PhenixFIN (PFX) 10-Q 6 Aug 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2024	Aug. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	PHENIXFIN CORPORATION
Entity Central Index Key	0001490349
Securities Act File Number	1-35040
Entity Tax Identification Number	27-4576073
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(212)
Local Phone Number	859-0390
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		2,019,778
Common Stock, par value $0.001 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PFX
Security Exchange Name	NASDAQ
5.25% Notes due 2028
Entity Listings [Line Items]
Title of 12(b) Security	5.25% Notes due 2028
Trading Symbol	PFXNZ
Security Exchange Name	NASDAQ

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Investments at fair value
Total Investments at fair value	$ 233,681,365	$ 226,460,691
Cash and cash equivalents	8,866,519	5,988,223
Receivables:
Interest receivable	1,715,284	971,115
Dividends receivable	215,705	161,479
Other receivable	205,984	31,425
Deferred financing costs	649,042	699,124
Other assets	410,565	833,000
Prepaid share repurchase	101,115	199,019
Receivable for investments sold		3,940,175
Total Assets	246,296,757	239,693,465
Liabilities:
Credit facility and notes payable (net of debt issuance costs of $1,439,916 and $1,688,835, respectively)	85,294,535	84,253,106
Payable for investments purchased	1,834,831	4,123,059
Accounts payable and accrued expenses	3,789,402	3,066,984
Interest and fees payable	520,057	690,398
Other liabilities	327,045	432,698
Administrator expenses payable (see Note 6)	143,936
Deferred revenue		421,685
Total Liabilities	92,093,354	92,987,930
Commitments and Contingencies (see Note 8)
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,019,778 and 2,073,713 common shares outstanding, respectively	2,021	2,074
Capital in excess of par value	692,441,333	694,812,239
Total distributable earnings (loss)	(538,239,951)	(548,108,778)
Total Net Assets	154,203,403	146,705,535
Total Liabilities and Net Assets	$ 246,296,757	$ 239,693,465
Net Asset Value Per Common Share (in Dollars per share)	$ 76.35	$ 70.75
Affiliate
Receivables:
Due from Affiliate	$ 451,178	$ 409,214
Liabilities:
Due to Affiliate	183,548
Non-Controlled, Non-Affiliated Investments
Investments at fair value
Total Investments at fair value	148,691,260	125,531,031
Affiliated Investments
Investments at fair value
Total Investments at fair value	14,407,827	37,289,617
Controlled Investments
Investments at fair value
Total Investments at fair value	$ 70,582,278	$ 63,640,043

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Debt issuance costs of notes payable	$ 1,439,916	$ 1,688,835
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)	2,019,778	2,073,713
Non-Controlled, Non-Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 152,515,155	$ 134,339,121
Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	20,564,242	48,233,910
Controlled Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 98,034,975	$ 82,437,692

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Controlled investments:
Total interest income	$ 4,198,402	$ 2,722,915	$ 10,593,920	$ 7,938,510
Dividend income
Total dividend income	1,514,054	1,926,049	5,180,042	5,461,782
Interest from cash and cash equivalents	147,127	95,356	387,501	313,053
Fee income (see Note 9)	375,363	94,482	453,988	339,136
Other income			22	401,986
Total Investment Income	6,234,946	4,838,802	16,615,473	14,454,467
Expenses:
Interest and financing expenses	1,721,767	1,415,102	4,831,180	4,029,874
Salaries and benefits	1,514,872	1,277,797	4,464,372	2,937,420
Professional fees, net	432,416	310,878	1,133,120	1,036,024
General and administrative expenses	226,903	253,298	862,740	674,456
Directors fees	187,500	170,833	562,500	541,333
Insurance expenses	95,983	115,654	290,433	361,125
Administrator expenses (see Note 6)	75,351	76,351	210,753	232,172
Total expenses	4,254,792	3,619,913	12,355,098	9,812,404
Net Investment Income	1,980,154	1,218,889	4,260,375	4,642,063
Realized and unrealized gains (losses) on investments
Total net realized gains (losses)	8,698,250	(1,343,368)	7,137,352	(2,144,717)
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	(8,069,793)	9,041,139	1,117,025	17,079,448
Total realized and unrealized gains (losses)	628,457	7,697,771	8,254,377	14,934,731
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 2,608,611	$ 8,916,660	$ 12,514,752	$ 19,576,794
Weighted average basic earnings per common share (in Dollars per share)	$ 1.29	$ 4.26	$ 6.11	$ 9.34
Weighted average common shares outstanding - basic (in Shares)	2,019,786	2,090,691	2,047,127	2,095,591
Non-controlled, non-affiliated investments
Non-controlled, non-affiliated investments:
Cash	$ 2,971,965	$ 1,794,974	$ 7,605,006	$ 5,827,756
Payment in-kind	231,113	110,477	412,317	336,257
Dividend income
Total dividend income	531,151	1,216,137	1,963,744	2,824,666
Realized and unrealized gains (losses) on investments
Total net realized gains (losses)	155,419	(1,374,437)	585,977	(2,199,059)
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	1,823,185	3,907,130	4,984,195	6,233,742
Affiliated investments
Non-controlled, non-affiliated investments:
Cash	10,682	652,304	742,858	1,111,785
Payment in-kind
Dividend income
Total dividend income
Realized and unrealized gains (losses) on investments
Total net realized gains (losses)		30,211	(1,991,456)	30,211
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	73,960	2,322,910	4,787,878	3,312,510
Controlled investments
Non-controlled, non-affiliated investments:
Cash	650,244	30,610	1,230,510	282,425
Payment in-kind	334,398	134,550	603,229	380,287
Dividend income
Total dividend income	982,903	709,912	3,216,298	2,637,116
Realized and unrealized gains (losses) on investments
Total net realized gains (losses)	8,542,831	858	8,542,831	24,131
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	$ (9,966,938)	$ 2,811,099	$ (8,655,048)	$ 7,533,196

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Weighted average diluted earnings per common share	$ 1.29	$ 4.26	$ 6.11	$ 9.34
Weighted average common shares outstanding - diluted	2,019,786	2,090,691	2,047,127	2,095,591

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets (Unaudited) Equity - USD ($)	Common Stock	Capital in Excess of Par Value	Total Distributable Earnings/(Loss)	Total
Balance at Sep. 30, 2022	$ 2,102	$ 675,401,802	$ (554,558,496)	$ 120,845,408
Balance (in Shares) at Sep. 30, 2022	2,102,129
OPERATIONS
Net investment income (loss)			4,642,063	4,642,063
Net realized gains (losses) on investments			(2,144,717)	(2,144,717)
Net change in unrealized appreciation (depreciation) on investments			17,079,448	17,079,448
CAPITAL SHARE TRANSACTIONS
Repurchase of common shares	$ (13)	(467,525)		(467,538)
Repurchase of common shares (in Shares)	(13,540)
Total Increase (Decrease) in Net Assets	$ (13)	(467,525)	19,576,794	19,109,256
Total Increase (Decrease) in Net Assets (in Shares)	(13,540)
Balance at Jun. 30, 2023	$ 2,089	674,934,277	(534,981,702)	139,954,664
Balance (in Shares) at Jun. 30, 2023	2,088,589
Balance at Mar. 31, 2023	$ 2,092	675,047,159	(543,898,362)	131,150,889
Balance (in Shares) at Mar. 31, 2023	2,091,638
OPERATIONS
Net investment income (loss)			1,218,889	1,218,889
Net realized gains (losses) on investments			(1,343,368)	(1,343,368)
Net change in unrealized appreciation (depreciation) on investments			9,041,139	9,041,139
CAPITAL SHARE TRANSACTIONS
Repurchase of common shares	$ (3)	(112,882)		(112,885)
Repurchase of common shares (in Shares)	(3,049)
Total Increase (Decrease) in Net Assets	$ (3)	(112,882)	8,916,660	8,803,775
Total Increase (Decrease) in Net Assets (in Shares)	(3,049)
Balance at Jun. 30, 2023	$ 2,089	674,934,277	(534,981,702)	139,954,664
Balance (in Shares) at Jun. 30, 2023	2,088,589
Balance at Sep. 30, 2023	$ 2,074	694,812,239	(548,108,778)	$ 146,705,535
Balance (in Shares) at Sep. 30, 2023	2,073,713			2,073,713
OPERATIONS
Net investment income (loss)			4,260,375	$ 4,260,375
Net realized gains (losses) on investments			7,137,352	7,137,352
Net change in unrealized appreciation (depreciation) on investments			1,117,025	1,117,025
CAPITAL SHARE TRANSACTIONS
Distributions declared			(2,645,925)	(2,645,925)
Repurchase of common shares	$ (53)	(2,370,906)		(2,370,959)
Repurchase of common shares (in Shares)	(53,935)
Total Increase (Decrease) in Net Assets	$ (53)	(2,370,906)	9,868,827	7,497,868
Total Increase (Decrease) in Net Assets (in Shares)	(53,935)
Balance at Jun. 30, 2024	$ 2,021	692,441,333	(538,239,951)	$ 154,203,403
Balance (in Shares) at Jun. 30, 2024	2,019,778			2,019,778
Balance at Mar. 31, 2024	$ 2,021	692,472,513	(538,202,637)	$ 154,271,897
Balance (in Shares) at Mar. 31, 2024	2,020,490
OPERATIONS
Net investment income (loss)			1,980,154	1,980,154
Net realized gains (losses) on investments			8,698,250	8,698,250
Net change in unrealized appreciation (depreciation) on investments			(8,069,793)	(8,069,793)
CAPITAL SHARE TRANSACTIONS
Distributions declared			(2,645,925)	(2,645,925)
Repurchase of common shares		(31,180)		(31,180)
Repurchase of common shares (in Shares)	(712)
Total Increase (Decrease) in Net Assets		(31,180)	(37,314)	(68,494)
Total Increase (Decrease) in Net Assets (in Shares)	(712)
Balance at Jun. 30, 2024	$ 2,021	$ 692,441,333	$ (538,239,951)	$ 154,203,403
Balance (in Shares) at Jun. 30, 2024	2,019,778			2,019,778

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 12,514,752	$ 19,576,794
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from sale and settlements of investments	87,901,740	39,760,986
Purchases, originations and participations	(85,486,774)	(49,334,640)
Investment increases due to payment-in-kind interest	(1,015,546)	(716,544)
Net amortization of premium (discount) on investments	(365,717)	(505,040)
Amortization of debt issuance cost	249,913	286,750
Amortization of deferred financing cost	339,587	198,530
Net realized (gains) losses from investments	(7,137,352)	2,144,717
Net unrealized (gains) losses on investments	(1,117,025)	(17,079,448)
(Increase) decrease in operating assets:
Interest receivable	(744,169)	(137,882)
Due from affiliate	(41,964)	(124,457)
Receivable for investments sold	3,940,175
Dividends receivable	(54,226)	48,694
Paydown receivable		112,500
Other receivable	(174,559)	30,157
Prepaid share repurchase	97,904	477,713
Other assets	422,435	577,239
Increase (decrease) in operating liabilities:
Due to broker		(16,550,000)
Payable for investments purchased	(2,288,228)	5,118,912
Accounts payable and accrued expenses	722,418	(22,231)
Due to Affiliate	183,548
Administrator expenses payable	143,936	(74,911)
Interest and fees payable	(170,341)	166,452
Deferred revenue	(421,685)	(70,301)
Other liabilities	(105,653)	(106,449)
Net cash provided by (used in) operating activities	7,393,169	(16,222,459)
Cash Flows from Financing Activities:
Debt issuance	21,971,498	32,241,942
Paydowns on debt	(21,178,988)	(26,521,800)
Debt issuance costs paid	(994)	(9,752)
Deferred financing costs	(289,505)	(912,274)
Distributions paid to shareholders	(2,645,925)
Repurchase of common shares	(2,370,959)	(467,538)
Net cash provided by (used in) financing activities	(4,514,873)	4,330,578
Net increase (decrease) in cash and cash equivalents	2,878,296	(11,891,881)
Cash and cash equivalents, beginning of period	5,988,223	22,768,066
Cash and cash equivalents, end of period	8,866,519	10,876,185
Supplemental information:
Interest paid during the period	4,365,399	2,608,928
Non-cash purchase of investments	45,900,000
Non-cash sale of investments	$ 45,900,000

