PhenixFIN (PFX) 10-Q 7 Feb 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2024	Feb. 06, 2025
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	Dec. 31, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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 ($)	Dec. 31, 2024	Sep. 30, 2024
Investments at fair value
Total Investments at fair value	$ 300,094,394	$ 227,915,858
Cash and cash equivalents	7,187,110	67,571,559
Receivables:
Interest receivable	1,313,520	1,313,598
Other receivable	16,640	65,838
Dividends receivable	105,804	23,468
Due from Affiliate	1,040,512	90,500
Deferred tax asset	887,099	887,099
Deferred financing costs	625,323	760,680
Other assets	514,630	1,066,323
Prepaid share repurchase	101,115	101,115
Receivable for investments sold	41,897	2,955,775
Total Assets	311,928,044	302,751,813
Liabilities:
Credit facility and notes payable (net of debt issuance costs of $1,417,816 and $1,510,815, respectively)	141,743,682	135,723,636
Payable for investments purchased	3,688,247
Accounts payable and accrued expenses	2,391,430	5,570,150
Interest and fees payable	1,029,334	768,043
Other liabilities	256,426	294,063
Due to Affiliate	46,995	88,148
Total Liabilities	149,156,114	142,444,040
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 2,019,778 common shares outstanding, respectively	2,020	2,020
Capital in excess of par value	704,909,588	704,909,588
Total distributable earnings (loss)	(542,139,678)	(544,603,835)
Total Net Assets	162,771,930	160,307,773
Total Liabilities and Net Assets	$ 311,928,044	$ 302,751,813
Net Asset Value Per Common Share (in Dollars per share)	$ 80.59	$ 79.37
Non-Controlled, Non-Affiliated Investments
Investments at fair value
Total Investments at fair value	$ 160,343,098	$ 142,233,426
Affiliated Investments
Investments at fair value
Total Investments at fair value	13,861,599	14,750,785
Controlled Investments
Investments at fair value
Total Investments at fair value	$ 125,889,697	$ 70,931,647

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Debt issuance costs of notes payable	$ 1,417,816	$ 1,510,815
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	2,019,778
Non-Controlled, Non-Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 160,480,488	$ 143,179,354
Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	20,564,242	20,564,242
Controlled Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 152,223,817	$ 97,016,429

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Non-controlled, non-affiliated investments:
Total interest income	$ 3,767,470	$ 3,664,714
Dividend income
Total dividend income	2,138,143	2,013,726
Interest from cash and cash equivalents	227,032	41,108
Fee income (see Note 9)	11,064	2,108
Other income	72,774	22
Total Investment Income	6,216,483	5,721,678
Expenses:
Interest and financing expenses	2,545,811	1,542,061
Salaries and benefits	1,028,617	1,424,992
Professional fees, net	418,013	357,554
Directors fees	204,000	187,500
Insurance expenses	88,421	97,756
Administrator expenses (see Note 6)	84,355	77,852
General and administrative expenses	221,793	325,061
Total expenses	4,591,010	4,012,776
Net Investment Income	1,625,473	1,708,902
Net realized gains (losses):
Total net realized gains (losses)	1,168,670	229,804
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	(329,986)	2,595,133
Deferred tax benefit (expense)
Total realized and unrealized gains (losses)	838,684	2,824,937
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 2,464,157	$ 4,533,839
Weighted average basic earnings per common share (in Dollars per share)	$ 1.22	$ 2.19
Weighted average diluted earnings per common share (in Dollars per share)	$ 1.22	$ 2.19
Weighted average common shares outstanding - basic (in Shares)	2,019,778	2,072,694
Weighted average common shares outstanding - diluted (in Shares)	2,019,778	2,072,694
Non-controlled, non-affiliated investments
Non-controlled, non-affiliated investments:
Cash	$ 2,824,594	$ 2,682,143
Payment in-kind	354,681	90,674
Dividend income
Total dividend income	596,298	665,526
Net realized gains (losses):
Total net realized gains (losses)	1,168,670	229,804
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	808,538	1,364,243
Affiliated investments
Non-controlled, non-affiliated investments:
Cash		455,692
Payment in-kind
Dividend income
Total dividend income	142,495
Net realized gains (losses):
Total net realized gains (losses)
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	(889,186)	2,431,263
Controlled investments
Non-controlled, non-affiliated investments:
Cash	588,195	286,238
Payment in-kind		149,967
Dividend income
Total dividend income	1,399,350	1,348,200
Net realized gains (losses):
Total net realized gains (losses)
Net change in unrealized gains (losses):
Total net change in unrealized gains (losses)	$ (249,338)	$ (1,200,373)

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets Equity - USD ($)	Common Stock	Capital in Excess of Par Value	Total Distributable Earnings/(Loss)	Total
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
OPERATIONS
Net investment income (loss)			1,708,902	1,708,902
Net realized gains (losses) on investments			229,804	229,804
Net change in unrealized appreciation (depreciation) on investments			2,595,133	2,595,133
Repurchase of common shares	$ (13)	(538,561)		(538,574)
Repurchase of common shares (in Shares)	(13,223)
Total Increase (Decrease) in Net Assets	$ (13)	(538,561)	4,533,839	3,995,265
Total Increase (Decrease) in Net Assets (in Shares)	(13,223)
Balance at Dec. 31, 2023	$ 2,061	694,273,678	(543,574,939)	150,700,800
Balance (in Shares) at Dec. 31, 2023	2,060,490
Balance at Sep. 30, 2024	$ 2,020	704,909,588	(544,603,835)	$ 160,307,773
Balance (in Shares) at Sep. 30, 2024	2,019,778			2,019,778
OPERATIONS
Net investment income (loss)			1,625,473	$ 1,625,473
Net realized gains (losses) on investments			1,168,670	1,168,670
Net change in unrealized appreciation (depreciation) on investments			(329,986)	(329,986)
Repurchase of common shares				$ (28,108,445)
Repurchase of common shares (in Shares)				(703,931)
Total Increase (Decrease) in Net Assets			2,464,157	$ 2,464,157
Balance at Dec. 31, 2024	$ 2,020	$ 704,909,588	$ (542,139,678)	$ 162,771,930
Balance (in Shares) at Dec. 31, 2024	2,019,778			2,019,778

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 2,464,157	$ 4,533,839
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	29,987,278	22,052,279
Purchases, originations and participations	(100,920,720)	(14,290,362)
Investment increases due to payment-in-kind interest	(354,681)	(240,641)
Net amortization of premium (discount) on investments	(51,729)	(457,300)
Amortization of debt issuance cost	92,999	83,579
Amortization of deferred financing cost	177,426	91,848
Net realized (gains) losses from investments	(1,168,670)	(229,804)
Net unrealized (gains) losses on investments	329,986	(2,595,133)
(Increase) decrease in operating assets:
Interest receivable	78	(429,022)
Due from affiliate	(950,012)	(7,800)
Receivable for investments sold	2,913,878	3,940,175
Dividends receivable	(82,336)	(81,823)
Other receivable	49,198	31,425
Prepaid share repurchase		66,724
Other assets	551,693	217,429
Increase (decrease) in operating liabilities:
Payable for investments purchased	3,688,247	(4,123,059)
Accounts payable and accrued expenses	(3,178,720)	(1,451,804)
Due to Affiliate	(41,153)
Administrator expenses payable		72,852
Interest and fees payable	261,291	30,943
Deferred revenue		(421,685)
Other liabilities	(37,637)	(38,334)
Net cash provided by (used in) operating activities	(66,269,427)	6,754,326
Cash Flows from Financing Activities:
Debt issuance	21,527,047
Paydowns on debt	(15,600,000)
Deferred financing costs	(42,069)	(30,000)
Repurchase of common shares		(538,574)
Net cash provided by (used in) financing activities	5,884,978	(568,574)
