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v3.24.1.1.u2

Consolidated Schedule of Investments - USD ($) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Sep. 30, 2023
1888 Industrial Services, LLC [Member] |  |  |  |  |
% of Net Assets | [1] | 0.23% | [2] | 3.66% | [3],[4]
Par Amount | [1] | $ 350,000 | [5] | $ 15,832,412 | [3],[6]
Fair Value | [1] | 350,000 | [7] | 5,383,656 | [3],[8]
Amortized Cost | [1] | $ 196,411 | [9] | $ 15,296,502 | [3],[10]
Altisource S.A.R.L [Member] |  |  |  |  |
% of Net Assets | [2] | 6.58% | [1] | 5.45% | [11]
Par Amount | [5] | $ 13,798,073 | [1] | $ 9,640,790 | [11]
Fair Value | [7] | 10,175,371 | [1] | 8,012,089 | [11]
Amortized Cost | [9] | $ 10,725,095 | [1] | $ 8,507,963 | [11]
Arcline FM Holdings, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 1.71% |  | 1.80% |
Par Amount | [5] | $ 2,665,823 | [1] | $ 2,679,494 | [11]
Fair Value | [7] | 2,652,493 | [1] | 2,644,660 | [11]
Amortized Cost | [9] | $ 2,577,794 | [1] | $ 2,591,013 | [11]
Be Green Packaging, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 0.00% | [1] | 0.00% | [11]
Par Amount | [5] | $ 417 | [1] | $ 417 | [11]
Fair Value | [7] |  | [1] |  | [11]
Amortized Cost | [9] | $ 416,250 | [1] | $ 416,250 | [11]
Boostability Seotowncenter, Inc. [Member] |  |  |  |  |
% of Net Assets | [2] | 0.00% | [1] | 0.00% | [11]
Par Amount | [5] | $ 833,152 | [1] | $ 833,152 | [11]
Fair Value |  |  | [1],[7] |  | [9],[11]
Amortized Cost | [9] | $ 66,475 | [1] | $ 66,475 | [11]
CB&L Associates Holdco I, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 3.44% | [1] | 3.53% | [11]
Par Amount | [5] | $ 5,827,281 | [1] | $ 5,916,102 | [11]
Fair Value | [7] | 5,302,825 | [1] | 5,191,380 | [11]
Amortized Cost | [9] | $ 4,915,259 | [1] | $ 4,990,179 | [11]
Chimera Investment Corp. [Member] |  |  |  |  |
% of Net Assets | [2] | 4.67% | [1] | 3.76% | [11]
Par Amount | [5] | $ 311,064 | [1] | $ 280,911 | [11]
Fair Value | [7] | 7,198,329 | [1] | 5,530,624 | [11]
Amortized Cost | [9] | $ 7,066,734 | [1] | $ 6,347,999 | [11]
Copper Property CTL Pass Through Trust [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 3.97% |  |  |
Par Amount | [1],[5] | $ 622,795 |  |  |
Fair Value | [1],[7] | 6,118,961 |  |  |
Amortized Cost | [1],[9] | $ 7,767,811 |  |  |
Deer Management Systems LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 2.17% |  |  |
Par Amount | [1],[5] | $ 3,315,000 |  |  |
Fair Value | [1],[7] | 3,348,150 |  |  |
Amortized Cost | [1],[9] | $ 3,243,748 |  |  |
DirecTV Financing, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 3.11% | [1] | 2.72% | [11]
Par Amount | [5] | $ 4,790,283 | [1] | $ 4,100,000 | [11]
Fair Value | [7] | 4,803,359 | [1] | 4,003,908 | [11]
Amortized Cost | [9] | $ 4,778,064 | [1] | $ 4,100,000 | [11]
Epic Y-Grade Services, LP [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 3.88% |  |  |
Par Amount | [1],[5] | $ 5,994,859 |  |  |
Fair Value | [1],[7] | 5,979,871 |  |  |
Amortized Cost | [1],[9] | $ 5,939,961 |  |  |
First Brands Group, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 2.50% | [1] | 2.64% | [11]
Par Amount | [5] | $ 3,899,498 | [1] | $ 3,919,598 | [11]
Fair Value | [7] | 3,860,503 | [1] | 3,880,402 | [11]
Amortized Cost | [9] | $ 3,899,498 | [1] | $ 3,919,598 | [11]
Franklin BSP Realty Trust, Inc [Member] |  |  |  |  |
% of Net Assets | [2] | 0.57% | [1] | 2.04% | [11],[12]
Par Amount | [5] | $ 66,107 | [1] | $ 226,107 | [11],[12]
Fair Value | [7] | 883,190 | [1] | 2,993,657 | [11],[12]
Amortized Cost | [9] | $ 907,782 | [1] | $ 3,572,788 | [11],[12]
Global Accessories Group, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 0.00% | [1] | 0.00% | [11]
Par Amount | [5] | $ 380 | [1] | $ 380 | [11]
Fair Value | [7] |  | [1] |  | [11]
Amortized Cost | [9] | $ 151,337 | [1] | $ 151,337 | [11]
Innovate Corp. [Member] |  |  |  |  |
% of Net Assets | [2] | 1.99% | [1] | 1.41% | [11]
Par Amount | [5] | $ 4,250,000 | [1] | $ 2,750,000 | [11]
Fair Value | [7] | 3,065,313 | [1] | 2,076,250 | [11]
Amortized Cost | [9] | $ 3,714,663 | [1] | $ 2,615,913 | [11]
Invesco Mortgage Capital, Inc. [Member] |  |  |  |  |
% of Net Assets | [2] | 2.94% | [1] | 2.71% | [11]
Par Amount | [5] | $ 205,000 | [1] | $ 205,000 | [11]
Fair Value | [7] | 4,532,550 | [1] | 3,989,300 | [11]
Amortized Cost | [9] | $ 5,035,506 | [1] | $ 5,035,506 | [11]
JFL-NGS-WCS Partners, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 7.52% | [1] | 8.57% | [11]
Par Amount | [5] | $ 10,844,021 | [1] | $ 10,861,605 | [11]
Fair Value | [7] | 11,605,285 | [1] | 12,599,438 | [11]
Amortized Cost | [9] | $ 10,846,435 | [1] | $ 10,864,482 | [11]
Lighting Science Group Corporation [Member] |  |  |  |  |
% of Net Assets | [2] | 0.00% | [1] | 0.00% | [11]
Par Amount | [5] | $ 5,000,000 | [1] | $ 5,000,000 | [11]
Fair Value | [7] |  | [1] |  | [11]
Amortized Cost | [9] | $ 955,680 | [1] | $ 955,680 | [11]
Lucky Bucks, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 2.35% |  | 2.45% |
Par Amount | [5],[11] | $ 2,226,393 |  | $ 2,231,520 |
Fair Value | [7],[11] | 3,611,943 |  | 3,596,099 |
Amortized Cost | [9],[11] | $ 2,130,026 |  | $ 2,134,927 |
McKissock Investment Holdings, LLC (dba Colibri) [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 3.14% |  |  |
Par Amount | [5],[11] | $ 4,899,999 |  |  |
Fair Value | [7],[11] | 4,850,543 |  |  |
Amortized Cost | [9],[11] | $ 4,861,787 |  |  |
MFA Financial, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 1.40% |  | 1.26% |
Par Amount | [5],[11] | $ 97,426 |  | $ 97,426 |
Fair Value | [7],[11] | 2,160,909 |  | 1,856,940 |
Amortized Cost | [9],[11] | $ 2,318,487 |  | $ 2,318,487 |
New York Mortgage Trust, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 2.46% |  | 2.50% | [12]
Par Amount | [5],[11] | $ 165,000 |  | $ 165,000 | [12]
