

$ 90,997,012

^[8],[9],[31]

11,254,014

^[2],[4],[29]

11,254,014

^{[9],[10],[31]}

$ 16,657,012

^[2],[5],[29]

$ 13,633,012

^{[9],[11],[31]}

Investment, Identifier [Axis]: FST Holdings Parent, LLC

10.83%

^[2],[6],[29]

8.48%

^[12],[31]

^[1],[7]

$ 625,548

^[2]

$ 625,548

^[8],[9]

^[7]

10,008,289

^[2],[4]

10,008,289

^[9],[10]

^[5],[7]

$ 12,185,404

^[2]

$ 10,960,741

^[9],[11]

Investment, Identifier [Axis]: FlexFIN, LLC

^[7]

7.93%

^[2],[6]

6.82%

^[9],[12]

$ 36,796,344

^[1],[2],[29]

$ 37,180,761

^[8],[9],[31]

36,796,344

^[2],[4],[29]

37,180,761

^{[9],[10],[31]}

$ 36,796,344

^[2],[5],[29]

$ 37,180,761

^{[9],[11],[31]}

Investment, Identifier [Axis]: Franklin BSP Realty Trust, Inc.

23.92%

^[2],[6],[29]

23.13%

^{[9],[12],[31]}

^[8],[9],[28]

$ 50,000

^{[9],[10],[28]}

498,155

^{[9],[11],[28]}

$ 543,000

Investment, Identifier [Axis]: Innovate Corp.

^{[9],[12],[28]}

0.34%

$ 4,771,251

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

$ 4,558,125

^[8],[9],[28]

4,235,914

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

4,022,788

^{[9],[10],[28]}

$ 3,989,958

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

$ 4,033,941

^{[9],[11],[28]}

Investment, Identifier [Axis]: Invesco Mortgage Capital, Inc.

2.59%

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

2.51%

^{[9],[12],[28]}

$ 180,000

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

$ 180,000

^[8],[9],[28]

1,411,789

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

1,411,789

^{[9],[10],[28]}

$ 1,454,400

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

$ 1,360,800

^{[9],[11],[28]}

Investment, Identifier [Axis]: Jacmel Arora, LLC

0.95%

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

0.85%

^{[9],[12],[28]}

^[1],[2]

$ 13,283,444

^[2],[4]

12,550,781

^[2],[5]

$ 12,542,301

Investment, Identifier [Axis]: Kemmerer Operations, LLC

^[2],[6]

8.15%

$ 6,762,782

^[1],[2]

$ 8,762,782

^[8],[9]

6,762,782

^[2],[4]

8,762,782

^[9],[10]

$ 6,762,782

^[2],[5]

$ 8,762,782

^[9],[11]

Investment, Identifier [Axis]: Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) - LB NewHoldCo, LLC

4.40%

^[2],[6]

5.45%

^[9],[12]

$ 3,934,644

^[1],[2]

$ 3,888,724

^[8],[9]

3,904,594

^[2],[4]

3,858,055

^[9],[10]

$ 3,235,005

^[2],[5]

$ 4,502,412

^[9],[11]

Investment, Identifier [Axis]: MB Precision Investment Holdings LLC

2.10%

^[2],[6]

2.80%

^[9],[12]

$ 19,392,239

^[1],[2],[7]

$ 16,947,879

^[8],[9]

15,696,625

^[2],[4],[7]

13,236,463

^[9],[10]

$ 13,141,663

^[2],[5],[7]

$ 12,262,640

^[9],[11]

Investment, Identifier [Axis]: MFA Financial, Inc.

8.54%

^[2],[6],[7]

7.63%

^[12]

$ 159,493

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

$ 184,695

^[8],[9],[28]

2,146,789

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

3,515,573

^{[9],[10],[28]}

$ 1,985,667

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

$ 3,381,070

^{[9],[11],[28]}

Investment, Identifier [Axis]: NGS-WCS Group Holdings - JFL-NGS-WCS Partners, LLC

1.29%

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

2.10%

^{[9],[12],[28]}

$ 10,000,000

^[1],[2]

$ 10,987,500

^[8],[9]

10,000,000

^[2],[4]

10,983,422

^[9],[10]

$ 13,300,000

^[2],[5]

$ 14,097,375

^[9],[11]

Investment, Identifier [Axis]: NSG Captive, Inc.