Net increase (decrease) in cash and cash equivalents	(60,384,449)	6,185,752
Cash and cash equivalents, beginning of period	67,571,559	5,988,223
Cash and cash equivalents, end of period	7,187,110	12,173,975
Supplemental information:
Interest paid during the period	$ 1,982,478	$ 1,319,852

Consolidated Schedule of Invest

Consolidated Schedule of Investments (Unaudited) - USD ($)		Dec. 31, 2024		Sep. 30, 2024
Fair Value		$ 300,094,394		$ 227,915,858
All Around Roustabout, LLC [Member]
% of Net Assets		0.22%	[1],[2]	0.22%	[3],[4]
Par Amount		$ 350,000	[2],[5]	$ 350,000	[4],[6]
Fair Value		350,000	[2],[7]	350,000	[4],[8]
Amortized Cost		$ 196,411	[2],[9]	$ 196,411	[4],[10]
Altisource S.A.R.L. [Member]
% of Net Assets	[2]	7.02%	[1]	6.02%
Par Amount	[2],[5]	$ 17,202,645		$ 14,102,583
Fair Value	[2],[7]	11,428,290		9,647,924
Amortized Cost	[2]	$ 12,400,143	[9]	$ 11,029,605
Arcline FM Holdings, LLC [Member]
% of Net Assets	[2]	1.64%	[1]	1.66%	[3]
Par Amount	[2],[5]	$ 2,652,340		$ 2,658,987
Fair Value	[2]	2,667,259	[7]	2,660,649	[8]
Amortized Cost	[2]	$ 2,564,756	[9]	$ 2,571,184	[10]
Blufox Mobile Services [Member]
% of Net Assets	[2]	4.38%	[1]	4.44%	[3]
Par Amount	[2],[5]	$ 7,135,633		$ 7,111,139
Fair Value	[2]	7,135,633	[7]	7,111,139	[8]
Amortized Cost	[2]	$ 7,076,057	[9]	$ 7,047,816	[10]
Boostability Seotowncenter, Inc. [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 833,152		$ 833,152
Fair Value	[2]		[7]		[8]
Amortized Cost	[2]	$ 66,475	[9]	$ 66,475	[10]
CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[2]	3.07%	[1]	3.14%
Par Amount	[2],[5]	$ 5,347,447		$ 5,384,063
Fair Value	[2],[7]	4,999,863		5,034,099
Amortized Cost	[2]	$ 4,510,523	[9]	$ 4,541,408	[10]
Chimera Investment Corp [Member]
% of Net Assets	[2]	2.73%	[1]	3.54%	[3]
Par Amount	[2],[5]	$ 191,710		$ 242,790
Fair Value	[2],[7]	4,438,087		5,671,126
Amortized Cost	[2]	$ 4,604,354	[9]	$ 5,648,289	[10]
Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[2]	4.80%	[1]	4.78%	[3]
Par Amount	[2],[5]	$ 637,795		$ 637,795
Fair Value	[2],[7]	7,806,611		7,664,893
Amortized Cost	[2]	$ 7,429,190	[9]	$ 7,678,355	[10]
DirecTV Financing, LLC [Member]
% of Net Assets	[2]	2.79%	[1]	2.84%	[3]
Par Amount	[2],[5]	$ 4,549,523		$ 4,572,023
Fair Value	[2],[7]	4,538,147		4,556,287
Amortized Cost	[2]	$ 4,541,918	[9]	$ 4,563,762	[10]
Epic Y-Grade Services, LP [Member]
% of Net Assets	[2]	2.45%	[1]	2.48%	[3]
Par Amount	[2],[5]	$ 3,990,000		$ 4,000,000
Fair Value	[2],[7]	3,990,000		3,982,500
Amortized Cost	[2]	$ 3,900,888	[9]	$ 3,906,938	[10]
First Brands Group, LLC [Member]
% of Net Assets	[2]	2.23%	[1]	2.39%	[3]
Par Amount	[2],[5]	$ 3,869,347		$ 3,879,397
Fair Value	[2],[7]	3,627,513		3,830,905
Amortized Cost	[2]	$ 3,869,347	[9]	$ 3,879,397	[10]
Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[2]	0.36%	[1]	0.54%	[3]
Par Amount	[2],[5]	$ 47,007		$ 66,107
Fair Value	[2],[7]	589,468		863,357
Amortized Cost	[2]	$ 605,296	[9]	$ 907,782	[10]
Global Accessories Group, LLC [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 380		$ 380
Fair Value	[2],[7]
Amortized Cost	[2]	$ 151,337	[9]	$ 151,337	[10]
Innovate Corp. [Member]
% of Net Assets	[2]	2.16%	[1]	2.12%	[3]
Par Amount	[2],[5]	$ 4,250,000		$ 4,250,000
Fair Value	[2],[7]	3,519,531		3,392,031
Amortized Cost	[2]	$ 3,714,663	[9]	$ 3,714,663	[10]
Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[2]	2.07%	[1]	2.88%	[3]
Par Amount	[2],[5]	$ 139,298		$ 192,300
Fair Value	[2],[7]	3,376,584		4,624,815
Amortized Cost	[2]	$ 3,435,986	[9]	$ 4,725,994	[10]
JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[2]	9.03%	[1]	8.55%	[3]
Par Amount	[2],[5]	$ 10,995,000		$ 10,997,500
Fair Value	[2],[7]	14,699,975		13,702,488
Amortized Cost	[2]	$ 10,990,412	[9]	$ 10,992,748	[10]
Kemmerer Operations, LLC [Member]
% of Net Assets	[2]	7.47%	[1]	7.59%	[3]
Par Amount	[2],[5]	$ 12,161,321		$ 12,161,321
Fair Value	[2],[7]	12,161,321		12,161,321
Amortized Cost	[2]	$ 12,161,321	[9]	$ 12,161,321	[10]
Lighting Science Group Corporation [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 5,000,000		$ 5,000,000
Fair Value	[2],[7]
Amortized Cost	[2]	$ 955,680	[9]	$ 955,680	[10]
Lucky Bucks, LLC [Member]
% of Net Assets	[2]	3.33%	[1]	2.16%	[3]
Par Amount	[2],[5]	$ 3,852,338		$ 2,216,140
Fair Value	[2],[7]	5,407,710		3,455,706
Amortized Cost	[2]	$ 3,819,790	[9]	$ 2,120,223	[10]
Warrants of Outstanding Equity [Member]
% of Net Assets	[1],[2]	6.67%
Par Amount	[2],[5]	$ 14,954,705
Fair Value	[2],[7]	10,858,274
Amortized Cost	[2],[9]	$ 11,191,053
McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets	[2],[3]			3.04%
Par Amount	[2],[5]			$ 4,874,543
Fair Value	[2],[7]			4,868,450
Amortized Cost	[2],[10]			$ 4,840,100
Senior Secured First Lien Term Loan [Member]
% of Net Assets	[1],[2]	2.96%
Par Amount	[2],[5]	$ 4,862,043
Fair Value	[2],[7]	4,819,500
Amortized Cost	[2],[9]	$ 4,829,294
PennyMac Financial Services, Inc. [Member]
% of Net Assets	[2]	2.22%	[1]	1.44%
Par Amount	[2],[5]	$ 148,445		$ 97,426
Fair Value	[2],[7]	3,619,089		2,308,996
Amortized Cost	[2]	$ 3,571,472	[9]	$ 2,318,487
Neptune Bidco US, Inc. (dba Nielsen) [Member]
% of Net Assets	[1],[2]	1.64%
Par Amount	[2],[5]	$ 2,989,899
Fair Value	[2],[7]	2,675,960
Amortized Cost	[2],[9]	$ 2,807,955
New York Mortgage Trust, Inc. [Member]
% of Net Assets	[2]	3.21%	[1]	2.52%	[3]
Par Amount	[2],[5]	$ 211,062		$ 165,000
Fair Value	[2],[7]	5,225,895		4,039,200
Amortized Cost	[2]	$ 5,251,473	[9]	$ 4,102,076	[10]
Point.360 [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 2,777,366		$ 2,777,366
Fair Value	[2],[7]
Amortized Cost	[2]	$ 2,103,712	[9]	$ 2,103,712	[10]
Power Stop LLC [Member]
% of Net Assets	[2]	5.12%	[1]	5.29%	[3]
Par Amount	[2],[5]	$ 8,815,471		$ 8,838,431
Fair Value	[2],[7]	8,341,639		8,484,894
Amortized Cost	[2]	$ 8,269,333	[9]	$ 8,289,487	[10]
PREIT Associates [Member]
% of Net Assets	[1],[2]	0.12%
Par Amount	[2],[5]	$ 202,493
Fair Value	[2],[7]	198,444
Amortized Cost	[2],[9]	$ 198,444
Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[1],[2]	2.15%
Par Amount	[2],[5]	$ 3,500,876
Fair Value	[2],[7]	3,498,688
Amortized Cost	[2],[9]	$ 3,491,389
SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[2]	8.21%	[1]	6.16%	[3]
Par Amount	[2],[5]	$ 13,571,429		$ 9,866,667
Fair Value	[2],[7]	13,367,857		9,866,667
Amortized Cost	[2]	$ 13,496,776	[9]	$ 9,783,949	[10]
Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[2]	0.24%	[1]	0.23%	[3]
Par Amount	[2],[5]	$ 358,867		$ 358,867
Fair Value	[2],[7]	385,853		375,105
Amortized Cost	[2]	$ 345,491	[9]	$ 345,491	[10]
Spotter Inc. [Member]
% of Net Assets	[1],[2]	3.69%
Par Amount	[2],[5]	$ 414,293
Fair Value	[2],[7]	5,999,998
Amortized Cost	[2],[9]	$ 5,999,998
Staples, Inc. [Member]
% of Net Assets	[2]	2.34%	[1]	2.27%	[3]
Par Amount	[2],[5]	$ 3,990,000		$ 4,000,000
Fair Value	[2],[7]	3,810,450		3,632,500
Amortized Cost	[2]	$ 3,841,865	[9]	$ 3,845,748	[10]
Tamarix Capital Partners II, L.P. [Member]
% of Net Assets	[2]	0.96%	[1]	0.96%	[3]
Par Amount	[2],[5]		[11],[12]
Fair Value	[2],[7]	1,553,961		1,524,911
Amortized Cost	[2]	$ 1,746,049	[9]	$ 1,746,049	[10]
Thryv Holdings, Inc. [Member]
% of Net Assets	[2]	1.45%	[1]	1.61%	[3]
Par Amount	[2],[5]	$ 2,325,000		$ 2,550,000
Fair Value	[2],[7]	2,359,875		2,581,875
Amortized Cost	[2]	$ 2,304,214	[9]	$ 2,526,140	[10]
Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 11,947		$ 11,947
Fair Value	[2],[7]
Amortized Cost	[2]	$ 664,131	[9]	$ 664,131	[10]
Wingman Holdings, Inc. [Member]
% of Net Assets	[2],[3]			0.10%
Par Amount	[2],[5]			$ 350
Fair Value	[2],[7]			166,795
Amortized Cost	[2],[10]			$ 700,000
XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
% of Net Assets	[2]	1.61%	[1]	1.65%	[3]
Par Amount	[2],[5]	$ 2,731,860		$ 2,682,406
Fair Value	[2],[7]	2,630,104		2,642,251
Amortized Cost	[2]	$ 2,673,292	[9]	$ 2,678,975	[10]
Non-Controlled/Non-Affiliated Investments [Member]
