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Consolidated Schedule of Investments (Unaudited) - USD ($) | Jun. 30, 2025 | Sep. 30, 2024
--- | --- | ---
Fair Value |  | $ 294,438,831 |  | $ 227,915,858 |
Investment, Identifier [Axis]: Advocates for Disabled Vets, LLC (dba Reps for Vets) |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | 12,341,250 |  |  |
Amortized Cost | [2],[3] | 12,171,931 |  |  |
Fair Value | [2],[4] | $ 12,161,925 |  |  |
% of Net Assets | [2],[5] | 7.74% |  |  |
Investment, Identifier [Axis]: Affiliated Investments |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 625,548 | [2],[6] | 18,952,749 | [7],[8]
Amortized Cost |  | 10,008,289 | [2],[3],[6] | 20,564,242 | [7],[8],[9]
Fair Value |  | $ 11,592,334 | [2],[4],[6] | $ 14,750,785 | [7],[8],[10]
% of Net Assets |  | 7.40% | [2],[5],[6] | 9.21% | [7],[8],[11]
Investment, Identifier [Axis]: Affiliated Investments - FST Holdings Parent, LLC - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[6] | $ 625,548 |  |  |
Amortized Cost | [2],[3],[6],[12] | 10,008,289 |  |  |
Fair Value | [2],[4],[6] | $ 11,592,334 |  |  |
% of Net Assets | [2],[5],[6] | 7.40% |  |  |
Investment, Identifier [Axis]: Affiliated Investments-Black Angus Steakhouses, LLC-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[7],[8] |  |  |  |
Amortized Cost | [7],[8],[9] |  |  |  |
Fair Value | [7],[8],[10] |  |  |  |
% of Net Assets | [7],[8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Affiliated Investments-Black Angus Steakhouses, LLC-Senior Secured First Lien Delayed Draw Term Loan |  |  |  |  |
Maturity | [7],[8] |  |  | Jan. 31, 2025 |
Par Amount/ Shares/Units | [1],[7],[8] |  |  | $ 1,013,584 |
Amortized Cost | [7],[8],[9] |  |  | 875,749 |
Fair Value | [7],[8],[10] |  |  | $ 751,207 |
% of Net Assets | [7],[8],[11] |  |  | 0.47% |
Investment, Identifier [Axis]: Affiliated Investments-Black Angus Steakhouses, LLC-Senior Secured First Lien Super Priority Delayed Draw Term Loan |  |  |  |  |
Maturity | [7],[8] |  |  | Jan. 31, 2025 |
Par Amount/ Shares/Units | [1],[7],[8] |  |  | $ 2,223,303 |
Amortized Cost | [7],[8],[9] |  |  | 1,920,960 |
Fair Value | [7],[8],[10] |  |  | $ 1,647,776 |
% of Net Assets | [7],[8],[11] |  |  | 1.03% |
Investment, Identifier [Axis]: Affiliated Investments-Black Angus Steakhouses, LLC-Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [7],[8] |  |  | Jan. 31, 2025 |
Par Amount/ Shares/Units | [1],[7],[8] |  |  | $ 15,090,314 |
Amortized Cost | [7],[8],[9] |  |  | 7,767,533 |
Fair Value | [7],[8],[10] |  |  |  |
% of Net Assets | [7],[8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Affiliated Investments-FST Holdings Parent, LLC-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[7],[8] |  |  | $ 625,548 |
Amortized Cost | [7],[8],[9] |  |  | 10,000,000 |
Fair Value | [7],[8],[10] |  |  | $ 12,351,802 |
% of Net Assets | [7],[8],[11] |  |  | 7.71% |
Investment, Identifier [Axis]: All Around Roustabout, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 350,000 |
Amortized Cost | [8],[9] |  |  | 196,411 |
Fair Value | [8],[10] |  |  | $ 350,000 |
% of Net Assets | [8],[11] |  |  | 0.22% |
Investment, Identifier [Axis]: Altisource S.A.R.L. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 8,824,451 | [2] | $ 14,102,583 | [8]
Amortized Cost |  | 12,906,467 | [2],[3] | 11,029,605 | [8],[9]
Fair Value |  | $ 12,663,326 | [2],[4] | $ 9,647,924 | [8],[10]
% of Net Assets |  | 8.07% | [2],[5] | 6.02% | [8],[11]
Investment, Identifier [Axis]: Arcline FM Holdings, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 2,658,987 |
Amortized Cost | [8],[9] |  |  | 2,571,184 |
Fair Value | [8],[10] |  |  | $ 2,660,649 |
% of Net Assets | [8],[11] |  |  | 1.66% |
Investment, Identifier [Axis]: Black Angus Steakhouses, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[7],[8] |  |  | $ 18,327,201 |
Amortized Cost | [7],[8],[9] |  |  | 10,564,242 |
Fair Value | [7],[8],[10] |  |  | $ 2,398,983 |
% of Net Assets | [7],[8],[11] |  |  | 1.50% |
Investment, Identifier [Axis]: Blufox Mobile Services |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 7,111,139 |
Amortized Cost | [8],[9] |  |  | 7,047,816 |
Fair Value | [8],[10] |  |  | $ 7,111,139 |
% of Net Assets | [8],[11] |  |  | 4.44% |
Investment, Identifier [Axis]: Boostability Seotowncenter, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 833,152 | [2] | $ 833,152 | [8],[9]
Amortized Cost |  | 66,475 | [2],[3] | 66,475 | [8],[9]
Fair Value |  |  | [2],[4] |  | [8],[10]
% of Net Assets |  | 0.00% | [2],[5] | 0.00% | [8],[11]
Investment, Identifier [Axis]: CB&L Associates Holdco I, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 2,929,278 | [2] | $ 5,384,063 | [8]
Amortized Cost |  | 2,460,845 | [2],[3] | 4,541,408 | [8],[9]
Fair Value |  | $ 2,746,198 | [2],[4] | $ 5,034,099 | [8],[10]
% of Net Assets |  | 1.75% | [2],[5] | 3.14% | [8],[11]
Investment, Identifier [Axis]: Chimera Investment Corp. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 177,843 | [2] | $ 242,790 | [8]
Amortized Cost |  | 4,271,503 | [2],[3] | 5,648,289 | [8],[9]
Fair Value |  | $ 4,062,263 | [2],[4] | $ 5,671,126 | [8],[10]
% of Net Assets |  | 2.60% | [2],[5] | 3.54% | [8],[11]
Investment, Identifier [Axis]: Compass Diversified Holdings |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 47,550 |  |  |
Amortized Cost | [2],[3] | 810,616 |  |  |
Fair Value | [2],[4] | $ 896,318 |  |  |
% of Net Assets | [2],[5] | 0.57% |  |  |
Investment, Identifier [Axis]: Controlled Investments |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 167,026,593 | [2],[13] | $ 162,764,636 | [8],[14]
Amortized Cost |  | 150,432,462 | [2],[3],[13] | 97,016,429 | [8],[9],[14]
Fair Value |  | $ 123,454,891 | [2],[4],[13] | $ 70,931,647 | [8],[10],[14]
% of Net Assets |  | 78.80% | [2],[5],[13] | 44.24% | [8],[11],[14]
Investment, Identifier [Axis]: Controlled Investments - FlexFIN, LLC - Equity Interest |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[13] | $ 36,245,002 |  |  |
Amortized Cost | [2],[3],[13] | 36,245,002 |  |  |
Fair Value | [2],[4],[13] | $ 36,245,002 |  |  |
% of Net Assets | [2],[3],[5],[13] | 23.13% |  |  |
Investment, Identifier [Axis]: Controlled Investments - NSG Captive, Inc. - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[13],[15] | $ 100,000 |  |  |