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($)		Jun. 30, 2024		Sep. 30, 2023
1888 Industrial Services, LLC [Member]
% of Net Assets		0.23%	[1]	3.66%	[2],[3],[4]
Par Amount		$ 350,000	[5]	$ 15,832,412	[2],[3],[6]
Fair Value		350,000	[7]	5,383,656	[2],[3],[8]
Amortized Cost		$ 196,411	[9]	$ 15,296,502	[2],[3],[10]
Altisource S.A.R.L. [Member]
% of Net Assets		6.60%	[1]	5.45%	[3],[4],[11]
Par Amount		$ 13,966,784	[5]	$ 9,640,790	[3],[6],[11]
Fair Value		10,181,067	[7]	8,012,089	[3],[8],[11]
Amortized Cost		$ 10,893,806	[9]	$ 8,507,963	[3],[10],[11]
Arcline FM Holdings, LLC [Member]
% of Net Assets		1.73%	[1],[12]	1.80%	[3]
Par Amount		$ 2,658,987	[5],[12]	$ 2,679,494	[3]
Fair Value		2,660,649	[7],[12]	2,644,660	[3]
Amortized Cost		$ 2,571,184	[9],[12]	$ 2,591,013	[3]
Be Green Packaging, LLC [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[8]
Par Amount		$ 417	[5],[12]	$ 417	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 416,250	[9],[12]	$ 416,250	[3],[10]
Blufox Mobile Services [Member]
% of Net Assets	[1],[12]	4.58%
Par Amount	[5],[12]	$ 7,062,403
Fair Value	[7],[12]	7,062,403
Amortized Cost	[9],[12]	$ 7,062,403
Boostability Seotowncenter, Inc. [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 833,152	[5],[12]	$ 833,152	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 66,475	[9],[12]	$ 66,475	[3],[10]
CB&L Associates Holdco I, LLC [Member]
% of Net Assets		3.50%	[1],[12]	3.53%	[3],[4]
Par Amount		$ 5,805,135	[5],[12]	$ 5,916,102	[3],[6]
Fair Value		5,398,776	[7],[12]	5,191,380	[3],[10]
Amortized Cost		$ 4,896,579	[9],[12]	$ 4,990,179	[3],[10]
Chimera Investment Corp. [Member]
% of Net Assets		4.78%	[1],[12]	3.76%	[3],[4]
Par Amount		$ 311,064	[5],[12]	$ 280,911	[3],[6]
Fair Value		7,371,659	[7],[12]	5,530,624	[3],[8]
Amortized Cost		$ 7,066,734	[9],[12]	$ 6,347,999	[3],[10]
Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[1],[12]	3.77%
Par Amount	[5],[12]	$ 637,795
Fair Value	[7],[12]	5,816,690
Amortized Cost	[9],[12]	$ 7,784,654
Deer Management Systems LLC [Member]
% of Net Assets		2.18%	[1],[12]	2.26%
Par Amount		$ 3,293,750	[5],[12]	$ 3,357,500
Fair Value		3,367,859	[7],[12]	3,323,925
Amortized Cost		$ 3,225,131	[9],[12]	$ 3,294,306
DirecTV Financing, LLC [Member]
% of Net Assets		2.99%	[1],[12]	2.72%	[3],[4]
Par Amount		$ 4,594,523	[12]	$ 4,100,000	[3],[6]
Fair Value		4,596,815	[9],[12]	4,003,908	[3],[8]
Amortized Cost		$ 4,585,597	[5],[12]	$ 4,100,000	[3],[10]
Epic Y-Grade Services, LP [Member]
% of Net Assets	[1],[12]	2.59%
Par Amount	[5],[9]	$ 4,000,000
Fair Value	[7]	3,987,500
Amortized Cost		$ 3,903,469
First Brands Group, LLC [Member]
% of Net Assets		2.50%	[1],[12]	2.64%	[3],[4]
Par Amount		$ 3,889,447	[5],[12]	$ 3,919,598	[3],[6]
Fair Value		3,861,492	[7],[12]	3,880,402	[3],[8]
Amortized Cost		$ 3,889,447	[9],[12]	$ 3,919,598	[3],[10]
Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets		0.54%	[1]	2.04%	[3],[4],[11]
Par Amount		$ 66,107	[5],[13]	$ 226,107	[3],[6],[11]
Fair Value		832,948	[7]	2,993,657	[3],[8],[11]
Amortized Cost		$ 907,782	[9]	$ 3,572,788	[3],[10],[11]
Global Accessories Group, LLC [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 380	[5],[12]	$ 380	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 151,337	[9],[12]	$ 151,337	[3],[10]
Innovate Corp. [Member]
% of Net Assets		2.07%	[1]	1.41%	[3],[4]
Par Amount		$ 4,250,000	[5]	$ 2,750,000	[3],[6]
Fair Value		3,187,500	[7]	2,076,250	[3],[8]
Amortized Cost		$ 3,714,663	[9]	$ 2,615,913	[3],[10]
Invesco Mortgage Capital, Inc. [Member]
% of Net Assets		2.94%	[1]	2.71%	[3],[4],[11]
Par Amount		$ 205,000	[5]	$ 205,000	[3],[6],[11]
Fair Value		4,538,700	[7]	3,989,300	[3],[8],[11]
Amortized Cost		$ 5,035,506	[9]	$ 5,035,506	[3],[10],[11]
JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets		8.36%	[1],[12]	8.57%	[3],[4]
Par Amount		$ 11,000,000	[5],[12]	$ 10,861,605	[3],[6]
Fair Value		12,897,500	[7],[12]	12,599,438	[3],[8]
Amortized Cost		$ 10,995,086	[9],[12]	$ 10,864,482	[3],[10]
Kemmerer Operations, LLC [Member]
% of Net Assets	[1]	5.94%
Par Amount	[5]	$ 9,153,693
Fair Value	[7]	9,153,692
Amortized Cost	[9]	$ 9,153,693
Lighting Science Group Corporation [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 5,000,000	[5],[12]	$ 5,000,000	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 955,680	[9],[12]	$ 955,680	[3],[10]
Lucky Bucks, LLC [Member]
% of Net Assets		2.21%	[1],[12]	2.45%	[3],[4]
Par Amount		$ 2,221,266	[5],[12]	$ 2,231,520	[3],[6]
Fair Value		3,416,361	[7],[12]	3,596,099	[3],[8]
Amortized Cost		$ 2,125,124	[9],[12]	$ 2,134,927	[3],[10]
McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets		3.17%	[1],[12]	3.25%	[3],[4]
Par Amount		$ 4,887,043	[5],[12]	$ 4,924,535	[3],[6]
Fair Value		4,891,564	[7],[12]	4,776,799	[3],[8]
Amortized Cost		$ 4,850,930	[9],[12]	$ 4,883,570	[3],[10]
MFA Financial, Inc. [Member]
% of Net Assets		1.48%	[12],[13]	1.26%	[3],[4]
Par Amount		$ 97,426	[12],[13]	$ 97,426	[3],[6]
Fair Value		2,289,511	[12],[13]	1,856,940	[3],[8]
Amortized Cost		$ 2,318,487	[12],[13]	$ 2,318,487	[3],[10]
New York Mortgage Trust, Inc. [Member]
% of Net Assets		2.55%	[12]	2.50%	[3],[4]
Par Amount		$ 165,000	[12]	$ 165,000	[3],[6]
Fair Value		3,936,900	[12]	3,677,850	[3],[8]
Amortized Cost		$ 4,102,076	[12]	$ 4,102,076	[3],[10]
PHH Mortgage Corp. [Member]
% of Net Assets		6.11%	[1],[12]	4.66%	[3],[4]
Par Amount		$ 9,686,000	[5],[12]	$ 7,686,000	[3],[6]
Fair Value		9,419,635	[7],[12]	6,845,344	[3],[8]
Amortized Cost		$ 8,780,720	[9],[12]	$ 6,895,720	[3],[10]
Point.360 [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 2,777,366	[5],[12]	$ 2,777,366	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 2,103,712	[9],[12]	$ 2,103,712	[3],[10]
Power Stop LLC [Member]
% of Net Assets		5.59%	[1],[12]	3.84%	[3],[4]
Par Amount		$ 8,861,392	[5],[12],[14],[15],[16]	$ 6,919,937	[3],[6]
Fair Value		8,617,704	[7],[12]	5,639,748	[3],[8]
Amortized Cost		$ 8,309,665	[9],[12]	$ 6,515,010	[3],[10]
Rithm Capital Corp [Member]
% of Net Assets		3.37%	[1],[12]	3.20%	[3],[4],[11]
Par Amount		$ 206,684	[5],[12],[17],[18]	$ 206,684	[3],[6],[11]
Fair Value		5,200,169	[7],[12]	4,695,860	[3],[8],[11]
Amortized Cost		$ 5,129,170	[9],[12]	$ 5,129,170	[3],[10],[11]
Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets		2.29%	[1],[12]	2.31%	[3],[4]
Par Amount		$ 3,518,464	[5],[12],[14],[16],[19]	$ 3,430,517	[3],[6]
Fair Value		3,527,172	[7],[12]	3,396,212	[3],[8]
Amortized Cost		$ 3,507,967	[9],[12]	$ 3,417,600	[3],[10]
SMC Roofing [Member]
% of Net Assets	[1],[12]	1.72%
Par Amount	[5],[12],[14],[19],[20]	$ 2,689,568
Fair Value	[1],[12]	2,664,522
Amortized Cost	[9],[12]	$ 2,684,420
SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets		6.40%	[1],[12]	6.72%	[3],[4]
Par Amount		$ 9,866,667	[5],[12]	$ 9,866,667	[3],[6]
Fair Value		9,866,667	[7],[12]	9,866,667	[3],[8]
Amortized Cost		$ 9,775,988	[9],[12]	$ 9,753,518	[3],[10]
Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets		0.24%	[1],[12]	0.14%	[3],[4]
Par Amount		$ 358,867	[5],[12]	$ 338,736	[3],[6]
Fair Value		375,105	[7],[12]	200,566	[3],[8]
Amortized Cost		$ 345,491	[9],[12]	$ 308,652	[3],[10]
Staples, Inc. [Member]
% of Net Assets		3.56%	[1],[12]	2.48%	[3],[4]
Par Amount		$ 6,000,000	[5],[12]	$ 3,692,159	[3],[6]
Fair Value		5,482,500	[7],[12]	3,648,315	[3],[8]
Amortized Cost		$ 5,763,449	[9],[12]	$ 3,655,672	[3],[10]
Tamarix Capital Partners II, L.P. [Member]
% of Net Assets		0.53%	[1],[12]	0.54%	[3],[4],[11]
Par Amount			[5],[12]		[3],[6],[11]
Fair Value		806,932	[7],[12]	792,346	[3],[8],[11]
Amortized Cost		$ 1,026,818	[9],[12]	$ 1,026,818	[3],[10],[11]
Thryv Holdings, Inc. [Member]
% of Net Assets		1.90%	[1],[12]	5.21%	[3],[4]
Par Amount		$ 2,883,214	[5],[12]	$ 7,656,442	[3],[6]
Fair Value		2,931,268	[7],[12]	7,661,227	[3],[8]
Amortized Cost		$ 2,855,120	[9],[12]	$ 7,604,838	[3],[10]
Velocity Pooling Vehicle, LLC [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 11,947	[5],[12]	$ 11,947	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 664,131	[5],[12]	$ 664,131	[3],[10]
Wingman Holdings, Inc. [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount	[6]	$ 350	[12]	$ 350	[3]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 700,000	[9],[12]	$ 700,000	[3],[10]
Subtotal Non-Controlled/Non-Affiliated Investments [Member]
% of Net Assets		96.42%	[1],[12]	85.40%	[3],[4]
Par Amount		$ 131,309,891	[5],[12]	$ 106,630,423	[3],[6]
Fair Value		148,691,260	[7],[12]	125,531,031	[3],[8]
Amortized Cost		$ 152,515,155	[9],[12]	$ 134,339,121	[3],[10]
Black Angus Steakhouses, LLC [Member]
% of Net Assets		2.11%	[1],[12],[21]	2.90%	[2],[3],[4]
Par Amount		$ 17,433,643	[5],[12],[21]	$ 15,825,824	[2],[3],[6]
Fair Value		3,247,075	[7],[12],[21]	4,255,958	[2],[3],[8]
Amortized Cost		$ 10,564,242	[9],[12],[21]	$ 10,564,242	[2],[3],[10]
FST Holdings Parent, LLC [Member]
% of Net Assets		7.23%	[12],[21]	6.81%	[2],[3],[4]
Par Amount		$ 625,548	[12],[21]	$ 625,548	[2],[3],[6]
Fair Value		11,160,752	[12],[21]	10,000,003	[2],[3],[8]
Amortized Cost		$ 10,000,000	[12],[21]	$ 10,000,000	[2],[3],[10]
Subtotal Affiliated Investments [Member]
% of Net Assets		9.34%	[1],[12],[21]	25.38%	[2],[3],[4]
Par Amount		$ 18,059,191	[5],[12],[21]	$ 44,783,784	[2],[3],[6]
Fair Value		14,407,827	[7],[12],[21]	37,289,617	[2],[3],[8]
Amortized Cost		$ 20,564,242	[9],[12],[21]	$ 48,233,910	[2],[3],[10]
ECC Capital Corp. [Member]
% of Net Assets	[1],[12],[22]	8.67%
Par Amount	[5],[12],[22]	$ 94,422,012
Fair Value	[7],[12],[22]	13,362,012
Amortized Cost	[9],[12],[22]	$ 14,673,096
FlexFIN, LLC [Member]
% of Net Assets		22.51%	[1],[12],[22]	26.45%	[3],[4],[23]
Par Amount		$ 34,708,509	[5],[12],[22]	$ 38,870,711	[3],[6],[23]
Fair Value		34,708,509	[7],[12],[22]	38,870,711	[3],[8],[23]
Amortized Cost		$ 34,708,509	[9],[12],[22]	$ 38,870,711	[3],[10],[23]
NSG Captive, Inc. [Member]
% of Net Assets	[1],[12],[22]	0.06%
Par Amount	[5],[12],[22]	$ 100,000
Fair Value	[7],[12],[22]	100,000
Amortized Cost	[9],[12],[22]	$ 100,000
NVTN LLC [Member]
% of Net Assets		14.54%	[1],[12],[22]	8.34%	[3],[4],[23]
Par Amount		$ 34,559,579	[5],[12],[22]	$ 36,369,131	[3],[6],[23]
Fair Value		22,411,757	[7],[12],[22]	12,252,403	[3],[8],[23]
Amortized Cost		$ 48,553,370	[9],[12],[22]	$ 38,346,947	[3],[10],[23]
Subtotal Control Investments [Member]
% of Net Assets	[1],[12],[22]	45.78%
Par Amount	[5],[12],[22]	$ 163,790,100
Fair Value	[7],[12],[22]	70,582,278
Amortized Cost	[9],[12],[22]	$ 98,034,975
Total Investments [Member]
% of Net Assets		151.54%	[1],[12],[22]	154.40%	[3],[4],[23]
Par Amount		$ 313,159,182	[5],[12],[22]	$ 230,037,957	[3],[6],[23]
Fair Value		233,681,365	[7],[12],[22]	226,460,691	[3],[8],[23]
Amortized Cost		$ 271,114,372	[9],[12],[22]	$ 265,010,723	[3],[10],[23]
DataOnline Corp. [Member]
% of Net Assets	[3],[4]			3.72%
Par Amount	[3],[6]			$ 5,526,786
Fair Value	[3],[10]			5,471,518
Amortized Cost	[3],[6]			$ 5,526,786
PennyMac Financial Services, Inc. [Member]
% of Net Assets	[3],[4],[11]			1.34%
Par Amount	[3],[6],[11]			$ 29,500
Fair Value	[3],[8],[11]			1,964,700
Amortized Cost	[3],[10],[11]			$ 1,921,275
SMART Financial Operations, LLC [Member]
% of Net Assets	[3],[4]			0.67%
Par Amount	[3],[6]			$ 700,000
Fair Value	[3],[8]			978,140
Amortized Cost	[3],[10]			$ 700,000
Maritime Wireless Holdings LLC [Member]
% of Net Assets	[2],[3],[4]			12.01%
Par Amount	[2],[3],[6]			$ 12,500,000
Fair Value	[2],[3],[8]			17,650,000
Amortized Cost	[2],[3],[10]			$ 12,373,166
Kemmerer Holdings, LLC [Member]
% of Net Assets	[3],[4],[23]			8.52%
Par Amount	[3],[6],[23]			$ 3,383,908
Fair Value	[3],[8],[23]			12,516,929
Amortized Cost	[3],[10],[23]			$ 5,220,034
Subtotal Control Investments [Member]
% of Net Assets	[3],[4],[23]			43.31%
Par Amount	[3],[6],[23]			$ 78,623,750
Fair Value	[3],[8],[23]			63,640,043
Amortized Cost	[3],[10],[23]			$ 82,437,692
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | 1888 Industrial Services, LLC [Member]
% of Net Assets		0.23%	[1],[12]	0.51%	[2],[3],[4],[24]
Par Amount		$ 350,000	[5]	$ 1,231,932	[2],[3],[6],[24]
Maturity		Feb. 23, 2025	[12]	Aug. 31, 2024	[2],[3],[24]
Fair Value		$ 350,000	[7],[12]	$ 751,479	[2],[3],[8],[24]
Amortized Cost		$ 196,411	[9],[12]	$ 1,191,257	[2],[3],[10],[24]
Energy: Oil & Gas [Member] | First Lien Term Loan [Member] | Epic Y-Grade Services, LP [Member]
% of Net Assets	[1],[12]	2.59%
Par Amount	[5],[12]	$ 4,000,000
Maturity	[12]	Jun. 30, 2029
Fair Value	[7],[12]	$ 3,987,500
Amortized Cost	[9],[12]	$ 3,903,469
Energy: Oil & Gas [Member] | Revolving Credit Facility [Member] | 1888 Industrial Services, LLC [Member]
% of Net Assets	[2],[3],[4],[24],[25]			3.15%
Par Amount	[2],[3],[6],[24],[25]			$ 4,632,177
Maturity	[2],[3],[24],[25]			Aug. 31, 2024
Fair Value	[2],[3],[8],[24],[25]			$ 4,632,177
Amortized Cost	[2],[3],[10],[24],[25]			$ 4,632,177
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | 1888 Industrial Services, LLC [Member]
% of Net Assets	[2],[3],[4],[24],[26],[27]			0%
Par Amount	[2],[3],[6],[24],[26],[27]			$ 9,946,741
Maturity	[2],[3],[24],[26],[27]			Aug. 31, 2024
Fair Value	[2],[3],[8],[24],[26],[27]
Amortized Cost	[2],[3],[10],[24],[26],[27]			$ 9,473,068
Energy: Oil & Gas [Member] | Equity - 21,562 Class A Units [Member] | 1888 Industrial Services, LLC [Member]
% of Net Assets	[2],[3],[4],[26]
Par Amount	[2],[3],[6],[26]			$ 21,562
Fair Value	[2],[3],[8],[26]
Amortized Cost	[2],[3],[10],[26]
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L. [Member]
% of Net Assets		6.54%	[1],[12],[13]	5.31%	[3],[4],[11]
Par Amount		$ 13,868,885	[5],[13]	$ 9,565,710	[3],[6],[11]
Maturity		Apr. 30, 2025	[12],[13]	Apr. 30, 2025	[3],[11]
Fair Value		$ 10,082,679	[7],[12],[13]	$ 7,805,619	[3],[8],[11]
Amortized Cost		$ 10,893,806	[9],[12],[13]	$ 8,507,963	[3],[10],[11]
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | Warrants [Member] | Altisource S.A.R.L. [Member]
% of Net Assets		0.06%	[1],[12]	0.14%	[3],[4],[11]
Par Amount		$ 97,899	[5]	$ 75,080	[3],[6],[11]
Maturity		May 22, 2027	[12]	May 22, 2027	[3],[11]
Fair Value		$ 98,388	[7],[12]	$ 206,470	[3],[8],[11]
Amortized Cost			[9],[12]		[3],[10],[11]
Services: Business [Member] | Senior Secured First Lien Term Loan [Member] | Point.360 [Member]
% of Net Assets		0%	[1],[12],[28],[29]	0%	[3],[4]
Par Amount		$ 2,777,366	[5],[12],[28],[29]	$ 2,777,366	[3],[6]
Maturity		Jul. 08, 2020	[12],[28],[29]	Jul. 08, 2020	[3]
Fair Value			[7],[12],[28],[29]		[3],[8]
Amortized Cost		$ 2,103,712	[9],[12],[28],[29]	$ 2,103,712	[3],[10]
Services: Business [Member] | Equity - 833,152 Common Units [Member] | Boostability Seotowncenter, Inc. [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 833,152	[5],[12]	$ 833,152	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 66,475	[9],[12]	$ 66,475	[3],[10]
Services: Business [Member] | Equity - 358,867 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[1],[12]	0.24%
Par Amount	[5],[12]	$ 358,867
Fair Value	[7],[12]	375,105
Amortized Cost	[9],[12]	$ 345,491
Services: Business [Member] | Equity Interest [Member] | FlexFIN, LLC [Member]
% of Net Assets		22.51%	[1],[22]	26.45%	[3],[4],[23]
Par Amount		$ 34,708,509	[5],[12],[22]	$ 38,870,711	[3],[6],[23]
Fair Value		34,708,509	[7],[22]	38,870,711	[3],[8],[23]
Amortized Cost		$ 34,708,509	[9],[12],[22]	$ 38,870,711	[3],[10],[23]
Services: Business [Member] | Equity - 338,736.11 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[3],[4]			0.14%
Par Amount	[3],[6]			$ 338,736
Fair Value	[3],[8]			200,566
Amortized Cost	[3],[10]			$ 308,652
Aerospace & Defense [Member] | First Lien Term Loans [Member] | Arcline FM Holdings, LLC [Member]
% of Net Assets		1.73%	[1],[12]	1.80%	[4]
Par Amount		$ 2,658,987	[5],[12]	$ 2,679,494	[6]
Maturity		Jun. 23, 2028	[12]	Jun. 23, 2028
Fair Value		$ 2,660,649	[7],[12]	$ 2,644,660	[8]
Amortized Cost		$ 2,571,184	[9],[12]	$ 2,591,013	[10]
Aerospace & Defense [Member] | Equity - 350 Common Shares [Member] | Wingman Holdings, Inc. [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 350	[5],[12]	$ 350	[3],[6]
Fair Value			[9],[12]		[3],[8]
Amortized Cost		$ 700,000	[9],[12]	$ 700,000	[3],[10]
Containers, packaging & Glass [Member] | Equity - 417 Common Units [Member] | Be Green Packaging, LLC [Member]
% of Net Assets		0%	[1],[12]	0%	[8]
Par Amount		$ 417	[5],[12]	$ 417	[3],[6]
Fair Value			[7],[12]		[10]
Amortized Cost		$ 416,250	[9],[12]	$ 416,250	[6]
Containers, packaging & Glass [Member] | Warrants - 0.62% of Outstanding Equity [Member] | Lighting Science Group Corporation [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 5,000,000	[5],[12]	$ 5,000,000	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 955,680	[9],[12]	$ 955,680	[3],[10]
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Blufox Mobile Services [Member]
% of Net Assets	[1],[12]	4.58%
Par Amount	[5],[12]	$ 7,062,403
Maturity	[12]	Apr. 12, 2028
Fair Value	[7],[12]	$ 7,062,403
Amortized Cost	[9],[12]	$ 7,062,403
Real Estate [Member] | First Lien Term Loan [Member] | CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[1],[12],[13]	3.50%
Par Amount	[5],[12],[13]	$ 5,805,135
Maturity	[12],[13]	Nov. 01, 2025
Fair Value	[7],[12],[13]	$ 5,398,776
Amortized Cost	[9],[12],[13]	$ 4,896,579
Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp. [Member]
% of Net Assets	[1],[12],[13],[30]	1.71%
Par Amount	[5],[12],[13],[30]	$ 117,310
Fair Value	[7],[12],[13],[30]	2,632,436
Amortized Cost	[9],[12],[13],[30]	$ 2,884,724
Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp. [Member]
% of Net Assets	[1],[12]	3.07%
Par Amount	[5],[12]	$ 193,754
Fair Value	[7],[12]	4,739,223
Amortized Cost	[9],[12]	$ 4,182,010
Real Estate [Member] | Equity Certificates [Member] | Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[1],[12]	3.77%
Par Amount	[5],[12]	$ 637,795
Fair Value	[7],[12]	5,816,690
Amortized Cost	[9],[12]	$ 7,784,654
Real Estate [Member] | Equity - 66,107 Common Units [Member] | Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[1],[13]	0.54%
Par Amount	[5],[13]	$ 66,107
Fair Value	[7],[13]	832,948
Amortized Cost	[9],[13]	$ 907,782
Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[12],[13],[31]	2.94%
Par Amount	[5],[12],[13],[31]	$ 205,000
Fair Value	[12],[13],[31]	4,538,700
Amortized Cost	[12],[13],[31]	$ 5,035,506
Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc. [Member]
% of Net Assets	[7],[12],[13]	1.48%
Par Amount	[5],[12],[13]	$ 97,426
Fair Value	[7],[12],[13]	2,289,511
Amortized Cost	[9],[12],[13]	$ 2,318,487
Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc. [Member]
% of Net Assets	[1],[12],[13],[32]	2.55%
Par Amount	[5],[12],[13],[32]	$ 165,000
Fair Value	[7],[12],[13],[32]	3,936,900
Amortized Cost	[9],[12],[13],[32]	$ 4,102,076
Real Estate [Member] | Senior Secured Notes [Member] | PHH Mortgage Corp. [Member]
% of Net Assets	[1],[12]	6.11%
Par Amount	[5],[12]	$ 9,686,000
Maturity	[12]	Mar. 15, 2026
Fair Value	[7],[12]	$ 9,419,635
Amortized Cost	[9],[12]	$ 8,780,720
Real Estate [Member] | Equity-84,000,000 Units [Member] | ECC Capital Corp. [Member]
% of Net Assets	[7],[22]	1.91%
Par Amount	[5],[12],[22]	$ 84,000,000
Fair Value	[9],[12],[22]	2,940,000
Amortized Cost	[5],[12],[22]	$ 4,251,084
Real Estate [Member] | Senior Secured Promissory Note [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ECC Capital Corp. [Member]
% of Net Assets	[1],[22]	6.76%
Par Amount	[5],[12],[22]	$ 10,422,012
Maturity	[12],[22]	Dec. 31, 2031
Fair Value	[7],[12],[22]	$ 10,422,012
Amortized Cost	[9],[12],[22]	$ 10,422,012
Consumer Discretionary [Member] | First Lien Term Loan [Member] | Deer Management Systems LLC [Member]
% of Net Assets		2.18%	[1],[12]	2.26%	[3],[4]
Par Amount		$ 3,293,750	[5],[12]	$ 3,357,500	[3],[6]
Maturity		May 01, 2028	[12]	May 01, 2028	[3]
Fair Value		$ 3,367,859	[7],[12]	$ 3,323,925	[3],[8]
Amortized Cost		$ 3,225,131	[9],[12]	$ 3,294,306	[3],[10]
Consumer Discretionary [Member] | First Lien Delayed Draw Term Loan [Member] | Deer Management Systems LLC [Member]
% of Net Assets	[1],[12]	0%
Par Amount	[5],[12]
Fair Value	[7],[12]
Amortized Cost	[9],[12]
Consumer Discretionary [Member] | Priority Second Out Term Loan [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[1],[12]	0.88%
Par Amount	[5],[12]	$ 1,354,434
Maturity	[12]	Oct. 02, 2029
Fair Value	[7],[12]	$ 1,354,434
Amortized Cost	[9],[12]	$ 1,327,345
Consumer Discretionary [Member] | Priority First Out Exit Term Loan [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[1],[12]	0.44%
Par Amount	[5],[12]	$ 686,093
Maturity	[12]	Oct. 02, 2028
Fair Value	[7],[12]	$ 686,093
Amortized Cost	[9],[12]	$ 623,386
Consumer Discretionary [Member] | Equity - 180,739 Membership Units [Member] | Lucky Bucks, LLC [Member]
% of Net Assets		0.89%	[1],[12]	1.05%	[3],[4]
Par Amount		$ 180,739	[5],[12]	$ 180,739	[3],[6]
Fair Value		1,375,834	[7],[12]	1,545,318	[3],[8]
Amortized Cost		$ 174,393	[9],[12]	$ 174,393	[3],[10]
Consumer Discretionary [Member] | Second Out Exit Term Loan [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[3],[4]			0.93%
Par Amount	[3],[6]			$ 1,361,240
Maturity	[3]			Oct. 02, 2029
Fair Value	[3],[8]			$ 1,361,240
Amortized Cost	[3],[10]			$ 1,334,015
Consumer Discretionary [Member] | First Out Exit Term Loan [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[3],[4]			0.47%
Par Amount	[3],[6]			$ 689,541
Maturity	[3],[33],[34]			Oct. 02, 2028
Fair Value	[3],[8]			$ 689,541
Amortized Cost	[3],[10]			$ 626,519
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member]
% of Net Assets		2.37%	[1],[12]	2.72%	[3],[4]
Par Amount		$ 3,639,523	[5],[12]	$ 4,100,000	[3],[6]
Maturity		Aug. 02, 2027	[5],[12]	Aug. 02, 2027	[3]
Fair Value		$ 3,647,485	[7],[12]	$ 4,003,908	[3],[8]
Amortized Cost		$ 3,641,793	[9],[12]	$ 4,100,000	[3],[10]
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Thryv Holdings, Inc. [Member]
% of Net Assets	[1],[12],[13]	1.90%
Par Amount	[5],[12],[13]	$ 2,883,214
Maturity	[12],[13]	May 01, 2029
Fair Value	[7],[12],[13]	$ 2,931,268
Amortized Cost	[9],[12],[13]	$ 2,855,120
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loans One [Member] | DirecTV Financing, LLC [Member]
% of Net Assets	[1],[12]	0.62%
Par Amount	[5],[12]	$ 955,000
Maturity	[12]	Aug. 02, 2029
Fair Value	[7],[12]	$ 949,330
Amortized Cost	[9],[12]	$ 943,804
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loans One [Member] | Thryv Holdings, Inc. [Member]
% of Net Assets	[3],[11]			5.21%
Par Amount	[3],[11]			$ 7,656,442
Maturity	[3],[11]			Mar. 01, 2026
Fair Value	[3],[11]			$ 7,661,227
Amortized Cost	[3],[11]			$ 7,604,838
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Power Stop LLC [Member]
% of Net Assets		5.59%	[1],[12]	3.84%	[3],[4]
Par Amount		$ 8,861,392	[5],[12]	$ 6,919,937	[3],[6]
Maturity		Jan. 26, 2029	[12],[16]	Jan. 26, 2029	[3]
Fair Value		$ 8,617,704	[7],[12]	$ 5,639,748	[3],[8]
Amortized Cost		$ 8,309,665	[9],[12]	$ 6,515,010	[3],[10]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | First Brands Group, LLC [Member]
% of Net Assets		2.50%	[1],[12],[35]	2.64%	[3],[4],[36]
Par Amount		$ 3,889,447	[5],[12],[35]	$ 3,919,598	[3],[6],[36]
Maturity		Mar. 30, 2027	[12],[35]	Mar. 30, 2027	[3],[36]
Fair Value		$ 3,861,492	[7],[12],[35]	$ 3,880,402	[3],[8],[36]
Amortized Cost		$ 3,889,447	[9],[12],[35]	$ 3,919,598	[3],[10],[36]
Automotive [Member] | Equity - 5,441 Class A Units [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 5,441	[5],[12]	$ 5,441	[3],[6]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 302,464	[9],[12]	$ 302,464	[3],[10]
Automotive [Member] | Warrants - 0.65% of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets		0%	[1],[12]	0%	[3],[4]
Par Amount		$ 6,506	[5],[12]	$ 6,506	[3],[6]
Maturity		Mar. 30, 2028	[12]	Mar. 30, 2028	[3]
Fair Value			[7],[12]		[3],[8]
Amortized Cost		$ 361,667	[9],[12]	$ 361,667	[3],[10]
Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC [Member]
% of Net Assets	[1],[12]	0%
Par Amount	[5],[12]	$ 380
Fair Value	[7],[12]
Amortized Cost	[9],[12]	$ 151,337
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | NGS-WCS Group Holdings [Member]
% of Net Assets	[1],[12]	0.65%
Par Amount	[5],[12]	$ 1,000,000
Maturity	[12]	May 31, 2030
Fair Value	[7],[12]	$ 997,500
Amortized Cost	[9],[12]	$ 995,086
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[3],[4]			0.59%
Par Amount	[3],[6]			$ 861,605
Maturity	[3]			Nov. 12, 2026
Fair Value	[3],[8]			$ 865,913
Amortized Cost	[3],[10]			$ 864,482
Construction & Building [Member] | 8.50% Senior Secured Notes [Member] | Innovate Corp. [Member]
% of Net Assets		2.07%	[1],[12],[13]	1.41%	[3],[4],[11]
Par Amount		$ 4,250,000	[5],[12],[13]	$ 2,750,000	[3],[6],[11]
Maturity		Feb. 01, 2026	[12],[13]	Feb. 01, 2026	[3],[11]
Fair Value		$ 3,187,500	[12],[13]	$ 2,076,250	[3],[8],[11]
Amortized Cost		$ 3,714,663	[7],[12],[13]	$ 2,615,913	[3],[10],[11]
Construction & Building [Member] | Equity - 10,000,000 Units [Member] | JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets		7.71%	[1],[12]	7.98%	[3],[4]
Par Amount		$ 10,000,000	[5],[12]	$ 10,000,000	[3],[6]
Fair Value		11,900,000	[7],[12]	11,733,525	[3],[8]
Amortized Cost		$ 10,000,000	[9],[12]	$ 10,000,000	[3],[10]
Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Kemmerer Operations, LLC [Member]
% of Net Assets	[1],[12]	5.94%
Par Amount	[5],[12]	$ 9,153,693
Maturity	[12]	Jun. 21, 2025
Fair Value	[7],[12]	$ 9,153,692
Amortized Cost	[9],[12]	$ 9,153,693
Metals & Mining [Member] | Senior Secured First Lien Term Loans One [Member] | Kemmerer Holdings, LLC [Member]
% of Net Assets	[3],[4],[23]			2.30%
Par Amount	[3],[6],[23]			$ 3,383,877
Maturity	[3],[23]			Jun. 21, 2025
Fair Value	[3],[8],[23]			$ 3,383,877
Amortized Cost	[3],[10],[23]			$ 3,383,877
Metals & Mining [Member] | Equity - 31 Common Units [Member] | Kemmerer Holdings, LLC [Member]
% of Net Assets	[3],[4],[23],[26]			6.22%
Par Amount	[3],[6],[23],[26]			$ 31
Fair Value	[3],[8],[23],[26]			9,133,052
Amortized Cost	[3],[10],[23],[26]			$ 1,836,157
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets		4.32%	[1],[12]	4.54%	[3],[4]
Par Amount		$ 6,666,667	[5],[12]	$ 6,666,667	[3],[6]
Maturity		Dec. 30, 2026	[12]	Dec. 30, 2026	[3]
Fair Value		$ 6,666,667	[7],[12]	$ 6,666,667	[3],[8]
Amortized Cost		$ 6,607,647	[9],[12]	$ 6,592,976	[3],[10]
Services: Consumer [Member] | First Lien Term Loan [Member] | Staples, Inc. [Member]
% of Net Assets		3.56%	[1],[12]	2.48%	[3],[4]
Par Amount		$ 6,000,000	[5],[12]	$ 3,692,159	[3],[6]
Maturity		Sep. 01, 2029	[12]	Sep. 12, 2024	[3]
Fair Value		$ 5,482,500	[7],[12]	$ 3,648,315	[3],[8]
Amortized Cost		$ 5,763,449	[9],[12]	$ 3,655,672	[3],[10]
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets	[1],[12]	3.17%
Par Amount	[5],[12]	$ 4,887,043
Maturity	[12]	Mar. 10, 2029
Fair Value	[7],[12]	$ 4,891,564
Amortized Cost	[9],[12]	$ 4,850,930
Services: Consumer [Member] | First Out Term Loan [Member] | SMC Roofing [Member]
% of Net Assets	[1],[12]	0.42%
Par Amount	[5],[12]	$ 653,552
Maturity	[12]	Oct. 16, 2028
Fair Value	[7],[12]	$ 653,552
Amortized Cost	[9],[12]	$ 657,267
Services: Consumer [Member] | First Out Delayed Draw Term Loan [Member] | SMC Roofing [Member]
% of Net Assets	[1],[12]	0.02%
Par Amount	[5],[12]	$ 32,366
Maturity	[12]	Oct. 16, 2028
Fair Value	[7],[12]	$ 32,366
Amortized Cost	[9],[12]	$ 33,259
Services: Consumer [Member] | Last Out Term Loan [Member] | SMC Roofing [Member]
% of Net Assets	[1],[12]	1.19%
Par Amount	[5],[12]	$ 1,863,568
Maturity	[12]	Oct. 16, 2028
Fair Value	[7],[12]	$ 1,840,273
Amortized Cost	[9],[12]	$ 1,851,880
Services: Consumer [Member] | Last Out Delayed Draw Term Loan [Member] | SMC Roofing [Member]
% of Net Assets	[1],[12]	0.09%
Par Amount	[5],[12]	$ 140,082
Maturity	[12]	Oct. 16, 2028
Fair Value	[7],[12]	$ 138,331
Amortized Cost	[9],[12]	$ 142,014
Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets		2.08%	[1],[12]	2.18%	[3],[4]
Par Amount		$ 3,200,000	[5],[12]	$ 3,200,000	[3],[6]
Maturity		Dec. 30, 2026	[12]	Dec. 30, 2026	[3]
Fair Value		$ 3,200,000	[7],[12]	$ 3,200,000	[3],[8]
Amortized Cost		$ 3,168,341	[9],[12]	$ 3,160,542	[3],[10]
Services: Consumer [Member] | Senior Secured First Lien Term Loan one [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets	[3],[4]			3.25%
Par Amount	[3],[6]			$ 4,924,535
Maturity	[3]			Mar. 12, 2029
Fair Value	[3],[8]			$ 4,776,799
Amortized Cost	[3],[10]			$ 4,883,570
Banking [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]
% of Net Assets	[1],[12],[13]	3.37%
Par Amount	[5],[12],[13]	$ 206,684
Fair Value	[7],[12],[13]	5,200,169
Amortized Cost	[9],[12],[13]	$ 5,129,170
Banking [Member] | Fund Investment [Member] | Tamarix Capital Partners II, L.P. [Member]
% of Net Assets	[1],[13],[20]	0.53%
Par Amount	[5],[13],[20]
Fair Value	[7],[13],[20]	806,932
Amortized Cost	[9],[13],[20]	$ 1,026,818
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets		2.29%	[1],[12]	2.31%	[3],[4]
Par Amount		$ 3,518,464	[5],[12]	$ 3,430,517	[3],[6]
Maturity		Dec. 16, 2028	[12]	Dec. 16, 2028	[3]
Fair Value		$ 3,527,172	[7],[12]	$ 3,396,212	[3],[8]
Amortized Cost		$ 3,507,967	[9],[12]	$ 3,418,570	[3],[10]
Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[3],[4]			0%
Par Amount	[3],[6]
Maturity	[3]			Dec. 16, 2028
Fair Value	[3],[8]
Amortized Cost	[3],[10]			$ (970)
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1]	0.29%
Par Amount	[5]	$ 14,533,685
Maturity		Jan. 31, 2025
Fair Value	[7]	$ 450,366
Amortized Cost	[9]	$ 7,767,533
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[12],[21],[29]	0.57%
Par Amount	[5],[12],[21]	$ 908,080
Maturity	[12],[14],[15],[21],[29]	Jan. 31, 2025
Fair Value	[7],[12],[21],[29]	$ 875,749
Amortized Cost	[9],[12],[21],[29]	$ 875,749
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1]	1.25%
Par Amount	[5]	$ 1,991,878
Maturity		Jan. 31, 2025
Fair Value	[7]	$ 1,920,960
Amortized Cost	[9]	$ 1,920,960
Hotel, Gaming & Leisure [Member] | Equity - 17.92% Membership Interest [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1]	0%
Par Amount	[5]
Fair Value	[7]
Amortized Cost	[9]
High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DataOnline Corp. [Member]
% of Net Assets	[3],[4]			3.24%
Par Amount	[3],[6]			$ 4,812,500
Maturity	[3]			Nov. 13, 2025
Fair Value	[3],[8]			$ 4,764,375
Amortized Cost	[3],[10]			$ 4,812,500
High Tech Industries [Member] | Equity 625,548 Class A Units [Member] | FST Holdings Parent, LLC [Member]
% of Net Assets	[1]	7.23%
Par Amount	[5]	$ 625,548
Fair Value	[7]	11,160,752
Amortized Cost	[9]	$ 10,000,000
High Tech Industries [Member] | Revolving Credit Facility [Member] | DataOnline Corp. [Member]
% of Net Assets	[3],[4]			0.48%
Par Amount	[3],[6]			$ 714,286
Maturity	[3]			Nov. 13, 2025
Fair Value	[3],[8]			$ 707,143
Amortized Cost	[3],[10]			$ 714,286
Insurance [Member] | Equity - 100,000 Units [Member] | NSG Captive, Inc. [Member]
% of Net Assets	[1],[12],[22]	0.06%
Par Amount	[5],[12],[22]	$ 100,000
Fair Value	[7],[12],[22]	100,000
Amortized Cost	[9],[12],[22]	$ 100,000
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | NVTN LLC [Member]
% of Net Assets	[1],[12],[22]	0%
Par Amount	[5],[12],[22]	$ 11,506,159
Maturity		Dec. 31, 2026
Fair Value	[7],[12],[22]
Amortized Cost	[9],[12],[22]	$ 7,570,055
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
% of Net Assets	[3],[4],[23],[26],[27]			0%
Par Amount	[3],[6],[23],[26],[27]			$ 11,506,159
Maturity	[3],[23],[26],[27]			Dec. 31, 2024
Fair Value	[3],[8],[23],[26],[27]
Amortized Cost	[3],[10],[23],[26],[27]			$ 7,570,055
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]
% of Net Assets	[1],[12],[22],[37]	10.97%
Par Amount	[5],[12],[22],[37]	$ 17,552,420
Maturity	[37]	Dec. 31, 2026
Fair Value	[7],[12],[22],[37]	$ 16,911,757
Amortized Cost	[9],[12],[22],[37]	$ 13,916,082
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[3],[4],[27],[33],[34]			0.99%
Par Amount	[2],[3],[6],[27],[33],[34]			$ 13,029,115
Maturity	[2],[3],[27],[33],[34]			Jan. 31, 2024
Fair Value	[2],[3],[8],[27],[33],[34]			$ 1,459,249
Amortized Cost	[2],[3],[10],[27],[33],[34]			$ 7,767,533
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
% of Net Assets	[3],[4],[23],[38],[39]			4.91%
Par Amount	[3],[6],[23],[38],[39]			$ 7,309,552
Maturity	[3],[23],[38],[39]			Dec. 31, 2024
Fair Value	[3],[8],[23],[38],[39]			$ 7,214,856
Amortized Cost	[3],[10],[23],[38],[39]			$ 7,309,885
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | NVTN LLC [Member]
% of Net Assets	[1],[12],[22]	3.57%
Par Amount	[5],[12],[22]	$ 5,500,000
Maturity		Dec. 31, 2026
Fair Value	[7],[12],[22]	$ 5,500,000
Amortized Cost	[9],[12],[22]	$ 5,616,309
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[3],[4],[33],[34]			1.31%
Par Amount	[2],[3],[6],[33],[34]			$ 1,920,960
Maturity	[2],[3],[33],[34]			Jan. 31, 2024
Fair Value	[2],[3],[8],[33],[34]			$ 1,920,960
Amortized Cost	[2],[3],[10],[33],[34]			$ 1,920,960
Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member]
% of Net Assets	[1],[12],[22]	0%
Par Amount	[5],[12],[22],[28]	$ 1,000
Fair Value	[7],[12],[22]
Amortized Cost	[9],[12],[22]	$ 21,450,924
Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
% of Net Assets	[3],[4],[23],[26]			0%
Par Amount	[3],[6],[23],[26]			$ 1,000
Fair Value	[3],[8],[23],[26]
Amortized Cost	[3],[10],[23],[26]			$ 9,550,924
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan One [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[3],[4],[33],[34]			0.60%
Par Amount	[2],[3],[6],[33],[34]			$ 875,749
Maturity	[2],[3],[33],[34]			Jan. 31, 2024
Fair Value	[2],[3],[8],[33],[34]			$ 875,749
Amortized Cost	[2],[3],[10],[33],[34]			$ 875,749
Hotel, Gaming & Leisure [Member] | Equity - 17.92% Membership Interest One [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[3],[4],[26]			0%
Par Amount	[2],[3],[6],[26]
Fair Value	[2],[3],[8],[26]
Amortized Cost	[2],[3],[10],[26]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[2],[3],[4],[33],[34]			5.10%
Par Amount	[2],[3],[6],[33],[34]			$ 7,500,000
Maturity	[2],[3],[33],[34]			May 31, 2027
Fair Value	[2],[3],[8],[33],[34]			$ 7,500,000
Amortized Cost	[2],[3],[10],[33],[34]			$ 7,373,166
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
% of Net Assets	[3],[4],[23],[26],[27]			3.43%
Par Amount	[3],[6],[23],[26],[27]			$ 17,552,420
Maturity	[3],[23],[26],[27]			Dec. 31, 2024
Fair Value	[3],[8],[23],[26],[27]			$ 5,037,547
Amortized Cost	[3],[10],[23],[26],[27]			$ 13,916,083
Hotel, Gaming & Leisure [Member] | Equity - 500,000 Class A Units [Member] | Maritime Wireless Holdings LLC [Member]
% of Net Assets	[2],[3],[4],[26]			6.91%
Par Amount	[2],[3],[6],[26]			$ 500,000
Fair Value	[2],[3],[8],[26]			10,150,000
Amortized Cost	[2],[3],[10],[26]			$ 5,000,000
Banking, Finance, Insurance & Real Estate [Member] | First Lien Term Loan [Member] | CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[3],[4],[11]			3.53%
Par Amount	[3],[6],[11]			$ 5,916,102
Maturity	[3],[11]			Nov. 01, 2025
Fair Value	[3],[8],[11]			$ 5,191,380
Amortized Cost	[3],[10],[11]			$ 4,990,179
Banking, Finance, Insurance & Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp. [Member]
% of Net Assets	[3],[4],[11],[40]			1.44%
Par Amount	[3],[6],[11],[40]			$ 117,310
Fair Value	[3],[8],[11],[40]			2,116,271
Amortized Cost	[3],[10],[11],[40]			$ 2,884,724
Banking, Finance, Insurance & Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp. [Member]
% of Net Assets	[4],[11]			2.32%
Par Amount	[6],[11]			$ 163,601
Fair Value	[8],[11]			3,414,353
Amortized Cost	[10],[11]			$ 3,463,275
Banking, Finance, Insurance & Real Estate [Member] | Equity Certificates [Member] | Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[3],[4]			4.23%
Par Amount	[3],[6]			$ 597,795
Fair Value	[3],[8]			6,217,067
Amortized Cost	[3],[10]			$ 7,547,670
Banking, Finance, Insurance & Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[3],[4],[11],[41]			2.71%
Par Amount	[3],[6],[11],[41]			$ 205,000
Fair Value	[3],[8],[11],[41]			3,989,300
Amortized Cost	[3],[10],[11],[41]			$ 5,035,506
Banking, Finance, Insurance & Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc. [Member]
% of Net Assets	[3],[4],[42]			1.26%
Par Amount	[3],[6],[42]			$ 97,426
Fair Value	[3],[8],[42]			1,856,940
Amortized Cost	[3],[10],[42]			$ 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	[3],[4],[11],[43]			2.50%
Par Amount	[3],[6],[11],[43]			$ 165,000
Fair Value	[3],[8],[11],[43]			3,677,850
Amortized Cost	[3],[10],[11],[43]			$ 4,102,076
Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]
% of Net Assets	[3],[4],[11],[44]			3.20%
Par Amount	[3],[6],[11],[44]			$ 206,684
Fair Value	[3],[8],[11],[44]			4,695,860
Amortized Cost	[3],[10],[11],[44]			$ 5,129,170
Banking, Finance, Insurance & Real Estate [Member] | Fund Investment [Member] | Tamarix Capital Partners II, L.P. [Member]
% of Net Assets	[3],[4],[11]			0.54%
Par Amount	[3],[6],[11]
Fair Value	[3],[8],[11]			792,346
Amortized Cost	[3],[10],[11]			$ 1,026,818
Banking, Finance, Insurance & Real Estate [Member] | Equity - 226,107 Common Units [Member] | Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[3],[4],[11]			2.04%
Par Amount	[3],[6],[11]			$ 226,107
Fair Value	[3],[8],[11]			2,993,657
Amortized Cost	[3],[10],[11]			$ 3,572,788
Banking, Finance, Insurance & Real Estate [Member] | Equity 29,500 Common Units [Member] | PennyMac Financial Services, Inc. [Member]
% of Net Assets	[3],[4],[11]			1.34%
Par Amount	[3],[6],[11]			$ 29,500
Fair Value	[3],[8],[11]			1,964,700
Amortized Cost	[3],[10],[11]			$ 1,921,275
Banking, Finance, Insurance & Real Estate [Member] | 7.875% Senior Secured Note [Member] | PHH Mortgage Corp. [Member]
% of Net Assets	[3],[4]			4.66%
Par Amount	[3],[6]			$ 7,686,000
Maturity	[3]			Mar. 15, 2026
Fair Value	[3],[8]			$ 6,845,344
Amortized Cost	[3],[10]			$ 6,895,720
Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC One [Member]
% of Net Assets	[3],[4]			0%
Par Amount	[3],[6]			$ 380
Fair Value	[3],[8]
Amortized Cost	[3],[10]			$ 151,337
Retail [Member] | Equity - 700,000 Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member]
% of Net Assets	[3],[4]			0.67%
Par Amount	[3],[6]			$ 700,000
Fair Value	[3],[8]			978,140
Amortized Cost	[3],[10]			$ 700,000
High Tech Industries [Member] | Equity - 625,548 Class A Units One [Member] | FST Holdings Parent, LLC [Member]
% of Net Assets	[2],[3],[4]			6.81%
Par Amount	[2],[3],[6]			$ 625,548
Fair Value	[2],[3],[8]			10,000,003
Amortized Cost	[2],[3],[10]			$ 10,000,000
[1] Percentage is based on net assets of $154,203,403 as of June 30, 2024. Affiliated Investments are defined by Investment Company Act of 1940 Act, as amended (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. All of our investments are domiciled in the United States. Certain investments also have international operations. Percentage is based on net assets of $146,705,535 as of September 30, 2023. Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted. 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. 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). 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). Net unrealized depreciation for U.S. federal income tax purposes totaled $(37,433,007). The tax cost basis of investments is $271,114,372 as of June 30, 2024. The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method. Net unrealized depreciation for U.S. federal income tax purposes totaled $(38,550,032). The tax cost basis of investments is $265,010,723 as of September 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. 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, 2023, non-qualifying assets represented 20.21% of total assets. 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, 2024, non-qualifying assets represented 18.95% of total assets. Credit Spread Adjustment (“CSA”) The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2024 was 5.34% This investment represents a Level 2 security in the ASC 820 table as of June 30, 2024 (see Note 4). 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. This investment represents a Level 1 security in the ASC 820 table as of June 30, 2024 (see Note 4). The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2024 was 5.32%. The investment has an unfunded commitment as of June 30, 2024 (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. 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. 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. 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. The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.27%. This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2023, and is recorded as a component of interest income on the Consolidated Statements of Operations. Non-income producing security. The investment was on non-accrual status as of September 30, 2023. Non-income producing security. The investment was on non-accrual status as of June 30, 2024. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.29% spread on 9/27/2027. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.429% spread on 1/15/2025. Credit Spread Adjustment (“CSA”) The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%. The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2024 was 5.25%. The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.17%. The interest rate on these loans is subject to the monthly Applicable Federal Rate, which as of June 30, 2024 was 5.01%. The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%. The investment has an unfunded commitment as of September 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 commitment. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.29% spread on 9/27/2027. 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. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.429% spread on 1/15/2025. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parentheticals) - shares		Jun. 30, 2024		Sep. 30, 2023
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | SOFR [Member] | Altisource S.A.R.L. [Member]
Investment interest rate		5%	[1],[2],[3]	5%	[4],[5],[6],[7]
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | PIK [Member] | Altisource S.A.R.L. [Member]
Investment interest rate	[1],[2],[3]	3.75%
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | Altisource S.A.R.L. [Member]
Investment interest rate	[4],[5],[6],[7]			3.75%
Services: Business [Member] | Senior Secured First Lien Term Loan [Member] | London Interbank Offered Rates (LIBOR) [Member] | Point.360 [Member]
Investment interest rate		6%	[2],[8],[9],[10]	6%	[4],[11],[12]
Services: Business [Member] | Equity - 833,152 Common Units [Member] | Boostability Seotowncenter, Inc. [Member]
Equity common units (in Shares)		833,152	[8],[10]	833,152	[4],[11],[13]
Services: Business [Member] | Equity - 358,867 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)	[2],[8],[10]	358,867
Services: Business [Member] | Equity - 338,736.11 Class A Units [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)	[4],[11]			338,736.11
Aerospace & Defense [Member] | First Lien Term Loans [Member] | SOFR [Member] | Arcline FM Holdings, LLC [Member]
Investment interest rate		4.75%	[1],[3],[14]	4.75%	[4],[5],[6]
Aerospace & Defense [Member] | First Lien Term Loans [Member] | Interest Rate Floor [Member] | Arcline FM Holdings, LLC [Member]
Investment interest rate		0.75%	[1],[3],[14]	0.75%	[4],[5],[6]
Aerospace & Defense [Member] | Equity - 350 Common Shares [Member] | Wingman Holdings, Inc. [Member]
Equity common units (in Shares)		350	[2],[8],[10]	350	[4],[11]
Containers, packaging & Glass [Member] | Equity - 417 Common Units [Member] | Be Green Packaging, LLC [Member]
Equity common units (in Shares)		417	[8]	417	[4],[11]
Containers, packaging & Glass [Member] | Warrants - 0.62% of Outstanding Equity [Member] | Lighting Science Group Corporation [Member]
Investment interest rate		0.62%	[2],[8],[10]	0.62%	[4],[11]
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | Blufox Mobile Services [Member]
Investment interest rate	[15]	8.50%
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Blufox Mobile Services [Member]
Investment interest rate	[15]	4%
Services: Consumer [Member] | First Lien Term Loan [Member] | SOFR [Member] | Staples, Inc. [Member]
Investment interest rate	[2],[3],[10],[14]	0.50%
Real Estate [Member] | First Lien Term Loan [Member] | SOFR [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[1],[14],[15]	2.75%
Real Estate [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[1],[14],[15]	1%
Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp. [Member]
Equity common units (in Shares)	[16],[17]	117,310
Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp. [Member]
Investment interest rate	[3],[17]	5.38%
Equity common units (in Shares)	[3],[17]	163,601
Real Estate [Member] | Equity - 66,107 Common Units [Member] | Franklin BSP Realty Trust, Inc. [Member]
Equity common units (in Shares)	[17],[18]	66,107
Real Estate [Member] | Equity - 205,000 Class C Preferred Units [Member] | Invesco Mortgage Capital, Inc. [Member]
Equity common units (in Shares)	[2],[17],[18],[19]	205,000
Real Estate [Member] | Equity - 97,426 Class C Preferred Units [Member] | MFA Financial, Inc. [Member]
Equity common units (in Shares)	[2],[10],[17],[18],[20]	97,426
Real Estate [Member] | Equity - 165,000 Class E Preferred Units [Member] | New York Mortgage Trust, Inc. [Member]
Equity common units (in Shares)	[2],[10],[17],[18],[21]	165,000
Real Estate [Member] | Senior Secured Notes [Member] | PHH Mortgage Corp. [Member]
Investment interest rate	[2],[10],[14]	7.875%
Real Estate [Member] | Equity-84,000,000 Units [Member] | ECC Capital Corp. [Member]
Equity common units (in Shares)	[2],[8],[10],[17]	84,000,000
Real Estate [Member] | Senior Secured Promissory Note [Member] | SOFR [Member] | ECC Capital Corp. [Member]
Investment interest rate	[2],[3],[10],[22]	5%
Real Estate [Member] | Senior Secured Promissory Note [Member] | Interest Rate Floor [Member] | ECC Capital Corp. [Member]
Investment interest rate	[2],[3],[10],[22]	0%
Consumer Discretionary [Member] | First Lien Term Loan [Member] | SOFR [Member] | Deer Management Systems LLC [Member]
Investment interest rate		8.25%	[1],[3],[10]	8.25%	[4],[5],[6],[23]
Consumer Discretionary [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | Deer Management Systems LLC [Member]
Investment interest rate		3%	[1],[3],[10]	3%	[4],[5],[6],[23]
Consumer Discretionary [Member] | First Lien Delayed Draw Term Loan [Member] | SOFR [Member] | Deer Management Systems LLC [Member]
Investment interest rate	[1],[3],[10],[24]	8.25%
Consumer Discretionary [Member] | First Lien Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | Deer Management Systems LLC [Member]
Investment interest rate	[1],[3],[10],[24]	3%
Consumer Discretionary [Member] | Priority Second Out Term Loan [Member] | SOFR [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[10],[15]	7.50%
Consumer Discretionary [Member] | Priority Second Out Term Loan [Member] | Interest Rate Floor [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[10],[15]	1%
Consumer Discretionary [Member] | Priority First Out Exit Term Loan [Member] | SOFR [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[2],[10],[15]	7.50%
Consumer Discretionary [Member] | Priority First Out Exit Term Loan [Member] | Interest Rate Floor [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[2],[10],[15]	1%
Consumer Discretionary [Member] | Equity - 180,739 Membership Units [Member] | Lucky Bucks, LLC [Member]
Equity common units (in Shares)		180,739	[2],[8],[10]	180,739	[4],[11]
Consumer Discretionary [Member] | Second Out Exit Term Loan [Member] | SOFR [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[4],[5],[25]			7.50%
Consumer Discretionary [Member] | Second Out Exit Term Loan [Member] | Interest Rate Floor [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[4],[5],[25]			1%
Consumer Discretionary [Member] | First Out Exit Term Loan [Member] | SOFR [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[4],[5],[25]			7.50%
Consumer Discretionary [Member] | First Out Exit Term Loan [Member] | Interest Rate Floor [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[4],[5],[25]			1%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | Thryv Holdings, Inc. [Member]
Investment interest rate	[4],[7]			8.50%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Thryv Holdings, Inc. [Member]
Investment interest rate	[4],[7]			1%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | DirecTV Financing, LLC [Member]
Investment interest rate		5.25%	[1],[14],[15]	5%	[4],[5],[25],[26]
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | Thryv Holdings, Inc. [Member]
Investment interest rate	[2],[10],[14],[15]	6.75%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | DirecTV Financing, LLC [Member]
Investment interest rate		0.75%	[1],[14],[15]	0.75%	[4],[5],[25],[26]
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Thryv Holdings, Inc. [Member]
Investment interest rate	[2],[10],[14],[15]	1%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loans One [Member] | SOFR [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[10],[14],[15]	5%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loans One [Member] | Interest Rate Floor [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[10],[14],[15]	0.75%
Energy: Oil & Gas [Member] | First Lien Term Loan [Member] | SOFR [Member] | Epic Y-Grade Services, LP [Member]
Investment interest rate	[1],[10],[14],[15]	5.75%
Energy: Oil & Gas [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | Epic Y-Grade Services, LP [Member]
Investment interest rate	[1],[10],[14],[15]	0%
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | SOFR [Member] | 1888 Industrial Services, LLC [Member]
Investment interest rate	[4],[27]			5%
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | Interest Rate Floor [Member] | 1888 Industrial Services, LLC [Member]
Investment interest rate	[4],[27]			1%
Energy: Oil & Gas [Member] | Revolving Credit Facility [Member] | SOFR [Member] | 1888 Industrial Services, LLC [Member]
Investment interest rate	[4],[27]			5%
Energy: Oil & Gas [Member] | Revolving Credit Facility [Member] | Interest Rate Floor [Member] | 1888 Industrial Services, LLC [Member]
Investment interest rate	[4],[27]			1%
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | SOFR [Member] | 1888 Industrial Services, LLC [Member]
Investment interest rate	[4],[27]			5%
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan A [Member] | Interest Rate Floor [Member] | 1888 Industrial Services, LLC [Member]
Investment interest rate	[4],[27]			1%
Energy: Oil & Gas [Member] | Equity - 21,562 Class A Units [Member] | 1888 Industrial Services, LLC [Member]
Equity common units (in Shares)	[4],[27]			21,562
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | Power Stop LLC [Member]
Investment interest rate		4.75%	[1],[2],[10],[14],[15]	4.75%	[4],[5],[25]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Power Stop LLC [Member]
Investment interest rate		0.50%	[1],[2],[10],[14],[15]	0.50%	[4],[5],[25]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | First Brands Group, LLC [Member]
Investment interest rate		5%	[1],[10],[14],[15],[28]	5%	[4],[5],[29]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | First Brands Group, LLC [Member]
Investment interest rate		1%	[1],[10],[14],[15],[28]	1%	[4],[5],[29]
Automotive [Member] | Equity - 5,441 Class A Units [Member] | Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)		5,441	[2],[8],[10]	5,441	[4],[11]
Automotive [Member] | Warrants - 0.65% of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
Investment interest rate		0.65%	[2],[8],[10]	0.65%	[4],[11]
Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC [Member]
Investment interest rate	[2],[8],[10]	3.80%
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | SOFR [Member] | NGS-WCS Group Holdings [Member]
Investment interest rate	[2],[10],[15]	4.75%
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | SOFR [Member] | JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[4],[5],[25]			5.50%
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | NGS-WCS Group Holdings [Member]
Investment interest rate	[2],[10],[15]	0.50%
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[4],[5],[25]			1%
Construction & Building [Member] | 8.50% Senior Secured Notes [Member] | Innovate Corp. [Member]
Investment interest rate		8.50%	[2],[10],[14],[18]	8.50%	[4],[7],[26]
Construction & Building [Member] | Equity - 10,000,000 Units [Member] | JFL-NGS-WCS Partners, LLC [Member]
Equity common units (in Shares)		10,000,000	[2],[10]	10,000,000	[4],[11]
Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Payment In Kind [Member] | Kemmerer Operations, LLC [Member]
Investment interest rate	[2],[10]	15%
Metals & Mining [Member] | Senior Secured First Lien Term Loans One [Member] | Payment In Kind [Member] | Kemmerer Holdings, LLC [Member]
Investment interest rate	[4],[30]			15%
Metals & Mining [Member] | Equity - 31 Common Units [Member] | Kemmerer Holdings, LLC [Member]
Equity common units (in Shares)	[4],[30]			31
Services: Consumer [Member] | Interest Rate Floor [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10]	2%
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[4],[5],[25]			6.50%
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[4],[5],[25]			1%
Services: Consumer [Member] | First Lien Term Loan [Member] | SOFR [Member] | Staples, Inc. [Member]
Investment interest rate	[2],[3],[10],[14]	5.75%
Services: Consumer [Member] | First Lien Term Loan [Member] | London Interbank Offered Rates (LIBOR) [Member] | Staples, Inc. [Member]
Investment interest rate	[4],[26]			4.50%
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[2],[3],[10],[14]	5%
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[2],[10],[15]	6.50%
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[2],[3],[10],[14]	0.75%
Services: Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[2],[10],[15]	1%
Services: Consumer [Member] | First Out Term Loan [Member] | SOFR [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10]	3.50%
Services: Consumer [Member] | First Out Delayed Draw Term Loan [Member] | SOFR [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10],[24]	3.50%
Services: Consumer [Member] | First Out Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10],[24]	2%
Services: Consumer [Member] | Last Out Term Loan [Member] | SOFR [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10]	11.75%
Services: Consumer [Member] | Last Out Term Loan [Member] | Interest Rate Floor [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10]	2%
Services: Consumer [Member] | Last Out Delayed Draw Term Loan [Member] | SOFR [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10],[24]	11.75%
Services: Consumer [Member] | Last Out Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | SMC Roofing [Member]
Investment interest rate	[1],[2],[3],[10],[24]	2%
Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SOFR [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate		6.50%	[1],[2],[10],[15]	6.50%	[4],[5],[25]
Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[2],[10],[15]	1%
Services: Consumer [Member] | Senior Secured First Lien Term Loan one [Member] | SOFR [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[4],[5],[6]			5%
Services: Consumer [Member] | Senior Secured First Lien Term Loan one [Member] | Interest Rate Floor [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[4],[5],[6]			0.75%
Services: Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[4],[5],[25]			1%
Banking [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]
Equity common units (in Shares)	[2],[10],[17],[31]	206,684
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate		5%	[1],[2],[3],[10],[14]	5%	[4],[5],[6]
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate		0.50%	[1],[2],[3],[10],[14]	0.50%	[4],[5],[6]
Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SOFR [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[4],[5],[6],[23],[32]			5%
Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[4],[5],[6],[23],[32]			0.50%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[2],[9],[15],[33]	9%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[2],[10],[15],[33]	1%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SOFR [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[9],[15],[33]	9%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[9],[10],[15],[33]	1%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | SOFR [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[2],[9],[15]	9%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[2],[9],[15]	1%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | SOFR [Member] | NVTN LLC [Member]
Investment interest rate	[9],[10],[22]	12%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate	[10],[22],[34]	2%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[4],[27]			9%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[4],[27]			1%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SOFR [Member] | NVTN LLC [Member]
Investment interest rate	[10],[15],[22]	7%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate	[10],[15],[22]	2%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | SOFR [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[4],[27]			9%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[4],[27]			1%
Hotel, Gaming & Leisure [Member] | Equity - 17.92% Membership Interest [Member] | Black Angus Steakhouses, LLC [Member]
Equity common units (in Shares)	[2],[8],[10],[33]	17.92
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate		2%	[9],[10],[22]	1%	[4],[30]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
Investment interest rate	[4],[30]			12%
Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | NVTN LLC [Member]
Equity common units (in Shares)	[8],[10],[22]	1,000
Hotel, Gaming & Leisure [Member] | Equity - 1,000 Class A Units [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
Equity common units (in Shares)	[4],[30]			1,000
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate	[4],[30]			1%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
Investment interest rate	[4],[30]			4%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan One [Member] | SOFR [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[4],[27]			9%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan One [Member] | Interest Rate Floor [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[4],[27]			1%
Hotel, Gaming & Leisure [Member] | Equity - 17.92% Membership Interest One [Member] | Black Angus Steakhouses, LLC [Member]
Equity common units (in Shares)	[4],[27]			17.92
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | SOFR [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[4],[27]			9%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate	[4],[30]			1%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | Maritime Wireless Holdings LLC [Member]
Investment interest rate	[4],[27]			1%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | London Interbank Offered Rates (LIBOR) [Member] | NVTN LLC [Member]
Investment interest rate	[4],[30]			9.25%
Hotel, Gaming & Leisure [Member] | Equity - 500,000 Class A Units [Member] | Maritime Wireless Holdings LLC [Member]
Equity common units (in Shares)	[4],[27]			500,000
High Tech Industries [Member] | Equity 625,548 Class A Units [Member] | FST Holdings Parent, LLC [Member]
Equity common units (in Shares)	[2],[10],[33]	625,548
High Tech Industries [Member] | Equity - 625,548 Class A Units One [Member] | FST Holdings Parent, LLC [Member]
Equity common units (in Shares)	[4],[27]			625,548
Insurance [Member] | Equity - 100,000 Units [Member] | NSG Captive, Inc. [Member]
Equity common units (in Shares)	[8],[10],[22]	100,000
Banking, Finance, Insurance & Real Estate [Member] | First Lien Term Loan [Member] | SOFR [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[4],[5],[7],[25],[26]			2.75%
Banking, Finance, Insurance & Real Estate [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[4],[5],[7],[25],[26]			1%
Banking, Finance, Insurance & Real Estate [Member] | Equity - 117,310 Class C Preferred Units [Member] | Chimera Investment Corp. [Member]
Equity common units (in Shares)	[4],[7],[35],[36]			117,310
Banking, Finance, Insurance & Real Estate [Member] | Equity - 163,601 Class D Preferred Units [Member] | Chimera Investment Corp. [Member]
Equity common units (in Shares)	[7],[36],[37]			163,601
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],[7],[36],[38]			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],[36],[39]			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],[36],[40]			165,000
Banking, Finance, Insurance & Real Estate [Member] | Equity - 206,684 Class B Preferred Units [Member] | Rithm Capital Corp [Member]
Equity common units (in Shares)	[4],[36],[41]			206,684
Banking, Finance, Insurance & Real Estate [Member] | Equity - 226,107 Common Units [Member] | Franklin BSP Realty Trust, Inc. [Member]
Equity common units (in Shares)	[4],[7],[36]			226,107
Banking, Finance, Insurance & Real Estate [Member] | Equity 29,500 Common Units [Member] | PennyMac Financial Services, Inc. [Member]
Equity common units (in Shares)	[4],[7],[36]			29,500
Banking, Finance, Insurance & Real Estate [Member] | 7.875% Senior Secured Note [Member] | PHH Mortgage Corp. [Member]
Investment interest rate	[4],[26]			7.875%
High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | SOFR [Member] | DataOnline Corp. [Member]
Investment interest rate	[4],[5],[6]			5.50%
High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | DataOnline Corp. [Member]
Investment interest rate	[4],[5],[6]			1%
High Tech Industries [Member] | Revolving Credit Facility [Member] | SOFR [Member] | DataOnline Corp. [Member]
Investment interest rate	[4],[5],[6]			5.50%
High Tech Industries [Member] | Revolving Credit Facility [Member] | Interest Rate Floor [Member] | DataOnline Corp. [Member]
Investment interest rate	[4],[5],[6]			1%
Consumer goods: Non-durable [Member] | Equity - 3.8% Membership Interest [Member] | Global Accessories Group, LLC One [Member]
Investment interest rate	[4],[11]			3.80%
Retail [Member] | Equity - 700,000 Class A Preferred Units [Member] | SMART Financial Operations, LLC [Member]
Equity common units (in Shares)	[4],[11]			700,000
[1] Credit Spread Adjustment (“CSA”) 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 (“$”) unless otherwise noted. The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2024 was 5.32%. All of our investments are domiciled in the United States. Certain investments also have international operations. Credit Spread Adjustment (“CSA”) The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.27%. The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2023, non-qualifying assets represented 20.21% of total assets. Non-income producing security. The investment was on non-accrual status as of June 30, 2024. Non-income producing security. The investment was on non-accrual status as of September 30, 2023. Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted. This investment represents a Level 2 security in the ASC 820 table as of June 30, 2024 (see Note 4). The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2024 was 5.34% The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025. This investment represents a Level 1 security in the ASC 820 table as of June 30, 2024 (see Note 4). 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, 2024, non-qualifying assets represented 18.95% of total assets. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.29% spread on 9/27/2027. 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. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.429% spread on 1/15/2025. 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. The investment has an unfunded commitment as of September 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 commitment. The investment has an unfunded commitment as of June 30, 2024 (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. The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%. This investment represents a Level 2 security in the ASC 820 table as of September 30, 2023 (see Note 4). Affiliated Investments are defined by Investment Company Act of 1940 Act, as amended (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. The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2024 was 5.25%. The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.17%. 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. 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. This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2023, and is recorded as a component of interest income on the Consolidated Statements of Operations. 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. The interest rate on these loans is subject to the monthly Applicable Federal Rate, which as of June 30, 2024 was 5.01%. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025. This investment represents a Level 1 security in the ASC 820 table as of September 30, 2023 (see Note 4). The interest rate on this investment is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.379% spread on 3/30/2024. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.29% spread on 9/27/2027. 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. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.429% spread on 1/15/2025. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024.

