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v3.25.3

INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables) | 12 Months Ended
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Sep. 30, 2025
Investments in and Advances to Affiliates [Abstract] |
Schedule of Investments in and Advances to Affiliates |
Company and Investment(A)(B)(I)(L)(M) |  | Principal/ Shares/Units(K) |  | Net Realized Gain (Loss) for Period |  | Amount of Investment Income(C) |  | Value as of September 30, 2024 |  | Gross Additions(D) |  | Gross Reductions(E) |  | Net Unrealized Appreciation (Depreciation) |  | Value as of September 30, 2025 |  |
AFFILIATE INVESTMENTS—11.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured First Lien Debt—7.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified/Conglomerate Manufacturing—2.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Edge Adhesives Holdings, Inc.—Term Debt (S + 5.5%. 9.6% Cash, Due 8/2026) |  | $ | 6,140 |  |  | — |  |  | — |  |  | $ | 380 |  |  | — |  |  | — |  |  | $ | 133 |  |  | $ | 513 |  |  |
Zero Case Holding Inc. – Line of Credit, $4,000 available (S + 6.4%, 10.5% Cash, Due 7/2030) |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Zero Case Holding Inc. – Term Debt (S + 6.4%, 10.5% Cash, Due 7/2030) |  | 12,000 |  |  | — |  |  | 232 |  |  | — |  |  | 12,000 |  |  | — |  |  | — |  |  | 12,000 |  |  |
|  |  |  | $ | — |  | — |  | $ | 236 |  | — |  | $ | 380 |  | — |  | $ | 12,000 |  | — |  | $ | — |  | — |  | $ | 133 |  | — |  | $ | 12,513 |  |  |
Personal, Food, and Miscellaneous Services – 4.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Snif-Snax, LLC – Term Debt (S + 6.7%, 10.8% Cash, Due 7/2030) |  | 22,200 |  |  | — |  |  | 487 |  |  | — |  |  | 22,200 |  |  | — |  |  | — |  |  | 22,200 |  |  |
|  |  |  | $ | — |  |  | $ | 723 |  |  | $ | 380 |  |  | $ | 34,200 |  |  | $ | — |  |  | $ | 133 |  |  | $ | 34,713 |  |  |
Preferred Equity —2.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified/Conglomerate Manufacturing —0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Edge Adhesives Holdings, Inc.—Preferred Stock |  | 5,466 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Diversified/Conglomerate Service—1.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Encore Dredging Holdings, LLC—Preferred Stock |  | 3,840,000 |  |  | — |  |  | 40 |  |  | 3,168 |  |  | — |  |  | — |  |  | 3,746 |  |  | 6,914 |  |  |
Personal, Food, and Miscellaneous Services – 0.3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Snif-Snax, LLC – Preferred Stock |  | 1,500,000 |  |  | — |  |  | — |  |  | — |  |  | 1,500 |  |  | — |  |  | — |  |  | 1,500 |  |  |
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canopy Safety Brands, LLC—Preferred Stock |  | 500,000 |  |  | — |  |  | — |  |  | 931 |  |  | — |  |  | — |  |  | 75 |  |  | 1,006 |  |  |
Total Preferred Equity |  |  |  | $ | — |  |  | $ | 40 |  |  | $ | 4,099 |  |  | $ | 1,500 |  |  | $ | — |  |  | $ | 3,821 |  |  | $ | 9,420 |  |  |
Company and Investment(A)(B)(I)(L)(M) |  | Principal/ Shares/Units(K) |  | Net Realized Gain (Loss) for Period |  | Amount of Investment Income(C) |  | Value as of September 30, 2024 |  | Gross Additions(D) |  | Gross Reductions(E) |  | Net Unrealized Appreciation (Depreciation) |  | Value as of September 30, 2025 |  |
Common Equity—2.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified/Conglomerate Manufacturing – 0.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero Case Holding Inc. – Common Stock |  | 1,000 |  |  | — |  |  | — |  |  | — |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |  |  |
Finance – 1.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gladstone Alternative Income Fund – Common Stock |  | 500,000 |  |  | — |  |  | 191 |  |  | — |  |  | 5,000 |  |  | — |  |  | 75 |  |  | 5,075 |  |  |
Personal and Non-Durable Consumer Products (Manufacturing Only)—0.8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canopy Safety Brands, LLC—Common Stock |  | 1,170,370 |  |  | — |  |  | — |  |  | $ | 2,959 |  |  | — |  |  | — |  |  | $ | 744 |  |  | $ | 3,703 |  |  |
Total Common Equity |  |  |  | $ | — |  |  | $ | 191 |  |  | $ | 2,959 |  |  | $ | 6,000 |  |  | $ | — |  |  | $ | 819 |  |  | $ | 9,778 |  |  |
TOTAL AFFILIATE INVESTMENTS |  |  |  | $ | — |  |  | $ | 954 |  |  | $ | 7,438 |  |  | $ | 41,700 |  |  | $ | — |  |  | $ | 4,773 |  |  | $ | 53,911 |  |  |
CONTROL INVESTMENTS—22.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured First Lien Debt—14.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beverage, Food, and Tobacco – 2.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eegee Acquisition Corp. – Line of Credit, $3,250 available (S + 7.0%, 11.1% Cash, Due 4/2028) |  | 12,750 |  |  | $ | — |  |  | $ | 646 |  |  | $ | — |  |  | $ | 12,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,750 |  |  |
