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v3.23.1

Investments (Tables) | 6 Months Ended
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Mar. 31, 2023
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 |  | $ | 139,319 |  |  |  | 53.0 | % |  | $ | 96,603 |  |  |  | 48.3 | %
Senior Secured Notes |  |  | 2,616 |  |  |  | 1.0 |  |  |  | 2,128 |  |  |  | 1.1 |
Unsecured Debt |  |  | 182 |  |  |  | 0.1 |  |  |  | - |  |  |  | - |
Fund Investment |  |  | 1,027 |  |  |  | 0.4 |  |  |  | 1,027 |  |  |  | 0.5 |
Equity/Warrants |  |  | 119,398 |  |  |  | 45.5 |  |  |  | 100,331 |  |  |  | 50.1 |
Total Investments |  | $ | 262,542 |  |  |  | 100.0 | % |  | $ | 200,089 |  |  |  | 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 |  | $ | 43,204 |  |  |  | 21.6 | %
Banking, Finance, Insurance & Real Estate |  |  | 35,202 |  |  |  | 17.6 |
Hotel, Gaming & Leisure |  |  | 33,308 |  |  |  | 16.6 |
Services: Consumer |  |  | 18,300 |  |  |  | 9.1 |
Construction & Building |  |  | 18,438 |  |  |  | 9.2 |
Metals & Mining |  |  | 12,107 |  |  |  | 6.1 |
Media: Broadcasting & Subscription |  |  | 9,762 |  |  |  | 4.9 |
Automotive |  |  | 9,402 |  |  |  | 4.7 |
High Tech Industries |  |  | 5,385 |  |  |  | 2.7 |
Energy: Oil & Gas |  |  | 5,199 |  |  |  | 2.6 |
Consumer Discretionary |  |  | 3,655 |  |  |  | 1.8 |
Packaging |  |  | 3,344 |  |  |  | 1.7 |
Aerospace & Defense |  |  | 2,596 |  |  |  | 1.3 |
Retail |  |  | 187 |  |  |  | 0.1 |
Total |  | $ | 200,089 |  |  |  | 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 |  | $ | 90,284 |  |  |  | 45.1 | %
Southeast |  |  | 51,269 |  |  |  | 25.6 |
Midwest |  |  | 28,856 |  |  |  | 14.4 |
West |  |  | 18,936 |  |  |  | 9.5 |
Southwest |  |  | 5,591 |  |  |  | 2.8 |
Mid-Atlantic |  |  | 193 |  |  |  | 0.1 |
International |  |  | 4,960 |  |  |  | 2.5 |
Total |  | $ | 200,089 |  |  |  | 100.0 | %
|  | Fair Value |  |  | Percentage |
Northeast |  | $ | 92,939 |  |  |  | 48.2 | %
Southeast |  |  | 51,797 |  |  |  | 26.8 |
West |  |  | 20,196 |  |  |  | 10.5 |
Midwest |  |  | 16,023 |  |  |  | 8.3 |
Southwest |  |  | 6,288 |  |  |  | 3.3 |
Mid-Atlantic |  |  | 265 |  |  |  | 0.1 |
International |  |  | 5,449 |  |  |  | 2.8 |
Total |  | $ | 192,957 |  |  |  | 100.0 | %
Schedule of transactions with affiliated investments and controlled Investments |
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 March 31, 2023 |  |  | Earned Income |
Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  | Senior Secured First Lien Term Loan C |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 566,689 |  |  | $ | - |  |  | $ | 566,689 |  |  | $ | (96,875 | )
|  | Revolving Credit Facility |  |  | 4,151,562 |  |  |  | 215,622 |  |  |  | - |  |  |  | 264,993 |  |  |  | - |  |  |  | 4,632,177 |  |  |  | 406,160 |
Black Angus Steakhouses, LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 758,929 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 758,929 |  |  |  | 50,500 |
|  | 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 |  |  |  | 99,696 |