Fair Value | [7],[11] | 3,790,050 |  | 3,677,850 | [12]
Amortized Cost | [9],[11] | $ 4,102,076 |  | $ 4,102,076 | [12]
PHH Mortgage Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 6.03% |  | 4.66% |
Par Amount | [5],[11] | $ 9,686,000 |  | $ 7,686,000 |
Fair Value | [7],[11] | 9,306,631 |  | 6,845,344 |
Amortized Cost | [9],[11] | $ 8,780,720 |  | $ 6,895,720 |
Point 360 [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 0.00% |  | 0.00% |
Par Amount | [5],[11] | $ 2,777,366 |  | $ 2,777,366 |
Fair Value | [7],[11] |  |  |  |
Amortized Cost | [9],[11] | $ 2,103,712 |  | $ 2,103,712 |
Power Stop LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 4.02% |  | 3.84% |
Par Amount | [5],[11] | $ 6,884,353 |  | $ 6,919,937 |
Fair Value | [7],[11] | 6,195,918 |  | 5,639,748 |
Amortized Cost | [9],[11] | $ 6,485,730 |  | $ 6,515,010 |
Rithm Capital Corp [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 3.27% |  | 3.20% |
Par Amount | [5],[11] | $ 206,684 |  | $ 206,684 |
Fair Value | [7],[11] | 5,047,223 |  | 4,695,860 |
Amortized Cost | [9],[11] | $ 5,129,170 |  | $ 5,129,170 |
Secure Acquisition Inc. (dba Paragon Films) [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 2.29% |  | 2.31% |
Par Amount | [5],[11] | $ 3,527,463 |  | $ 3,430,517 |
Fair Value | [7],[11] | 3,527,463 |  | 3,396,212 |
Amortized Cost | [9],[11] | $ 3,516,477 |  | $ 3,417,600 |
SMC Roofing [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 1.60% |  |  |
Par Amount | [5],[11] | $ 2,524,282 |  |  |
Fair Value | [7],[11] | 2,475,745 |  |  |
Amortized Cost | [9],[11] | $ 2,471,435 |  |  |
SS Acquisition, LLC (dba Soccer Shots Franchising) [Member] |  |  |  |  |
% of Net Assets | [2] | 6.39% | [11] | 6.72% | [1]
Par Amount | [5] | $ 9,866,667 | [11] | $ 9,866,667 | [1]
Fair Value | [7] | 9,866,667 | [11] | 9,866,667 | [1]
Amortized Cost | [9] | $ 9,768,323 | [11] | $ 9,753,518 | [1]
Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member] |  |  |  |  |
% of Net Assets | [2] | 0.24% | [11] | 0.14% | [1]
Par Amount | [5] | $ 358,867 | [11] | $ 338,736 | [1]
Fair Value | [7] | 375,719 | [11] | 200,566 | [1]
Amortized Cost | [9] | $ 345,491 | [11] | $ 308,652 | [1]
Staples, Inc. [Member] |  |  |  |  |
% of Net Assets | [2] | 2.38% | [11] | 2.48% | [1]
Par Amount | [5] | $ 3,672,879 | [11] | $ 3,692,159 | [1]
Fair Value | [7] | 3,661,401 | [11] | 3,648,315 | [1]
Amortized Cost | [9] | $ 3,636,583 | [11] | $ 3,655,672 | [1]
Tamarix Capital Partners II, L.P. [Member] |  |  |  |  |
% of Net Assets |  | 0.52% | [2],[11],[12],[13] | 0.54% | [1],[4]
Par Amount |  |  | [5],[11],[12],[13] |  | [1],[6]
Fair Value |  | 783,465 | [7],[11],[12],[13] | 792,346 | [1],[8]
Amortized Cost |  | $ 1,026,818 | [9],[11],[12],[13] | $ 1,026,818 | [1],[10]
Thryv Holdings, Inc. [Member] |  |  |  |  |
% of Net Assets |  | 4.47% | [2],[11],[12] | 5.21% | [1],[4]
Par Amount |  | $ 6,869,478 | [5],[11],[12] | $ 7,656,442 | [1],[6]
Fair Value |  | 6,878,065 | [7],[11],[12] | 7,661,227 | [1],[8]
Amortized Cost |  | $ 6,809,553 | [9],[11],[12] | $ 7,604,838 | [1],[10]
Velocity Pooling Vehicle, LLC [Member] |  |  |  |  |
% of Net Assets |  | 0.00% | [2],[11] | 0.00% | [1],[4]
Par Amount |  | $ 11,947 | [5],[11] | $ 11,947 | [1],[6]
Fair Value |  |  | [7],[11] |  | [1],[8]
Amortized Cost |  | $ 664,131 | [9],[11] | $ 664,131 | [1],[10]
Wingman Holdings, Inc [Member] |  |  |  |  |
% of Net Assets |  | 0.00% | [2],[11] | 0.00% | [1],[4]
Par Amount |  | $ 350 | [5],[11] | $ 350 | [1],[6]
Fair Value |  |  | [9],[11] |  | [1],[8]
Amortized Cost |  | $ 700,000 | [9],[11] | $ 700,000 | [1],[10]
Subtotal Non-Controlled/Non-Affiliated Investments [Member] |  |  |  |  |
% of Net Assets |  | 85.841% | [2],[11] | 85.40% | [1],[4]
Par Amount |  | $ 116,548,907 | [5],[11] | $ 106,630,423 | [1],[6]
Fair Value |  | 132,407,942 | [7],[11] | 125,531,031 | [1],[8]
Amortized Cost |  | $ 138,055,022 | [9],[11] | $ 134,339,121 | [1],[10]
Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1] | 2.35% | [2],[14] | 2.90% | [3],[4]
Par Amount | [1] | $ 16,413,832 | [5],[14] | $ 15,825,824 | [3],[6]
Fair Value | [1] | 3,607,541 | [7],[14] | 4,255,958 | [3],[8]
Amortized Cost | [1],[3] | $ 10,564,242 | [9] | $ 10,564,242 | [10]
FST Holdings Parent, LLC [Member] |  |  |  |  |
% of Net Assets | [1] | 6.95% | [2],[14] | 6.81% | [3],[4]
Par Amount | [1] | $ 625,548 | [5],[14] | $ 625,548 | [3],[6]
Fair Value | [1] | 10,726,326 | [7],[14] | 10,000,003 | [3],[8]
Amortized Cost | [1] | $ 10,000,000 | [9],[14] | $ 10,000,000 | [3],[10]
Subtotal Affiliated Investments [Member] |  |  |  |  |
% of Net Assets | [1] | 9.30% | [2],[14] | 25.38% | [3],[4]
Par Amount | [1] | $ 17,039,380 | [5],[14] | $ 44,783,784 | [3],[6]
Fair Value | [1] | 14,333,867 | [7],[14] | 37,289,617 | [3],[8]
Amortized Cost | [1] | $ 20,564,242 | [9],[14] | $ 48,233,910 | [3],[10]
FlexFIN, LLC [Member] |  |  |  |  |
% of Net Assets | [15] | 22.51% | [2],[11] | 26.45% | [4]
Par Amount | [15] | $ 34,729,225 | [5],[11] | $ 38,870,711 | [6]
Fair Value | [15] | 34,729,225 | [7],[11] | 38,870,711 | [8]
Amortized Cost | [15] | $ 34,729,225 | [9],[11] | $ 38,870,711 | [10]
Kemmerer Holdings, LLC [Member] |  |  |  |  |
% of Net Assets | [15] | 10.02% | [1],[2],[11] | 8.52% | [4]
Par Amount | [15] | $ 3,286,073 | [5],[11] | $ 3,383,908 | [6]
Fair Value | [15] | 15,452,210 | [7],[11] | 12,516,929 | [8]
Amortized Cost | [15] | $ 7,422,193 | [9],[11] | $ 5,220,034 | [10]
NSG Captive, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[15] | 0.06% |  |  |
Par Amount | [5],[11],[15] | $ 100,000 |  |  |
Fair Value | [7],[11],[15] | 100,000 |  |  |
Amortized Cost | [9],[11],[15] | $ 100,000 |  |  |
NVTN LLC [Member] |  |  |  |  |
% of Net Assets | [15] | 14.93% | [2],[11] | 8.34% | [4]
Par Amount | [15] | $ 34,559,579 | [5],[11] | $ 36,369,131 | [6]