8.65%

^[2],[6]

8.77%

^[9],[12]

^[8],[9],[31]

$ 100,000

^{[9],[10],[31]}

49,255,076

^{[9],[11],[31]}

$ 48,469,540

Investment, Identifier [Axis]: NVTN LLC

^{[9],[12],[31]}

30.15%

$ 39,559,579

^[1],[2],[29]

$ 37,959,579

^[8]

^[29]

53,566,600

^[2],[4]

51,966,600

^{[9],[10],[13]}

$ 20,192,343

^[2],[5],[29]

$ 22,327,601

^[9],[11]

Investment, Identifier [Axis]: Neptune Bidco US, Inc. (dba Nielsen)

13.12%

^[2],[6],[29]

13.89%

^[12]

^[8],[9]

$ 6,967,133

^[9],[10]

6,462,824

^[9],[11]

$ 6,732,486

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments

^[9],[12]

4.19%

^[1]

$ 100,245,977

^[2]

$ 104,412,066

^[8],[9]

128,237,811

^[2],[4]

139,342,491

^[9],[10]

^[5]

$ 130,033,295

^[2]

$ 145,280,169

^[9],[11]

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Adamas Trust, Inc

84.54%

^[2],[6]

90.35%

^[9],[12]

^[8],[9],[28]

$ 238,712

^{[9],[10],[28]}

5,885,875

^{[9],[11],[28]}

$ 5,957,794

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Adamas Trust, Inc. - Real Estate - Equity - Class E Preferred Units

^{[9],[12],[28]}

3.69%

$ 140,721

^{[1],[2],[3],[20],[30]}

$ 221,469

^{[8],[9],[24],[28],[32]}

3,531,064

^{[2],[3],[4],[20],[30]}

5,510,240

^{[9],[10],[24],[28],[32]}

$ 3,442,036

^{[2],[3],[5],[20],[30]}

$ 5,565,516

^{[9],[11],[24],[28],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Adamas Trust, Inc. - Real Estate - Equity - Class F Preferred Units

2.25%

^{[2],[3],[6],[20],[30]}

3.45%

^{[9],[12],[24],[28],[32]}

$ 17,243

^{[1],[2],[3],[30]}

$ 17,243

^{[8],[9],[28],[39]}

375,635

^{[2],[3],[4],[30]}

375,635

^{[1],[9],[10],[28],[39]}

$ 404,866

^{[2],[3],[5],[30]}

$ 392,278

^{[9],[11],[28],[39]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Equity

0.26%

^{[2],[3],[6],[30]}

0.24%

^{[9],[12],[28],[39]}

$ 547,179

^{[1],[2],[3],[13],[30]}

$ 547,180

^{[8],[9],[15],[28],[32]}

3,327,903

^{[2],[3],[4],[13],[30]}

3,327,909

^{[9],[10],[15],[28],[32]}

$ 3,485,530

^{[2],[3],[5],[13],[30]}

$ 6,380,119

^{[8],[9],[11],[15],[28],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Senior Secured First Lien Term Loan B

2.27%

^{[2],[3],[6],[13],[30]}

3.97%

^{[8],[9],[12],[15],[28],[32]}

Apr. 30, 2030

^{[2],[3],[19],[20],[22],[40]}

Apr. 30, 2030

^{[9],[18],[23],[24],[28],[41]}

$ 8,012,982

^{[1],[2],[3],[19],[20],[22],[40]}

$ 8,040,718

^{[8],[9],[18],[23],[24],[28],[41]}

8,769,200

^{[2],[3],[4],[19],[20],[22],[40]}

8,460,009

^{[9],[10],[18],[23],[24],[28],[41]}

$ 8,213,307

^{[2],[3],[5],[19],[20],[22],[40]}

$ 8,322,143

^{[9],[11],[18],[23],[24],[28],[41]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Warrants

5.34%

^{[2],[3],[6],[19],[20],[22],[40]}

5.18%

^{[9],[12],[18],[23],[24],[28],[41]}

Apr. 02, 2029

^{[2],[3],[13],[30]}

Apr. 02, 2029

^{[9],[15],[28],[32]}

$ 111,343

^{[1],[2],[3],[13],[30]}

$ 111,343

^{[8],[9],[15],[28],[32]}

647,105

^{[2],[3],[4],[13],[30]}

647,105

^{[9],[10],[15],[28],[32]}

$ 42,310

^{[2],[3],[5],[13],[30]}

$ 77,940

^{[9],[11],[15],[28],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Warrants - One