Kemmerer Operations, LLC |  | Senior Secured First Lien Term Loan |  |  | 2,378,510 |  |  |  | - |  |  |  | (2,378,510 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | Equity |  |  | 694,702 |  |  |  | - |  |  |  | (962,717 | ) |  |  | 268,015 |  |  |  | - |  |  |  | - |  |  |  | - |
US Multifamily, LLC |  | Equity |  |  | 1,282,571 |  |  |  | (131,465 | ) |  |  | - |  |  |  | (227,873 | ) |  |  | - |  |  |  | 923,233 |  |  |  | - |
Total Affiliated Investments |  |  |  | $ | 12,314,192 |  |  | $ | 84,157 |  |  | $ | (3,341,227 | ) |  | $ | 989,600 |  |  | $ | - |  |  | $ | 10,046,722 |  |  | $ | 459,481 |
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 March 31, 2023 |  |  | Earned Income |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FlexFIN, LLC |  | Equity Interest |  | $ | 47,136,146 |  |  | $ | (9,085,316 | ) |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 38,050,830 |  |  | $ | 1,927,203 |
Kemmerer Operations, LLC |  | Senior Secured First Lien Term Loan |  |  | - |  |  |  | 3,630,773 |  |  |  | 2,378,510 |  |  |  | 182 |  |  |  | 23,273 |  |  |  | 6,032,738 |  |  |  | 245,738 |
|  | Equity |  |  | - |  |  |  | 873,440 |  |  |  | 962,717 |  |  |  | 4,237,819 |  |  |  | - |  |  |  | 6,073,976 |  |  |  | - |
NVTN LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 7,192,927 |  |  |  | - |  |  |  | - |  |  |  | 14,620 |  |  |  | - |  |  |  | 7,207,547 |  |  |  | 251,814 |
|  | Senior Secured First Lien Term Loan B |  |  | 3,697,109 |  |  |  | - |  |  |  | - |  |  |  | 469,476 |  |  |  | - |  |  |  | 4,166,585 |  |  |  | - |
Total Controlled Investments |  |  |  | $ | 58,026,182 |  |  | $ | (4,581,103 | ) |  | $ | 3,341,227 |  |  | $ | 4,722,097 |  |  | $ | 23,273 |  |  | $ | 61,531,676 |  |  | $ | 2,424,755 |
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 March 31, 2022 |  |  | Earned Income |
Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  | Senior Secured First Lien Term Loan B |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,468,870 |  |  | $ | (19,468,870 | ) |  | $ | - |  |  | $ | - |
|  | Senior Secured First Lien Term Loan C |  |  | 24,639 |  |  |  | - |  |  |  | - |  |  |  | 714,520 |  |  |  | - |  |  |  | 739,159 |  |  |  | 37,574 |
|  | Revolving Credit Facility |  |  | 3,554,069 |  |  |  | 179,685 |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | 3,733,750 |  |  |  | 112,567 |
Black Angus Steakhouses, LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 758,929 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 758,929 |  |  |  | 38,368 |
|  | Senior Secured First Lien Term Loan |  |  | 2,279,814 |  |  |  | - |  |  |  | - |  |  |  | (395,393 | ) |  |  | - |  |  |  | 1,884,421 |  |  |  | - |
|  | Senior Secured First Lien Super Priority DDTL |  |  | 1,500,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,500,000 |  |  |  | 75,833 |
Caddo Investors Holdings 1 LLC |  | Equity |  |  | 3,454,786 |  |  |  | (3,448,219 | ) |  |  | - |  |  |  | (925,960 | ) |  |  | 919,393 |  |  |  | - |  |  |  | - |
Dynamic Energy Services International LLC |  | Senior Secured First Lien Term Loan |  |  | - |  |  |  | (4,910,671 | ) |  |  | - |  |  |  | 7,328,568 |  |  |  | (2,417,897 | ) |  |  | - |  |  |  | 12 |
JFL-NGS Partners, LLC |  | Equity |  |  | 26,862,813 |  |  |  | (26,807,520 | ) |  |  | - |  |  |  | (26,805,513 | ) |  |  | 26,750,220 |  |  |  | - |  |  |  | - |