Fair Value | [15] | 23,026,090 | [7],[11] | 12,252,403 | [8]
Amortized Cost | [15] | $ 48,541,866 | [9],[11] | $ 38,346,947 | [10]
Subtotal Control Investments [Member] |  |  |  |  |
% of Net Assets | [2],[11],[16] | 47.52% |  |  |
Par Amount | [5],[11],[16] | $ 72,674,877 |  |  |
Fair Value | [7],[11],[16] | 73,307,525 |  |  |
Amortized Cost | [9],[11],[16] | $ 90,793,284 |  |  |
Total Investments [Member] |  |  |  |  |
% of Net Assets |  | 142.66% | [1],[2],[16] | 154.40% | [4],[15]
Par Amount |  | $ 206,263,164 | [5],[11],[16] | $ 230,037,957 | [6],[15]
Fair Value |  | 220,049,334 | [7],[11],[16] | 226,460,691 | [8],[15]
Amortized Cost |  | $ 249,412,548 | [9],[11],[16] | $ 265,010,723 | [10],[15]
DataOnline Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 3.72% |
Par Amount | [5],[11] |  |  | $ 5,526,786 |
Fair Value | [7],[11] |  |  | 5,471,518 |
Amortized Cost | [9],[11] |  |  | $ 5,526,786 |
PennyMac Financial Services, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] |  |  | 1.34% |
Par Amount | [5],[11] |  |  | $ 29,500 |
Fair Value | [7],[11],[12] |  |  | 1,964,700 |
Amortized Cost | [9],[11],[12] |  |  | $ 1,921,275 |
SMART Financial Operations, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2] |  |  | 0.67% |
Par Amount | [1],[5] |  |  | $ 700,000 |
Fair Value | [1],[7] |  |  | 978,140 |
Amortized Cost | [1],[9] |  |  | $ 700,000 |
Maritime Wireless Holdings LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 12.01% |
Par Amount | [1],[3],[6] |  |  | $ 12,500,000 |
Fair Value | [1],[3],[8] |  |  | 17,650,000 |
Amortized Cost | [1],[3],[10] |  |  | $ 12,373,166 |
Subtotal Control Investments [Member] |  |  |  |  |
% of Net Assets | [4],[15] |  |  | 43.31% |
Par Amount | [6],[15] |  |  | $ 78,623,750 |
Fair Value | [8],[15] |  |  | 63,640,043 |
Amortized Cost | [10],[15] |  |  | $ 82,437,692 |
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC [Member] |  |  |  |  |
% of Net Assets | [1] | 0.23% | [2] | 0.51% | [3],[4]
Par Amount | [1] | $ 350,000 | [5] | $ 1,231,932 | [3],[6],[17]
Maturity | [1] | Aug. 31, 2024 |  | Aug. 31, 2024 | [3]
Fair Value | [1] | $ 350,000 | [7] | $ 751,479 | [3],[8]
Amortized Cost | [1] | $ 196,411 | [9] | $ 1,191,257 | [3],[10]
Energy: Oil & Gas [Member] | First Lien Term Loan [Member] | Epic Y-Grade Services, LP [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 3.88% |  |  |
Par Amount | [1],[5] | $ 5,994,859 |  |  |
Maturity | [1] | Jun. 30, 2027 |  |  |
Fair Value | [1],[7] | $ 5,979,871 |  |  |
Amortized Cost | [1],[9] | $ 5,939,961 |  |  |
Energy: Oil & Gas [Member] | Revolving Credit Facility [Member] | 1888 Industrial Services, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2],[3] |  |  | 3.15% |
Par Amount | [1],[3],[6] |  |  | $ 4,632,177 |
Maturity | [1],[3] |  |  | Aug. 31, 2024 |
Fair Value | [1],[3],[8] |  |  | $ 4,632,177 |
Amortized Cost | [1],[3],[10] |  |  | $ 4,632,177 |
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 0.00% |
Par Amount | [1],[3],[6] |  |  | $ 9,946,741 |
Maturity | [1],[3] |  |  | Aug. 31, 2024 |
Fair Value | [1],[3],[8] |  |  |  |
Amortized Cost | [1],[3],[10] |  |  | $ 9,473,068 |
Energy: Oil & Gas [Member] | Equity - 21,562 Class A Units [Member] | 1888 Industrial Services, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  |  |
Par Amount | [1],[3],[6] |  |  | $ 21,562 |
Fair Value | [1],[3],[8] |  |  |  |
Amortized Cost | [1],[3],[10] |  |  |  |
Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L [Member] |  |  |  |  |
% of Net Assets | [2],[12] | 6.50% | [1] | 5.31% | [11],[18],[19],[20]
Par Amount | [5],[12] | $ 13,700,174 | [1] | $ 9,565,710 | [11],[18],[19],[20]
Maturity | [12] | Apr. 30, 2025 | [1] | Apr. 30, 2025 | [11],[18],[19],[20]
Fair Value | [7],[12] | $ 10,042,228 | [1] | $ 7,805,619 | [11],[18],[19],[20]
Amortized Cost | [9],[12] | $ 10,725,095 | [1] | $ 8,507,963 | [11],[18],[19],[20]
Services Business [Member] | Senior Secured First Lien Term Loan B [Member] | Warrants [Member] | Altisource S.A.R.L [Member] |  |  |  |  |
% of Net Assets | [2] | 0.08% | [1] | 0.14% | [11],[19]
Par Amount | [5] | $ 97,899 | [1] | $ 75,080 | [11],[19]
Maturity |  | May 22, 2027 | [1] | May 22, 2027 | [11],[19]
Fair Value | [7] | $ 133,143 | [1] | $ 206,470 | [11],[19]
Amortized Cost | [9] |  | [1] |  | [11],[19]
Services Business [Member] | Equity - 833,152 Common Units [Member] | Boostability Seotowncenter, Inc. [Member] |  |  |  |  |
% of Net Assets | [2] | 0.00% | [1] | 0.00% | [11]
Par Amount | [5] | $ 833,152 | [1] | $ 833,152 | [11]
Fair Value | [7] |  | [1] |  | [11]
Amortized Cost | [9] | $ 66,475 | [1] | $ 66,475 | [11]
Services Business [Member] | Senior Secured First Lien Term Loan [Member] | Point 360 [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 0.00% |  | 0.00% |
Par Amount | [5],[11] | $ 2,777,366 |  | $ 2,777,366 |
Maturity | [11] | Jul. 08, 2020 |  | Jul. 08, 2020 |
Fair Value | [7],[11] |  |  |  |
Amortized Cost | [9],[11] | $ 2,103,712 |  | $ 2,103,712 |
Services Business [Member] | Equity - 358,867 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 0.24% |  |  |
Par Amount | [5],[11] | $ 358,867 |  |  |
Fair Value | [7],[11] | 375,719 |  |  |
Amortized Cost | [9],[11] | $ 345,491 |  |  |
Services Business [Member] | Equity Interest [Member] | FlexFIN, LLC [Member] |  |  |  |  |
% of Net Assets | [15] | 22.51% | [2],[11] | 26.45% | [4],[16]
Par Amount | [15] | $ 34,729,225 | [5],[11] | $ 38,870,711 | [6],[16]
Fair Value | [15] | 34,729,225 | [7],[11] | 38,870,711 | [8],[16]
Amortized Cost | [15] | $ 34,729,225 | [9],[11] | $ 38,870,711 | [10],[16]
Services Business [Member] | Equity - 338,736.11 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member] |  |  |  |  |
% of Net Assets | [1],[2] |  |  | 0.14% |
Par Amount | [1],[5] |  |  | $ 338,736 |
Fair Value | [1],[7] |  |  | 200,566 |