Organization

Organization	9 Months Ended
	Jun. 30, 2024
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 was a wholly owned subsidiary of Medley LLC, which was controlled by Medley Management Inc. (OTCM: MDLM), a publicly traded asset management firm, which in turn was 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, MDLM, 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, 2024
Significant 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-Q and Article 10 of Regulation S-X of the Securities Act of 1933. 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, 2023. 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, 2024. 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, 2024 and September 30, 2023, we had $8.9 million and $6.0 million in cash and cash equivalents, respectively, none of which is restricted. Debt Issuance Costs and Deferred Financing Costs Debt issuance costs, incurred in connection with unsecured notes (see Note 5) are deferred and amortized over the life of the respective instrument. Deferred financing costs related to the issuance of revolving debt obligations (see Note 5) are deferred and amortized over the life of the respective obligation. Debt issuance costs related to any unsecured notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities. Deferred financing costs related to any credit facilities are presented 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, 2024, the Company earned approximately $0.6 million and $1.0 million in PIK interest, respectively. 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. 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. Other income includes fees for providing managerial assistance to our portfolio companies and is recognized as revenue when earned. For the three and nine months ended June 30, 2024, fee income was approximately $0.4 million and approximately $0.5 million, respectively (see Note 9). 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). 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 using the specific identification method, without regard to unrealized gains or losses previously recognized. No realized losses relating to restructuring transactions occurred during the three and nine months ended June 30, 2024 and 2023. No realized gains relating to restructuring transactions occurred during the three months ended June 30, 2024. Realized gains relating to restructuring transactions that occurred during the nine months ended June 30, 2024 were $6.9 million. No realized gains relating to restructuring transactions occurred during the three and nine months ended June 30, 2023. The Company reports changes in fair value of investments as 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, 2024, certain investments in three portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $3.3 million, or 1.4% of the fair value of our portfolio. At September 30, 2023, certain investments in four portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $6.5 million, or 2.9% 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. 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 pandemics, wars or other events 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. 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. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which applies to all equity securities measured at fair value that are subject to contractual sale restrictions. This change prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. The standard will become effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company will assess any impact from the adoption of this guidance if such transactions occur in the future. Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying Consolidated Financial Statements. Federal Income Taxes The Company has elected, and intends to continue 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, 2024 and September 30, 2023. 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, 2024 and September 30, 2023, 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, 2024 and 2023, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of June 30, 2024 and September 30, 2023, the Company had a deferred tax asset of $20.6 $20.6 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, 2024. 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, 2024
Investments [Abstract]
Investments	Note 3. Investments The composition of our investments as of June 30, 2024 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 130,842 48.2 % $ 117,200 50.2 % Senior Secured Notes 22,917 8.5 23,029 9.9 Fund Investment 1,027 0.4 807 0.3 Equity/Warrants 116,328 42.9 92,645 39.6 Total Investments $ 271,114 100.0 % $ 233,681 100.0 % The composition of our investments as of September 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 $ 139,103 52.5 % $ 103,004 45.6 % Senior Secured Notes 9,512 3.6 8,922 3.9 Fund Investment 1,027 0.4 792 0.3 Equity/Warrants 115,369 43.5 113,743 50.2 Total Investments $ 265,011 100.0 % $ 226,461 100.0 % 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, 2024 and September 30, 2023, the total fair value of warrants was $98.4 thousand and $206.5 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, 2024, the Company did not acquire any additional warrants in an existing portfolio company. 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. For the three and nine months ended June 30, 2024, there was $34.8 thousand and $108.1 thousand, respectively, in unrealized depreciation related to warrants and was recorded on the Consolidated Statements of Operations as net unrealized appreciation/(depreciation) on investments. For the three and nine months ended June 30, 2023, there was $194.4 thousand and $404.6 thousand, respectively, in unrealized appreciation related to warrants. 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, 2024 (dollars in thousands): Fair Value Percentage Real Estate $ 52,967 22.7 % Services: Business 45,264 19.4 Services: Consumer 29,967 12.8 Hotel, Gaming & Leisure 25,659 11.0 Construction & Building 16,085 6.9 Automotive 12,479 5.3 High Tech Industries 11,161 4.8 Metals & Mining 9,154 3.9 Media: Broadcasting & Subscription 7,528 3.2 Consumer Discretionary 6,784 2.9 Banking 6,007 2.6 Energy: Oil & Gas 4,338 1.9 Packaging 3,527 1.5 Aerospace & Defense 2,661 1.1 Insurance 100 - Total $ 233,681 100.0 % The following table shows the portfolio composition by industry grouping at fair value at September 30, 2023 (dollars in thousands): Fair Value Percentage Services: Business $ 47,083 20.7 % Banking, Finance, Insurance & Real Estate 43,755 19.3 Hotel, Gaming & Leisure 34,158 15.1 Services: Consumer 18,292 8.1 High Tech Industries 15,472 6.8 Construction & Building 14,676 6.5 Metals & Mining 12,517 5.5 Media: Broadcasting & Subscription 11,665 5.2 Automotive 9,520 4.2 Consumer Discretionary 6,920 3.1 Energy: Oil & Gas 5,384 2.4 Packaging 3,396 1.5 Aerospace & Defense 2,645 1.2 Retail 978 0.4 Total $ 226,461 100.0 % 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, 2024 (dollars in thousands): Fair Value Percentage Northeast $ 90,456 38.7 % Southeast 61,804 26.3 Midwest 35,217 15.1 West 32,717 14.0 Southwest 2,931 1.3 Mid-Atlantic 375 0.2 International 10,181 4.4 Total $ 233,681 100.0 % The following table shows the portfolio composition by geographic location at fair value at September 30, 2023 (dollars in thousands): Fair Value Percentage Northeast $ 92,081 40.7 % Southeast 60,116 26.5 Midwest 32,782 14.5 West 25,608 11.3 Southwest 7,661 3.4 Mid-Atlantic 201 0.1 International 8,012 3.5 Total $ 226,461 100.0 % 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, 2024 and 2023 were as follows: Name of Investment (1)(2) Type of Investment Fair Value at Purchases/(Sales) of or Transfers In/(Out) Unrealized Realized Fair Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ 751,479 $ (1,096,561 ) $ (196,411 ) $ 439,778 $ 101,715 $ - $ 48,327 Senior Secured First Lien Term Loan A - - - 9,473,068 (9,473,068 ) - - Revolving Credit Facility 4,632,177 (5,112,074 ) - - 479,897 - 158,674 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 875,749 - - - - 875,749 - Senior Secured First Lien Term Loan 1,459,249 - - (1,008,883 ) - 450,366 - Senior Secured First Lien Super Priority DDTL 1,920,960 - - - - 1,920,960 - FST Holdings Parent, LLC Equity 10,000,003 - - 1,160,749 - 11,160,752 - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan B 7,500,000 (7,373,166 ) - (126,834 ) - - 535,857 Equity 10,150,000 (11,900,000 ) - (5,150,000 ) 6,900,000 - - Total Affiliated Investments $ 37,289,617 $ (25,481,801 ) $ (196,411 ) $ 4,787,878 $ (1,991,456 ) $ 14,407,827 $ 742,858 Name of Investment (1)(2) Type of Investment Fair Value at Purchases/(Sales) of or Transfers In/(Out) Unrealized Realized Fair Earned Income Controlled Investments ECC Capital Corp. Senior Secured Promissory Note - 10,422,012 - - - 10,422,012 482,173 Equity - 4,251,084 - (1,311,084 ) - 2,940,000 - FlexFIN, LLC Equity Interest 38,870,711 (4,162,202 ) - - - 34,708,509 3,216,298 Kemmerer Operations, LLC Senior Secured First Lien Term Loan 3,383,877 5,769,816 (9,153,693 ) - - - 268,831 Equity 9,133,052 (10,378,988 ) - (7,296,895 ) 8,542,831 - - NSG Captive, Inc. Equity - 100,000 - - - 100,000 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,214,856 (1,693,577 ) - (21,279 ) - 5,500,000 868,449 Senior Secured First Lien Term Loan B 5,037,547 - - 11,874,210 - 16,911,757 214,286 Equity - 11,900,000 - (11,900,000 ) - - - Total Controlled Investments $ 63,640,043 $ 16,208,145 $ (9,153,693 ) $ (8,655,048 ) $ 8,542,831 $ 70,582,278 $ 5,050,037 Name of Investment (1)(2) Type of Investment Fair Value at Purchases/(Sales) of or Transfers In/(Out) Unrealized Realized Fair Earned Income 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 Value at Purchases/(Sales) of or Transfers In/(Out) 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 (1) The par amount and additional detail are shown in the Consolidated Schedules of Investments. (2) Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward. 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, 2024 and 2023. 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, 2024 and 2023. 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, for which the Company owned 50%, that is deemed to be a “significant subsidiary” as of June 30, 2024 for which summarized financial information is presented below (dollars in thousands): Balance Sheet June 30, September 30, 2023 Total Assets $ 35,909 $ 38,871 Total Liabilities 1,935 279 Income Statement For the Nine For the Total Income $ 3,324 $ 4,385 Total Expenses 614 815 Net Income $ 2,710 $ 3,570

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2024
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 quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ● Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. 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, 2024 (dollars in thousands): Fair Value Hierarchy as of Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 45,955 $ 71,245 $ 117,200 Senior Secured Notes - 12,607 10,422 23,029 Equity/Warrants 32,927 - 59,718 92,645 Total $ 32,927 $ 58,562 $ 141,385 $ 232,874 Investments measured at net asset value (1) 807 Total Investments, at fair value $ 233,681 (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, 2023 (dollars in thousands): Fair Value Hierarchy as of Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 20,505 $ 82,499 $ 103,004 Senior Secured Notes - 8,922 - 8,922 Equity/Warrants 24,709 6,217 82,817 113,743 Total $ 24,709 $ 35,644 $ 165,316 $ 225,669 Investments measured at net asset value(1) 792 Total Investments, at fair value $ 226,461 (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 provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended June 30, 2024 (dollars in thousands): Senior Secured Senior Secured Equities/ Total Balance as of September 30, 2023 $ 82,499 $ - $ 82,817 $ 165,316 Purchases and other adjustments to cost 28,457 34,000 42,293 104,750 Sales (including repayments or maturities) (29,587 ) (23,578 ) (57,701 ) (110,866 ) Net realized gains/(losses) from investments (8,785 ) - 15,747 6,962 Net unrealized gains/(losses) 22,220 - (23,438 ) (1,218 ) Transfer in/(out) (23,559 ) - - (23,559 ) Balance as of June 30, 2024 $ 71,245 $ 10,422 $ 59,718 $ 141,385 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 Senior Secured Unsecured Equities/ Fund 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 Net change in unrealized gain (loss) for the nine months ended June 30, 2024 and 2023 included in earnings related to Level 3 investments still held as of June 30, 2024 and 2023 was approximately $2.1 million and $7.4 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, 2024, five investments were transferred out of Level 3. During the nine months ended June 30, 2023, no investments were transferred in or out of Level 3. The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of June 30, 2024 (dollars in thousands): Fair Value Valuation Unobservable Range Impact to Senior Secured First Lien Term Loans $ 59,588 Income Approach Market Yield 3.3% - 42.5% (16.9%) Decrease Senior Secured First Lien Term Loans 7,062 Recent Purchase Purchase Price N/A N/A Senior Secured First Lien Term Loans 4,245 Market Approach EBITDA Multiple 3.3x - 8.3x (4.7x) Increase Senior Secured First Lien Term Loans 350 Cost Approach Collateral Value N/A N/A Senior Secured Notes 10,422 Recent Purchase Purchase Price N/A N/A Equity/Warrants 34,708 Cost Approach Collateral Value N/A N/A Equity/Warrants 24,812 Market Approach EBITDA Multiple 1.0x - 10.8x (8.7x) Increase Equity/Warrants 100 Recent Purchase Purchase Price N/A N/A Equity/Warrants 98 Income Approach DLOM (Discount for lack of Marketability) 26.0%-31.0% (28.5%) Decrease Total $ 141,385 The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2023 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 69,943 Income Approach Market Yield 8.50% - 32.0% (13.78%) Decrease Senior Secured First Lien Term Loans 751 Market Approach Revenue Multiple 0.3x - 0.3x (0.3x) Increase Senior Secured First Lien Term Loans 10,939 Market Approach EBITDA Multiple 1.7x - 5.0x (3.1x) Increase Senior Secured First Lien Term Loans 866 Market Approach LTM EBITDA Multiple 5.8x - 6.8x (6.3x) Increase Equity/Warrants 38,870 Cost Approach Collateral Value N/A N/A Equity/Warrants 11,734 Market Approach LTM Multiple 5.8x - 6.8x (6.3x) Increase Equity/Warrants 22,007 Market Approach EBITDA Multiple 1.8x - 36.8x (2.8x) Increase Equity/Warrants 10,000 Recent Purchase Purchase Price N/A N/A Equity/Warrants 206 Income Approach DLOM (Discount for lack of Marketability) 3.0x - 3.2x (3.1x) Decrease Total $ 165,316 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, 2024 and September 30, 2023, the Company deemed the contingent consideration to be uncollectible and has been recorded at $0.

Borrowings

Borrowings	9 Months Ended
	Jun. 30, 2024
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% of asset coverage, 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 requested or obtained and the Company is still subject to the 200% requirement. As of June 30, 2024 and September 30, 2023, the Company’s asset coverage was 277.8% and 270.7%, 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, 2024 and September 30, 2023 were as follows (dollars in thousands): June 30, 2024 September 30, 2023 Aggregate Principal (1) Principal Amount Carrying Value Fair Value Aggregate Principal (1) Principal Amount Carrying Value Fair Value 2028 Notes $ 57,500 $ 57,500 $ 56,061 $ 51,957 $ 57,500 $ 57,500 $ 55,811 $ 49,105 2028 Promissory Note 1,661 1,661 1,661 1,661 - - - - Revolving Credit Facility 34,927 27,573 27,573 27,573 21,558 28,442 28,442 28,442 Total debt $ 94,088 $ 86,734 $ 85,295 $ 81,191 $ 79,058 $ 85,942 $ 84,253 $ 77,547 (1) For the 2028 Notes and 2028 Promissory Note, this represents the total principal amount and for the Revolving Credit Facility, this represents the undrawn principal amount. 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, 2024, the Company was in compliance in all respects with the terms of the Credit Facility. As of June 30, 2024 and September 30, 2023, there was $27.6 million and $28.4 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”). On February 21, 2024 (the “Effective Date”), in order to increase the size of the Credit Facility, the parties to the Credit Facility amended the terms of the Credit Facility, effective as of the Effective Date (the “Amendment”). The Amendment increased the principal amount of loan available under the Credit Facility by $12.5 million to $62.5 million. All other material terms of the Credit Facility remain unchanged. Unsecured Notes 2023 Notes On March 18, 2013, the Company issued $60.0 million in aggregate principal amount of 6.125% unsecured notes that matured 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” or 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. 2028 Promissory Note On May 2, 2024, the Company issued a 5.25% note due November 1, 2028 in the principal amount of $1,661,498 to National Security Insurance Company (the “2028 Promissory Note”). The financial terms of the note are substantially the same as 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 2028 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date. As of June 30, 2024 and September 30, 2023, the Notes are deemed to be Level 1 in the fair value hierarchy, as defined in Note 4. As of June 30, 2024 and September 30, 2023, the 2028 Promissory Note is deemed to be Level 3 in the fair value hierarchy, as defined in Note 4. As of June 30, 2024 and September 30, 2023, the Credit Facility is deemed to be Level 3 in the fair value hierarchy, as defined in Note 4. Debt issuance costs related to the 2028 Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of and the 2028 Notes. As of June 30, 2024 and September 30, 2023, debt issuance costs related to the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): For the nine months ended For the year ended June 30, 2024 September 30, 2023 2023 Notes 2028 Notes Total 2023 Notes 2028 Notes Total Total debt issuance costs at beginning of period $ - $ 1,689 $ 1,689 $ 39 $ 2,020 $ 2,059 Amortized debt issuance costs - 249 249 39 331 370 Unamortized debt issuance costs $ - $ 1,440 $ 1,440 $ - $ 1,689 $ 1,689 For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, amortized debt issuance costs, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the 2023 Notes, the 2028 Notes and the Credit Facility were as follows (dollars in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 2023 Notes Interest $ - $ - - $ 820 2028 Notes Interest 756 772 2,264 1,894 Credit facility interest 739 477 1,930 830 Commitment fees 17 - 48 - Amortization of Credit Facility deferred financing costs 127 83 340 199 Amortization of debt issuance costs 83 83 249 287 Total $ 1,722 $ 1,415 4,831 $ 4,030 Weighted average stated interest rate 6.4 % 6.0 % 6.3 % 5.8 % Weighted average debt outstanding $ 94,127 $ 83,061 $ 88,660 $ 81,227

Agreements

Agreements	9 Months Ended
	Jun. 30, 2024
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. 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 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 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, 2024, we incurred approximately $0.1 million and $0.2 million in administrator expenses, respectively. For the three and nine months ended June 30, 2023, we incurred approximately $0.1 million and $0.2 million in administrator expenses, respectively. As of June 30, 2024 and September 30, 2023, $0.1 million and $0.0 million was included in “administrator expenses payable” in the accompanying Consolidated Statements of Assets and Liabilities. 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 October 1, 2021 and ending on September 30, 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 October 1, 2022 and ending on September 30, 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. In December 2023, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on October 1, 2023 and ending on September 30, 2026 (the “2024 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of their 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 the 2022 LTIP Plan, 2023 LTIP Plan, and the 2024 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, 2024, the Company recorded an expense of $684,735 and $1,494,425, respectively, for these awards. During the three and nine months ended June 30, 2023, the Company recorded an expense of $159,000 and $159,000, respectively, for these awards.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions During the nine months ended June 30, 2024, the Company entered into a related party transaction with NVTN LLC whereby the $11.9 million of equity of Wireless Maritime Services was transferred to NVTN LLC. Due from/to Affiliates Due from affiliates at June 30, 2024 and September 30, 2023 consists of certain legal and general and administrative expenses paid by the Company on behalf of certain of its affiliates. Due to affiliates at June 30, 2024 and September 30, 2023 consists of certain expenses payable by the Company to certain of its affiliates.

