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v3.22.4

Investments (Tables) | 3 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of investments at amortized cost and fair value |
|  | Amortized Cost |  |  | Percentage |  |  | Fair Value |  |  | Percentage |
Senior Secured First Lien Term Loans |  | $ | 129,910 |  |  |  | 51.6 | % |  | $ | 88,691 |  |  |  | 48.4 | %
Senior Secured Notes |  |  | 2,252 |  |  |  | 0.9 |  |  |  | 1,617 |  |  |  | 0.9 |
Unsecured Debt |  |  | 182 |  |  |  | 0.1 |  |  |  | - |  |  |  | - |
Equity/Warrants |  |  | 119,127 |  |  |  | 47.4 |  |  |  | 92,963 |  |  |  | 50.7 |
Total Investments |  | $ | 251,471 |  |  |  | 100.0 | % |  | $ | 183,271 |  |  |  | 100.0 | %
|  | Amortized Cost |  |  | Percentage |  |  | Fair Value |  |  | Percentage |
Senior Secured First Lien Term Loans |  | $ | 128,482 |  |  |  | 48.7 | % |  | $ | 88,248 |  |  |  | 45.6 | %
Senior Secured Second Lien Term Loans |  |  | 2,603 |  |  |  | 1.0 |  |  |  | 2,607 |  |  |  | 1.4 |
Senior Secured Notes |  |  | 2,252 |  |  |  | 0.9 |  |  |  | 1,659 |  |  |  | 0.9 |
Unsecured Debt |  |  | 182 |  |  |  | 0.1 |  |  |  | - |  |  |  | - |
Equity/Warrants |  |  | 129,929 |  |  |  | 49.3 |  |  |  | 100,443 |  |  |  | 52.1 |
Total Investments |  | $ | 263,448 |  |  |  | 100.0 | % |  | $ | 192,957 |  |  |  | 100.0 | %
Schedule of portfolio composition by industry grouping at fair value |
|  | Fair Value |  |  | Percentage |
Services: Business |  | $ | 42,167 |  |  |  | 23.0 | %
Banking, Finance, Insurance & Real Estate |  |  | 35,012 |  |  |  | 19.1 |
Hotel, Gaming & Leisure |  |  | 32,073 |  |  |  | 17.5 |
Services: Consumer |  |  | 17,618 |  |  |  | 9.6 |
Construction & Building |  |  | 17,404 |  |  |  | 9.4 |
Media: Broadcasting & Subscription |  |  | 10,356 |  |  |  | 5.7 |
Automotive |  |  | 7,514 |  |  |  | 4.1 |
High Tech Industries |  |  | 5,342 |  |  |  | 2.9 |
Consumer Discretionary |  |  | 4,916 |  |  |  | 2.7 |
Energy: Oil & Gas |  |  | 4,755 |  |  |  | 2.6 |
Packaging |  |  | 3,353 |  |  |  | 1.8 |
Metals & Mining |  |  | 2,640 |  |  |  | 1.4 |
Retail |  |  | 121 |  |  |  | 0.1 |
Total |  | $ | 183,271 |  |  |  | 100.0 | %
|  | Fair Value |  |  | Percentage |
Services: Business |  | $ | 52,851 |  |  |  | 27.4 | %
Hotel, Gaming & Leisure |  |  | 31,947 |  |  |  | 16.6 |
Banking, Finance, Insurance & Real Estate |  |  | 31,910 |  |  |  | 16.5 |
Services: Consumer |  |  | 21,243 |  |  |  | 11.0 |
Construction & Building |  |  | 17,724 |  |  |  | 9.1 |
Automotive |  |  | 8,075 |  |  |  | 4.2 |
Consumer Discretionary |  |  | 6,208 |  |  |  | 3.2 |
High Tech Industries |  |  | 5,465 |  |  |  | 2.8 |
Media: Broadcasting & Subscription |  |  | 4,220 |  |  |  | 2.2 |
Energy: Oil & Gas |  |  | 4,152 |  |  |  | 2.2 |
Packaging |  |  | 3,361 |  |  |  | 1.7 |
Metals & Mining |  |  | 3,073 |  |  |  | 1.6 |
Aerospace & Defense |  |  | 2,607 |  |  |  | 1.4 |
Retail |  |  | 121 |  |  |  | 0.1 |
Total |  | $ | 192,957 |  |  |  | 100.0 | %
Schedule of portfolio composition by geographic location at fair value |
|  | Fair Value |  |  | Percentage |
Northeast |  | $ | 85,952 |  |  |  | 46.9 | %
Southeast |  |  | 51,451 |  |  |  | 28.1 |
West |  |  | 19,453 |  |  |  | 10.6 |
Midwest |  |  | 14,869 |  |  |  | 8.1 |
Southwest |  |  | 6,049 |  |  |  | 3.3 |
Mid-Atlantic |  |  | 162 |  |  |  | 0.1 |
Other(1) |  |  | 5,335 |  |  |  | 2.9 |
Total |  | $ | 183,271 |  |  |  | 100.0 | %
|  | Fair Value |  |  | Percentage |
Northeast |  | $ | 92,939 |  |  |  | 48.2 | %
Southeast |  |  | 51,797 |  |  |  | 26.8 |
West |  |  | 20,196 |  |  |  | 10.5 |
Midwest |  |  | 16,023 |  |  |  | 8.3 |
Southwest |  |  | 6,288 |  |  |  | 3.3 |
Mid-Atlantic |  |  | 265 |  |  |  | 0.1 |
Other(1) |  |  | 5,449 |  |  |  | 2.8 |
Total |  | $ | 192,957 |  |  |  | 100.0 | %
Schedule of transactions with affiliated investments and controlled Investments |