0.03%

^{[2],[3],[6],[13],[30]}

0.05%

^{[9],[12],[15],[28],[32]}

Apr. 30, 2032

^{[2],[3],[13],[30]}

Apr. 30, 2032

^{[9],[15],[28],[32]}

$ 111,343

^{[1],[2],[3],[13],[30]}

$ 111,343

^{[8],[9],[15],[28],[32]}

622,110

^{[2],[3],[4],[13],[30]}

622,110

^{[9],[10],[15],[28],[32]}

$ 22,269

^{[2],[3],[5],[13],[30]}

$ 64,579

^{[9],[11],[15],[28],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Arora Engineers, LLC - Construction & Building - First Lien Term Loan

0.01%

^{[2],[3],[6],[13],[30]}

0.04%

^{[9],[12],[15],[28],[32]}

^[2],[42]

Dec. 30, 2030

^[1],[2],[42]

$ 9,689,062

^[2],[4],[42]

9,495,281

^[2],[5],[42]

$ 9,398,391

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Arora Engineers, LLC - Construction & Building - Warrants

^[2],[6],[42]

6.11%

^[1],[2]

$ 444,382

^[2],[4]

870,125

^[2],[5]

$ 831,961

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Boostability Seotowncenter, Inc. - Services: Business - Equity - Common Units

^[2],[6]

0.54%

^[8],[9],[15]

^{[9],[10],[15]}

$ 833,152

^{[9],[11],[15]}

66,475

^{[9],[12],[15]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - CB&L Associates Holdco I, LLC - Real Estate - First Lien Term Loan

0.00%

^{[9],[23],[28],[38],[41],[43]}

Nov. 01, 2025

^{[8],[9],[23],[28],[38],[41],[43]}

$ 2,879,525

^{[9],[10],[23],[28],[38],[41],[43]}

2,419,049

^{[9],[11],[23],[28],[38],[41],[43]}

$ 2,753,546

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp. - Real Estate - Equity - Class B Preferred Units

^{[9],[12],[23],[28],[38],[41],[43]}

1.71%

^{[8],[9],[24],[28],[32]}

$ 26,133

^{[9],[10],[24],[28],[32]}

635,531

^{[9],[11],[24],[28],[32]}

$ 629,544

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp. - Real Estate - Equity - Class C Preferred Units

^{[9],[12],[24],[28],[32]}

0.39%

$ 22,829

^{[1],[2],[3],[30],[44]}

$ 151,710

^{[8],[9],[28],[32],[45]}

525,748

^{[2],[3],[4],[30],[44]}

3,635,972

^{[9],[10],[28],[32],[45]}

$ 450,188

^{[2],[3],[5],[30],[44]}

$ 3,504,501

^{[9],[11],[28],[32],[45]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Compass Diversified Holdings - Real Estate - Equity - Series C Preferred Units

0.29%

^{[2],[3],[6],[30],[44]}

2.18%

^{[9],[12],[28],[32],[45]}

$ 61,734

^{[1],[2],[3],[30],[46]}

$ 22,049

^{[8],[9],[28],[32],[47]}

1,035,442

^{[2],[3],[4],[30],[46]}

381,008

^{[9],[10],[28],[32],[47]}

$ 1,206,282

^{[2],[3],[5],[30],[46]}

$ 405,702

^{[9],[11],[28],[32],[47]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Copper Property CTL Pass Through Trust - Real Estate - Equity Certificates

0.78%

^{[2],[3],[6],[30],[46]}

0.25%

^{[9],[12],[28],[32],[47]}

$ 437,795

^[1],[2],[30]

$ 637,795

^[8],[9],[32]

4,324,211

^[2],[4],[30]

7,200,434

^{[9],[10],[32]}

$ 4,754,454

^[2],[5],[30]

$ 7,915,036

^{[9],[11],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Franklin BSP Realty Trust, Inc. - Real Estate - Equity

3.09%

^[2],[6],[30]

4.92%

^{[9],[12],[32]}

^{[8],[9],[28],[32]}

$ 50,000

^{[9],[10],[28],[32]}

498,155

^{[9],[11],[28],[32]}

$ 543,000

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Innovate Corp. - Construction & Building - Senior Secured Notes

^{[9],[12],[28],[32]}

0.34%

Feb. 01, 2027

^{[2],[3],[40],[43]}

Feb. 01, 2027

^{[9],[28],[41]}

$ 4,771,251

^{[1],[2],[3],[40],[43]}

$ 4,558,125

^{[8],[9],[28],[41]}

4,235,914

^{[2],[3],[4],[40],[43]}

4,022,788

^{[9],[10],[28],[41]}

$ 3,989,958

^{[2],[3],[5],[40],[43]}

$ 4,033,941

^{[9],[11],[28],[41]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Invesco Mortgage Capital, Inc. - Real Estate - Equity - Common Units