Amortized Cost | [1],[9] |  |  | $ 308,652 |
Aerospace & Defense [Member] | First Lien Term Loans [Member] | Arcline FM Holdings, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 1.71% | [1] | 1.80% | [11],[18],[20]
Par Amount | [5] | $ 2,665,823 | [1] | $ 2,679,494 | [11],[18],[20]
Maturity |  | Jun. 23, 2028 | [1] | Jun. 23, 2028 | [11],[18],[20]
Fair Value | [7] | $ 2,652,493 | [1] | $ 2,644,660 | [11],[18],[20]
Amortized Cost | [9] | $ 2,577,794 | [1] | $ 2,591,013 | [11],[18],[20]
Aerospace & Defense [Member] | Equity - 350 Common Shares [Member] | Wingman Holdings, Inc [Member] |  |  |  |  |
% of Net Assets |  | 0.00% | [2],[11] | 0.00% | [1],[4]
Par Amount |  | $ 350 | [5],[11] | $ 350 | [1],[6]
Fair Value |  |  | [7],[11] |  | [1],[8]
Amortized Cost |  | $ 700,000 | [9],[11] | $ 700,000 | [1],[10]
Containers, packaging & Glass [Member] | Equity - 417 Common Units [Member] | Be Green Packaging, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 0.00% | [1] | 0.00% | [11],[19]
Par Amount | [5] | $ 417 | [1] | $ 417 | [11],[19]
Fair Value | [7] |  | [1] |  | [11],[19]
Amortized Cost | [9] | $ 416,250 | [1] | $ 416,250 | [11],[19]
Containers, packaging & Glass [Member] | Warrants - 0.62% of Outstanding Equity [Member] | Lighting Science Group Corporation [Member] |  |  |  |  |
% of Net Assets | [2] | 0.00% | [1] | 0.00% | [11]
Par Amount | [5] | $ 5,000,000 | [1] | $ 5,000,000 | [11]
Fair Value | [7] |  | [1] |  | [11]
Amortized Cost | [9] | $ 955,680 | [1] | $ 955,680 | [11]
Real Estate [Member] | First Lien Term Loan [Member] | CB&L Associates Holdco I, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 3.44% |  |  |
Par Amount | [1],[5] | $ 5,827,281 |  |  |
Maturity | [1] | Nov. 01, 2025 |  |  |
Fair Value | [1],[7] | $ 5,302,825 |  |  |
Amortized Cost | [1],[9] | $ 4,915,259 |  |  |
Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp. [Member] |  |  |  |  |
% of Net Assets | [1],[2],[12] | 1.56% |  |  |
Par Amount | [1],[5],[12] | $ 117,310 |  |  |
Fair Value | [1],[7],[12] | 2,404,855 |  |  |
Amortized Cost | [1],[9],[12] | $ 2,884,724 |  |  |
Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp. [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 3.11% |  |  |
Par Amount | [1],[5] | $ 193,754 |  |  |
Fair Value | [1],[7] | 4,793,474 |  |  |
Amortized Cost | [1],[9] | $ 4,182,010 |  |  |
Real Estate [Member] | Equity Certificates [Member] | Copper Property CTL Pass Through Trust [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 3.97% |  |  |
Par Amount | [1],[5] | $ 622,795 |  |  |
Fair Value | [1],[7] | 6,118,961 |  |  |
Amortized Cost | [1],[9] | $ 7,767,811 |  |  |
Real Estate [Member] | Equity - 66,107 Common Units [Member] | Franklin BSP Realty Trust, Inc [Member] |  |  |  |  |
% of Net Assets | [1],[2],[12] | 0.57% |  |  |
Par Amount | [1],[5],[12] | $ 66,107 |  |  |
Fair Value | [1],[7],[12] | 883,190 |  |  |
Amortized Cost | [1],[9],[12] | $ 907,782 |  |  |
Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc. [Member] |  |  |  |  |
% of Net Assets | [1],[2],[12] | 2.94% |  |  |
Par Amount | [1],[5],[12] | $ 205,000 |  |  |
Fair Value | [1],[7],[12] | 4,532,550 |  |  |
Amortized Cost | [1],[9],[12] | $ 5,035,506 |  |  |
Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] | 1.40% |  |  |
Par Amount | [5],[11],[12] | $ 97,426 |  |  |
Fair Value | [7],[11],[12] | 2,160,909 |  |  |
Amortized Cost | [9],[11],[12] | $ 2,318,487 |  |  |
Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] | 2.46% |  |  |
Par Amount | [5],[11],[12] | $ 165,000 |  |  |
Fair Value | [7],[11],[12] | 3,790,050 |  |  |
Amortized Cost | [9],[11],[12] | $ 4,102,076 |  |  |
Consumer Discretionary [Member] | First Lien Term Loan [Member] | Deer Management Systems LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 2.17% | [1] | 2.26% | [11]
Par Amount | [5] | $ 3,315,000 | [1] | $ 3,357,500 | [11]
Maturity |  | May 01, 2028 | [1] | May 01, 2028 | [11]
Fair Value | [7] | $ 3,348,150 | [1] | $ 3,323,925 | [11]
Amortized Cost | [9] | $ 3,243,748 | [1] | $ 3,294,306 | [11]
Consumer Discretionary [Member] | Priority Second Out Term LoanTL [Member] | Lucky Bucks, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 0.88% |  |  |
Par Amount | [5] | $ 1,357,837 |  |  |
Maturity | [11] | Oct. 02, 2029 |  |  |
Fair Value | [7] | $ 1,357,836 |  |  |
Amortized Cost | [9] | $ 1,330,680 |  |  |
Consumer Discretionary [Member] | Priority First Out Exit Term LoanTL [Member] | Lucky Bucks, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 0.45% |  |  |
Par Amount | [5],[11] | $ 687,817 |  |  |
Maturity | [11] | Oct. 02, 2028 |  |  |
Fair Value | [7],[11] | $ 687,817 |  |  |
Amortized Cost | [9],[11] | $ 624,953 |  |  |
Consumer Discretionary [Member] | Equity - 180,739 Membership Units [Member] | Lucky Bucks, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 1.02% |  | 1.05% |
Par Amount | [5],[11] | $ 180,739 |  | $ 180,739 |
Fair Value | [7],[11] | 1,566,290 |  | 1,545,318 |
Amortized Cost | [9],[11] | $ 174,393 |  | $ 174,393 |
Consumer Discretionary [Member] | Second Out Exit Term Loan [Member] | Lucky Bucks, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 0.93% |
Par Amount | [5],[11] |  |  | $ 1,361,240 |
Maturity | [11] |  |  | Oct. 02, 2029 |
Fair Value | [7],[11] |  |  | $ 1,361,240 |
Amortized Cost | [9],[11] |  |  | $ 1,334,015 |
Consumer Discretionary [Member] | First Out Exit Term Loan [Member] | Lucky Bucks, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 0.47% |
Par Amount | [5],[11] |  |  | $ 689,541 |
Maturity | [11] |  |  | Oct. 02, 2028 |
Fair Value | [7],[11] |  |  | $ 689,541 |
Amortized Cost | [9],[11] |  |  | $ 626,519 |
Media: Broadcasting & Subscription [Member] | First Lien Term Loan [Member] | DirecTV Financing, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 0.63% |  |  |
