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Investments (Tables)
 6 Months Ended
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