% of Net Assets	[1],[2]	98.50%
Par Amount	[2],[5]	$ 145,071,042
Fair Value	[2],[7]	160,343,098
Amortized Cost	[2],[9]	$ 160,480,488
Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[13]	0.90%	[1]	1.50%	[3]
Par Amount	[2],[5],[13]	$ 18,979,334		$ 18,327,201
Fair Value	[2],[7],[13]	1,472,304		2,398,983
Amortized Cost	[2],[13]	$ 10,564,242	[9]	$ 10,564,242	[10]
FST Holdings Parent, LLC [Member]
% of Net Assets	[2],[13]	7.61%	[1]	7.71%	[3]
Par Amount	[2],[5],[13]	$ 625,548		$ 625,548
Fair Value	[2],[7],[13]	12,389,295		12,351,802
Amortized Cost	[2],[13]	$ 10,000,000	[9]	$ 10,000,000	[10]
Affiliated Investments [Member]
% of Net Assets	[1],[2],[13]	8.51%
Par Amount	[2],[5],[13]	$ 19,604,882
Fair Value	[2],[7],[13]	13,861,599
Amortized Cost	[2],[9],[13]	$ 20,564,242
ECC Capital Corp [Member]
% of Net Assets	[2],[14]	7.91%	[1]	7.67%	[3]
Par Amount	[2],[5],[14]	$ 91,422,012		$ 91,422,012
Fair Value	[2],[7],[14]	12,882,012		12,294,012
Amortized Cost	[2],[14]	$ 11,679,014	[9]	$ 11,679,014	[10]
FlexFIN, LLC [Member]
% of Net Assets	[2],[14]	25.16%	[1]	22.88%	[3]
Par Amount	[2],[5],[14]	$ 40,947,440		$ 36,683,045
Fair Value	[2],[7],[14]	40,947,440		36,683,045
Amortized Cost	[2],[14]	$ 40,947,440	[9]	$ 36,683,045	[10]
NSG Captive, Inc. [Member]
% of Net Assets	[2],[14]	29.81%	[1]	0.06%	[3]
Par Amount	[2],[5],[14]	$ 100,000		$ 100,000
Fair Value	[2],[7],[14]	48,529,571		101,000
Amortized Cost	[2],[14]	$ 49,143,993	[9]	$ 101,000	[10]
NVTN LLC [Member]
% of Net Assets	[2],[14]	14.46%	[1]	13.63%	[3]
Par Amount	[2],[5],[14]	$ 36,459,579		$ 34,559,579
Fair Value	[2],[7],[14]	23,530,674		21,853,590
Amortized Cost	[2],[14]	$ 50,453,370	[9]	48,553,370	[10]
Controlled Investments [Member]
% of Net Assets	[1],[2],[14]	77.34%
Par Amount	[2],[5],[14]	$ 168,929,031
Fair Value	[2],[7],[14]	125,889,697
Amortized Cost	[2],[9],[14]	$ 152,223,817
Total Investments [Member]
% of Net Assets	[1],[2],[14]	184.35%
Par Amount	[2],[5],[14]	$ 333,604,955
Fair Value		300,094,394	[2],[7],[14]	$ 227,916,000
Amortized Cost	[2],[9],[14]	$ 333,268,547
Neptune Bidco US, Inc. (dba Nielsen) [Member]
% of Net Assets	[2],[3]			116%
Par Amount	[2],[5]			$ 1,994,949
Fair Value	[2],[7]			1,865,278
Amortized Cost	[2],[10]			$ 1,885,227
PHH Mortgage Corp [Member]
% of Net Assets	[2],[3]			4.78%
Par Amount	[2],[5]			$ 7,686,000
Fair Value	[2],[7]			7,661,981
Amortized Cost	[2],[10]			$ 6,990,720
Subtotal Non-Controlled/Non-Affiliated Investments [Member]
% of Net Assets	[2],[3]			88.75%
Par Amount	[2],[5]			$ 128,069,299
Fair Value	[2],[7]			142,233,426
Amortized Cost	[2],[10]			$ 143,179,354
Subtotal Affiliated Investments [Member]
% of Net Assets	[2],[3],[13]			9.21%
Par Amount	[2],[5],[13]			$ 18,952,749
Fair Value	[2],[7],[13]			14,750,785
Amortized Cost	[2],[10],[13]			$ 20,564,242
Total Investments [Member]
% of Net Assets	[2],[3],[14]			44.24%
Par Amount	[2],[5],[14]			$ 162,764,636
Fair Value	[2],[7],[14]			70,931,647
Amortized Cost	[2],[10],[14]			$ 97,016,429
Total Investments [Member]
% of Net Assets	[3]			142.20%
Par Amount	[2],[5]			$ 309,786,684
Fair Value	[2],[7]			227,915,858
Amortized Cost	[2],[10]			$ 260,760,025
Energy: Oil & Gas [Member] | Senior Secured First Lien Term Loan C [Member] | All Around Roustabout, LLC [Member]
% of Net Assets		0.22%	[1],[2]	0.22%	[3],[4]
Par Amount	[5]	$ 350,000	[2]	$ 350,000	[4]
Maturity		Aug. 31, 2026	[2]	Aug. 31, 2026	[4]
Fair Value		$ 350,000	[2],[7]	$ 350,000	[4],[8]
Amortized Cost		$ 196,411	[2],[9]	$ 196,411	[4],[10]
Energy: Oil & Gas [Member] | First Out Term Loan [Member] | Epic Y-Grade Services, LP [Member]
% of Net Assets	[1],[2]	2.45%
Par Amount	[2],[5]	$ 3,990,000
Maturity	[2]	Jun. 30, 2029
Fair Value	[2],[7]	$ 3,990,000
Amortized Cost	[2],[9]	3,900,888
Energy: Oil & Gas [Member] | First Lien Term Loan [Member] | Epic Y-Grade Services, LP [Member]
% of Net Assets	[2],[3]			2.48%
Par Amount	[2],[5]			$ 4,000,000
Maturity	[2]			Jun. 30, 2029
Fair Value	[2],[7]			$ 3,982,500
Amortized Cost	[2],[10]			3,906,938
Services: Business [Member]
Fair Value		$ 52,761,000		$ 46,706,000
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | Altisource S.A.R.L. [Member]
% of Net Assets		6.99%	[1],[2],[15]	5.97%	[3],[4],[16]
Par Amount		$ 17,075,777	[2],[5],[15]	$ 14,004,684	[4],[16]
Maturity		Apr. 30, 2025	[2],[15]	Apr. 30, 2025	[4],[16]
Fair Value		$ 11,372,468	[2],[7],[15]	$ 9,565,199	[4],[8],[16]
Amortized Cost		$ 12,400,143	[2],[9],[15]	$ 11,029,605	[4],[10],[16]
Services: Business [Member] | Warrant [Member] | Altisource S.A.R.L. [Member]
% of Net Assets	[2]	0.03%	[1],[12]	0.05%	[17]
Par Amount	[2],[5]	$ 126,868	[12]	$ 97,899	[17]
Maturity	[2]	May 22, 2027	[12]	May 22, 2027	[17]
Fair Value	[2],[7]	$ 55,822	[12]	$ 82,725	[17]
Amortized Cost	[2]		[9],[12]		[17]
Services: Business [Member] | Senior Secured First Lien Term Loan [Member] | Point.360 [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 2,777,366		$ 2,777,366
Maturity	[2]	Jul. 08, 2020		Jul. 08, 2020
Fair Value	[2],[7]
Amortized Cost	[2]	2,103,712	[9]	$ 2,103,712	[10]
Services: Business [Member] | Equity [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[2],[10]			0.23%
Par Amount	[2],[5]			$ 358,867
Fair Value	[2],[7]			375,105
Amortized Cost	[2],[10]			345,491
Aerospace & Defense [Member]
Fair Value		$ 13,787,000		$ 2,827,000
Aerospace & Defense [Member] | First Out Term Loan [Member] | Arcline FM Holdings, LLC [Member]
% of Net Assets	[1],[2]	1.64%
Par Amount	[2],[5]	$ 2,652,340
Maturity	[2]	Jun. 23, 2028
Fair Value	[2],[7]	$ 2,667,259
Amortized Cost	[2],[9]	$ 2,564,756
Aerospace & Defense [Member] | First Lien Term Loan [Member] | Arcline FM Holdings, LLC [Member]
% of Net Assets	[2],[3]			1.66%
Par Amount	[2],[5]			$ 2,658,987
Maturity	[2]			Jun. 23, 2028
Fair Value	[2],[8]			$ 2,660,649
Amortized Cost	[2],[10]			$ 2,571,184
Aerospace & Defense [Member] | Equity [Member] | Wingman Holdings, Inc. [Member]
% of Net Assets	[2],[3]			0.10%
Par Amount	[2],[5]			$ 350
Fair Value	[2],[7]			166,795
Amortized Cost	[2],[10]			$ 700,000
Services Consumer [Member] | First Out Term Loan [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
% of Net Assets	[2]	0.39%	[1]	0.40%	[3]
Par Amount	[2],[5]	$ 639,228		$ 646,390
Maturity	[2]	Oct. 16, 2028		Oct. 16, 2028
Fair Value	[2],[7]	$ 634,434		$ 641,542
Amortized Cost	[2]	$ 643,416	[9]	$ 650,342	[10]
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Blufox Mobile Services [Member]
% of Net Assets	[2]	4.38%	[1]	4.44%	[3]
Par Amount	[2],[5]	$ 7,135,633		$ 7,111,139
Maturity	[2]	Apr. 12, 2028		Apr. 12, 2028
Fair Value	[2]	$ 7,135,633	[7]	$ 7,111,139	[8]
Amortized Cost	[2]	$ 7,076,057	[9]	$ 7,047,816	[10]
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets	[2]	2.96%	[1]	3.04%	[3]
Par Amount	[2],[5]	$ 4,862,043		$ 4,874,543
Maturity	[2]	Mar. 10, 2029		Mar. 10, 2029
Fair Value	[2],[7]	$ 4,819,500		$ 4,868,450
Amortized Cost	[2]	$ 4,829,294	[9]	$ 4,840,100	[10]
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[2]	8.21%	[1]	4.16%	[3]
Par Amount	[2],[5]	$ 13,571,429		$ 6,666,667
Maturity	[2]	Dec. 20, 2029		Dec. 30, 2026
Fair Value	[2],[7]	$ 13,367,857		$ 6,666,667
Amortized Cost	[2]	$ 13,496,776	[9]	$ 6,612,831	[10]
Services Consumer [Member] | First Lien Term Loan [Member] | Staples, Inc. [Member]
% of Net Assets	[2]	2.34%	[1]	2.27%
Par Amount	[2],[5]	$ 3,990,000		$ 4,000,000
Maturity	[2]	Sep. 01, 2029		Sep. 01, 2029
Fair Value	[2],[7]	$ 3,810,450		$ 3,632,500
Amortized Cost	[2]	$ 3,841,865	[9]	$ 3,845,748
Services Consumer [Member] | First Out Delayed Draw Term Loan [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
% of Net Assets	[2]	0.02%	[1]	0.02%	[3]
Par Amount	[2],[5]	$ 88,982		$ 32,366
Maturity	[2]	Oct. 16, 2028		Oct. 16, 2028
Fair Value	[2],[7]	$ 31,395		$ 32,123
Amortized Cost	[2]	$ 34,888	[9]	$ 33,259	[10]
