PhenixFIN (PFX) 10-Q 10 Aug 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Document Information [Line Items]
Entity Registrant Name	PHENIXFIN CORPORATION
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		2,088,589
Amendment Flag	false
Entity Central Index Key	0001490349
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Securities Act File Number	1-35040
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4576073
Entity Address, Address Line One	445 Park Avenue
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	859-0390
Entity Interactive Data Current	Yes
Common Stock, par value $0.001 per share
Document Information [Line Items]
Trading Symbol	PFX
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
5.25% Notes due 2028
Document Information [Line Items]
Trading Symbol	PFXNZ
Title of 12(b) Security	5.25% Notes due 2028
Security Exchange Name	NASDAQ

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Investments at fair value
Total Investments at fair value	$ 218,686,618	$ 192,956,649
Cash and cash equivalents	10,876,185	22,768,066
Receivables:
Interest receivable	865,458	727,576
Paydown receivable		112,500
Dividends receivable	220,636	269,330
Other receivable	6,835	36,992
Prepaid share repurchase	11,443	489,156
Deferred financing costs	763,744	50,000
Due from Affiliate	396,419	271,962
Other assets	615,438	1,192,677
Total Assets	232,442,776	218,874,908
Liabilities:
Credit facility and note payable (net of debt issuance costs of $1,782,166 and $2,059,164, respectively)	83,959,776	77,962,636
Investments purchased payable	5,118,912
Accounts payable and accrued expenses	2,018,046	2,040,277
Interest and fees payable	669,577	503,125
Other liabilities	466,500	572,949
Deferred revenue	255,301	325,602
Administrator expenses payable (see Note 6)		74,911
Due to broker		16,550,000
Total Liabilities	92,488,112	98,029,500
Commitments and Contingencies (see Note 8)
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,088,589 and 2,102,129 common shares outstanding, respectively	2,089	2,102
Capital in excess of par value	674,934,277	675,401,802
Total distributable earnings (loss)	(534,981,702)	(554,558,496)
Total Net Assets	139,954,664	120,845,408
Total Liabilities and Net Assets	$ 232,442,776	$ 218,874,908
Net Asset Value Per Common Share (in Dollars per share)	$ 67.01	$ 57.49
Non-Controlled, Non-Affiliated Investments
Investments at fair value
Total Investments at fair value	$ 124,234,092	$ 122,616,275
Affiliated Investments
Investments at fair value
Total Investments at fair value	35,336,778	12,314,192
Controlled Investments
Investments at fair value
Total Investments at fair value	$ 59,115,748	$ 58,026,182

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Debt issuance costs of notes payable	$ 1,782,166	$ 2,059,164
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	5,000,000	5,000,000
Common stock, shares issued (in Shares)	2,723,709	2,723,709
Common stock, shares outstanding (in Shares)	2,088,589	2,102,129
Non-Controlled, Non-Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 142,762,992	$ 147,378,917
Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	50,295,960	30,585,884
Controlled Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 79,039,463	$ 85,483,093

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Non-controlled, non-affiliated investments:
Cash	$ 1,794,974	$ 1,468,171	$ 5,827,756	$ 3,748,190
Payment in-kind	110,477	102,063	336,257	340,636
Affiliated investments:
Cash	652,304	(23,496)	1,111,785	486,569
Payment in-kind		93,275		283,036
Controlled investments:
Cash	30,610	4,375	282,425	1,365,035
Payment in-kind	134,550		380,287
Total interest income	2,722,915	1,644,388	7,938,510	6,223,466
Dividend income	1,926,049	1,846,507	5,461,782	3,463,386
Interest from cash and cash equivalents	95,356	9,255	313,053	18,025
Fee income (see Note 9)	94,482	65,014	339,136	420,279
Other income		93,394	401,986	323,828
Total Investment Income	4,838,802	3,658,558	14,454,467	10,448,984
Expenses:
Interest and financing expenses	1,415,102	1,201,623	4,029,874	3,910,361
Salaries and benefits	1,277,797	1,037,602	2,937,420	1,973,770
Professional fees, net	310,878	469,550	1,036,024	936,895
General and administrative expenses	253,298	362,989	674,456	849,684
Directors fees	170,833	164,500	541,333	540,000
Insurance expenses	115,654	155,449	361,125	469,803
Administrator expenses (see Note 6)	76,351	58,881	232,172	210,162
Total expenses	3,619,913	3,450,594	9,812,404	8,890,675
Net Investment Income	1,218,889	207,964	4,642,063	1,558,309
Net realized gains (losses):
Non-controlled, non-affiliated investments	(1,374,437)	(188,638)	(2,199,059)	749,791
Affiliated investments	30,211		30,211	14,737,897
Controlled investments	858	925	24,131	1,850
Total net realized gains (losses)	(1,343,368)	(187,713)	(2,144,717)	15,489,538
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments	3,907,130	(9,623,302)	6,233,742	(11,630,618)
Affiliated investments	2,322,910	405,381	3,312,510	(8,529,483)
Controlled investments	2,811,099	(31,533)	7,533,196	1,954,912
Total net change in unrealized gains (losses)	9,041,139	(9,249,454)	17,079,448	(18,205,189)
Loss on extinguishment of debt (see Note 5)				(296,197)
Total realized and unrealized gains (losses)	7,697,771	(9,437,167)	14,934,731	(3,011,848)
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 8,916,660	$ (9,229,203)	$ 19,576,794	$ (1,453,539)
Weighted average basic and diluted earnings per common share (in Dollars per share)	$ 4.26	$ (4.19)	$ 9.34	$ (0.61)
Weighted average common shares outstanding - basic and diluted (see Note 11) (in Shares)	2,090,691	2,202,115	2,095,591	2,372,849

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Weighted average basic and diluted earnings per common share	$ 4.26	$ (4.19)	$ 9.34	$ (0.61)
Weighted average common shares outstanding - basic and diluted (see Note 11) (in Shares)	2,090,691	2,202,115	2,095,591	2,372,849

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Balance	$ 131,150,889	$ 138,960,140	$ 120,845,408	$ 143,693,981	$ 143,693,981
Net investment income (loss)	1,218,889	207,964	4,642,063	1,558,309
Net realized gains (losses) on investments	(1,343,368)	(187,713)	(2,144,717)	15,489,538
Net change in unrealized appreciation (depreciation) on investments	9,041,139	(9,249,454)	17,079,448	(18,205,189)
Net loss on extinguishment of debt				(296,197)
Distributions declared				(265,798)
Distributions to shareholders		(265,798)
Repurchase of common shares	(112,885)	(384,159)	(467,538)	(12,893,664)
Total Increase (Decrease) in Net Assets	8,803,775	(9,879,160)	19,109,256	(14,613,001)
Balance	139,954,664	129,080,980	139,954,664	129,080,980	120,845,408
Common Stock
Balance	$ 2,092	$ 2,208	$ 2,102	$ 2,517	$ 2,517
Balance (in Shares)	2,091,638	2,207,794	2,102,129	2,517,221	2,517,221
Net investment income (loss)
Net realized gains (losses) on investments
Net change in unrealized appreciation (depreciation) on investments
Net loss on extinguishment of debt
Distributions declared
Distributions to shareholders
Repurchase of common shares	$ (3)	$ (10)	$ (13)	$ (319)
Repurchase of common shares (in Shares)	(3,049)	(10,376)	(13,540)	(319,803)
Total Increase (Decrease) in Net Assets	$ (3)	$ (10)	$ (13)	$ (319)
Total Increase (Decrease) in Net Assets (in Shares)	(3,049)	(10,376)	(13,540)	(319,803)
Balance	$ 2,089	$ 2,198	$ 2,089	$ 2,198	$ 2,102
Balance (in Shares)	2,088,589	2,197,418	2,088,589	2,197,418	2,102,129
Capital in Excess of Par Value
Balance	$ 675,047,159	$ 676,357,446	$ 675,401,802	$ 688,866,642	$ 688,866,642
Net investment income (loss)
Net realized gains (losses) on investments
Net change in unrealized appreciation (depreciation) on investments
Net loss on extinguishment of debt
Distributions declared				(265,798)
Distributions to shareholders		(265,798)
Repurchase of common shares	(112,882)	(384,149)	(467,525)	(12,893,345)
Total Increase (Decrease) in Net Assets	(112,882)	(649,947)	(467,525)	(13,159,143)
Balance	674,934,277	675,707,499	674,934,277	675,707,499	675,401,802
Total Distributable Earnings/(Loss)
Balance	(543,898,362)	(537,399,514)	(554,558,496)	(545,175,178)	(545,175,178)
Net investment income (loss)	1,218,889	207,964	4,642,063	1,558,309
Net realized gains (losses) on investments	(1,343,368)	(187,713)	(2,144,717)	15,489,538
Net change in unrealized appreciation (depreciation) on investments	9,041,139	(9,249,454)	17,079,448	(18,205,189)
Net loss on extinguishment of debt				(296,197)
Distributions declared
Distributions to shareholders
Repurchase of common shares
Total Increase (Decrease) in Net Assets	8,916,660	(9,229,203)	19,576,794	(1,453,539)
Balance	$ (534,981,702)	$ (546,628,717)	$ (534,981,702)	$ (546,628,717)	$ (554,558,496)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 19,576,794	$ (1,453,539)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investment increases due to payment-in-kind interest	(716,544)	(623,672)
Net amortization of premium (discount) on investments	(505,040)	(147,211)
Amortization of debt issuance cost	286,750	265,279
Amortization of deferred financing cost	198,530
Net realized (gains) losses from investments	2,144,717	(15,489,538)
Net unrealized (gains) losses on investments	(17,079,448)	18,205,189
Proceeds from sale and settlements of investments	39,760,986	104,539,257
Purchases, originations and participations	(49,334,640)	(137,627,348)
Loss on extinguishment of debt		296,197
(Increase) decrease in operating assets:
Fees receivable		1,872,700
Interest receivable	(137,882)	(890,617)
Due from affiliate	(124,457)	(132,763)
Dividends receivable	48,694	(188,119)
Paydown receivable	112,500	123,149
Other receivable	30,157
Prepaid share repurchase	477,713
Other assets	577,239	534,925
Increase (decrease) in operating liabilities:
Due to broker	(16,550,000)	(1,586,000)
Accounts payable and accrued expenses	(22,231)	(116,666)
Due to affiliates		(280,323)
Administrator expenses payable	(74,911)	(892)
Interest and fees payable	166,452	503,125
Deferred revenue	(70,301)	279,032
Investments purchased payable	5,118,912
Other liabilities	(106,449)	(6,859)
Net cash provided by (used in) operating activities	(16,222,459)	(31,924,694)
Cash Flows from Financing Activities:
Debt issuance	32,241,942	57,500,000
Paydowns on debt	(26,521,800)	(55,325,000)
Debt issuance costs paid	(9,752)	(2,311,036)
Deferred financing costs	(912,274)
Repurchase of common shares	(467,538)	(12,989,760)
Net cash provided by (used in) financing activities	4,330,578	(13,125,796)
Net increase (decrease) in cash and cash equivalents	(11,891,881)	(45,050,490)
Cash and cash equivalents, beginning of period	22,768,066	69,433,256
Cash and cash equivalents, end of period	10,876,185	24,382,766
Supplemental information:
Interest paid during the period	$ 2,608,928	$ 3,141,957