Name of Investment(1)(2) |  | Type of Investment |  | Fair Value at September 30, 2022 |  |  | Purchases/ (Sales) of or Advances/ (Distributions) |  |  | Transfers In/(Out) of Affiliates |  |  | Unrealized Gain/(Loss) |  |  | Realized Gain/(Loss) |  |  | Fair Value at December 31, 2022 |  |  | Earned Income |
Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  | Senior Secured First Lien Term Loan C |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 123,193 |  |  | $ | - |  |  | $ | 123,193 |  |  | $ | 27,308 |
|  | Revolving Credit Facility |  |  | 4,151,562 |  |  |  | 215,622 |  |  |  | - |  |  |  | 264,993 |  |  |  | - |  |  |  | 4,632,177 |  |  |  | 97,647 |
Black Angus Steakhouses, LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 758,929 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 758,929 |  |  |  | 24,693 |
|  | Senior Secured First Lien Term Loan |  |  | 1,547,918 |  |  |  | - |  |  |  | - |  |  |  | 117,776 |  |  |  | - |  |  |  | 1,665,694 |  |  |  | - |
|  | Senior Secured First Lien Super Priority DDTL |  |  | 1,500,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,500,000 |  |  |  | 48,805 |
Kemmerer Operations, LLC |  | Senior Secured First Lien Term Loan |  |  | 2,378,510 |  |  |  | (813,559 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,564,951 |  |  |  | 89,743 |
|  | Equity |  |  | 694,702 |  |  |  | - |  |  |  | - |  |  |  | 380,742 |  |  |  | - |  |  |  | 1,075,444 |  |  |  | - |
US Multifamily, LLC |  | Equity |  |  | 1,282,571 |  |  |  | - |  |  |  | - |  |  |  | (171,167 | ) |  |  | - |  |  |  | 1,111,404 |  |  |  | - |
Total Affiliated Investments |  |  |  | $ | 12,314,192 |  |  | $ | (597,937 | ) |  | $ | - |  |  | $ | 715,537 |  |  | $ | - |  |  | $ | 12,431,792 |  |  | $ | 288,196 |
Name of Investment(1)(2) |  | Type of Investment |  | Fair Value at September 30, 2022 |  |  | Purchases/(Sales) of or Advances/ (Distributions) |  |  | Transfers In/(Out) of Affiliates |  |  | Unrealized Gain/(Loss) |  |  | Realized Gain/(Loss) |  |  | Fair Value at December 31, 2022 |  |  | Earned Income |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FlexFIN, LLC |  | Equity Interest |  | $ | 47,136,146 |  |  | $ | (10,467,262 | ) |  | $ | - |  |  | $ | 1,627 |  |  | $ | - |  |  | $ | 36,670,511 |  |  | $ | 1,210,200 |
NVTN LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 7,192,927 |  |  |  | - |  |  |  | - |  |  |  | 51,169 |  |  |  | - |  |  |  | 7,244,096 |  |  |  | 194,627 |
|  | Senior Secured First Lien Term Loan B |  |  | 3,697,109 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,697,109 |  |  |  | - |
Total Controlled Investments |  |  |  | $ | 58,026,182 |  |  | $ | (10,467,262 | ) |  | $ | - |  |  | $ | 52,796 |  |  | $ | - |  |  | $ | 47,611,716 |  |  | $ | 1,404,827 |
Name of Investment(1)(2) |  |  | Type of Investment |  | Fair Value at September 30, 2021 |  |  | Purchases/(Sales) of or Advances/ (Distributions) |  |  | Transfers In/(Out) of Affiliates |  |  | Unrealized Gain/(Loss) |  |  | Realized Gain/(Loss) |  |  | Fair Value at December 31, 2021 |  |  | Earned Income |
Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  |  | Senior Secured First Lien Term Loan B |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,468,870 |  |  | $ | (19,468,870 | ) |  | $ | - |  |  | $ | - |
|  |  | Senior Secured First Lien Term Loan C |  |  | 24,639 |  |  |  | - |  |  |  | - |  |  |  | (24,639 | ) |  |  | - |  |  |  | - |  |  |  | - |
|  |  | Revolving Credit Facility |  |  | 3,554,069 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,554,069 |  |  |  | - |
Black Angus Steakhouses, LLC |  |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 758,929 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 758,929 |  |  |  | 19,395 |
|  |  | Senior Secured First Lien Term Loan |  |  | 2,279,814 |  |  |  | - |  |  |  | - |  |  |  | (529,994 | ) |  |  | - |  |  |  | 1,749,820 |  |  |  | - |