2.59%

^{[2],[3],[6],[40],[43]}

2.51%

^{[9],[12],[28],[41]}

$ 180,000

^{[1],[2],[3],[30]}

$ 180,000

^{[8],[9],[28],[32]}

1,411,789

^{[2],[3],[4],[30]}

1,411,789

^{[9],[10],[28],[32]}

$ 1,454,400

^{[2],[3],[5],[30]}

$ 1,360,800

^{[9],[11],[28],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - JFL-NGS-WCS Partners, LLC - Construction & Building - Equity

0.95%

^{[2],[3],[6],[30]}

0.85%

^{[9],[12],[28],[32]}

^[1]

$ 10,000,000

^[2],[13]

$ 10,000,000

^[8],[9],[15]

10,000,000

^[2],[4],[13]

10,000,000

^{[9],[10],[15]}

$ 13,300,000

^[2],[5],[13]

$ 13,100,000

^{[9],[11],[15]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Jacmel Arora, LLC - Equity

8.65%

^[2],[6]

8.15%

^{[9],[12],[15]}

^[2],[13]

$ 3,150,000

^[1],[2],[13]

2,185,375

^[2],[4],[13]

$ 2,311,949

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Kemmerer Operations, LLC - Metals & Mining - Senior Secured First Lien Term Loan

^[2],[5],[13]

1.50%

Dec. 31, 2028

^[2],[20]

Dec. 31, 2028

^[9],[24]

$ 6,762,782

^[1],[2],[20]

$ 8,762,782

^[8],[9],[24]

6,762,782

^[2],[4],[20]

8,762,782

^{[9],[10],[24]}

$ 6,762,782

^[2],[5],[20]

$ 8,762,782

^{[9],[11],[24]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - LB NewHoldCo, LLC - Consumer Discretionary - Equity - Membership Units

4.40%

^[2],[6],[20]

5.45%

^{[9],[12],[24]}

$ 230,739

^[1],[2],[13]

$ 230,739

^[8],[9],[15]

449,393

^[2],[4],[13]

449,393

^{[9],[10],[15]}

^[2],[5],[13]

$ 994,485

^{[9],[11],[15]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) - Consumer Discretionary - Priority First Out Exit Term Loan

0.00%

^[1],[6],[13]

0.62%

^{[9],[12],[15]}

Oct. 02, 2028

^{[2],[19],[48]}

Oct. 02, 2028

^{[9],[23],[49]}

$ 1,510,449

^{[1],[2],[19],[48]}

$ 1,514,302

^{[8],[9],[23],[49]}

1,406,952

^{[2],[4],[19],[48]}

1,410,541

^{[9],[10],[23],[49]}

$ 1,480,240

^{[2],[5],[19],[48]}

$ 1,514,302

^{[9],[11],[23],[49]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) - Consumer Discretionary - Priority Second Out Term Loan

0.96%

^{[2],[6],[19],[48]}

0.94%

^{[9],[12],[23],[49]}

Oct. 02, 2029

^{[2],[19],[48]}

Oct. 02, 2029

^{[9],[23],[49]}

$ 2,193,456

^{[1],[2],[19],[48]}

$ 2,143,683

^{[8],[9],[23],[49]}

2,048,249

^{[2],[4],[19],[48]}

1,998,121

^{[9],[10],[23],[49]}

$ 1,754,765

^{[2],[5],[19],[48]}

$ 1,993,625

^{[9],[11],[23],[49]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MFA Financial, Inc. - Real Estate - Equity - Class C Preferred Units

1.14%

^{[2],[6],[19],[48]}

1.24%

^{[9],[12],[23],[49]}

$ 39,493

^{[1],[2],[3],[20],[30]}

$ 114,695

^{[8],[9],[24],[28],[32]}

971,472

^{[2],[3],[4],[20],[30]}

2,800,579

^{[9],[10],[24],[28],[32]}

$ 836,067

^{[2],[3],[5],[20],[30]}

$ 2,737,770

^{[9],[11],[24],[28],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MFA Financial, Inc. - Real Estate - Equity - Common Units

0.54%

^{[2],[3],[6],[20],[30]}

1.70%

^{[9],[12],[24],[28],[32]}

$ 120,000

^{[1],[2],[3],[30]}

$ 70,000

^{[8],[9],[28],[32]}

1,175,317

^{[2],[3],[4],[30]}

714,994

^{[9],[10],[28],[32]}

$ 1,149,600

^{[2],[3],[5],[30]}

$ 643,300

^{[9],[11],[28],[32]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - NGS-WCS Group Holdings - Construction & Building - Senior Secured First Lien Term Loan B