Amortized Cost | [2],[3],[13],[15] | 49,255,076 |  |  |
Fair Value | [2],[4],[13],[15] | $ 48,428,501 |  |  |
% of Net Assets | [2],[3],[5],[13],[15] | 30.91% |  |  |
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[13] | $ 1,000 |  |  |
Amortized Cost | [2],[3],[13] | 21,450,924 |  |  |
Fair Value | [2],[4],[13] |  |  |  |
% of Net Assets | [2],[5],[13] | 0.00% |  |  |
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Senior Secured First Lien Term Loan B |  |  |  |  |
Maturity | [2],[13] | Dec. 31, 2026 |  |  |
Par Amount/ Shares/Units | [1],[2],[13] | $ 17,552,420 |  |  |
Amortized Cost | [2],[3],[13] | 13,916,082 |  |  |
Fair Value | [2],[3],[4],[13] | $ 14,691,376 |  |  |
% of Net Assets | [2],[5],[13] | 9.38% |  |  |
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Senior Secured First Lien Term Loan C |  |  |  |  |
Maturity | [2],[13],[16] | Dec. 31, 2026 |  |  |
Par Amount/ Shares/Units | [1],[2],[13],[16] | $ 11,506,159 |  |  |
Amortized Cost | [2],[3],[13],[16] | 7,570,055 |  |  |
Fair Value | [2],[4],[13],[16] |  |  |  |
% of Net Assets | [2],[5],[13],[16] | 0.00% |  |  |
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Senior Secured Revolving Note |  |  |  |  |
Maturity | [2],[13] | Dec. 31, 2026 |  |  |
Par Amount/ Shares/Units | [1],[2],[13] | $ 10,200,000 |  |  |
Amortized Cost | [2],[3],[13] | 10,316,309 |  |  |
Fair Value | [2],[4],[13] | $ 10,200,000 |  |  |
% of Net Assets | [2],[3],[5],[13] | 6.51% |  |  |
Investment, Identifier [Axis]: Controlled Investments-ECC Capital Corp.-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 84,000,000 | [2],[13],[17] | $ 84,000,000 | [8],[14]
Amortized Cost |  | 4,257,002 | [2],[3],[13],[17] | 4,257,002 | [8],[9],[14]
Fair Value |  | $ 6,468,000 | [2],[4],[13],[17] | $ 4,872,000 | [8],[10],[14]
% of Net Assets |  | 4.13% | [2],[5],[13],[17] | 3.04% | [8],[11],[14]
Investment, Identifier [Axis]: Controlled Investments-ECC Capital Corp.-Senior Secured Promissory Note |  |  |  |  |
Maturity |  | Dec. 31, 2031 | [2],[13] | Dec. 31, 2031 | [8],[14]
Par Amount/ Shares/Units | [1] | $ 7,422,012 | [2],[13] | $ 7,422,012 | [8],[14]
Amortized Cost |  | 7,422,012 | [2],[3],[13] | 7,422,012 | [8],[9],[14]
Fair Value |  | $ 7,422,012 | [2],[4],[13] | $ 7,422,012 | [8],[10],[14]
% of Net Assets |  | 4.74% | [2],[5],[13] | 4.65% | [8],[11],[14]
Investment, Identifier [Axis]: Controlled Investments-FlexFIN, LLC-Equity Interest |  |  |  |  |
Par Amount/ Shares/Units | [1],[8],[14] |  |  | $ 36,683,045 |
Amortized Cost | [8],[9],[14] |  |  | 36,683,045 |
Fair Value | [8],[10],[14] |  |  | $ 36,683,045 |
% of Net Assets | [8],[11],[14] |  |  | 22.88% |
Investment, Identifier [Axis]: Controlled Investments-NSG Captive, Inc-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[8],[14] |  |  | $ 100,000 |
Amortized Cost | [8],[9],[14] |  |  | 101,000 |
Fair Value | [8],[10],[14] |  |  | $ 101,000 |
% of Net Assets | [8],[11],[14] |  |  | 0.06% |
Investment, Identifier [Axis]: Controlled Investments-NVTN LLC-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[8],[14] |  |  | $ 1,000 |
Amortized Cost | [8],[9],[14] |  |  | 21,450,924 |
Fair Value | [8],[10],[14] |  |  |  |
% of Net Assets | [8],[11],[14] |  |  | 0.00% |
Investment, Identifier [Axis]: Controlled Investments-NVTN LLC-Senior Secured First Lien Term Loan B |  |  |  |  |
Maturity | [8],[14],[18] |  |  | Dec. 31, 2026 |
Par Amount/ Shares/Units | [1],[8],[14],[18] |  |  | $ 17,552,420 |
Amortized Cost | [8],[9],[14],[18] |  |  | 13,916,082 |
Fair Value | [8],[10],[14],[18] |  |  | $ 16,353,590 |
% of Net Assets | [8],[11],[14],[18] |  |  | 10.20% |
Investment, Identifier [Axis]: Controlled Investments-NVTN LLC-Senior Secured First Lien Term Loan C |  |  |  |  |
Maturity | [8],[14] |  |  | Dec. 31, 2026 |
Par Amount/ Shares/Units | [1],[8],[14] |  |  | $ 11,506,159 |
Amortized Cost | [8],[9],[14] |  |  | 7,570,055 |
Fair Value | [8],[10],[14] |  |  |  |
% of Net Assets | [8],[11],[14] |  |  | 0.00% |
Investment, Identifier [Axis]: Controlled Investments-NVTN LLC-Senior Secured Revolving Note-One |  |  |  |  |
Maturity | [8],[14] |  |  | Dec. 31, 2026 |
Par Amount/ Shares/Units | [1],[8],[14] |  |  | $ 5,500,000 |
Amortized Cost | [8],[9],[14] |  |  | 5,616,309 |
Fair Value | [8],[10],[14] |  |  | $ 5,500,000 |
% of Net Assets | [8],[11],[14] |  |  | 3.43% |
Investment, Identifier [Axis]: Copper Property CTL Pass Through Trust |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 637,795 | [2] | $ 637,795 | [8]
Amortized Cost |  | 7,200,434 | [2],[3] | 7,678,355 | [8],[9]
Fair Value |  | $ 7,902,280 | [2],[4] | $ 7,664,893 | [8],[10]
% of Net Assets |  | 5.04% | [2],[5] | 4.78% | [8],[11]
Investment, Identifier [Axis]: DirecTV Financing, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 4,572,023 |
Amortized Cost | [8],[9] |  |  | 4,563,762 |
Fair Value | [8],[10] |  |  | $ 4,556,287 |
% of Net Assets | [8],[11] |  |  | 2.84% |
Investment, Identifier [Axis]: ECC Capital Corp. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 91,422,012 | [2],[13] | $ 91,422,012 | [8],[14]
Amortized Cost |  | 11,679,014 | [2],[3],[13] | 11,679,014 | [8],[9],[14]
Fair Value |  | $ 13,890,012 | [2],[4],[13] | $ 12,294,012 | [8],[10],[14]
% of Net Assets |  | 8.87% | [2],[5],[13] | 7.67% | [8],[11],[14]
Investment, Identifier [Axis]: Epic Y-Grade Services, LP |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 4,000,000 |
Amortized Cost | [8],[9] |  |  | 3,906,938 |
Fair Value | [8],[10] |  |  | $ 3,982,500 |
% of Net Assets | [8],[11] |  |  | 2.48% |
Investment, Identifier [Axis]: FST Holdings Parent, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 625,548 | [2],[6] | $ 625,548 | [7],[8]
Amortized Cost |  | 10,008,289 | [2],[3],[6] | 10,000,000 | [7],[8],[9]
Fair Value |  | $ 11,592,334 | [2],[4],[6] | $ 12,351,802 | [7],[8],[10]
% of Net Assets |  | 7.40% | [2],[5],[6] | 7.71% | [7],[8],[11]
Investment, Identifier [Axis]: First Brands Group, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 3,849,246 | [2] | $ 3,879,397 | [8]
Amortized Cost |  | 3,849,246 | [2],[3] | 3,879,397 | [8],[9]
Fair Value |  | $ 3,632,726 | [2],[4] | $ 3,830,905 | [8],[10]
% of Net Assets |  | 2.32% | [2],[5] | 2.39% | [8],[11]
Investment, Identifier [Axis]: FlexFIN, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[13] | $ 36,245,002 |  |  |
