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Investments (Tables)
 3 Months Ended
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