Consolidated Schedule of Invest

Consolidated Schedule of Investments (Unaudited) - USD ($)		9 Months Ended		12 Months Ended
		Jun. 30, 2023		Sep. 30, 2022
% of Net Assets	[1],[2],[3]	0.45%
Par Amount	[1],[3],[4]	$ 30,000
Fair Value	[1],[3],[5]	627,000
Cost	[1],[3],[6]	$ 581,358
Altisource S.A.R.L [Member]
% of Net Assets	[1]	5.54%	[2]	4.51%	[7]
Par Amount	[1],[4]	$ 9,206,051		$ 6,486,419
Fair Value	[1],[5]	7,751,414		5,448,591
Cost	[1]	$ 7,966,112	[6]	$ 5,825,616	[8]
Arcline FM Holdings, LLC [Member]
% of Net Assets	[1],[2]	1.89%
Par Amount	[1],[4]	$ 2,686,329
Fair Value	[1],[5]	2,651,407
Cost	[1],[6]	$ 2,588,950
Be Green packaging, LLC [Member]
% of Net Assets		0%	[2]	0%	[1],[7]
Par Amount		$ 417	[9]	$ 1	[1],[4]
Fair Value	[5]				[1]
Cost		$ 416,250	[6]	$ 416,250	[1],[8]
Boostability Seotowncenter, Inc [Member]
% of Net Assets		0%	[2]	0%	[1],[7]
Par Amount	[4]	$ 833,152		$ 833,152	[1]
Fair Value	[5]				[1]
Cost		$ 66,475	[6]	$ 66,475	[1],[8]
CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[1],[2]	3.41%
Par Amount	[1],[4]	$ 5,992,703
Fair Value	[1],[5]	4,779,181
Cost	[1],[5]	$ 4,938,748
Chimera Investment Corp [Member]
% of Net Assets	[1]	2.09%	[2]	1.59%	[7]
Par Amount	[1],[4]	$ 147,310		$ 117,310
Fair Value	[1],[5]	2,920,410		1,915,672
Cost	[1]	$ 3,466,082	[6]	$ 2,884,724	[8]
DataOnline Corp [Member]
% of Net Assets	[1]	3.88%	[2]	4.52%	[7]
Par Amount	[1],[4]	$ 5,539,286		$ 5,576,786
Fair Value	[1],[5]	5,428,500		5,465,250
Cost	[1]	$ 5,539,286	[6]	$ 5,576,786	[8]
Deer Management Systems LLC [Member]
% of Net Assets	[1],[2]	2.40%
Par Amount	[1],[4]	$ 3,400,000
Fair Value	[1],[5]	3,357,500
Cost	[1],[6]	$ 3,332,000
DirecTV Financing, LLC [Member]
% of Net Assets	[1]	2.93%	[2]	3.49%	[7]
Par Amount	[1],[4]	$ 4,212,500		$ 4,550,000
Fair Value	[1],[5]	4,101,922		4,220,000
Cost	[1]	$ 4,212,500	[6]	$ 4,550,000	[8]
Dream Finders Homes, LLC [Member]
% of Net Assets	[1]	3.82%	[2]	4.10%	[7]
Par Amount	[1],[4]	$ 5,634,315		$ 5,309,341
Fair Value	[1],[5]	5,352,600		4,950,961
Cost	[1],[6]	$ 5,634,315		$ 5,309,341
First Brands Group, LLC [Member]
% of Net Assets	[1]	4.14%	[2]	3.25%	[7]
Par Amount	[1],[4]	$ 5,919,648		$ 3,959,799
Fair Value	[1],[5]	5,801,255		3,930,101
Cost	[1]	$ 5,840,048	[6]	$ 3,959,799	[8]
Franklin BSP Realty Trust, Inc [Member]
% of Net Assets	[1]	3.97%	[2]	4.72%	[7]
Par Amount	[1],[4]	$ 392,745		$ 529,914
Fair Value	[1],[5]	5,561,269		5,707,174
Cost	[1]	$ 6,428,865	[6]	$ 8,754,386	[8]
Global Accessories Group, LLC [Member]
% of Net Assets	[1]	0%	[2]	0%	[7]
Par Amount	[1],[4]	$ 380		$ 380
Fair Value	[1],[5]
Cost	[1]	$ 151,337	[6]	$ 151,337	[8]
Great AJAX Corp [Member]
% of Net Assets	[1]	0.49%	[2]	1.58%	[7]
Par Amount	[1],[4]	$ 110,732		$ 254,922
Fair Value	[1],[5]	678,787		1,914,464
Cost	[1]	$ 1,494,094	[6]	$ 3,333,786	[8]
Innovate Corp [Member]
% of Net Assets	[1]	1.53%	[2]	1.37%	[7]
Par Amount	[1],[4]	$ 2,750,000		$ 2,250,000
Fair Value	[1],[5]	2,138,125		1,659,375
Cost	[1]	$ 2,615,913	[6]	$ 2,252,156	[8]
Invesco Mortgage Capital, Inc [Member]
% of Net Assets	[1]	3.06%	[2]	2.60%	[7],[10]
Par Amount	[1],[4]	$ 205,000		$ 205,000	[10]
Fair Value	[1],[5]	4,276,300		3,138,550	[10]
Cost	[1]	$ 5,035,506	[6]	$ 5,035,506	[8],[10]
JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[1]	8.96%	[2]	9.20%	[7]
Par Amount	[1],[4]	$ 10,867,466		$ 10,885,050
Fair Value	[1],[5]	12,539,667		11,113,935
Cost	[1]	$ 10,870,759	[6]	$ 10,888,790	[8]
Lighting Science Group Corporation [Member]
% of Net Assets	[1]	0%	[2]	0%	[7]
Par Amount	[1],[4]	$ 5,000,000		$ 5,000,000
Fair Value	[1],[5]
Cost	[1],[6]	$ 955,680		$ 955,680
Lucky Bucks, LLC [Member]
% of Net Assets	[1]	1.91%	[2]	5.14%	[7]
Par Amount	[1],[4]	$ 10,936,194		$ 7,218,750
Fair Value	[1],[5]	2,677,050		6,208,125
Cost	[1]	$ 8,535,529	[6]	$ 7,095,116	[8]
McKissock Investment Holdings, LLC [Member]
% of Net Assets	[1]	3.39%	[2]	4.03%	[7]
Par Amount	[1],[4]	$ 4,937,495		$ 4,974,999
Fair Value	[1],[5]	4,739,995		4,875,500
Cost	[1]	$ 4,893,502	[6]	$ 4,927,870	[8]
MFA Financial, Inc [Member]
% of Net Assets	[1]	1.37%	[2]	1.43%	[7]
Par Amount	[1],[4]	$ 97,426		$ 97,426
Fair Value	[1],[5]	1,922,215		1,722,492
Cost	[1]	$ 2,318,487	[6]	$ 2,318,487	[8]
New York Mortgage Trust, Inc [Member]
% of Net Assets	[1]	2.56%	[2]	2.44%	[7]
Par Amount	[1],[4]	$ 165,000		$ 165,000
Fair Value	[1],[5]	3,580,500		2,953,500
Cost	[1]	$ 4,102,076	[6]	$ 4,102,076	[8]
PennyMac Financial Services, Inc [Member]
% of Net Assets	[1]	3.34%	[2]	2.89%	[7]
Par Amount	[1],[4]	$ 66,500		$ 81,500
Fair Value	[1],[5]	4,675,615		3,496,350
Cost	[1]	$ 4,362,213	[6]	$ 5,364,478	[8]
Point 360 [Member]
% of Net Assets	[1]	0%	[2]	0%	[7]
Par Amount	[1],[4]	$ 2,777,366		$ 2,777,366
Fair Value	[1],[5]
Cost	[1]	$ 2,103,712	[6]	$ 2,103,712	[8]
Power Stop LLC [Member]
% of Net Assets	[1]	2.72%	[2]	3.33%	[7]
Par Amount	[1],[4]	$ 4,937,500		$ 4,975,000
Fair Value	[1],[5]	3,801,875		4,029,750
Cost	[1]	$ 4,894,234	[6]	$ 4,930,071	[8]
Rithm Capital Corp [Member]
% of Net Assets	[1]	3.36%	[2]	3.23%	[7]
Par Amount	[1],[4]	$ 206,684		$ 206,684
Fair Value	[1],[5]	4,706,195		3,902,194
Cost	[1]	$ 5,129,170	[6]	$ 5,129,170	[8]
Secure Acquisition Inc [Member]
% of Net Assets		2.43%		2.78%	[1],[7]
Par Amount		$ 3,439,224		$ 3,465,345	[1],[4]
Fair Value		3,404,832		3,361,385	[1],[5]
Cost		$ 3,426,072		$ 3,450,604	[1],[8]
Sendero Drilling Company, LLC [Member]
% of Net Assets	[1]	0.12%	[2]	0%	[7]
Par Amount	[1],[4]	$ 161,250		$ 191,250
Fair Value	[1],[5]	161,250
Cost	[1]	$ 153,520	[6]	$ 182,081	[8]
SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[1]	7.05%	[2]	5.45%	[7]
Par Amount	[1],[4]	$ 9,866,667		$ 6,666,667
Fair Value	[1],[5]	9,866,667		6,591,667
Cost	[1]	$ 9,786,133	[6]	$ 6,575,847	[8]
SMART Financial Operations, LLC [Member]
% of Net Assets	[1]	0.04%	[2]	0.10%	[7]
Par Amount	[1],[4]	$ 700,000		$ 700,000
Fair Value	[1],[5]	62,530		120,793
Cost	[1]	$ 700,000	[6]	$ 700,000	[8]
Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[1]	0.15%	[2]	0.22%	[7]
Par Amount	[1],[4]	$ 338,736		$ 338,736
Fair Value	[1],[5]	204,379		265,269
Cost	[1]	$ 308,652	[6]	$ 308,652	[8]
Staples, Inc [Member]
% of Net Assets	[1]	2.60%	[2]	2.89%	[7]
Par Amount	[1],[4]	$ 3,701,800		$ 3,730,720
Fair Value	[1],[5]	3,618,509		3,488,223
Cost	[1]	$ 3,647,795	[6]	$ 3,659,706	[8]
Tamarix Capital Partners II, L.P [Member]
% of Net Assets	[2],[11],[12]	0.70%
Par Amount	[4],[11],[12]	$ 1,026,818
Fair Value	[5],[11],[12]	962,400
Cost	[6],[11],[12]	$ 1,026,818
Thryv Holdings, Inc [Member]
% of Net Assets	[1]	4.54%	[2]	5.20%	[7]
Par Amount	[1],[4]	$ 6,408,619		$ 6,515,633
Fair Value	[1],[5]	6,336,522		6,287,583
Cost	[1]	$ 6,324,325	[6]	$ 6,406,051	[8]
Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[1]	0%	[2]	0.09%	[7]
Par Amount	[1],[4]	$ 11,947		$ 11,947
Fair Value	[1],[5]			114,911
Cost	[1]	$ 664,131	[6]	$ 664,131	[8]
Watermill QMC Midco, Inc [Member]
% of Net Assets	[1]	0%	[2]	0%	[7]
Par Amount	[1],[4]	$ 518,283		$ 518,283
Fair Value	[1],[5]
Cost	[1]	$ 518,283	[6]	$ 518,283	[8]
Wingman Holdings, Inc. [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 350
Fair Value	[1],[5]
Cost	[1],[6]	$ 700,000
Subtotal Non-Controlled/Non-Affiliated Investments [Member]
% of Net Assets	[1]	88.80%	[2]	96.58%	[7]
Par Amount	[1],[4]	$ 113,793,688		$ 109,151,781
Fair Value	[1],[5]	124,234,092		122,616,275
Cost	[1]	$ 142,762,992	[6]	$ 147,378,917	[8]
1888 Industrial Services, LLC
% of Net Assets	[1],[13]	3.86%	[2]	3.44%	[7]
Par Amount	[1],[4],[13]	$ 15,832,412		$ 15,616,790
Fair Value	[1],[5],[13]	5,395,975		4,151,562
Cost	[1],[13]	$ 15,296,502	[6]	$ 15,080,880	[8]
Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1]	2.84%	[2],[13]	3.15%	[7]
Par Amount	[1],[4]	$ 10,943,796	[13]	$ 10,671,525
Fair Value	[1],[5]	3,978,167	[13]	3,806,847
Cost	[1]	$ 10,056,173	[6],[13]	$ 10,026,462	[8]
FST Holdings Parent, LLC [Member]
% of Net Assets	[1],[2],[13]	5.72%
Par Amount	[1],[4],[13]	$ 500,438
Fair Value	[1],[5],[13]	8,000,000
Cost	[1],[6],[13]	$ 8,000,000
Maritime Wireless Holdings LLC [Member]
% of Net Assets	[1]	12.79%	[2],[13]	14.27%	[7]
Par Amount	[1],[4]	$ 16,000,000	[13]	$ 17,500,000
Fair Value	[1],[5]	17,897,500	[13]	17,250,000
Cost	[1]	$ 15,778,453	[6],[13]	$ 17,250,000	[8]
US Multifamily, LLC [Member]
% of Net Assets	[1],[13]	0.05%	[2]	1.06%	[7]
Par Amount	[1],[4],[13]	$ 33,300		$ 33,300
Fair Value	[1],[5],[13]	65,136		1,282,571
Cost	[1],[13]	$ 1,164,832	[6]	$ 2,137,315	[8]
Subtotal Affiliated Investments [Member]
% of Net Assets	[1],[13]	25.26%	[2]	10.19%	[7]
Par Amount	[1],[4],[13]	$ 43,309,946		$ 28,700,132
Fair Value	[1],[5],[13]	35,336,778		12,314,192
Cost	[1],[13]	$ 50,295,960	[6]	$ 30,585,884	[8]
FlexFIN, LLC [Member]
% of Net Assets	[1],[14]	24.38%	[2]	39.01%	[7]
Par Amount	[1],[4],[14]	$ 34,124,077		$ 47,136,146
Fair Value	[1],[5],[14]	34,124,077		47,136,146
Cost	[1],[14]	$ 34,124,077	[6]	$ 47,136,146	[8]
Kemmerer Operations, LLC [Member]
% of Net Assets	[1]	9.92%	[2],[14]	2.54%	[7],[13]
Par Amount	[1],[4]	$ 4,732,312	[14]	$ 2,378,517	[13]
Fair Value	[1],[5]	13,887,483	[14]	3,073,212	[13]
Cost	[1]	$ 6,568,438	[6],[14]	$ 3,341,227	[8],[13]
NVTN LLC [Member]
% of Net Assets	[1],[14]	7.93%	[2]	9.01%	[7]
Par Amount	[1],[4],[14]	$ 36,369,564		$ 49,622,304
Fair Value	[1],[5],[14]	11,104,188		10,890,036
Cost	[1],[14]	$ 38,346,948	[6]	$ 38,346,947	[8]
Subtotal Control Investments [Member]
% of Net Assets	[1],[14]	42.23%	[2]	48.02%	[7]
Par Amount	[1],[4],[14]	$ 75,225,953		$ 96,758,450
Fair Value	[1],[5],[14]	59,115,748		58,026,182
Cost	[1],[14]	$ 79,039,463	[6]	$ 85,483,093	[8]
Total Investments [Member]
% of Net Assets	[1],[7],[14]			154.79%
Par Amount	[1],[4],[14]			$ 234,610,363
Fair Value	[1],[5],[14]			192,956,649
Cost	[1],[8],[14]			$ 263,447,894
CPI International, Inc [Member]
% of Net Assets	[1],[7]			2.16%
Par Amount	[1],[4]			$ 2,607,062
Fair Value	[1],[5]			2,607,062
Cost	[1],[8]			$ 2,602,547
Footprint Holding Company Inc. [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 150
Fair Value	[1],[5]
Cost	[1],[8]
Walker Edison Furniture Company LLC [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 13,044
Fair Value	[1],[5]
Cost	[1],[8]			$ 2,114,646
Wingman Holdings, Inc. [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 350
Fair Value	[1],[5]
Cost	[1],[8]			$ 700,000
Services Business [Member] | Equity - 833,152 Common Units [Member] | Boostability Seotowncenter, Inc [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 833,152
Fair Value	[1],[5]
Cost	[1],[6]	$ 66,475
Services Business [Member] | First Lien Term Loan [Member] | Staples, Inc [Member]
% of Net Assets	[1],[2]	2.60%
Par Amount	[1],[4]	$ 3,701,800
Maturity	[1]	Sep. 12, 2024
Fair Value	[1],[5]	$ 3,618,509
Cost	[1],[6]	$ 3,647,795
Services Business [Member] | Equity - 338,736.11 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[1],[2]	0.15%
Par Amount	[1],[4]	$ 338,736
Fair Value	[1],[5]	204,379
Cost	[1],[6]	$ 308,652
Services Business [Member] | Equity Interest [Member] | FlexFIN, LLC [Member]
% of Net Assets	[1],[2],[14]	24.38%
Par Amount	[1],[4],[14]	$ 34,124,077
Fair Value	[1],[5],[14]	34,124,077
Cost	[1],[6],[14]	$ 34,124,077
Containers, packaging & Glass [Member] | Equity - 417 Common Units [Member] | Be Green packaging, LLC [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 417
Fair Value	[1],[5]
Cost	[1],[6]	$ 416,250
Banking, Finance, Insurance & Real Estate [Member] | First Lien Term Loan [Member] | CB&L Associates Holdco I, LLC [Member]
% of Net Assets		3.41%
Par Amount	[1],[6],[12]	$ 5,992,703
Maturity	[1],[4],[12]	Nov. 01, 2026
Fair Value	[1],[2],[12]	$ 4,779,181
Cost	[1],[5],[12]	$ 4,938,748
Banking, Finance, Insurance & Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp [Member]
% of Net Assets	[1],[2],[12]	1.64%
Par Amount	[1],[4],[12]	$ 117,310
Fair Value	[1],[5],[12]	2,293,410
Cost	[1],[6],[12]	$ 2,884,724
Banking, Finance, Insurance & Real Estate [Member] | Equity - 392,745 Common Units [Member] | Franklin BSP Realty Trust, Inc [Member]
% of Net Assets	[1],[2],[12]	3.97%
Par Amount	[1],[4],[12]	$ 392,745
Fair Value	[1],[5],[12]	5,561,269
Cost	[1],[6],[12]	$ 6,428,865
Banking, Finance, Insurance & Real Estate [Member] | Equity - 110,732 Common Units [Member] | Great AJAX Corp [Member]
% of Net Assets	[1],[2],[12]	0.49%
Par Amount	[1],[4],[12]	$ 110,732
Fair Value	[1],[5],[12]	678,787
Cost	[1],[6],[12]	$ 1,494,094
Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc [Member]
% of Net Assets	[1],[2],[12]	3.06%
Par Amount	[1],[4],[12]	$ 205,000
Fair Value	[1],[5],[12]	4,276,300
Cost	[1],[6],[12]	$ 5,035,506
Banking, Finance, Insurance & Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc [Member]
% of Net Assets	[1],[2],[12]	1.37%
Par Amount	[1],[4],[12]	$ 97,426
Fair Value	[1],[5],[12]	1,922,215
Cost	[1],[6],[12]	$ 2,318,487
Banking, Finance, Insurance & Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc [Member]
% of Net Assets	[1],[2],[12]	2.56%
Par Amount	[1],[4],[12]	$ 165,000
Fair Value	[1],[5],[12]	3,580,500
Cost	[1],[6],[12]	$ 4,102,076
Banking, Finance, Insurance & Real Estate [Member] | Equity - 66,500 Common Units [Member] | PennyMac Financial Services, Inc [Member]
% of Net Assets	[1],[2],[12]	3.34%
Par Amount	[1],[4],[12]	$ 66,500
Fair Value	[1],[5],[12]	4,675,615
Cost	[1],[6],[12]	$ 4,362,213
Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]
% of Net Assets	[1],[2],[12]	3.36%
Par Amount	[1],[4],[12]	$ 206,684
Fair Value	[1],[5],[12]	4,706,195
Cost	[1],[6],[12]	$ 5,129,170
Banking, Finance, Insurance & Real Estate [Member] | Equity - 33,300 Preferred Units [Member] | US Multifamily, LLC [Member]
% of Net Assets	[1],[2],[13]	0.05%
Par Amount	[1],[4],[13]	$ 33,300
Fair Value	[1],[5],[13]	65,136
Cost	[1],[6],[13]	$ 1,164,832
Construction and Building [Member] | Preferred Equity [Member] | Dream Finders Homes, LLC [Member]
% of Net Assets	[1],[2]	3.82%
Par Amount	[1],[4]	$ 5,634,315
Fair Value	[1],[5]	5,352,600
Cost	[1],[6]	$ 5,634,315
Automotive [Member] | Equity - 5,441 Class A Units [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 5,441
Fair Value	[1],[5]
Cost	[1],[6]	$ 302,464
Automotive [Member] | Warrants - 0.65% of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 6,506
Maturity	[1]	Mar. 30, 2028
Fair Value	[1],[5]
Cost	[1],[6]	$ 361,667
Consumer goods: Non-durable [Member] | Equity Membership Interest [Member] | Global Accessories Group, LLC [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 380
Fair Value	[1],[5]
Cost	[1],[6]	$ 151,337
Construction & Building [Member] | Equity - 10,000,000 Units [Member] | JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[1],[2]	8.34%
Par Amount	[1],[4]	$ 10,000,000
Fair Value	[1],[5]	11,674,369
Cost	[1],[6]	$ 10,000,000
Retail [Member] | Equity - 700,000 Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member]
% of Net Assets	[1],[2]	0.04%
Par Amount	[1],[4]	$ 700,000
Fair Value	[1],[5]	62,530
Cost	[1],[6]	$ 700,000
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Thryv Holdings, Inc [Member]
% of Net Assets	[1],[2],[12]	4.54%
Par Amount	[1],[4],[12]	$ 6,408,619
Maturity	[1],[12]	Mar. 01, 2026
Fair Value	[1],[5],[12]	$ 6,336,522
Cost	[1],[6],[12]	$ 6,324,325
Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member]
% of Net Assets	[1],[2],[11],[14]	0%
Par Amount	[1],[4],[11],[14]	$ 1,000
Fair Value	[1],[5],[11],[14]
Cost	[1],[6],[11],[14]	$ 9,550,924
Metals & Mining [Member] | Equity - 31 Common Units [Member] | Kemmerer Operations, LLC [Member]
% of Net Assets	[1],[2],[14]	6.54%
Par Amount	[1],[4],[14]	$ 31
Fair Value	[1],[5],[14]	9,155,202
Cost	[1],[6],[14]	$ 1,836,157
Subtotal Control Investments [Member] | Total Investments [Member]
% of Net Assets	[1],[2],[14]	156.29%
Par Amount	[1],[4],[14]	$ 232,329,587
Fair Value	[1],[5],[14]	218,686,618
Cost	[1],[6],[14]	$ 272,098,415
Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Altisource S.A.R.L [Member]
% of Net Assets	[1],[2],[12]	5.25%
Par Amount	[1],[4],[12]	$ 9,103,884
Maturity	[1],[12]	Apr. 30, 2025
Fair Value	[1],[5],[12]	$ 7,346,833
Cost	[1],[6],[12]	$ 7,966,112
Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Thryv Holdings, Inc [Member]
% of Net Assets	[1],[7],[10]			5.20%
Par Amount	[1],[4],[10]			$ 6,515,633
Maturity	[1],[10]			Mar. 01, 2026
Fair Value	[1],[5],[10]			$ 6,287,583
Cost	[1],[8],[10]			$ 6,406,051
Senior Secured First Lien Term Loan B [Member] | Construction and Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[1],[2]	0.62%
Par Amount	[1],[4]	$ 867,466
Maturity	[1]	Nov. 12, 2026
Fair Value	[1],[5]	$ 865,298
Cost	[1],[6]	$ 870,759
Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[1],[2],[13]	5.35%
Par Amount	[1],[4],[13]	$ 7,500,000
Maturity	[1],[13]	May 31, 2027
Fair Value	[1],[5],[13]	$ 7,481,250
Cost	[1],[6],[13]	$ 7,348,945
Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[1],[2],[11],[14]	2.78%
Par Amount	[1],[4],[11],[14]	$ 17,552,420
Maturity	[1],[11],[14]	Dec. 31, 2024
Fair Value	[1],[5],[11],[14]	$ 3,896,641
Cost	[1],[6],[11],[14]	$ 13,916,083
Warrants [Member] | Services Business [Member] | Altisource S.A.R.L [Member]
% of Net Assets	[1],[2]	0.29%
Par Amount	[1],[4]	$ 102,167
Maturity	[1]	May 22, 2027
Fair Value	[1],[5]	$ 404,581
Cost	[1],[6]
First Lien Term Loans [Member] | Aerospace and Defense [Member] | Arcline FM Holdings, LLC [Member]
% of Net Assets	[1],[2]	1.89%
Par Amount	[1],[4]	$ 2,686,329
Maturity	[1]	Jun. 23, 2028
Fair Value	[1],[5]	$ 2,651,407
Cost	[1],[6]	$ 2,588,950
Equity Certificates [Member] | Banking, Finance, Insurance & Real Estate [Member] | Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[1]	4.41%	[2]	4.86%	[7]
Par Amount	[1],[4]	$ 597,795		$ 437,795
Fair Value	[1],[5]	6,175,221		5,877,398
Cost	[1]	$ 7,615,420	[6]	$ 6,314,757	[8]
Senior Secured First Lien Term Loan one [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
% of Net Assets	[1],[2]	3.38%
Par Amount	[1],[4]	$ 4,825,000
Maturity	[1]	Nov. 13, 2025
Fair Value	[1],[5]	$ 4,728,500
Cost	[1],[6]	$ 4,825,000
Senior Secured First Lien Term Loan one [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[1],[2]	0.65%
Par Amount	[1],[4]	$ 914,832
Maturity	[1]	Oct. 06, 2023
Fair Value	[1],[5]	$ 914,832
Cost	[1],[6]	$ 896,535
Revolving Credit Facility [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
% of Net Assets	[1],[2]	0.50%
Par Amount	[1],[4]	$ 714,286
Maturity	[1]	Nov. 13, 2025
Fair Value	[1],[5]	$ 700,000
Cost	[1],[6]	$ 714,286
Revolving Credit Facility [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
% of Net Assets	[1],[13]	3.31%	[2]	3.44%	[7]
Par Amount	[1],[4],[13]	$ 4,632,177		$ 4,416,555
Maturity	[1],[13]	Aug. 31, 2024		May 01, 2023
Fair Value	[1],[5],[13]	$ 4,632,177		$ 4,151,562
Cost	[1],[13]	$ 4,632,177	[6]	$ 4,416,555	[8]
Revolving Credit Facility [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
% of Net Assets	[1],[7]			0.58%
Par Amount	[1],[4]			$ 714,286
Maturity	[1]			Nov. 13, 2025
Fair Value	[1],[5]			$ 700,000
Cost	[1],[8]			$ 714,286
First Lien Term Loan [Member] | Consumer Discretionary [Member] | Deer Management Systems LLC [Member]
% of Net Assets	[1],[2]	2.40%
Par Amount	[1],[4]	$ 3,400,000
Maturity	[1]	May 01, 2028
Fair Value	[1],[5]	$ 3,357,500
Cost	[1],[6]	$ 3,332,000
First Lien Term Loan [Member] | Services: Consumer [Member] | Staples, Inc [Member]
% of Net Assets	[1],[7]			2.89%
Par Amount	[1],[4]			$ 3,730,720
Maturity	[1]			Sep. 12, 2024
Fair Value	[1],[5]			$ 3,488,223
Cost	[1],[8]			$ 3,659,706
Senior Secured First Lien Term Loan [Member] | Services Business [Member] | Point 360 [Member]
% of Net Assets	[1]	0%	[2]	0%	[7]
Par Amount	[1],[4]	$ 2,777,366		$ 2,777,366
Maturity	[1]	Jul. 08, 2020		Jul. 08, 2020
Fair Value	[1],[5]
Cost	[1]	$ 2,103,712	[6]	$ 2,103,712	[8]
Senior Secured First Lien Term Loan [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
% of Net Assets	[1],[7]			3.94%
Par Amount	[1],[4]			$ 4,862,500
Maturity	[1]			Nov. 13, 2025
Fair Value	[1],[5]			$ 4,765,250
Cost	[1],[8]			$ 4,862,500
Senior Secured First Lien Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[1]	1.04%	[2],[15]	5.14%	[7]
Par Amount	[1],[4]	$ 9,716,418	[15]	$ 7,218,750
Maturity	[1]	Jul. 30, 2027	[15]	Jul. 30, 2027
Fair Value	[1],[5]	$ 1,457,274	[15]	$ 6,208,125
Cost	[1]	$ 7,372,839	[6],[15]	$ 7,095,116	[8]
Senior Secured First Lien Term Loan [Member] | Media: Broadcasting & Subscription [Member] | DirecTV Financing, LLC [Member]
% of Net Assets	[1],[2]	2.93%
Par Amount	[1],[4]	$ 4,212,500
Maturity	[1]	Aug. 02, 2027
Fair Value	[1],[5]	$ 4,101,922
Cost	[1],[6]	$ 4,212,500
Senior Secured First Lien Term Loan [Member] | Automotive [Member] | First Brands Group, LLC [Member]
% of Net Assets	[1]	2.75%	[2]	3.25%	[7]
Par Amount	[1],[4]	$ 3,929,648		$ 3,959,799
Maturity	[1]	Mar. 30, 2027		Mar. 30, 2027
Fair Value	[1],[5]	$ 3,851,055		$ 3,930,101
Cost	[1]	$ 3,929,648	[6]	$ 3,959,799	[8]
Senior Secured First Lien Term Loan [Member] | Automotive [Member] | Power Stop LLC [Member]
% of Net Assets	[1]	2.72%	[2]	3.33%	[7]
Par Amount	[1],[4]	$ 4,937,500		$ 4,975,000
Maturity	[1]	Jan. 26, 2029		Jan. 26, 2029
Fair Value	[1],[5]	$ 3,801,875		$ 4,029,750
Cost	[1]	$ 4,894,234	[6]	$ 4,930,071	[8]
Senior Secured First Lien Term Loan [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[1],[7]			0.72%
Par Amount	[1],[4]			$ 885,050
Maturity	[1]			Nov. 12, 2026
Fair Value	[1],[5]			$ 865,137
Cost	[1],[8]			$ 888,790
Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | McKissock Investment Holdings, LLC [Member]
% of Net Assets	[1]	3.39%	[2]	4.03%	[7]
Par Amount	[1],[4]	$ 4,937,495		$ 4,974,999
Maturity	[1]	Mar. 10, 2029		Mar. 10, 2029
Fair Value	[1],[5]	$ 4,739,995		$ 4,875,500
Cost	[1]	$ 4,893,502	[6]	$ 4,927,870	[8]
Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[1],[11]	4.76%	[2]	5.45%	[7]
Par Amount	[1],[4],[11]	$ 6,666,667		$ 6,666,667
Maturity	[1],[11]	Dec. 30, 2026		Dec. 30, 2026
Fair Value	[1],[5],[11]	$ 6,666,667		$ 6,591,667
Cost	[1],[11]	$ 6,586,133	[6]	$ 6,575,847	[8]
Senior Secured First Lien Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
% of Net Assets	[1],[11]	2.43%	[2]	2.78%	[7]
Par Amount	[1],[4],[11]	$ 3,439,224		$ 3,465,345
Maturity	[1],[11]	Dec. 16, 2028		Dec. 16, 2028
Fair Value	[1],[5],[11]	$ 3,404,832		$ 3,361,385
Cost	[1],[11]	$ 3,427,042	[6]	$ 3,451,574	[8]
Senior Secured First Lien Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[13]	1.03%	[2]	1.28%	[7]
Par Amount	[1],[4],[13]	$ 8,412,596		$ 8,412,596
Maturity	[1],[13]	Jan. 31, 2024		Jan. 31, 2024
Fair Value	[1],[5],[13]	$ 1,446,967		$ 1,547,918
Cost	[1],[13]	$ 7,767,533	[6]	$ 7,767,533	[8]
Senior Secured First Lien Term Loan [Member] | Metals & Mining [Member] | Kemmerer Operations, LLC [Member]
% of Net Assets	[1]	3.38%	[2],[14]	1.97%	[7],[11],[13]
Par Amount	[1],[4]	$ 4,732,281	[14]	$ 2,378,510	[11],[13]
Maturity	[1]	Jun. 21, 2025	[14]	Jun. 21, 2023	[11],[13]
Fair Value	[1],[5]	$ 4,732,281	[14]	$ 2,378,510	[11],[13]
Cost	[1]	$ 4,732,281	[6],[14]	$ 2,378,510	[8],[11],[13]
Senior Secured Notes [Member] | Construction and Building [Member] | Innovate Corp [Member]
% of Net Assets	[1]	1.53%	[2],[12]	1.37%	[7]
Par Amount	[1],[4]	$ 2,750,000	[12]	$ 2,250,000
Maturity	[1]	Feb. 01, 2026	[12]	Feb. 01, 2026
Fair Value	[1],[5]	$ 2,138,125	[12]	$ 1,659,375
Cost	[1]	$ 2,615,913	[6],[12]	$ 2,252,156	[8]
Warrants - 0.62% of Outstanding Equity [Member] | Containers, packaging & Glass [Member] | Lighting Science Group Corporation [Member]
% of Net Assets	[1]	0%	[2]	0%	[7]
Par Amount	[1],[4]	$ 5,000,000		$ 5,000,000
Fair Value	[1],[5]
Cost	[1]	$ 955,680	[6]	$ 955,680	[8]
Senior Secured First Lien Term Loan Two [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[1],[2]	0.22%
Par Amount	[1],[4]	$ 304,944
Maturity	[1]	Oct. 06, 2023
Fair Value	[1],[5]	$ 304,944
Cost	[1],[6]	$ 266,155
Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]
Maturity	[1]	Dec. 16, 2028
Fair Value	[1],[5]
Cost	[1],[6]	$ (970)
Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[13]	0.60%	[2]	0.63%	[7],[11]
Par Amount	[1],[4],[13]	$ 844,737		$ 758,929	[11]
Maturity	[1],[13]	Jan. 31, 2024		Jan. 31, 2024	[11]
Fair Value	[1],[5],[13]	$ 844,737		$ 758,929	[11]
Cost	[1],[13]	$ 768,844	[6]	$ 758,929	[8],[11]
Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[1],[2],[14]	5.15%
Par Amount	[1],[4],[14]	$ 7,309,985
Maturity	[1],[14]	Dec. 31, 2024
Fair Value	[1],[5],[14]	$ 7,207,547
Cost	[1],[6],[14]	$ 7,309,885
Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
% of Net Assets				5.95%
Par Amount	[1],[5],[14]			$ 7,309,885
Maturity	[1],[8],[14]			Dec. 31, 2024
Fair Value				$ 7,192,927
Cost	[1],[7],[14]			$ 7,309,885
Unsecured Debt [Member] | Energy Oil & Gas [Member] | Sendero Drilling Company, LLC [Member]
% of Net Assets	[1],[2]	0.12%
Par Amount	[1],[4]	$ 161,250
Maturity	[1]	Aug. 01, 2023
Fair Value	[1],[5]	$ 161,250
Cost	[1],[6]	$ 153,520
Senior Secured First Lien Delayed Draw Term Loan [Member] | Services: Consumer [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[1],[2]	2.29%
Par Amount	[1],[4]	$ 3,200,000
Maturity	[1]	Dec. 30, 2026
Fair Value	[1],[5]	$ 3,200,000
Cost	[1],[6]	3,200,000
Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]
Maturity	[1]			Dec. 16, 2028
Fair Value	[1],[5]
Cost	[1],[8]			$ (970)
Fund Investment [Member]
Fair Value		$ 962,000
Fund Investment [Member] | Banking, Finance, Insurance & Real Estate [Member] | Tamarix Capital Partners II, L.P [Member]
% of Net Assets	[2],[12]	0.70%
Par Amount	[4],[12]	$ 1,026,818
Fair Value	[5],[12]	962,400
Cost	[6],[12]	$ 1,026,818
Equity - 1.30% Partnership Interest [Member] | Automotive [Member] | Watermill QMC Midco, Inc [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 518,283
Fair Value	[1],[5]
Cost	[1],[6]	$ 518,283
Equity - 350 Common Units [Member] | Aerospace and Defense [Member] | Wingman Holdings, Inc. [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[1],[4]	$ 350
Fair Value	[1],[5]
Cost	[1],[6]	$ 700,000
Equity - 350 Common Units [Member] | Aerospace and Defense [Member] | Wingman Holdings, Inc. [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 350
Fair Value	[1],[5]
Cost	[1],[8]			$ 700,000
Senior Secured First Lien Term Loan A [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
% of Net Assets	[1],[13]	0%	[2]	0%	[7],[11]
Par Amount	[1],[4],[13]	$ 9,946,741		$ 9,946,741	[11]
Maturity	[1],[13]	Aug. 31, 2024		May 01, 2023	[11],[16]
Fair Value	[1],[5],[13]				[11]
Cost	[1],[13]	$ 9,473,068	[6]	$ 9,473,068	[8],[11]
Senior Secured First Lien Term Loan A [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[1],[2],[13]	2.49%
Par Amount	[1],[4],[13]	$ 3,500,000
Maturity	[1],[13]	Feb. 15, 2024
Fair Value	[1],[5],[13]	$ 3,491,250
Cost	[1],[6],[13]	$ 3,429,508
Senior Secured First Lien Term Loan C [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
% of Net Assets	[2]	0.55%
Par Amount	[4]	$ 1,231,932
Maturity	[1]	Aug. 31, 2024
Fair Value	[5]	$ 763,798
Cost	[6]	$ 1,191,257
Senior Secured First Lien Term Loan C [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[1],[2],[11],[14]	0%
Par Amount	[1],[4],[11],[14]	$ 11,506,159
Maturity	[1],[9],[11],[14]	Dec. 31, 2024
Fair Value	[1],[5],[11],[14]
Cost	[1],[6],[11],[14]	$ 7,570,056
Senior Secured First Lien Term Loan C [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
% of Net Assets	[1],[7],[13]			0%
Par Amount	[1],[4],[13]			$ 1,231,932
Maturity	[1],[13]			May 01, 2023
Fair Value	[1],[5],[13]
Cost	[1],[8],[13]			$ 1,191,257
Equity - 21,562 Class A Units [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
% of Net Assets	[1],[13]		[2]		[7]
Par Amount	[1],[13]	$ 21,562	[9]	$ 21,562	[4]
Fair Value	[1],[5],[13]
Cost	[1],[13]		[6]		[8]
Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[2],[13]	1.21%
Par Amount	[1],[4],[13]	$ 1,686,463
Maturity	[1],[13]	Jan. 31, 2024
Fair Value	[1],[5],[13]	$ 1,686,463
Cost	[1],[6],[13]	$ 1,519,796
Equity - 17.92% Membership Interest [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[2],[13]	0%
Par Amount	[1],[4],[13]
Fair Value	[1],[5],[13]
Cost	[1],[6],[13]
Equity - 17.92% Membership Interest [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[7],[13]			0%
Par Amount	[1],[4],[13]
Fair Value	[1],[5],[13]
Cost	[1],[8],[13]
Equity [Member] | High Tech Industries [Member] | FST Holdings Parent, LLC [Member]
% of Net Assets	[1],[2],[13]	5.72%
Par Amount	[1],[4],[13]	$ 500,438
Fair Value	[1],[5],[13]	8,000,000
Cost	[1],[6],[13]	$ 8,000,000
Convertible Promissory Note [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[1],[2],[13]	4.95%
Par Amount	[1],[4],[13]	$ 5,000,000
Fair Value	[1],[5],[13]	6,925,000
Cost	[1],[6],[13]	5,000,000
Convertible Promissory Note [Member] | Hotel, Gaming and Leisure [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[1],[7]			4.14%
Par Amount	[1],[4]			$ 5,000,000
Fair Value	[1],[5]			5,000,000
Cost	[1],[8]			$ 5,000,000
Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Altisource S.A.R.L [Member]
% of Net Assets	[1],[7],[10]			4.51%
Par Amount	[1],[4],[10]			$ 6,486,419
Maturity	[1],[10]			Apr. 03, 2024
Fair Value	[1],[5],[10]			$ 5,448,591
Cost	[1],[8],[10]			$ 5,825,616
Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming and Leisure [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[1],[7]			6.08%
Par Amount	[1],[4]			$ 7,500,000
Maturity	[1]			May 31, 2027
Fair Value	[1],[5]			$ 7,350,000
Cost	[1],[8]			$ 7,350,000
Equity - 417 Common Units [Member] | Containers, packaging & Glass [Member] | Be Green packaging, LLC [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 1
Fair Value	[1],[5]
Cost	[1],[8]			$ 416,250
Equity - 3,434,169.6 Common Units [Member] | Services Business [Member] | Boostability Seotowncenter, Inc [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 833,152
Fair Value	[1],[5]
Cost	[1],[8]			$ 66,475
Equity - 117,310 Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Chimera Investment Corp [Member]
% of Net Assets	[1],[7],[10]			1.59%
Par Amount	[1],[4],[10]			$ 117,310
Fair Value	[1],[5],[10]			1,915,672
Cost	[1],[8],[10]			$ 2,884,724
Senior Secured Second Lien Term Loan [Member] | Aerospace and Defense [Member] | CPI International, Inc [Member]
% of Net Assets	[1],[7]			2.16%
Par Amount	[1],[4]			$ 2,607,062
Maturity	[1]			Jul. 28, 2025
Fair Value	[1],[5]			$ 2,607,062
Cost	[1],[8]			$ 2,602,547
Senior Secured First Lien Term Loan [Member] | Media: Broadcasting & Subscription [Member] | DirecTV Financing, LLC [Member]
% of Net Assets	[1],[7]			3.49%
Par Amount	[1],[4]			$ 4,550,000
Maturity	[1]			Aug. 02, 2027
Fair Value	[1],[5]			$ 4,220,000
Cost	[1],[8]			$ 4,550,000
Preferred Equity [Member] | Construction & Building [Member] | Dream Finders Homes, LLC [Member]
% of Net Assets	[1],[7]			4.10%
Par Amount	[1],[4]			$ 5,309,341
Fair Value	[1],[5]			4,950,961
Cost	[1],[6]			$ 5,309,341
Equity - 150 Common Units [Member] | Services Business [Member] | Footprint Holding Company Inc. [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 150
Fair Value	[1],[5]
Cost	[1],[8]
Equity - 529,914 Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Franklin BSP Realty Trust, Inc [Member]
% of Net Assets	[1],[7]			4.72%
Par Amount	[1],[4]			$ 529,914
Fair Value	[1],[5]			5,707,174
Cost	[1],[8]			$ 8,754,386
Equity - 3.8% Membership Interest [Member] | Consumer goods: Non-durable [Member] | Global Accessories Group, LLC [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 380
Fair Value	[1],[5]
Cost	[1],[8]			$ 151,337
Equity - 254,922 Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Great AJAX Corp [Member]
% of Net Assets	[1],[7],[10]			1.58%
Par Amount	[1],[4],[10]			$ 254,922
Fair Value	[1],[5],[10]			1,914,464
Cost	[1],[8],[10]			$ 3,333,786
Equity - 205,000 Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Invesco Mortgage Capital, Inc [Member]
% of Net Assets	[1],[7],[10]			2.60%
Par Amount	[1],[4],[10]			$ 205,000
Fair Value	[1],[5],[10]			3,138,550
Cost	[1],[8],[10]			$ 5,035,506
Equity Units [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[1],[7]			8.48%