Amortized Cost | [2],[3],[13] | 36,245,002 |  |  |
Fair Value | [2],[4],[13] | $ 36,245,002 |  |  |
% of Net Assets | [2],[5],[13] | 23.13% |  |  |
Investment, Identifier [Axis]: Franklin BSP Realty Trust, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 66,107 |
Amortized Cost | [8],[9] |  |  | 907,782 |
Fair Value | [8],[10] |  |  | $ 863,357 |
% of Net Assets | [8],[11] |  |  | 0.54% |
Investment, Identifier [Axis]: Global Accessories Group, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 380 |
Amortized Cost | [8],[9] |  |  | 151,337 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Innovate Corp. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 4,250,000 | [2] | $ 4,250,000 | [8]
Amortized Cost |  | 3,714,663 | [2],[3] | 3,714,663 | [8],[9]
Fair Value |  | $ 3,758,594 | [2],[4] | $ 3,392,031 | [8],[10]
% of Net Assets |  | 2.40% | [2],[5] | 2.12% | [8],[11]
Investment, Identifier [Axis]: Invesco Mortgage Capital, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 192,300 |
Amortized Cost | [8],[9] |  |  | 4,725,994 |
Fair Value | [8],[10] |  |  | $ 4,624,815 |
% of Net Assets | [8],[11] |  |  | 2.88% |
Investment, Identifier [Axis]: JFL-NGS-WCS Partners, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 10,997,500 |
Amortized Cost | [8],[9] |  |  | 10,992,748 |
Fair Value | [8],[10] |  |  | $ 13,702,488 |
% of Net Assets | [8],[11] |  |  | 8.55% |
Investment, Identifier [Axis]: Kemmerer Operations, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 8,762,782 | [2] | $ 12,161,321 | [8]
Amortized Cost |  | 8,762,782 | [2],[3] | 12,161,321 | [8],[9]
Fair Value |  | $ 8,762,782 | [2],[4] | $ 12,161,321 | [8],[10]
% of Net Assets |  | 5.59% | [2],[5] | 7.59% | [8],[11]
Investment, Identifier [Axis]: Lighting Science Group Corporation |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 5,000,000 |
Amortized Cost | [8],[9] |  |  | 955,680 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Lucky Bucks, LLC - LB NewHoldCo, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 3,879,188 | [2] | $ 2,216,140 | [8]
Amortized Cost |  | 3,847,896 | [2],[3] | 2,120,223 | [8],[9]
Fair Value |  | $ 5,155,175 | [2],[4] | $ 3,455,706 | [8],[10]
% of Net Assets |  | 3.29% | [2],[5] | 2.16% | [8],[11]
Investment, Identifier [Axis]: MB Precision Investment Holdings LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 15,759,859 |  |  |
Amortized Cost | [2],[3] | 12,032,305 |  |  |
Fair Value | [2],[4] | $ 11,777,314 |  |  |
% of Net Assets | [2],[5] | 7.512% |  |  |
Investment, Identifier [Axis]: MFA Financial, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 114,695 | [2] | $ 97,426 | [8]
Amortized Cost |  | 2,800,579 | [2],[3] | 2,318,487 | [8],[9]
Fair Value |  | $ 2,697,626 | [2],[4] | $ 2,308,996 | [8],[10]
% of Net Assets |  | 1.72% | [2],[5] | 1.44% | [8],[11]
Investment, Identifier [Axis]: McKissock Investment Holdings, LLC (dba Colibri) |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 4,874,543 |
Amortized Cost | [8],[9] |  |  | 4,840,100 |
Fair Value | [8],[10] |  |  | $ 4,868,450 |
% of Net Assets | [8],[11] |  |  | 3.04% |
Investment, Identifier [Axis]: NGS-WCS Group Holdings - JFL-NGS-WCS Partners, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 10,990,000 |  |  |
Amortized Cost | [2],[3] | 10,985,746 |  |  |
Fair Value | [2],[4] | $ 12,299,900 |  |  |
% of Net Assets | [2],[5] | 7.85% |  |  |
Investment, Identifier [Axis]: NSG Captive, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 100,000 | [2],[13] | $ 100,000 | [8],[14]
Amortized Cost |  | 49,255,076 | [2],[3],[13] | 101,000 | [8],[9],[14]
Fair Value |  | $ 48,428,501 | [2],[4],[13] | $ 101,000 | [8],[10],[14]
% of Net Assets |  | 30.91% | [2],[5],[13] | 0.06% | [8],[11],[14]
Investment, Identifier [Axis]: NVTN LLC |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 39,259,579 | [2],[13] | $ 34,559,579 | [8],[14]
Amortized Cost |  | 53,253,370 | [2],[3],[13] | 48,553,370 | [8],[9],[14]
Fair Value |  | $ 24,891,376 | [2],[4],[13] | $ 21,853,590 | [8],[10],[14]
% of Net Assets |  | 15.89% | [2],[5],[13] | 13.63% | [8],[11],[14]
Investment, Identifier [Axis]: Neptune Bidco US, Inc. (dba Nielsen) |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 6,974,722 | [2] | $ 1,994,949 | [8]
Amortized Cost |  | 6,469,951 | [2],[3] | 1,885,227 | [8],[9]
Fair Value |  | $ 6,676,175 | [2],[4] | $ 1,865,278 | [8],[10]
% of Net Assets |  | 4.26% | [2],[5] | 1.16% | [8],[11]
Investment, Identifier [Axis]: New York Mortgage Trust, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 238,712 | [2] | $ 165,000 | [8]
Amortized Cost |  | 5,885,875 | [2],[3] | 4,102,076 | [8],[9]
Fair Value |  | $ 5,801,753 | [2],[4] | $ 4,039,200 | [8],[10]
% of Net Assets |  | 3.70% | [2],[5] | 2.52% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 134,086,884 | [2] | $ 128,069,299 | [8]
Amortized Cost |  | 158,364,341 | [2],[3] | 143,179,354 | [8],[9]
Fair Value |  | $ 159,391,606 | [2],[4] | $ 142,233,426 | [8],[10]
% of Net Assets |  | 101.68% | [2],[5] | 88.75% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Consumer - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 3,375,000 |  |  |
Amortized Cost | [2],[3] | 3,375,000 |  |  |
Fair Value | [2],[4] | $ 3,375,000 |  |  |
% of Net Assets | [2],[5] | 2.14% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Consumer - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [2] | Mar. 07, 2030 |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 8,966,250 |  |  |
Amortized Cost | [2],[3] | 8,796,931 |  |  |
Fair Value | [2],[4] | $ 8,786,925 |  |  |
% of Net Assets | [2],[5] | 5.60% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L - Business - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[17],[19],[20] | $ 547,180 |  |  |
Amortized Cost | [2],[3],[17],[19],[20] | 3,327,909 |  |  |
Fair Value | [2],[4],[17],[19],[20] | $ 4,667,445 |  |  |
% of Net Assets | [2],[5],[17],[19],[20] | 2.97% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L - Business - Senior Secured First Lien Term Loan B |  |  |  |  |
Maturity | [2],[20],[21] | Apr. 30, 2030 |  |  |
Par Amount/ Shares/Units | [1],[2],[20],[21] | $ 8,054,585 |  |  |
Amortized Cost | [2],[3],[20],[21] | 8,309,343 |  |  |
Fair Value | [2],[4],[20],[21] | $ 7,883,425 |  |  |