|  |  | Senior Secured First Lien Super Priority DDTL |  |  | 1,500,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,500,000 |  |  |  | 38,333 |
Caddo Investors Holdings 1 LLC |  |  | Equity |  |  | 3,454,786 |  |  |  | (3,448,219 | ) |  |  | - |  |  |  | (925,960 | ) |  |  | 919,393 |  |  |  | - |  |  |  | - |
Dynamic Energy Services International LLC |  |  | Senior Secured First Lien Term Loan |  |  | - |  |  |  | (4,910,671 | ) |  |  | - |  |  |  | 7,328,568 |  |  |  | (2,417,897 | ) |  |  | - |  |  |  | - |
JFL-NGS Partners, LLC |  |  | Equity |  |  | 26,862,813 |  |  |  | (26,807,520 | ) |  |  | - |  |  |  | (26,805,513 | ) |  |  | 26,750,220 |  |  |  | - |  |  |  | - |
JFL-WCS Partners, LLC |  |  | Equity |  |  | 8,099,949 |  |  |  | (8,084,639 | ) |  |  | - |  |  |  | (7,970,361 | ) |  |  | 7,955,051 |  |  |  | - |  |  |  | - |
Kemmerer Operations, LLC |  |  | Senior Secured First Lien Term Loan |  |  | 2,360,547 |  |  |  | 91,309 |  |  |  | - |  |  |  | 4,125 |  |  |  | - |  |  |  | 2,455,981 |  |  |  | 91,347 |
|  |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 162,441 |  |  |  | (129,875 | ) |  |  | - |  |  |  | (4,442 | ) |  |  | - |  |  |  | 28,124 |  |  |  | 5,665 |
|  |  | Equity |  |  | 553,746 |  |  |  | - |  |  |  | - |  |  |  | (62,347 | ) |  |  | - |  |  |  | 491,399 |  |  |  | - |
Path Medical, LLC |  |  | Senior Secured First Lien Term Loan A |  |  | 2,249,835 |  |  |  | - |  |  |  | - |  |  |  | (31,984 | ) |  |  | - |  |  |  | 2,217,851 |  |  |  | - |
URT Acquisition Holdings Corporation |  |  | Warrants |  |  | 920,000 |  |  |  | (1,000,000 | ) |  |  | - |  |  |  | (920,000 | ) |  |  | 1,000,000 |  |  |  | - |  |  |  | - |
US Multifamily, LLC |  |  | Senior Secured First Lien Term Loan |  |  | 2,577,416 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,577,416 |  |  |  | 64,435 |
|  |  | Equity |  |  | 2,236,261 |  |  |  | - |  |  |  | - |  |  |  | (166 | ) |  |  | - |  |  |  | 2,236,095 |  |  |  | - |
Total Affiliated Investments |  |  |  |  | $ | 57,595,245 |  |  | $ | (44,289,615 | ) |  | $ | - |  |  | $ | (10,473,843 | ) |  | $ | 14,737,897 |  |  | $ | 17,569,684 |  |  | $ | 219,175 |
Name of Investment(1)(2) |  | Type of Investment |  |  | Fair Value at September 30, 2021 |  |  | Purchases/(Sales) of or Advances/ (Distributions) |  |  | Transfers In/(Out) of Affiliates |  |  | Unrealized Gain/(Loss) |  |  | Realized Gain/(Loss) |  |  | Fair Value at December 31, 2021 |  |  | Earned Income |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FlexFIN, LLC |  | Equity Interest |  |  | $ | 2,500,000 |  |  | $ | 28,000,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 30,500,000 |  |  | $ | 398,844 |
NVTN LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  |  | 6,414,860 |  |  |  | - |  |  |  | - |  |  |  | 6,566 |  |  |  | - |  |  |  | 6,421,426 |  |  |  | - |
|  | Super Priority Senior Secured First Lien Term Loan |  |  |  | 977,000 |  |  |  | (500,000 | ) |  |  | - |  |  |  | 11,075 |  |  |  | 925 |  |  |  | 489,000 |  |  |  | 154,794 |
Total Controlled Investments |  |  |  |  | $ | 9,891,860 |  |  | $ | 27,500,000 |  |  | $ | - |  |  | $ | 17,641 |  |  | $ | 925 |  |  | $ | 37,410,426 |  |  | $ | 553,638 |
Schedule of summarized balance sheet or financial position for Unconsolidated Significant Subsidiaries |
Balance Sheet |  | December 31, 2022 (Unaudited) |  |  | September 30, 2022 (Audited) |
Total Assets |  | $ | 36,670 |  |  | $ | 47,168 |
Total Liabilities |  |  | 54 |  |  |  | 12 |
Schedule of summarized income statement or financial information for Unconsolidated Significant Subsidiaries |
Income Statement |  | For the Three Months Ended December 31, 2022 (Unaudited) |  |  | For the Year Ended September 30, 2022 (Audited) |
Total Income |  | $ | 1,085 |  |  | $ | 3,855 |
Total Expenses |  |  | 75 |  |  |  | 202 |
Net Income |  | $ | 1,010 |  |  | $ | 3,653 |

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