Par Amount	[1],[4]			$ 10,000,000
Fair Value	[1],[5]			10,248,798
Cost	[1],[8]			$ 10,000,000
Senior Secured First Lien Term Loan A [Member] | Hotel, Gaming and Leisure [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[1],[7]			4.05%
Par Amount	[1],[4]			$ 5,000,000
Maturity	[1]			Feb. 15, 2024
Fair Value	[1],[5]			$ 4,900,000
Cost	[1],[8]			$ 4,900,000
Equity Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | MFA Financial, Inc [Member]
% of Net Assets	[1],[7],[10]			1.43%
Par Amount	[1],[4],[10]			$ 97,426
Fair Value	[1],[5],[10]			1,722,492
Cost	[1],[8],[10]			$ 2,318,487
Equity Class E Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | New York Mortgage Trust, Inc [Member]
% of Net Assets	[1],[7],[10]			2.44%
Par Amount	[1],[4],[10]			$ 165,000
Fair Value	[1],[5],[10]			2,953,500
Cost	[1],[8],[10]			$ 4,102,076
Equity Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | PennyMac Financial Services, Inc [Member]
% of Net Assets	[1],[7],[10]			2.89%
Par Amount	[1],[4],[10]			$ 81,500
Fair Value	[1],[5],[10]			3,496,350
Cost	[1],[8],[10]			$ 5,364,478
Equity - 206,684 Class B Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Rithm Capital Corp [Member]
% of Net Assets	[1],[7],[10]			3.23%
Par Amount	[1],[4],[10]			$ 206,684
Fair Value	[1],[5],[10]			3,902,194
Cost	[1],[8],[10]			5,129,170
Unsecured Debt [Member]
Fair Value		$ 161,000
Unsecured Debt [Member] | Energy Oil & Gas [Member] | Sendero Drilling Company, LLC [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 191,250
Maturity	[1]			Aug. 01, 2023
Fair Value	[1],[5]
Cost	[1],[8]			$ 182,081
Equity - 700,000 Class A Preferred Units [Member] | Retail [Member] | SMART Financial Operations, LLC [Member]
% of Net Assets	[1],[7]			0.10%
Par Amount	[1],[4]			$ 700,000
Fair Value	[1],[5]			120,793
Cost	[1],[8]			$ 700,000
Equity - 338,736.11 Class A Units [Member] | Services Business [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[1],[7]			0.22%
Par Amount	[1],[4]			$ 338,736
Fair Value	[1],[5]			265,269
Cost	[1],[8]			$ 308,652
Equity - 5,441 Class A Units [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[1],[7]			0.04%
Par Amount	[1],[4]			$ 5,441
Fair Value	[1],[5]			52,342
Cost	[1],[8]			$ 302,464
Warrants - 0.65% of Outstanding Equity [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[1],[7]			0.05%
Par Amount	[1],[4]			$ 6,506
Maturity	[1]			Mar. 30, 2028
Fair Value	[1],[5]			$ 62,569
Cost	[1],[8]			$ 361,667
Equity - 13,044 Common Units [Member] | Consumer Goods Durable [Member] | Walker Edison Furniture Company LLC [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 13,044
Fair Value	[1],[5]
Cost	[1],[8]			$ 2,114,646
Equity - 1.3% Partnership Interest [Member] | Automotive [Member] | Watermill QMC Midco, Inc [Member]
% of Net Assets	[1],[7]			0%
Par Amount	[1],[4]			$ 518,283
Fair Value	[1],[5]
Cost	[1],[8]			$ 518,283
Senior Secured First Lien Super Priority DDTL [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[7],[13]			1.24%
Par Amount	[1],[4],[13]			$ 1,500,000
Maturity	[1],[13]			Jan. 31, 2024
Fair Value	[1],[5],[13]			$ 1,500,000
Cost	[1],[8],[13]			$ 1,500,000
Equity - 6.78 Common Units [Member] | Metals & Mining [Member] | Kemmerer Operations, LLC [Member]
% of Net Assets	[1],[7],[13]			0.57%
Par Amount	[1],[4],[13]			$ 7
Fair Value	[1],[5],[13]			694,702
Cost	[1],[8],[13]			$ 962,717
Equity - 33,300 Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | US Multifamily, LLC [Member]
% of Net Assets	[1],[7],[13]			1.06%
Par Amount	[1],[4],[13]			$ 33,300
Fair Value	[1],[5],[13]			1,282,571
Cost	[1],[8],[13]			$ 2,137,315
Equity Interest [Member] | Services Business [Member] | FlexFIN, LLC [Member]
% of Net Assets	[1],[7],[14]			39.01%
Par Amount	[1],[4],[14]			$ 47,136,146
Fair Value	[1],[5],[14]			47,136,146
Cost	[1],[8],[14]			$ 47,136,146
Senior Secured First Lien Super Priority DDTL [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[1],[7],[14]			3.06%
Par Amount	[1],[4],[14]			$ 19,561,424
Maturity	[1],[14]			Dec. 31, 2024
Fair Value	[1],[5],[14]			$ 3,697,109
Cost	[1],[8],[14]			$ 13,916,082
Senior Secured First Lien Term Loan C [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[1],[7],[14]			0%
Par Amount	[1],[4],[14]			$ 13,199,860
Maturity	[1],[14]			Dec. 31, 2024
Fair Value	[1],[5],[14]
Cost	[1],[8],[14]			$ 7,570,056
Equity - 1,000 Class A Units [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[1],[7],[14]			0%
Par Amount	[1],[4],[14]			$ 9,551,135
Fair Value	[1],[5],[14]
Cost	[1],[8],[14]			$ 9,550,924
Senior Secured First Lien Term Loans One [Member] | Automotive [Member] | First Brands Group, LLC [Member]
% of Net Assets	[1],[2]	1.39%
Par Amount	[1],[4]	$ 1,990,000
Maturity	[1]	Mar. 30, 2027
Fair Value	[1],[5]	$ 1,950,200
Cost	[1],[6]	$ 1,910,400
[1]Most of our investments are domiciled in the United States. See Note 3 for a summary of portfolio composition by geographic location. Certain investments also have international operations.[2]Percentage is based on net assets of $139,954,664 as of June 30, 2023.[3]The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 5.791% spread on 3/31/2024[4]Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted.[5]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).[6]Net unrealized depreciation for U.S. federal income tax purposes totaled $(53,411,797). The tax cost basis of investments is $272,098,415 as of June 30, 2023. The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.[7]Percentage is based on net assets of $120,845,408 as of September 30, 2022.[8]Net unrealized depreciation for U.S. federal income tax purposes totaled $(69,642,639). The tax cost basis of investments is $262,599,288 as of September 30, 2022.[9]Non-income producing security.[10]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, 2022, 17.24% of the Company’s portfolio investments were non-qualifying assets.[11]The investment has an unfunded commitment as of June 30, 2023 (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.[12]The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of June 30, 2023, non-qualifying assets represented 21.63% of total assets.[13]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.[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]The Company filed for bankruptcy and PhenixFIN provided DIP Financing as of June 30, 2023.[16]The investment was on non-accrual status as of September 30, 2022.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Unaudited) (Parentheticals) - USD ($)		Sep. 27, 2027	Sep. 30, 2025	Mar. 31, 2025	Aug. 15, 2024	Jun. 30, 2023		Sep. 30, 2022
Investment interest rate						0.50%
Net unrealized depreciation (in Dollars)						$ (62,296,941)	[1]	$ (69,642,639)
Tax cost (in Dollars)						262,542,255	[1]	262,599,288
Net assets (in Dollars)						$ 131,150,889	[1]	$ 120,845,408
Qualifying asset percentage						18.98%	[1]	17.24%
Interest rate percentage		5.29%			5.64%	1.30%		5.345%
Watermill QMC Midco, Inc [Member]
Partnership interest percentage								1.30%
Minimum [Member]
Voting rights percentage								5%
Maximum [Member]
Voting rights percentage								25%
Services Business [Member] | Equity - 833,152 Common Units [Member] | Boostability Seotowncenter, Inc [Member]
Equity common units (in Shares)	[2]					833,152
Services Business [Member] | Equity - 338,736.11 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)	[2]					338,748.45
Containers, packaging & Glass [Member] | Equity - 417 Common Units [Member] | Be Green packaging, LLC [Member]
Equity common units (in Shares)	[2]					417
Banking, Finance, Insurance & Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp [Member]
Equity common units (in Shares)	[3],[4]					117,310
Interest rate percentage			4.743%
Banking, Finance, Insurance & Real Estate [Member] | Equity - 30,000 Class B Preferred Unit [Member] | Chimera Investment Corp [Member]
Equity common units (in Shares)	[4]					30,000
Banking, Finance, Insurance & Real Estate [Member] | Equity - 392,745 Common Units [Member] | Franklin BSP Realty Trust, Inc [Member]
Equity common units (in Shares)	[4]					529,914
Banking, Finance, Insurance & Real Estate [Member] | Equity - 110,732 Common Units [Member] | Great AJAX Corp [Member]
Equity common units (in Shares)	[4]					110,732
Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc [Member]
Interest rate percentage		5.29%
Banking, Finance, Insurance & Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc [Member]
Interest rate percentage				5.345%
Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]
Equity common units (in Shares)	[4],[5]					206,684
Banking, Finance, Insurance & Real Estate [Member] | Equity - 33,300 Preferred Units [Member] | US Multifamily, LLC [Member]
Equity common units (in Shares)	[2]					33,300
Construction and Building [Member] | Preferred Equity [Member] | Dream Finders Homes, LLC [Member]
Investment interest rate						8%
Automotive [Member] | Equity - 5,441 Class A Units [Member] | Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)	[2]					5,441
Automotive [Member] | Warrants - 0.65% of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
Investment interest rate	[2]					0.65%
Consumer goods: Non-durable [Member] | Equity Membership Interest [Member] | Global Accessories Group, LLC [Member]
Investment interest rate	[2]					3.80%
Construction & Building [Member] | Equity - 10,000,000 Units [Member] | JFL-NGS-WCS Partners, LLC [Member]
Equity common units (in Shares)	[2]					10,000,000
Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc [Member]
Equity common units (in Shares)	[4],[6]					205,000
Banking, Finance, Insurance & Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc [Member]
Equity common units (in Shares)	[4],[7]					97,426
Banking, Finance, Insurance & Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc [Member]
Equity common units (in Shares)	[4],[8]					165,000
Banking, Finance, Insurance & Real Estate [Member] | Equity - 66,500 Common Units [Member] | PennyMac Financial Services, Inc [Member]
Equity common units (in Shares)	[4]					66,500
Retail [Member] | Equity - 700,000 Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member]
Investment interest rate	[2]					700,000%
Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member]
Equity common units (in Shares)						1,000
Metals & Mining [Member] | Equity - 31 Common Units [Member] | Kemmerer Operations, LLC [Member]
Equity common units (in Shares)	[2]					31
Senior Secured First Lien Delayed Draw Term Loan One [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Interest rate percentage						4.86%
Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | McKissock Investment Holdings, LLC [Member]
Investment interest rate						4.51%
Senior Secured First Lien Term Loan [Member] | Services Business [Member] | Point 360 [Member]
Investment interest rate	[9]							6%
Senior Secured First Lien Term Loan [Member] | Metals & Mining [Member] | Kemmerer Operations, LLC [Member]
Investment PIK interest rate								15%
Senior Secured Notes [Member] | Construction and Building [Member] | Innovate Corp [Member]
Senior secured rate	[10]							8.50%
Senior Secured Notes [Member] | Construction & Building [Member] | Innovate Corp [Member]
Investment interest rate	[11]					8.50%
Warrants - 0.62% of Outstanding Equity [Member] | Containers, packaging & Glass [Member] | Lighting Science Group Corporation [Member]
Investment interest rate	[2]					0.62%
Warrants of outstanding equity								0.62%
Unsecured Debt [Member] | Energy Oil & Gas [Member] | Sendero Drilling Company, LLC [Member]
Investment interest rate	[2],[12]					9%
Equity - 1.30% Partnership Interest [Member] | Automotive [Member] | Watermill QMC Midco, Inc [Member]
Equity common units (in Shares)	[2],[13]					1.3
Equity - 350 Common Units [Member] | Aerospace and Defense [Member] | Wingman Holdings, Inc. [Member]
Equity common units (in Shares)	[2]					350
Equity - 350 Common Units [Member] | Aerospace and Defense [Member] | Wingman Holdings, Inc. [Member]
Equity common units (in Shares)								350
Equity - 21,562 Class A Units [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Equity common units (in Shares)	[2]					21,562
Equity - 21,562 Class A Units [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Equity common units (in Shares)								21,562
Equity - 17.92% Membership Interest [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate						17.92%
Equity common units (in Shares)								17.92
Equity - 500,438 Class A Units [Member] | High Tech Industries [Member] | FST Holdings Parent, LLC [Member]
Equity common units (in Shares)						500,438
Equity - 417 Common Units [Member] | Containers, packaging & Glass [Member] | Be Green packaging, LLC [Member]
Equity common units (in Shares)								417
Equity - 3,434,169.6 Common Units [Member] | Services Business [Member] | Boostability Seotowncenter, Inc [Member]
Equity common units (in Shares)								3,434,169.6
Equity - 117,310 Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Chimera Investment Corp [Member]
Equity common units (in Shares)	[14],[15]							117,310
Equity - 150 Common Units [Member] | Services Business [Member] | Footprint Holding Company Inc. [Member]
Equity common units (in Shares)								150
Equity - 529,914 Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Franklin BSP Realty Trust, Inc [Member]
Equity common units (in Shares)	[15]							529,914
Equity - 3.8% Membership Interest [Member] | Consumer goods: Non-durable [Member] | Global Accessories Group, LLC [Member]
Investment interest rate								3.80%
Equity - 254,922 Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Great AJAX Corp [Member]
Equity common units (in Shares)	[15]							253,651
Equity - 205,000 Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Invesco Mortgage Capital, Inc [Member]
Equity common units (in Shares)	[15],[16]							205,000
Equity Units [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
Equity common units (in Shares)								10,000,000
Equity Class C Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | MFA Financial, Inc [Member]
Equity common units (in Shares)	[7],[15]							97,426
Equity Class E Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | New York Mortgage Trust, Inc [Member]
Equity common units (in Shares)	[15],[17]							165,000
Equity Common Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | PennyMac Financial Services, Inc [Member]
Equity common units (in Shares)	[15]							81,500
Equity - 206,684 Class B Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | Rithm Capital Corp [Member]
Equity common units (in Shares)	[15],[18]							206,684
Unsecured Debt [Member] | Energy Oil & Gas [Member] | Sendero Drilling Company, LLC [Member]
Investment interest rate	[9]							9%
Equity - 700,000 Class A Preferred Units [Member] | Retail [Member] | SMART Financial Operations, LLC [Member]
Equity common units (in Shares)								700,000
Equity - 338,736.11 Class A Units [Member] | Services Business [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)								338,736.11
Equity - 5,441 Class A Units [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)								5,441
Warrants - 0.65% of Outstanding Equity [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
Warrants of outstanding equity								0.65%
Equity - 13,044 Common Units [Member] | Consumer Goods Durable [Member] | Walker Edison Furniture Company LLC [Member]
Equity common units (in Shares)								13,044
Equity - 1.3% Partnership Interest [Member] | Automotive [Member] | Watermill QMC Midco, Inc [Member]
Investment interest rate	[13]							1.30%
Equity - 6.78 Common Units [Member] | Metals & Mining [Member] | Kemmerer Operations, LLC [Member]
Equity common units (in Shares)								6.78
Equity - 33,300 Preferred Units [Member] | Banking, Finance, Insurance & Real Estate [Member] | US Multifamily, LLC [Member]
Equity common units (in Shares)								33,300
Equity - 1,000 Class A Units [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
Equity common units (in Shares)								1,000
Chimera Investment Corp [Member]
Interest rate percentage								4.743%
London Interbank Offered Rates (LIBOR) [Member] | Services Business [Member] | First Lien Term Loan [Member] | Staples, Inc [Member]
Investment interest rate	[11],[19]					4.50%
London Interbank Offered Rates (LIBOR) [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate								5.50%
London Interbank Offered Rates (LIBOR) [Member] | Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Thryv Holdings, Inc [Member]
Investment interest rate	[11],[20]					8.50%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Altisource S.A.R.L [Member]
Investment interest rate	[1]					5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Thryv Holdings, Inc [Member]
Investment interest rate								8.50%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[2],[12]					9.25%
London Interbank Offered Rates (LIBOR) [Member] | First Lien Term Loan [Member] | Services: Consumer [Member] | Staples, Inc [Member]
Investment interest rate	[10]							4.50%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan one [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate	[20]					6.25%
London Interbank Offered Rates (LIBOR) [Member] | Revolving Credit Facility [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate						5%		5%	[21]
London Interbank Offered Rates (LIBOR) [Member] | Revolving Credit Facility [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate								6.25%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | Services Business [Member] | Point 360 [Member]
Investment PIK interest rate	[2],[12]					6%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate								6.25%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
Investment interest rate						5.50%	[12],[19]	5.50%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | Media Broadcasting and Subscription [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[11],[19]					5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | Automotive [Member] | Power Stop LLC [Member]
Investment interest rate						4.75%	[20]	4.75%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate						6.50%	[22]	6.50%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
Investment interest rate						5%	[19]	5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan [Member] | Media: Broadcasting & Subscription [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[10]							5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
Investment interest rate	[4],[23]					5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[20]					4%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
Investment interest rate								4%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan A [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate						5%	[2],[12]	5%	[9]
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan C [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate						5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan C [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[2]					12%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan C [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate								5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Altisource S.A.R.L [Member]
Investment interest rate	[24]							4%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[9]							9.25%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured Second Lien Term Loan [Member] | Aerospace and Defense [Member] | CPI International, Inc [Member]
Investment interest rate								7.25%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
Investment interest rate	[23]							5%
London Interbank Offered Rates (LIBOR) [Member] | Senior Secured First Lien Term Loan C [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[9]							12%
Interest Rate Floor [Member] | Services Business [Member] | First Lien Term Loan [Member] | Staples, Inc [Member]
Investment interest rate	[11],[19]					0%
Interest Rate Floor [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Thryv Holdings, Inc [Member]
Investment interest rate	[11],[20]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Altisource S.A.R.L [Member]
Investment interest rate	[1]					4.50%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Thryv Holdings, Inc [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[22],[25]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[2],[12]					1%
Interest Rate Floor [Member] | First Lien Term Loans [Member] | Aerospace and Defense [Member] | Arcline FM Holdings, LLC [Member]
Investment interest rate	[19]					0.75%
Interest Rate Floor [Member] | First Lien Term Loan [Member] | Banking, Finance, Insurance & Real Estate [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[22]					1%
Interest Rate Floor [Member] | First Lien Term Loan [Member] | Services: Consumer [Member] | Staples, Inc [Member]
Investment interest rate	[10]							0%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan one [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate	[20]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan one [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[22]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan one [Member] | Automotive [Member] | First Brands Group, LLC [Member]
Investment interest rate	[26]					1%
Interest Rate Floor [Member] | Revolving Credit Facility [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate	[20]					1%
Interest Rate Floor [Member] | Revolving Credit Facility [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate						1%	[19],[23]	1%	[21]
Interest Rate Floor [Member] | Revolving Credit Facility [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Consumer Discretionary [Member] | Deer Management Systems LLC [Member]
Investment interest rate	[1],[27]					3%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
Investment interest rate						0.75%	[12],[19]	0.75%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Media Broadcasting and Subscription [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[11],[19]					0.75%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Automotive [Member] | First Brands Group, LLC [Member]
Investment interest rate	[26]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Automotive [Member] | Power Stop LLC [Member]
Investment interest rate						0.50%	[20]	0.50%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | McKissock Investment Holdings, LLC [Member]
Investment interest rate	[25]							0.75%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate						1%	[22]	1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
Investment interest rate								0.50%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Media: Broadcasting & Subscription [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[10]							0.75%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate						1%	[12],[22]	1%	[9]
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[22]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan Two [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[22]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Services: Consumer [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[22]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
Investment interest rate						0.50%
Interest Rate Floor [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate						1%	[2]	1%
Interest Rate Floor [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[20]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan A [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate						1%	[2],[12]	1%	[9]
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan A [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[22],[25]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan C [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate						1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan C [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[2]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan C [Member] | Energy Oil & Gas [Member] | 1888 Industrial Services, LLC
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[22],[27]					1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Services Business [Member] | Altisource S.A.R.L [Member]
Investment interest rate	[24]							1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming and Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[25]							1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[9]							1%
Interest Rate Floor [Member] | Senior Secured Second Lien Term Loan [Member] | Aerospace and Defense [Member] | CPI International, Inc [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loans [Member] | Automotive [Member] | First Brands Group, LLC [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan A [Member] | Hotel, Gaming and Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[25]							1%
Interest Rate Floor [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Packaging [Member] | Secure Acquisition Inc [Member]
Investment interest rate	[23]							0.50%
Interest Rate Floor [Member] | Senior Secured First Lien Super Priority DDTL [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate								1%
Interest Rate Floor [Member] | Senior Secured First Lien Term Loan C [Member] | Hotel, Gaming and Leisure [Member] | NVTN LLC [Member]
Investment interest rate	[9]							1%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan B [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[22]					5.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[22],[25]					9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | First Lien Term Loans [Member] | Aerospace and Defense [Member] | Arcline FM Holdings, LLC [Member]
Investment interest rate	[19]					4.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | First Lien Term Loan [Member] | Banking, Finance, Insurance & Real Estate [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[22]					2.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan one [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[22]					10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan one [Member] | Automotive [Member] | First Brands Group, LLC [Member]
Investment interest rate	[26]					5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Consumer Discretionary [Member] | Deer Management Systems LLC [Member]
Investment interest rate	[1],[27]					8.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Services Business [Member] | McKissock Investment Holdings, LLC [Member]
Investment interest rate	[1],[25]					5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Automotive [Member] | First Brands Group, LLC [Member]
Investment interest rate	[26]					5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Services: Consumer [Member] | McKissock Investment Holdings, LLC [Member]
Investment interest rate	[25]							5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate						9%	[12],[22]	9%	[9]
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Services: Consumer [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[22]					6.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate						9%	[2]	9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan A [Member] | Hotel, Gaming & Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[22],[25]					9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[22],[27]					9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan B [Member] | Hotel, Gaming and Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[25]							9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loans [Member] | Automotive [Member] | First Brands Group, LLC [Member]
Investment interest rate								5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Term Loan A [Member] | Hotel, Gaming and Leisure [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[25]							9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured First Lien Super Priority DDTL [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate								9%
London Interbank Offering Rate [Member] | Revolving Credit Facility [Member] | High Tech Industries [Member] | DataOnline Corp [Member]
Investment interest rate	[20]					6.25%
Senior Secured First Lien Term Loan [Member] | Automotive [Member] | First Brands Group, LLC [Member]
Investment interest rate						4.09%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate One [Member] | Senior Secured First Lien Term Loan Two [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[22]					10%
Credit Spread Adjustment [Member] | Senior Secured First Lien Term Loan [Member] | Services Business [Member] | McKissock Investment Holdings, LLC [Member]
Investment interest rate	[1],[25]					0.75%
Payment In Kind [Member] | Senior Secured First Lien Term Loan [Member] | Metals & Mining [Member] | Kemmerer Operations, LLC [Member]
Investment PIK interest rate						15%
Payment in Kind (PIK) Note [Member] | Preferred Equity [Member] | Construction & Building [Member] | Dream Finders Homes, LLC [Member]
Equity common units (in Shares)								8
Affiliated Investments [Member] | Maximum [Member] | Portfolio Company [Member]
Voting rights percentage						25%
Affiliated Investments [Member] | Portfolio Company [Member] | Minimum [Member]
Voting rights percentage						5%
[1]The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2023 was 5.00%.[2]Non-income producing security.[3]The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 4.743% spread on 9/30/2025.[4]This investment represents a Level 1 security in the ASC 820 table as of June 30, 2023 (see Note 4).[5]The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.[6]The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 5.29% spread on 9/27/2027.[7]The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.345% spread on 3/31/2025.[8]The interest rate on this investment is fixed-to-floating and will shift to 3 month LIBOR plus a 6.429% spread on 1/15/2025.[9]The investment was on non-accrual status as of September 30, 2022.[10]This investment represents a Level 2 security in the ASC 820 table as of September 30, 2022 (see Note 4).[11]This investment represents a Level 2 security in the ASC 820 table as of June 30, 2023 (see Note 4).[12]The investment was on non-accrual status as of June 30, 2023.[13]Represents 1.3% partnership interest in Watermill-QMC Partners, LP and Watermill-EMI Partners, LP.[14]The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 4.743% spread on 9/30/2025.[15]This investment represents a Level 1 security in the ASC 820 table as of September 30, 2022 (see Note 4).[16]The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 5.29% spread on 9/27/2027.[17]The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 6.429% spread on 1/15/2025.[18]The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.[19]The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2023 was 5.55%.[20]The interest rate on these loans is subject to 1 month LIBOR, which as of June 30, 2023 was 5.22%.[21]This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2022, and is recorded as a component of interest income on the Consolidated Statements of Operations.[22]The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2023 was 5.07%.[23]This investment earns 0.50% commitment fee on all unused commitment as of June 30, 2023, and is recorded as a component of interest income on the Consolidated Statements of Operations.[24]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, 2022, 17.24% of the Company’s portfolio investments were non-qualifying assets.[25]Credit Spread Adjustment (“CSA”)[26]The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2023 was 4.78%.[27]The investment has an unfunded commitment as of June 30, 2023 (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.