Commitments

Commitments	9 Months Ended
	Jun. 30, 2024
Commitments [Abstract]
Commitments	Note 8. Commitments Unfunded commitments As of June 30, 2024 and September 30, 2023, we had commitments under loan and financing agreements to fund up to $2.9 million to three portfolio companies and $3.4 million to four portfolio companies, respectively. These commitments are primarily composed of senior secured delayed draw term loans and revolvers, and the determination of their fair value is included in the Consolidated Schedules 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, 2024 and September 30, 2023 is shown in the table below (dollars in thousands): June 30, September 30, Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan $ - $ 517 NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan - 220 SMC Roofing - First Out Delayed Draw Term Loan 57 - SMC Roofing - Last Out Delayed Draw Term Loan 246 - Deer Management Systems LLC - Senior Secured First Lien Delayed Draw Term Loan 600 600 Tamarix Capital Partners II, L.P. - Fund Investment 2,038 2,038 Total unfunded commitments $ 2,941 $ 3,375 Contingencies In December 2023, the Company established a subsidiary to serve as a regulated insurance company. The Company purchased 100,000 shares of the subsidiary’s common stock for a purchase price of $1.00 per share on February 8, 2024. This subsidiary also entered into a merger agreement pursuant to which it agreed to acquire a controlling interest in VR Insurance SPV, LLC, a company primarily engaged in the insurance business through its subsidiaries (“VR”), and to provide additional capital to such company. The Company’s total investment in the insurance subsidiary and VR is expected to approximate $49 million. The merger transaction is presently expected to close during 2024, subject to various closing conditions, including insurance regulatory approvals. 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, 2024 and September 30, 2023, the asset related to the operating lease was $353,366 and $449,815, respectively, and is included in the Other assets balance on the Consolidated Balance Sheet. As of June 30, 2024 and September 30, 2023, the lease liability was $327,045 and $432,698, respectively, and is included in the Other liabilities balance on the Consolidated Statements of Assets and Liabilities. As of June 30, 2024 and September 30, 2023, the remaining lease term was approximately two years and three years, respectively 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, 2024: For the Years Ended September 30, Amount 2024 $ 41,159 2025 156,971 2026 161,680 2027 27,417 Thereafter - 387,227 Difference between undiscounted and discounted cash flows (60,182 ) $ 327,045

Fee Income

Fee Income	9 Months Ended
	Jun. 30, 2024
Fee Income [Abstract]
Fee Income	Note 9. Fee Income Fee income consists of 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, 2024 and 2023 (dollars in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 Prepayment fee $ - $ - $ - $ - Administrative agent fee - - 75 169 Amendment fee - - - - Other fees 375 94 379 170 Fee income $ 375 $ 94 $ 454 $ 339

Directors Fees

Directors Fees	9 Months Ended
	Jun. 30, 2024
Directors Fees [Abstract]
Directors Fees	Note 10. Directors Fees For each of calendar years 2021 and 2022, the Company’s independent directors each received an annual fee of $100,000. In addition, the lead independent director received an annual retainer of $30,000; the chair of the Audit Committee received an annual retainer of $25,000, and each of its other members received an annual retainer of $12,500; and the chairs of the Nominating and Corporate Governance Committee and of the Compensation Committee each received an annual retainer of $15,000 and each of the other members of these committees received annual retainers of $8,000. The Company’s independent directors also received a fee of $3,000 for each board meeting and $2,500 for each committee meeting that they attended. From January 1, 2023 through April 30, 2023, the independent directors were subject to the foregoing fee structure. Effective May 1, 2023, the structure was modified such that each of the Company’s independent directors receives 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 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, 2024, the Company recognized $0.2 million and $0.6 million for directors’ fees expense, respectively. 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.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jun. 30, 2024
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, 2024. 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, 2024 and 2023 (amounts in thousands, except shares and per share amounts): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 2,609 $ 8,917 $ 12,515 $ 19,577 Weighted average shares of common stock outstanding - basic and diluted 2,019,786 2,090,691 2,047,127 2,095,591 Earnings (loss) per share of common stock - basic and diluted $ 1.29 $ 4.26 $ 6.11 $ 9.34

Financial Highlights

Financial Highlights	9 Months Ended
	Jun. 30, 2024
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, 2024 and 2023: For the Nine Months Ended June 30, 2024 2023 Per share data Net Asset Value per share at Beginning of Period $ 70.75 $ 57.49 Results of Operations: Net Investment Income/(Loss) 2.08 2.22 Net Realized Gain/(Loss) on Investments 3.49 (1.02 ) Net Unrealized Gain/(Loss) on Investments 0.54 8.14 Net Increase (Decrease) in Net Assets Resulting from Operations 6.11 9.34 Capital Share Transactions Distributions declared (1.31 ) - Repurchase of common stock under stock repurchase program (8) 0.80 0.18 Net Increase (Decrease) Resulting from Capital Share Transactions (0.51 ) 0.18 Net Asset Value per share at End of Period $ 76.35 $ 67.01 Net Assets at End of Period $ 154,203,403 $ 139,954,664 Shares Outstanding at End of Period 2,019,778 2,088,589 Per share market value at end of period $ 46.77 $ 38.00 Total return based on market value (1) 26.86 % 8.94 % Total return based on net asset value (2) 6.91 % 16.56 % Portfolio turnover rate 37.90 % 20.33 % Ratios: Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements (3) 3.76 % 4.94 % Ratio of total expenses to average net assets (3) 10.90 % 10.45 % Supplemental Data: Percentage of non-recurring fee income (4) 2.73 % 2.35 % Average debt outstanding (5) $ 88,660,220 $ 81,227,306 Average debt outstanding per weighted average common share $ 43.31 $ 38.85 Asset coverage ratio per unit (6) $ 2,778 $ 2,632 Senior Securities Outstanding (7) 2028 Notes $ 57,500,000 $ 57,500,000 2028 Promissory Note $ 1,661,498 $ - Credit Facility $ 27,572,953 $ 28,241,941 (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 at prices obtained under the Company's dividend reinvestment plan, and no sales charges for the period. Calculation is not annualized. (3) Ratios are annualized during interim periods. (4) Represents the impact of the non-recurring fees as a percentage of total investment income. (5) Based on daily weighted average carrying value of debt outstanding during the period. (6) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. As of June 30, 2024, the Company’s asset coverage was 277.8% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act. (7) Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs. (8) The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the repurchase of common stock because of the timing of repurchase of the Company’s shares.

Dividends

Dividends	9 Months Ended
	Jun. 30, 2024
Dividends [Abstract]
Dividends	Note 13. Dividends Any dividends and distributions to common stockholders are recorded on the ex-dividend date. Any amounts to be paid out as a dividend are 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. On May 9, 2024, the Board of Directors declared a special dividend of $1.31 per share. This dividend was paid on June 10, 2024 to stockholders of record as of May 27, 2024. The dividends declared during the three and nine months ended June 30, 2024 were derived from net investment income, determined on a tax basis. The Company did not declare any distribution payments during the three and nine months ended June 30, 2023.

Share Transactions

Share Transactions	9 Months Ended
	Jun. 30, 2024
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 703,931 shares of common stock through June 30, 2024 with a total cost of approximately $28.1 million, or 25.8% of shares outstanding as of the program’s inception. The total remaining amount authorized under the expanded share repurchase program is approximately $6.9 million. The following table sets forth the number of shares of common stock repurchased by the Company at an average price of $39.93 per share under its share repurchase program from February 10, 2021 through June 30, 2024: 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 - $34.89 491,469 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 $36.40 - $37.23 25,864 August 2022 3,081 $28.24 - $37.70 112,456 September 2022 91,508 $36.80 - $37.50 3,443,845 October 2022 701 $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 $36.53 - $36.53 3,658 June 2023 2,300 $33.63 - $38.76 85,556 August 2023 14,751 $36.98 - $39.41 575,728 September 2023 125 $38.11 - $38.11 4,772 November 2023 475 $37.03 - $37.78 17,825 December 2023 12,748 $37.53 - $41.03 520,749 March 2024 40,000 $45.00 - $45.00 1,801,205 April 2024 700 $43.73 - $43.73 30,637 May 2024 12 $44.79 - $44.79 543 Total 703,931 $ 28,108,445 During the nine months ended June 30, 2024, 54,048 shares were transferred into treasury, including 125 shares that were repurchased during the year ended September 30, 2023 and transferred into treasury during the nine months ended June 30, 2024. As of June 30, 2024, there were 12 shares that were not yet transferred into treasury.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2024
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. On August 5, 2024 (the “Second Amendment Effective Date”), in order to increase the size of the Credit Facility, the parties to the Credit Facility amended the Credit Facility, effective as of the Second Amendment Effective Date (the “Second Amendment”). The Second Amendment increased the principal amount of loan available under the Credit Facility by $25 million to $87.5 million. All other material terms of the Credit Facility remain unchanged. 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, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,710	$ 3,570

