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Investments (Tables) | 6 Months Ended
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Mar. 31, 2025
Investments [Abstract] |
Schedule of Investments at Amortized Cost and Fair Value | The composition of our investments as of March 31, 2025 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 |  | $ | 133,693 |  |  |  | 41.8 | % |  | $ | 117,838 |  |  |  | 41.0 | %
Senior Secured Notes |  |  | 12,914 |  |  |  | 4.0 |  |  |  | 13,099 |  |  |  | 4.6 |
Fund Investment |  |  | 1,746 |  |  |  | 0.5 |  |  |  | 1,600 |  |  |  | 0.6 |
Equity/Warrants |  |  | 172,132 |  |  |  | 53.7 |  |  |  | 154,306 |  |  |  | 53.8 |
Total Investments |  | $ | 320,485 |  |  |  | 100.0 | % |  | $ | 286,843 |  |  |  | 100.0 | %
The composition of our investments as of September 30, 2024 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 |  | $ | 129,957 |  |  |  | 49.8 | % |  | $ | 113,990 |  |  |  | 50.0 | %
Senior Secured Notes |  |  | 18,127 |  |  |  | 7.0 |  |  |  | 18,476 |  |  |  | 8.1 |
Fund Investment |  |  | 1,746 |  |  |  | 0.7 |  |  |  | 1,525 |  |  |  | 0.7 |
Equity/Warrants |  |  | 110,930 |  |  |  | 42.5 |  |  |  | 93,925 |  |  |  | 41.2 |
Total Investments |  | $ | 260,760 |  |  |  | 100.0 | % |  | $ | 227,916 |  |  |  | 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 March 31, 2025 (dollars in thousands):
|  | Fair Value |  |  | Percentage |
Services: Business |  | $ | 55,636 |  |  |  | 19.4 | %
Insurance |  |  | 48,397 |  |  |  | 16.9 |
Services: Consumer |  |  | 39,044 |  |  |  | 13.6 |
Real Estate |  |  | 35,533 |  |  |  | 12.5 |
Hotel, Gaming & Leisure |  |  | 26,469 |  |  |  | 9.2 |
High Tech Industries |  |  | 18,344 |  |  |  | 6.4 |
Construction & Building |  |  | 17,743 |  |  |  | 6.2 |
Metals & Mining |  |  | 12,161 |  |  |  | 4.2 |
Aerospace & Defense |  |  | 11,021 |  |  |  | 3.8 |
Automotive |  |  | 10,716 |  |  |  | 3.7 |
Consumer Discretionary |  |  | 5,256 |  |  |  | 1.8 |
Media: Broadcasting & Subscription |  |  | 4,923 |  |  |  | 1.7 |
Banking |  |  | 1,600 |  |  |  | 0.6 |
Total |  | $ | 286,843 |  |  |  | 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 Portfolio Composition by Geographic Location at Fair Value | The following table shows the portfolio composition by geographic location at fair value at March 31, 2025 (dollars in thousands):
|  | Fair Value |  |  | Percentage |
Northeast |  | $ | 107,939 |  |  |  | 37.7 | %
Southeast |  |  | 106,030 |  |  |  | 37.0 |
West |  |  | 32,231 |  |  |  | 11.2 |
Midwest |  |  | 25,505 |  |  |  | 8.9 |
Southwest |  |  | 2,547 |  |  |  | 0.9 |
Mid-Atlantic |  |  | 411 |  |  |  | 0.1 |
International |  |  | 12,180 |  |  |  | 4.2 |
Total |  | $ | 286,843 |  |  |  | 100.0 | %
The following table shows the portfolio composition by geographic location at fair value at September 30, 2024 (dollars in thousands):
|  | Fair Value |  |  | Percentage |
Northeast |  | $ | 87,269 |  |  |  | 38.3 | %
Southeast |  |  | 61,276 |  |  |  | 26.9 |
Midwest |  |  | 34,648 |  |  |  | 15.2 |
West |  |  | 31,951 |  |  |  | 14.0 |
Southwest |  |  | 2,749 |  |  |  | 1.2 |
Mid-Atlantic |  |  | 375 |  |  |  | 0.2 |
International |  |  | 9,648 |  |  |  | 4.2 |
Total |  | $ | 227,916 |  |  |  | 100.0 | %
Schedule of Transactions with Affiliated Investments and Controlled Investments | Transactions with Affiliated Investments and Controlled Investments during the three and six months ended March 31, 2025 and 2024 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 March 31, 2025 |  |  | Earned Income |
Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Black Angus Steakhouses, LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  | $ | 751,207 |  |  | $ | - |  |  | $ | - |  |  | $ | (302,288 | ) |  | $ | - |  |  | $ | 448,919 |  |  | $ | - |
|  | Senior Secured First Lien Super Priority DDTL |  |  | 1,647,776 |  |  |  | - |  |  |  | - |  |  |  | (663,070 | ) |  |  | - |  |  |  | 984,706 |  |  |  | - |
FST Holdings Parent, LLC |  | Equity |  |  | 12,351,802 |  |  |  | 8,289 |  |  |  | - |  |  |  | (16,195 | ) |  |  | - |  |  |  | 12,343,896 |  |  |  | 254,231 |
Total Affiliated Investments |  | $ | 14,750,785 |  |  | $ | 8,289 |  |  | $ | - |  |  | $ | (981,553 | ) |  | $ | - |  |  | $ | 13,777,521 |  |  | $ | 254,231 |
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 March 31, 2025 |  |  | Earned Income |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ECC Capital Corp. |  | Senior Secured First Lien Term Loan |  | $ | 7,422,012 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7,422,012 |  |  | $ | 391,510 |
|  | Equity |  |  | 4,872,000 |  |  |  | - |  |  |  | - |  |  |  | 159,600 |  |  |  | - |  |  |  | 5,031,600 |  |  |  | - |