Diversified/Conglomerate Manufacturing – 4.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineering Manufacturing Technologies, LLC – Line of Credit, $1,900 available (S + 8.3%, 12.4% Cash, Due 10/2026) |  | 1,100 |  |  | — |  |  | 62 |  |  | — |  |  | 1,100 |  |  | — |  |  | (266) |  |  | 834 |  |  |
Engineering Manufacturing Technologies, LLC – Term Debt (S + 8.3%, 8.0% Cash, 4.4% PIK, Due 10/2026) |  | 23,163 |  |  | — |  |  | 1,257 |  |  | — |  |  | 23,163 |  |  | — |  |  | (5,602) |  |  | 17,561 |  |  |
Lonestar EMS, LLC – Term Debt (12.0% Cash, Due 6/2027)(F) |  | 4,450 |  |  | — |  |  | 588 |  |  | 4,200 |  |  | 273 |  |  | — |  |  | (23) |  |  | 4,450 |  |  |
|  |  |  | $ | — |  |  | $ | 1,907 |  |  | $ | 4,200 |  |  | $ | 24,536 |  |  | $ | — |  |  | $ | (5,891) |  |  | $ | 22,845 |  |  |
Healthcare, Education, and Childcare – 5.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technical Resource Management, LLC – Line of Credit, $0 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028) |  | 3,076 |  |  | — |  |  | 230 |  |  | — |  |  | 3,076 |  |  | — |  |  | (353) |  |  | 2,723 |  |  |
Technical Resource Management, LLC – Line of Credit, $400 available (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028) |  | 1,214 |  |  | — |  |  | 60 |  |  | — |  |  | 1,214 |  |  | — |  |  | (140) |  |  | 1,074 |  |  |
Technical Resource Management, LLC – Term Debt (S + 10.5%, 10.1% Cash, 4.5% PIK, Due 4/2028) |  | 24,111 |  |  | — |  |  | 1,800 |  |  | — |  |  | 24,111 |  |  | — |  |  | (2,764) |  |  | 21,347 |  |  |
|  |  |  | $ | — |  |  | $ | 2,090 |  |  | $ | — |  |  | $ | 28,401 |  |  | $ | — |  |  | $ | (3,257) |  |  | $ | 25,144 |  |  |
Personal and Non-Durable Consumer Products (Manufacturing Only) — 1.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WB Xcel Holdings, LLC—Line of Credit, $0 available (S + 10.5%, 14.6% Cash, Due 11/2026) |  | 5,150 |  |  | — |  |  | $ | — |  |  | $ | 3,171 |  |  | $ | 400 |  |  | — |  |  | $ | (411) |  |  | $ | 3,160 |  |  |
WB Xcel Holdings, LLC—Term Loan (S + 10.5%, 14.6% Cash, Due 11/2026) |  | 9,775 |  |  | — |  |  | — |  |  | 6,525 |  |  | — |  |  | $ | — |  |  | (528) |  |  | 5,997 |  |  |
|  |  |  | $ | — |  |  | $ | — |  |  | $ | 9,696 |  |  | $ | 400 |  |  | $ | — |  |  | $ | (939) |  |  | $ | 9,157 |  |  |
Company and Investment(A)(B)(I)(L)(M) |  | Principal/ Shares/Units(K) |  | Net Realized Gain (Loss) for Period |  | Amount of Investment Income(C) |  | Value as of September 30, 2024 |  | Gross Additions(D) |  | Gross Reductions(E) |  | Net Unrealized Appreciation (Depreciation) |  | Value as of September 30, 2025 |  |
Printing and Publishing — 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TNCP Intermediate HoldCo, LLC—-Line of Credit, $2,000 available (11.0% Cash, Due 10/2027)(F) |  | — |  |  | — |  |  | $ | 70 |  |  | $ | — |  |  | — |  |  | $ | — |  |  | — |  |  | — |  |  |
Total Secured First Lien Debt |  |  |  | $ | — |  |  | $ | 4,713 |  |  | $ | 13,896 |  |  | $ | 66,087 |  |  | $ | — |  |  | $ | (10,087) |  |  | $ | 69,896 |  |  |
Secured Second Lien Debt—3.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile—1.8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defiance Integrated Technologies, Inc.—Term Debt (S + 9.6%, 13.7% Cash, Due 1/2027) |  | 8,792 |  |  | — |  |  | $ | 1,236 |  |  | $ | 8,547 |  |  | $ | 325 |  |  | $ | (80) |  |  | — |  |  | $ | 8,792 |  |  |
Diversified/Conglomerate Service – 2.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alsay Incorporated – Term Debt (12.8% Cash, Due 12/2030)(F) |  | 10,000 |  |  | — |  |  | 319 |  |  | — |  |  | 10,000 |  |  | — |  |  | — |  |  | 10,000 |  |  |
Total Secured Second Lien Debt |  |  |  | $ | — |  |  | $ | 1,555 |  |  | $ | 8,547 |  |  | $ | 10,325 |  |  | $ | (80) |  |  | $ | — |  |  | $ | 18,792 |  |  |
Unsecured Debt—0.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Healthcare, Education, and Childcare – 0.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technical Resource Management, LLC – Term Debt (14.0% PIK, Due 10/2028)(F) |  | 357 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |  |  | $ | 357 |  |  | $ | — |  |  | $ | (41) |  |  | $ | 316 |  |  |
Preferred Equity—1.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified/Conglomerate Service – 1.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alsay Incorporated – Preferred Stock |  | 5,000,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  |
Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WB Xcel Holdings, LLC - Preferred Stock |  | 333 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Total Preferred Equity |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  |