0.75%

^{[2],[3],[6],[30]}

0.40%

^{[9],[12],[28],[32]}

^[9],[38]

May 31, 2030

^[8],[9],[38]

$ 987,500

^{[9],[10],[38]}

983,422

^{[9],[11],[38]}

$ 997,375

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Neptune Bidco US, Inc. (dba Nielsen) - Media: Broadcasting & Subscription - First Lien Term Loan

^{[9],[12],[38]}

0.62%

^{[9],[23],[24],[41]}

Apr. 11, 2029

^{[8],[9],[23],[24],[41]}

$ 2,967,133

^{[9],[10],[23],[24],[41]}

2,786,574

^{[9],[11],[23],[24],[41]}

$ 2,822,486

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Onity Group Inc. - Real Estate - Equity - Preferred Units

^{[9],[12],[23],[24],[41]}

1.76%

$ 200,000

^{[1],[2],[3],[46]}

$ 200,000

^{[8],[9],[28],[47]}

3,925,000

^{[2],[3],[4],[46]}

3,925,000

^{[9],[10],[28],[47]}

$ 4,068,000

^{[2],[3],[5],[46]}

$ 3,948,000

^{[9],[11],[28],[47]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PHH Mortgage Corp. - Real Estate - Senior Secured Note

2.64%

^{[2],[3],[6],[46]}

2.46%

^{[9],[12],[28],[47]}

Nov. 01, 2029

^[2],[40]

Nov. 01, 2029

^[9],[41]

$ 2,500,000

^[1],[2],[40]

$ 2,500,000

^[8],[9],[41]

2,343,050

^[2],[4],[40]

2,343,050

^{[9],[10],[41]}

$ 2,412,500

^[2],[5],[40]

$ 2,515,625

^{[9],[11],[41]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured First Lien Term Loan

1.57%

^[2],[6],[40]

1.56%

^{[9],[12],[41]}

Apr. 01, 2029

^{[2],[40],[42]}

Apr. 01, 2029

^{[9],[38],[41]}

$ 56,201

^{[1],[2],[40],[42]}

$ 56,201

^{[8],[9],[38],[41]}

55,077

^{[2],[4],[40],[42]}

55,077

^{[9],[10],[38],[41]}

$ 57,466

^{[2],[5],[40],[42]}

$ 57,606

^{[9],[11],[38],[41]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured Revolving Note

0.04%

^{[2],[6],[40],[42]}

0.04%

^{[9],[12],[38],[41]}

Dec. 31, 2028

^{[2],[21],[42]}

Dec. 31, 2028

^{[9],[25],[38]}

$ 73,083

^{[1],[2],[21],[42]}

$ 73,083

^{[8],[9],[25],[38]}

72,230

^{[2],[4],[21],[42]}

72,230

^{[9],[10],[25],[38]}

$ 71,251

^{[2],[5],[21],[42]}

$ 71,251

^{[9],[11],[25],[38]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Services: Consumer - Senior Secured First Lien Revolver

0.05%

^{[2],[6],[21],[42]}

0.04%

^{[9],[12],[25],[38]}

Apr. 17, 2030

^{[2],[21],[26],[42]}

Apr. 17, 2030

^{[9],[25],[27],[38]}

$ 293,137

^{[1],[2],[21],[26],[42]}

$ 293,137

^{[8],[9],[25],[27],[38]}

293,137

^{[2],[4],[21],[26],[42]}

293,137

^{[9],[10],[25],[27],[38]}

$ 293,137

^{[2],[5],[21],[26],[42]}

$ 293,137

^{[9],[11],[25],[27],[38]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Services: Consumer - Senior Secured First Lien Term Loan

0.19%

^{[2],[6],[21],[26],[42]}

0.18%

^{[9],[12],[25],[27],[38]}

Apr. 17, 2030

^[2],[42]

Apr. 17, 2030

^[9],[38]

$ 5,677,941

^[1],[2],[42]

$ 5,706,618

^[8],[9],[38]

5,653,648

^[2],[4],[42]

5,679,996

^{[9],[10],[38]}

$ 5,677,941

^[2],[5],[42]

$ 5,706,618

^{[9],[11],[38]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Power Stop LLC - Automotive - Senior Secured First Lien Term Loan

3.69%

^[2],[6],[42]