Par Amount | [1],[5] | $ 977,500 |  |  |
Maturity | [1] | Aug. 02, 2029 |  |  |
Fair Value | [1],[7] | $ 976,278 |  |  |
Amortized Cost | [1],[9] | $ 965,281 |  |  |
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 2.48% | [1] | 2.72% | [11]
Par Amount | [5] | $ 3,812,783 | [1] | $ 4,100,000 | [11],[21]
Maturity |  | Aug. 02, 2027 | [1] | Aug. 02, 2027 | [11]
Fair Value | [7] | $ 3,827,081 | [1] | $ 4,003,908 | [11]
Amortized Cost | [9] | $ 3,812,783 | [1] | $ 4,100,000 | [11]
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Thryv Holdings, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] | 4.47% |  |  |
Par Amount | [5],[11],[12] | $ 6,869,478 |  |  |
Maturity | [11],[12] | Mar. 01, 2026 |  |  |
Fair Value | [7],[11],[12] | $ 6,878,065 |  |  |
Amortized Cost | [9],[11],[12] | $ 6,809,553 |  |  |
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Thryv Holdings, Inc. [Member] |  |  |  |  |
% of Net Assets | [1],[4],[22] |  |  | 5.21% |
Par Amount | [1],[6],[22] |  |  | $ 7,656,442 |
Maturity | [1],[22] |  |  | Mar. 01, 2026 |
Fair Value | [1],[8],[22] |  |  | $ 7,661,227 |
Amortized Cost | [1],[10],[22] |  |  | $ 7,604,838 |
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | First Brands Group, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 2.50% | [1] | 2.64% | [11]
Par Amount | [5] | $ 3,899,498 | [1] | $ 3,919,598 | [11]
Maturity |  | Mar. 30, 2027 | [1] | Mar. 30, 2027 | [11]
Fair Value | [7] | $ 3,860,503 | [1] | $ 3,880,402 | [11]
Amortized Cost | [9] | $ 3,899,498 | [1] | $ 3,919,598 | [11]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Power Stop LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 4.02% |  | 3.84% | [18],[23]
Par Amount | [5],[11] | $ 6,884,353 |  | $ 6,919,937 | [18],[23]
Maturity | [11] | Jan. 26, 2029 |  | Jan. 26, 2029 | [18],[23]
Fair Value | [7],[11] | $ 6,195,918 |  | $ 5,639,748 | [18],[23]
Amortized Cost | [9],[11] | $ 6,485,730 |  | $ 6,515,010 | [18],[23]
Automotive [Member] | Equity - 5,441 Class A Units [Member] | Velocity Pooling Vehicle, LLC [Member] |  |  |  |  |
% of Net Assets |  | 0.00% | [2],[11] | 0.00% | [1],[4]
Par Amount |  | $ 5,441 | [5],[11] | $ 5,441 | [1],[6]
Fair Value |  |  | [7],[11] |  | [1],[8]
Amortized Cost |  | $ 302,464 | [9],[11] | $ 302,464 | [1],[10]
Automotive [Member] | Warrants - 0.65% of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member] |  |  |  |  |
% of Net Assets |  | 0.00% | [2],[11] | 0.00% | [1],[4]
Par Amount |  | $ 6,506 | [5],[11] | $ 6,506 | [1],[6]
Maturity |  | Mar. 30, 2028 | [11] | Mar. 30, 2028 | [1]
Fair Value |  |  | [7],[11] |  | [1],[8]
Amortized Cost |  | $ 361,667 | [9],[11] | $ 361,667 | [1],[10]
Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 0.00% |  |  |
Par Amount | [1],[5] | $ 380 |  |  |
Fair Value | [1],[7] |  |  |  |
Amortized Cost | [1],[9] | $ 151,337 |  |  |
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | NGS-WCS Group Holdings [Member] |  |  |  |  |
% of Net Assets | [1],[2] | 0.55% |  |  |
Par Amount | [1],[5] | $ 844,021 |  |  |
Maturity | [1] | Nov. 12, 2026 |  |  |
Fair Value | [1],[7] | $ 846,131 |  |  |
Amortized Cost | [1],[9] | $ 846,435 |  |  |
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 0.59% |
Par Amount | [5],[11] |  |  | $ 861,605 |
Maturity | [11] |  |  | Nov. 12, 2026 |
Fair Value | [7],[11] |  |  | $ 865,913 |
Amortized Cost | [9],[11] |  |  | $ 864,482 |
Construction & Building [Member] | 8.50% Senior Secured Notes [Member] | Innovate Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[12] | 1.99% | [1] | 1.41% | [11]
Par Amount | [5],[12] | $ 4,250,000 | [1] | $ 2,750,000 | [11]
Maturity | [12] | Feb. 01, 2026 | [1] | Feb. 01, 2026 | [11]
Fair Value | [7],[12] | $ 3,065,313 | [1] | $ 2,076,250 | [11]
Amortized Cost | [9],[12] | $ 3,714,663 | [1] | $ 2,615,913 | [11]
Construction & Building [Member] | Equity - 10,000,000 Units [Member] | JFL-NGS-WCS Partners, LLC [Member] |  |  |  |  |
% of Net Assets | [2] | 6.97% | [1] | 7.98% | [11]
Par Amount | [5] | $ 10,000,000 | [1] | $ 10,000,000 | [11]
Fair Value | [7] | 10,759,154 | [1] | 11,733,525 | [11]
Amortized Cost | [9] | $ 10,000,000 | [1] | $ 10,000,000 | [11]
Services: Consumer [Member] | First Lien Term Loan [Member] | Staples, Inc. [Member] |  |  |  |  |
% of Net Assets | [2] | 2.38% | [11] | 2.48% | [1]
Par Amount | [5] | $ 3,672,879 | [11] | $ 3,692,159 | [1]
Maturity |  | Sep. 12, 2024 | [11] | Sep. 12, 2024 | [1]
Fair Value | [7] | $ 3,661,401 | [11] | $ 3,648,315 | [1]
Amortized Cost | [9] | $ 3,636,583 | [11] | $ 3,655,672 | [1]
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 3.14% |  |  |
Par Amount | [5],[11] | $ 4,899,999 |  |  |
Maturity | [11] | Mar. 10, 2029 |  |  |
Fair Value | [7],[11] | $ 4,850,543 |  |  |
Amortized Cost | [9],[11] | $ 4,861,787 |  |  |
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 4.32% |  | 4.54% | [18],[23]
Par Amount | [5],[11] | $ 6,666,667 |  | $ 6,666,667 | [18],[23]
Maturity | [11] | Dec. 30, 2026 |  | Dec. 30, 2026 | [18],[23]
Fair Value | [7],[11] | $ 6,666,667 |  | $ 6,666,667 | [18],[23]
Amortized Cost | [9],[11] | $ 6,602,650 |  | $ 6,592,976 | [18],[23]
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 3.25% |
Par Amount | [5],[11] |  |  | $ 4,924,535 |
Maturity | [11] |  |  | Mar. 12, 2029 |
Fair Value | [7],[11] |  |  | $ 4,776,799 |
Amortized Cost | [9],[11] |  |  | $ 4,883,570 |
Services: Consumer [Member] | First Out Term Loan [Member] | SMC Roofing [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 0.42% |  |  |
Par Amount | [5],[11] | $ 660,714 |  |  |
Maturity | [11] | Oct. 16, 2028 |  |  |
Fair Value | [7],[11] | $ 654,107 |  |  |
Amortized Cost | [9],[11] | $ 654,107 |  |  |
Services: Consumer [Member] | First Out Delayed Draw Term Loan [Member] | SMC Roofing [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 0.00% |  |  |
