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, 2024 (dollars in thousands):

	Fair Value		Percentage
Services: Business	$	52,761		17.6	%
Insurance		48,529		16.2
Real Estate		43,136		14.3
Services: Consumer		31,764		10.6
Hotel, Gaming & Leisure		25,003		8.3
High Tech Industries		18,389		6.1
Construction & Building		18,220		6.1
Aerospace & Defense		13,787		4.6
Metals & Mining		12,161		4.1
Automotive		11,969		4.0
Media: Broadcasting & Subscription		9,574		3.2
Consumer Discretionary		5,408		1.8
Energy: Oil & Gas		4,340		1.4
Packaging		3,499		1.2
Banking		1,554		0.5
Total	$	300,094		100.0	%

The following table shows the portfolio composition by industry grouping at fair value at September 30, 2024 (dollars in thousands):

	Fair Value		Percentage
Real Estate	$	50,162		22.0	%
Services: Business		46,706		20.5
Services: Consumer		28,121		12.3
Hotel, Gaming & Leisure		24,253		10.6
Construction & Building		17,095		7.5
High Tech Industries		12,352		5.5
Automotive		12,316		5.4
Metals & Mining		12,161		5.3
Media: Broadcasting & Subscription		9,003		4.0
Energy: Oil & Gas		4,333		1.9
Packaging		3,505		1.5
Consumer Discretionary		3,456		1.5
Aerospace & Defense		2,827		1.2
Banking		1,525		0.7
Insurance		101		0.1
Total	$	227,916		100.0	%

Schedule of Transactions with Affiliated Investments and Controlled Investments

The Company had investments in portfolio companies designated as Affiliated Investments and Controlled Investments under the 1940 Act. Transactions with Affiliated Investments and Controlled Investments during the three months ended December 31, 2024 and 2023 were as follows:

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2024		Purchases/ (Sales) of or Advances/ (Distributions)		Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at December 31, 2024		Earned Income
Affiliated Investments
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan	$	751,207	$	-	$	-	$	(290,176	)	$	-	$	461,031	$	-
	Senior Secured First Lien Super Priority DDTL		1,647,776		-		-		(636,503	)		-		1,011,273		-
FST Holdings Parent, LLC	Equity		12,351,802		-		-		37,493			-		12,389,295		142,495
Total Affiliated Investments		$	14,750,785	$	-	$	-	$	(889,186	)	$	-	$	13,861,599	$	142,495

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2024		Purchases/ (Sales) of or Advances/ (Distributions)		Transfers In/(Out) of Controlled		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at December 31, 2024		Earned Income
Controlled Investments
ECC Capital Corp.	Senior Secured First Lien Term Loan		7,422,012		-		-		-			-		7,422,012		210,472
	Equity		4,872,000		-		-		588,000			-		5,460,000		-
FlexFIN, LLC	Equity Interest		36,683,045		4,264,395		-		-			-		40,947,440		1,399,350
NSG Captive, Inc.	Equity		101,000		49,042,993		-		(614,422	)		-		48,529,571		-
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		5,500,000		1,900,000		-		-			-		7,400,000		198,250
	Senior Secured First Lien Term Loan B		16,353,590		-		-		(222,916	)		-		16,130,674		179,474
Total Controlled Investments		$	70,931,647	$	55,207,388	$	-	$	(249,338	)	$	-	$	125,889,697	$	1,987,546

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

(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 Income Statement

Income Statement	For the Three Months Ended December 31, 2024 (Unaudited)		For the Year Ended September 30, 2024 (Audited)
Total Income	$	1,595	$	4,955
Total Expenses		436		1,028
Net Income	$	1,159	$	3,927