% of Net Assets | [2],[5],[20],[21] | 5.02% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L - Business - Warrants |  |  |  |  |
Maturity | [2],[17],[19],[20] | Apr. 30, 2032 |  |  |
Par Amount/ Shares/Units | [1],[2],[17],[19],[20] | $ 111,343 |  |  |
Amortized Cost | [2],[3],[17],[19],[20] | 622,110 |  |  |
Fair Value | [2],[4],[17],[19],[20] | $ 55,672 |  |  |
% of Net Assets | [2],[5],[17],[19],[20] | 0.04% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L-Business - Warrants |  |  |  |  |
Maturity | [2],[17],[19],[20] | Apr. 02, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2],[17],[19],[20] | $ 111,343 |  |  |
Amortized Cost | [2],[3],[17],[19],[20] | 647,105 |  |  |
Fair Value | [2],[4],[17],[19],[20] | $ 56,784 |  |  |
% of Net Assets | [2],[5],[17],[19],[20] | 0.04% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - CB&L Associates Holdco I, LLC - Real Estate - First Lien Term Loan |  |  |  |  |
Maturity |  | Nov. 01, 2025 | [2],[20],[21] | Nov. 01, 2025 | [8],[22]
Par Amount/ Shares/Units | [1] | $ 2,929,278 | [2],[20],[21] | $ 5,384,063 | [8],[22]
Amortized Cost |  | 2,460,845 | [2],[3],[20],[21] | 4,541,408 | [8],[9],[22]
Fair Value |  | $ 2,746,198 | [2],[4],[20],[21] | $ 5,034,099 | [8],[10],[22]
% of Net Assets |  | 1.75% | [2],[5],[20],[21] | 3.14% | [8],[11],[22]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp - Real Estate - Class B Preferred Units |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 26,133 | [2],[17],[20],[23] | $ 105,480 | [8]
Amortized Cost |  | 635,531 | [2],[3],[17],[20],[23] | 2,305,206 | [8],[9]
Fair Value |  | $ 638,168 | [2],[4],[17],[20],[23] | $ 2,561,054 | [8],[10]
% of Net Assets |  | 0.41% | [2],[5],[17],[20],[23] | 1.60% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp - Real Estate - Class C Preferred Units |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 151,710 | [2],[17],[20],[24] | $ 137,310 | [8],[22]
Amortized Cost |  | 3,635,972 | [2],[3],[17],[20] | 3,343,083 | [8],[9],[22]
Fair Value |  | $ 3,424,095 | [2],[4],[17],[20] | $ 3,110,072 | [8],[10],[22]
% of Net Assets |  | 2.19% | [2],[5],[17],[20] | 1.94% | [8],[11],[22]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Compass Diversified Holdings - Real Estate - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[17],[20] | $ 47,550 |  |  |
Amortized Cost | [2],[3],[17],[20] | 810,616 |  |  |
Fair Value | [2],[4],[17],[20] | $ 896,318 |  |  |
% of Net Assets | [2],[5],[17],[20] | 0.57% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Copper Property CTL Pass Through Trust - Real Estate - Equity Certificates |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 637,795 | [2],[17] | $ 637,795 | [8]
Amortized Cost |  | 7,200,434 | [2],[3],[17] | 7,678,355 | [8],[9]
Fair Value |  | $ 7,902,280 | [2],[4],[17] | $ 7,664,893 | [8],[10]
% of Net Assets |  | 5.04% | [2],[5],[17] | 4.78% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - First Brands Group, LLC - Automotive - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity |  | Mar. 30, 2027 | [2],[21],[23],[25] | Mar. 30, 2027 | [8]
Par Amount/ Shares/Units | [1] | $ 3,849,246 | [2],[21],[23],[25] | $ 3,879,397 | [8]
Amortized Cost |  | 3,849,246 | [2],[3],[21],[23],[25] | 3,879,397 | [8],[9]
Fair Value |  | $ 3,632,726 | [2],[4],[21],[23],[25] | $ 3,830,905 | [8],[10]
% of Net Assets |  | 2.32% | [2],[5],[21],[23],[25] | 2.39% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Innovate Corp. - Construction & Building - Senior Secured Notes |  |  |  |  |
Maturity |  | Feb. 01, 2026 | [2],[20],[21] | Feb. 01, 2026 | [8],[22]
Par Amount/ Shares/Units | [1] | $ 4,250,000 | [2],[20],[21] | $ 4,250,000 | [8],[22]
Amortized Cost |  | 3,714,663 | [2],[3],[20],[21] | 3,714,663 | [8],[9],[22]
Fair Value |  | $ 3,758,594 | [2],[4],[20],[21] | $ 3,392,031 | [8],[10],[22]
% of Net Assets |  | 2.40% | [2],[5],[20],[21] | 2.12% | [8],[11],[22]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - JFL-NGS-WCS Partners, LLC - Construction & Building - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 10,000,000 | [2] | $ 10,000,000 | [8]
Amortized Cost |  | 10,000,000 | [2],[3] | 10,000,000 | [8],[9]
Fair Value |  | $ 11,300,000 | [2],[4] | $ 12,700,000 | [8],[10]
% of Net Assets |  | 7.21% | [2],[5] | 7.92% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Kemmerer Operations, LLC - Metals & Mining - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity |  | Dec. 31, 2028 | [2] | Dec. 31, 2028 | [8]
Par Amount/ Shares/Units | [1] | $ 8,762,782 | [2] | $ 12,161,321 | [8]
Amortized Cost |  | 8,762,782 | [2],[3] | 12,161,321 | [8],[9]
Fair Value |  | $ 8,762,782 | [2],[4] | $ 12,161,321 | [8],[10]
% of Net Assets |  | 5.59% | [2],[5] | 7.59% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC - Consumer Discretionary - Priority First Out Exit Term Loan |  |  |  |  |
Maturity |  | Oct. 02, 2028 | [2] | Oct. 02, 2028 | [8]
Par Amount/ Shares/Units | [1] | $ 1,518,155 | [2] | $ 684,370 | [8]
Amortized Cost |  | 1,414,130 | [2],[3] | 621,820 | [8],[9]
Fair Value |  | $ 1,518,155 | [2],[4] | $ 684,370 | [8],[10]
% of Net Assets |  | 0.97% | [2],[5] | 0.43% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC - Consumer Discretionary - Priority Second Out Term Loan |  |  |  |  |
Maturity |  | Oct. 02, 2029 | [2] | Oct. 02, 2029 | [8]
Par Amount/ Shares/Units | [1] | $ 2,130,294 | [2] | $ 1,351,031 | [8]
Amortized Cost |  | 1,984,373 | [2],[3] | 1,324,010 | [8],[9]
Fair Value |  | $ 2,130,294 | [2],[4] | $ 1,351,031 | [8],[10]
% of Net Assets |  | 1.36% | [2],[5] | 0.84% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 3,909,018 |  |  |
Amortized Cost | [2],[3] | 2,966,331 |  |  |
Fair Value | [2],[4] | $ 2,750,972 |  |  |
% of Net Assets | [2],[5] | 1.76% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Revolver |  |  |  |  |
Maturity | [2] | Sep. 30, 2028 |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 1,605,629 |  |  |
Amortized Cost | [2],[3] | 1,561,736 |  |  |
Fair Value | [2],[4] | $ 1,582,032 |  |  |
% of Net Assets | [2],[5] | 1.01% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [2] | Sep. 30, 2028 |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 6,864,930 |  |  |
Amortized Cost | [2],[3] | 6,676,829 |  |  |
Fair Value | [2],[4] | $ 6,753,718 |  |  |