N-2

N-2 - $ / shares	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Cover [Abstract]
Entity Central Index Key	0001490349
Amendment Flag	false
Securities Act File Number	1-35040
Document Type	10-Q
Entity Registrant Name	PHENIXFIN CORPORATION
Entity Address, Address Line One	445 Park Avenue
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	859-0390
Entity Emerging Growth Company	false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	The COVID-19 outbreak continues to have, and any future outbreaks could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things.
Risk Factors [Table Text Block]	Item 1A. Risk Factors In addition to other information set forth in this report, you should carefully consider the “Risk Factors” discussed in our annual report on Form 10-K for the fiscal year ended September 30, 2022, filed with the SEC on December 16, 2022, which could materially affect our business, financial condition and/or operating results. Other than the items disclosed below, there have been no material changes during the nine months ended June 30, 2023 to the risk factors discussed in “Item 1A. Risk Factors” of our annual report on Form 10-K. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. Risks Related to our Business We may not be able to pay you distributions and our distributions may not grow over time. When possible, we may pay quarterly distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to pay a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC could limit our ability to pay distributions. As of June 30, 2023, the Company’s asset coverage was 263.2% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. All distributions will be paid at the discretion of our board of directors and will depend on our earnings, our financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations, and such other factors as our board of directors may deem relevant from time to time. We cannot assure you that we will pay distributions to our stockholders in the future. Risks Related to our Operations as a BDC and RIC Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital which could have a material adverse impact on our liquidity, financial condition and results of operations. Our business requires a substantial amount of capital to operate and grow. We may acquire additional capital from the issuance of senior securities (including debt and preferred stock), the issuance of additional shares of our common stock or from securitization transactions. However, we may not be able to raise additional capital in the future on favorable terms or at all. Additionally, we may only issue senior securities up to the maximum amount permitted by the 1940 Act. The 1940 Act permits us to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) after such issuance or incurrence. If our assets decline in value and we fail to satisfy this test, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales or repayment may be disadvantageous, which could have a material adverse impact on our liquidity, financial condition and results of operations. As of June 30, 2023, the Company’s asset coverage was 263.2% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. Risks Relating to an Investment in our Securities The indenture under which the 2028 Notes are issued place restrictions on our and/or our subsidiaries’ activities. The terms of the indentures under which the 2028 Notes were issued place restrictions on our and/or our subsidiaries’ ability to, among other things issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the 2028 Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the 2028 Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the 2028 Notes and  (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the 2028 Notes, except as would cause our asset coverage to be below 200% as a result of such borrowings and/or issuances, whether or not we continue to be subject to the regulations of the 1940 Act. These provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowings. As of June 30, 2023, the Company’s asset coverage was 263.2% after giving effect to leverage. These provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 200% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase. The terms of the Credit Facility place restrictions on our and/or our subsidiaries activities. The terms of the Credit Facility place restrictions on our and/or our subsidiaries’ ability to, among other things, issue securities or otherwise incur additional indebtedness or other obligations, and in certain cases we may need the approval of WoodForest, as the Administrative Agent, in order to incur further indebtedness. In addition, the Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility, which would adversely affect our liquidity position and, in turn, could force us to dispose of investments at inopportune times at reduced prices. Repayment could also adversely affect our ability to implement our investment strategy and achieve our investment objectives. Certain Risks in the Current Environment We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and operations. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of coronavirus (“COVID-19”) that began in December 2019. Some economists and major investment banks have expressed concern that the continued spread of the COVID-19 globally could lead to a world-wide economic downturn. Even after the COVID-19 pandemic subsides, the U.S. economy, as well as most other major economies, may continue to experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The COVID-19 outbreak continues to have, and any future outbreaks could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. With respect to the U.S. credit markets, the COVID-19 outbreak has resulted in, and until fully resolved is likely to continue to result in, the following among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility; and rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general which will not necessarily adequately address the problems facing the loan market and businesses. These and future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. For example, between 2008 and 2009, the U.S. and global capital markets were unstable as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our stockholders and our independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. The current market and future market conditions similar to those experienced from 2008 through 2009 for any substantial length of time could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Governmental authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. We also face an increased risk of investor, creditor or portfolio company disputes, litigation and governmental and regulatory scrutiny as a result of the effects of COVID-19 on economic and market conditions. Events outside of our control, including terrorist attacks, acts of war, natural disasters or public health crises, could negatively affect our portfolio companies and our results of our operations. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control, including terrorist attacks, acts of war, natural disasters, public health crises or similar events. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies. In February 2022, Russia launched a large-scale invasion of Ukraine. The extent and duration of Russian military action in the Ukraine, resulting sanctions and resulting future market disruptions, including declines in stock markets in Russia and elsewhere and the value of the ruble against the U.S. dollar, are impossible to predict, but have been and could continue to be significant. Any such disruptions caused by Russian military or other actions (including cyberattacks and espionage) or resulting from actual or threatened responses to such actions have caused and could continue to cause disruptions to portfolio companies located in Europe or that have substantial business relationships with European or Russian companies. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but have been and could continue to be substantial. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. We may be subject to risks associated with significant investments in one or more economic sectors and/or industries, including the business services sector, which includes our investment in our affiliate’s asset based lending business. At times, the Company may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors and/or industries, including the Services: Business, which includes our investment in an asset based lending business. Companies in the same sector or industry may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Company more vulnerable to unfavorable developments in that sector or industry than companies that invest more broadly. Generally, the more broadly the Company invests, the more it spreads risk and potentially reduces the risks of loss and volatility. As of June 30, 2023, investments in our affiliate’s asset-based lending business constituted 14.7% of our total assets. Thus, the Company presently has significant exposure to its asset based lending business. This asset based lending exposure subjects the Company to the particular risks of such business to a greater degree than others not similarly concentrated. The Company’s affiliate’s asset based lending activity within the gemstone and jewelry industry is exposed to factors that can impact price of gemstones and jewelry, including supply and demand of gemstones; political, economic, and global financial events; movement of the U.S. dollar versus other currencies; and the activity of large speculators and other participants. The gemstones and jewelry industry is exposed to the risk of loss as a result of fraud in its various forms. A significant decline in market prices of gemstones could result in reduced collateral value and losses, i.e., a lower balance of asset-based loans outstanding for the Company’s affiliate (which in turn would adversely impact out net asset value). See Item 1A of our Form 10-K, filed December 16, 2022, for risk factors related to our investment in this business.
NAV Per Share	$ 67.01	$ 57.49	$ 58.74	$ 57.08
Risk Related to our Business [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to our Business We may not be able to pay you distributions and our distributions may not grow over time. When possible, we may pay quarterly distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to pay a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC could limit our ability to pay distributions. As of June 30, 2023, the Company’s asset coverage was 263.2% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. All distributions will be paid at the discretion of our board of directors and will depend on our earnings, our financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations, and such other factors as our board of directors may deem relevant from time to time. We cannot assure you that we will pay distributions to our stockholders in the future.
Risks Related to our Operations as a BDC and RIC [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to our Operations as a BDC and RIC Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital which could have a material adverse impact on our liquidity, financial condition and results of operations. Our business requires a substantial amount of capital to operate and grow. We may acquire additional capital from the issuance of senior securities (including debt and preferred stock), the issuance of additional shares of our common stock or from securitization transactions. However, we may not be able to raise additional capital in the future on favorable terms or at all. Additionally, we may only issue senior securities up to the maximum amount permitted by the 1940 Act. The 1940 Act permits us to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) after such issuance or incurrence. If our assets decline in value and we fail to satisfy this test, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales or repayment may be disadvantageous, which could have a material adverse impact on our liquidity, financial condition and results of operations. As of June 30, 2023, the Company’s asset coverage was 263.2% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act.
Risks Relating to an Investment in our Securities [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Relating to an Investment in our Securities The indenture under which the 2028 Notes are issued place restrictions on our and/or our subsidiaries’ activities. The terms of the indentures under which the 2028 Notes were issued place restrictions on our and/or our subsidiaries’ ability to, among other things issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the 2028 Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the 2028 Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the 2028 Notes and  (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the 2028 Notes, except as would cause our asset coverage to be below 200% as a result of such borrowings and/or issuances, whether or not we continue to be subject to the regulations of the 1940 Act. These provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowings. As of June 30, 2023, the Company’s asset coverage was 263.2% after giving effect to leverage. These provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 200% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase. The terms of the Credit Facility place restrictions on our and/or our subsidiaries activities. The terms of the Credit Facility place restrictions on our and/or our subsidiaries’ ability to, among other things, issue securities or otherwise incur additional indebtedness or other obligations, and in certain cases we may need the approval of WoodForest, as the Administrative Agent, in order to incur further indebtedness. In addition, the Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility, which would adversely affect our liquidity position and, in turn, could force us to dispose of investments at inopportune times at reduced prices. Repayment could also adversely affect our ability to implement our investment strategy and achieve our investment objectives.
Certain Risks in the Current Environment [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Certain Risks in the Current Environment We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and operations. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of coronavirus (“COVID-19”) that began in December 2019. Some economists and major investment banks have expressed concern that the continued spread of the COVID-19 globally could lead to a world-wide economic downturn. Even after the COVID-19 pandemic subsides, the U.S. economy, as well as most other major economies, may continue to experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The COVID-19 outbreak continues to have, and any future outbreaks could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. With respect to the U.S. credit markets, the COVID-19 outbreak has resulted in, and until fully resolved is likely to continue to result in, the following among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility; and rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general which will not necessarily adequately address the problems facing the loan market and businesses. These and future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. For example, between 2008 and 2009, the U.S. and global capital markets were unstable as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our stockholders and our independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. The current market and future market conditions similar to those experienced from 2008 through 2009 for any substantial length of time could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Governmental authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. We also face an increased risk of investor, creditor or portfolio company disputes, litigation and governmental and regulatory scrutiny as a result of the effects of COVID-19 on economic and market conditions. Events outside of our control, including terrorist attacks, acts of war, natural disasters or public health crises, could negatively affect our portfolio companies and our results of our operations. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control, including terrorist attacks, acts of war, natural disasters, public health crises or similar events. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies. In February 2022, Russia launched a large-scale invasion of Ukraine. The extent and duration of Russian military action in the Ukraine, resulting sanctions and resulting future market disruptions, including declines in stock markets in Russia and elsewhere and the value of the ruble against the U.S. dollar, are impossible to predict, but have been and could continue to be significant. Any such disruptions caused by Russian military or other actions (including cyberattacks and espionage) or resulting from actual or threatened responses to such actions have caused and could continue to cause disruptions to portfolio companies located in Europe or that have substantial business relationships with European or Russian companies. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but have been and could continue to be substantial. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. We may be subject to risks associated with significant investments in one or more economic sectors and/or industries, including the business services sector, which includes our investment in our affiliate’s asset based lending business. At times, the Company may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors and/or industries, including the Services: Business, which includes our investment in an asset based lending business. Companies in the same sector or industry may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Company more vulnerable to unfavorable developments in that sector or industry than companies that invest more broadly. Generally, the more broadly the Company invests, the more it spreads risk and potentially reduces the risks of loss and volatility. As of June 30, 2023, investments in our affiliate’s asset-based lending business constituted 14.7% of our total assets. Thus, the Company presently has significant exposure to its asset based lending business. This asset based lending exposure subjects the Company to the particular risks of such business to a greater degree than others not similarly concentrated. The Company’s affiliate’s asset based lending activity within the gemstone and jewelry industry is exposed to factors that can impact price of gemstones and jewelry, including supply and demand of gemstones; political, economic, and global financial events; movement of the U.S. dollar versus other currencies; and the activity of large speculators and other participants. The gemstones and jewelry industry is exposed to the risk of loss as a result of fraud in its various forms. A significant decline in market prices of gemstones could result in reduced collateral value and losses, i.e., a lower balance of asset-based loans outstanding for the Company’s affiliate (which in turn would adversely impact out net asset value). See Item 1A of our Form 10-K, filed December 16, 2022, for risk factors related to our investment in this business.

Organization

Organization	9 Months Ended
	Jun. 30, 2023
Organization [Abstract]
Organization	Note 1. Organization PhenixFIN Corporation (“PhenixFIN.” the “Company,” “we” and “us”) is an internally-managed non-diversified closed end management investment company incorporated in Delaware that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We completed our initial public offering (“IPO”) and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). On November 18, 2020, the board of directors of the Company approved the adoption of an internalized management structure, effective January 1, 2021. Until close of business on December 31, 2020 we were externally managed and advised by MCC Advisors LLC (“MCC Advisors”), pursuant to an investment management agreement. MCC Advisors is a wholly owned subsidiary of Medley LLC, which is controlled by Medley Management Inc. (OTCM: MDLM), a publicly traded asset management firm, which in turn is controlled by Medley Group LLC, an entity wholly owned by the senior professionals of Medley LLC. We use the term “Medley” to refer collectively to the activities and operations of Medley Capital LLC, Medley LLC, MDLY, Medley Group LLC, MCC Advisors, associated investment funds and their respective affiliates. Since January 1, 2021 the Company has been managed pursuant to an internalized management structure. The Company has formed and expects to continue to form certain taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow us to, among other things, hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The Company’s investment objective is to generate current income and capital appreciation. The management team seeks to achieve this objective primarily through making loans, private equity or other investments in privately-held companies. The Company may also make debt, equity or other investments in publicly-traded companies. (These investments may also include investments in other BDCs, closed-end funds or REITs.) We may also pursue other strategic opportunities and invest in other assets or operate other businesses to achieve our investment objective, such as operating and managing an asset-based lending business. The portfolio generally consists of senior secured first lien term loans, senior secured second lien term loans, senior secured bonds, preferred equity and common equity. Occasionally, we will receive warrants or other equity participation features which we believe will have the potential to increase total investment returns. Our loan and other debt investments are primarily rated below investment grade or are unrated. Investments in below investment grade securities are considered predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due. Since January 4, 2021, the common stock trades on the NASDAQ Global Market under the trading symbol “PFX.”

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of Presentation The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 (“ASC 946”), Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the consolidated accounts of the Company and its wholly owned subsidiaries PhenixFIN Small Business Fund, LP (“PhenixFIN Small Business Fund”) and PhenixFIN SLF Funding I LLC (“PhenixFIN SLF”), and its wholly owned Taxable Subsidiaries. All references made to the “Company,” “we,” and “us” herein include PhenixFIN Corporation and its consolidated subsidiaries, except as stated otherwise. Additionally, the accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K and Article 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications, which are of a normal recurring nature, that are necessary for the fair presentation of financial results as of and for the periods presented. Therefore, this Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended September 30, 2022. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending September 30, 2023. Certain prior period information has been reclassified to conform to the current period presentation. These reclassifications have no effect on the Company’s financial position or its results of operations as previously reported. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash, Restricted Cash and Cash Equivalents The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less. Cash and cash equivalents include deposits in a money market account. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. As of June 30, 2023 and September 30, 2022, we had $10.9 million and $22.8 million in cash and cash equivalents, respectively, none of which is restricted. Debt Issuance Costs Debt issuance costs, incurred in connection with any credit facilities and unsecured notes (see Note 5) are deferred and amortized over the life of the respective credit facility or instrument. Debt issuance costs related to any credit facilities and unsecured notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities. Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has had no material claims or payments pursuant to such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote. Revenue Recognition Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. For the three and nine months ended June 30, 2023, the Company earned approximately $0.2 million and $0.7 million in PIK interest, respectively. For the three and nine months ended June 30, 2022, the Company earned approximately $0.2 million and $0.6 million in PIK interest, respectively. Amendment and transaction break-up fees associated with investments in portfolio companies are recognized as income when we become entitled to such fees. Prepayment penalties received by the Company for debt instruments paid back to the Company prior to the maturity date are recorded as income upon repayment of debt. Administrative agent fees received by the Company are capitalized as deferred revenue and recorded as fee income when the services are rendered. For the three and nine months ended June 30, 2023, fee income was approximately $0.1 million and $0.3 million, respectively (see Note 9). For the three and nine months ended June 30, 2022, fee income was approximately $0.1 million and $0.4 million, respectively (see Note 9). Investment transactions are accounted for on a trade date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. During the three and nine months ended June 30, 2023, $0.0 million and $0.0 million, respectively, of the Company’s realized losses were related to certain non-cash restructuring transactions, which are recorded on the Consolidated Statements of Operations as a component of net realized gain/(loss) from investments. During the three and nine months ended June 30, 2022, $0.0 million and $19.6 million, respectively, of the Company’s realized losses were related to certain non-cash restructuring transactions, which are recorded on the Consolidated Statements of Operations as a component of net realized gain/(loss) from investments. The Company reports changes in fair value of investments as a component of the net unrealized appreciation/(depreciation) on investments in the Consolidated Statements of Operations. Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed not collectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At June 30, 2023, certain investments in six portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $7.0 million, or 3.2% of the fair value of our portfolio. At September 30, 2022, certain investments in five portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $5.2 million, or 2.7% of the fair value of our portfolio. Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, we would be deemed to “control” a portfolio company if we owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. We refer to such investments in portfolio companies that we “control” as “Control Investments.” Under the 1940 Act, we would be deemed to be an “Affiliated Person” of a portfolio company if we own between 5% and 25% of the portfolio company’s outstanding voting securities or we are under common control with such portfolio company. We refer to such investments in Affiliated Persons as “Affiliated Investments.” Valuation of Investments The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 - Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from an independent pricing service or multiple broker-dealers or market makers. We weight the use of third-party broker quotations, if any, in determining fair value based on our understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. However, debt investments with remaining maturities within 60 days that are not credit impaired are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined by our Chief Financial Officer, the Company’s Valuation Designee, based upon input from management and third-party valuation firms. Because these investments are illiquid and because there may not be any directly comparable companies whose financial instruments have observable market values, these loans are valued using a fundamental valuation methodology, consistent with traditional asset pricing standards, that is objective and consistently applied across all loans and through time. Investments in investment funds are valued at fair value. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share The methodologies utilized by the Company in estimating the fair value of its investments categorized as Level 3 generally fall into the following two categories: ● The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable (that is, similar) assets, liabilities, or a group of assets and liabilities, such as a business. ● The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the Income Approach is used, the fair value measurement reflects current market expectations about those future amounts. The Company has engaged third-party valuation firms (the “Valuation Firms”) to assist it and its Valuation Designee (the Chief Financial Officer) in the valuation of its portfolio investments. The valuation reports generated by the Valuation Firms consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance multiples, and movement in yields of debt instruments, among other factors. The Company uses a market yield analysis under the Income Approach or an enterprise model of valuation under the Market Approach, or a combination thereof. In applying the market yield analysis, the value of the Company’s loans are determined based upon inputs such as the coupon rate, current market yield, interest rate spreads of similar securities, the stated value of the loan, and the length to maturity. In applying the enterprise model, the Company uses a waterfall analysis, which takes into account the specific capital structure of the borrower and the related seniority of the instruments within the borrower’s capital structure into consideration. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation methods and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The methodologies and information that the Company utilizes when applying the Market Approach for performing investments include, among other things: ● valuations of comparable public companies (“Guideline Comparable Approach”); ● recent sales of private and public comparable companies (“Guideline Comparable Approach”); ● recent acquisition prices of the company, debt securities or equity securities (“Recent Arms-Length Transaction”); ● external valuations of the portfolio company, offers from third parties to buy the company (“Estimated Sales Proceeds Approach”); ● subsequent sales made by the company of its investments (“Expected Sales Proceeds Approach”); and ● estimating the value to potential buyers. The methodologies and information that the Company utilizes when applying the Income Approach for performing investments include: ● discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow (“DCF”) Approach); and ● Black-Scholes model or simulation models or a combination thereof (Income Approach - Option Model) with respect to the valuation of warrants. For non-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities using an expected recovery model (Market Approach - Expected Recovery Analysis or Estimated Liquidation Proceeds). We undertake a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below: ● our quarterly valuation process generally begins with each portfolio investment being initially valued by a Valuation Firm; ● Available third-party market data will be reviewed by company personnel designated by the Valuation Designee (“Fair Value Personnel”) and the Valuation Firm. ● Available portfolio company data and general industry data are then reviewed by the Fair Value Personnel. ● Preliminary valuation conclusions are then documented and discussed with the Fair Value Personnel. ● The Valuation Designee then determines the fair value of each investment in the Company’s portfolio in good faith based on such discussions, the Company’s Valuation Policy and the Valuation Firms’ final estimated valuations. ● The Valuation Designee’s report is then presented to the Board of Directors and the Audit Committee. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment (including the impact of COVID-19 on financial markets), portfolio company performance, and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. Fair Value of Financial Instruments The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to their short-term nature. The carrying amounts and fair values of our long-term obligations are discussed in Note 5. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting.” The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. In January 2021, the FASB issued ASU 2021-01, “Reference rate reform (Topic 848),” which expanded the scope of Topic 848. ASU 2020-04 and ASU 2021-01 are effective through December 31, 2022 when the Company plans to apply the amendments in this update to account for contract modifications due to changes in reference rates. On December 21, 2022, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” that extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. Federal Income Taxes The Company has elected, and intends to qualify annually, to be treated as a RIC under Subchapter M of the Code. In order to continue to qualify as a RIC and be eligible for tax treatment under Subchapter M of the Code, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of the sum of investment company taxable income (“ICTI”), as defined by the Code, including PIK interest, and net tax exempt interest income (which is the excess of gross tax exempt interest income over certain disallowed deductions) for each taxable year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. The Company is subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least 98% of its ordinary income in any calendar year and 98.2% of its capital gain net income for each one-year period ending on October 31 of such calendar year and any income realized, but not distributed, in preceding years and on which it did not pay federal income tax. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. There was no provision for federal excise tax at June 30, 2023 and September 30, 2022. The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the unrealized gains generated by the investments held by the Taxable Subsidiaries. As of June 30, 2023 and September 30, 2022, the Company did not record a deferred tax liability on the Consolidated Statements of Assets and Liabilities. The change in provision for deferred taxes is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statements of Operations. For the three and nine months ended June 30, 2023 and June 30, 2022, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of June 30, 2023 and September 30 2022, the Company had a deferred tax asset of $24.5 million and $26.2 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of June 30, 2023 and September 30, 2022, the Company has booked a valuation allowance of $24.5 million and $26.2 million, respectively, against its deferred tax asset. ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. The Company may be required to recognize ICTI in certain circumstances in which it does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount, the Company must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in ICTI other amounts that it has not yet received in cash, such as 1) PIK interest income and 2) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in the Company’s ICTI for the year of accrual, the Company may be required to make a distribution to its stockholders in order to satisfy the minimum distribution requirements, even though the Company will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. There were no material uncertain income tax positions at June 30, 2023. Although we file federal and state tax returns, our major tax jurisdiction is federal. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and applicable state tax authorities. Segments The Company invests in various industries. The Company separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships has similar business and economic characteristics, they have been aggregated into a single investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements. See Note 3 for further information. Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk The Company has broad discretion in making investments. Investments generally consist of debt instruments that may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate. The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as our borrowers, and those for which market yields are observable increase materially. The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Investments