Services Consumer [Member] | Last Out Term Loan [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
% of Net Assets	[2]	1.12%	[1]	1.14%	[10]
Par Amount	[2],[5]	$ 1,863,568		$ 1,863,568
Maturity	[2]	Oct. 16, 2028		Oct. 16, 2028
Fair Value	[2],[7]	$ 1,830,956		$ 1,830,956
Amortized Cost	[2]	$ 1,854,906	[9]	$ 1,853,360	[10]
Services Consumer [Member] | Last Out Delayed Draw Term Loan [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
% of Net Assets	[2]	0.08%	[1]	0.09%	[3]
Par Amount	[2],[5]	$ 140,082		$ 140,082
Maturity	[2]	Oct. 16, 2028		Oct. 16, 2028
Fair Value	[2],[7]	$ 133,319		$ 137,630
Amortized Cost	[2]	$ 140,082	[9]	$ 142,014	[10]
Services Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[2],[3]			2%
Par Amount	[2],[5]			$ 3,200,000
Maturity	[2]			Dec. 30, 2026
Fair Value	[2],[7]			$ 3,200,000
Amortized Cost	[2],[10]			3,171,118
Real Estate [Member] | First Out Term Loan [Member] | CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[1],[2],[15]	3.07%
Par Amount	[2],[5],[15]	$ 5,347,447
Maturity	[2],[15]	Nov. 01, 2025
Fair Value	[2],[7],[15]	$ 4,999,863
Amortized Cost	[2],[9],[15]	$ 4,510,523
Real Estate [Member] | Senior Secured First Lien Term Loan [Member] | PREIT Associates [Member]
% of Net Assets	[1],[2]	0.06%
Par Amount	[2],[5]	$ 96,884
Maturity	[2]	Apr. 01, 2029
Fair Value	[2],[7]	$ 94,947
Amortized Cost	[2],[9]	$ 94,947
Real Estate [Member] | Equity [Member] | Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[1],[2],[15]	2.07%
Par Amount	[2],[5],[15]	$ 139,298
Fair Value	[2],[7],[15]	3,376,584
Amortized Cost	[2],[9],[15]	$ 3,435,986
Real Estate [Member] | Senior Secured Revolving Note [Member] | PREIT Associates [Member]
% of Net Assets	[1],[2]	0.06%
Par Amount	[2],[5]	$ 105,609
Maturity	[2]	Dec. 31, 2028
Fair Value	[2],[7]	$ 103,497
Amortized Cost	[2],[9]	103,497
High Tech Industries [Member]
Fair Value		$ 18,389,000		$ 12,352,000
High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member]
% of Net Assets	[1],[2]	2.24%
Par Amount	[2],[5]	$ 3,639,523
Maturity	[2]	Aug. 02, 2027
Fair Value	[2],[7]	$ 3,646,347
Amortized Cost	[2],[9]	$ 3,641,793
High Tech Industries [Member] | Revolving Credit Facility [Member] | DirecTV Financing, LLC [Member]
% of Net Assets	[1],[2]	0.55%
Par Amount	[2],[5]	$ 910,000
Maturity	[2]	Aug. 02, 2029
Fair Value	[2],[7]	$ 891,800
Amortized Cost	[2],[9]	900,125
High Tech Industries [Member] | Equity [Member] | FST Holdings Parent, LLC [Member]
% of Net Assets	[2],[3],[13]			7.71%
Par Amount	[2],[5],[13]			$ 625,548
Fair Value	[2],[7],[13]			12,351,802
Amortized Cost	[2],[10],[13]			10,000,000
Automotive [Member]
Fair Value		$ 11,969,000		$ 12,316,000
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | First Brands Group, LLC [Member]
% of Net Assets	[2]	2.23%	[1]	2.39%	[3]
Par Amount	[2],[5]	$ 3,869,347		$ 3,879,397
Maturity	[2]	Mar. 30, 2027		Mar. 30, 2027
Fair Value	[2],[7]	$ 3,627,513		$ 3,830,905
Amortized Cost	[2]	$ 3,869,347	[9]	$ 3,879,397	[10]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Power Stop LLC [Member]
% of Net Assets	[2]	5.12%	[1]	5.29%	[3]
Par Amount	[2],[5]	$ 8,815,471		$ 8,838,431
Maturity	[2]	Jan. 26, 2029		Jan. 26, 2029
Fair Value	[2],[7]	$ 8,341,639		$ 8,484,894
Amortized Cost	[2]	8,269,333	[9]	$ 8,289,487	[10]
Automotive [Member] | Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[2],[3]			0%
Par Amount	[2],[5]			$ 5,441
Fair Value	[2],[7]
Amortized Cost	[2],[10]			$ 302,464
Automotive [Member] | Warrants of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[2],[3]			0%
Par Amount	[2],[5]			$ 6,506
Maturity	[2]			Mar. 30, 2028
Fair Value	[2],[7]
Amortized Cost	[2],[10]			$ 361,667
Consumer goods: Non-durable [Member] | Equity [Member] | Global Accessories Group, LLC [Member]
% of Net Assets	[2],[3]			0%
Par Amount	[2],[5]			$ 380
Fair Value	[2],[7]
Amortized Cost	[2],[10]			151,337
Construction & Building [Member]
Fair Value		$ 18,220,000		$ 17,095,000
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | NGS-WCS Group Holdings [Member]
% of Net Assets	[2]	0.61%	[1]	0.63%	[3]
Par Amount	[2],[5]	$ 995,000		$ 997,500
Maturity	[2]	May 31, 2030		May 31, 2030
Fair Value	[2],[7]	$ 999,975		$ 1,002,488
Amortized Cost	[2]	$ 990,412	[9]	$ 992,748	[10]
Construction & Building [Member] | Senior Secured Notes [Member] | Innovate Corp. [Member]
% of Net Assets	[1],[2],[15]	2.16%
Par Amount	[2],[5],[15]	$ 4,250,000
Maturity	[2],[15]	Feb. 01, 2026
Fair Value	[2],[7],[15]	$ 3,519,531
Amortized Cost	[2],[9],[15]	3,714,663
Construction & Building [Member] | 8.50% Senior Secured Notes [Member] | Innovate Corp. [Member]
% of Net Assets	[2],[3]			2.12%
Par Amount	[2],[5]			$ 4,250,000
Maturity	[2]			Feb. 01, 2026
Fair Value	[2],[7]			$ 3,392,031
Amortized Cost	[2],[10]			3,714,663
Metals & Mining [Member]
Fair Value		$ 12,161,000		$ 12,161,000
Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Kemmerer Operations, LLC [Member]
% of Net Assets	[2]	7.47%	[1]	7.59%	[3]
Par Amount	[2],[5]	$ 12,161,321		$ 12,161,321
Maturity	[2]	Dec. 31, 2028		Dec. 31, 2028
Fair Value	[2],[7]	$ 12,161,321		$ 12,161,321
Amortized Cost	[2]	12,161,321	[9]	12,161,321	[10]
Packaging [Member]
Fair Value		$ 3,499,000		$ 3,505,000
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[2]	2.15%	[1]	2.19%	[3]
Par Amount	[2],[5]	$ 3,500,876		$ 3,509,670
Maturity	[2]	Dec. 16, 2028		Dec. 16, 2028
Fair Value	[2],[7]	$ 3,498,688		$ 3,505,283
Amortized Cost	[2]	$ 3,491,389	[9]	$ 3,499,674	[10]
Packaging [Member] | Warrants of Outstanding Equity [Member] | Lighting Science Group Corporation [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 5,000,000		$ 5,000,000
Fair Value	[2],[7]
Amortized Cost	[2]	955,680	[9]	$ 955,680	[10]
Packaging [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[2],[3]			2.19%
Par Amount	[2],[5]			$ 3,509,670
Fair Value	[2],[7]			3,505,283
Amortized Cost	[2],[10]			3,499,674
Consumer Discretionary [Member]
Fair Value		$ 5,408,000		$ 3,456,000
Consumer Discretionary [Member] | Priority Second Out Term Loan [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[1],[2]	1.29%
Par Amount	[2],[5]	$ 2,095,738
Maturity	[2]	Oct. 02, 2029
Fair Value	[2],[7]	$ 2,095,738
Amortized Cost	[2],[9]	$ 1,949,088
Consumer Discretionary [Member] | Priority First Out Exit Term Loan [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[1],[2]	0.94%
Par Amount	[2],[5]	$ 1,525,861
Maturity	[2]	Oct. 02, 2028
Fair Value	[2],[7]	$ 1,525,861
Amortized Cost	[2],[9]	$ 1,421,309
Consumer Discretionary [Member] | First Out Exit Term Loan [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[2],[3]			0.43%
Par Amount	[2],[5]			$ 684,370
Maturity	[2]			Oct. 02, 2028
Fair Value	[2],[7]			$ 684,370
Amortized Cost	[2],[10]			$ 621,820
Consumer Discretionary [Member] | Equity [Member] | LB NewHoldCo, LLC [Member]
% of Net Assets	[2],[3]			0.89%
Par Amount	[2],[5]			$ 180,739
Fair Value	[2],[7]			1,420,305
Amortized Cost	[2],[10]			174,393
Aerospace & Defense [Member] | Senior Secured First Lien Term Loan [Member] | Warrants of Outstanding Equity [Member]
% of Net Assets	[1],[2]	4.10%
Par Amount	[2],[5]	$ 6,908,028
Maturity	[2]	Sep. 30, 2028
Fair Value	[2],[7]	$ 6,666,247
Amortized Cost	[2],[9]	$ 6,693,672
Aerospace & Defense [Member] | Senior Secured First Lien Revolver [Member] | Warrants of Outstanding Equity [Member]
% of Net Assets	[1],[2]	0.66%
Par Amount	[2],[5]	$ 1,118,023
Maturity	[2]	Sep. 30, 2028
Fair Value	[2],[7]	$ 1,078,892
Amortized Cost	[2],[9]	$ 1,067,319
Aerospace & Defense [Member] | Warrants of Outstanding Equity [Member] | Warrants of Outstanding Equity [Member]
% of Net Assets	[1],[2]	0.36%
Par Amount	[2],[5]	$ 3,380,282
Fair Value	[2],[7]	589,355
Amortized Cost	[2],[9]	827,409
Media: Broadcasting & Subscription [Member]
Fair Value		$ 9,574,000		$ 9,003,000
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | DirecTV Financing, LLC [Member]