% of Net Assets | [2],[5] | 4.31% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Warrants |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 3,380,282 |  |  |
Amortized Cost | [2],[3] | 827,409 |  |  |
Fair Value | [2],[4] | $ 690,592 |  |  |
% of Net Assets | [2],[5] | 0.44% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MFA Financial, Inc. - Real Estate - Equity |  |  |  |  |
Par Amount/ Shares/Units |  | $ 114,695 | [2],[17],[20] | $ 97,426 | [1],[8],[22]
Amortized Cost |  | 2,800,579 | [2],[3],[17],[20] | 2,318,487 | [8],[9],[22]
Fair Value |  | $ 2,697,626 | [2],[4],[17],[20] | $ 2,308,996 | [8],[10],[22]
% of Net Assets |  | 1.72% | [2],[5],[17],[20] | 1.44% | [8],[11],[22]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - NGS-WCS Group Holdings - Construction & Building - Senior Secured First Lien Term Loan B |  |  |  |  |
Maturity |  | May 31, 2030 | [2] | May 31, 2030 | [8]
Par Amount/ Shares/Units | [1] | $ 990,000 | [2] | $ 997,500 | [8]
Amortized Cost |  | 985,746 | [2],[3] | 992,748 | [8],[9]
Fair Value |  | $ 999,900 | [2],[4] | $ 1,002,488 | [8],[10]
% of Net Assets |  | 0.64% | [2],[5] | 0.63% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Neptune Bidco US, Inc. (dba Nielsen) - Broadcasting & Subscription - First Lien Term Loan |  |  |  |  |
Maturity |  | Apr. 11, 2029 | [2],[21] | Apr. 11, 2029 | [8]
Par Amount/ Shares/Units | [1] | $ 2,974,722 | [2],[21] | $ 1,994,949 | [8]
Amortized Cost |  | 2,793,701 | [2],[3],[21] | 1,885,227 | [8],[9]
Fair Value |  | $ 2,803,675 | [2],[4],[21] | $ 1,865,278 | [8],[10]
% of Net Assets |  | 1.79% | [2],[5],[21] | 1.16% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Neptune Bidco US, Inc. (dba Nielsen) - Broadcasting & Subscription - Senior Secured Note |  |  |  |  |
Maturity | [2],[21] | Apr. 15, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2],[21] | $ 4,000,000 |  |  |
Amortized Cost | [2],[3],[21] | 3,676,250 |  |  |
Fair Value | [2],[4],[21] | $ 3,872,500 |  |  |
% of Net Assets | [2],[5],[21] | 2.47% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - New York Mortgage Trust, Inc. - Real Estate - Class E Preferred Units |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[17],[20] | $ 221,469 |  |  |
Amortized Cost | [2],[3],[17],[20] | 5,510,240 |  |  |
Fair Value | [2],[4],[17],[20] | $ 5,437,064 |  |  |
% of Net Assets | [2],[5],[17],[20] | 3.47% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - New York Mortgage Trust, Inc. - Real Estate - Class F Preferred Units |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[17],[20],[26] | $ 17,243 |  |  |
Amortized Cost | [2],[3],[20] | 375,635 |  |  |
Fair Value | [2],[4],[20] | $ 364,689 |  |  |
% of Net Assets | [2],[5],[20] | 0.23% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - New York Mrtgage Trust, Inc. - Real Estate - Class E Preferred Units |  |  |  |  |
Par Amount/ Shares/Units | [1],[8],[22] |  |  | $ 165,000 |
Amortized Cost | [8],[9],[22] |  |  | 4,102,076 |
Fair Value | [8],[10],[22] |  |  | $ 4,039,200 |
% of Net Assets | [8],[11],[22] |  |  | 2.52% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PHH Mortgage Corp. - Real Estate - Senior Secured Note |  |  |  |  |
Maturity |  | Nov. 01, 2029 | [2],[21] | Mar. 15, 2026 | [8]
Par Amount/ Shares/Units | [1] | $ 2,500,000 | [2],[21] | $ 7,686,000 | [8]
Amortized Cost | [9] | 2,343,050 | [2],[3],[21] | 6,990,720 | [8]
Fair Value |  | $ 2,475,000 | [2],[4],[21] | $ 7,661,981 | [8],[10]
% of Net Assets |  | 1.58% | [2],[5],[21] | 4.78% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [2],[21] | Apr. 01, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2],[21] | $ 69,297 |  |  |
Amortized Cost | [2],[3],[21] | 67,911 |  |  |
Fair Value | [2],[4],[21] | $ 68,604 |  |  |
% of Net Assets | [2],[5],[21] | 0.04% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured Revolving Note |  |  |  |  |
Maturity | [2] | Apr. 01, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 42,653 |  |  |
Amortized Cost | [2],[3] | 41,800 |  |  |
Fair Value | [2],[4] | $ 42,227 |  |  |
% of Net Assets | [2],[5] | 0.03% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Consumer - Senior Secured First Lien Revolver |  |  |  |  |
Maturity | [2],[27] | Apr. 17, 2030 |  |  |
Par Amount/ Shares/Units | [2],[27] |  |  |  |
Amortized Cost | [2],[27] |  |  |  |
Fair Value | [2],[27] |  |  |  |
% of Net Assets | [2],[27] | 0.00% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Consumer - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [2] | Apr. 17, 2030 |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 5,720,956 |  |  |
Amortized Cost | [2],[3] | 5,693,197 |  |  |
Fair Value | [2],[4] | $ 5,720,956 |  |  |
% of Net Assets | [2],[5] | 3.65% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Power Stop LLC - Automotive - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity |  | Jan. 26, 2029 | [2],[21] | Jan. 26, 2029 | [8]
Par Amount/ Shares/Units | [1] | $ 8,922,908 | [2],[21] | $ 8,838,431 | [8]
Amortized Cost |  | 7,928,883 | [2],[3],[21] | 8,289,487 | [8],[9]
Fair Value |  | $ 6,658,720 | [2],[4],[21] | $ 8,484,894 | [8],[10]
% of Net Assets |  | 4.25% | [2],[5],[21] | 5.29% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Redwood Trust Inc. - Real Estate - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[17],[20] | $ 7,417 |  |  |
Amortized Cost | [2],[3],[17],[20] | 182,468 |  |  |
Fair Value | [2],[4],[17],[20] | $ 187,724 |  |  |
% of Net Assets | [2],[5],[17],[20] | 0.12% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Consumer - Senior Secured First Lien Revolver |  |  |  |  |
Maturity | [2] | Dec. 20, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2] |  |  |  |
Amortized Cost | [2],[3] |  |  |  |
Fair Value | [2],[4] |  |  |  |
% of Net Assets | [2],[5] | 0.00% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Consumer - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity |  | Dec. 20, 2029 | [2] | Dec. 30, 2026 | [8]
Par Amount/ Shares/Units | [1] | $ 13,503,571 | [2] | $ 6,666,667 | [8]
Amortized Cost |  | 13,434,844 | [2],[3] | 6,612,831 | [8],[9]
Fair Value |  | $ 13,386,090 | [2],[4] | $ 6,666,667 | [8],[10]
% of Net Assets |  | 8.54% | [2],[5] | 4.16% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Spotter Inc. - High Tech Industries - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[2],[19] | $ 414,293 |  |  |