Common Equity—3.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobile– 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defiance Integrated Technologies, Inc.—Common Stock |  | 33,321 |  |  | — |  |  | — |  |  | 2,949 |  |  | — |  |  | — |  |  | $ | (2,949) |  |  | — |  |  |
Beverage, Food, and Tobacco – 1.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eegee Acquisition Corp. – Common Stock |  | 1,000 |  |  | — |  |  | — |  |  | — |  |  | 8,500 |  |  | — |  |  | (3,642) |  |  | 4,858 |  |  |
Diversified/Conglomerate Manufacturing—0.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineering Manufacturing Technologies, LLC – Common Stock |  | 16,000 |  |  | — |  |  | — |  |  | — |  |  | 3,000 |  |  | — |  |  | (3,000) |  |  | — |  |  |
Lonestar EMS, LLC - Common Units |  | 100 | % |  | — |  |  | — |  |  | 8,214 |  |  | — |  |  | — |  |  | (3,989) |  |  | 4,225 |  |  |
|  |  |  | $ | — |  |  | $ | — |  |  | $ | 8,214 |  |  | $ | 3,000 |  |  | $ | — |  |  | $ | (6,989) |  |  | $ | 4,225 |  |  |
Healthcare, Education, and Childcare – 0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technical Resource Management, LLC – Common Stock |  | 2,000,000 |  |  | — |  |  | — |  |  | — |  |  | 2,000 |  |  | — |  |  | (2,000) |  |  | — |  |  |
Technical Resource Management, LLC – Common Warrants |  | 4,558,041 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
|  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,000 |  |  | $ | — |  |  | $ | (2,000) |  |  | $ | — |  |  |
Personal and Non-Durable Consumer Products (Manufacturing Only) —0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WB Xcel Holdings, LLC - Common Warrant |  | 12,340 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Company and Investment(A)(B)(I)(L)(M) |  | Principal/ Shares/Units(K) |  | Net Realized Gain (Loss) for Period |  | Amount of Investment Income(C) |  | Value as of September 30, 2024 |  | Gross Additions(D) |  | Gross Reductions(E) |  | Net Unrealized Appreciation (Depreciation) |  | Value as of September 30, 2025 |  |
Printing and Publishing—1.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TNCP Intermediate HoldCo, LLC—Common Equity Units |  | 790,000 |  |  | — |  |  | — |  |  | 4,312 |  |  | — |  |  | — |  |  | 1,497 |  |  | 5,809 |  |  |
Total Common Equity |  |  |  | $ | — |  |  | $ | — |  |  | $ | 15,475 |  |  | $ | 13,500 |  |  | $ | — |  |  | $ | (14,083) |  |  | $ | 14,892 |  |  |
TOTAL CONTROL INVESTMENTS |  |  |  | $ | — |  |  | $ | 6,292 |  |  | $ | 37,918 |  |  | $ | 95,269 |  |  | $ | (80) |  |  | $ | (24,211) |  |  | $ | 108,896 |  |  |
(A)Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. (B)Common stock, warrants, options, membership units and, in some cases, preferred stock are generally non-income producing and restricted. (C)Represents the total amount of interest, dividends and other income credited to investment income for the portion of the fiscal year an investment was a control or affiliate investment, as appropriate. (D)Gross additions include increases in investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities. (E)Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities. (F)Debt security has a fixed interest rate. (G)Reserved. (H)Reserved. (I)Interest rate percentages represent cash interest rates in effect at September 30, 2025, and due dates represent the contractual maturity date. Unless indicated otherwise, all cash interest rates are indexed to one-month Secured Overnight Financing Rate (“SOFR” or “S”), which was 4.13% as of September 30, 2025. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or SOFR plus a spread. Due dates represent the contractual maturity date. (J)Reserved. (K)Represents the principal balance for debt investments and the number of shares/units held for equity investments as of September 30, 2025. Warrants are represented as a percentage of ownership, as applicable. (L)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification Topic 820, “Fair Value Measurements and Disclosures” fair value hierarchy. Refer to Note 3—Investments in the accompanying Notes to Consolidated Financial Statements for additional information. (M)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of September 30, 2025. ** Information related to the amount of equity in the net profit and loss for the year for the investments listed has not been included in this schedule. This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation. These investments are not consolidated, nor are they accounted for under the equity method of accounting.

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- Definition A tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. + References No definition available. + Details
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