Par Amount | [5],[11] |  |  |  |
Maturity | [11] | Oct. 16, 2028 |  |  |
Fair Value | [7],[11] |  |  |  |
Amortized Cost | [9],[11] | $ (446) |  |  |
Services: Consumer [Member] | Last Out Term Loan [Member] | SMC Roofing [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 1.18% |  |  |
Par Amount | [5],[11] | $ 1,863,568 |  |  |
Maturity | [11] | Oct. 16, 2028 |  |  |
Fair Value | [7],[11] | $ 1,821,638 |  |  |
Amortized Cost | [9],[11] | $ 1,821,638 |  |  |
Services: Consumer [Member] | Last Out Delayed Draw Term Loan [Member] | SMC Roofing [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 0.00% |  |  |
Par Amount | [5],[11] |  |  |  |
Maturity | [11] | Oct. 16, 2028 |  |  |
Fair Value | [7],[11] |  |  |  |
Amortized Cost | [9],[11] | $ (3,864) |  |  |
Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member] |  |  |  |  |
% of Net Assets | [2] | 2.07% | [11] | 2.18% | [1]
Par Amount | [5] | $ 3,200,000 | [11] | $ 3,200,000 | [1]
Maturity |  | Dec. 30, 2026 | [11] | Dec. 30, 2026 | [1]
Fair Value | [7] | $ 3,200,000 | [11] | $ 3,200,000 | [1]
Amortized Cost | [9] | $ 3,165,673 | [11] | $ 3,160,542 | [1]
Banking, Finance, Insurance & Real Estate [Member] | First Lien Term Loan [Member] | CB&L Associates Holdco I, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 3.53% |
Par Amount | [5],[11] |  |  | $ 5,916,102 |
Maturity | [11] |  |  | Nov. 01, 2025 |
Fair Value | [7],[11] |  |  | $ 5,191,380 |
Amortized Cost | [9],[11] |  |  | $ 4,990,179 |
Banking, Finance, Insurance & Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] |  |  | 1.44% |
Par Amount | [5],[11],[12] |  |  | $ 117,310 |
Fair Value | [7],[11],[12] |  |  | 2,116,271 |
Amortized Cost | [9],[11],[12] |  |  | $ 2,884,724 |
Banking, Finance, Insurance & Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 2.32% |
Par Amount | [5],[11],[24] |  |  | $ 163,601 |
Fair Value | [7],[11] |  |  | 3,414,353 |
Amortized Cost | [9],[11] |  |  | $ 3,463,275 |
Banking, Finance, Insurance & Real Estate [Member] | Equity Certificates [Member] | Copper Property CTL Pass Through Trust [Member] |  |  |  |  |
% of Net Assets | [9],[11] |  |  | 4.23% |
Par Amount | [5],[11] |  |  | $ 597,795 |
Fair Value | [9],[11] |  |  | 6,217,067 |
Amortized Cost | [5],[11] |  |  | $ 7,547,670 |
Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] |  |  | 2.71% |
Par Amount | [5],[11],[12] |  |  | $ 205,000 |
Fair Value | [7],[11],[12] |  |  | 3,989,300 |
Amortized Cost | [9],[11],[12] |  |  | $ 5,035,506 |
Banking, Finance, Insurance & Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 1.26% |
Par Amount | [5],[11] |  |  | $ 97,426 |
Fair Value | [7],[11] |  |  | 1,856,940 |
Amortized Cost | [9],[11] |  |  | $ 2,318,487 |
Banking, Finance, Insurance & Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] |  |  | 2.50% |
Par Amount | [5],[11],[12] |  |  | $ 165,000 |
Fair Value | [7],[11],[12] |  |  | 3,677,850 |
Amortized Cost | [9],[11],[12] |  |  | $ 4,102,076 |
Banking, Finance, Insurance & Real Estate [Member] | Senior Secured Notes [Member] | PHH Mortgage Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11] | 6.03% |  |  |
Par Amount | [5],[11] | $ 9,686,000 |  |  |
Maturity | [11] | Mar. 15, 2026 |  |  |
Fair Value | [7],[11] | $ 9,306,631 |  |  |
Amortized Cost | [9],[11] | $ 8,780,720 |  |  |
Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12],[25],[26] |  |  | 3.20% |
Par Amount | [5],[11],[12],[25],[26] |  |  | $ 206,684 |
Fair Value | [7],[11],[12],[25],[26] |  |  | 4,695,860 |
Amortized Cost | [9],[11],[12],[25],[26] |  |  | $ 5,129,170 |
Banking, Finance, Insurance & Real Estate [Member] | Fund Investment [Member] | Tamarix Capital Partners II, L.P. [Member] |  |  |  |  |
% of Net Assets | [1],[4],[22] |  |  | 0.54% |
Par Amount | [1],[6],[22] |  |  |  |
Fair Value | [1],[8],[22] |  |  | 792,346 |
Amortized Cost | [1],[10],[22] |  |  | $ 1,026,818 |
Banking, Finance, Insurance & Real Estate [Member] | Equity - 226,107 Common Units [Member] | Franklin BSP Realty Trust, Inc [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] |  |  | 2.04% |
Par Amount | [5],[11],[12] |  |  | $ 226,107 |
Fair Value | [7],[11],[12] |  |  | 2,993,657 |
Amortized Cost | [9],[11],[12] |  |  | $ 3,572,788 |
Banking, Finance, Insurance & Real Estate [Member] | Equity 29,500 Common Units [Member] | PennyMac Financial Services, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] |  |  | 1.34% |
Par Amount | [5],[11],[12] |  |  | $ 29,500 |
Fair Value | [7],[11],[12] |  |  | 1,964,700 |
Amortized Cost | [9],[11],[12] |  |  | $ 1,921,275 |
Banking, Finance, Insurance & Real Estate [Member] | 7.875% Senior Secured Note [Member] | PHH Mortgage Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 4.66% |
Par Amount | [5],[11] |  |  | $ 7,686,000 |
Maturity | [11] |  |  | Mar. 15, 2026 |
Fair Value | [7],[11] |  |  | $ 6,845,344 |
Amortized Cost | [9],[11] |  |  | $ 6,895,720 |
Banking [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12] | 3.27% |  |  |
Par Amount | [5],[11],[12] | $ 206,684 |  |  |
Fair Value | [7],[11],[12] | 5,047,223 |  |  |
Amortized Cost | [9],[11],[12] | $ 5,129,170 |  |  |
Banking [Member] | Fund Investment [Member] | Tamarix Capital Partners II, L.P. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[12],[13] | 0.52% |  |  |
Par Amount | [5],[11],[12],[13] |  |  |  |
Fair Value | [7],[11],[12],[13] | 783,465 |  |  |
Amortized Cost | [9],[11],[12],[13] | $ 1,026,818 |  |  |
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member] |  |  |  |  |
% of Net Assets | [11] | 2.29% | [2] | 2.31% | [14],[18],[20]
Par Amount | [5],[11] | $ 3,527,463 |  | $ 3,430,517 | [18],[20]
Maturity | [11] | Dec. 16, 2028 |  | Dec. 16, 2028 | [18],[20]
Fair Value | [7],[11] | $ 3,527,463 |  | $ 3,396,212 | [18],[20]