Amortized Cost | [2],[3],[19] | 5,999,998 |  |  |
Fair Value | [2],[4],[19] | $ 5,999,998 |  |  |
% of Net Assets | [2],[5],[19] | 3.83% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Stancor (dba Industrial Flow Solutions Holdings, LLC) - Business - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 358,867 | [2] | $ 358,867 | [8]
Amortized Cost |  | 345,491 | [2],[3] | 345,491 | [8],[9]
Fair Value |  | $ 321,186 | [2],[4] | $ 375,105 | [8],[10]
% of Net Assets |  | 0.20% | [2],[5] | 0.23% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Staples, Inc. - Consumer - First Lien Term Loan |  |  |  |  |
Maturity | [2],[21] | Sep. 01, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2],[21] | $ 3,970,000 |  |  |
Amortized Cost | [2],[3],[21] | 3,834,349 |  |  |
Fair Value | [2],[4],[21] | $ 3,657,363 |  |  |
% of Net Assets | [2],[5],[21] | 2.33% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Tamarix Capital Partners II, L.P. - Banking - Fund Investment |  |  |  |  |
Par Amount/ Shares/Units | [1] |  | [2],[20],[28],[29] |  | [8],[22]
Amortized Cost |  | 1,746,049 | [2],[3],[20],[28],[29] | 1,746,049 | [8],[9],[22]
Fair Value |  | $ 1,649,842 | [2],[4],[20],[28],[29] | $ 1,524,911 | [8],[10],[22]
% of Net Assets |  | 1.05% | [2],[5],[20],[28],[29] | 0.96% | [8],[11],[22]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Thryv Holdings, Inc. - Broadcasting & Subscription - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity |  | May 01, 2029 | [2],[20],[21] | May 01, 2029 | [8],[22]
Par Amount/ Shares/Units | [1] | $ 2,100,000 | [2],[20],[21] | $ 2,550,000 | [8],[22]
Amortized Cost |  | 2,082,899 | [2],[3],[20],[21] | 2,526,140 | [8],[9],[22]
Fair Value |  | $ 2,113,125 | [2],[4],[20],[21] | $ 2,581,875 | [8],[10],[22]
% of Net Assets |  | 1.35% | [2],[5],[20],[21] | 1.61% | [8],[11],[22]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Wingman Holdings, Inc. - Aerospace & Defense - Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [2] | Apr. 17, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 12,400,920 |  |  |
Amortized Cost | [2],[3] | 12,281,619 |  |  |
Fair Value | [2],[4] | $ 12,276,911 |  |  |
% of Net Assets | [2],[5] | 7.83% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Wingman Holdings, Inc. - Aerospace & Defense - Senior Secured Revolving Note |  |  |  |  |
Maturity | [2] | Apr. 17, 2029 |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 805,120 |  |  |
Amortized Cost | [2],[3] | 782,413 |  |  |
Fair Value | [2],[4] | $ 797,069 |  |  |
% of Net Assets | [2],[5] | 0.51% |  |  |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Wingman Holdings, Inc.- Aerospace & Defense - Equity |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 350 | [2] | $ 350 | [8]
Amortized Cost |  | 700,000 | [2],[3] | 700,000 | [8],[9]
Fair Value |  | $ 387,436 | [2],[4] | $ 166,795 | [8],[10]
% of Net Assets |  | 0.25% | [2],[5] | 0.10% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Consumer - First Out Delayed Draw Term Loan |  |  |  |  |
Maturity |  | Oct. 16, 2028 | [2] | Oct. 16, 2028 | [8]
Par Amount/ Shares/Units | [1] | $ 31,455 | [2] | $ 32,366 | [8]
Amortized Cost |  | 34,262 | [2],[3] | 33,259 | [8],[9]
Fair Value |  | $ 31,456 | [2],[4] | $ 32,123 | [8],[10]
% of Net Assets |  | 0.02% | [2],[5] | 0.02% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Consumer - First Out Term Loan |  |  |  |  |
Maturity |  | Oct. 16, 2028 | [2] | Oct. 16, 2028 | [8]
Par Amount/ Shares/Units | [1] | $ 624,904 | [2] | $ 646,390 | [8]
Amortized Cost |  | 629,557 | [2],[3] | 650,342 | [8],[9]
Fair Value |  | $ 624,904 | [2],[4] | $ 641,542 | [8],[10]
% of Net Assets |  | 0.40% | [2],[5] | 0.40% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Consumer - Last Out Delayed Draw Term Loan |  |  |  |  |
Maturity |  | Oct. 16, 2028 | [2] | Oct. 16, 2028 | [8]
Par Amount/ Shares/Units | [1] | $ 140,082 | [2] | $ 140,082 | [8]
Amortized Cost |  | 140,082 | [2],[3] | 142,014 | [8],[9]
Fair Value |  | $ 139,731 | [2],[4] | $ 137,630 | [8],[10]
% of Net Assets |  | 0.09% | [2],[5] | 0.09% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Consumer - Last Out Term Loan |  |  |  |  |
Maturity |  | Oct. 16, 2028 | [2] | Oct. 16, 2028 | [8]
Par Amount/ Shares/Units | [1] | $ 1,863,568 | [2] | $ 1,863,568 | [8]
Amortized Cost |  | 1,858,155 | [2],[3] | 1,853,360 | [8],[9]
Fair Value |  | $ 1,858,909 | [2],[4] | $ 1,830,956 | [8],[10]
% of Net Assets |  | 1.19% | [2],[5] | 1.14% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-All Around Roustabout, LLC-Senior Secured First Lien Term Loan C |  |  |  |  |
Maturity | [8] |  |  | Aug. 31, 2026 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 350,000 |
Amortized Cost | [8],[9] |  |  | 196,411 |
Fair Value | [8],[10] |  |  | $ 350,000 |
% of Net Assets | [8],[11] |  |  | 0.22% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Altisource S.A.R.L.-Senior Secured First Lien Term Loan B |  |  |  |  |
Maturity | [8],[22] |  |  | Apr. 30, 2025 |
Par Amount/ Shares/Units | [1],[8],[22] |  |  | $ 14,004,684 |
Amortized Cost | [8],[9],[22] |  |  | 11,029,605 |
Fair Value | [8],[10],[22] |  |  | $ 9,565,199 |
% of Net Assets | [8],[11],[22] |  |  | 5.97% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Altisource S.A.R.L.-Warrants |  |  |  |  |
Maturity | [8],[22] |  |  | May 22, 2027 |
Par Amount/ Shares/Units | [1],[8],[22] |  |  | $ 97,899 |
Amortized Cost | [8],[9],[22] |  |  |  |
Fair Value | [8],[10],[22] |  |  | $ 82,725 |
% of Net Assets | [8],[11],[22] |  |  | 0.05% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Arcline FM Holdings, LLC-First Lien Term Loans |  |  |  |  |
Maturity | [8] |  |  | Jun. 23, 2028 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 2,658,987 |
Amortized Cost | [8],[9] |  |  | 2,571,184 |
Fair Value | [8],[10] |  |  | $ 2,660,649 |
% of Net Assets | [8],[11] |  |  | 1.66% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Blufox Mobile Services-Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [8] |  |  | Apr. 12, 2028 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 7,111,139 |
Amortized Cost | [8],[9] |  |  | 7,047,816 |
Fair Value | [8],[10] |  |  | $ 7,111,139 |