% of Net Assets	[2],[3]			2.27%
Par Amount	[2],[5]			$ 3,639,523
Maturity	[2]			Aug. 02, 2027
Fair Value	[2],[7]			$ 3,639,523
Amortized Cost	[2],[10]			$ 3,641,793
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Thryv Holdings, Inc. [Member]
% of Net Assets	[2]	1.45%	[1],[15]	1.61%	[3]
Par Amount	[2],[5]	$ 2,325,000	[15]	$ 2,550,000
Maturity	[2]	May 01, 2029	[15]	May 01, 2029
Fair Value	[2],[7]	$ 2,359,875	[15]	$ 2,581,875
Amortized Cost	[2]	$ 2,304,214	[9],[15]	$ 2,526,140	[10]
Media: Broadcasting & Subscription [Member] | First Lien Term Loan [Member] | Neptune Bidco US, Inc. (dba Nielsen) [Member]
% of Net Assets	[1],[2]	1.64%
Par Amount	[2],[5]	$ 2,989,899
Maturity	[2]	Apr. 11, 2029
Fair Value	[2],[7]	$ 2,675,960
Amortized Cost	[2],[9]	2,807,955
Media: Broadcasting & Subscription [Member] | First Lien Term Loan [Member] | Neptune Bidco US, Inc. (dba Nielsen) [Member]
% of Net Assets	[2],[3]			1.16%
Par Amount	[2],[5]			$ 1,994,949
Maturity	[2]			Apr. 11, 2029
Fair Value	[2],[7]			$ 1,865,278
Amortized Cost	[2],[10]			$ 1,885,227
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loans One [Member] | DirecTV Financing, LLC [Member]
% of Net Assets	[2],[3]			0.57%
Par Amount	[2],[5]			$ 932,500
Maturity	[2]			Aug. 02, 2029
Fair Value	[2],[7]			$ 916,764
Amortized Cost	[2],[10]			921,969
Banking [Member]
Fair Value		$ 1,554,000		$ 1,525,000
Banking [Member] | Fund Investment [Member] | Tamarix Capital Partners II, L.P. [Member]
% of Net Assets	[2]	0.96%	[1],[15],[18]	0.96%	[3]
Par Amount	[2],[5]		[15],[18]
Fair Value	[2],[7]	1,553,961	[15],[18]	1,524,911
Amortized Cost	[2]	1,746,049	[9],[15],[18]	1,746,049	[10]
Hotel, Gaming & Leisure [Member]
Fair Value		$ 25,003,000		$ 24,253,000
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | NVTN LLC [Member]
% of Net Assets	[2],[14]	0%	[1]	0%	[3]
Par Amount	[2],[5],[14]	$ 11,506,159		$ 11,506,159
Maturity	[2],[14]	Dec. 31, 2026		Dec. 31, 2026
Fair Value	[2],[7],[14]
Amortized Cost	[2],[14]	$ 7,570,055	[9]	$ 7,570,055	[10]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]
% of Net Assets	[2],[14]	9.91%	[1]	10.20%	[3],[19]
Par Amount	[2],[5],[14]	$ 17,552,420		$ 17,552,420	[19]
Maturity	[2],[14]	Dec. 31, 2026		Dec. 31, 2026	[19]
Fair Value	[2],[7],[14]	$ 16,130,674		$ 16,353,590	[19]
Amortized Cost	[2],[14]	$ 13,916,082	[9]	$ 13,916,082	[10],[19]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[13]	0%	[1]	0%	[3]
Par Amount	[2],[5],[13]	$ 15,626,946		$ 15,090,314
Maturity	[2],[13]	Jan. 31, 2025		Jan. 31, 2025
Fair Value	[2],[7],[13]
Amortized Cost	[2],[13]	$ 7,767,533	[9]	$ 7,767,533	[10]
Hotel, Gaming & Leisure [Member] | Senior Secured Revolving Note [Member] | NVTN LLC [Member]
% of Net Assets	[2],[14]	4.55%	[1]	3.43%	[3]
Par Amount	[2],[5],[14]	$ 7,400,000		$ 5,500,000
Maturity	[2],[14]	Dec. 31, 2026		Dec. 31, 2026
Fair Value	[2],[7],[14]	$ 7,400,000		$ 5,500,000
Amortized Cost	[2],[14]	$ 7,516,309	[9]	$ 5,616,309	[10]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[13]	0.28%	[1]	0.47%	[3]
Par Amount	[2],[5],[13]	$ 1,049,752		$ 1,013,584
Maturity	[2],[13]	Jan. 31, 2025		Jan. 31, 2025
Fair Value	[2],[7],[13]	$ 461,031		$ 751,207
Amortized Cost	[2],[13]	$ 875,749	[9]	$ 875,749	[10]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[2],[13]	0.62%	[1]	1.03%	[10]
Par Amount	[2],[5],[13]	$ 2,302,636		$ 2,223,303
Maturity	[2],[13]	Jan. 31, 2025		Jan. 31, 2025
Fair Value	[2],[7],[13]	$ 1,011,273		$ 1,647,776
Amortized Cost	[2],[13]	1,920,960	[9]	$ 1,920,960	[10]
Hotel, Gaming & Leisure [Member] | Equity [Member] | Energy: Oil & Gas [Member]
% of Net Assets	[2],[3],[13]			0%
Par Amount	[2],[5],[13]
Fair Value	[2],[7],[13]
Amortized Cost	[2],[10],[13]
Real Estate [Member]
Fair Value		$ 43,136,000		$ 50,162,000
Real Estate [Member] | Senior Secured Notes [Member] | PHH Mortgage Corp [Member]
% of Net Assets	[2],[3]			4.78%
Par Amount	[2],[5]			$ 7,686,000
Maturity	[2]			Mar. 15, 2026
Fair Value	[2],[7]			$ 7,661,981
Amortized Cost	[2],[10]			$ 6,990,720
Real Estate [Member] | First Lien Term Loan [Member] | CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[2],[3]			3.14%
Par Amount	[2],[5]			$ 5,384,063
Maturity	[2]			Nov. 01, 2025
Fair Value	[2],[7]			$ 5,034,099
Amortized Cost	[2],[10]			$ 4,541,408
Real Estate [Member] | Equity [Member] | ECC Capital Corp [Member]
% of Net Assets	[1],[2],[14]	3.35%
Par Amount	[2],[5],[14]	$ 84,000,000
Fair Value	[2],[7],[14]	5,460,000
Amortized Cost	[2],[9],[14]	$ 4,257,002
Real Estate [Member] | Senior Secured Promissory Note [Member] | ECC Capital Corp [Member]
% of Net Assets	[2],[14]	4.56%	[1]	4.65%	[3]
Par Amount	[2],[5],[14]	$ 7,422,012		$ 7,422,012
Maturity	[2],[14]	Dec. 31, 2031		Dec. 31, 2031
Fair Value	[2],[7],[14]	$ 7,422,012		$ 7,422,012
Amortized Cost	[2],[14]	7,422,012	[9]	$ 7,422,012	[10]
Real Estate [Member] | Equity Certificates [Member] | Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[2],[3]			4.78%
Par Amount	[2],[5]			$ 637,795
Fair Value	[2],[7]			7,664,893
Amortized Cost	[2],[10]			$ 7,678,355
Real Estate [Member] | Equity [Member] | PennyMac Financial Services, Inc. [Member]
% of Net Assets	[2],[3]			1.44%
Par Amount	[2],[5]			$ 97,426
Fair Value	[2],[7]			2,308,996
Amortized Cost	[2],[10]			$ 2,318,487
Real Estate [Member] | Equity [Member] | New York Mortgage Trust, Inc. [Member]
% of Net Assets	[2],[3]			2.52%
Par Amount	[2],[5]			$ 165,000
Fair Value	[2],[7]			4,039,200
Amortized Cost	[2],[10]			4,102,076
Insurance [Member]
Fair Value		$ 48,529,000		$ 101,000
Equity [Member] | Services: Business [Member] | Boostability Seotowncenter, Inc. [Member]
% of Net Assets	[2]	0%	[1]	0%	[3]
Par Amount	[2],[5]	$ 833,152		$ 833,152
Fair Value	[2]		[7]		[8]
Amortized Cost	[2]	$ 66,475	[9]	$ 66,475	[10]
Equity [Member] | Real Estate [Member] | Chimera Investment Corp [Member]
% of Net Assets	[1],[2],[15]	2.73%
Par Amount	[2],[5],[15]	$ 191,710
Fair Value	[2],[7],[15]	4,438,087
Amortized Cost	[2],[9],[15]	$ 4,604,354
Equity [Member] | Real Estate [Member] | Chimera Investment Corp [Member]
% of Net Assets	[2],[3]			1.94%
Par Amount	[2],[5]			$ 137,310
Fair Value	[2],[7]			3,110,072
Amortized Cost	[2],[10]			$ 3,343,083
Equity Certificates [Member] | Real Estate [Member] | Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[1],[2]	4.80%
Par Amount	[2],[5]	$ 637,795
Fair Value	[2],[7]	7,806,611
Amortized Cost	[2],[9]	$ 7,429,190
Equity [Member] | Real Estate [Member] | Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[1],[2],[15]	0.36%
Par Amount	[2],[5],[15]	$ 47,007
Fair Value	[2],[7],[15]	589,468
Amortized Cost	[2],[9],[15]	$ 605,296
Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[2],[3]			0.54%
Par Amount	[2],[5]			$ 66,107
Fair Value	[2],[7]			863,357
Amortized Cost	[2],[10]			$ 907,782
Equity [Member] | Consumer goods: Non-durable [Member] | Global Accessories Group, LLC [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[2],[5]	$ 380
Fair Value	[2],[7]
Amortized Cost	[2],[9]	$ 151,337
Equity - 10,000,000 Units [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[2]	8.42%	[1]	7.92%	[3]
Par Amount	[2],[5]	$ 10,000,000		$ 10,000,000
Fair Value	[2],[7]	13,700,000		12,700,000
Amortized Cost	[2]	$ 10,000,000	[9]	$ 10,000,000	[10]
Equity [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
% of Net Assets	[2],[3]			0.84%
Par Amount	[2],[5]			$ 1,351,031
Maturity	[2]			Oct. 02, 2029
Fair Value	[2],[7]			$ 1,351,031
Amortized Cost	[2],[10]			$ 1,324,010
Equity [Member] | Consumer Discretionary [Member] | LB NewHoldCo, LLC [Member]
% of Net Assets	[1],[2]	1.10%
Par Amount	[2],[5]	$ 230,739
Fair Value	[2],[7]	1,786,111
Amortized Cost	[2],[9]	$ 449,393
Equity [Member] | Aerospace & Defense [Member] | Warrants of Outstanding Equity [Member]
% of Net Assets	[1],[2]	1.55%
Par Amount	[2],[5]	$ 3,548,372
Fair Value	[2],[7]	2,523,780