Amortized Cost | [9],[11] | $ 3,516,477 |  | $ 3,418,570 | [18],[20]
Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member] |  |  |  |  |
% of Net Assets | [2],[11],[13],[18],[20],[27] |  |  | 0.00% |
Par Amount | [5],[11],[13],[18],[20],[27] |  |  |  |
Maturity | [11],[13],[18],[20],[27] |  |  | Dec. 16, 2028 |
Fair Value | [7],[11],[13],[18],[20],[27] |  |  |  |
Amortized Cost | [9],[11],[13],[18],[20],[27] |  |  | $ (970) |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2],[14] | 0.53% |  |  |
Par Amount | [1],[5],[14] | $ 13,513,874 |  |  |
Maturity | [1],[14] | Jan. 31, 2025 |  |  |
Fair Value | [1],[7],[14] | $ 810,832 |  |  |
Amortized Cost | [1],[9],[14] | $ 7,767,533 |  |  |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[3],[11] | 0.57% |  |  |
Par Amount | [3],[5],[11] | $ 908,080 |  |  |
Maturity | [3],[11] | Jan. 31, 2025 |  |  |
Fair Value | [3],[7],[11] | $ 875,749 |  |  |
Amortized Cost | [3],[9],[11] | $ 875,749 |  |  |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2],[14] | 1.25% |  |  |
Par Amount | [1],[5],[14] | $ 1,991,878 |  |  |
Maturity | [1],[14] | Jan. 31, 2025 |  |  |
Fair Value | [1],[7],[14] | $ 1,920,960 |  |  |
Amortized Cost | [1],[9],[14] | $ 1,920,960 |  |  |
Hotel, Gaming & Leisure [Member] | Equity - 17.92% Membership Interest [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2],[14] | 0.00% |  |  |
Par Amount | [1],[5],[14] |  |  |  |
Fair Value | [1],[7],[14] |  |  |  |
Amortized Cost | [1],[9],[14] |  |  |  |
High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 3.24% |
Par Amount | [5],[11] |  |  | $ 4,812,500 |
Maturity | [11] |  |  | Nov. 13, 2025 |
Fair Value | [7],[11] |  |  | $ 4,764,375 |
Amortized Cost | [9],[11] |  |  | $ 4,812,500 |
High Tech Industries [Member] | Equity 625,548 Class A Units [Member] | FST Holdings Parent, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2],[14] | 6.95% |  |  |
Par Amount | [1],[5],[14] | $ 625,548 |  |  |
Fair Value | [1],[7],[14] | 10,726,326 |  |  |
Amortized Cost | [1],[9],[14] | $ 10,000,000 |  |  |
High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp. [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 0.48% |
Par Amount | [5],[11] |  |  | $ 714,286 |
Maturity | [11] |  |  | Nov. 13, 2025 |
Fair Value | [7],[11] |  |  | $ 707,143 |
Amortized Cost | [9],[11] |  |  | $ 714,286 |
Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Kemmerer Operations, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11],[15] | 2.13% |  |  |
Par Amount | [5],[11],[15] | $ 3,286,036 |  |  |
Maturity | [11],[15] | Jun. 21, 2025 |  |  |
Fair Value | [7],[11],[15] | $ 3,286,036 |  |  |
Amortized Cost | [9],[11],[15] | $ 3,286,036 |  |  |
Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Kemmerer Holdings, LLC [Member] |  |  |  |  |
% of Net Assets | [4],[15] |  |  | 2.30% |
Par Amount | [6],[15] |  |  | $ 3,383,877 |
Maturity | [15] |  |  | Jun. 21, 2025 |
Fair Value | [8],[15] |  |  | $ 3,383,877 |
Amortized Cost | [10],[15] |  |  | $ 3,383,877 |
Metals & Mining [Member] | Equity - 37 Common Units [Member] | Kemmerer Holdings, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11],[15],[19] | 7.89% |  |  |
Par Amount | [5],[11],[15],[19] | $ 37 |  |  |
Fair Value | [7],[11],[15],[19] | 12,166,174 |  |  |
Amortized Cost | [9],[11],[15],[19] | $ 4,136,157 |  |  |
Metals & Mining [Member] | Equity - 31 Common Units [Member] | Kemmerer Holdings, LLC [Member] |  |  |  |  |
% of Net Assets | [4],[15] |  |  | 6.22% |
Par Amount | [6],[15] |  |  | $ 31 |
Fair Value | [8],[15] |  |  | 9,133,052 |
Amortized Cost | [10],[15] |  |  | $ 1,836,157 |
Insurance [Member] | Equity - 100,000 Units [Member] | NSG Captive, Inc. [Member] |  |  |  |  |
% of Net Assets | [2],[11],[15],[19] | 0.06% |  |  |
Par Amount | [5],[11],[15],[19] | $ 100,000 |  |  |
Fair Value | [7],[11],[15],[19] | 100,000 |  |  |
Amortized Cost | [9],[11],[15],[19] | $ 100,000 |  |  |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | NVTN LLC [Member] |  |  |  |  |
% of Net Assets | [15] | 0.00% | [2],[11],[16],[28] | 0.00% | [4]
Par Amount | [15] | $ 11,506,159 | [5],[11],[16],[28] | $ 11,506,159 | [6]
Maturity | [15] | Dec. 31, 2026 | [11],[16],[28] | Dec. 31, 2024 |
Fair Value | [15] |  | [7],[11],[16],[28] |  | [8]
Amortized Cost | [15] | $ 7,570,055 | [9],[11],[16],[28] | $ 7,570,055 | [10]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11],[15],[28] | 11.36% |  |  |
Par Amount | [5],[11],[15],[28] | $ 17,552,420 |  |  |
Maturity | [11],[15],[28] | Dec. 31, 2026 |  |  |
Fair Value | [7],[11],[15],[28] | $ 17,526,090 |  |  |
Amortized Cost | [9],[11],[15],[28] | $ 13,916,082 |  |  |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 0.99% |
Par Amount | [1],[3],[6] |  |  | $ 13,029,115 |
Maturity | [1],[3] |  |  | Jan. 31, 2024 |
Fair Value | [1],[3],[8] |  |  | $ 1,459,249 |
Amortized Cost | [1],[3],[10] |  |  | $ 7,767,533 |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 0.60% |
Par Amount | [1],[3],[6] |  |  | $ 875,749 |
Maturity | [1],[3] |  |  | Jan. 31, 2024 |
Fair Value | [1],[3],[8] |  |  | $ 875,749 |
Amortized Cost | [1],[3],[10] |  |  | $ 875,749 |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member] |  |  |  |  |
% of Net Assets | [4],[15] |  |  | 4.91% |
Par Amount | [6],[15] |  |  | $ 7,309,552 |
Maturity | [15] |  |  | Dec. 31, 2024 |
Fair Value | [8],[15] |  |  | $ 7,214,856 |
Amortized Cost | [10],[15] |  |  | $ 7,309,885 |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | NVTN LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11],[15],[29] | 3.57% |  |  |
Par Amount | [5],[11],[15],[29] | $ 5,500,000 |  |  |
Maturity | [11],[15],[29] | Dec. 31, 2026 |  |  |
Fair Value | [7],[11],[15],[29] | $ 5,500,000 |  |  |
Amortized Cost | [9],[11],[15],[29] | $ 5,604,805 |  |  |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 1.31% |