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

N-2

N-2 - $ / shares	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022
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]
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, 2023, filed with the SEC on December 22, 2023, 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 three and nine months ended June 30, 2024 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 have internalized our operating structure, including our management and investment functions, with the expectation that we will be able to operate more efficiently with lower costs, but this may not be the case. On November 18, 2020, the board of directors approved adoption of an internalized management structure, which we have operated under effective January 1, 2021. There can be no assurances that internalizing our management structure will be and remain beneficial to us and our stockholders, as we may incur the costs and experience the risks discussed below, and we may not be able to effectively replicate the services previously provided to us by our former investment adviser and administrator. While we no longer bear the costs of the various fees and expenses we previously paid under the investment management and administration agreements with our previous adviser and administrator, we have other significant direct expenses. These include general and administrative costs, legal, accounting and other governance expenses and costs and expenses related to managing our portfolio. Certain of these costs may be greater during the early stages of the transition process. We also incur the compensation and benefits costs of our officers and other employees and consultants. In addition, we may be subject to potential liabilities commonly faced by employers, such as workers disability and compensation claims, potential labor disputes and other employee-related liabilities and grievances. We may also experience operational disruptions resulting from the transition from external to internal management, and we could fail to effectively manage our internalization over the longer term, all of which could adversely affect our performance. If the expenses we incur as an internally-managed company are higher than the expenses we would have paid and/or reimbursed under the externally-managed structure, our earnings per share may be lower and our share value could suffer. As an internally managed BDC, we are dependent upon our management team and other professionals, and if we are not able to hire and retain qualified personnel, we will not realize the anticipated benefits of the internalization. Our ability to achieve our investment objectives and to make distributions to our stockholders depends upon the performance of our management team and professionals. We may experience difficulty identifying, engaging and retaining management, investment and general and administrative personnel with the necessary expertise and credit-related investment experience. As an internally managed BDC, our ability to offer more competitive and flexible compensation structures, such as offering both a profit-sharing plan and an equity incentive plan, is subject to the limitations imposed by the 1940 Act, which could limit our ability to attract and retain talented investment management professionals. If we are unable to attract and retain highly talented professionals for the internal management of our Company, we will not realize the anticipated benefits of the internalization, and the results of our operation could deteriorate. We may suffer credit and capital losses. Private debt in the form of secured loans to corporate and asset-based borrowers is highly speculative and involves a high degree of risk of credit loss, and therefore an investment in our securities may not be suitable for someone with a low tolerance for risk. These risks are likely to increase during an economic recession, such as the economic recession or downturn that the United States and many other countries have recently experienced or are experiencing. Because we use borrowed funds to make investments or fund our business operations, we are exposed to risks typically associated with leverage which increase the risk of investing in us. We have borrowed funds, including through the issuance of $57.5 million in aggregate principal amount of 5.25% unsecured notes due November 1, 2028 (the “Notes” or the “2028 Notes”) to leverage our capital structure, which is generally considered a speculative investment technique. In addition, on December 15, 2022, the Company entered into a 3-year $50.0 million revolving credit facility (the “Credit Facility”) with Woodforest Bank, N.A. (“Woodforest”), Valley National Bank, and Axiom Bank, (collectively, the “Lenders”), which was amended on February 21, 2024 to increase the principal amount of loan available under the Credit Facility by $12.5 million to $62.5 million. As a result: ● our common stock may be exposed to an increased risk of loss because a decrease in the value of our investments may have a greater negative impact on the value of our common stock than if we did not use leverage; ● if we do not appropriately match the assets and liabilities of our business, adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of any leverage; ● our ability to pay distributions on our common stock may be restricted if our asset coverage ratio with respect to each of our outstanding senior securities representing indebtedness and our outstanding preferred shares, as defined by the 1940 Act, is not at least 200% and any amounts used to service indebtedness or preferred stock would not be available for such distributions; ● any credit facility to which we became a party may be subject to periodic renewal by our lenders, whose continued participation cannot be guaranteed; ● any credit facility to which we became a party may contain covenants restricting our operating flexibility; ● we, and indirectly our stockholders, bear the cost of issuing and paying interest or dividends on such securities; and ● any convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common shares. Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue debt securities or preferred stock and/or borrow money from banks and other financial institutions, which we collectively refer to as “senior securities”, only in amounts such that our asset coverage ratio equals at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) after each issuance of senior securities. For a discussion of the terms of the Notes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources.” As of June 30, 2024, the Company’s asset coverage was 277.8% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. The lack of liquidity in our investments may adversely affect our business. We anticipate that our investments generally will be made in private companies. Substantially all of these securities will be subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding such portfolio company. A substantial portion of our portfolio investments will be recorded at fair value as determined in good faith by our valuation designee under the oversight of our board of directors and, as a result, there may be uncertainty regarding the value of our portfolio investments. The debt and equity securities in which we invest for which market quotations are not readily available will be valued at fair value as determined in good faith by our Chief Financial Officer, the Company’s valuation designee, under the oversight of our board of directors. Most of our investments (other than cash and cash equivalents) will be classified as Level 3 under Accounting Standards Codification Topic 820 - Fair Value Measurements and Disclosures. This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. We expect that inputs into the determination of fair value of our portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus 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 disclaimers materially reduces the reliability of such information. We have retained the services of independent valuation firms to review the valuation of various loans and securities. The types of factors that we may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such loans and securities. We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We also have not adopted any policy restricting the percentage of our assets that may be invested in a single portfolio company. To the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our income tax diversification requirements under Subchapter M of the Code, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies. (Note our significant investment in our affiliate FlexFIN – see Risks Related to our Investments). We are exposed to risks associated with changes in interest rates. Interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. A reduction in the interest rates on new investments relative to interest rates on current investments could also have an adverse impact on our net interest income. Further increases in interest rates could decrease the value of any investments we hold which earn fixed interest rates and also could increase our interest expense, thereby decreasing our net income. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Loans under our Credit Facility and the financial credit we extend to our portfolio companies bear interest based on SOFR, but experience with SOFR based loans is limited. Loans under our current Credit Facility bear interest at a rate based upon the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. Also, the secured terms loans that we make to our portfolio companies and the secured notes of our portfolio companies in which we invest bear interest at SOFR based rates. Previously, our credit facilities and our debt investments in portfolio companies bore interest at U.S dollar London Interbank Overnight (USD LIBOR) rates. ICE Benchmark Administration, the authorized and regulated administrator of LIBOR, ended publication of the one-week and two-month USD LIBOR tenors on December 31, 2021, and ended publication of the remaining USD LIBOR tenors on June 30, 2023. The Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was enacted in March 2022 to permit financing agreements that contain a LIBOR-based benchmark without adequate “fallback provisions” to be automatically replaced by a benchmark recommended by the Federal Reserve. In January 2023, the Federal Reserve adopted a final rule implementing the LIBOR Act that, among other things, identifies the applicable SOFR-based benchmark replacements under the LIBOR Act. SOFR is considered to be a risk-free rate, and USD LIBOR was a risk weighted rate. Thus, SOFR tends to be a lower rate than USD LIBOR, because SOFR does not contain a risk component. This difference may negatively impact our net interest margin of our investments. Also, the use of SOFR based rates is relatively new, and experience with SOFR based rate loans is limited. There could be unanticipated difficulties or disruptions with the calculation and publication of SOFR based rates. This could result in increased borrowing costs for the Company or could adversely impact the interest income we receive from our portfolio companies or the market value of the financial obligations that are due to us from our portfolio companies. Because we use debt to finance various investments, changes in interest rates will affect our cost of capital and net investment income. Because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we use our existing debt to finance our investments. In periods of rising interest rates, such as the current period we are in, our cost of funds will increase to the extent we access any credit facility with a floating interest rate, which could reduce our net investment income to the extent any debt investments have fixed interest rates. We expect that our long-term fixed-rate investments will be financed primarily with issuances of equity and long-term debt securities. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. You should also be aware that, to the extent we make floating debt investments, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. If our investments are not managed effectively, we may be unable to achieve our investment objective. Our ability to achieve our investment objective will depend on our ability to manage our business, which will depend on the internalized management team. Accomplishing this result is largely a function of the internalized management team’s ability to provide quality and efficient services to us. They may also be required to provide managerial assistance to our portfolio companies. These demands on their time may distract them or slow our rate of investment. Any failure to manage our business effectively could have a material adverse effect on our business, financial condition and results of operations. We may experience fluctuations in our periodic operating results. We could experience fluctuations in our periodic operating results due to a number of factors, including the interest rates payable on the debt securities we acquire, the default rate on such securities, the performance of our portfolio companies, the level of our expenses (including the interest rates payable on our borrowings), the dividend rates payable on preferred stock we issue, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. Any failure on our part to maintain our status as a BDC could reduce our operating flexibility. If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more onerous regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility. We may have difficulty paying required distributions if we recognize income before or without receiving cash representing such income. For U.S. federal income tax purposes, we may include in income certain amounts that we have not yet received in cash, such as original issue discount, which may arise if we receive warrants in connection with the making of a loan or possibly in other circumstances, such as PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such original issue discount, which could be significant relative to our overall investment activities, or increases in loan balances as a result of PIK arrangements are included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we do not receive in cash. Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the tax requirement to distribute at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, to maintain our tax treatment as a RIC. Accordingly, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to raise cash from other sources, we may fail to qualify and maintain our tax treatment as a RIC and thus become subject to corporate-level U.S. federal income tax. See “Taxation as a RIC” and “Failure to Qualify as a RIC”. We may not be able to pay distributions to our shareholders. We cannot assure that we will achieve investment results that will allow us to pay 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, 2024, the Company’s asset coverage was 277.8% 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. The highly competitive market in which we operate may limit our investment opportunities. A number of entities compete with us to make the types of investments that we make. We compete with other BDCs and investment funds (including public and private funds, commercial and investment banks, commercial financing companies, SBICs and, to the extent they provide an alternative form of financing, private equity funds). Additionally, because competition for investment opportunities generally has increased among alternative investment vehicles, such as hedge funds, those entities have begun to invest in areas in which they have not traditionally invested. As a result of these new entrants, competition for investment opportunities has intensified in recent years and may intensify further in the future. Some of our existing and potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions and valuation requirements that the 1940 Act imposes on us as a BDC and the tax consequences of qualifying as a RIC. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this existing and potentially increasing competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objective. We do not seek to compete primarily based on the interest rates we offer, and we believe that some of our competitors make loans with interest rates that are comparable to or lower than the rates we offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. A significant part of our competitive advantage stems from the fact that the market for investments in mid-sized companies is underserved by traditional commercial banks and other financial institutions. A significant increase in the number and/or size of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors have greater experience operating under the regulatory restrictions of the 1940 Act and under an internalized management structure. In the event we make distributions, we would need additional capital to finance our growth and such capital may not be available on favorable terms or at all. We have elected and intend to qualify annually to be taxed for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. As a RIC, we must meet certain requirements, including source-of-income, asset diversification and distribution requirements in order to not have to pay corporate-level U.S. on income we distribute to our stockholders as distributions, which allows us to substantially reduce or eliminate our corporate-level U.S. federal income tax liability. As a BDC, we are generally required to meet a coverage ratio of total assets to total senior securities, which includes all of our borrowings and any preferred stock we may issue in the future, of at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) at the time we issue any debt or preferred stock. This requirement limits the amount of our leverage. Because we will continue to need capital to grow our investment portfolio, this limitation may prevent us from incurring debt or issuing preferred stock and require us to raise additional equity at a time when it may be disadvantageous to do so. We cannot assure you that debt and equity financing will be available to us on favorable terms, or at all, and debt financings may be restricted by the terms of any of our outstanding borrowings. In addition, as a BDC, we are generally not permitted to issue common stock priced below NAV without stockholder approval. If additional funds are not available to us, we could be forced to curtail or cease new lending and investment activities, and our NAV could decline. Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval. Our board of directors has the authority to modify or waive certain of our operating policies and strategies without prior notice and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results or value of our stock. Nevertheless, the effects could adversely affect our business and impact our ability to make distributions and cause you to lose all or part of your investment. Because we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for loss on invested equity capital. If we use leverage to partially finance our investments, which we have done historically, you will experience increased risks of investing in our securities. We issued the Notes, entered into the Credit Facility, and may issue other debt securities or enter into other types of borrowing arrangements in the future. If the value of our assets decreases, leveraging would cause our NAV to decline more sharply than it otherwise would have had we not leveraged. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock distributions or scheduled debt payments. Leverage is generally considered a speculative investment technique and we only intend to use leverage if expected returns will exceed the cost of borrowing. As of June 30, 2024, there was $86.7 million of outstanding borrowings. The weighted average interest rate charged on our borrowings as of June 30, 2024 was 6.3% (exclusive of debt issuance costs). We will need to generate sufficient cash flow to make these required interest payments. If we are unable to meet the financial obligations under the Notes, the holders thereof will have the right to declare the principal amount and accrued and unpaid interest on the outstanding Notes to be due and payable immediately. If we are unable to meet the financial obligations under the Credit Facility or any other credit facility we enter into, the lenders thereunder would likely have a superior claim to our assets over our stockholders. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay distributions. Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: ● sudden electrical or telecommunications outages; ● natural disasters such as earthquakes, tornadoes and hurricanes; ● disease pandemics (including the COVID-19 outbreak); ● events arising from local or larger scale political or social matters, including terrorist acts; and ● cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay distributions to our stockholders. A failure of cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively. The occurrence of a disaster, such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data. We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering, malware and computer virus attacks, or system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. Third parties with which we do business may also be sources of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as customer, counterparty, employee and borrower information. Cybersecurity failures or breaches our service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its net asset value, impediments to trading, the inability of our stockholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. In addition, substantial costs may be incurred in order to
NAV Per Share	$ 76.35	$ 70.75	$ 67.01	$ 57.49
Risks Related to Our Investments [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to Our Investments We may not realize gains from our equity investments. When we make a debt investment, we may acquire warrants or other equity securities as well. In addition, we may invest directly in the equity securities of portfolio companies. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Our investments are very risky and highly speculative. We have invested primarily in senior secured first lien term loans and senior secured second lien term loans issued by private companies. Senior Secured Loans Equity Investments In addition, investing in private companies involves a number of significant risks. See “Our investments in private portfolio companies may be risky, and you could lose all or part of your investment” below. Our investments in private portfolio companies may be risky, and you could lose all or part of your investment. Investments in private companies involve a number of significant risks. Generally, little public information exists about these companies, and we are required to rely on the ability of our investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Private companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. In addition, they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Additionally, private companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us. Private companies also generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers and directors may, in the ordinary course of business, be named as defendants in litigation arising from our investments in these types of companies. We have invested primarily in secured debt issued by our portfolio companies. In the case of our senior secured first lien term loans, the portfolio companies usually have, or may be permitted to incur, other debt that ranks equally with the debt securities in which we invest. With respect to our senior secured second lien term loans, the portfolio companies usually have, or may be permitted to incur, other debt that ranks above or equally with the debt securities in which we invest. In the case of debt ranking above the senior secured second lien term loans in which we invest, we would be subordinate to such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and therefore the holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. In the case of debt ranking equally with debt securities in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Additionally, certain loans that we make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (1) the ability to cause the commencement of enforcement proceedings against the collateral; (2) the ability to control the conduct of such proceedings; (3) the approval of amendments to collateral documents; (4) releases of liens on the collateral; and (5) waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. Our portfolio companies may prepay loans, which prepayment may reduce stated yields if capital returned cannot be invested in transactions with equal or greater expected yields. Our loans to portfolio companies are prepayable at any time, and most of them at no premium to par. It is uncertain as to when each loan may be prepaid. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change frequently, it is unknown when, and if, this may be possible for each portfolio company. In the case of some of these loans, having the loan prepaid early may reduce the achievable yield for us below the stated yield to maturity contained herein if the capital returned cannot be invested in transactions with equal or greater expected yields. Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio and our ability to make follow-on investments in certain portfolio companies may be restricted. Following an initial investment in a portfolio company, provided that there are no restrictions imposed by the 1940 Act, we may make additional investments in that portfolio company as “follow-on” investments in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of our initial investment. We have the discretion to make any follow-on investments, subject to the availability of capital resources. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. Our failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make such follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, because we are inhibited by compliance with BDC requirements or because we might lose our RIC tax treatment. We also may be restricted from making follow-on investments in certain portfolio companies to the extent that affiliates of ours hold interests in such companies. As of June 30, 2024, 14.1% of our total assets were invested in FlexFin, our affiliate’s asset-based lending business. This significant exposure subjects our Company to various risks associated with such business (which are identified below) to a much greater extent than companies not similarly concentrated. Client borrowers, particularly with respect to asset-based lending activities, may lack the operating history, cash flows or balance sheet necessary to support other financing options and may expose us to additional risk. A portion of our loan portfolio consists, through FlexFIN, of asset-based lending involving gemstones. Some of these products arise out of relationships with clients who lack the operating history, cash flows or balance sheet necessary to qualify for other financing options. This could increase our risk of loss. 14.1% of the Company’s total assets (as of June 30, 2024) are invested in our affiliate’s asset-based lending business and its activities are influenced by volatility in prices of gemstones and jewelry. Our affiliate’s asset-based lending business is impacted by volatility in gemstone and jewelry prices. Among the factors that can impact the price of gemstones and jewelry are 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. 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.) The gemstones and jewelry business is subject to the risk of fraud and counterfeiting. The gemstones business is exposed to the risk of loss as a result of fraud in its various forms. We seek to minimize our exposure to fraud through a number of means, including third-party authentication and verification and the establishment of procedures designed to detect fraud. However, there can be no assurance that we will be successful in preventing or identifying fraud, or in obtaining redress in the event such fraud is detected. We may be subject to risks associated with our investments in unitranche loans. Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans, and may rank junior to other debt instruments issued by the portfolio company. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the “first out” tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the “last out” tranche, which is generally paid only after the first out tranche is paid. We may participate in “first out” and “last out” tranches of unitranche loans and make single unitranche loans, and we may suffer losses on such loans if the borrower is unable to make required payments when due. Covenant-Lite Loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. A significant number of high yield loans in the market, may consist of covenant-lite loans, or “Covenant-Lite Loans.” A significant portion of the loans in which we may invest or get exposure to through our investments may be deemed to be Covenant-Lite Loans. Such loans do not require the borrower to maintain debt service or other financial ratios and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Ownership of Covenant-Lite Loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. As a BDC, our ability to invest in public companies and foreign companies is limited by the 1940 Act. To maintain our tax treatment as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as qualifying assets only if such issuer has a market capitalization that is less than $250 million at the time of such investment. In addition, we may invest up to 30% of our portfolio in opportunistic investments which will be intended to diversify or complement the remainder of our portfolio and to enhance our returns to stockholders. These investments may include private equity investments, securities of public companies that are broadly traded and securities of non-U.S. companies. We expect that these public companies generally will have debt securities that are non-investment grade. Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments. Our investment strategy contemplates that a portion of our investments may be in securities of foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Although it is anticipated that most of our investments will be denominated in U.S. dollars, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency may change in relation to the U.S. dollar. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk or, that if we do, such strategies will be effective. As a result, a change in currency exchange rates may adversely affect our profitability. Hedging transactions may expose us to additional risks. We may engage in currency or interest rate hedging transactions. If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transaction may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. While we may enter into transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek or be able to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. The disposition of our investments may result in contingent liabilities. We currently expect that a significant portion of our investments will involve lending directly to private companies. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us. If we invest in the securities and obligations of distressed and bankrupt issuers, we might not receive interest or other payments. We may invest in the securities and obligations of distressed and bankrupt issuers, including debt obligations that are in covenant or payment default. Such investments generally are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer of those obligations might not make any interest or other payments. We may not realize gains from our equity investments. We are 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 sector, 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, 2024, investments in our affiliate’s asset-based lending business constituted 14.1% of our total assets. See above, under Item 1A for risk factors related to our investment in that business.
Risks Related to Our Operations as a BDC and a RIC [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to Our Operations as a BDC and a RIC Regulations governing our operation as a BDC may limit 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, 2024, the Company’s asset coverage was 277.8% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. Changes in the laws or regulations governing our business, or changes in the interpretations thereof, and any failure by us to comply with these laws or regulations, could have a material adverse effect on our business, results of operations or financial condition. Changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. We are subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions that have adopted more stringent requirements than those in which we currently conduct business, we may have to incur significant expenses in order to comply, or we might have to restrict our operations. In addition, if we do not comply with applicable laws, regulations and decisions, we may lose licenses needed for the conduct of our business and may be subject to civil fines and criminal penalties. As an internally managed BDC, we are subject to certain restrictions that may adversely affect our ability to offer certain compensation structures. As an internally managed BDC, our ability to offer more competitive and flexible compensation structures, such as offering both a profit-sharing plan and an equity incentive plan, is subject to the limitations imposed by the 1940 Act, which limits our ability to attract and retain talented investment management professionals. As such, these limitations could inhibit our ability to grow, pursue our business plan and attract and retain professional talent, any or all of which may have a negative impact on our business, financial condition and results of operations. As an internally managed BDC, we are dependent upon our management team and investment professionals for their time availability and for our future success, and if we are not able to hire and retain qualified personnel, or if we lose key members of our senior management team, our ability to implement our business strategy could be significantly harmed. As an internally managed BDC, our ability to achieve our investment objectives and to make distributions to our stockholders depends upon the performance of our management team and investment professionals. We depend upon the members of our management and our investment professionals for the identification, final selection, structuring, closing and monitoring of our investments. These employees have critical industry experience and relationships on which we rely to implement our business plan. If we lose the services of key members of our senior management team, we may not be able to operate the business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer. We believe our future success will depend, in part, on our ability to identify, attract and retain sufficient numbers of highly skilled employees. If we do not succeed in identifying, attracting and retaining such personnel, we may not be able to operate our business as we expect. As an internally managed BDC, our compensation structure is determined and set by our Board of Directors and its Compensation Committee. This structure currently includes salary, bonus and incentive compensation. We are subject to limitations by the 1940 Act on our ability to employ an incentive compensation structure that directly ties performance of our investment portfolio and results of operations to incentive compensation. Members of our senior management team may receive offers of more flexible and attractive compensation arrangements from other companies, particularly from investment advisers to externally managed BDCs that are not subject to the same limitations on incentive-based compensation that we are subject to as an internally managed BDC. A departure by one or more members of our senior management team could have a negative impact on our business, financial condition and results of operations. We have internalized our operating structure, including our management and investment functions; as a result, we may incur significant costs and face significant risks associated with being self-managed, including adverse effects on our business and financial condition. Effective January 1, 2021, we operate under an internalized operating structure, including our management and investment functions. There can be no assurances that internalizing our operating structure will be beneficial to us and our stockholders, as we may incur the costs and risks discussed below and may not be able to effectively replicate or improve upon the services previously provided to us by our former investment adviser and administrator, MCC Advisors. While we will no longer bear the costs of the various fees and expenses we previously paid to MCC Advisors under the Investment Advisory Agreement, our direct expenses will generally include general and administrative costs, including legal, accounting, and other expenses related to corporate governance, SEC reporting and compliance, as well as costs and expenses related to making and managing our investments. We will also now incur the compensation and benefits costs of our officers and other employees and consultants, and, subject to adherence to applicable law, we may issue equity or other incentive-based awards to our officers, employees and consultants, which awards may decrease net income and funds from our operations and may dilute our stockholders. We may also be subject to potential liabilities commonly faced by employers, such as workers disability and compensation claims, potential labor disputes and other employee-related liabilities and grievances. In addition, if the expenses we assume as a result of our internalization are higher than the expenses we would have paid and/or reimbursed to MCC Advisors, our earnings per share may be lower as a result of our internalization than they otherwise would have been, potentially decreasing the amount of funds available to distribute to our stockholders and the value of our shares. Further, an inability to effectively manage our internalization could result in our incurring excess costs and operating inefficiencies, and may divert our management’s attention from managing our investments. All of these factors could have a material adverse effect on our results of operations, financial condition, and ability to pay distributions. The impact of financial reform legislation on us is uncertain. The Dodd-Frank Reform Act became effective on July 21, 2010. Many provisions of the Dodd-Frank Reform Act have delayed effective dates or have required extensive rulemaking by regulatory authorities. The upcoming presidential and congressional elections may cause uncertainty regarding the implementation of the Dodd-Frank Reform Act and other financial reform rulemaking. Given the uncertainty associated with the manner in which and whether the provisions of the Dodd-Frank Act will be implemented, repealed, amended, or replaced, the full impact such requirements will have on our business, results of operations or financial condition is unclear. The changes resulting from the Dodd-Frank Act or any changes to the regulations already implemented thereunder may require us to invest significant management attention and resources to evaluate and make necessary changes in order to comply with new statutory and regulatory requirements. Failure to comply with any such laws, regulations or principles, or changes thereto, may negatively impact our business, results of operations or financial condition. While we cannot predict what effect any changes in the laws or regulations or their interpretations would have on us as a result of recent financial reform legislation, these changes could be materially adverse to us and our stockholders. We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us, our investments, or our stockholders. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. We cannot predict with certainty how any changes in the tax laws might affect us, our stockholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification, or could have other adverse consequences. Stockholders are urged to consult with their tax advisors regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities. Legislation that became effective in 2018 may allow the Company to incur additional leverage, which could increase the risk of investing in the Company. The 1940 Act generally prohibits the Company from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). However, in March 2018, the SBCA was signed into law, which included various changes to regulations under the federal securities laws that impact BDCs. The SBCA included changes to the 1940 Act to allow BDCs to decrease their asset coverage requirement from 200% to 150%, if certain requirements are met. Under the 1940 Act, the Company is allowed to increase its leverage capacity if our 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 Acts 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 proposal. 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. Leverage is generally considered a speculative investment technique and increases the risk of investing in our securities. Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, our stockholders will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect the Company’s ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. See “Regulation”. Our intent is that a substantial portion of the investments that we acquire will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could be found to be in violation of the 1940 Act provisions applicable to BDCs and possibly lose our tax treatment as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. We would become subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code or satisfy RIC distribution requirements. We have elected, and intend to qualify annually, to be treated as a RIC under Subchapter M of the Code. No assurance can be given that we will be able to maintain our qualification as a RIC. To maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements. ● The annual distribution requirement for a RIC is satisfied if we timely distribute to our stockholders on an annual basis at least 90% of our net ordinary income and realized short-term capital gains in excess of realized net long-term capital losses. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income must be distributed through a dividend declared prior to filing the final tax return related to the year that generated such taxable income. ● The source of income requirement is satisfied if we obtain at least 90% of our gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or foreign currencies or other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from an interest in a “qualified publicly traded partnership” (as defined in the Code). ● The asset diversification requirement is satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S Government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer (which for these purposes includes the equity securities of a “qualified publicly traded partnership”). In addition, no more than 25% of the value of our assets can be invested in the securities, other than U.S Government securities or securities of other RICs, (1) of one issuer (2) of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (3) of one or more “qualified publicly traded partnerships”. If we fail to qualify for RIC tax treatment for any reason or are subject to corporate-level U.S. federal income tax, the resulting corporate-level taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. In addition, to the extent we had unrealized gains, we would have to establish deferred tax liabilities for taxes, which would reduce our NAV accordingly. In addition, our stockholders would lose the tax credit realized if we, as a RIC, decide to retain the net realized capital gain and make deemed distributions of net realized capital gains, and pay taxes on behalf of our stockholders at the end of the tax year. The loss of this pass-through tax treatment could have a material adverse effect on the total return of an investment in our common stock.
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 Investing in our securities may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk and, therefore, an investment in our securities may not be suitable for someone with lower risk tolerance. Shares of closed-end investment companies, including business development companies, may, at times, trade at a discount to their NAV and the Company’s shares have not traded at or above NAV since the first quarter of 2015. Shares of closed-end investment companies, including business development companies, may, at times, trade at a discount from NAV. This characteristic of closed-end investment companies and business development companies is separate and distinct from the risk that our NAV per share may decline. Our common stock has not traded at or above NAV since the first quarter of 2015, and we cannot predict whether our common stock will trade at, above or below NAV in the future. The market price of our common stock fluctuates. The market price and liquidity of the market for shares of our common stock fluctuates and may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: ● significant volatility in the market price and trading volume of securities of business development companies or other companies in our sector, which are not necessarily related to the operating performance of the companies; ● changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to BDCs or RICs; ● loss of our qualification as a RIC or BDC; ● changes in earnings or variations in operating results; ● changes in the value of our portfolio of investments; ● changes in accounting guidelines governing valuation of our investments; ● any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; ● departure of our key personnel; ● operating performance of companies comparable to us; ● general economic trends and other external factors; and ● loss of a major funding source. Certain provisions of the Delaware General Corporation Law and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. The Delaware General Corporation Law, our certificate of incorporation and our bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. These anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the market price of our common stock. The NAV per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or securities to subscribe for or convertible into shares of our common stock. While we currently do not have the requisite stockholder approval to sell shares of our common stock at a price or prices below our then current NAV per share, we may seek such approval in the future. In addition, at our 2012 Annual Meeting of Stockholders, we received approval from our stockholders to authorize the Company, with the approval of our board of directors, to issue securities to, subscribe to, convert to, or purchase shares of the Company’s common stock in one or more offerings, subject to certain conditions as set forth in the proxy statement. Such authorization has no expiration. Any decision to sell shares of our common stock below its then current NAV per share or issue securities to subscribe for or convertible into shares of our common stock would be subject to the determination by our board of directors that such issuance is in our and our stockholders’ best interests. If we were to sell shares of our common stock below its then current NAV per share, such sales would result in an immediate dilution to the NAV per share of our common stock. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. If we issue warrants or securities to subscribe for or convertible into shares of our common stock, subject to certain limitations, the exercise or conversion price per share could be less than NAV per share at the time of exercise or conversion (including through the operation of anti-dilution protections). Because we would incur expenses in connection with any issuance of such securities, such issuance could result in a dilution of the NAV per share at the time of exercise or conversion. This dilution would include reduction in NAV per share as a result of the proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest than the increase in our assets resulting from such issuance. Further, if our current stockholders do not purchase any shares to maintain their percentage interest, regardless of whether such offering is above or below the then current NAV per share, their voting power will be diluted. For example, if we sell an additional 10% of our shares of common stock at a 5% discount from NAV, a stockholder who does not participate in that offering for its proportionate interest will suffer NAV dilution of up to 0.5% or $5 per $1,000 of NAV. 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. If we issue preferred stock, the NAV and market value of our common stock may become more volatile. If we issue preferred stock, we cannot assure you that such issuance would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock would likely cause the NAV and market value of our common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of our common stock than if we had not issued preferred stock. Any decline in the NAV of our investments would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This greater NAV decrease would also tend to cause a greater decline in the market price for our common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock. Holders of preferred stock may have different interests than holders of our common stock and may at times have disproportionate influence over our affairs. Holders of any preferred stock we might issue would have the right to elect members of the board of directors and class voting rights on certain matters. Holders of any preferred stock we might issue, voting separately as a single class, would have the right to elect two members of the board of directors at all times and in the event dividends become two full years in arrears, would have the right to elect a majority of our directors until such arrearage is completely eliminated. In addition, preferred stockholders would have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and accordingly would be able to veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies or the terms of any credit facility to which the Company is a party, might impair our ability to maintain our qualification as a RIC for U.S. federal income tax purposes. While we would intend to redeem our preferred stock to the extent necessary to enable us to distribute our income as required to maintain our qualification as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements. Our business and operations could be negatively affected if we become subject to any securities class actions and derivative lawsuits, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price. In the past, following periods of volatility in the market price of a company’s securities, securities class-action litigation has often been brought against that company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and stockholder activism.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Jun. 30, 2024
Significant 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-Q and Article 10 of Regulation S-X of the Securities Act of 1933. 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, 2023. 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, 2024.
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, 2024 and September 30, 2023, we had $8.9 million and $6.0 million in cash and cash equivalents, respectively, none of which is restricted.
Debt Issuance Costs and Deferred Financing Costs	Debt Issuance Costs and Deferred Financing Costs Debt issuance costs, incurred in connection with unsecured notes (see Note 5) are deferred and amortized over the life of the respective instrument. Deferred financing costs related to the issuance of revolving debt obligations (see Note 5) are deferred and amortized over the life of the respective obligation. Debt issuance costs related to any unsecured notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities. Deferred financing costs related to any credit facilities are presented 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, 2024, the Company earned approximately $0.6 million and $1.0 million in PIK interest, respectively. 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. 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. Other income includes fees for providing managerial assistance to our portfolio companies and is recognized as revenue when earned. For the three and nine months ended June 30, 2024, fee income was approximately $0.4 million and approximately $0.5 million, respectively (see Note 9). 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). 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 using the specific identification method, without regard to unrealized gains or losses previously recognized. No realized losses relating to restructuring transactions occurred during the three and nine months ended June 30, 2024 and 2023. No realized gains relating to restructuring transactions occurred during the three months ended June 30, 2024. Realized gains relating to restructuring transactions that occurred during the nine months ended June 30, 2024 were $6.9 million. No realized gains relating to restructuring transactions occurred during the three and nine months ended June 30, 2023. The Company reports changes in fair value of investments as 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, 2024, certain investments in three portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $3.3 million, or 1.4% of the fair value of our portfolio. At September 30, 2023, certain investments in four portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $6.5 million, or 2.9% 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. 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 pandemics, wars or other events 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. 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. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which applies to all equity securities measured at fair value that are subject to contractual sale restrictions. This change prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. The standard will become effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company will assess any impact from the adoption of this guidance if such transactions occur in the future. Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying Consolidated Financial Statements.
Federal Income Taxes	Federal Income Taxes The Company has elected, and intends to continue 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, 2024 and September 30, 2023. 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, 2024 and September 30, 2023, 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, 2024 and 2023, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of June 30, 2024 and September 30, 2023, the Company had a deferred tax asset of $20.6 $20.6 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, 2024. 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, 2024
Investments [Abstract]
Schedule of Investments at Amortized Cost and Fair Value	The composition of our investments as of June 30, 2024 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 130,842 48.2 % $ 117,200 50.2 % Senior Secured Notes 22,917 8.5 23,029 9.9 Fund Investment 1,027 0.4 807 0.3 Equity/Warrants 116,328 42.9 92,645 39.6 Total Investments $ 271,114 100.0 % $ 233,681 100.0 % Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 139,103 52.5 % $ 103,004 45.6 % Senior Secured Notes 9,512 3.6 8,922 3.9 Fund Investment 1,027 0.4 792 0.3 Equity/Warrants 115,369 43.5 113,743 50.2 Total Investments $ 265,011 100.0 % $ 226,461 100.0 %
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, 2024 (dollars in thousands): Fair Value Percentage Real Estate $ 52,967 22.7 % Services: Business 45,264 19.4 Services: Consumer 29,967 12.8 Hotel, Gaming & Leisure 25,659 11.0 Construction & Building 16,085 6.9 Automotive 12,479 5.3 High Tech Industries 11,161 4.8 Metals & Mining 9,154 3.9 Media: Broadcasting & Subscription 7,528 3.2 Consumer Discretionary 6,784 2.9 Banking 6,007 2.6 Energy: Oil & Gas 4,338 1.9 Packaging 3,527 1.5 Aerospace & Defense 2,661 1.1 Insurance 100 - Total $ 233,681 100.0 % Fair Value Percentage Services: Business $ 47,083 20.7 % Banking, Finance, Insurance & Real Estate 43,755 19.3 Hotel, Gaming & Leisure 34,158 15.1 Services: Consumer 18,292 8.1 High Tech Industries 15,472 6.8 Construction & Building 14,676 6.5 Metals & Mining 12,517 5.5 Media: Broadcasting & Subscription 11,665 5.2 Automotive 9,520 4.2 Consumer Discretionary 6,920 3.1 Energy: Oil & Gas 5,384 2.4 Packaging 3,396 1.5 Aerospace & Defense 2,645 1.2 Retail 978 0.4 Total $ 226,461 100.0 %
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, 2024 (dollars in thousands): Fair Value Percentage Northeast $ 90,456 38.7 % Southeast 61,804 26.3 Midwest 35,217 15.1 West 32,717 14.0 Southwest 2,931 1.3 Mid-Atlantic 375 0.2 International 10,181 4.4 Total $ 233,681 100.0 % Fair Value Percentage Northeast $ 92,081 40.7 % Southeast 60,116 26.5 Midwest 32,782 14.5 West 25,608 11.3 Southwest 7,661 3.4 Mid-Atlantic 201 0.1 International 8,012 3.5 Total $ 226,461 100.0 %
Schedule of Transactions with Affiliated Investments and Controlled Investments	Transactions with Affiliated Investments and Controlled Investments during the nine months ended June 30, 2024 and 2023 were as follows: Name of Investment (1)(2) Type of Investment Fair Value at Purchases/(Sales) of or Transfers In/(Out) Unrealized Realized Fair Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ 751,479 $ (1,096,561 ) $ (196,411 ) $ 439,778 $ 101,715 $ - $ 48,327 Senior Secured First Lien Term Loan A - - - 9,473,068 (9,473,068 ) - - Revolving Credit Facility 4,632,177 (5,112,074 ) - - 479,897 - 158,674 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 875,749 - - - - 875,749 - Senior Secured First Lien Term Loan 1,459,249 - - (1,008,883 ) - 450,366 - Senior Secured First Lien Super Priority DDTL 1,920,960 - - - - 1,920,960 - FST Holdings Parent, LLC Equity 10,000,003 - - 1,160,749 - 11,160,752 - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan B 7,500,000 (7,373,166 ) - (126,834 ) - - 535,857 Equity 10,150,000 (11,900,000 ) - (5,150,000 ) 6,900,000 - - Total Affiliated Investments $ 37,289,617 $ (25,481,801 ) $ (196,411 ) $ 4,787,878 $ (1,991,456 ) $ 14,407,827 $ 742,858 Name of Investment (1)(2) Type of Investment Fair Value at Purchases/(Sales) of or Transfers In/(Out) Unrealized Realized Fair Earned Income Controlled Investments ECC Capital Corp. Senior Secured Promissory Note - 10,422,012 - - - 10,422,012 482,173 Equity - 4,251,084 - (1,311,084 ) - 2,940,000 - FlexFIN, LLC Equity Interest 38,870,711 (4,162,202 ) - - - 34,708,509 3,216,298 Kemmerer Operations, LLC Senior Secured First Lien Term Loan 3,383,877 5,769,816 (9,153,693 ) - - - 268,831 Equity 9,133,052 (10,378,988 ) - (7,296,895 ) 8,542,831 - - NSG Captive, Inc. Equity - 100,000 - - - 100,000 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,214,856 (1,693,577 ) - (21,279 ) - 5,500,000 868,449 Senior Secured First Lien Term Loan B 5,037,547 - - 11,874,210 - 16,911,757 214,286 Equity - 11,900,000 - (11,900,000 ) - - - Total Controlled Investments $ 63,640,043 $ 16,208,145 $ (9,153,693 ) $ (8,655,048 ) $ 8,542,831 $ 70,582,278 $ 5,050,037 Name of Investment (1)(2) Type of Investment Fair Value at Purchases/(Sales) of or Transfers In/(Out) Unrealized Realized Fair Earned Income 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 Value at Purchases/(Sales) of or Transfers In/(Out) 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 (1) The par amount and additional detail are shown in the Consolidated Schedules of Investments. (2) Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward.
Schedule of Summarized 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, for which the Company owned 50%, that is deemed to be a “significant subsidiary” as of June 30, 2024 for which summarized financial information is presented below (dollars in thousands): Balance Sheet June 30, September 30, 2023 Total Assets $ 35,909 $ 38,871 Total Liabilities 1,935 279
Schedule of Summarized Financial Information for Unconsolidated Significant Subsidiaries	Income Statement For the Nine For the Total Income $ 3,324 $ 4,385 Total Expenses 614 815 Net Income $ 2,710 $ 3,570