Investments	9 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments	Note 3. Investments The composition of our investments as of June 30, 2023 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 148,558 54.5 % $ 104,961 48.0 % Senior Secured Notes 2,616 1.0 2,138 1.0 Unsecured Debt 154 0.1 161 0.1 Fund Investment 1,027 0.4 962 0.4 Equity/Warrants 119,743 44.0 110,465 50.5 Total Investments $ 272,098 100.0 % $ 218,687 100.0 % The composition of our investments as of September 30, 2022 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 128,482 48.7 % $ 88,248 45.6 % Senior Secured Second Lien Term Loans 2,603 1.0 2,607 1.4 Senior Secured Notes 2,252 0.9 1,659 0.9 Unsecured Debt 182 0.1 - - Equity/Warrants 129,929 49.3 100,443 52.1 Total Investments $ 263,448 100.0 % $ 192,957 100.0 % In connection with certain of the Company’s investments, the Company receives warrants that are obtained for the objective of increasing the total investment returns and are not held for hedging purposes. At June 30, 2023 and September 30, 2022, the total fair value of warrants was $404.6 thousand and $62.6 thousand, respectively, and were included in investments at fair value on the Consolidated Statements of Assets and Liabilities. During the three and nine months ended June 30, 2023, the Company acquired and/or added on one and two, respectively, of additional warrants in an existing portfolio company. During the three and nine months ended June 30, 2022, the Company did not acquire any additional warrants in an existing portfolio company. For the three and nine months ended June 30, 2023, there was $194,428 and $404,581, respectively, in unrealized appreciation related to warrants. For the three and nine months ended June 30, 2022, there was $9,908 and $934,158 of unrealized depreciation related to warrants, which was recorded on the Consolidated Statements of Operations as net unrealized appreciation/(depreciation) on investments. The warrants are received in connection with individual investments and are not subject to master netting arrangements. The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023 (dollars in thousands): Fair Value Percentage Services: Business $ 42,081 19.2 % Banking, Finance, Insurance & Real Estate 40,303 18.4 Hotel, Gaming & Leisure 32,980 15.1 Services: Consumer 18,225 8.3 Construction & Building 20,030 9.2 Metals & Mining 13,887 6.4 Media: Broadcasting & Subscription 10,438 4.8 Automotive 9,603 4.4 High Tech Industries 13,429 6.1 Energy: Oil & Gas 5,557 2.5 Consumer Discretionary 6,035 2.8 Packaging 3,405 1.6 Aerospace & Defense 2,651 1.2 Retail 63 - Total $ 218,687 100.0 % The following table shows the portfolio composition by industry grouping at fair value at September 30, 2022 (dollars in thousands): Fair Value Percentage Services: Business $ 52,851 27.4 % Hotel, Gaming & Leisure 31,947 16.6 Banking, Finance, Insurance & Real Estate 31,910 16.5 Services: Consumer 21,243 11.0 Construction & Building 17,724 9.1 Automotive 8,075 4.2 Consumer Discretionary 6,208 3.2 High Tech Industries 5,465 2.8 Media: Broadcasting & Subscription 4,220 2.2 Energy: Oil & Gas 4,152 2.2 Packaging 3,361 1.7 Metals & Mining 3,073 1.6 Aerospace & Defense 2,607 1.4 Retail 121 0.1 Total $ 192,957 100.0 % The Company invests in portfolio companies principally located in the United States. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. The following table shows the portfolio composition by geographic location at fair value at June 30, 2023 (dollars in thousands): Fair Value Percentage Northeast $ 87,435 39.9 % Southeast 55,729 25.5 Midwest 34,240 15.7 West 26,830 12.3 Southwest 6,498 3.0 Mid-Atlantic 204 0.1 International 7,751 3.5 Total $ 218,687 100.0 % The following table shows the portfolio composition by geographic location at fair value at September 30, 2022 (dollars in thousands): Fair Value Percentage Northeast $ 92,939 48.2 % Southeast 51,797 26.8 West 20,196 10.5 Midwest 16,023 8.3 Southwest 6,288 3.3 Mid-Atlantic 265 0.1 International 5,449 2.8 Total $ 192,957 100.0 % Transactions With Affiliated/Controlled Companies The Company had investments in portfolio companies designated as Affiliated Investments and Controlled Investments under the 1940 Act. Transactions with Affiliated Investments and Controlled Investments during the nine months ended June 30, 2023 and 2022 were as follows: Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Realized Fair Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ - $ - $ - $ 763,798 $ - $ 763,798 $ 25,765 Revolving Credit Facility 4,151,562 215,622 - 264,993 - 4,632,177 336,502 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 9,915 - 75,893 - 844,737 94,376 Senior Secured First Lien Term Loan 1,547,918 - - (100,951 ) - 1,446,967 - Senior Secured First Lien Super Priority DDTL 1,500,000 19,796 - 166,667 - 1,686,463 224,616 FST Holdings Parent, LLC Equity $ - $ 8,000,000 $ - $ - $ - $ 8,000,000 $ - Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,378,510 - (2,378,510 ) - - - - Equity 694,702 - (962,717 ) 268,015 - - - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan A $ - $ (1,500,703 ) $ 4,900,000 $ 61,742 $ 30,211 $ 3,491,250 $ 163,403 Senior Secured First Lien Term Loan B $ - $ (1,055 ) $ 7,350,000 $ 132,305 $ - $ 7,481,250 $ 267,124 Convertible Promissory Note $ - $ - $ 5,000,000 $ 1,925,000 $ - $ 6,925,000 $ - US Multifamily, LLC Equity 1,282,571 (972,483 ) - (244,952 ) - 65,136 - Total Affiliated Investments $ 12,314,192 $ 5,771,092 $ 13,908,773 $ 3,312,510 $ 30,211 $ 35,336,778 $ 1,111,786 Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Realized Fair Earned Income Controlled Investments FlexFIN, LLC Equity Interest $ 47,136,146 $ (13,012,069 ) $ - $ - - $ 34,124,077 $ 2,637,115 Kemmerer Operations, LLC Senior Secured First Lien Term Loan - 2,329,641 2,378,510 (1 ) 24,131 4,732,281 245,738 Equity - 873,440 962,717 7,319,045 - 9,155,202 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,192,927 - - 14,620 - 7,207,547 416,974 Senior Secured First Lien Term Loan B 3,697,109 - - 199,532 - 3,896,641 - Senior Secured First Lien Term Loan C - - - - - - - Total Controlled Investments $ 58,026,182 $ (9,808,988 ) $ 3,341,227 $ 7,533,196 $ 24,131 $ 59,115,748 $ 3,299,827 Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Gain/(Loss) Realized Fair Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan B $ - $ - $ - $ 19,468,870 $ (19,468,870 ) $ - $ - Senior Secured First Lien Term Loan C 24,639 - - 677,562 - 702,202 56,258 Revolving Credit Facility 3,554,069 539,054 - (3,000 ) - 4,090,123 170,298 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 - - - - 758,929 57,552 Senior Secured First Lien Term Loan 2,279,814 - - (513,169 ) - 1,766,645 - Senior Secured First Lien Super Priority DDTL 1,500,000 - - - - 1,500,000 113,827 Caddo Investors Holdings 1 LLC Equity 3,454,786 (3,448,219 ) - (925,960 ) 919,393 - - Dynamic Energy Services International LLC Senior Secured First Lien Term Loan - (4,910,671 ) - 7,328,568 (2,417,897 ) - 12 JFL-NGS Partners, LLC Equity 26,862,813 (26,807,520 ) - (26,805,513 ) 26,750,220 - - JFL-WCS Partners, LLC Equity 8,099,949 (8,084,639 ) - (7,970,361 ) 7,955,051 - - Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,360,547 40,173 - 21,438 - 2,422,158 276,386 Senior Secured First Lien Delayed Draw Term Loan 162,441 (163,915 ) - 1,474 - - 6,601 Equity 553,746 - - 241,309 - 795,055 - Path Medical, LLC Senior Secured First Lien Term Loan A 2,249,835 - - 8,658 - 2,258,493 (1,693 ) Senior Secured First Lien Term Loan B - - - - - - (2,974 ) URT Acquisition Holdings Corporation Warrants 920,000 (1,000,000 ) - (920,000 ) 1,000,000 - - US Multifamily, LLC Senior Secured First Lien Term Loan 2,577,416 (2,577,418 ) - 2 - - 93,338 Equity 2,236,261 - - 860,639 - 3,096,900 - Total Affiliated Investments $ 57,595,245 $ (46,413,155 ) $ - $ (8,529,483 ) $ 14,737,897 $ 17,390,505 $ 769,605 Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Gain/(Loss) Realized Fair Earned Controlled Investments FlexFIN, LLC Equity Interest $ 2,500,000 $ 38,606,667 $ - $ - $ - $ 41,106,667 $ 1,191,213 NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 6,414,860 - - 45,961 - 6,460,821 - Super Priority Senior Secured First Lien Term Loan 977,000 (1,000,000 ) - 21,150 1,850 - 173,822 Senior Secured First Lien Term Loan B - - - 1,887,801 - 1,887,801 - Total Controlled Investments $ 9,891,860 $ 37,606,667 $ - $ 1,954,912 $ 1,850 $ 49,455,289 $ 1,365,035 (1) The par amount and additional detail are shown in the Consolidated Schedule of Investments. (2) Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward. Purchases/(sales) of or advances to/(distributions) from Affiliated Investments and Controlled Investments represent the proceeds from sales and settlements of investments, purchases, originations and participations, investment increases due to PIK interest as well as net amortization of premium/(discount) on investments and are included in the purchases and sales presented on the Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 and 2022. Transfers in/(out) of Affiliated Investments and Controlled Investments represent the fair value for the month an investment became or was removed as an Affiliated Investment or a Controlled Investment. Income received from Affiliated Investments and Controlled Investments is included in total investment income on the Consolidated Statements of Operations for the nine months ended June 30, 2023 and 2022. Unconsolidated Significant Subsidiaries In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, that is deemed to be a “significant subsidiary” as of June 30, 2023 for which summarized financial information is presented below (dollars in thousands): Balance Sheet June 30, September 30, Total Assets $ 34,122 $ 47,168 Total Liabilities 128 12 Income Statement For the For the Year Total Income $ 3,223 $ 3,855 Total Expenses 554 202 Net Income $ 2,669 $ 3,653

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements The Company follows ASC 820 for measuring the fair value of portfolio investments. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Financial investments recorded at fair value in the consolidated financial statements are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the investment as of the measurement date. Investments which are valued using NAV as a practical expedient are excluded from this hierarchy, and certain prior period amounts have been reclassified to conform to the current period presentation. The three levels are defined below: ● Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date. ● Level 2 - Valuations based on inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivatives or other assets or liabilities. ● Level 3 - Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and are based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the Market or Income Approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates, beta and EBITDA multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. In addition to using the above inputs in investment valuations, the Company continues to employ a valuation policy approved by the board of directors that is consistent with ASC 820 (see Note 2). Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of June 30, 2023 (dollars in thousands): Fair Value Hierarchy as of June 30, 2023 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 18,836 $ 86,125 $ 104,961 Senior Secured Notes - 2,138 - 2,138 Unsecured Debt - - 161 161 Equity/Warrants 28,321 6,175 75,969 110,465 Total $ 28,321 $ 27,149 $ 162,255 $ 217,725 Investments measured at net asset value (1) 962 Total Investments, at fair value $ 218,687 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities. The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of September 30, 2022 (dollars in thousands): Fair Value Hierarchy as of September 30, 2022 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 13,996 $ 74,252 $ 88,248 Senior Secured Second Lien Term Loans - - 2,607 2,607 Senior Secured Notes - 1,659 - 1,659 Unsecured Debt - - - - Equity/Warrants 24,750 5,877 69,816 100,443 Total $ 24,750 $ 21,532 $ 146,675 $ 192,957 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended June 30, 2023 (dollars in thousands): Senior Secured First Lien Term Loans Senior Secured Second Lien Term Loans Unsecured Equities/ Warrants Fund Investment Total Balance as of September 30, 2022 $ 74,252 $ 2,607 $ - $ 69,816 $ - $ 146,675 Purchases and other adjustments to cost 22,722 - - 17,883 1,027 41,632 Sales (including repayments or maturities) (7,256 ) (2,607 ) (30 ) (23,858 ) - (33,751 ) Net realized gains/(losses) from investments 105 5 1 (927 ) - (816 ) Net unrealized gains/(losses) (3,698 ) (5 ) 190 13,055 (65 ) 9,477 Transfer in/(out) - - - - - - Balance as of June 30, 2023 $ 86,125 $ - $ 161 $ 75,969 $ 962 $ 163,217 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended June 30, 2022 (dollars in thousands): Senior Secured First Lien Term Loans Senior Secured Second Lien Term Loans Senior Secured Notes Unsecured Equities/ Warrants Total Balance as of September 30, 2021 $ 61,934 $ 2,490 $ 2,500 $ - $ 48,889 $ 115,813 Purchases and other adjustments to cost 44,145 - - - 55,437 99,582 Sales (including repayments or maturities) (47,936 ) - - (1,280 ) (47,207 ) (96,423 ) Net realized gains/(losses) from investments (21,737 ) - - (99 ) 36,601 14,765 Net unrealized gains/(losses) 27,398 111 (2,500 ) (1) 1,379 (32,998 ) (1) (6,610 ) Transfer in/(out) (5,248 ) - - - - (5,248 ) Balance as of June 30, 2022 $ 58,556 $ 2,601 $ - $ - $ 60,722 $ 121,879 (1) FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021. Net change in unrealized gain (loss) for the nine months ended June 30, 2023 and 2022 included in earnings related to Level 3 investments still held as of June 30, 2023 and 2022 was approximately $7.4 million and $0.6 million, respectively. Purchases and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK. Sales represent net proceeds received from investments sold, including any repayments or maturities. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. During the nine months ended June 30, 2023, no investments were transferred in or out of Level 3. During the nine months ended June 30, 2022, one of our investments transferred out of Level 3 and no investments transferred into Level 3. The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of June 30, 2023 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Senior Secured First Lien Term Loans $ 74,666 Market Approach Market Yield 8.50% - 32.0% (13.4%) Senior Secured First Lien Term Loans 764 Market Approach Revenue Multiple 0.3x - 0.3x (0.3x) Senior Secured First Lien Term Loans 9,830 Market Approach EBITDA Multiple 1.7x - 5.0x (3.1x) Senior Secured First Lien Term Loans 865 Market Approach LTM EBITDA Multiple 5.75x - 6.75x (6.25x) Senior Secured Notes - Market Approach (Guideline Comparable) EBITDA Multiple 21.0x - 22.0x (21.5x) Unsecured Debt 161 Cost Approach Transaction N/A Equity/Warrants 34,125 Cost Approach Replacement Cost N/A Equity/Warrants 12,278 Income Approach Market Yield 11.5% - 13.0% (5.3%) Equity/Warrants 11,674 Market Approach LTM Multiple 5.8x - 6.8x (6.3x) Equity/Warrants 9,422 Market Approach EBITDA Multiple 1.8x - 38.6x (5.9x) Equity/Warrants 8,000 Recent Purchase Purchase Price N/A - N/A (N/A) Equity/Warrants 65 Market Approach Sum of the Parts/Estimated proceeds 3.9x – 4.1x (4.0x) Equity/Warrants 405 Income Approach DLOM (Discount for lack of Marketability) 3.0x - 3.2x (3.1x) Total $ 162,255 The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2022 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Senior Secured First Lien Term Loans $ 65,428 Income Approach Market Yield 8.50% - 24.00% (10.57%) Senior Secured First Lien Term Loans 3,807 Market Approach EBITDA Multiple 4.0x - 5.0x (4.5x) Senior Secured First Lien Term Loans 4,152 Market Approach Revenue Multiple 0.2x - 0.3x (2.5x) Senior Secured First Lien Term Loans 865 Income Approach Market Spread 5.75% - 6.25% (6.00%) Senior Secured Second Lien Term Loans 2,607 Market Approach EBITDA Multiple 9.0x - 10.0x (9.5x) Equity/Warrants 47,138 Cost Approach Replacement Cost N/A Equity/Warrants 11,444 Market Approach EBITDA Multiple 2.0x - 21.0x (17.4x) Equity/Warrants 9,951 Income Approach Market Yield 8.50% - 13.25% (12.75%) Equity/Warrants 1,283 Market Approach Sum of the Parts/Estimated Proceeds 8.1x - 11.4x (9.8x) Total $ 146,675 The significant unobservable inputs used in the fair value measurement of the Company’s debt and derivative investments are market yields. Increases in market yields would result in lower fair value measurements. The significant unobservable inputs used in the fair value measurement of the Company’s equity/warrants investments are comparable company multiples of revenue or EBITDA for the latest twelve months (“LTM”), next twelve months (“NTM”) or a reasonable period a market participant would consider. Increases in EBITDA multiples in isolation would result in higher fair value measurement. In September 2017, the Company entered into an agreement with Global Accessories Group, LLC (“Global Accessories”), in which the Company exchanged its full position in Lydell Jewelry Design Studio, LLC for a 3.8% membership interest in Global Accessories, which is included in the Consolidated Schedule of Investments. As part of the agreement, the Company is entitled to contingent consideration in the form of cash payments (“Earnout”), as well as up to an additional 5% membership interest (“AMI”), provided Global Accessories achieves certain financial benchmarks through calendar year ended 2022. The Earnout and AMI were initially recorded with an aggregate fair value of $2.4 million on the transaction date using the Income Approach and were included on the Consolidated Statements of Assets and Liabilities in other assets. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value will be recognized in earnings. As of June 30, 2023 and September 30, 2022, the Company deemed the contingent consideration to be uncollectible.

Borrowings

Borrowings	9 Months Ended
	Jun. 30, 2023
Borrowings [Abstract]
Borrowings	Note 5. Borrowings As a BDC, we are generally only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. However, in March 2018, the Small Business Credit Availability Act modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from 200% to 150%, if certain requirements under the 1940 Act are met. Under the 1940 Act, we are allowed to increase our leverage capacity if stockholders representing at least a majority of the votes cast, when a quorum is present, approve a proposal to do so. If we receive stockholder approval, we would be allowed to increase our leverage capacity on the first day after such approval. Alternatively, the 1940 Act allows the majority of our independent directors to approve an increase in our leverage capacity, and such approval would become effective after the one-year anniversary of such approval. In either case, we would be required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage. No approval was obtained and the Company is still subject to the 200% requirement. As of June 30, 2023 and September 30, 2022, the Company’s asset coverage was 263.2% and 255.0%, respectively, after giving effect to leverage and therefore the Company’s asset coverage was greater than 200%, the minimum asset coverage requirement applicable presently to the Company under the 1940 Act. The Company’s outstanding debt excluding debt issuance costs as of June 30, 2023 and September 30, 2022 were as follows (dollars in thousands): June 30, 2023 September 30, 2022 Aggregate Principal Carrying Value Fair Value Aggregate Principal Carrying Value Fair Value 2023 Notes $ - $ - $ - $ - $ 22,522 $ 22,522 $ 22,483 $ 22,378 2028 Notes 57,500 57,500 55,718 50,140 57,500 57,500 55,480 50,255 Revolving Credit Facility 28,242 28,242 28,242 28,242 - - - - Total debt $ 85,742 $ 85,742 $ 83,960 $ 78,382 $ 80,022 $ 80,022 $ 77,963 $ 72,633 Credit Facility On December 15, 2022, the Company entered into a 3 year $50.0 million revolving credit facility (the “Credit Facility”) with Woodforest National Bank (“Woodforest’). Woodforest is the administrative agent, sole bookrunner and sole lead arranger. Under the Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, (e) maintaining a ratio of total assets to total indebtedness of the Company and its consolidated subsidiaries (subject to certain exceptions) of not less than 2.0:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. Amounts available to borrow under the Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Credit Facility) that are pledged as collateral. As of June 30, 2023, the Company was in compliance in all respects with the terms of the Credit Facility. As of June 30, 2023 and September 30, 2022, there was $28.2 million and $0.0 million outstanding, respectively, under the Credit Facility. Outstanding loans under the Credit Facility bear a monthly interest rate at Term SOFR + 2.90%. The Company is also subject to a commitment fee of 0.25%, which shall accrue on the actual daily amount of the undrawn portion of the revolving credit. On January 17, 2023, the Company borrowed $23.2 million under the Credit Facility and used these proceeds to redeem $22.6 million in aggregate principal amount of the issued and outstanding 2023 Notes, comprising all issued and outstanding 2023 Notes. The 2023 Notes were redeemed at 100% of their principal amount, plus accrued and unpaid interest thereon from September 30, 2022 through, but excluding January 17, 2023 (the “Redemption Date”). Unsecured Notes 2023 Notes On March 18, 2013, the Company issued $60.0 million in aggregate principal amount of 6.125% unsecured notes that mature on March 30, 2023 (the “2023 Notes”). On March 26, 2013, the Company closed an additional $3.5 million in aggregate principal amount of the 2023 Notes, pursuant to the partial exercise of the underwriters’ option to purchase additional notes. As of March 30, 2016, the 2023 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 2023 Notes bore interest at a rate of 6.125% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year, beginning June 30, 2013. On December 12, 2016, the Company entered into an “At-The-Market” (“ATM”) debt distribution agreement with FBR Capital Markets & Co., through which the Company could offer for sale, from time to time, up to $40.0 million in aggregate principal amount of the 2023 Notes. The Company sold 1,573,872 of the 2023 Notes at an average price of $25.03 per note, and raised $38.6 million in net proceeds, through the ATM debt distribution agreement. On March 10, 2018, the Company redeemed $13.0 million in aggregate principal amount of the 2023 Notes. On December 31, 2018, the Company redeemed $12.0 million in aggregate principal amount of the 2023 Notes. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.3 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt. On December 21, 2020, the Company announced that it completed the application process for and was authorized to transfer the listing of the 2023 Notes to the NASDAQ Global Market. The listing and trading of the 2023 Notes on the NYSE ceased at the close of trading on December 31, 2020. Effective January 4, 2021, the 2023 Notes began trading on the NASDAQ Global Market under the trading symbol “PFXNL.” On November 15, 2021, the Company caused notices to be issued to the holders of the 2023 Notes regarding the Company’s exercise of its option to redeem $55,325,000 in aggregate principal amount of the issued and outstanding 2023 Notes on December 16, 2021. On December 16, 2021, the Company redeemed $55,325,000 in aggregate principal amount of the issued and outstanding 2023 Notes. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.3 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt. On December 15, 2022, the Company caused notices to be issued to the holders of its 2023 Notes regarding the Company’s exercise of its option to redeem $22,521,800 in aggregate principal amount of issued and outstanding 2023 Notes, comprising all issued and outstanding 2023 Notes, at a price equal to 100% of the principal amount of the 2023 Notes, plus accrued and unpaid interest thereon from September 30, 2022, through, but excluding, January 17, 2023 in accordance with the terms of the indenture governing the 2023 Notes. The redemption was completed on January 17, 2023. The Company funded the redemption of the 2023 Notes with loans obtained under the Credit Facility. 2028 Notes On November 9, 2021, the Company entered into an underwriting agreement, by and between the Company and Oppenheimer & Co. Inc., as representative of the several underwriters, in connection with the issuance and sale (the “Offering”) of $57,500,000 (including the underwriters’ option to purchase up to $7,500,000 aggregate principal amount) in aggregate principal amount of its 5.25% Notes that mature on November 1, 2028 (the “2028 Notes” and collectively with the 2023 Notes, the “Notes”). The Offering occurred on November 15, 2021, pursuant to the Company’s effective shelf registration statement on Form N-2 previously filed with the SEC. Effective November 16, 2021, the 2028 Notes began trading on the NASDAQ Global Market under the trading symbol “PFXNZ.” On November 15, 2021, the Company and U.S. Bank National Association, as trustee, entered into a Fourth Supplemental Indenture to its base Indenture, dated February 7, 2012, between the Company and the Trustee. The Fourth Supplemental Indenture relates to the Offering of the 2028 Notes. Fair Value of Debt Obligations The fair values of our debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Notes, which are publicly traded, is based upon closing market quotes as of the measurement date. As of June 30, 2023 and September 30, 2022, the Notes would be deemed to be Level 1 in the fair value hierarchy, as defined in Note 4. As of June 30, 2023, the Credit Facility would be deemed to be Level 3 in the fair value hierarchy, as defined in Note 4. Debt issuance costs related to the Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of the Notes. As of June 30, 2023 and September 30, 2022, debt issuance costs related to the Notes were as follows (dollars in thousands): June 30, 2023 September 30, 2022 2023 Notes 2028 Notes Total 2023 Notes 2028 Notes Total Total debt issuance cost at the beginning of the period $ 20 $ 1,865 $ 1,885 $ 3,102 $ 2,311 $ 5,413 Amortized debt issuance costs 20 83 103 3,063 291 3,354 Unamortized debt issuance costs $ - $ 1,782 $ 1,782 $ 39 $ 2,020 $ 2,059 For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt balance for the Notes were as follows (dollars in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2023 2022 2023 2022 2023 Notes Interest $ - $ 345 $ 820 $ 1,060 2028 Notes Interest 772 755 1,894 1,486 Credit facility interest 477 - 830 - Amortization of debt issuance costs 83 121 287 163 Total $ 1,332 $ 1,221 $ 3,831 $ 2,709 Weighted average stated interest rate 6.0 % 6.2 % 5.8 % 6.0 % Weighted average debt outstanding $ 83,061 $ 80,022 $ 81,227 $ 90,863 For the three and nine months ended June 30, 2023, Interest and financing expenses on the Consolidated Statements of Operations include $84,567 and $198,530, respectively, for amortization of deferred financing costs pertaining to the Credit Facility. For the three and nine months ended June 30, 2022, Interest and financing expenses on the Consolidated Statements of Operations include $0 and $0, respectively, for amortization of deferred financing costs pertaining to the Credit Facility.

Agreements

Agreements	9 Months Ended
	Jun. 30, 2023
Agreements [Abstract]
Agreements	Note 6. Agreements Administration Agreement In connection with the adoption by the board of directors of an internalized management structure, on November 19, 2020, the Company entered into a Fund Accounting Servicing Agreement and an Administration Servicing Agreement on customary terms with U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services (“U.S. Bancorp”). A U.S. Bancorp affiliate also served as the Company’s custodian. The Company’s administrative and custodial relationship with U.S. Bancorp terminated on August 9, 2022. SS&C Technologies, Inc. (“SS&C”) has since served as administrator of the Company and has provided the Company with fund accounting and financial reporting services pursuant to the services agreement with the Company. Effective September 12, 2022, Computershare Trust Company, N.A. (“Computershare”) serves as custodian for the Company pursuant to its Loan Administration and Custodial Agreement with the Company. For the three and nine months ended June 30, 2023, we incurred approximately $76,351 and $232,172 in administrator expenses, respectively. For the three and nine months ended June 30, 2022, we incurred approximately $58,881 and $210,162 in administrator expenses, respectively. As of June 30, 2023 and September 30, 2022, $0 and $74,911 was included in “administrator expenses payable” in the accompanying Consolidated Statements of Assets and Liabilities. 2022 Long-Term Cash Incentive Plan On May 9, 2022, the board of directors of the Company adopted the PhenixFIN 2022 Long-Term Cash Incentive Plan (the “CIP”) pursuant to the recommendation by the Compensation Committee of the board of directors. The CIP provides for performance-based cash awards to key employees of the Company, as approved by the Compensation Committee, based on the achievement of pre-established financial goals for the approved performance period. The performance goals may be expressed as one or a combination of net asset value of the Company, net asset value per share of the Company’s common stock, changes in the market price of shares of the Company’s common stock, individual performance metrics and/or such other goals and objectives the Committee considers relevant in connection with accomplishing the purposes of the CIP. In connection with the approval of the CIP, the Compensation Committee in April 2022, approved awards for the three year performance period commencing on January 1, 2022 and ending on December 31, 2024 (the “2022 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to 0%-200% of the target award set forth in the table below (“Target Performance Award”), based on the achievement of net asset value (“NAV”) and NAV per share goals (weighted at 30% and 70%, respectively) as of the end of the performance period (the “Performance Goals”). Performance is evaluated separately for each Performance Goal. No payment is made with respect to a Performance Goal if a threshold level of performance is not achieved. Each Performance Goal is subject to (i) a threshold level of performance at which a percentage of the Target Performance Award attributable to that Performance Goal may be paid and below which no payment is made pursuant to an Award, (ii) a target level of performance at which 100% of the Target Performance Award attributable to that Performance Goal may be paid and (iii) a maximum level of performance, at which 200% of the Target Performance Award attributable to that Performance Goal may be paid, in each case subject to such other terms and conditions of an Award. Between threshold, target and maximum performance levels for each Performance Goal, the portion of that Award attributed to the Performance Goal shall be interpolated in a linear progression. In December 2022, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on January 1, 2023 and ending on December 31, 2025 (the “2023 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of the target award amount set forth above based on the factors described above. The Compensation Committee, in approving the awards, evaluated each Performance Goal separately. The Target Performance Award for each executive officer for both the 2022 LTIP plan and 2023 LTIP plan is set forth in the table below: Name and Title Dollar Value David Lorber, Chairman of the Board and Chief Executive Officer $ 890,000 Ellida McMillan, Chief Financial Officer 380,000 During the three and nine months ended June 30, 2023, the Company recorded an accrual of $159,000 and $159,000, respectively, for these awards. During the three and nine months ended June 30, 2022, the Company did not record an accrual. Pledge and Security Agreement In connection with the Credit Facility discussed in Note 5, the Company has entered into a Pledge and Security Agreement with the Lenders pursuant to which the Company and its wholly owned subsidiaries have pledged all their assets, including the cash and securities held in the Company’s custodial account with Computershare Trust Company, N.A., as collateral for any borrowings made by the Company pursuant to the Credit Agreement. The Lenders have the typical rights and remedies of a secured lender under the Uniform Commercial Code, including the right to foreclose on the collateral pledged by the Company.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions Due from Affiliates Due from affiliates at June 30, 2023 and September 30, 2022 consists of certain legal and general and administrative expenses paid by the Company on behalf of certain of its affiliates.