Par Amount | [1],[3],[6] |  |  | $ 1,920,960 |
Maturity | [1],[3] |  |  | Jan. 31, 2024 |
Fair Value | [1],[3],[4],[8] |  |  | $ 1,920,960 |
Amortized Cost | [1],[3],[10] |  |  | $ 1,920,960 |
Hotel, Gaming & Leisure [Member] | Equity - 17.92% Membership Interest [Member] | Black Angus Steakhouses, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 0.00% |
Par Amount | [1],[3],[6] |  |  |  |
Fair Value | [1],[3],[8] |  |  |  |
Amortized Cost | [1],[3],[10] |  |  |  |
Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member] |  |  |  |  |
% of Net Assets | [15] | 0.00% | [2],[11],[16] | 0.00% | [4]
Par Amount | [15] | $ 1,000 | [5],[11],[16] | $ 1,000 | [6]
Fair Value | [15] |  | [7],[11],[16] |  | [8]
Amortized Cost | [15] | $ 21,450,924 | [9],[11],[16] | $ 9,550,924 | [10]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member] |  |  |  |  |
% of Net Assets | [4],[15] |  |  | 3.43% |
Par Amount | [6],[15] |  |  | $ 17,552,420 |
Maturity | [15] |  |  | Dec. 31, 2024 |
Fair Value | [8],[15] |  |  | $ 5,037,547 |
Amortized Cost | [10],[15] |  |  | $ 13,916,083 |
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Maritime Wireless Holdings LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 5.10% |
Par Amount | [1],[3],[6] |  |  | $ 7,500,000 |
Maturity | [1],[3] |  |  | May 31, 2027 |
Fair Value | [1],[3],[8] |  |  | $ 7,500,000 |
Amortized Cost | [1],[3],[10] |  |  | $ 7,373,166 |
Hotel, Gaming & Leisure [Member] | Equity - 500,000 Class A Units [Member] | Maritime Wireless Holdings LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 6.91% |
Par Amount | [1],[3],[6] |  |  | $ 500,000 |
Fair Value | [1],[3],[8] |  |  | 10,150,000 |
Amortized Cost | [1],[3],[10] |  |  | $ 5,000,000 |
Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC [Member] |  |  |  |  |
% of Net Assets | [2],[11] |  |  | 0.00% |
Par Amount | [5],[11] |  |  | $ 380 |
Fair Value | [7],[11] |  |  |  |
Amortized Cost | [9],[11] |  |  | $ 151,337 |
Retail [Member] | Equity - 700,000 Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[2] |  |  | 0.67% |
Par Amount | [1],[5] |  |  | $ 700,000 |
Fair Value | [1],[7] |  |  | 978,140 |
Amortized Cost | [1],[9] |  |  | $ 700,000 |
High Tech Industries [Member] | Equity 625,548 Class A Units [Member] | FST Holdings Parent, LLC [Member] |  |  |  |  |
% of Net Assets | [1],[3],[4] |  |  | 6.81% |
Par Amount | [1],[3],[6] |  |  | $ 625,548 |
Fair Value | [1],[3],[8] |  |  | 10,000,003 |
Amortized Cost | [1],[3],[10] |  |  | $ 10,000,000 |
[1] | All of our investments are domiciled in the United States. Certain investments also have international operations.
[2] | Percentage is based on net assets of $154,271,897 as of March 31, 2024.
[3] | Affiliated Investments are defined by Investment Company Act of 1940 Act, as amended (the “1940 Act”), as investments in companies in which the Company owns between 5% and 25% outstanding voting securities or is under common control with such portfolio company.
[4] | Percentage is based on net assets of $146,705,535 as of September 30, 2023.
[5] | Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.
[6] | Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.
[7] | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (see Note 4).
[8] | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (see Note 4).
[9] | Net unrealized depreciation for U.S. federal income tax purposes totaled $(29,363,214). The tax cost basis of investments is $249,412,548 as of March 31, 2024. The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
[10] | Net unrealized depreciation for U.S. federal income tax purposes totaled $(38,550,032). The tax cost basis of investments is $265,010,723 as of September 30, 2023. The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
[11] | All of our investments are domiciled in the United States. Certain investments also have international operations.
[12] | The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of March 31, 2024, non-qualifying assets represented 17.97% of total assets.
[13] | The investment has an unfunded commitment as of March 31, 2024 (see Note 8), and fair value includes the value of any unfunded commitments. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan.
[14] | Affiliated Investments are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25% outstanding voting securities or is under common control with such portfolio company.
[15] | Control Investments are defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
[16] | Control Investments are defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
[17] | The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.27%.
[18] | Credit Spread Adjustment (“CSA”)
[19] | Non-income producing security.
[20] | The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2024 was 5.39%.
[21] | This investment represents a Level 2 security in the ASC 820 table as of September 30, 2023 (see Note 4).
[22] | The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2023, non-qualifying assets represented 20.21% of total assets.
[23] | The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2024 was 5.35%.
[24] | The interest rate on this investment is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.379% spread on 3/30/2024.
[25] | The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.
[26] | This investment represents a Level 1 security in the ASC 820 table as of March 31, 2024 (see Note 4).
[27] | This investment earns 0.50% commitment fee on all unused commitment as of March 31, 2024, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[28] | The investment was on non-accrual status as of March 31, 2024.
[29] | The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.32%

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