FlexFIN, LLC |  | Equity Interest |  |  | 36,683,045 |  |  |  | 92,290 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 36,775,335 |  |  |  | 2,979,966 |
NSG Captive, Inc. |  | Equity |  |  | 101,000 |  |  |  | 49,145,255 |  |  |  | - |  |  |  | (849,113 | ) |  |  | - |  |  |  | 48,397,142 |  |  |  | - |
NVTN LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 5,500,000 |  |  |  | 4,300,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,800,000 |  |  |  | 294,649 |
|  | Senior Secured First Lien Term Loan B |  |  | 16,353,590 |  |  |  | - |  |  |  | - |  |  |  | (1,118,089 | ) |  |  | - |  |  |  | 15,235,501 |  |  |  | 528,826 |
Total Controlled Investments |  | $ | 70,931,647 |  |  | $ | 53,537,545 |  |  | $ | - |  |  | $ | (1,807,602 | ) |  | $ | - |  |  | $ | 122,661,590 |  |  | $ | 4,194,951 |
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 March 31, 2024 |  |  | Earned Income |
Affiliated Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1888 Industrial Services, LLC |  | Senior Secured First Lien Term Loan C |  | $ | 751,479 |  |  | $ | (1,096,561 | ) |  | $ | (196,411 | ) |  | $ | 439,778 |  |  | $ | 101,715 |  |  | $ | - |  |  | $ | 37,645 |
|  | Senior Secured First Lien Term Loan A |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,473,068 |  |  |  | (9,473,068 | ) |  |  | - |  |  |  | - |
|  | Revolving Credit Facility |  |  | 4,632,177 |  |  |  | (5,112,074 | ) |  |  | - |  |  |  | - |  |  |  | 479,897 |  |  |  | - |  |  |  | 158,674 |
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 |  |  |  | - |  |  |  | - |  |  |  | (648,417 | ) |  |  | - |  |  |  | 810,832 |  |  |  | - |
|  | Senior Secured First Lien Super Priority DDTL |  |  | 1,920,960 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,920,960 |  |  |  | - |
FST Holdings Parent, LLC |  | Equity |  |  | 10,000,003 |  |  |  | - |  |  |  | - |  |  |  | 726,323 |  |  |  | - |  |  |  | 10,726,326 |  |  |  | - |
Maritime Wireless Holdings LLC |  | Senior Secured First Lien Term Loan B |  |  | 7,500,000 |  |  |  | (7,373,166 | ) |  |  | - |  |  |  | (126,834 | ) |  |  | - |  |  |  | - |  |  |  | 535,857 |
|  | Equity |  |  | 10,150,000 |  |  |  | (11,900,000 | ) |  |  | - |  |  |  | (5,150,000 | ) |  |  | 6,900,000 |  |  |  | - |  |  |  | - |
Total Affiliated Investments |  | $ | 37,289,617 |  |  | $ | (25,481,801 | ) |  | $ | (196,411 | ) |  | $ | 4,713,918 |  |  | $ | (1,991,456 | ) |  | $ | 14,333,867 |  |  | $ | 732,176 |
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 March 31, 2024 |  |  | Earned Income |
Controlled Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FlexFIN, LLC |  | Equity Interest |  | $ | 38,870,711 |  |  | $ | (4,141,486 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 34,729,225 |  |  | $ | 2,233,395 |
Kemmerer Operations, LLC |  | Senior Secured First Lien Term Loan |  |  | 3,383,877 |  |  |  | (97,841 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,286,036 |  |  |  | 268,831 |
|  | Equity |  |  | 9,133,052 |  |  |  | 2,300,000 |  |  |  | - |  |  |  | 733,122 |  |  |  |  |  |  |  | 12,166,174 |  |  |  | - |
NSG Captive, Inc. |  | Equity |  |  | - |  |  |  | 100,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,000 |  |  |  | - |
NVTN LLC |  | Senior Secured First Lien Delayed Draw Term Loan |  |  | 7,214,856 |  |  |  | (1,705,081 | ) |  |  | - |  |  |  | (9,775 | ) |  |  | - |  |  |  | 5,500,000 |  |  |  | 580,266 |
|  | Senior Secured First Lien Term Loan B |  |  | 5,037,547 |  |  |  | - |  |  |  | - |  |  |  | 12,488,543 |  |  |  | - |  |  |  | 17,526,090 |  |  |  | - |
|  | Equity |  |  | - |  |  |  | 11,900,000 |  |  |  | - |  |  |  | (11,900,000 | ) |  |  | - |  |  |  | - |  |  |  | - |
Total Controlled Investments |  | $ | 63,640,043 |  |  | $ | 8,355,592 |  |  | $ | - |  |  | $ | 1,311,890 |  |  | $ | - |  |  | $ | 73,307,525 |  |  | $ | 3,082,492 |
(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 Balance Sheet | In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, for which the Company owned 50%, that is deemed to be a “significant subsidiary” as of March 31, 2025 for which summarized financial information is presented below (dollars in thousands):
Balance Sheet |  | March 31, 2025 (Unaudited) |  |  | September 30, 2024 (Audited) |
Total Assets |  | $ | 50,622 |  |  | $ | 51,634 |
Total Liabilities |  |  | 14,348 |  |  |  | 15,206 |
Schedule of Income Statement |
Income Statement |  | For the Six Months Ended March 31, 2025 (Unaudited) |  |  | For the Year Ended September 30, 2024 (Audited) |
Total Income |  | $ | 3,592 |  |  | $ | 4,955 |
Total Expenses |  |  | 899 |  |  |  | 1,028 |
Net Income |  | $ | 2,693 |  |  | $ | 3,927 |

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