Commitments

Commitments	9 Months Ended
	Jun. 30, 2023
Commitments [Abstract]
Commitments	Note 8. Commitments Unfunded commitments As of June 30, 2023 and September 30, 2022, we had commitments under loan and financing agreements to fund up to $3.5 million to five portfolio companies and $6.0 million to six portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedule of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of June 30, 2023 and September 30, 2022 is shown in the table below (dollars in thousands): June 30, September 30, SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan $ - $ 4,000 Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan - 908 Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan 517 517 NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan 220 220 Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan 166 167 1888 Industrial Services, LLC - Revolving Credit Facility - 216 Deer Management Systems LLC – Senior Secured First Lien Delayed Draw Term Loan 600 - Tamarix Capital Partners II, L.P. - Fund Investment 2,038 - Total unfunded commitments 3,541 6,028 Lease obligations The Company evaluates its leases to determine whether they should be classified as operating or financing leases. PhenixFIN identified one operating lease for its office space. The lease commenced September 1, 2021 and expires November 30, 2026. Upon entering into the lease on September 1, 2021, PhenixFIN recorded a right-of-use asset and a lease liability as of that date. As of June 30, 2023 and September 30, 2022, the asset related to the operating lease was $410,950 and $513,142, respectively, and is included in the Other assets balance on the Consolidated Balance Sheet. As of June 30, 2023 and September 30, 2022, the lease liability was $463,620 and $570,695, respectively, and is included in the Other liabilities balance on the Consolidated Statements of Assets and Liabilities. As of June 30, 2023 and September 30, 2022, the remaining lease term was approximately four years for each of the respective periods and the implied borrowing rate was 5.25% for each of the respective periods. The following table shows future minimum payments under PhenixFIN’s operating lease as of June 30, 2023: For the Years Ended September 30, Amount 2023 $ 37,080 2024 152,399 2025 156,971 2026 161,680 2027 27,417 Thereafter - 535,547 Difference between undiscounted and discounted cash flows (71,927 ) $ 463,620

Fee Income

Fee Income	9 Months Ended
	Jun. 30, 2023
Fee Income [Abstract]
Fee Income	Note 9. Fee Income Fee income consists of origination/closing fees, amendment fees, prepayment penalty and other miscellaneous fees which are non-recurring in nature, as well as administrative agent fees, which are recurring in nature. The following table summarizes the Company’s fee income for the three and nine months ended June 30, 2023 and 2022 (dollars in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Prepayment fee $ - $ 26 $ - $ 235 Administrative agent fee - - 169 94 Amendment fee - - - 4 Other fees 94 39 170 87 Fee income $ 94 $ 65 $ 339 $ 420

Directors Fees

Directors Fees	9 Months Ended
	Jun. 30, 2023
Directors Fees [Abstract]
Directors Fees	Note 10. Directors Fees For each of calendar year 2022 and 2023 (through April 30, 2023), the Company’s independent directors each receive an annual fee of $100,000. In addition, the lead independent director receives an annual retainer of $30,000; the chair of the Audit Committee receives an annual retainer of $25,000, and each of its other members receives an annual retainer of $12,500; and the chairs of the Nominating and Corporate Governance Committee and of the Compensation Committee each receives an annual retainer of $15,000 and each of the other members of these committees receives annual retainers of $8,000. The Company’s independent directors also receive a fee of $3,000 for each board meeting and $2,500 for each committee meeting that they attended. Effective May 1, 2023, the Company’s independent directors each receive an annual fee of $150,000. In addition, the lead independent director receives an annual retainer of $30,000; the chair of the Audit Committee receives an annual retainer of $25,000, and each of its other members receives an annual retainer of $12,500; and the chairs of the Nominating and Corporate Governance Committee and of the Compensation Committee each receives an annual retainer of $15,000 and each of the other members of these committees receives annual retainers of $8,000. The Company’s independent directors will no longer receive fees for each board and committee meeting that they attend. No board service compensation is paid to directors who are “interested persons” of the Company (as such term is defined in the 1940 Act). For the three and nine months ended June 30, 2023, the Company recognized $0.2 million, and $0.5 million for directors’ fees expense, respectively. For the three and nine months ended June 30, 2022, the Company recognized $0.2 million, and $0.5 million for directors’ fees expense, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 11. Earnings Per Share In accordance with the provisions of ASC Topic 260 - Earnings per Share, basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company does not have any potentially dilutive common shares as of June 30, 2023. The following information sets forth the computation of the weighted average basic and diluted net increase/(decrease) in net assets per share from operations for the three and nine months ended June 30, 2023 and 2022 (dollars in thousands, except share and per share amounts): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 8,917 $ (9,229 ) $ 19,577 $ (1,454 ) Weighted average shares of common stock outstanding - basic and diluted 2,090,691 2,202,115 2,095,591 2,372,849 Earnings (loss) per share of common stock - basic and diluted $ 4.26 $ (4.19 ) $ 9.34 $ (0.61 )

Financial Highlights

Financial Highlights	9 Months Ended
	Jun. 30, 2023
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Note 12. Financial Highlights The following is a schedule of financial highlights for the nine months ended June 30, 2023 and 2022: For the Nine Months Ended 2023 2022 Per share data Net Asset Value per share at Beginning of Period $ 57.49 $ 57.08 Results of Operations: Net Investment Income/(Loss) 2.22 0.66 Net Realized Gain/(Loss) on Investments (1.02 ) 6.53 Net Unrealized Gain/(Loss) on Investments 8.14 (7.68 ) Net loss on extinguishment of debt - (0.12 ) Net Increase (Decrease) in Net Assets Resulting from Operations 9.34 (0.61 ) Capital Share Transactions Distributions declared - (0.11 ) Repurchase of common stock under stock repurchase program 0.18 2.38 Net Increase (Decrease) Resulting from Capital Share Transactions 0.18 2.27 Net Asset Value per share at End of Period $ 67.01 $ 58.74 Net Assets at End of Period $ 139,954,664 $ 129,080,980 Shares Outstanding at End of Period 2,088,589 2,197,418 Per share market value at end of period $ 38.00 $ 36.48 Total return based on market value(1) 8.94 % (14.97 )% Total return based on net asset value per share(2) 16.56 % 2.91 % Portfolio turnover rate 20.33 % 80.03 % Ratios: Ratio of net investment/(loss) income to average net assets(3) 4.94 % 1.49 % Ratio of total expenses to average net assets(3) 10.45 % 8.48 % (1) Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized. (2) Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized. (3) Ratios are annualized during interim periods.

Dividends

Dividends	9 Months Ended
	Jun. 30, 2023
Dividends [Abstract]
Dividends	Note 13. Dividends Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by our board of directors. We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a cash dividend or other distribution, each stockholder that has not “opted out” of our dividend reinvestment plan will have its dividends automatically reinvested in additional shares of our common stock rather than receiving cash dividends. Stockholders who receive distributions in the form of shares of common stock will be subject to the same federal, state and local tax consequences as if they received cash distributions. The Company did not declare any distribution payments during the three and nine months ended June 30, 2023. During the three and nine months ended June 30, 2022 a special dividend was declared in the amount of $265,798 on June 24, 2022 payable on July 13, 2022 to Stockholders of record on July 5, 2022.

Share Transactions

Share Transactions	9 Months Ended
	Jun. 30, 2023
Share Transactions [Abstract]
Share Transactions	Note 14. Share Transactions On February 8, 2023, the Board of Directors approved the expansion of the amount authorized for repurchase under the Company’s share repurchase program from $25 million to $35 million. Since announcing this share repurchase program on January 11, 2021, the Company has repurchased an aggregate of 635,120 shares of common stock through June 30, 2023 with a total cost of approximately $25.2 million, or 71.8% of shares outstanding as of the program’s inception. The total remaining amount authorized under the expanded share repurchase program is approximately $9.8 million. The following table sets forth the number of shares of common stock repurchased by the Company at an average price of $36.83 per share under its share repurchase program from February 10, 2021 through June 30, 2023: Month Ended Shares Repurchase Aggregate February 2021 13,082 $30.25 - $30.96 397,384 March 2021 12,241 $30.25 - $34.42 393,938 April 2021 14,390 $33.11 - $34.89 491,470 May 2021 25,075 $34.56 - $39.93 976,440 August 2021 141,700 $41.03 - $42.28 5,944,213 January 2022 7,312 $39.07 - $40.88 293,756 February 2022 170,589 $39.53 - $41.00 6,908,864 March 2022 132,054 $39.24 - $40.57 5,306,885 April 2022 2,942 $39.07 - $41.00 117,758 May 2022 3,391 $37.70 - $39.78 131,338 June 2022 3,515 $37.28 - $39.19 135,063 July 2022 700 $36.43 - $37.26 25,864 August 2022 3,081 $28.27 - $37.82 112,456 September 2022 91,808 $36.13 - $37.53 3,443,845 October 2022 401 $35.20 - $36.14 14,434 November 2022 1,103 $34.53 - $35.28 38,790 December 2022 1,501 $33.26 - $34.84 51,295 January 2023 2,052 $32.78 - $34.84 68,665 February 2023 3,131 $33.06 - $39.03 115,430 March 2023 2,003 $37.02 - $38.89 76,214 April 2023 649 $35.79 - $37.03 23,671 May 2023 100 $36.50 - $36.53 3,658 June 2023 2,300 $33.63 - $38.76 85,556 Total 635,120 $ 25,156,986 During the nine months ended June 30, 2023, 11,740 An additional 1,500 shares repurchased between June 15, 2023 and June 30, 2023 had not transferred into treasury as of June 30, 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events Management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items disclosed herein, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the Consolidated Financial Statements as of and for the three and nine months ended June 30, 2023.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 (“ASC 946”), Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the consolidated accounts of the Company and its wholly owned subsidiaries PhenixFIN Small Business Fund, LP (“PhenixFIN Small Business Fund”) and PhenixFIN SLF Funding I LLC (“PhenixFIN SLF”), and its wholly owned Taxable Subsidiaries. All references made to the “Company,” “we,” and “us” herein include PhenixFIN Corporation and its consolidated subsidiaries, except as stated otherwise. Additionally, the accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K and Article 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications, which are of a normal recurring nature, that are necessary for the fair presentation of financial results as of and for the periods presented. Therefore, this Form 10-Q should be read in conjunction with the Company’s annual report on Form 10-K for the year ended September 30, 2022. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending September 30, 2023. Certain prior period information has been reclassified to conform to the current period presentation. These reclassifications have no effect on the Company’s financial position or its results of operations as previously reported.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash, Restricted Cash and Cash Equivalents	Cash, Restricted Cash and Cash Equivalents The Company considers cash equivalents to be highly liquid investments with original maturities of three months or less. Cash and cash equivalents include deposits in a money market account. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. As of June 30, 2023 and September 30, 2022, we had $10.9 million and $22.8 million in cash and cash equivalents, respectively, none of which is restricted.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs, incurred in connection with any credit facilities and unsecured notes (see Note 5) are deferred and amortized over the life of the respective credit facility or instrument. Debt issuance costs related to any credit facilities and unsecured notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities.
Indemnification	Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has had no material claims or payments pursuant to such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote.
Revenue Recognition	Revenue Recognition Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. For the three and nine months ended June 30, 2023, the Company earned approximately $0.2 million and $0.7 million in PIK interest, respectively. For the three and nine months ended June 30, 2022, the Company earned approximately $0.2 million and $0.6 million in PIK interest, respectively. Amendment and transaction break-up fees associated with investments in portfolio companies are recognized as income when we become entitled to such fees. Prepayment penalties received by the Company for debt instruments paid back to the Company prior to the maturity date are recorded as income upon repayment of debt. Administrative agent fees received by the Company are capitalized as deferred revenue and recorded as fee income when the services are rendered. For the three and nine months ended June 30, 2023, fee income was approximately $0.1 million and $0.3 million, respectively (see Note 9). For the three and nine months ended June 30, 2022, fee income was approximately $0.1 million and $0.4 million, respectively (see Note 9). Investment transactions are accounted for on a trade date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. During the three and nine months ended June 30, 2023, $0.0 million and $0.0 million, respectively, of the Company’s realized losses were related to certain non-cash restructuring transactions, which are recorded on the Consolidated Statements of Operations as a component of net realized gain/(loss) from investments. During the three and nine months ended June 30, 2022, $0.0 million and $19.6 million, respectively, of the Company’s realized losses were related to certain non-cash restructuring transactions, which are recorded on the Consolidated Statements of Operations as a component of net realized gain/(loss) from investments. The Company reports changes in fair value of investments as a component of the net unrealized appreciation/(depreciation) on investments in the Consolidated Statements of Operations. Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed not collectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At June 30, 2023, certain investments in six portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $7.0 million, or 3.2% of the fair value of our portfolio. At September 30, 2022, certain investments in five portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $5.2 million, or 2.7% of the fair value of our portfolio.
Investment Classification	Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, we would be deemed to “control” a portfolio company if we owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. We refer to such investments in portfolio companies that we “control” as “Control Investments.” Under the 1940 Act, we would be deemed to be an “Affiliated Person” of a portfolio company if we own between 5% and 25% of the portfolio company’s outstanding voting securities or we are under common control with such portfolio company. We refer to such investments in Affiliated Persons as “Affiliated Investments.”
Valuation of Investments	Valuation of Investments The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 - Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from an independent pricing service or multiple broker-dealers or market makers. We weight the use of third-party broker quotations, if any, in determining fair value based on our understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. However, debt investments with remaining maturities within 60 days that are not credit impaired are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined by our Chief Financial Officer, the Company’s Valuation Designee, based upon input from management and third-party valuation firms. Because these investments are illiquid and because there may not be any directly comparable companies whose financial instruments have observable market values, these loans are valued using a fundamental valuation methodology, consistent with traditional asset pricing standards, that is objective and consistently applied across all loans and through time. Investments in investment funds are valued at fair value. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share The methodologies utilized by the Company in estimating the fair value of its investments categorized as Level 3 generally fall into the following two categories: ● The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable (that is, similar) assets, liabilities, or a group of assets and liabilities, such as a business. ● The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the Income Approach is used, the fair value measurement reflects current market expectations about those future amounts. The Company has engaged third-party valuation firms (the “Valuation Firms”) to assist it and its Valuation Designee (the Chief Financial Officer) in the valuation of its portfolio investments. The valuation reports generated by the Valuation Firms consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance multiples, and movement in yields of debt instruments, among other factors. The Company uses a market yield analysis under the Income Approach or an enterprise model of valuation under the Market Approach, or a combination thereof. In applying the market yield analysis, the value of the Company’s loans are determined based upon inputs such as the coupon rate, current market yield, interest rate spreads of similar securities, the stated value of the loan, and the length to maturity. In applying the enterprise model, the Company uses a waterfall analysis, which takes into account the specific capital structure of the borrower and the related seniority of the instruments within the borrower’s capital structure into consideration. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation methods and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The methodologies and information that the Company utilizes when applying the Market Approach for performing investments include, among other things: ● valuations of comparable public companies (“Guideline Comparable Approach”); ● recent sales of private and public comparable companies (“Guideline Comparable Approach”); ● recent acquisition prices of the company, debt securities or equity securities (“Recent Arms-Length Transaction”); ● external valuations of the portfolio company, offers from third parties to buy the company (“Estimated Sales Proceeds Approach”); ● subsequent sales made by the company of its investments (“Expected Sales Proceeds Approach”); and ● estimating the value to potential buyers. The methodologies and information that the Company utilizes when applying the Income Approach for performing investments include: ● discounting the forecasted cash flows of the portfolio company or securities (Discounted Cash Flow (“DCF”) Approach); and ● Black-Scholes model or simulation models or a combination thereof (Income Approach - Option Model) with respect to the valuation of warrants. For non-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities using an expected recovery model (Market Approach - Expected Recovery Analysis or Estimated Liquidation Proceeds). We undertake a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below: ● our quarterly valuation process generally begins with each portfolio investment being initially valued by a Valuation Firm; ● Available third-party market data will be reviewed by company personnel designated by the Valuation Designee (“Fair Value Personnel”) and the Valuation Firm. ● Available portfolio company data and general industry data are then reviewed by the Fair Value Personnel. ● Preliminary valuation conclusions are then documented and discussed with the Fair Value Personnel. ● The Valuation Designee then determines the fair value of each investment in the Company’s portfolio in good faith based on such discussions, the Company’s Valuation Policy and the Valuation Firms’ final estimated valuations. ● The Valuation Designee’s report is then presented to the Board of Directors and the Audit Committee. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment (including the impact of COVID-19 on financial markets), portfolio company performance, and other events may occur over the lives of the investments that may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts payable and accrued expenses, approximate fair value due to their short-term nature. The carrying amounts and fair values of our long-term obligations are discussed in Note 5.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting.” The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and also with certain lenders. Many of these agreements include language for choosing an alternative successor rate if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. In January 2021, the FASB issued ASU 2021-01, “Reference rate reform (Topic 848),” which expanded the scope of Topic 848. ASU 2020-04 and ASU 2021-01 are effective through December 31, 2022 when the Company plans to apply the amendments in this update to account for contract modifications due to changes in reference rates. On December 21, 2022, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848,” that extends the sunset (or expiration) date of Accounting Standards Codification (ASC) Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform.
Federal Income Taxes	Federal Income Taxes The Company has elected, and intends to qualify annually, to be treated as a RIC under Subchapter M of the Code. In order to continue to qualify as a RIC and be eligible for tax treatment under Subchapter M of the Code, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of the sum of investment company taxable income (“ICTI”), as defined by the Code, including PIK interest, and net tax exempt interest income (which is the excess of gross tax exempt interest income over certain disallowed deductions) for each taxable year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. The Company is subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least 98% of its ordinary income in any calendar year and 98.2% of its capital gain net income for each one-year period ending on October 31 of such calendar year and any income realized, but not distributed, in preceding years and on which it did not pay federal income tax. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. There was no provision for federal excise tax at June 30, 2023 and September 30, 2022. The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the unrealized gains generated by the investments held by the Taxable Subsidiaries. As of June 30, 2023 and September 30, 2022, the Company did not record a deferred tax liability on the Consolidated Statements of Assets and Liabilities. The change in provision for deferred taxes is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statements of Operations. For the three and nine months ended June 30, 2023 and June 30, 2022, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of June 30, 2023 and September 30 2022, the Company had a deferred tax asset of $24.5 million and $26.2 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of June 30, 2023 and September 30, 2022, the Company has booked a valuation allowance of $24.5 million and $26.2 million, respectively, against its deferred tax asset. ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. The Company may be required to recognize ICTI in certain circumstances in which it does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount, the Company must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in ICTI other amounts that it has not yet received in cash, such as 1) PIK interest income and 2) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in the Company’s ICTI for the year of accrual, the Company may be required to make a distribution to its stockholders in order to satisfy the minimum distribution requirements, even though the Company will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. There were no material uncertain income tax positions at June 30, 2023. Although we file federal and state tax returns, our major tax jurisdiction is federal. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and applicable state tax authorities.
Segments	Segments The Company invests in various industries. The Company separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships has similar business and economic characteristics, they have been aggregated into a single investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements. See Note 3 for further information.
Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk	Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk The Company has broad discretion in making investments. Investments generally consist of debt instruments that may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate. The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as our borrowers, and those for which market yields are observable increase materially. The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Schedule of Investments at Amortized Cost and Fair Value	The composition of our investments as of June 30, 2023 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 148,558 54.5 % $ 104,961 48.0 % Senior Secured Notes 2,616 1.0 2,138 1.0 Unsecured Debt 154 0.1 161 0.1 Fund Investment 1,027 0.4 962 0.4 Equity/Warrants 119,743 44.0 110,465 50.5 Total Investments $ 272,098 100.0 % $ 218,687 100.0 % Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 128,482 48.7 % $ 88,248 45.6 % Senior Secured Second Lien Term Loans 2,603 1.0 2,607 1.4 Senior Secured Notes 2,252 0.9 1,659 0.9 Unsecured Debt 182 0.1 - - Equity/Warrants 129,929 49.3 100,443 52.1 Total Investments $ 263,448 100.0 % $ 192,957 100.0 %
Schedule of Portfolio Composition by Industry Grouping at Fair Value	The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023 (dollars in thousands): Fair Value Percentage Services: Business $ 42,081 19.2 % Banking, Finance, Insurance & Real Estate 40,303 18.4 Hotel, Gaming & Leisure 32,980 15.1 Services: Consumer 18,225 8.3 Construction & Building 20,030 9.2 Metals & Mining 13,887 6.4 Media: Broadcasting & Subscription 10,438 4.8 Automotive 9,603 4.4 High Tech Industries 13,429 6.1 Energy: Oil & Gas 5,557 2.5 Consumer Discretionary 6,035 2.8 Packaging 3,405 1.6 Aerospace & Defense 2,651 1.2 Retail 63 - Total $ 218,687 100.0 % Fair Value Percentage Services: Business $ 52,851 27.4 % Hotel, Gaming & Leisure 31,947 16.6 Banking, Finance, Insurance & Real Estate 31,910 16.5 Services: Consumer 21,243 11.0 Construction & Building 17,724 9.1 Automotive 8,075 4.2 Consumer Discretionary 6,208 3.2 High Tech Industries 5,465 2.8 Media: Broadcasting & Subscription 4,220 2.2 Energy: Oil & Gas 4,152 2.2 Packaging 3,361 1.7 Metals & Mining 3,073 1.6 Aerospace & Defense 2,607 1.4 Retail 121 0.1 Total $ 192,957 100.0 %
Schedule of Portfolio Composition by Geographic Location at Fair Value	The following table shows the portfolio composition by geographic location at fair value at June 30, 2023 (dollars in thousands): Fair Value Percentage Northeast $ 87,435 39.9 % Southeast 55,729 25.5 Midwest 34,240 15.7 West 26,830 12.3 Southwest 6,498 3.0 Mid-Atlantic 204 0.1 International 7,751 3.5 Total $ 218,687 100.0 % Fair Value Percentage Northeast $ 92,939 48.2 % Southeast 51,797 26.8 West 20,196 10.5 Midwest 16,023 8.3 Southwest 6,288 3.3 Mid-Atlantic 265 0.1 International 5,449 2.8 Total $ 192,957 100.0 %
Schedule of Transactions with Affiliated Investments and Controlled Investments	The Company had investments in portfolio companies designated as Affiliated Investments and Controlled Investments under the 1940 Act. Transactions with Affiliated Investments and Controlled Investments during the nine months ended June 30, 2023 and 2022 were as follows: Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Realized Fair Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ - $ - $ - $ 763,798 $ - $ 763,798 $ 25,765 Revolving Credit Facility 4,151,562 215,622 - 264,993 - 4,632,177 336,502 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 9,915 - 75,893 - 844,737 94,376 Senior Secured First Lien Term Loan 1,547,918 - - (100,951 ) - 1,446,967 - Senior Secured First Lien Super Priority DDTL 1,500,000 19,796 - 166,667 - 1,686,463 224,616 FST Holdings Parent, LLC Equity $ - $ 8,000,000 $ - $ - $ - $ 8,000,000 $ - Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,378,510 - (2,378,510 ) - - - - Equity 694,702 - (962,717 ) 268,015 - - - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan A $ - $ (1,500,703 ) $ 4,900,000 $ 61,742 $ 30,211 $ 3,491,250 $ 163,403 Senior Secured First Lien Term Loan B $ - $ (1,055 ) $ 7,350,000 $ 132,305 $ - $ 7,481,250 $ 267,124 Convertible Promissory Note $ - $ - $ 5,000,000 $ 1,925,000 $ - $ 6,925,000 $ - US Multifamily, LLC Equity 1,282,571 (972,483 ) - (244,952 ) - 65,136 - Total Affiliated Investments $ 12,314,192 $ 5,771,092 $ 13,908,773 $ 3,312,510 $ 30,211 $ 35,336,778 $ 1,111,786 Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Realized Fair Earned Income Controlled Investments FlexFIN, LLC Equity Interest $ 47,136,146 $ (13,012,069 ) $ - $ - - $ 34,124,077 $ 2,637,115 Kemmerer Operations, LLC Senior Secured First Lien Term Loan - 2,329,641 2,378,510 (1 ) 24,131 4,732,281 245,738 Equity - 873,440 962,717 7,319,045 - 9,155,202 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,192,927 - - 14,620 - 7,207,547 416,974 Senior Secured First Lien Term Loan B 3,697,109 - - 199,532 - 3,896,641 - Senior Secured First Lien Term Loan C - - - - - - - Total Controlled Investments $ 58,026,182 $ (9,808,988 ) $ 3,341,227 $ 7,533,196 $ 24,131 $ 59,115,748 $ 3,299,827 Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Gain/(Loss) Realized Fair Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan B $ - $ - $ - $ 19,468,870 $ (19,468,870 ) $ - $ - Senior Secured First Lien Term Loan C 24,639 - - 677,562 - 702,202 56,258 Revolving Credit Facility 3,554,069 539,054 - (3,000 ) - 4,090,123 170,298 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 - - - - 758,929 57,552 Senior Secured First Lien Term Loan 2,279,814 - - (513,169 ) - 1,766,645 - Senior Secured First Lien Super Priority DDTL 1,500,000 - - - - 1,500,000 113,827 Caddo Investors Holdings 1 LLC Equity 3,454,786 (3,448,219 ) - (925,960 ) 919,393 - - Dynamic Energy Services International LLC Senior Secured First Lien Term Loan - (4,910,671 ) - 7,328,568 (2,417,897 ) - 12 JFL-NGS Partners, LLC Equity 26,862,813 (26,807,520 ) - (26,805,513 ) 26,750,220 - - JFL-WCS Partners, LLC Equity 8,099,949 (8,084,639 ) - (7,970,361 ) 7,955,051 - - Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,360,547 40,173 - 21,438 - 2,422,158 276,386 Senior Secured First Lien Delayed Draw Term Loan 162,441 (163,915 ) - 1,474 - - 6,601 Equity 553,746 - - 241,309 - 795,055 - Path Medical, LLC Senior Secured First Lien Term Loan A 2,249,835 - - 8,658 - 2,258,493 (1,693 ) Senior Secured First Lien Term Loan B - - - - - - (2,974 ) URT Acquisition Holdings Corporation Warrants 920,000 (1,000,000 ) - (920,000 ) 1,000,000 - - US Multifamily, LLC Senior Secured First Lien Term Loan 2,577,416 (2,577,418 ) - 2 - - 93,338 Equity 2,236,261 - - 860,639 - 3,096,900 - Total Affiliated Investments $ 57,595,245 $ (46,413,155 ) $ - $ (8,529,483 ) $ 14,737,897 $ 17,390,505 $ 769,605 Name of Investment (1)(2) Type of Investment Fair Purchases/ Transfers Unrealized Gain/(Loss) Realized Fair Earned Controlled Investments FlexFIN, LLC Equity Interest $ 2,500,000 $ 38,606,667 $ - $ - $ - $ 41,106,667 $ 1,191,213 NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 6,414,860 - - 45,961 - 6,460,821 - Super Priority Senior Secured First Lien Term Loan 977,000 (1,000,000 ) - 21,150 1,850 - 173,822 Senior Secured First Lien Term Loan B - - - 1,887,801 - 1,887,801 - Total Controlled Investments $ 9,891,860 $ 37,606,667 $ - $ 1,954,912 $ 1,850 $ 49,455,289 $ 1,365,035 (1) The par amount and additional detail are shown in the Consolidated Schedule of Investments. (2) Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward.
Schedule of Summarized Balance Sheet or Financial Position for Unconsolidated Significant Subsidiaries	In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, that is deemed to be a “significant subsidiary” as of June 30, 2023 for which summarized financial information is presented below (dollars in thousands): Balance Sheet June 30, September 30, Total Assets $ 34,122 $ 47,168 Total Liabilities 128 12
Schedule of Summarized Income Statement or Financial Information for Unconsolidated Significant Subsidiaries	In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, that is deemed to be a “significant subsidiary” as of June 30, 2023 for which summarized financial information is presented below (dollars in thousands): Income Statement For the For the Year Total Income $ 3,223 $ 3,855 Total Expenses 554 202 Net Income $ 2,669 $ 3,653

