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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.