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2024
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, 2024 (dollars in thousands): Fair Value Hierarchy as of Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 45,955 $ 71,245 $ 117,200 Senior Secured Notes - 12,607 10,422 23,029 Equity/Warrants 32,927 - 59,718 92,645 Total $ 32,927 $ 58,562 $ 141,385 $ 232,874 Investments measured at net asset value (1) 807 Total Investments, at fair value $ 233,681 (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 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 20,505 $ 82,499 $ 103,004 Senior Secured Notes - 8,922 - 8,922 Equity/Warrants 24,709 6,217 82,817 113,743 Total $ 24,709 $ 35,644 $ 165,316 $ 225,669 Investments measured at net asset value(1) 792 Total Investments, at fair value $ 226,461 (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.
Schedule of Reconciliation of the Beginning and Ending Balances for 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, 2024 (dollars in thousands): Senior Secured Senior Secured Equities/ Total Balance as of September 30, 2023 $ 82,499 $ - $ 82,817 $ 165,316 Purchases and other adjustments to cost 28,457 34,000 42,293 104,750 Sales (including repayments or maturities) (29,587 ) (23,578 ) (57,701 ) (110,866 ) Net realized gains/(losses) from investments (8,785 ) - 15,747 6,962 Net unrealized gains/(losses) 22,220 - (23,438 ) (1,218 ) Transfer in/(out) (23,559 ) - - (23,559 ) Balance as of June 30, 2024 $ 71,245 $ 10,422 $ 59,718 $ 141,385 Senior Secured Senior Secured Unsecured Equities/ Fund 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
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, 2024 (dollars in thousands): Fair Value Valuation Unobservable Range Impact to Senior Secured First Lien Term Loans $ 59,588 Income Approach Market Yield 3.3% - 42.5% (16.9%) Decrease Senior Secured First Lien Term Loans 7,062 Recent Purchase Purchase Price N/A N/A Senior Secured First Lien Term Loans 4,245 Market Approach EBITDA Multiple 3.3x - 8.3x (4.7x) Increase Senior Secured First Lien Term Loans 350 Cost Approach Collateral Value N/A N/A Senior Secured Notes 10,422 Recent Purchase Purchase Price N/A N/A Equity/Warrants 34,708 Cost Approach Collateral Value N/A N/A Equity/Warrants 24,812 Market Approach EBITDA Multiple 1.0x - 10.8x (8.7x) Increase Equity/Warrants 100 Recent Purchase Purchase Price N/A N/A Equity/Warrants 98 Income Approach DLOM (Discount for lack of Marketability) 26.0%-31.0% (28.5%) Decrease Total $ 141,385 Fair Value Valuation Methodology Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 69,943 Income Approach Market Yield 8.50% - 32.0% (13.78%) Decrease Senior Secured First Lien Term Loans 751 Market Approach Revenue Multiple 0.3x - 0.3x (0.3x) Increase Senior Secured First Lien Term Loans 10,939 Market Approach EBITDA Multiple 1.7x - 5.0x (3.1x) Increase Senior Secured First Lien Term Loans 866 Market Approach LTM EBITDA Multiple 5.8x - 6.8x (6.3x) Increase Equity/Warrants 38,870 Cost Approach Collateral Value N/A N/A Equity/Warrants 11,734 Market Approach LTM Multiple 5.8x - 6.8x (6.3x) Increase Equity/Warrants 22,007 Market Approach EBITDA Multiple 1.8x - 36.8x (2.8x) Increase Equity/Warrants 10,000 Recent Purchase Purchase Price N/A N/A Equity/Warrants 206 Income Approach DLOM (Discount for lack of Marketability) 3.0x - 3.2x (3.1x) Decrease Total $ 165,316

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Jun. 30, 2024
Borrowings [Abstract]
Schedule of Outstanding Debt Excluding Debt Issuance Costs	The Company’s outstanding debt excluding debt issuance costs as of June 30, 2024 and September 30, 2023 were as follows (dollars in thousands): June 30, 2024 September 30, 2023 Aggregate Principal (1) Principal Amount Carrying Value Fair Value Aggregate Principal (1) Principal Amount Carrying Value Fair Value 2028 Notes $ 57,500 $ 57,500 $ 56,061 $ 51,957 $ 57,500 $ 57,500 $ 55,811 $ 49,105 2028 Promissory Note 1,661 1,661 1,661 1,661 - - - - Revolving Credit Facility 34,927 27,573 27,573 27,573 21,558 28,442 28,442 28,442 Total debt $ 94,088 $ 86,734 $ 85,295 $ 81,191 $ 79,058 $ 85,942 $ 84,253 $ 77,547 (1) For the 2028 Notes and 2028 Promissory Note, this represents the total principal amount and for the Revolving Credit Facility, this represents the undrawn principal amount.
Schedule of Debt Issuance Cost	As of June 30, 2024 and September 30, 2023, debt issuance costs related to the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): For the nine months ended For the year ended June 30, 2024 September 30, 2023 2023 Notes 2028 Notes Total 2023 Notes 2028 Notes Total Total debt issuance costs at beginning of period $ - $ 1,689 $ 1,689 $ 39 $ 2,020 $ 2,059 Amortized debt issuance costs - 249 249 39 331 370 Unamortized debt issuance costs $ - $ 1,440 $ 1,440 $ - $ 1,689 $ 1,689
Schedule of Interest Expense, Amortized Debt Issuance Costs	For the three and nine months ended June 30, 2024 and 2023, the components of interest expense, amortized debt issuance costs, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the 2023 Notes, the 2028 Notes and the Credit Facility were as follows (dollars in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 2023 Notes Interest $ - $ - - $ 820 2028 Notes Interest 756 772 2,264 1,894 Credit facility interest 739 477 1,930 830 Commitment fees 17 - 48 - Amortization of Credit Facility deferred financing costs 127 83 340 199 Amortization of debt issuance costs 83 83 249 287 Total $ 1,722 $ 1,415 4,831 $ 4,030 Weighted average stated interest rate 6.4 % 6.0 % 6.3 % 5.8 % Weighted average debt outstanding $ 94,127 $ 83,061 $ 88,660 $ 81,227

Agreements (Tables)

Agreements (Tables)	9 Months Ended
	Jun. 30, 2024
Agreements [Abstract]
Schedule of Target Performance Award for Each Executive Officer	The Target Performance Award for each executive officer for the 2022 LTIP Plan, 2023 LTIP Plan, and the 2024 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, 2024
Commitments [Abstract]
Schedule of Composition of the Unfunded Commitments	A summary of the composition of the unfunded commitments as of June 30, 2024 and September 30, 2023 is shown in the table below (dollars in thousands): June 30, September 30, Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan $ - $ 517 NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan - 220 SMC Roofing - First Out Delayed Draw Term Loan 57 - SMC Roofing - Last Out Delayed Draw Term Loan 246 - Deer Management Systems LLC - Senior Secured First Lien Delayed Draw Term Loan 600 600 Tamarix Capital Partners II, L.P. - Fund Investment 2,038 2,038 Total unfunded commitments $ 2,941 $ 3,375
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, 2024: For the Years Ended September 30, Amount 2024 $ 41,159 2025 156,971 2026 161,680 2027 27,417 Thereafter - 387,227 Difference between undiscounted and discounted cash flows (60,182 ) $ 327,045

Fee Income (Tables)

Fee Income (Tables)	9 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 (dollars in thousands): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 Prepayment fee $ - $ - $ - $ - Administrative agent fee - - 75 169 Amendment fee - - - - Other fees 375 94 379 170 Fee income $ 375 $ 94 $ 454 $ 339

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2024
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, 2024 and 2023 (amounts in thousands, except shares and per share amounts): For the Three Months Ended June 30, For the Nine Months Ended June 30, 2024 2023 2024 2023 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 2,609 $ 8,917 $ 12,515 $ 19,577 Weighted average shares of common stock outstanding - basic and diluted 2,019,786 2,090,691 2,047,127 2,095,591 Earnings (loss) per share of common stock - basic and diluted $ 1.29 $ 4.26 $ 6.11 $ 9.34

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Jun. 30, 2024
Investment Company, Financial Highlights [Abstract]
Schedule of Financial Highlights	The following is a schedule of financial highlights for the nine months ended June 30, 2024 and 2023: For the Nine Months Ended June 30, 2024 2023 Per share data Net Asset Value per share at Beginning of Period $ 70.75 $ 57.49 Results of Operations: Net Investment Income/(Loss) 2.08 2.22 Net Realized Gain/(Loss) on Investments 3.49 (1.02 ) Net Unrealized Gain/(Loss) on Investments 0.54 8.14 Net Increase (Decrease) in Net Assets Resulting from Operations 6.11 9.34 Capital Share Transactions Distributions declared (1.31 ) - Repurchase of common stock under stock repurchase program (8) 0.80 0.18 Net Increase (Decrease) Resulting from Capital Share Transactions (0.51 ) 0.18 Net Asset Value per share at End of Period $ 76.35 $ 67.01 Net Assets at End of Period $ 154,203,403 $ 139,954,664 Shares Outstanding at End of Period 2,019,778 2,088,589 Per share market value at end of period $ 46.77 $ 38.00 Total return based on market value (1) 26.86 % 8.94 % Total return based on net asset value (2) 6.91 % 16.56 % Portfolio turnover rate 37.90 % 20.33 % Ratios: Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements (3) 3.76 % 4.94 % Ratio of total expenses to average net assets (3) 10.90 % 10.45 % Supplemental Data: Percentage of non-recurring fee income (4) 2.73 % 2.35 % Average debt outstanding (5) $ 88,660,220 $ 81,227,306 Average debt outstanding per weighted average common share $ 43.31 $ 38.85 Asset coverage ratio per unit (6) $ 2,778 $ 2,632 Senior Securities Outstanding (7) 2028 Notes $ 57,500,000 $ 57,500,000 2028 Promissory Note $ 1,661,498 $ - Credit Facility $ 27,572,953 $ 28,241,941

Share Transactions (Tables)

Share Transactions (Tables)	9 Months Ended
	Jun. 30, 2024
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 $39.93 per share under its share repurchase program from February 10, 2021 through June 30, 2024: 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 - $34.89 491,469 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 $36.40 - $37.23 25,864 August 2022 3,081 $28.24 - $37.70 112,456 September 2022 91,508 $36.80 - $37.50 3,443,845 October 2022 701 $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 $36.53 - $36.53 3,658 June 2023 2,300 $33.63 - $38.76 85,556 August 2023 14,751 $36.98 - $39.41 575,728 September 2023 125 $38.11 - $38.11 4,772 November 2023 475 $37.03 - $37.78 17,825 December 2023 12,748 $37.53 - $41.03 520,749 March 2024 40,000 $45.00 - $45.00 1,801,205 April 2024 700 $43.73 - $43.73 30,637 May 2024 12 $44.79 - $44.79 543 Total 703,931 $ 28,108,445

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 6,000,000	$ 8,900,000		$ 8,900,000
PIK interest		600,000	$ 200,000	1,000,000	$ 700,000
Fee income		375,363	$ 94,482	453,988	$ 339,136
Restructuring transactions				6,900,000
Non-accrual investments at fair value	$ 6,500,000	3,300,000		$ 3,300,000
Portfolio percentage at fair value	2.90%			1.40%
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	$ 23,100,000	20,600,000		$ 20,600,000
Valuation allowance	$ 23,100,000	$ 20,600,000		$ 20,600,000
Controlled Investment [Member]
Significant Accounting Policies [Line Items]
Outstanding voting securities percentage		25%		25%
Minimum [Member] | Affiliated Investments [Member]
Significant Accounting Policies [Line Items]
Outstanding voting securities percentage		5%		5%
Maximum [Member] | Affiliated Investments [Member]
Significant Accounting Policies [Line Items]
Outstanding voting securities percentage		25%		25%

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Investment [Line Items]
Total fair value of warrants			$ 98,400		$ 206,500
Net unrealized appreciation/(depreciation) on investments	$ (8,069,793)	$ 9,041,139	$ 1,117,025	$ 17,079,448
FlexFIN, LLC [Member]
Investment [Line Items]
Subsidiary percentage	50%		50%
Warrants [Member]
Investment [Line Items]
Net unrealized appreciation/(depreciation) on investments	$ 34,800	$ 194,400	$ 108,100	$ 404,600

Investments (Details) - Schedul

Investments (Details) - Schedule of Investments at Amortized Cost and Fair Value - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Senior Secured First Lien Term Loans [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 130,842	$ 139,103
Percentage	48.20%	52.50%
Fair Value	$ 117,200	$ 103,004
Percentage	50.20%	45.60%
Senior Secured Notes [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 22,917	$ 9,512
Percentage	8.50%	3.60%
Fair Value	$ 23,029	$ 8,922
Percentage	9.90%	3.90%
Fund Investment [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 1,027	$ 1,027
Percentage	0.40%	0.40%
Fair Value	$ 807	$ 792
Percentage	0.30%	0.30%
Equity/Warrants [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 116,328	$ 115,369
Percentage	42.90%	43.50%
Fair Value	$ 92,645	$ 113,743
Percentage	39.60%	50.20%
Total Investments [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 271,114	$ 265,011
Percentage	100%	100%
Fair Value	$ 233,681	$ 226,461
Percentage	100%	100%

Investments (Details) - Sched_2

Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 233,681,365	$ 226,460,691
Percentage	100%	100%
Real Estate [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 52,967,000
Percentage	22.70%
Services: Business [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 45,264,000	$ 47,083,000
Percentage	19.40%	20.70%
Services: Consumer [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 29,967,000	$ 18,292,000
Percentage	12.80%	8.10%
Hotel, Gaming & Leisure [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 25,659,000	$ 34,158,000
Percentage	11%	15.10%
Construction & Building [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 16,085,000	$ 14,676,000
Percentage	6.90%	6.50%
Automotive [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 12,479,000	$ 9,520,000
Percentage	5.30%	4.20%
High Tech Industries [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 11,161,000	$ 15,472,000
Percentage	4.80%	6.80%
Metals & Mining [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 9,154,000	$ 12,517,000
Percentage	3.90%	5.50%
Media: Broadcasting & Subscription [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 7,528,000	$ 11,665,000
Percentage	3.20%	5.20%
Consumer Discretionary [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 6,784,000	$ 6,920,000
Percentage	2.90%	3.10%
Banking [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 6,007,000
Percentage	2.60%
Energy: Oil & Gas [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 4,338,000	$ 5,384,000
Percentage	1.90%	2.40%
Packaging [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 3,527,000	$ 3,396,000
Percentage	1.50%	1.50%
Aerospace & Defense [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 2,661,000	$ 2,645,000
Percentage	1.10%	1.20%
Insurance [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 100,000
Percentage
Banking, Finance, Insurance & Real Estate [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value		$ 43,755,000
Percentage		19.30%
Retail [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value		$ 978,000
Percentage		0.40%

Investments (Details) - Sched_3

Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 233,681	$ 226,461
Percentage	100%	100%
Northeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 90,456
Percentage	38.70%
Southeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 61,804
Percentage	26.30%
Midwest [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 35,217	$ 32,782
Percentage	15.10%	14.50%
West [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 32,717
Percentage	14%
Southwest [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 2,931	$ 7,661
Percentage	1.30%	3.40%
Mid-Atlantic [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 375	$ 201
Percentage	0.20%	0.10%
International [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 10,181	$ 8,012
Percentage	4.40%	3.50%
Northeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value		$ 92,081
Percentage		40.70%
Southeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value		$ 60,116
Percentage		26.50%
West [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value		$ 25,608
Percentage		11.30%

Investments (Details) - Sched_4

Investments (Details) - Schedule of Transactions with Affiliated Investments and Controlled Investments - USD ($)		9 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Total Affiliated Investments [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	$ 37,289,617
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(25,481,801)
Transfers In/(Out) of Affiliates	[1],[2]	(196,411)
Unrealized Gain/(Loss)	[1],[2]	4,787,878
Realized Gain/(Loss)	[1],[2]	(1,991,456)
Fair value as of ending	[1],[2]	14,407,827
Earned Income	[1],[2]	742,858
Total Controlled Investments [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	63,640,043
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	16,208,145
Transfers In/(Out) of Affiliates	[1],[2]	(9,153,693)
Unrealized Gain/(Loss)	[1],[2]	(8,655,048)
Realized Gain/(Loss)	[1],[2]	8,542,831
Fair value as of ending	[1],[2]	70,582,278
Earned Income	[1],[2]	5,050,037
Total Affiliated Investments [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		$ 58,026,182
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		(9,808,988)
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
Earned Income	[1],[2]		3,299,827
1888 Industrial Services, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan C [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	751,479
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(1,096,561)
Transfers In/(Out) of Affiliates	[1],[2]	(196,411)
Unrealized Gain/(Loss)	[1],[2]	439,778
Realized Gain/(Loss)	[1],[2]	101,715
Fair value as of ending	[1],[2]
Earned Income	[1],[2]	48,327
1888 Industrial Services, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan A [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	9,473,068
Realized Gain/(Loss)	[1],[2]	(9,473,068)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
1888 Industrial Services, LLC [Member] | Affiliated Investments [Member] | Revolving Credit Facility [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	4,632,177
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(5,112,074)
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]	479,897
Fair value as of ending	[1],[2]
Earned Income	[1],[2]	158,674
1888 Industrial Services, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan B [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[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
1888 Industrial Services, LLC [Member] | Affiliated Investments [Member] | Revolving Credit Facility One [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		4,151,562
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		215,622
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
Earned Income	[1],[2]		336,502
Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	875,749
Purchases/(Sales) of or Advances/(Distributions)	[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]	875,749
Earned Income	[1],[2]
Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	1,459,249
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(1,008,883)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	450,366
Earned Income	[1],[2]
Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Super Priority DDTL [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	1,920,960
Purchases/(Sales) of or Advances/(Distributions)	[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]	1,920,960
Earned Income	[1],[2]
Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		758,929
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		9,915
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
Earned Income	[1],[2]		94,376
Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		1,547,918
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
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
Earned Income	[1],[2]
Black Angus Steakhouses, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Super Priority DDTL [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		1,500,000
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		19,796
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
Earned Income	[1],[2]		224,616
FST Holdings Parent, LLC [Member] | Affiliated Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	10,000,003
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	1,160,749
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	11,160,752
Earned Income	[1],[2]
FST Holdings Parent, LLC [Member] | Affiliated Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		8,000,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		8,000,000
Earned Income	[1],[2]
Maritime Wireless Holdings LLC [Member] | Affiliated Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	10,150,000
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(11,900,000)
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(5,150,000)
Realized Gain/(Loss)	[1],[2]	6,900,000
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Maritime Wireless Holdings LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan B [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	7,500,000
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(7,373,166)
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(126,834)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]	535,857
Maritime Wireless Holdings LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan A [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		(1,500,703)
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
Maritime Wireless Holdings LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan B [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		(1,055)
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
Maritime Wireless Holdings LLC [Member] | Affiliated Investments [Member] | Convertible Promissory Note [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[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]
ECC Capital Corp. [Member] | Affiliated Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	4,251,084
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(1,311,084)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	2,940,000
Earned Income	[1],[2]
ECC Capital Corp. [Member] | Affiliated Investments [Member] | Senior Secured Promissory Note [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	10,422,012
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	10,422,012
Earned Income	[1],[2]	482,173
FlexFIN, LLC [Member] | Controlled Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	38,870,711
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(4,162,202)
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	34,708,509
Earned Income	[1],[2]	3,216,298
Kemmerer Operations, LLC [Member] | Affiliated Investments [Member] | Senior Secured First Lien Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		2,378,510
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
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]
Earned Income	[1],[2]
Kemmerer Operations, LLC [Member] | Affiliated Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		694,702
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
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]
Earned Income	[1],[2]
Kemmerer Operations, LLC [Member] | Controlled Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	9,133,052
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(10,378,988)
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(7,296,895)
Realized Gain/(Loss)	[1],[2]	8,542,831
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Kemmerer Operations, LLC [Member] | Controlled Investments [Member] | Senior Secured First Lien Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	3,383,877
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	5,769,816
Transfers In/(Out) of Affiliates	[1],[2]	(9,153,693)
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]	268,831
Kemmerer Operations, LLC [Member] | Controlled Investments [Member] | Senior Secured First Lien Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		2,329,641
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
Kemmerer Operations, LLC [Member] | Controlled Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		873,440
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]
NSG Captive, Inc. [Member] | Controlled Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	100,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	100,000
Earned Income	[1],[2]
NVTN LLC [Member] | Controlled Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	11,900,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(11,900,000)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
NVTN LLC [Member] | Controlled Investments [Member] | Senior Secured First Lien Delayed Draw Term Loan One [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	7,214,856
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]	(1,693,577)
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(21,279)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	5,500,000
Earned Income	[1],[2]	868,449
NVTN LLC [Member] | Controlled Investments [Member] | Senior Secured First Lien Term Loan B [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]	5,037,547
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	11,874,210
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	16,911,757
Earned Income	[1],[2]	$ 214,286
NVTN LLC [Member] | Controlled Investments [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		7,192,927
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
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
Earned Income	[1],[2]		416,974
NVTN LLC [Member] | Controlled Investments [Member] | Senior Secured First Lien Term Loan B [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		3,697,109
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]
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
Earned Income	[1],[2]
NVTN LLC [Member] | Controlled Investments [Member] | Senior Secured First Lien Term Loan C [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]
Purchases/(Sales) of or Advances/(Distributions)	[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]
US Multifamily, LLC [Member] | Affiliated Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		1,282,571
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		(972,483)
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
Earned Income	[1],[2]
US Multifamily, LLC [Member] | Total Affiliated Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		12,314,192
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		5,771,092
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
Earned Income	[1],[2]		1,111,786
FlexFIN, LLC [Member] | Controlled Investments [Member] | Equity [Member]
Affiliated Investments
Fair value as of beginning	[1],[2]		47,136,146
Purchases/(Sales) of or Advances/(Distributions)	[1],[2]		(13,012,069)
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
Earned Income	[1],[2]		$ 2,637,115
[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 Schedules of Investments.