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2023
Fair Value Measurements [Abstract]
Schedule of Fair Value Measurements of Our Investments	The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of June 30, 2023 (dollars in thousands): Fair Value Hierarchy as of June 30, 2023 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 18,836 $ 86,125 $ 104,961 Senior Secured Notes - 2,138 - 2,138 Unsecured Debt - - 161 161 Equity/Warrants 28,321 6,175 75,969 110,465 Total $ 28,321 $ 27,149 $ 162,255 $ 217,725 Investments measured at net asset value (1) 962 Total Investments, at fair value $ 218,687 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities. Fair Value Hierarchy as of September 30, 2022 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 13,996 $ 74,252 $ 88,248 Senior Secured Second Lien Term Loans - - 2,607 2,607 Senior Secured Notes - 1,659 - 1,659 Unsecured Debt - - - - Equity/Warrants 24,750 5,877 69,816 100,443 Total $ 24,750 $ 21,532 $ 146,675 $ 192,957
Schedule of Investments That Use Level 3 Inputs	The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended June 30, 2023 (dollars in thousands): Senior Secured First Lien Term Loans Senior Secured Second Lien Term Loans Unsecured Equities/ Warrants Fund Investment Total Balance as of September 30, 2022 $ 74,252 $ 2,607 $ - $ 69,816 $ - $ 146,675 Purchases and other adjustments to cost 22,722 - - 17,883 1,027 41,632 Sales (including repayments or maturities) (7,256 ) (2,607 ) (30 ) (23,858 ) - (33,751 ) Net realized gains/(losses) from investments 105 5 1 (927 ) - (816 ) Net unrealized gains/(losses) (3,698 ) (5 ) 190 13,055 (65 ) 9,477 Transfer in/(out) - - - - - - Balance as of June 30, 2023 $ 86,125 $ - $ 161 $ 75,969 $ 962 $ 163,217 Senior Secured First Lien Term Loans Senior Secured Second Lien Term Loans Senior Secured Notes Unsecured Equities/ Warrants Total Balance as of September 30, 2021 $ 61,934 $ 2,490 $ 2,500 $ - $ 48,889 $ 115,813 Purchases and other adjustments to cost 44,145 - - - 55,437 99,582 Sales (including repayments or maturities) (47,936 ) - - (1,280 ) (47,207 ) (96,423 ) Net realized gains/(losses) from investments (21,737 ) - - (99 ) 36,601 14,765 Net unrealized gains/(losses) 27,398 111 (2,500 ) (1) 1,379 (32,998 ) (1) (6,610 ) Transfer in/(out) (5,248 ) - - - - (5,248 ) Balance as of June 30, 2022 $ 58,556 $ 2,601 $ - $ - $ 60,722 $ 121,879 (1) FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021.
Schedule of Quantitative Information About Level 3 Fair Value Measurements Of Our Investments	The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of June 30, 2023 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Senior Secured First Lien Term Loans $ 74,666 Market Approach Market Yield 8.50% - 32.0% (13.4%) Senior Secured First Lien Term Loans 764 Market Approach Revenue Multiple 0.3x - 0.3x (0.3x) Senior Secured First Lien Term Loans 9,830 Market Approach EBITDA Multiple 1.7x - 5.0x (3.1x) Senior Secured First Lien Term Loans 865 Market Approach LTM EBITDA Multiple 5.75x - 6.75x (6.25x) Senior Secured Notes - Market Approach (Guideline Comparable) EBITDA Multiple 21.0x - 22.0x (21.5x) Unsecured Debt 161 Cost Approach Transaction N/A Equity/Warrants 34,125 Cost Approach Replacement Cost N/A Equity/Warrants 12,278 Income Approach Market Yield 11.5% - 13.0% (5.3%) Equity/Warrants 11,674 Market Approach LTM Multiple 5.8x - 6.8x (6.3x) Equity/Warrants 9,422 Market Approach EBITDA Multiple 1.8x - 38.6x (5.9x) Equity/Warrants 8,000 Recent Purchase Purchase Price N/A - N/A (N/A) Equity/Warrants 65 Market Approach Sum of the Parts/Estimated proceeds 3.9x – 4.1x (4.0x) Equity/Warrants 405 Income Approach DLOM (Discount for lack of Marketability) 3.0x - 3.2x (3.1x) Total $ 162,255 Fair Value Valuation Methodology Unobservable Input Range Senior Secured First Lien Term Loans $ 65,428 Income Approach Market Yield 8.50% - 24.00% (10.57%) Senior Secured First Lien Term Loans 3,807 Market Approach EBITDA Multiple 4.0x - 5.0x (4.5x) Senior Secured First Lien Term Loans 4,152 Market Approach Revenue Multiple 0.2x - 0.3x (2.5x) Senior Secured First Lien Term Loans 865 Income Approach Market Spread 5.75% - 6.25% (6.00%) Senior Secured Second Lien Term Loans 2,607 Market Approach EBITDA Multiple 9.0x - 10.0x (9.5x) Equity/Warrants 47,138 Cost Approach Replacement Cost N/A Equity/Warrants 11,444 Market Approach EBITDA Multiple 2.0x - 21.0x (17.4x) Equity/Warrants 9,951 Income Approach Market Yield 8.50% - 13.25% (12.75%) Equity/Warrants 1,283 Market Approach Sum of the Parts/Estimated Proceeds 8.1x - 11.4x (9.8x) Total $ 146,675

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Jun. 30, 2023
Borrowings [Abstract]
Schedule of Debt Issuance Costs	The Company’s outstanding debt excluding debt issuance costs as of June 30, 2023 and September 30, 2022 were as follows (dollars in thousands): June 30, 2023 September 30, 2022 Aggregate Principal Carrying Value Fair Value Aggregate Principal Carrying Value Fair Value 2023 Notes $ - $ - $ - $ - $ 22,522 $ 22,522 $ 22,483 $ 22,378 2028 Notes 57,500 57,500 55,718 50,140 57,500 57,500 55,480 50,255 Revolving Credit Facility 28,242 28,242 28,242 28,242 - - - - Total debt $ 85,742 $ 85,742 $ 83,960 $ 78,382 $ 80,022 $ 80,022 $ 77,963 $ 72,633
Schedule of Consolidated Statements of Assets and Liabilities	Debt issuance costs related to the Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of the Notes. As of June 30, 2023 and September 30, 2022, debt issuance costs related to the Notes were as follows (dollars in thousands): June 30, 2023 September 30, 2022 2023 Notes 2028 Notes Total 2023 Notes 2028 Notes Total Total debt issuance cost at the beginning of the period $ 20 $ 1,865 $ 1,885 $ 3,102 $ 2,311 $ 5,413 Amortized debt issuance costs 20 83 103 3,063 291 3,354 Unamortized debt issuance costs $ - $ 1,782 $ 1,782 $ 39 $ 2,020 $ 2,059
Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt	For the three and nine months ended June 30, 2023 and 2022, the components of interest expense, amortized debt issuance costs, weighted average stated interest rate and weighted average outstanding debt balance for the Notes were as follows (dollars in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2023 2022 2023 2022 2023 Notes Interest $ - $ 345 $ 820 $ 1,060 2028 Notes Interest 772 755 1,894 1,486 Credit facility interest 477 - 830 - Amortization of debt issuance costs 83 121 287 163 Total $ 1,332 $ 1,221 $ 3,831 $ 2,709 Weighted average stated interest rate 6.0 % 6.2 % 5.8 % 6.0 % Weighted average debt outstanding $ 83,061 $ 80,022 $ 81,227 $ 90,863

Agreements (Tables)

Agreements (Tables)	9 Months Ended
	Jun. 30, 2023
Agreements [Abstract]
Schedule of Target Performance Award for Each Executive Officer	The Target Performance Award for each executive officer for both the 2022 LTIP plan and 2023 LTIP plan is set forth in the table below: Name and Title Dollar Value David Lorber, Chairman of the Board and Chief Executive Officer $ 890,000 Ellida McMillan, Chief Financial Officer 380,000

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Jun. 30, 2023
Commitments [Abstract]
Schedule of Unfunded Commitments	A summary of the composition of the unfunded commitments as of June 30, 2023 and September 30, 2022 is shown in the table below (dollars in thousands): June 30, September 30, SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan $ - $ 4,000 Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan - 908 Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan 517 517 NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan 220 220 Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan 166 167 1888 Industrial Services, LLC - Revolving Credit Facility - 216 Deer Management Systems LLC – Senior Secured First Lien Delayed Draw Term Loan 600 - Tamarix Capital Partners II, L.P. - Fund Investment 2,038 - Total unfunded commitments 3,541 6,028
Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease	The following table shows future minimum payments under PhenixFIN’s operating lease as of June 30, 2023: For the Years Ended September 30, Amount 2023 $ 37,080 2024 152,399 2025 156,971 2026 161,680 2027 27,417 Thereafter - 535,547 Difference between undiscounted and discounted cash flows (71,927 ) $ 463,620

Fee Income (Tables)

Fee Income (Tables)	9 Months Ended
	Jun. 30, 2023
Fee Income [Abstract]
Schedule of Fee Income	The following table summarizes the Company’s fee income for the three and nine months ended June 30, 2023 and 2022 (dollars in thousands): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Prepayment fee $ - $ 26 $ - $ 235 Administrative agent fee - - 169 94 Amendment fee - - - 4 Other fees 94 39 170 87 Fee income $ 94 $ 65 $ 339 $ 420

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets	The following information sets forth the computation of the weighted average basic and diluted net increase/(decrease) in net assets per share from operations for the three and nine months ended June 30, 2023 and 2022 (dollars in thousands, except share and per share amounts): For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 8,917 $ (9,229 ) $ 19,577 $ (1,454 ) Weighted average shares of common stock outstanding - basic and diluted 2,090,691 2,202,115 2,095,591 2,372,849 Earnings (loss) per share of common stock - basic and diluted $ 4.26 $ (4.19 ) $ 9.34 $ (0.61 )

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Jun. 30, 2023
Investment Company, Financial Highlights [Abstract]
Schedule of Financial Highlights	The following is a schedule of financial highlights for the nine months ended June 30, 2023 and 2022: For the Nine Months Ended 2023 2022 Per share data Net Asset Value per share at Beginning of Period $ 57.49 $ 57.08 Results of Operations: Net Investment Income/(Loss) 2.22 0.66 Net Realized Gain/(Loss) on Investments (1.02 ) 6.53 Net Unrealized Gain/(Loss) on Investments 8.14 (7.68 ) Net loss on extinguishment of debt - (0.12 ) Net Increase (Decrease) in Net Assets Resulting from Operations 9.34 (0.61 ) Capital Share Transactions Distributions declared - (0.11 ) Repurchase of common stock under stock repurchase program 0.18 2.38 Net Increase (Decrease) Resulting from Capital Share Transactions 0.18 2.27 Net Asset Value per share at End of Period $ 67.01 $ 58.74 Net Assets at End of Period $ 139,954,664 $ 129,080,980 Shares Outstanding at End of Period 2,088,589 2,197,418 Per share market value at end of period $ 38.00 $ 36.48 Total return based on market value(1) 8.94 % (14.97 )% Total return based on net asset value per share(2) 16.56 % 2.91 % Portfolio turnover rate 20.33 % 80.03 % Ratios: Ratio of net investment/(loss) income to average net assets(3) 4.94 % 1.49 % Ratio of total expenses to average net assets(3) 10.45 % 8.48 % (1) Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized. (2) Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized. (3) Ratios are annualized during interim periods.

Share Transactions (Tables)

Share Transactions (Tables)	9 Months Ended
	Jun. 30, 2023
Share Transactions [Abstract]
Schedule of Shares of Common Stock Repurchased	The following table sets forth the number of shares of common stock repurchased by the Company at an average price of $36.83 per share under its share repurchase program from February 10, 2021 through June 30, 2023: Month Ended Shares Repurchase Aggregate February 2021 13,082 $30.25 - $30.96 397,384 March 2021 12,241 $30.25 - $34.42 393,938 April 2021 14,390 $33.11 - $34.89 491,470 May 2021 25,075 $34.56 - $39.93 976,440 August 2021 141,700 $41.03 - $42.28 5,944,213 January 2022 7,312 $39.07 - $40.88 293,756 February 2022 170,589 $39.53 - $41.00 6,908,864 March 2022 132,054 $39.24 - $40.57 5,306,885 April 2022 2,942 $39.07 - $41.00 117,758 May 2022 3,391 $37.70 - $39.78 131,338 June 2022 3,515 $37.28 - $39.19 135,063 July 2022 700 $36.43 - $37.26 25,864 August 2022 3,081 $28.27 - $37.82 112,456 September 2022 91,808 $36.13 - $37.53 3,443,845 October 2022 401 $35.20 - $36.14 14,434 November 2022 1,103 $34.53 - $35.28 38,790 December 2022 1,501 $33.26 - $34.84 51,295 January 2023 2,052 $32.78 - $34.84 68,665 February 2023 3,131 $33.06 - $39.03 115,430 March 2023 2,003 $37.02 - $38.89 76,214 April 2023 649 $35.79 - $37.03 23,671 May 2023 100 $36.50 - $36.53 3,658 June 2023 2,300 $33.63 - $38.76 85,556 Total 635,120 $ 25,156,986

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Significant Accounting Policies (Details) [Line Items]
Cash and cash equivalents	$ 10.9		$ 10.9		$ 22.8
PIK Interest	0.2		0.7
Fee income	0.1		0.3
Non-accrual investments at fair value	$ 7		$ 7		$ 5.2
Portfolio percentage at fair value	3.20%		3.20%
Portfolio percentage at fair value					2.70%
Percentage of investment company taxable income			90%
Federal excise tax percentage			4%
Distributable ordinary income percentage			98%
Capital gain net income percentage			98.20%
Deferred tax asset, net	$ 24.5		$ 24.5		$ 26.2
Deferred tax assets valuation allowance	24.5		24.5		$ 26.2
Minimum [Member]
Significant Accounting Policies (Details) [Line Items]
Fee income		$ 0.1
Realized Gains (losses)	$ 0
Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Fee income				$ 0.4
Realized Gains (losses)			$ 0
Investment Income (Expense) [Member] | Minimum [Member]
Significant Accounting Policies (Details) [Line Items]
Realized Gains (losses)		0
Investment Income (Expense) [Member] | Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Realized Gains (losses)				19.6
Controlled Investment [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	25%		25%
Affiliated Investments [Member] | Minimum [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	5%		5%
Affiliated Investments [Member] | Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	25%		25%
PIK [Member]
Significant Accounting Policies (Details) [Line Items]
PIK Interest		$ 0.2		$ 0.6

Investments (Details)

Investments (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2023
Investments [Abstract]
Total fair value of warrants	$ 62,600		$ 404,600
Unrealized appreciation related to warrants		$ 194,428	404,581
Unrealized depreciation related to warrants		$ 9,908	$ 934,158

Investments (Details) - Schedul

Investments (Details) - Schedule of Investments at Amortized Cost and Fair Value - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Senior Secured First Lien Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 148,558	$ 128,482
Percentage	54.50%	48.70%
Fair Value	$ 104,961	$ 88,248
Percentage	48%	45.60%
Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 2,616	$ 2,252
Percentage	1%	0.90%
Fair Value	$ 2,138	$ 1,659
Percentage	1%	0.90%
Unsecured Debt [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 154	$ 182
Percentage	0.10%	0.10%
Fair Value	$ 161
Percentage	0.10%
Fund Investment [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 1,027
Percentage	0.40%
Fair Value	$ 962
Percentage	0.40%
Equity/Warrants [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 119,743	$ 129,929
Percentage	44%	49.30%
Fair Value	$ 110,465	$ 100,443
Percentage	50.50%	52.10%
Total Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 272,098	$ 263,448
Percentage	100%	100%
Fair Value	$ 218,687	$ 192,957
Percentage	100%	100%
Senior Secured Second Lien Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 2,603
Percentage		1%
Fair Value		$ 2,607
Percentage		1.40%

Investments (Details) - Sched_2

Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 218,686,618	$ 192,956,649
Percentage	100%	100%
Services: Business [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 42,081,000	$ 52,851,000
Percentage	19.20%	27.40%
Banking, Finance, Insurance & Real Estate [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 40,303,000	$ 31,910,000
Percentage	18.40%	16.50%
Hotel, Gaming and Leisure [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 32,980,000	$ 31,947,000
Percentage	15.10%	16.60%
Services: Consumer [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 18,225,000	$ 21,243,000
Percentage	8.30%	11%
Construction & Building [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 20,030,000	$ 17,724,000
Percentage	9.20%	9.10%
Metals & Mining [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 13,887,000	$ 3,073,000
Percentage	6.40%	1.60%
Media: Broadcasting & Subscription [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 10,438,000	$ 4,220,000
Percentage	4.80%	2.20%
Automotive [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 9,603,000	$ 8,075,000
Percentage	4.40%	4.20%
High Tech Industries [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 13,429,000
Percentage	6.10%
Energy: Oil & Gas [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 5,557,000	$ 4,152,000
Percentage	2.50%	2.20%
Consumer Discretionary [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 6,035,000	$ 6,208,000
Percentage	2.80%	3.20%
Packaging [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 3,405,000	$ 3,361,000
Percentage	1.60%	1.70%
Aerospace & Defense [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 2,651,000	$ 2,607,000
Percentage	1.20%	1.40%
Retail [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 63,000	$ 121,000
Percentage		0.10%
High Tech Industries [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value		$ 5,465,000
Percentage		2.80%

Investments (Details) - Sched_3

Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 218,686,618	$ 192,956,649
Percentage	100%	100%
Northeast [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 87,435,000	$ 92,939,000
Percentage	39.90%	48.20%
Southeast [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 55,729,000	$ 51,797,000
Percentage	25.50%	26.80%
Midwest [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 34,240,000	$ 16,023,000
Percentage	15.70%	8.30%
West [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 26,830,000	$ 20,196,000
Percentage	12.30%	10.50%
Southwest [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 6,498,000	$ 6,288,000
Percentage	3%	3.30%
Mid-Atlantic [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 204,000	$ 265,000
Percentage	0.10%	0.10%
International [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 7,751,000	$ 5,449,000
Percentage	3.50%	2.80%

Investments (Details) - Sched_4

Investments (Details) - Schedule of Transactions with Affiliated Investments and Controlled Investments - USD ($)		9 Months Ended		12 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Total Affiliated Investments [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		$ 57,595,245	$ 57,595,245
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(8,529,483)
Realized Gain/(Loss)	[1],[2]		14,737,897
Fair value as of ending	[1],[2]		17,390,505
Earned Income	[1],[2]		769,605
Total Affiliated Investments [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(46,413,155)
Total Controlled Investments [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		9,891,860	9,891,860
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		1,954,912
Realized Gain/(Loss)	[1],[2]		1,850
Fair value as of ending	[1],[2]		49,455,289
Earned Income	[1],[2]		1,365,035
Total Controlled Investments [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		37,606,667
Total Controlled Investments [Member] | NVTN LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Total Controlled Investments [Member] | NVTN LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Total Controlled Investments [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	58,026,182
Transfers In/(Out) of Affiliates	[1],[2]	3,341,227
Unrealized Gain/(Loss)	[1],[2]	7,533,196
Realized Gain/(Loss)	[1],[2]	24,131
Fair value as of ending	[1],[2]	59,115,748		58,026,182
Earned Income	[1],[2]	3,299,827
Total Controlled Investments [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(9,808,988)
Senior Secured First Lien Term Loan C [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	763,798
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	763,798
Earned Income	[1],[2]	25,765
Senior Secured First Lien Term Loan C [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Revolving Credit Facility [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	4,151,562
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	264,993
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	4,632,177		4,151,562
Earned Income	[1],[2]	336,502
Revolving Credit Facility [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	215,622
Senior Secured First Lien Delayed Draw Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	758,929
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	75,893
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	844,737		758,929
Earned Income	[1],[2]	94,376
Senior Secured First Lien Delayed Draw Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	9,915
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	1,547,918
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(100,951)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	1,446,967		1,547,918
Earned Income	[1],[2]
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	2,378,510
Transfers In/(Out) of Affiliates	[1],[2]	(2,378,510)
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]			2,378,510
Earned Income	[1],[2]
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Super Priority DDTL [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	1,500,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	166,667
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	1,686,463		1,500,000
Earned Income	[1],[2]	224,616
Senior Secured First Lien Super Priority DDTL [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	19,796
Equity [Member] | Affiliated Investments [Member] | FST Holdings Parent, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	8,000,000
Earned Income	[1],[2]
Equity [Member] | Affiliated Investments [Member] | FST Holdings Parent, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	8,000,000
Equity [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	694,702
Transfers In/(Out) of Affiliates	[1],[2]	(962,717)
Unrealized Gain/(Loss)	[1],[2]	268,015
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]			694,702
Earned Income	[1],[2]
Equity [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity [Member] | Affiliated Investments [Member] | US Multifamily, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	1,282,571
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(244,952)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	65,136		1,282,571
Earned Income	[1],[2]
Equity [Member] | Affiliated Investments [Member] | US Multifamily, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(972,483)
Equity [Member] | Total Affiliated Investments [Member] | US Multifamily, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	12,314,192
Transfers In/(Out) of Affiliates	[1],[2]	13,908,773
Unrealized Gain/(Loss)	[1],[2]	3,312,510
Realized Gain/(Loss)	[1],[2]	30,211
Fair value as of ending	[1],[2]	35,336,778		12,314,192
Earned Income	[1],[2]	1,111,786
Equity [Member] | Total Affiliated Investments [Member] | US Multifamily, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	5,771,092
Equity [Member] | Total Controlled Investments [Member] | Kemmerer Operations, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	962,717
Unrealized Gain/(Loss)	[1],[2]	7,319,045
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	9,155,202
Earned Income	[1],[2]
Equity [Member] | Total Controlled Investments [Member] | Kemmerer Operations, LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	873,440
Senior Secured First Lien Term Loan A [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	4,900,000
Unrealized Gain/(Loss)	[1],[2]	61,742
Realized Gain/(Loss)	[1],[2]	30,211
Fair value as of ending	[1],[2]	3,491,250
Earned Income	[1],[2]	163,403
Senior Secured First Lien Term Loan A [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(1,500,703)
Senior Secured First Lien Term Loan A [Member] | Affiliated Investments [Member] | Path Medical, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		2,249,835	2,249,835
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		8,658
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		2,258,493
Earned Income	[1],[2]		(1,693)
Senior Secured First Lien Term Loan A [Member] | Affiliated Investments [Member] | Path Medical, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	7,350,000
Unrealized Gain/(Loss)	[1],[2]	132,305
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	7,481,250
Earned Income	[1],[2]	267,124
Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(1,055)
Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | Path Medical, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		(2,974)
Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | Path Medical, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Convertible Promissory Note [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	5,000,000
Unrealized Gain/(Loss)	[1],[2]	1,925,000
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	6,925,000
Earned Income	[1],[2]
Convertible Promissory Note [Member] | Affiliated Investments [Member] | Maritime Wireless Holdings LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity Interest [Member] | Total Controlled Investments [Member] | FlexFIN, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	47,136,146	2,500,000	2,500,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	34,124,077	41,106,667	47,136,146
Earned Income	[1],[2]	2,637,115	1,191,213
Equity Interest [Member] | Total Controlled Investments [Member] | FlexFIN, LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(13,012,069)	38,606,667
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		2,360,547	2,360,547
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		21,438
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		2,422,158
Earned Income	[1],[2]		276,386
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		40,173
Senior Secured First Lien Term Loan [Member] | Total Controlled Investments [Member] | Kemmerer Operations, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	2,378,510
Unrealized Gain/(Loss)	[1],[2]	(1)
Realized Gain/(Loss)	[1],[2]	24,131
Fair value as of ending	[1],[2]	4,732,281
Earned Income	[1],[2]	245,738
Senior Secured First Lien Term Loan [Member] | Total Controlled Investments [Member] | Kemmerer Operations, LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	2,329,641
Senior Secured First Lien Delayed Draw Term Loan One [Member] | Total Controlled Investments [Member] | NVTN LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	7,192,927
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	14,620
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	7,207,547		7,192,927
Earned Income	[1],[2]	416,974
Senior Secured First Lien Delayed Draw Term Loan One [Member] | Total Controlled Investments [Member] | NVTN LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Super Priority Senior Secured First Lien Term Loan [Member] | Total Controlled Investments [Member] | NVTN LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	3,697,109
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	199,532
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	3,896,641		3,697,109
Earned Income	[1],[2]
Super Priority Senior Secured First Lien Term Loan [Member] | Total Controlled Investments [Member] | NVTN LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		19,468,870
Realized Gain/(Loss)	[1],[2]		(19,468,870)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Senior Secured First Lien Term Loan B [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan B [Member] | Total Controlled Investments [Member] | NVTN LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		1,887,801
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		1,887,801
Earned Income	[1],[2]
Senior Secured First Lien Term Loan B [Member] | Total Controlled Investments [Member] | NVTN LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan C [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		24,639	24,639
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		677,562
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		702,202
Earned Income	[1],[2]		56,258
Senior Secured First Lien Term Loan C [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Revolving Credit Facility One [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		3,554,069	3,554,069
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(3,000)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		4,090,123
Earned Income	[1],[2]		170,298
Revolving Credit Facility One [Member] | Affiliated Investments [Member] | 1888 Industrial Services, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		539,054
Senior Secured First Lien Delayed Draw Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		758,929	758,929
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		758,929
Earned Income	[1],[2]		57,552
Senior Secured First Lien Delayed Draw Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Delayed Draw Term Loan [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		162,441	162,441
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		1,474
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		6,601
Senior Secured First Lien Delayed Draw Term Loan [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(163,915)
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		2,279,814	2,279,814
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(513,169)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		1,766,645
Earned Income	[1],[2]
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | US Multifamily, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		2,577,416	2,577,416
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		2
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		93,338
Senior Secured First Lien Term Loan [Member] | Affiliated Investments [Member] | US Multifamily, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(2,577,418)
Senior Secured First Lien Super Priority DDTL [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		1,500,000	1,500,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		1,500,000
Earned Income	[1],[2]		113,827
Senior Secured First Lien Super Priority DDTL [Member] | Affiliated Investments [Member] | Black Angus Steakhouses, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity [Member] | Affiliated Investments [Member] | Caddo Investors Holdings One LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		3,454,786	3,454,786
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(925,960)
Realized Gain/(Loss)	[1],[2]		919,393
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity [Member] | Affiliated Investments [Member] | Caddo Investors Holdings One LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(3,448,219)
Senior Secured First Lien Term Loan Six [Member] | Affiliated Investments [Member] | Dynamic Energy Services International LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		7,328,568
Realized Gain/(Loss)	[1],[2]		(2,417,897)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		12
Senior Secured First Lien Term Loan Six [Member] | Affiliated Investments [Member] | Dynamic Energy Services International LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(4,910,671)
Equity One [Member] | Affiliated Investments [Member] | JFL-WCS Partners, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		8,099,949	8,099,949
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(7,970,361)
Realized Gain/(Loss)	[1],[2]		7,955,051
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity One [Member] | Affiliated Investments [Member] | JFL-WCS Partners, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(8,084,639)
Equity One [Member] | Affiliated Investments [Member] | JFL-NGS Partners, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		26,862,813	26,862,813
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(26,805,513)
Realized Gain/(Loss)	[1],[2]		26,750,220
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity One [Member] | Affiliated Investments [Member] | JFL-NGS Partners, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(26,807,520)
Equity [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		553,746	553,746
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		241,309
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		795,055
Earned Income	[1],[2]
Equity [Member] | Affiliated Investments [Member] | Kemmerer Operations, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity [Member] | Affiliated Investments [Member] | US Multifamily, LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		2,236,261	2,236,261
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		860,639
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		3,096,900
Earned Income	[1],[2]
Equity [Member] | Affiliated Investments [Member] | US Multifamily, LLC [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Warrants [Member] | Affiliated Investments [Member] | URT Acquisition Holdings Corporation [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		920,000	920,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(920,000)
Realized Gain/(Loss)	[1],[2]		1,000,000
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Warrants [Member] | Affiliated Investments [Member] | URT Acquisition Holdings Corporation [Member] | Minimum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(1,000,000)
Senior Secured First Lien Term Loan Two [Member] | Total Controlled Investments [Member] | NVTN LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		6,414,860	6,414,860
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		45,961
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		6,460,821
Earned Income	[1],[2]
Senior Secured First Lien Term Loan Two [Member] | Total Controlled Investments [Member] | NVTN LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Super Priority Senior Secured First Lien Term Loan [member] | Total Controlled Investments [Member] | NVTN LLC [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		977,000	$ 977,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		21,150
Realized Gain/(Loss)	[1],[2]		1,850
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		173,822
Super Priority Senior Secured First Lien Term Loan [member] | Total Controlled Investments [Member] | NVTN LLC [Member] | Maximum [Member]
Affiliated Investments
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		$ (1,000,000)
[1] Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward. The par amount and additional detail are shown in the Consolidated Schedule of Investments.