% of Net Assets | [8],[11] |  |  | 4.44% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Boostability Seotowncenter, Inc-Business-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 833,152 | [2] | $ 833,152 | [8]
Amortized Cost |  | 66,475 | [2],[3] | 66,475 | [8],[9]
Fair Value |  |  | [2],[4] |  | [8],[10]
% of Net Assets |  | 0.00% | [2],[5] | 0.00% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-DirecTV Financing, LLC-Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [8] |  |  | Aug. 02, 2027 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 3,639,523 |
Amortized Cost | [8],[9] |  |  | 3,641,793 |
Fair Value | [8],[10] |  |  | $ 3,639,523 |
% of Net Assets | [8],[11] |  |  | 2.27% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-DirecTV Financing, LLC-Senior Secured First Lien Term Loan-One |  |  |  |  |
Maturity | [8] |  |  | Aug. 02, 2029 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 932,500 |
Amortized Cost | [8],[9] |  |  | 921,969 |
Fair Value | [8],[10] |  |  | $ 916,764 |
% of Net Assets | [8],[11] |  |  | 0.57% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Epic Y-Grade Services, LP-First Lien Term Loan |  |  |  |  |
Maturity | [8] |  |  | Jun. 30, 2029 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 4,000,000 |
Amortized Cost | [8],[9] |  |  | 3,906,938 |
Fair Value | [8],[10] |  |  | $ 3,982,500 |
% of Net Assets | [8],[11] |  |  | 2.48% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Franklin BSP Realty Trust, Inc-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[8],[22] |  |  | $ 66,107 |
Amortized Cost | [8],[9],[22] |  |  | 907,782 |
Fair Value | [8],[10],[22] |  |  | $ 863,357 |
% of Net Assets | [8],[11],[22] |  |  | 0.54% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Global Accessories Group, LLC-Equity Membership Interest |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 380 |
Amortized Cost | [8],[9] |  |  | 151,337 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Invesco Mortgage Capital, Inc-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[8],[22] |  |  | $ 192,300 |
Amortized Cost | [8],[9],[22] |  |  | 4,725,994 |
Fair Value | [8],[10],[22] |  |  | $ 4,624,815 |
% of Net Assets | [8],[11],[22] |  |  | 2.88% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-LB NewHoldCo, LLC-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 230,739 | [2] | $ 180,739 | [8]
Amortized Cost |  | 449,393 | [2],[3] | 174,393 | [8],[9]
Fair Value |  | $ 1,506,726 | [2],[4] | $ 1,420,305 | [8],[10]
% of Net Assets |  | 0.96% | [2],[5] | 0.89% | [8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Lighting Science Group Corporation-Warrants |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 5,000,000 |
Amortized Cost | [8],[9] |  |  | 955,680 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-McKissock Investment Holdings, LLC (dba Colibri)-Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [8] |  |  | Mar. 10, 2029 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 4,874,543 |
Amortized Cost | [8],[9] |  |  | 4,840,100 |
Fair Value | [8],[10] |  |  | $ 4,868,450 |
% of Net Assets | [8],[11] |  |  | 3.04% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Point.360-Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [8] |  |  | Jul. 08, 2020 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 2,777,366 |
Amortized Cost | [8],[9] |  |  | 2,103,712 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-SS Acquisition, LLC (dba Soccer Shots Franchising) - Consumer - Senior Secured First Lien Delayed Draw Term Loan |  |  |  |  |
Maturity | [8] |  |  | Dec. 30, 2026 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 3,200,000 |
Amortized Cost | [8],[9] |  |  | 3,171,118 |
Fair Value | [8],[10] |  |  | $ 3,200,000 |
% of Net Assets | [8],[11] |  |  | 2.00% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Secure Acquisition Inc. (dba Paragon Films)-Senior Secured First Lien Term Loan |  |  |  |  |
Maturity | [8] |  |  | Dec. 16, 2028 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 3,509,670 |
Amortized Cost | [8],[9] |  |  | 3,499,674 |
Fair Value | [8],[10] |  |  | $ 3,505,283 |
% of Net Assets | [8],[11] |  |  | 2.19% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Staples, Inc-First Lien Term Loan |  |  |  |  |
Maturity | [8] |  |  | Sep. 01, 2029 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 4,000,000 |
Amortized Cost | [8],[9] |  |  | 3,845,748 |
Fair Value | [8],[10] |  |  | $ 3,632,500 |
% of Net Assets | [8],[11] |  |  | 2.27% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Velocity Pooling Vehicle, LLC-Equity |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 5,441 |
Amortized Cost | [8],[9] |  |  | 302,464 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments-Velocity Pooling Vehicle, LLC-Warrants |  |  |  |  |
Maturity | [1],[8] |  |  | Mar. 30, 2028 |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 6,506 |
Amortized Cost | [8],[9] |  |  | 361,667 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: PHH Mortgage Corp. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 2,500,000 | [2] | $ 7,686,000 | [8]
Amortized Cost |  | 2,343,050 | [2],[3] | 6,990,720 | [8],[9]
Fair Value |  | $ 2,475,000 | [2],[4] | $ 7,661,981 | [8],[10]
% of Net Assets |  | 1.58% | [2],[5] | 4.78% | [8],[11]
Investment, Identifier [Axis]: PREIT Associates |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 111,950 |  |  |
Amortized Cost | [2],[3] | 109,711 |  |  |
Fair Value | [2],[4] | $ 110,831 |  |  |
% of Net Assets | [2],[5] | 0.07% |  |  |
Investment, Identifier [Axis]: PSB Group, LLC |  |  |  |  |
Par Amount/ Shares/Units |  | $ 5,720,956 |  |  |
Amortized Cost |  | 5,693,197 |  |  |
Fair Value |  | $ 5,720,956 |  |  |
% of Net Assets |  | 3.65% |  |  |
Investment, Identifier [Axis]: Point.360 |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 2,777,366 |
Amortized Cost | [8],[9] |  |  | 2,103,712 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Power Stop LLC |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 8,922,908 | [2] | $ 8,838,431 | [8]
Amortized Cost |  | 7,928,883 | [2],[3] | 8,289,487 | [8],[9]
Fair Value |  | $ 6,658,720 | [2],[4] | $ 8,484,894 | [8],[10]
% of Net Assets |  | 4.25% | [2],[5] | 5.29% | [8],[11]
Investment, Identifier [Axis]: Redwood Trust Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 7,417 |  |  |
