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Investments (Tables) | 3 Months Ended
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Dec. 31, 2023
Investments [Abstract] |
Schedule of Investments at Amortized Cost and Fair Value | The composition of our investments as of December 31, 2023 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 |  | $ | 137,419 |  |  |  | 53.2 | % |  | $ | 102,392 |  |  |  | 46.1 | %
Senior Secured Notes |  |  | 9,512 |  |  |  | 3.7 |  |  |  | 8,997 |  |  |  | 4.0 |
Fund Investment |  |  | 1,027 |  |  |  | 0.4 |  |  |  | 783 |  |  |  | 0.4 |
Equity/Warrants |  |  | 110,219 |  |  |  | 42.7 |  |  |  | 110,050 |  |  |  | 49.5 |
Total Investments |  | $ | 258,177 |  |  |  | 100.0 | % |  | $ | 222,222 |  |  |  | 100.0 | %
The composition of our investments as of September 30, 2023 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 |  | $ | 139,103 |  |  |  | 52.5 | % |  | $ | 103,004 |  |  |  | 45.6 | %
Senior Secured Notes |  |  | 9,512 |  |  |  | 3.6 |  |  |  | 8,922 |  |  |  | 3.9 |
Fund Investment |  |  | 1,027 |  |  |  | 0.4 |  |  |  | 792 |  |  |  | 0.3 |
Equity/Warrants |  |  | 115,369 |  |  |  | 43.5 |  |  |  | 113,743 |  |  |  | 50.2 |
Total Investments |  | $ | 265,011 |  |  |  | 100.0 | % |  | $ | 226,461 |  |  |  | 100.0 | %
Schedule of Portfolio Composition by Industry Grouping at Fair Value | The following table shows the portfolio composition by industry grouping at fair value at December 31, 2023 (dollars in thousands):
|  | Fair Value |  |  | Percentage |
Services: Business |  | $ | 44,875 |  |  |  | 20.1 | %
Banking, Finance, Insurance & Real Estate |  |  | 41,470 |  |  |  | 18.7 |
Hotel, Gaming & Leisure |  |  | 38,656 |  |  |  | 17.4 |
Services: Consumer |  |  | 18,330 |  |  |  | 8.2 |
Construction & Building |  |  | 13,719 |  |  |  | 6.2 |
Metals & Mining |  |  | 13,371 |  |  |  | 6.0 |
Media: Broadcasting & Subscription |  |  | 11,056 |  |  |  | 5.0 |
High Tech Industries |  |  | 10,000 |  |  |  | 4.5 |
Automotive |  |  | 9,862 |  |  |  | 4.4 |
Energy: Oil & Gas |  |  | 7,684 |  |  |  | 3.5 |
Consumer Discretionary |  |  | 7,052 |  |  |  | 3.2 |
Packaging |  |  | 3,536 |  |  |  | 1.6 |
Aerospace & Defense |  |  | 2,611 |  |  |  | 1.2 |
Total |  | $ | 222,222 |  |  |  | 100.0 | %
The following table shows the portfolio composition by industry grouping at fair value at September 30, 2023 (dollars in thousands):
|  | Fair Value |  |  | Percentage |
Services: Business |  | $ | 47,083 |  |  |  | 20.7 | %
Banking, Finance, Insurance & Real Estate |  |  | 43,755 |  |  |  | 19.3 |
Hotel, Gaming & Leisure |  |  | 34,158 |  |  |  | 15.1 |
Services: Consumer |  |  | 18,292 |  |  |  | 8.1 |
High Tech Industries |  |  | 15,472 |  |  |  | 6.8 |
Construction & Building |  |  | 14,676 |  |  |  | 6.5 |
Metals & Mining |  |  | 12,517 |  |  |  | 5.5 |
Media: Broadcasting & Subscription |  |  | 11,665 |  |  |  | 5.2 |
Automotive |  |  | 9,520 |  |  |  | 4.2 |
Consumer Discretionary |  |  | 6,920 |  |  |  | 3.1 |
Energy: Oil & Gas |  |  | 5,384 |  |  |  | 2.4 |
Packaging |  |  | 3,396 |  |  |  | 1.5 |
Aerospace & Defense |  |  | 2,645 |  |  |  | 1.2 |
Retail |  |  | 978 |  |  |  | 0.4 |
Total |  | $ | 226,461 |  |  |  | 100.0 | %
Schedule of Portfolio Composition by Geographic Location at Fair Value | The following table shows the portfolio composition by geographic location at fair value at December 31, 2023 (dollars in thousands):
|  | Fair Value |  |  | Percentage |
Northeast |  | $ | 82,168 |  |  |  | 36.9 | %
Southeast |  |  | 65,073 |  |  |  | 29.3 |
Midwest |  |  | 33,990 |  |  |  | 15.3 |
West |  |  | 25,453 |  |  |  | 11.5 |
Southwest |  |  | 7,073 |  |  |  | 3.2 |
Mid-Atlantic |  |  | 376 |  |  |  | 0.2 |
International |  |  | 8,089 |  |  |  | 3.6 |
Total |  | $ | 222,222 |  |  |  | 100.0 | %
|  | Fair Value |  |  | Percentage |
Northeast |  | $ | 92,081 |  |  |  | 40.7 | %
Southeast |  |  | 60,116 |  |  |  | 26.5 |
Midwest |  |  | 32,782 |  |  |  | 14.5 |
West |  |  | 25,608 |  |  |  | 11.3 |
Southwest |  |  | 7,661 |  |  |  | 3.4 |
Mid-Atlantic |  |  | 201 |  |  |  | 0.1 |
International |  |  | 8,012 |  |  |  | 3.5 |
Total |  | $ | 226,461 |  |  |  | 100.0 | %
Schedule of Transactions with Affiliated Investments and Controlled Investments | Transactions with Affiliated Investments and Controlled Investments during the three months ended December 31, 2023 and 2022 were as follows:
Name of Investment(1)(2) |  | Type of Investment |  | Fair Value at September 30, 2023 |  |  | Purchases/ (Sales) of or Advances/ (Distributions) |  |  | Transfers In/(Out) of Affiliates |  |  | Unrealized Gain/(Loss) |  |  | Realized Gain/(Loss) |  |  | Fair Value at December 31, 2023 |  |  | Earned Income |
Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  | Senior Secured First Lien Term Loan C |  | $ | 751,479 |  |  | $ | - |  |  | $ | - |  |  | $ | 678,794 |  |  | $ | - |  |  | $ | 1,430,273 |  |  | $ | 40,558 |
|  | Revolving Credit Facility |  |  | 4,632,177 |  |  |  | 1,141,365 |  |  |  | - |  |  |  | 479,897 |  |  |  | - |  |  |  | 6,253,439 |  |  |  | 152,744 |
Black Angus Steakhouses, LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 875,749 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 875,749 |  |  |  | - |
|  | Senior Secured First Lien Term Loan |  |  | 1,459,249 |  |  |  | - |  |  |  | - |  |  |  | (470,800 | ) |  |  | - |  |  |  | 988,449 |  |  |  | - |
|  | Senior Secured First Lien Super Priority DDTL |  |  | 1,920,960 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,920,960 |  |  |  | (20,809 | )
FST Holdings Parent, LLC |  | Equity |  |  | 10,000,003 |  |  |  | - |  |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | 10,000,000 |  |  |  | - |
Maritime Wireless Holdings LLC |  | Senior Secured First Lien Term Loan B |  |  | 7,500,000 |  |  |  | 6,625 |  |  |  | - |  |  |  | (6,625 | ) |  |  | - |  |  |  | 7,500,000 |  |  |  | 283,199 |
|  | Equity |  |  | 10,150,000 |  |  |  | - |  |  |  | - |  |  |  | 1,750,000 |  |  |  | - |  |  |  | 11,900,000 |  |  |  | - |
Total Affiliated Investments |  |  |  | $ | 37,289,617 |  |  | $ | 1,147,990 |  |  | $ | - |  |  | $ | 2,431,263 |  |  | $ | - |  |  | $ | 40,868,870 |  |  | $ | 455,692 |
Name of Investment(1)(2) |  | Type of Investment |  | Fair Value at September 30, 2023 |  |  | Purchases/ (Sales) of or Advances/ (Distributions) |  |  | Transfers In/(Out) of Controlled |  |  | Unrealized Gain/(Loss) |  |  | Realized Gain/(Loss) |  |  | Fair Value at December 31, 2023 |  |  | Earned Income |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FlexFIN, LLC |  | Equity Interest |  | $ | 38,870,711 |  |  | $ | (2,460,565 | ) |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 36,410,146 |  |  | $ | 1,348,200 |
Kemmerer Operations, LLC |  | Senior Secured First Lien Term Loan |  |  | 3,383,877 |  |  |  | (216,704 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,167,173 |  |  |  | 149,967 |
|  | Equity |  |  | 9,133,052 |  |  |  | 2,300,000 |  |  |  | - |  |  |  | (1,229,110 | ) |  |  | - |  |  |  | 10,203,942 |  |  |  | - |
NVTN LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 7,214,856 |  |  |  | 3,190,114 |  |  |  | - |  |  |  | (41,470 | ) |  |  | - |  |  |  | 10,363,500 |  |  |  | 286,238 |
|  | Senior Secured First Lien Term Loan B |  |  | 5,037,547 |  |  |  | - |  |  |  | - |  |  |  | 70,207 |  |  |  | - |  |  |  | 5,107,754 |  |  |  | - |
Total Controlled Investments |  |  |  | $ | 63,640,043 |  |  | $ | 2,812,845 |  |  | $ | - |  |  | $ | (1,200,373 | ) |  | $ | - |  |  | $ | 65,252,515 |  |  | $ | 1,784,405 |
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 Delayed Draw Term Loan |  |  | 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 Controlled |  |  | 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 |
(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.
Schedule of Summarized Balance Sheet or Financial Position for Unconsolidated Significant Subsidiaries | In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, that is deemed to be a “significant subsidiary” as of December 31, 2023 for which summarized financial information is presented below (dollars in thousands):
Balance Sheet |  | December 31, 2023 (Unaudited) |  |  | September 30, 2023 (Audited) |
Total Assets |  | $ | 36,460 |  |  | $ | 38,871 |
Total Liabilities |  |  | 245 |  |  |  | 279 |
Schedule of Summarized Income Statement or Financial Information for Unconsolidated Significant Subsidiaries |
Income Statement |  | For the Three Months Ended December 31, 2023 (Unaudited) |  |  | For the Year Ended September 30, 2023 (Audited) |
Total Income |  | $ | 965 |  |  | $ | 4,385 |
Total Expenses |  |  | 94 |  |  |  | 815 |
Net Income |  | $ | 871 |  |  | $ | 3,570 |

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