Investments (Details) - Sched_5

Investments (Details) - Schedule of Summarized Financial Position for Unconsolidated Significant Subsidiaries - FlexFIN, LLC [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Schedule of Summarized Balance Sheet or Financial Position for Unconsolidated Significant Subsidiaries [Line Items]
Total Assets	$ 35,909	$ 38,871
Total Liabilities	$ 1,935	$ 279

Investments (Details) - Sched_6

Investments (Details) - Schedule of Summarized Financial Information for Unconsolidated Significant Subsidiaries - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Schedule of Summarized Income Statement or Financial Information for Unconsolidated Significant Subsidiaries [Abstract]
Total Income	$ 3,324	$ 4,385
Total Expenses	614	815
Net Income	$ 2,710	$ 3,570

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)		9 Months Ended
	Sep. 30, 2017	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Fair Value Measurements [Line Items]
Net change in unrealized gain (loss)		$ 2,100,000	$ 7,400,000
Membership interest percentage	5%
Aggregate fair value	$ 2,400,000
Contingent consideration value		$ 0		$ 0
Lydell Jewelry Design Studio, LLC [Member]
Fair Value Measurements [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, 2024	Sep. 30, 2023
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		$ 232,874	$ 225,669
Investments measured at net asset value	[1]	807	792
Total Investments, at fair value		233,681	226,461
Level 1 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		32,927	24,709
Level 2 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		58,562	35,644
Level 3 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		141,385	165,316
Senior Secured First Lien Term Loans [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		117,200	103,004
Senior Secured First Lien Term Loans [Member] | Level 1 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total
Senior Secured First Lien Term Loans [Member] | Level 2 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		45,955	20,505
Senior Secured First Lien Term Loans [Member] | Level 3 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		71,245	82,499
Senior Secured Notes [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		23,029	8,922
Senior Secured Notes [Member] | Level 1 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total
Senior Secured Notes [Member] | Level 2 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		12,607	8,922
Senior Secured Notes [Member] | Level 3 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		10,422
Equity/Warrants [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		92,645	113,743
Equity/Warrants [Member] | Level 1 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		32,927	24,709
Equity/Warrants [Member] | Level 2 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total			6,217
Equity/Warrants [Member] | Level 3 [Member]
Schedule of Fair Value Measurements of Our Investments [Line Items]
Investments total		$ 59,718	$ 82,817
[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 Reconciliation of the Beginning and Ending Balances for Investments that Use Level 3 Inputs - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	$ 165,316	$ 146,675
Purchases and other adjustments to cost	104,750	41,632
Sales (including repayments or maturities)	(110,866)	(33,751)
Net realized gains/(losses) from investments	6,962	(816)
Net unrealized gains/(losses)	(1,218)	9,477
Transfer in/(out)	(23,559)
Balance at ending	141,385	163,217
Senior Secured First Lien Term Loans [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	82,499
Purchases and other adjustments to cost	28,457
Sales (including repayments or maturities)	(29,587)
Net realized gains/(losses) from investments	(8,785)
Net unrealized gains/(losses)	22,220
Transfer in/(out)	(23,559)
Balance at ending	71,245
Senior Secured Notes [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning
Purchases and other adjustments to cost	34,000
Sales (including repayments or maturities)	(23,578)
Net realized gains/(losses) from investments
Net unrealized gains/(losses)
Transfer in/(out)
Balance at ending	10,422
Equities/ Warrants [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	82,817	69,816
Purchases and other adjustments to cost	42,293	17,883
Sales (including repayments or maturities)	(57,701)	(23,858)
Net realized gains/(losses) from investments	15,747	(927)
Net unrealized gains/(losses)	(23,438)	13,055
Transfer in/(out)
Balance at ending	$ 59,718	75,969
Senior Secured First Lien Term Loans [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		74,252
Purchases and other adjustments to cost		22,722
Sales (including repayments or maturities)		(7,256)
Net realized gains/(losses) from investments		105
Net unrealized gains/(losses)		(3,698)
Transfer in/(out)
Balance at ending		86,125
Senior Secured Second Lien Term Loans [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		2,607
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)
Transfer in/(out)
Balance at ending
Unsecured Debt [Member] | Level 3 [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)
Net realized gains/(losses) from investments		1
Net unrealized gains/(losses)		190
Transfer in/(out)
Balance at ending		161
Fund Investment [Member] | Level 3 [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

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, 2024	Sep. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 141,385	$ 165,316
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 59,588	$ 69,943
Valuation Methodology	Income Approach	Income Approach
Unobservable Input	Market Yield	Market Yield
Range (Weighted Average)	42.50%	32%
Impact to Valuation From An Increase In Input	Decrease	Decrease
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 7,062	$ 751
Valuation Methodology	Recent Purchase	Market Approach
Unobservable Input	Purchase Price	Revenue Multiple
Range (Weighted Average)		0.30%
Impact to Valuation From An Increase In Input		Increase
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 4,245	$ 10,939
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	EBITDA Multiple
Range (Weighted Average)	8.30%	5%
Impact to Valuation From An Increase In Input	Increase	Increase
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 350	$ 866
Valuation Methodology	Cost Approach	Market Approach
Unobservable Input	Collateral Value	LTM EBITDA Multiple
Range (Weighted Average)		6.80%
Impact to Valuation From An Increase In Input		Increase
Senior Secured Notes [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,422
Valuation Methodology	Recent Purchase
Unobservable Input	Purchase Price
Range (Weighted Average)
Impact to Valuation From An Increase In Input
Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 34,708	$ 38,870
Valuation Methodology	Cost Approach	Cost Approach
Unobservable Input	Collateral Value	Collateral Value
Range (Weighted Average)
Impact to Valuation From An Increase In Input
Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 24,812	$ 22,007
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	EBITDA Multiple
Range (Weighted Average)	10.80%	36.80%
Impact to Valuation From An Increase In Input	Increase	Increase
Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 100	$ 206
Valuation Methodology	Recent Purchase	Income Approach
Unobservable Input	Purchase Price	DLOM (Discount for lack of Marketability)
Range (Weighted Average)		3.20%
Impact to Valuation From An Increase In Input		Decrease
Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 98	$ 10,000
Valuation Methodology	Income Approach	Recent Purchase
Unobservable Input	DLOM (Discount for lack of Marketability)	Purchase Price
Range (Weighted Average)	31%
Impact to Valuation From An Increase In Input	Decrease
Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 11,734
Valuation Methodology		Market Approach
Unobservable Input		LTM Multiple
Range (Weighted Average)		6.80%
Impact to Valuation From An Increase In Input		Increase
Minimum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	3.30%	8.50%
Minimum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		0.30%
Minimum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	3.30%	1.70%
Minimum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		5.80%
Minimum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	1%	1.80%
Minimum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		3%
Minimum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	26%
Minimum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		5.80%
Maximum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	(16.90%)	(13.78%)
Maximum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		0.30%
Maximum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	4.70%	3.10%
Maximum [Member] | Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		6.30%
Maximum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	8.70%	2.80%
Maximum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		3.10%
Maximum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	(28.50%)
Maximum [Member] | Equity/Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)		6.30%

Borrowings (Details)

Borrowings (Details) - USD ($)																	9 Months Ended
	Jun. 30, 2024	May 02, 2024	Feb. 21, 2024	Sep. 30, 2023	Dec. 15, 2022	Dec. 15, 2022	Sep. 30, 2022	Dec. 16, 2021	Nov. 15, 2021	Nov. 09, 2021	Dec. 31, 2018	Mar. 31, 2018	Mar. 10, 2018	Dec. 12, 2016	Mar. 26, 2013	Mar. 18, 2013	Jun. 30, 2024	Jun. 30, 2023	Dec. 30, 2023	Jan. 17, 2023	Sep. 30, 2013	Jun. 30, 2013	Mar. 30, 2013
Borrowings [Line Items]
Asset coverage percentage	277.80%			270.70%													277.80%
Asset coverage percentage with no approval												200%
Revolving credit facility in terms					3 years
Revolving credit facility					$ 50,000,000
Outstanding credit facility	$ 27,600,000			$ 28,400,000
Interest rate				100%			100%										2.90%
Commitment fee percentage																	0.25%
Borrowed																				$ 23,200,000
Aggregate principal amount	$ 86,734,000			$ 85,942,000													$ 86,734,000			$ 22,600,000
Aggregate principal amount						$ 22,521,800											$ 21,971,498	$ 32,241,942
Percentage of issued principal payment		5.25%
Principal amount		$ 1,661,498
Unsecured Debt [Member] | 2023 Notes [Member]
Borrowings [Line Items]
Interest rate																6.125%
Aggregate principal amount								$ 55,325,000	$ 55,325,000		$ 12,000,000		$ 13,000,000	$ 40,000,000	$ 3,500,000	$ 60,000,000
Maturity date																Mar. 30, 2023
Percentage of unsecured notes																			6.125%		6.125%	6.125%	6.125%
Sale of debt (in Shares)														1,573,872
Redemption price per share (in Dollars per share)														$ 25.03
Net proceeds														$ 38,600,000
Gain (loss) on extinguishment of debt								$ 300,000					$ 300,000
Unsecured Debt [Member] | 2028 Notes [Member]
Borrowings [Line Items]
Interest rate										5.25%
Aggregate principal amount										$ 57,500,000
Maturity date										Nov. 01, 2028
Maximum [Member]
Borrowings [Line Items]
Asset coverage percentage												200%
Aggregate principal amount			$ 62,500,000
Minimum [Member]
Borrowings [Line Items]
Asset coverage percentage												150%
Asset coverage percentage with no approval																	200%
Aggregate principal amount			$ 12,500,000
Borrowings [Member]
Borrowings [Line Items]
Asset coverage percentage	200%																200%
Underwriters [Member] | 2028 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount										$ 7,500,000

Borrowings (Details) - Schedule

Borrowings (Details) - Schedule of Outstanding Debt Excluding Debt Issuance Costs - USD ($) $ in Thousands		Jun. 30, 2024	Sep. 30, 2023	Jan. 17, 2023
Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	[1]	$ 94,088	$ 79,058
Principal Amount Outstanding		86,734	85,942	$ 22,600
Carrying Value		85,295	84,253
Fair Value		81,191	77,547
2028 Notes [Member]
Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	[1]	57,500	57,500
Principal Amount Outstanding		57,500	57,500
Carrying Value		56,061	55,811
Fair Value		51,957	49,105
2028 Promissory Note [Member]
Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	[1]	1,661
Principal Amount Outstanding		1,661
Carrying Value		1,661
Fair Value		1,661
Revolving Credit Facility [Member]
Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	[1]	34,927	21,558
Principal Amount Outstanding		27,573	28,442
Carrying Value		27,573	28,442
Fair Value		$ 27,573	$ 28,442
[1]For the 2028 Notes and 2028 Promissory Note, this represents the total principal amount and for the Revolving Credit Facility, this represents the undrawn principal amount.

Borrowings (Details) - Schedu_2

Borrowings (Details) - Schedule of Debt Issuance Cost - Level 3 [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	$ 1,689	$ 2,059
Amortized debt issuance costs	249	370
Unamortized debt issuance costs	1,440	1,689
2023 Notes [Member]
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period		39
Amortized debt issuance costs		39
Unamortized debt issuance costs
2028 Notes [Member]
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	1,689	2,020
Amortized debt issuance costs	249	331
Unamortized debt issuance costs	$ 1,440	$ 1,689

Borrowings (Details) - Schedu_3

Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Interest Expense, Amortized Debt Issuance Costs [Line Items]
Credit facility interest	$ 739	$ 477	$ 1,930	$ 830
Commitment fees	17		48
Amortization of Credit Facility deferred financing costs	127	83	340	199
Amortization of debt issuance costs	83	83	249	287
Total	$ 1,722	$ 1,415	$ 4,831	$ 4,030
Weighted average stated interest rate	6.40%	6%	6.30%	5.80%
Weighted average debt outstanding	$ 94,127	$ 83,061	$ 88,660	$ 81,227
2023 Notes Interest [Member]
Schedule of Interest Expense, Amortized Debt Issuance Costs [Line Items]
Notes Interest				820
2028 Notes Interest [Member]
Schedule of Interest Expense, Amortized Debt Issuance Costs [Line Items]
Notes Interest	$ 756	$ 772	$ 2,264	$ 1,894

Agreements (Details)

Agreements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Agreements [Line Items]
Administrator expenses payable	$ 143,936		$ 143,936
Accrual expenses	684,735	$ 159,000	1,494,425	$ 159,000
Administration Agreement [Member]
Agreements [Line Items]
Administrator expenses	100,000	$ 100,000	200,000	$ 200,000
Administrator expenses payable	$ 100,000		$ 100,000		$ 0
Target Level of Performance
Agreements [Line Items]
Performance based executive compensation target award percentage			100%
Maximum Level of Performance
Agreements [Line Items]
Performance based executive compensation target award percentage			200%
Minimum [Member]
Agreements [Line Items]
Performance based executive compensation target award percentage			0%
Net asset value per share performance goal percentage			30%
Maximum [Member]
Agreements [Line Items]
Performance based executive compensation target award percentage			200%
Net asset value per share performance goal percentage			70%

Agreements (Details) - Schedule

Agreements (Details) - Schedule of Target Performance Award for Each Executive Officer	Jun. 30, 2024 USD ($)
David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Target Performance Award [Line Items]
Value of target award	$ 890,000
Ellida McMillan, Chief Financial Officer [Member]
Target Performance Award [Line Items]
Value of target award	$ 380,000

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	9 Months Ended
	Jun. 30, 2024 USD ($)
NVTN LLC [Member]
Related Party Transaction [Line Items]
Related party transaction amount	$ 11.9

Commitments (Details)

Commitments (Details) - USD ($)		9 Months Ended
	Feb. 08, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Commitments [Line Items]
Lease term, description		The lease commenced September 1, 2021 and expires November 30, 2026.
Liabilities operating lease		$ 327,045
Lease term		2 years		3 years
Implied borrowing rate percentage		5.25%
VR [Member]
Commitments [Line Items]
Sale of shares (in Shares)	100,000
Purchase price, per share (in Dollars per share)	$ 1
Total investment		$ 49,000,000
Portfolio Companies [Member]
Commitments [Line Items]
Total unfunded commitments		2,900,000	$ 3,400,000
Other Asset [Member]
Commitments [Line Items]
Asset operating lease		353,366	449,815
lease liability [Member]
Commitments [Line Items]
Liabilities operating lease		$ 327,045	$ 432,698

Commitments (Details) - Schedul

Commitments (Details) - Schedule of Composition of the Unfunded Commitments - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 2,941	$ 3,375
Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		517
NVTN LLC - Senior Secured First Lien Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		220
SMC Roofing - First Out Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	57
SMC Roofing - Last Out Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	246
Deer Management Systems LLC - Senior Secured First Lien Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	600	600
Tamarix Capital Partners II, L.P. - Fund Investment [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 2,038	$ 2,038

Commitments (Details) - Sched_2

Commitments (Details) - Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease	Jun. 30, 2024 USD ($)
Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease [Abstract]
2024	$ 41,159
2025	156,971
2026	161,680
2027	27,417
Thereafter
Operating Leases, Future Minimum Payments Due	387,227
Difference between undiscounted and discounted cash flows	(60,182)
Total	$ 327,045

Fee Income (Details) - Schedule

Fee Income (Details) - Schedule of Fee Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Fee Income [Abstract]
Prepayment fee
Administrative agent fee			75	169
Amendment fee
Other fees	375	94	379	170
Fee income	$ 375	$ 94	$ 454	$ 339

Directors Fees (Details)

Directors Fees (Details) - USD ($)				3 Months Ended		9 Months Ended
	May 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Directors Fees [Line Items]
Directors annual fees				$ 187,500	$ 170,833	$ 562,500	$ 541,333
Directors fees expense				$ 200,000	$ 200,000	600,000	$ 500,000
Director [Member]
Directors Fees [Line Items]
Directors annual fees	$ 150,000	$ 100,000	$ 100,000
Lead Independent Director [Member]
Directors Fees [Line Items]
Directors annual fees	30,000					30,000
Audit Committee Chair [Member]
Directors Fees [Line Items]
Directors annual fees	25,000					25,000
Other Members of Audit Committee [Member]
Directors Fees [Line Items]
Directors annual fees	12,500					12,500
Corporate Governance Committee [Member]
Directors Fees [Line Items]
Directors annual fees	15,000					15,000
Other Members of Committees Receives [Member]
Directors Fees [Line Items]
Directors annual fees	$ 8,000					8,000
Each Board Meeting [Member] | Director [Member]
Directors Fees [Line Items]
Directors annual fees						3,000
Each Committee Meeting [Member] | Director [Member]
Directors Fees [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 ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$ 2,608,611	$ 8,916,660	$ 12,514,752	$ 19,576,794
Weighted average shares of common stock outstanding - basic	2,019,786	2,090,691	2,047,127	2,095,591
Earnings (loss) per share of common stock - basic	$ 1.29	$ 4.26	$ 6.11	$ 9.34

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets [Abstract]
Weighted average shares of common stock outstanding - diluted	2,019,786	2,090,691	2,047,127	2,095,591
Earnings (loss) per share of common stock - diluted	$ 1.29	$ 4.26	$ 6.11	$ 9.34

Financial Highlights (Details)

Financial Highlights (Details)	Jun. 30, 2024 USD ($)
Investment Company, Financial Highlights [Abstract]
Asset coverage (in Dollars)	$ 1,000
Asset coverage percentage	277.80%
Leverage of asset coverage	200%

Financial Highlights (Details)

Financial Highlights (Details) - Schedule of Financial Highlights - USD ($)		9 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Investment Company, Financial Highlights [Line Items]
Net Asset Value per share at Beginning of Period		$ 70.75	$ 57.49
Results of Operations:
Net Investment Income/(Loss)		2.08	2.22
Net Realized Gain/(Loss) on Investments		3.49	(1.02)
Net Unrealized Gain/(Loss) on Investments		0.54	8.14
Net Increase (Decrease) in Net Assets Resulting from Operations		6.11	9.34
Capital Share Transactions
Distributions declared		(1.31)
Repurchase of common stock under stock repurchase program	[1]	0.8	0.18
Net Increase (Decrease) Resulting from Capital Share Transactions		(0.51)	0.18
Net Asset Value per share at End of Period		$ 76.35	$ 67.01
Net Assets at End of Period (in Dollars)		$ 154,203,403	$ 139,954,664
Shares Outstanding at End of Period (in Shares)		2,019,778	2,088,589
Per share market value at end of period		$ 46.77	$ 38
Total return based on market value	[2]	26.86%	8.94%
Total return based on net asset value	[3]	6.91%	16.56%
Portfolio turnover rate		37.90%	20.33%
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements	[4]	3.76%	4.94%
Ratio of total expenses to average net assets	[4]	10.90%	10.45%
Percentage of non-recurring fee income	[5]	2.73%	2.35%
Average debt outstanding (in Shares)	[6]	88,660,220	81,227,306
Average debt outstanding per weighted average common share		$ 43.31	$ 38.85
Asset coverage ratio per unit (in Dollars)	[7]	$ 2,778	$ 2,632
Credit Facility (in Dollars)	[8]	27,572,953	28,241,941
2028 Notes [Member]
Capital Share Transactions
2028 Notes (in Dollars)	[8]	57,500,000	57,500,000
2028 Promissory Note [Member]
Capital Share Transactions
2028 Promissory Note (in Dollars)	[8]	$ 1,661,498
[1]The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the repurchase of common stock because of the timing of repurchase of the Company’s shares.[2]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.[3]Total return is historical and assumes changes in NAV, reinvestments of all dividends at prices obtained under the Company's dividend reinvestment plan, and no sales charges for the period. Calculation is not annualized.[4]Ratios are annualized during interim periods.[5]Represents the impact of the non-recurring fees as a percentage of total investment income.[6]Based on daily weighted average carrying value of debt outstanding during the period.[7]Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. As of June 30, 2024, the Company’s asset coverage was 277.8% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act.[8]Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.

Dividends (Details)

Dividends (Details)	May 09, 2024 $ / shares
Dividends [Abstract]
Dividend declared	$ 1.31

Share Transactions (Details)

Share Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Feb. 08, 2023	Jan. 11, 2021
Share Transactions [Line Items]
Share repurchase program	$ 6.9
Aggregate repurchased shares				703,931
Total cost	$ 28.1
Percentage of shares outstanding	25.80%
Number of share transferred	54,048
Treasury shares		125
Minimum [Member]
Share Transactions [Line Items]
Share repurchase program			$ 25
Maximum [Member]
Share Transactions [Line Items]
Share repurchase program			$ 35
Common Stock [Member]
Share Transactions [Line Items]
Stock repurchased weighted average price	$ 39.93
Treasury Stock [Member]
Share Transactions [Line Items]
Treasury shares	12

Share Transactions (Details) -

Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased	9 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	703,931
Aggregate Consideration for Repurchased Shares	28,108,445
Share Repurchase Program February 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	13,082
Aggregate Consideration for Repurchased Shares	397,384
Share Repurchase Program March 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	12,241
Aggregate Consideration for Repurchased Shares	393,938
Share Repurchase Program April 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	14,390
Aggregate Consideration for Repurchased Shares	491,469
Share Repurchase Program May 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	25,075
Aggregate Consideration for Repurchased Shares	976,440
Share Repurchase Program August 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	141,700
Aggregate Consideration for Repurchased Shares	5,944,213
Share Repurchase Program January 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	7,312
Aggregate Consideration for Repurchased Shares	293,756
Share Repurchase Program February 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	170,589
Aggregate Consideration for Repurchased Shares	6,908,864
Share Repurchase Program March 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	132,054
Aggregate Consideration for Repurchased Shares	5,306,885
Share Repurchase Program April 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	2,942
Aggregate Consideration for Repurchased Shares	117,758
Share Repurchase Program May 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	3,391
Aggregate Consideration for Repurchased Shares	131,338
Share Repurchase Program June 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	3,515
Aggregate Consideration for Repurchased Shares	135,063
Share Repurchase Program July 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	700
Aggregate Consideration for Repurchased Shares	25,864
Share Repurchase Program August 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	3,081
Aggregate Consideration for Repurchased Shares	112,456
Share Repurchase Program September 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	91,508
Aggregate Consideration for Repurchased Shares	3,443,845
Share Repurchase Program October 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	701
Aggregate Consideration for Repurchased Shares	14,434
Share Repurchase Program November 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	1,103
Aggregate Consideration for Repurchased Shares	38,790
Share Repurchase Program December 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	1,501
Aggregate Consideration for Repurchased Shares	51,295
Share Repurchase Program January 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	2,052
Aggregate Consideration for Repurchased Shares	68,665
Share Repurchase Program February 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	3,131
Aggregate Consideration for Repurchased Shares	115,430
Share Repurchase Program March 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	2,003
Aggregate Consideration for Repurchased Shares	76,214
Share Repurchase Program April 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	649
Aggregate Consideration for Repurchased Shares	23,671
Share Repurchase Program May 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	100
Aggregate Consideration for Repurchased Shares	3,658
Share Repurchase Program June 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	2,300
Aggregate Consideration for Repurchased Shares	85,556
Share Repurchase Program August 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	14,751
Aggregate Consideration for Repurchased Shares	575,728
Share Repurchase Program September 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	125
Aggregate Consideration for Repurchased Shares	4,772
Share Repurchase Program November 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	475
Aggregate Consideration for Repurchased Shares	17,825
Share Repurchase Program December 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	12,748
Aggregate Consideration for Repurchased Shares	520,749
Share Repurchase Program March 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	40,000
Aggregate Consideration for Repurchased Shares	1,801,205
Share Repurchase Program April 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	700
Aggregate Consideration for Repurchased Shares	30,637
Share Repurchase Program May 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Shares Repurchased	12
Aggregate Consideration for Repurchased Shares	543
Minimum [Member] | Share Repurchase Program February 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	$ 30.25
Minimum [Member] | Share Repurchase Program March 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	30.25
Minimum [Member] | Share Repurchase Program April 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	33.11
Minimum [Member] | Share Repurchase Program May 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	34.56
Minimum [Member] | Share Repurchase Program August 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	41.03
Minimum [Member] | Share Repurchase Program January 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.07
Minimum [Member] | Share Repurchase Program February 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.53
Minimum [Member] | Share Repurchase Program March 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.24
Minimum [Member] | Share Repurchase Program April 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.07
Minimum [Member] | Share Repurchase Program May 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.7
Minimum [Member] | Share Repurchase Program June 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.28
Minimum [Member] | Share Repurchase Program July 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	36.4
Minimum [Member] | Share Repurchase Program August 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	28.24
Minimum [Member] | Share Repurchase Program September 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	36.8
Minimum [Member] | Share Repurchase Program October 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	35.2
Minimum [Member] | Share Repurchase Program November 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	34.53
Minimum [Member] | Share Repurchase Program December 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	33.26
Minimum [Member] | Share Repurchase Program January 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	32.78
Minimum [Member] | Share Repurchase Program February 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	33.06
Minimum [Member] | Share Repurchase Program March 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.02
Minimum [Member] | Share Repurchase Program April 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	35.79
Minimum [Member] | Share Repurchase Program May 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	36.53
Minimum [Member] | Share Repurchase Program June 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	33.63
Minimum [Member] | Share Repurchase Program August 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	36.98
Minimum [Member] | Share Repurchase Program September 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	38.11
Minimum [Member] | Share Repurchase Program November 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.03
Minimum [Member] | Share Repurchase Program December 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.53
Minimum [Member] | Share Repurchase Program March 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	45
Minimum [Member] | Share Repurchase Program April 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	43.73
Minimum [Member] | Share Repurchase Program May 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	44.79
Maximum [Member] | Share Repurchase Program February 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	30.96
Maximum [Member] | Share Repurchase Program March 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	34.42
Maximum [Member] | Share Repurchase Program April 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	34.89
Maximum [Member] | Share Repurchase Program May 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.93
Maximum [Member] | Share Repurchase Program August 2021 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	42.28
Maximum [Member] | Share Repurchase Program January 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	40.88
Maximum [Member] | Share Repurchase Program February 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	41
Maximum [Member] | Share Repurchase Program March 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	40.57
Maximum [Member] | Share Repurchase Program April 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	41
Maximum [Member] | Share Repurchase Program May 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.78
Maximum [Member] | Share Repurchase Program June 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.19
Maximum [Member] | Share Repurchase Program July 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.23
Maximum [Member] | Share Repurchase Program August 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.7
Maximum [Member] | Share Repurchase Program September 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.5
Maximum [Member] | Share Repurchase Program October 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	36.14
Maximum [Member] | Share Repurchase Program November 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	35.28
Maximum [Member] | Share Repurchase Program December 2022 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	34.84
Maximum [Member] | Share Repurchase Program January 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	34.84
Maximum [Member] | Share Repurchase Program February 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.03
Maximum [Member] | Share Repurchase Program March 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	38.89
Maximum [Member] | Share Repurchase Program April 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.03
Maximum [Member] | Share Repurchase Program May 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	36.53
Maximum [Member] | Share Repurchase Program June 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	38.76
Maximum [Member] | Share Repurchase Program August 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	39.41
Maximum [Member] | Share Repurchase Program September 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	38.11
Maximum [Member] | Share Repurchase Program November 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	37.78
Maximum [Member] | Share Repurchase Program December 2023 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	41.03
Maximum [Member] | Share Repurchase Program March 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	45
Maximum [Member] | Share Repurchase Program April 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	43.73
Maximum [Member] | Share Repurchase Program May 2024 [Member]
Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share (in Dollars per share) | $ / shares	$ 44.79

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	9 Months Ended
	Jun. 30, 2024 USD ($)
Minimum [Member]
Subsequent Event [Line Items]
Credit facility	$ 25
Maximum [Member]
Subsequent Event [Line Items]
Credit facility	$ 87.5