Amortized Cost	[2],[9]	$ 2,602,653
Equity [Member] | Real Estate [Member] | PennyMac Financial Services, Inc. [Member]
% of Net Assets	[1],[2],[15]	2.22%
Par Amount	[2],[5],[15]	$ 148,445
Fair Value	[2],[7],[15]	3,619,089
Amortized Cost	[2],[9],[15]	$ 3,571,472
Equity [Member] | Real Estate [Member] | New York Mortgage Trust, Inc. [Member]
% of Net Assets	[1],[2],[15]	3.21%
Par Amount	[2],[5],[15]	$ 211,062
Fair Value	[2],[7],[15]	5,225,895
Amortized Cost	[2],[9],[15]	$ 5,251,473
Equity [Member] | Services: Business [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[1],[2]	0.24%
Par Amount	[2],[5]	$ 358,867
Fair Value	[2],[7]	385,853
Amortized Cost	[2],[9]	$ 345,491
Equity - Series D-1 Preferred Stock [Member] | High Tech Industries [Member] | Spotter Inc. [Member]
% of Net Assets	[1],[2]	3.69%
Par Amount	[2],[5]	$ 414,293
Fair Value	[2],[7]	5,999,998
Amortized Cost	[2],[9]	$ 5,999,998
Equity [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[2],[5]	$ 5,441
Fair Value	[2],[7]
Amortized Cost	[2],[9]	$ 302,464
Warrants of Outstanding Equity [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[1],[2]	0%
Par Amount	[2],[5]	$ 6,506
Maturity	[2]	Mar. 30, 2028
Fair Value	[2],[7]
Amortized Cost	[2],[9]	$ 361,667
Equity [Member] | Aerospace & Defense [Member] | Wingman Holdings, Inc. [Member]
% of Net Assets	[1],[2]	0.16%
Par Amount	[2],[5]	$ 350
Fair Value	[2],[7]	261,519
Amortized Cost	[2],[9]	$ 700,000
Wingman Holdings, Inc. [Member]
% of Net Assets	[1],[2]	0.16%
Par Amount	[2],[5]	$ 350
Fair Value	[2],[7]	261,519
Amortized Cost	[2],[9]	$ 700,000
Equity [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
% of Net Assets	[1],[2],[13]	0%
Par Amount	[2],[5],[13]
Fair Value	[2],[7],[13]
Amortized Cost	[2],[9],[13]
Equity [Member] | High Tech Industries [Member] | FST Holdings Parent, LLC [Member]
% of Net Assets	[1],[2],[13]	7.61%
Par Amount	[2],[5],[13]	$ 625,548
Fair Value	[2],[7],[13]	12,389,295
Amortized Cost	[2],[9],[13]	$ 10,000,000
Equity Interest [Member] | Services: Business [Member] | FlexFIN, LLC [Member]
% of Net Assets	[2],[14]	25.16%	[1]	22.88%	[3]
Par Amount	[2],[5],[14]	$ 40,947,440		$ 36,683,045
Fair Value	[2],[7],[14]	40,947,440		36,683,045
Amortized Cost	[2],[14]	$ 40,947,440	[9]	$ 36,683,045	[10]
Equity - 100,000 Units [Member] | Insurance [Member] | NSG Captive, Inc. [Member]
% of Net Assets	[2],[14]	29.81%	[1]	0.06%	[3]
Par Amount	[2],[5],[14]	$ 100,000		$ 100,000
Fair Value	[2],[7],[14]	48,529,571		101,000
Amortized Cost	[2],[14]	$ 49,143,993	[9]	$ 101,000	[10]
Equity [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[1],[2],[14]	0%
Par Amount	[2],[5],[14]	$ 1,000
Fair Value	[2],[7],[14]
Amortized Cost	[2],[9],[14]	$ 21,450,924
Equity [Member] | Real Estate [Member] | Chimera Investment Corp [Member]
% of Net Assets	[2],[3]			1.60%
Par Amount	[2],[5]			$ 105,480
Fair Value	[2],[7]			2,561,054
Amortized Cost	[2],[10]			$ 2,305,206
Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[2],[3]			2.88%
Par Amount	[2],[5]			$ 192,300
Fair Value	[2],[7]			4,624,815
Amortized Cost	[2],[10]			$ 4,725,994
Equity [Member] | Real Estate [Member] | ECC Capital Corp [Member]
% of Net Assets	[2],[3],[14]			3.04%
Par Amount	[2],[5],[14]			$ 84,000,000
Fair Value	[2],[7],[14]			4,872,000
Amortized Cost	[2],[10],[14]			$ 4,257,002
Equity - 1,000 Class A Units [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
% of Net Assets	[2],[3],[14]			0%
Par Amount	[2],[5],[14]			$ 1,000
Fair Value	[2],[7],[14]
Amortized Cost	[2],[10],[14]			$ 21,450,924
[1] Percentage is based on net assets of $162,771,930 as of December 31, 2024. Percentage is based on net assets of $160,307,773 as of September 30, 2024. Substantially all of our investments are domiciled in the United States. Certain investments also have international operations. Par amount is presented for debt investments and the amount includes accumulated payment-in-kind (“PIK”) interest, as applicable, and is net of repayments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") 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 $(31,349,330). The tax cost basis of investments is $259,682,623 as of September 30, 2024. The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method. The investment has an unfunded commitment as of December 31, 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. The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of December 31, 2024, non-qualifying assets represented 13.18% 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 September 30, 2024, non-qualifying assets represented 13.1% of total assets. Non-income producing security. The interest rate on these loans is subject to the monthly Applicable Federal Rate, which as of September 30, 2024 was 4.48%.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Unaudited) (Parentheticals) - shares		Dec. 31, 2024		Sep. 30, 2024
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Altisource S.A.R.L [Member]
Investment interest rate		5%	[1],[2],[3],[4]	5%	[5],[6],[7]
Services: Business [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | Altisource S.A.R.L [Member]
Investment interest rate		3.75%	[1],[2],[3],[4]	3.75%	[5],[6],[7],[8]
Services: Business [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Blufox Mobile Services [Member]
Investment interest rate	[4],[9]			4%
Services: Business [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Blufox Mobile Services [Member]
Investment interest rate	[4],[9]			9.50%
Services: Business [Member] | Senior Secured First Lien Term Loan [Member] | Payment in Kind (PIK) Note [Member] | Blufox Mobile Services [Member]
Investment interest rate	[4],[9]			4%
Services: Business [Member] | Senior Secured First Lien Term Loan [Member] | London Interbank Offered Rates (LIBOR) [Member] | Point 360 [Member]
Investment interest rate	[4],[11]	6%	[10]	6%	[12]
Services: Business [Member] | Equity [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)	[4],[11]			358,867
Aerospace & Defense [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Arcline FM Holdings, LLC [Member]
Investment interest rate	[4]	4.50%	[13],[14]	4.75%	[15],[16]
Aerospace & Defense [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | Arcline FM Holdings, LLC [Member]
Investment interest rate	[4]	0.75%	[13],[14]	0.75%	[15],[16]
Aerospace & Defense [Member] | Equity [Member] | Wingman Holdings, Inc. [Member]
Equity common units (in Shares)	[4],[11]			350
Services Consumer [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Staples, Inc [Member]
Investment interest rate	[4],[8],[16]			5.75%
Services Consumer [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | Staples, Inc [Member]
Investment interest rate	[4]	0.50%	[2],[14]	0.50%	[8],[16]
Services Consumer [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Staples, Inc [Member]
Investment interest rate	[2],[4],[14]	5.75%
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[4],[8]			5%
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[4],[9]			6.50%
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Blufox Mobile Services [Member]
Investment interest rate	[4],[17]	4%
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],[4]	0.75%	[2],[14]	0.75%	[8]
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]	1%	[17]	1%	[1],[9]
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Blufox Mobile Services [Member]
Investment interest rate	[4],[17],[18]	9.50%
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[2],[4],[14]	5%
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[4],[17]	6%
Services Consumer [Member] | Senior Secured First Lien Term Loan [Member] | Payment in Kind (PIK) Note [Member] | Blufox Mobile Services [Member]
Investment interest rate	[4],[17]	4%
Services Consumer [Member] | First Out Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	3.50%	[1],[2]	3.50%	[8]