3.55%

^{[9],[12],[38]}

Jan. 26, 2029

^{[2],[19],[20],[40]}

Jan. 26, 2029

^{[9],[23],[24],[41]}

$ 9,653,266

^{[1],[2],[19],[20],[40]}

$ 9,704,216

^{[8],[9],[23],[24],[41]}

8,462,396

^{[2],[4],[19],[20],[40]}

8,504,727

^{[9],[10],[23],[24],[41]}

$ 8,229,410

^{[2],[5],[19],[20],[40]}

$ 7,860,415

^{[9],[11],[23],[24],[41]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Redwood Trust Inc. - Real Estate - Equity

5.35%

^{[2],[6],[19],[20],[40]}

4.89%

^{[9],[12],[23],[24],[41]}

^[8],[9],[32]

$ 165,000

^{[9],[10],[32]}

1,012,942

^{[9],[11],[32]}

$ 955,350

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Redwood Trust Inc. - Real Estate - Equity - Common Units

^{[9],[12],[32]}

0.59%

^{[1],[2],[3],[30]}

$ 185,000

^{[2],[3],[4],[30]}

1,127,150

^{[2],[3],[5],[30]}

$ 1,037,850

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Services: Consumer - Senior Secured First Lien Revolver

^{[2],[3],[6],[30]}

0.67%

Dec. 20, 2029

^{[2],[21],[26],[42]}

Dec. 20, 2029

^{[9],[25],[27],[38]}

$ 400,000

^{[1],[2],[21],[26],[42]}

$ 400,000

^{[8],[9],[25],[27],[38]}

400,000

^{[2],[4],[21],[26],[42]}

400,000

^{[9],[10],[25],[27],[38]}

$ 400,000

^{[2],[5],[21],[26],[42]}

$ 400,000

^{[9],[11],[25],[27],[38]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Services: Consumer - Senior Secured First Lien Term Loan

0.26%

^{[2],[6],[21],[26],[42]}

0.25%

^{[9],[12],[25],[27],[38]}

Dec. 20, 2029

^[2],[42]

Dec. 20, 2029

^[9],[38]

$ 13,401,786

^[1],[2],[42]

$ 13,469,643

^[8],[9],[38]

13,342,528

^[2],[4],[42]

13,404,028

^{[9],[10],[38]}

$ 13,401,786

^[2],[5],[42]

$ 13,469,643

^{[9],[11],[38]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Spotter Inc. - High Tech Industries - Equity - Series D-1 Preferred Stock

8.71%

^[2],[6],[42]

8.38%

^{[9],[12],[38]}

^[8],[9],[15]

$ 414,293

^{[9],[10],[15]}

5,999,998

^{[9],[11],[15]}

$ 5,999,998

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Spotter Inc. - High Tech Industries - Equity - Series E-1 Preferred Stock

^{[9],[12],[15]}

3.73%

^[1],[2],[13]

$ 51,786

^[2],[4],[13]

750,005

^[2],[5],[13]

$ 792,844

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Spotter Inc. - High Tech Industries - Equity - Series E-2-D Preferred Stock

^[2],[6],[13]

0.52%

^[1],[2],[13]

$ 414,293

^[2],[4],[13]

5,999,998

^[2],[5],[13]

$ 5,862,246

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Stancor (dba Industrial Flow Solutions Holdings, LLC) - Business - Equity

^[2],[6],[13]

3.81%

^[8],[9],[15]

$ 358,867

^{[9],[10],[15]}

345,491

^{[9],[11],[15]}

$ 314,132

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Stancor (dba Industrial Flow Solutions Holdings, LLC) - Services: Business - Equity - Class A Units

^{[9],[12],[15]}

0.20%

^[1],[2],[13]

$ 358,867

^[2],[4],[13]

345,491

^[2],[5],[13]

$ 314,132

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Staples, Inc. - Services: Consumer - First Lien Term Loan

^[2],[6],[13]

0.20%

^{[9],[24],[41]}

Sep. 01, 2029

^{[8],[9],[24],[41]}

$ 3,960,000

^{[9],[10],[24],[41]}

3,830,925

^{[9],[11],[24],[41]}

$ 3,742,200

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Tamarix Capital Partners II, L.P. - Banking - Fund Investment

^{[9],[12],[24],[41]}

2.33%

^{[1],[2],[3],[13],[21],[50]}

^{[8],[9],[15],[25]}

2,138,134

^{[2],[3],[4],[13],[21],[50]}

2,194,384

^{[9],[10],[15],[25]}

$ 2,319,823

^{[2],[3],[5],[13],[21],[50]}

$ 2,227,463

^{[9],[11],[15],[25]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Thryv Holdings, Inc. - Media: Broadcasting & Subscription - Senior Secured First Lien Term Loan