Amortized Cost | [2],[3] | 182,468 |  |  |
Fair Value | [2],[4] | $ 187,724 |  |  |
% of Net Assets | [2],[5] | 0.12% |  |  |
Investment, Identifier [Axis]: SS Acquisition, LLC (dba Soccer Shots Franchising) |  |  |  |  |
Par Amount/ Shares/Units |  | $ 13,503,571 |  | $ 9,866,667 | [1],[8]
Amortized Cost |  | 13,434,844 |  | 9,783,949 | [8],[9]
Fair Value |  | $ 13,386,090 |  | $ 9,866,667 | [8],[10]
% of Net Assets |  | 8.54% |  | 6.16% | [8],[11]
Investment, Identifier [Axis]: Secure Acquisition Inc. (dba Paragon Films) |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 3,509,670 |
Amortized Cost | [8],[9] |  |  | 3,499,674 |
Fair Value | [8],[10] |  |  | $ 3,505,283 |
% of Net Assets | [8],[11] |  |  | 2.19% |
Investment, Identifier [Axis]: Spotter Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1],[2] | $ 414,293 |  |  |
Amortized Cost | [2],[3] | 5,999,998 |  |  |
Fair Value | [2],[4] | $ 5,999,998 |  |  |
% of Net Assets | [2],[5] | 3.83% |  |  |
Investment, Identifier [Axis]: Stancor (dba Industrial Flow Solutions Holdings, LLC) |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 358,867 | [2] | $ 358,867 | [8]
Amortized Cost |  | 345,491 | [2],[3] | 345,491 | [8],[9]
Fair Value |  | $ 321,186 | [2],[4] | $ 375,105 | [8],[10]
% of Net Assets |  | 0.20% | [2],[5] | 0.23% | [8],[11]
Investment, Identifier [Axis]: Staples, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 3,970,000 | [2] | $ 4,000,000 | [8]
Amortized Cost |  | 3,834,349 | [2],[3] | 3,845,748 | [8],[9]
Fair Value |  | $ 3,657,363 | [2],[4] | $ 3,632,500 | [8],[10]
% of Net Assets |  | 2.33% | [2],[5] | 2.27% | [8],[11]
Investment, Identifier [Axis]: Tamarix Capital Partners II, L.P. |  |  |  |  |
Par Amount/ Shares/Units | [1] |  | [2] |  | [8]
Amortized Cost |  | 1,746,049 | [2],[3] | 1,746,049 | [8],[9]
Fair Value |  | $ 1,649,842 | [2],[4] | $ 1,524,911 | [8],[10]
% of Net Assets |  | 1.05% | [2],[5] | 0.96% | [8],[11]
Investment, Identifier [Axis]: Thryv Holdings, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 2,100,000 | [2] | $ 2,550,000 | [8]
Amortized Cost |  | 2,082,899 | [2],[3] | 2,526,140 | [8],[9]
Fair Value |  | $ 2,113,125 | [2],[4] | $ 2,581,875 | [8],[10]
% of Net Assets |  | 1.35% | [2],[5] | 1.61% | [8],[11]
Investment, Identifier [Axis]: Velocity Pooling Vehicle, LLC |  |  |  |  |
Par Amount/ Shares/Units | [1],[8] |  |  | $ 11,947 |
Amortized Cost | [8],[9] |  |  | 664,131 |
Fair Value | [8],[10] |  |  |  |
% of Net Assets | [8],[11] |  |  | 0.00% |
Investment, Identifier [Axis]: Wingman Holdings, Inc. |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 13,206,390 | [2] | $ 350 | [8]
Amortized Cost |  | 13,764,032 | [2],[3] | 700,000 | [8],[9]
Fair Value |  | $ 13,461,416 | [2],[4] | $ 166,795 | [8],[10]
% of Net Assets |  | 8.59% | [2],[5] | 0.10% | [8],[11]
Investment, Identifier [Axis]: XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 2,660,009 | [2] | $ 2,682,406 | [8]
Amortized Cost |  | 2,662,056 | [2],[3] | 2,678,975 | [8],[9]
Fair Value |  | $ 2,655,000 | [2],[4] | $ 2,642,251 | [8],[10]
% of Net Assets |  | 1.70% | [2],[5] | 1.65% | [8],[11]
Total Investments [Member] |  |  |  |  |
Par Amount/ Shares/Units | [1] | $ 301,739,025 | [2],[13] | $ 309,786,684 | [8],[14]
Amortized Cost |  | 318,805,092 | [2],[3],[13] | 260,760,025 | [8],[9],[14]
Fair Value |  | $ 294,438,831 | [2],[4],[13] | $ 227,915,858 | [8],[10],[14]
% of Net Assets |  | 187.88% | [2],[5],[13] | 142.20% | [8],[11],[14]
[1] | 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.
[2] | Substantially all of our investments are domiciled in the United States. Certain investments also have international operations.
[3] | Net unrealized depreciation for U.S. federal income tax purposes totaled $(24,366,261). The tax cost basis of investments is $318,805,092 as of June 30, 2025. 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.
[4] | 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).
[5] | Percentage is based on net assets of $156,694,119 as of June 30, 2025.
[6] | 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.
[7] | 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.
[8] | Substantially all of our investments are domiciled in the United States. Certain investments also have international operations.
[9] | Net unrealized depreciation for U.S. federal income tax purposes totaled $(31,349,330). The tax cost basis of investments is $259,682,623 as of September 30, 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] | 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).
[11] | Percentage is based on net assets of $160,307,773 as of September 30, 2024.
[12] | The investment is held through PhenixFIN Investment Holdings FST, LLC.
[13] | 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.
[14] | 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.
[15] | NSG Captive, Inc. owns 80% of National Security Group Holdings Inc.
[16] | The investment was on non-accrual status as of June 30, 2025.
[17] | This investment represents a Level 1 security in the ASC 820 table as of June 30, 2025 (see Note 4).
[18] | The interest rate on these loans is subject to the monthly Applicable Federal Rate, which as of September 30, 2024 was 4.48%.
[19] | Non-income producing security.
[20] | The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of June 30, 2025, non-qualifying assets represented 11.91% of total assets.
[21] | This investment represents a Level 2 security in the ASC 820 table as of June 30, 2025 (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, 2024, non-qualifying assets represented 13.1% of total assets.
[23] | The interest rate on these securities is subject to 3 month SOFR, which as of June 30, 2025 was 4.29%.
[24] | The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025.
[25] | Credit Spread Adjustment (“CSA”)
[26] | The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.130% spread on 10/15/2026.
[27] | The interest rate on these securities is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%
[28] | The investment is valued using NAV as a practical expedient.
[29] | The investment has an unfunded commitment as of June 30, 2025 (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.

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