Services Consumer [Member] | First Out Term Loan [Member] | Interest Rate Floor [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	2%	[1],[2]	2%	[8]
Services Consumer [Member] | First Out Delayed Draw Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	3.50%	[1],[2],[19]	3.50%	[8],[20]
Services Consumer [Member] | First Out Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	2%	[1],[2],[19]	2%	[8],[20]
Services Consumer [Member] | Last Out Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	11.75%	[1],[2]	11.75%	[8]
Services Consumer [Member] | Last Out Term Loan [Member] | Interest Rate Floor [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	2%	[1],[2]	2%	[8]
Services Consumer [Member] | Last Out Delayed Draw Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	11.75%	[1],[2],[19]	11.75%
Services Consumer [Member] | Last Out Delayed Draw Term Loan [Member] | Interest Rate Floor [Member] | XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) [Member]
Investment interest rate	[4]	2%	[1],[2],[19]	2%
Services Consumer [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[4],[9]			6.50%
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],[4],[9]			1%
Real Estate [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[1],[3],[14],[17]	2.75%
Real Estate [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | PREIT Associates [Member]
Investment interest rate	[1],[4],[17]	7%
Real Estate [Member] | Equity [Member] | Invesco Mortgage Capital, Inc [Member]
Equity common units (in Shares)	[3],[4],[21],[22]	192,300
Interest Rate Floor [Member] | First Lien Term Loan [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[1],[3],[14],[17]	1%
High Tech Industries [Member] | Secured Overnight Financing Rate (SOFR) [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[14],[17]	5%
High Tech Industries [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[14],[17]	0.75%
High Tech Industries [Member] | Revolving Credit Facility [Member] | Interest Rate Floor [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[14],[17]	0.75%
High Tech Industries [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[14],[17]	5.25%
High Tech Industries [Member] | Equity [Member] | FST Holdings Parent, LLC [Member]
Equity common units (in Shares)	[4],[23],[24]			625,548
Energy: Oil & Gas [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | Epic Y-Grade Services, LP [Member]
Investment interest rate	[4],[9],[16]			0%
Energy: Oil & Gas [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Epic Y-Grade Services, LP [Member]
Investment interest rate	[4]	5.75%	[14],[17]	5.75%	[9],[16]
Energy: Oil & Gas [Member] | First Out Term Loan [Member] | Interest Rate Floor [Member] | Epic Y-Grade Services, LP [Member]
Investment interest rate	[4],[14],[17]	0%
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | First Brands Group, LLC [Member]
Investment interest rate	[1],[4],[8],[16]			5%
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Power Stop LLC [Member]
Investment interest rate	[1],[4]	4.75%	[2],[14]	4.75%	[8]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | First Brands Group, LLC [Member]
Investment interest rate	[1],[4]	1%	[2],[14]	1%	[8],[16]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Power Stop LLC [Member]
Investment interest rate	[1],[4]	0.50%	[2],[14]	0.50%	[8]
Automotive [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | First Brands Group, LLC [Member]
Investment interest rate	[1],[2],[4],[14]	5%
Automotive [Member] | Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)	[4],[11]			5,441
Automotive [Member] | Warrants of Outstanding Equity [Member] | Velocity Pooling Vehicle, LLC [Member]
Investment interest rate	[4],[11]			0.65%
Consumer goods: Non-durable [Member] | Equity [Member] | Global Accessories Group, LLC [Member]
Investment interest rate	[4],[11]			3.80%
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | NGS-WCS Group Holdings [Member]
Investment interest rate	[4]	0.50%	[17]	0.50%	[9]
Construction & Building [Member] | Senior Secured First Lien Term Loan B [Member] | Secured Overnight Financing Rate (SOFR) [Member] | NGS-WCS Group Holdings [Member]
Investment interest rate	[4]	4.75%	[17]	4.75%	[9]
Construction & Building [Member] | Senior Secured Notes [Member] | Innovate Corp. [Member]
Investment interest rate	[3],[4],[14]	8.50%
Construction & Building [Member] | Senior Secured Notes [Member] | Innovate Corp. [Member]
Investment interest rate	[4],[16]			8.50%
Construction & Building [Member] | Equity - 10,000,000 Units [Member] | Interest Rate Floor [Member] | JFL-NGS-WCS Partners, LLC [Member]
Equity common units (in Shares)	[4],[11]			10,000,000
Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Kemmerer Operations, LLC [Member]
Investment interest rate	[4]	0%	[2]	0%	[8]
Metals & Mining [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Kemmerer Operations, LLC [Member]
Investment interest rate	[2],[4]	5%
Equity common units (in Shares)	[4],[8]			5
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[4],[8],[16]			4.25%
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[4]	0.50%	[2],[14]	0.50%	[8],[16]
Packaging [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[2],[4],[14]	4.25%
Packaging [Member] | Warrants of Outstanding Equity [Member] | Lighting Science Group Corporation [Member]
Investment interest rate	[4],[11]			0.62%
Equity common units (in Shares)	[4],[11]	0.62
Consumer Discretionary [Member] | Priority Second Out Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[4],[17]	7.50%
Consumer Discretionary [Member] | Priority Second Out Term Loan [Member] | Interest Rate Floor [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[4],[17]	1%
Consumer Discretionary [Member] | Priority First Out Exit Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[4],[17]	7.50%
Consumer Discretionary [Member] | Priority First Out Exit Term Loan [Member] | Interest Rate Floor [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[4],[17]	1%
Consumer Discretionary [Member] | First Out Exit Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[4],[9]			7.50%
Consumer Discretionary [Member] | First Out Exit Term Loan [Member] | Interest Rate Floor [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[4],[9]			1%
Consumer Discretionary [Member] | Equity [Member] | LB NewHoldCo, LLC [Member]
Equity common units (in Shares)	[4],[11]			180,739
Aerospace & Defense [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | MB Precision Investment Holdings LLC [Member]
Investment interest rate	[2],[4]	4%
Aerospace & Defense [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | MB Precision Investment Holdings LLC [Member]
Investment interest rate	[1],[4]	8%
Aerospace & Defense [Member] | Senior Secured First Lien Revolver [Member] | Interest Rate Floor [Member] | MB Precision Investment Holdings LLC [Member]
Investment interest rate	[1],[2],[4],[19]	4%
Aerospace & Defense [Member] | Senior Secured First Lien Revolver [Member] | Secured Overnight Financing Rate (SOFR) [Member] | MB Precision Investment Holdings LLC [Member]
Investment interest rate	[1],[2],[4],[19]	8%
Aerospace & Defense [Member] | Warrants - X.XX% of Outstanding Equity [Member] | MB Precision Investment Holdings LLC [Member]
Equity common units (in Shares)	[4],[11]
Media: Broadcasting & Subscription [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Neptune Bidco US, Inc. (dba Nielsen) [Member]
Investment interest rate	[1],[4],[8]			5%
Media: Broadcasting & Subscription [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | Neptune Bidco US, Inc. (dba Nielsen) [Member]
Investment interest rate	[1],[2],[4],[14]	0.50%
Media: Broadcasting & Subscription [Member] | First Lien Term Loan [Member] | Interest Rate Floor [Member] | Neptune Bidco US, Inc. (dba Nielsen) [Member]