1.51%

^{[2],[3],[6],[13],[21],[50]}

1.39%

^{[9],[12],[15],[25]}

May 01, 2029

^{[2],[3],[40],[42]}

May 01, 2029

^{[9],[38],[41]}

$ 2,025,000

^{[1],[2],[3],[40],[42]}

$ 2,025,000

^{[8],[9],[38],[41]}

2,011,129

^{[2],[3],[4],[40],[42]}

2,009,375

^{[9],[10],[38],[41]}

$ 1,984,500

^{[2],[3],[5],[40],[42]}

$ 2,027,531

^{[9],[11],[38],[41]}

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Equity - Common Shares

1.29%

^{[2],[3],[6],[40],[42]}

1.26%

^{[9],[12],[38],[41]}

$ 350

^[1],[2],[13]

$ 350

700,000

^[2],[4],[13]

700,000

$ 1,344,833

^[2],[5],[13]

$ 483,284

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Senior Secured First Lien Term Loan

0.87%

^[2],[6],[13]

0.30%

Apr. 17, 2029

^{[2],[19],[42]}

Apr. 17, 2029

$ 12,307,680

^{[1],[2],[19],[42]}

$ 12,369,840

12,207,606

^{[2],[4],[19],[42]}

12,256,814

$ 12,443,063

^{[2],[5],[19],[42]}

$ 12,258,511

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Senior Secured Revolving Note

8.10%

^{[2],[6],[19],[42]}

7.62%

Apr. 17, 2029

^{[2],[19],[21],[26],[42]}

Apr. 17, 2029

$ 1,452,373

^{[1],[2],[19],[21],[26],[42]}

$ 884,053

1,593,293

^{[2],[4],[19],[21],[26],[42]}

863,075

$ 1,468,349

^{[2],[5],[19],[21],[26],[42]}

$ 876,097

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - First Out Delayed Draw Term Loan

0.95%

^{[2],[6],[19],[21],[26],[42]}

0.54%

Oct. 16, 2028

^[2],[20]

Oct. 16, 2028

$ 30,950

^[1],[2],[20]

$ 30,950

31,933

^[2],[4],[20]

31,933

$ 30,099

^[2],[5],[20]

$ 31,128

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - First Out Term Loan

0.02%

^[2],[6],[20]

0.02%

Oct. 16, 2028

^[2],[20]

Oct. 16, 2028

$ 605,831

^[1],[2],[20]

$ 618,546

611,209

^[2],[4],[20]

623,442

$ 589,170

^[2],[5],[20]

$ 618,546

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Delayed Draw Term Loan

0.38%

^[2],[6],[20]

0.38%

^[2],[20]

Oct. 16, 2028

^[1],[2],[20]

$ 140,082

^[2],[4],[20]

140,082

^[2],[5],[20]

$ 135,879

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Delayed Draw Term Loan - First Out Skim

^[2],[6],[20]

0.09%

Oct. 16, 2028

$ 140,082

140,082

$ 139,955

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Term Loan

0.09%

^[2],[20]

Oct. 16, 2028

^[1],[2],[20]

$ 1,863,568

^[2],[4],[20]

1,863,648

^[2],[5],[20]

$ 1,807,661

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Term Loan - First Out Skim

^[2],[6],[20]

1.18%

Oct. 16, 2028

$ 1,863,568

1,859,920

$ 1,858,909

Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments- Neptune Bidco US, Inc. (dba Nielsen) - Media: Broadcasting & Subscription - Senior Secured Note

1.16%

^[9],[41]

Apr. 15, 2029

^[8],[9],[41]

$ 4,000,000

^{[9],[10],[41]}

3,676,250

^{[9],[11],[41]}

$ 3,910,000

Investment, Identifier [Axis]: Onity Group Inc.

^{[9],[12],[41]}

2.43%

$ 200,000

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

$ 200,000

^[8],[9],[28]

3,925,000

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

3,925,000

^{[9],[10],[28]}

$ 4,068,000

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

$ 3,948,000

^{[9],[11],[28]}

Investment, Identifier [Axis]: PHH Mortgage Corp.