JFL-WCS Partners, LLC |  | Equity |  |  | 8,099,949 |  |  |  | (8,084,639 | ) |  |  | - |  |  |  | (7,970,361 | ) |  |  | 7,955,051 |  |  |  | - |  |  |  | - |
Kemmerer Operations, LLC |  | Senior Secured First Lien Term Loan |  |  | 2,360,547 |  |  |  | 82,491 |  |  |  | - |  |  |  | 6,651 |  |  |  | - |  |  |  | 2,449,689 |  |  |  | 183,128 |
|  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 162,441 |  |  |  | (163,915 | ) |  |  | - |  |  |  | 1,474 |  |  |  | - |  |  |  | - |  |  |  | 6,601 |
|  | Equity |  |  | 553,746 |  |  |  | - |  |  |  | - |  |  |  | 146,647 |  |  |  | - |  |  |  | 700,393 |  |  |  | - |
Path Medical, LLC |  | Senior Secured First Lien Term Loan A |  |  | 2,249,835 |  |  |  | - |  |  |  | - |  |  |  | 281,535 |  |  |  | - |  |  |  | 2,531,370 |  |  |  | 152,405 |
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 |  |  |  | (2,577,417 | ) |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 93,338 |
|  | Equity |  |  | 2,236,261 |  |  |  | - |  |  |  | - |  |  |  | 134,101 |  |  |  | - |  |  |  | 2,370,362 |  |  |  | - |
Total Affiliated Investments |  |  |  | $ | 57,595,245 |  |  | $ | (46,730,205 | ) |  | $ | - |  |  | $ | (8,934,864 | ) |  | $ | 14,737,897 |  |  | $ | 16,668,073 |  |  | $ | 699,826 |
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 March 31, 2022 |  |  | Earned Income |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FlexFIN, LLC |  | Equity Interest |  | $ | 2,500,000 |  |  | $ | 22,805,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 25,305,000 |  |  | $ | 1,191,213 |
NVTN LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 6,414,860 |  |  |  | - |  |  |  | - |  |  |  | 39,396 |  |  |  | - |  |  |  | 6,454,256 |  |  |  | - |
|  | Super Priority Senior Secured First Lien Term Loan |  |  | 977,000 |  |  |  | (500,000 | ) |  |  | - |  |  |  | 13,575 |  |  |  | 925 |  |  |  | 491,500 |  |  |  | 169,447 |
|  | Senior Secured First Lien Term Loan B |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,933,474 |  |  |  | - |  |  |  | 1,933,474 |  |  |  | - |
Total Controlled Investments |  |  |  | $ | 9,891,860 |  |  | $ | 22,305,000 |  |  | $ | - |  |  | $ | 1,986,445 |  |  | $ | 925 |  |  | $ | 34,184,230 |  |  | $ | 1,360,660 |
(1) | The par amount and additional detail are shown in the Consolidated Schedule of Investments.
(2) | Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward.
Schedule of summarized balance sheet or financial position for Unconsolidated Significant Subsidiaries |
Balance Sheet |  | March 31, 2023 (Unaudited) |  |  | September 30, 2022 (Audited) |
Total Assets |  | $ | 38,050 |  |  | $ | 47,168 |
Total Liabilities |  |  | 161 |  |  |  | 12 |
Schedule of summarized income statement or financial information for Unconsolidated Significant Subsidiaries |
Income Statement |  | For the Six Months Ended March 31, 2023 (Unaudited) |  |  | For the Year Ended September 30, 2022 (Audited) |
Total Income |  | $ | 2,221 |  |  | $ | 3,855 |
Total Expenses |  |  | 549 |  |  |  | 202 |
Net Income |  | $ | 1,672 |  |  | $ | 3,653 |

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