Investments (Details) - Sched_5

Investments (Details) - Schedule of Summarized Balance Sheet or Financial Position for Unconsolidated Significant Subsidiaries - FlexFIN, LLC [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Summarized Balance Sheet or Financial Position for Unconsolidated Significant Subsidiaries [Line Items]
Total Assets	$ 34,122	$ 47,168
Total Liabilities	$ 128	$ 12

Investments (Details) - Sched_6

Investments (Details) - Schedule of Summarized Income Statement or Financial Information for Unconsolidated Significant Subsidiaries - FlexFIN, LLC [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Summarized Income Statement or Financial Information for Unconsolidated Significant Subsidiaries [Line Items]
Total Income	$ 3,223	$ 3,855
Total Expenses	554	202
Net Income	$ 2,669	$ 3,653

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Sep. 30, 2017	Jun. 30, 2023	Jun. 30, 2022
Fair Value Measurements (Details) [Line Items]
Net change in unrealized gain (loss)		$ 0.6	$ 7.4
Investment transferred in/out, description		Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. During the nine months ended June 30, 2023, no investments were transferred in or out of Level 3. During the nine months ended June 30, 2022, one of our investments transferred out of Level 3 and no investments transferred into Level 3.
Membership interest percentage	5%
Aggregate fair value	$ 2.4
Lydell Jewelry Design Studio, LLC [Member]
Fair Value Measurements (Details) [Line Items]
Membership interest percentage	3.80%

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments - Investments [Member] - USD ($) $ in Thousands		Jun. 30, 2023	Sep. 30, 2022
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans		$ 104,961	$ 88,248
Senior Secured Second Lien Term Loans			2,607
Senior Secured Notes		2,138	1,659
Unsecured Debt		161
Equity/Warrants		110,465	100,443
Total		217,725	192,957
Investments measured at net asset value	[1]	962
Total Investments, at fair value		218,687
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans
Senior Secured Second Lien Term Loans
Senior Secured Notes
Unsecured Debt
Equity/Warrants		28,321	24,750
Total		28,321	24,750
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans		18,836	13,996
Senior Secured Second Lien Term Loans
Senior Secured Notes		2,138	1,659
Unsecured Debt
Equity/Warrants		6,175	5,877
Total		27,149	21,532
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans		86,125	74,252
Senior Secured Second Lien Term Loans			2,607
Senior Secured Notes
Unsecured Debt		161
Equity/Warrants		75,969	69,816
Total		$ 162,255	$ 146,675
[1] Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements (Deta_3

Fair Value Measurements (Details) - Schedule of Investments That Use Level 3 Inputs - USD ($) $ in Thousands		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		$ 146,675	$ 115,813
Purchases and other adjustments to cost		41,632	99,582
Sales (including repayments or maturities)		(33,751)	(96,423)
Net realized gains/(losses) from investments		(816)	14,765
Net unrealized gains/(losses)		9,477	(6,610)
Transfer in/(out)			(5,248)
Balance at ending		163,217	121,879
Level 3 [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		74,252	61,934
Purchases and other adjustments to cost		22,722	44,145
Sales (including repayments or maturities)		(7,256)	(47,936)
Net realized gains/(losses) from investments		105	(21,737)
Net unrealized gains/(losses)		(3,698)	27,398
Transfer in/(out)			(5,248)
Balance at ending		86,125	58,556
Level 3 [Member] | Senior Secured Second Lien Term Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		2,607	2,490
Purchases and other adjustments to cost
Sales (including repayments or maturities)		(2,607)
Net realized gains/(losses) from investments		5
Net unrealized gains/(losses)		(5)	111
Transfer in/(out)
Balance at ending			2,601
Level 3 [Member] | Unsecured Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning
Purchases and other adjustments to cost
Sales (including repayments or maturities)		(30)	(1,280)
Net realized gains/(losses) from investments		1	(99)
Net unrealized gains/(losses)		190	1,379
Transfer in/(out)
Balance at ending		161
Level 3 [Member] | Equities/ Warrants [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		69,816	48,889
Purchases and other adjustments to cost		17,883	55,437
Sales (including repayments or maturities)		(23,858)	(47,207)
Net realized gains/(losses) from investments		(927)	36,601
Net unrealized gains/(losses)		13,055	(32,998)	[1]
Transfer in/(out)
Balance at ending		75,969	60,722
Level 3 [Member] | Fund Investment [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning
Purchases and other adjustments to cost		1,027
Sales (including repayments or maturities)
Net realized gains/(losses) from investments
Net unrealized gains/(losses)		(65)
Transfer in/(out)
Balance at ending		$ 962
Level 3 [Member] | Unsecured Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning			2,500
Purchases and other adjustments to cost
Sales (including repayments or maturities)
Net realized gains/(losses) from investments
Net unrealized gains/(losses)	[1]		(2,500)
Transfer in/(out)
Balance at ending
[1] FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021.

Fair Value Measurements (Deta_4

Fair Value Measurements (Details) - Schedule of Quantitative Information About Level 3 Fair Value Measurements Of Our Investments - Level 3 [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 162,255	$ 146,675
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 74,666	$ 65,428
Valuation Methodology	Market Approach	Income Approach
Unobservable Input	Market Yield	Market Yield
Range (Weighted Average)	8.50% - 32.0% (13.4%)	8.50% - 24.00% (10.57%)
Senior Secured First Lien Term Loans One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 764	$ 3,807
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	Revenue Multiple	EBITDA Multiple
Range (Weighted Average)	0.3x - 0.3x (0.3x)	4.0x - 5.0x (4.5x)
Senior Secured First Lien Term Loans Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 9,830	$ 4,152
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	Revenue Multiple
Range (Weighted Average)	1.7x - 5.0x (3.1x)	0.2x - 0.3x (2.5x)
Senior Secured First Lien Term Loans Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 865	$ 865
Valuation Methodology	Market Approach	Income Approach
Unobservable Input	LTM EBITDA Multiple	Market Spread
Range (Weighted Average)	5.75x - 6.75x (6.25x)	5.75% - 6.25% (6.00%)
Senior Secured Notes [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value
Valuation Methodology	Market Approach (Guideline Comparable)
Unobservable Input	EBITDA Multiple
Range (Weighted Average)	21.0x - 22.0x (21.5x)
Unsecured Debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 161
Valuation Methodology	Cost Approach
Unobservable Input	Transaction
Range (Weighted Average)	N/A
Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 34,125	$ 47,138
Valuation Methodology	Cost Approach	Cost Approach
Unobservable Input	Replacement Cost	Replacement Cost
Range (Weighted Average)	N/A
Equity/Warrants One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 12,278	$ 11,444
Valuation Methodology	Income Approach	Market Approach
Unobservable Input	Market Yield	EBITDA Multiple
Range (Weighted Average)	11.5% - 13.0% (5.3%)	2.0x - 21.0x (17.4x)
Equity/Warrants Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 11,674	$ 9,951
Valuation Methodology	Market Approach	Income Approach
Unobservable Input	LTM Multiple	Market Yield
Range (Weighted Average)	5.8x - 6.8x (6.3x)	8.50% - 13.25% (12.75%)
Equity/Warrants Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 9,422	$ 1,283
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	Sum of the Parts/Estimated Proceeds
Range (Weighted Average)	1.8x - 38.6x (5.9x)	8.1x - 11.4x (9.8x)
Equity/Warrants Four [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 8,000
Valuation Methodology	Recent Purchase
Unobservable Input	Purchase Price
Range (Weighted Average)	N/A - N/A (N/A)
Equity/Warrants Five [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 65
Valuation Methodology	Market Approach
Unobservable Input	Sum of the Parts/Estimated proceeds
Range (Weighted Average)	3.9x – 4.1x (4.0x)
Equity/Warrants Six [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 405
Valuation Methodology	Income Approach
Unobservable Input	DLOM (Discount for lack of Marketability)
Range (Weighted Average)	3.0x - 3.2x (3.1x)
Senior Secured First Lien Term Loans Four [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 2,607
Valuation Methodology		Market Approach
Unobservable Input		EBITDA Multiple
Range (Weighted Average)		9.0x - 10.0x (9.5x)

Borrowings (Details)

Borrowings (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 15, 2022

Nov. 09, 2021

Dec. 12, 2016

Jan. 14, 2016

Mar. 26, 2013

Mar. 18, 2013

Jan. 17, 2023

Dec. 16, 2021

Dec. 31, 2018

Mar. 18, 2013

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Sep. 30, 2022

Nov. 15, 2021

Mar. 31, 2018

Mar. 10, 2018

Dec. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 30, 2013

Borrowings (Details) [Line Items]

Asset coverage percentage

200%

200%

Asset coverage percentage with no approval

200%

Revolving credit facility in terms

3 year

Revolving credit facility

$ 50,000,000

Outstanding credit facility

$ 28,200,000

$ 0

Interest rate

2.90%

Commitment fee percentage

0.25%

Credit facility borrowing, description

the Company borrowed $23.2 million under the Credit Facility and used these proceeds to redeem $22.6 million in aggregate principal amount of the issued and outstanding 2023 Notes, comprising all issued and outstanding 2023 Notes. The 2023 Notes were redeemed at 100% of their principal amount, plus accrued and unpaid interest thereon from September 30, 2022 through, but excluding January 17, 2023 (the “Redemption Date”).

Aggregate principal amount

$ 32,241,942

$ 57,500,000

Gain (loss) on extinguishment of debt

(296,197)

Aggregate principal amount

$ 22,521,800

Percentage of principal amount

100%

Interest and financing expenses

$ 84,567

$ 0

$ 198,530

$ 0

Maximum [Member]

Borrowings (Details) [Line Items]

Asset coverage percentage

263.20%

263.20%

255%

200%

Minimum [Member]

Borrowings (Details) [Line Items]

Asset coverage percentage

200%

200%

150%

2023 Notes [Member] | Unsecured Debt [Member]

Borrowings (Details) [Line Items]

Aggregate principal amount

$ 3,500,000

$ 60,000,000

Percentage of unsecured notes

6.125%

6.125%

6.125%

6.125%

6.125%

6.125%

Maturity date

Mar. 30, 2023

Sale of debt (in Shares)

1,573,872

Redemption price per share (in Dollars per share)

$ 25.03

Net proceeds

$ 38,600,000

Aggregate principal amount

$ 55,325,000

$ 12,000,000

$ 55,325,000

$ 13,000,000

Gain (loss) on extinguishment of debt

$ 300,000

$ 300,000

2023 Notes [Member] | Unsecured Debt [Member] | Maximum [Member]

Borrowings (Details) [Line Items]

Aggregate principal amount

$ 40,000,000

2021 Notes [Member] | Unsecured Debt [Member]

Borrowings (Details) [Line Items]

Aggregate principal amount

$ 3,500,000

2028 Notes [Member] | Underwriters [Member]

Borrowings (Details) [Line Items]

Aggregate principal amount

$ 7,500,000

2028 Notes [Member] | Unsecured Debt [Member]

Borrowings (Details) [Line Items]

Aggregate principal amount

$ 57,500,000

Percentage of unsecured notes

5.25%

Maturity date

Nov. 01, 2028

Borrowings (Details) - Schedule

Borrowings (Details) - Schedule of Debt Issuance Costs - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	$ 85,742	$ 80,022
Principal Amount Outstanding	85,742	80,022
Carrying Value	83,960	77,963
Fair Value	78,382	72,633
2023 Notes [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available		22,522
Principal Amount Outstanding		22,522
Carrying Value		22,483
Fair Value		22,378
2028 Notes [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	57,500	57,500
Principal Amount Outstanding	57,500	57,500
Carrying Value	55,718	55,480
Fair Value	50,140	50,255
Revolving Credit Facility [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	28,242
Principal Amount Outstanding	28,242
Carrying Value	28,242
Fair Value	$ 28,242

Borrowings (Details) - Schedu_2

Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities - Level 1 [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance cost at the beginning of the period	$ 1,885	$ 5,413
Amortized debt issuance costs	103	3,354
Unamortized debt issuance costs	1,782	2,059
2023 Notes [Member]
Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance cost at the beginning of the period	20	3,102
Amortized debt issuance costs	20	3,063
Unamortized debt issuance costs		39
2028 Notes [Member]
Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance cost at the beginning of the period	1,865	2,311
Amortized debt issuance costs	83	291
Unamortized debt issuance costs	$ 1,782	$ 2,020

Borrowings (Details) - Schedu_3

Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt - USD ($) $ in Thousands	6 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Credit facility interest	$ 477		$ 830
Amortization of debt issuance costs	83	121	287	163
Total	$ 1,332	$ 1,221	$ 3,831	$ 2,709
Weighted average stated interest rate	6%	6.20%	5.80%	6%
Weighted average debt outstanding	$ 83,061	$ 80,022	$ 81,227	$ 90,863
2023 Notes Interest [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Interest		345	820	1,060
2028 Notes Interest [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Interest	$ 772	$ 755	$ 1,894	$ 1,486

Agreements (Details)

Agreements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Agreements (Details) [Line Items]
Administrator expenses	$ 76,351	$ 58,881	$ 232,172	$ 210,162
Administrator expenses payable					$ 74,911
Accrual awarded compensation amount	159,000		159,000
Accrual awarded compensation amount	159,000		$ 159,000
Minimum [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage			0%
Net asset value per share performance goal percentage			30%
Maximum [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage			(200.00%)
Net asset value per share performance goal percentage			70%
Target level of performance [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage			100%
Maximum level of performance [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage			200%
Administration Agreement [Member]
Agreements (Details) [Line Items]
Administrator expenses payable	$ 0		$ 0		$ 74,911

Agreements (Details) - Schedule

Agreements (Details) - Schedule of Target Performance Award for Each Executive Officer	Jun. 30, 2023 USD ($)
David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Target Performance Award [Abstract]
Value of Target Award	$ 890,000
Ellida McMillan, Chief Financial Officer [Member]
Target Performance Award [Abstract]
Value of Target Award	$ 380,000

Commitments (Details)

Commitments (Details) - USD ($)	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Commitments (Details) [Line Items]
Lease term, description	The lease commenced September 1, 2021 and expires November 30, 2026.
Liabilities operating lease	$ 463,620
Lease term	4 years	4 years
Implied borrowing rate percentage	5.25%	5.25%
Other Asset [Member]
Commitments (Details) [Line Items]
Asset operating lease	$ 410,950	$ 513,142
Other Liability [Member]
Commitments (Details) [Line Items]
Liabilities operating lease	463,620	570,695
Portfolio Companies [Member]
Commitments (Details) [Line Items]
Total unfunded commitments	$ 3,500,000	$ 6,000,000

Commitments (Details) - Schedul

Commitments (Details) - Schedule of Unfunded Commitments - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments	$ 3,541	$ 6,028
SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments		4,000
Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan[Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments		908
Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments	517	517
NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments	220	220
Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments	166	167
1888 Industrial Services, LLC - Revolving Credit Facility [Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments		216
Deer Management Systems LLC – Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments	600
Tamarix Capital Partners II, L.P. - Fund Investment [Member]
Commitments (Details) - Schedule of Unfunded Commitments [Line Items]
Total unfunded commitments	$ 2,038

Commitments (Details) - Sched_2

Commitments (Details) - Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease	Jun. 30, 2023 USD ($)
Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease [Abstract]
2023	$ 37,080
2024	152,399
2025	156,971
2026	161,680
2027	27,417
Thereafter
Operating Leases, Future Minimum Payments Due	535,547
Difference between undiscounted and discounted cash flows	(71,927)
Total	$ 463,620

Fee Income (Details) - Schedule

Fee Income (Details) - Schedule of Fee Income - USD ($)	6 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Fee Income Abstract
Prepayment fee		$ 26,000		$ 235,000
Administrative agent fee			169,000	94,000
Amendment fee				4,000
Other fees	94,000	39,000	170,000	87,000
Fee income	$ 94,000	$ 65,000	$ 339,000	$ 420,000

Directors Fees (Details)

Directors Fees (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jun. 30, 2023	May 01, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Directors Fees (Details) [Line Items]
Directors annual fees			$ 170,833	$ 164,500	$ 541,333	$ 540,000
Directors fees expense			$ 200,000	$ 200,000	$ 500,000	500,000
Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	$ 100,000	$ 150,000				$ 100,000
Lead Independent Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	30,000	30,000
Audit Committee Chair [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	25,000	25,000
Other members of Audit Committee [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	12,500	12,500
Nominating and Corporate Governance Committee Chair and Compensation Committee Chair [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	15,000	15,000
Other members of Nominating and Corporate Governance Committee and the Compensation Committee [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	8,000	$ 8,000
Each Board Meeting [Member] | Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	3,000
Each Committee Meeting [Member] | Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	$ 2,500

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$ 8,917	$ (9,229)	$ 19,577	$ (1,454)
Weighted average shares of common stock outstanding - basic and diluted	2,090,691	2,202,115	2,095,591	2,372,849
Earnings (loss) per share of common stock - basic and diluted	$ 4.26	$ (4.19)	$ 9.34	$ (0.61)

Earnings Per Share (Details) _2

Earnings Per Share (Details) - Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Weighted Average Basic and Diluted Net Increase Decrease in Net Assets [Abstract]
Weighted average shares of common stock outstanding - diluted	2,090,691	2,202,115	2,095,591	2,372,849
Earnings (loss) per share of common stock - diluted	$ 4.26	$ (4.19)	$ 9.34	$ (0.61)

Financial Highlights (Details)

Financial Highlights (Details) - Schedule of Financial Highlights - USD ($)		9 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
Schedule Of Financial Highlights Abstract
Net Asset Value per share at Beginning of Period		$ 57.49	$ 57.08
Results of Operations:
Net Investment Income/(Loss)		2.22	0.66
Net Realized Gain/(Loss) on Investments		(1.02)	6.53
Net Unrealized Gain/(Loss) on Investments		8.14	(7.68)
Net loss on extinguishment of debt			(0.12)
Net Increase (Decrease) in Net Assets Resulting from Operations		9.34	(0.61)
Capital Share Transactions
Distributions declared			(0.11)
Repurchase of common stock under stock repurchase program		0.18	2.38
Net Increase (Decrease) Resulting from Capital Share Transactions		0.18	2.27
Net Asset Value per share at End of Period		$ 67.01	$ 58.74
Net Assets at End of Period (in Dollars)		$ 139,954,664	$ 129,080,980
Shares Outstanding at End of Period (in Shares)		2,088,589	2,197,418	2,102,129
Per share market value at end of period		$ 38	$ 36.48
Total return based on market value	[1]	8.94%	(14.97%)
Total return based on net asset value per share	[2]	16.56%	2.91%
Portfolio turnover rate		20.33%	80.03%
Ratios:
Ratio of net investment/(loss) income to average net assets	[3]	4.94%	1.49%
Ratio of total expenses to average net assets	[3]	10.45%	8.48%
[1] Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized. Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. Calculation is not annualized. Ratios are annualized during interim periods.

Dividends (Details)

Dividends (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Dividends [Abstract]
Distribution payments	$ 265,798	$ 265,798

Share Transactions (Details)

Share Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Jun. 30, 2023	Feb. 08, 2023
Share Transactions (Details) [Line Items]
Share repurchase program	$ 9.8
Aggregate repurchased shares (in Shares)	635,120
Total cost	$ 25.2
Percentage of shares outstanding	71.80%
Treasury stock shares repurchased (in Shares)	11,740
Repurchased shares (in Shares)	1,500
Minimum [Member]
Share Transactions (Details) [Line Items]
Share repurchase program		$ 25
Maximum [Member]
Share Transactions (Details) [Line Items]
Share repurchase program		$ 35
Repurchase Program [Member]
Share Transactions (Details) [Line Items]
Stock repurchased weighted average price (in Dollars per share)	$ 36.83

Share Transactions (Details) -

Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased	9 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	635,120
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 25,156,986
Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	13,082
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 397,384
Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	12,241
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 393,938
Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	14,390
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 491,470
Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	25,075
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 976,440
Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	141,700
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 5,944,213
Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	7,312
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 293,756
Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	170,589
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 6,908,864
Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	132,054
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 5,306,885
Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	2,942
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 117,758
Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	3,391
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 131,338
Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	3,515
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 135,063
Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	700
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 25,864
Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	3,081
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 112,456
Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	91,808
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 3,443,845
Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	401
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 14,434
Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	1,103
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 38,790
Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	1,501
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 51,295
Share Repurchase Program January 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	2,052
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 68,665
Share Repurchase Program February 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	3,131
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 115,430
Share Repurchase Program March 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	2,003
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 76,214
Share Repurchase Program April 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	649
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 23,671
Share Repurchase Program May 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	100
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 3,658
Share Repurchase Program June 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) | shares	2,300
Aggregate Consideration for Repurchased Shares (in Dollars) | $	$ 85,556
Minimum [Member] | Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 30.25
Minimum [Member] | Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	30.25
Minimum [Member] | Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.11
Minimum [Member] | Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.56
Minimum [Member] | Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	41.03
Minimum [Member] | Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.07
Minimum [Member] | Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.53
Minimum [Member] | Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.24
Minimum [Member] | Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.07
Minimum [Member] | Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.7
Minimum [Member] | Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.28
Minimum [Member] | Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.43
Minimum [Member] | Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	28.27
Minimum [Member] | Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.13
Minimum [Member] | Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	35.2
Minimum [Member] | Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.53
Minimum [Member] | Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.26
Minimum [Member] | Share Repurchase Program January 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	32.78
Minimum [Member] | Share Repurchase Program February 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.06
Minimum [Member] | Share Repurchase Program March 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.02
Minimum [Member] | Share Repurchase Program April 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	35.79
Minimum [Member] | Share Repurchase Program May 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.5
Minimum [Member] | Share Repurchase Program June 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.63
Maximum [Member] | Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	30.96
Maximum [Member] | Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.42
Maximum [Member] | Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.89
Maximum [Member] | Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.93
Maximum [Member] | Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	42.28
Maximum [Member] | Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	40.88
Maximum [Member] | Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	41
Maximum [Member] | Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	40.57
Maximum [Member] | Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	41
Maximum [Member] | Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.78
Maximum [Member] | Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.19
Maximum [Member] | Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.26
Maximum [Member] | Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.82
Maximum [Member] | Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.53
Maximum [Member] | Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.14
Maximum [Member] | Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	35.28
Maximum [Member] | Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.84
Maximum [Member] | Share Repurchase Program January 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.84
Maximum [Member] | Share Repurchase Program February 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.03
Maximum [Member] | Share Repurchase Program March 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	38.89
Maximum [Member] | Share Repurchase Program April 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.03
Maximum [Member] | Share Repurchase Program May 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.53
Maximum [Member] | Share Repurchase Program June 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 38.76