2.64%

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

2.46%

^{[9],[12],[28]}

$ 2,500,000

^[1],[2]

$ 2,500,000

^[8],[9]

2,343,050

^[2],[4]

2,343,050

^[9],[10]

$ 2,412,500

^[2],[5]

$ 2,515,625

^[9],[11]

Investment, Identifier [Axis]: PREIT Associates

1.57%

^[2],[6]

1.56%

^[9],[12]

$ 129,284

^[1],[2]

$ 129,284

^[8],[9]

127,307

^[2],[4]

127,307

^[9],[10]

$ 128,717

^[2],[5]

$ 128,857

^[9],[11]

Investment, Identifier [Axis]: PSB Group, LLC

0.09%

^[2],[6]

0.08%

^[9],[12]

$ 5,971,078

^[1],[2]

$ 5,999,755

^[8],[9]

5,946,785

^[2],[4]

5,973,133

^[9],[10]

$ 5,971,078

^[2],[5]

$ 5,999,755

^[9],[11]

Investment, Identifier [Axis]: Power Stop LLC

3.88%

^[2],[6]

3.73%

^[9],[12]

$ 9,653,266

^[1],[2]

$ 9,704,216

^[8],[9]

8,462,396

^[2],[4]

8,504,727

^[9],[10]

$ 8,229,410

^[2],[5]

$ 7,860,415

^[9],[11]

Investment, Identifier [Axis]: Redwood Trust Inc.

5.35%

^[2],[6]

4.89%

^[9],[12]

$ 185,000

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

$ 165,000

^[8],[9]

1,127,150

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

1,012,942

^[9],[10]

$ 1,037,850

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

$ 955,350

^[9],[11]

Investment, Identifier [Axis]: SS Acquisition, LLC (dba Soccer Shots Franchising)

0.67%

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

0.59%

^[9],[12]

$ 13,801,786

^[1],[2]

$ 13,869,643

^[8],[9]

13,742,528

^[2],[4]

13,804,028

^[9],[10]

$ 13,801,786

^[2],[5]

$ 13,869,643

^[9],[11]

Investment, Identifier [Axis]: Spotter Inc.

8.97%

^[2],[6]

8.63%

^[9],[12]

^[8],[9]

$ 414,293

^[9],[10]

5,999,998

^[9],[11]

$ 5,999,998

Investment, Identifier [Axis]: Spotter Inc. - High Tech Industries

^[9],[12]

3.73%

^[1],[2]

$ 466,079

^[2],[4]

6,750,003

^[2],[5]

$ 6,655,090

Investment, Identifier [Axis]: Stancor (dba Industrial Flow Solutions Holdings, LLC)

^[2],[6]

4.33%

$ 358,867

^[1],[2]

$ 358,867

^[8],[9]

345,491

^[2],[4]

345,491

^[9],[10]

$ 314,132

^[2],[5]

$ 314,132

^[9],[11]

Investment, Identifier [Axis]: Staples, Inc.

0.20%

^[2],[6]

0.20%

^[9],[12]

^[8],[9]

$ 3,960,000

^[9],[10]

3,830,925

^[9],[11]

$ 3,742,200

Investment, Identifier [Axis]: Tamarix Capital Partners II, L.P.

^[9],[12]

2.33%

^{[1],[2],[3],[13],[21],[50]}

^[9],[10]

2,138,134

^{[2],[3],[4],[13],[21],[50]}

2,194,384

^[9],[11]

$ 2,319,823

^{[2],[3],[5],[13],[21],[50]}

$ 2,227,463

^[9],[12]

Investment, Identifier [Axis]: Thryv Holdings, Inc.

1.51%

^{[2],[3],[6],[13],[21],[50]}

1.39%

$ 2,025,000

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

$ 2,025,000

^[8],[9]

2,011,129

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

2,009,375

^[9],[10]

$ 1,984,500

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

$ 2,027,531

^[9],[11]

Investment, Identifier [Axis]: WHI Global, LLC

1.29%

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

1.26%

^[9],[12]

$ 13,760,403

^[1],[2]

$ 13,254,243

^[8],[9]

14,500,899

^[2],[4]

13,819,889

^[9],[10]

$ 15,256,245

^[2],[5]

$ 13,617,892

^[9],[11]

Investment, Identifier [Axis]: XYZ Roofco, LLC (dba SMC Roofing Solutions LLC)

9.92%

^[2],[6]

8.46%

^[9],[12]

^[1]

$ 2,640,431

^[2]

$ 2,653,146

^[8],[9]

2,646,872

^[2],[4]

2,655,377

^[9],[10]

^[5]

$ 2,562,809

^[2]

$ 2,648,538

^[9],[11]