Investment interest rate	[1],[4],[8]			0.50%
Media: Broadcasting & Subscription [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Neptune Bidco US, Inc. (dba Nielsen) [Member]
Investment interest rate	[1],[2],[4],[14]	5%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[9]			5%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Thryv Holdings, Inc. [Member]
Investment interest rate	[4],[9],[16]			6.75%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[9]			0.75%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Thryv Holdings, Inc. [Member]
Investment interest rate	[4]	1%	[3],[14],[17]	1%	[9],[16]
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Thryv Holdings, Inc. [Member]
Investment interest rate	[3],[4],[14],[17]	6.75%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loans One [Member] | Interest Rate Floor [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[9]			0.75%
Media: Broadcasting & Subscription [Member] | Senior Secured First Lien Term Loans One [Member] | Secured Overnight Financing Rate (SOFR) [Member] | DirecTV Financing, LLC [Member]
Investment interest rate	[1],[4],[9]			5.25%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | NVTN LLC [Member]
Investment interest rate	[4],[25],[26]	2%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan B [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate	[4],[25]			2%
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]
Investment interest rate	[1],[4],[23]	9%	[10],[17]	9%	[12]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan [Member] | Interest Rate Floor [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[4],[23]	1%	[10],[17]	1%	[5]
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]
Investment interest rate	[1],[4],[23]	9%	[10],[17]	9%	[9],[12]
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],[4],[23]	1%	[10],[17]	1%	[9],[12]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] | Payment in Kind (PIK) Note [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[4],[10],[17],[23]	1%
Hotel, Gaming & Leisure [Member] | Senior Secured Revolving Note [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | NVTN LLC [Member]
Investment interest rate	[4],[25]	7%	[17]	7%	[9]
Hotel, Gaming & Leisure [Member] | Senior Secured Revolving Note [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate	[4],[25]	2%	[17]	2%	[9]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | NVTN LLC [Member]
Investment interest rate	[4],[12],[25]			12%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | Interest Rate Floor [Member] | NVTN LLC [Member]
Investment interest rate	[4],[25]	2%	[10]	2%	[12]
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Term Loan C [Member] | Secured Overnight Financing Rate (SOFR) [Member] | NVTN LLC [Member]
Investment interest rate	[4],[10],[25]	12%
Hotel, Gaming & Leisure [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[4],[9],[12],[23]			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],[4],[9],[12],[23]			1%
Hotel, Gaming & Leisure [Member] | Equity [Member] | Black Angus Steakhouses, LLC [Member]
Investment interest rate	[4],[11],[23]			17.92%
Real Estate [Member] | First Lien Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[1],[4]			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],[4]			1%
Real Estate [Member] | Senior Secured Notes [Member] | Interest Rate Floor [Member] | PHH Mortgage Corp [Member]
Investment interest rate	[4],[16]			7.875%
Real Estate [Member] | Senior Secured Promissory Note [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ECC Capital Corp [Member]
Investment interest rate	[4],[25]	5%	[2]	5%	[8]
Real Estate [Member] | Senior Secured Promissory Note [Member] | Interest Rate Floor [Member] | ECC Capital Corp [Member]
Investment interest rate	[4],[25]	0%	[2]	0%	[8]
Real Estate [Member] | Equity [Member] | PennyMac Financial Services, Inc. [Member]
Equity common units (in Shares)	[4],[27],[28]			97,426
Real Estate [Member] | Equity [Member] | New York Mortgage Trust, Inc. [Member]
Equity common units (in Shares)	[4],[27],[29]			165,000
Banking, Finance, Insurance & Real Estate [Member] | Equity [Member] | Invesco Mortgage Capital, Inc [Member]
Equity common units (in Shares)	[4],[21],[27]			192,300
Equity [Member] | Services: Business [Member] | Boostability Seotowncenter, Inc. [Member]
Equity common units (in Shares)	[4],[11]	833,152
Equity [Member] | Real Estate [Member] | Chimera Investment Corp [Member]
Equity common units (in Shares)	[3],[4],[22],[30]	137,310
Equity [Member] | Real Estate [Member] | Chimera Investment Corp [Member]
Equity common units (in Shares)	[4],[27]			137,310
Equity [Member] | Real Estate [Member] | Franklin BSP Realty Trust, Inc [Member]
Equity common units (in Shares)	[3],[4],[22]	66,107
Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | Franklin BSP Realty Trust, Inc [Member]
Equity common units (in Shares)	[4],[27]			66,107
Equity [Member] | Consumer goods: Non-durable [Member] | Global Accessories Group, LLC [Member]
Equity common units (in Shares)	[4],[11]	3.8
Equity - 10,000,000 Units [Member] | Construction & Building [Member] | JFL-NGS-WCS Partners, LLC [Member]
Equity common units (in Shares)	[4],[11]	10,000,000
Equity [Member] | Consumer Discretionary [Member] | Lucky Bucks, LLC [Member]
Investment interest rate	[1],[4],[9]			1%
Equity common units (in Shares)	[1],[4],[9]			7.5
Equity [Member] | Consumer Discretionary [Member] | LB NewHoldCo, LLC [Member]
Equity common units (in Shares)	[4],[11]	180,739
Equity [Member] | Real Estate [Member] | PennyMac Financial Services, Inc. [Member]
Equity common units (in Shares)	[3],[4],[22],[28]	97,426
Equity [Member] | Real Estate [Member] | New York Mortgage Trust, Inc. [Member]
Equity common units (in Shares)	[3],[4],[22],[29]	165,000
Senior Secured Revolving Note [Member] | Real Estate [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | PREIT Associates [Member]
Investment interest rate	[1],[4],[17]	5.50%
Equity [Member] | Services: Business [Member] | Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)	[4],[11]	358,867
Equity [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)	[4],[11]	5,441
Warrants of Outstanding Equity [Member] | Automotive [Member] | Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)	[4],[11]	0.62
Equity [Member] | Aerospace & Defense [Member] | Wingman Holdings, Inc. [Member]
Equity common units (in Shares)	[4],[11]	350
Equity [Member] | Hotel, Gaming & Leisure [Member] | Black Angus Steakhouses, LLC [Member]
Equity common units (in Shares)	[4],[11],[23]	17.92
Equity [Member] | High Tech Industries [Member] | FST Holdings Parent, LLC [Member]
Equity common units (in Shares)	[4],[23]	625,548
Equity [Member] | Real Estate [Member] | ECC Capital Corp [Member]
Equity common units (in Shares)	[4],[11],[25]	84,000,000	[22]	84,000,000
Equity - 100,000 Units [Member] | Insurance [Member] | NSG Captive, Inc [Member]
Equity common units (in Shares)	[4],[25]	100,000	[31]	100,000	[11]
Equity - 1,000 Class A Units [Member] | Hotel, Gaming & Leisure [Member] | NVTN LLC [Member]
Equity common units (in Shares)	[4],[25]	1,000		1,000
Equity [Member] | Services: Business [Member] | Boostability Seotowncenter, Inc. [Member]
Equity common units (in Shares)	[4],[32]			833,152
Equity [Member] | Real Estate [Member] | Chimera Investment Corp [Member]
Equity common units (in Shares)	[4],[8],[27]			105,480
[1] Credit Spread Adjustment ("CSA") The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.59%. The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of December 31, 2024, non-qualifying assets represented 13.18% of total assets. Credit Spread Adjustment ("CSA") Substantially all of our investments are domiciled in the United States. Certain investments also have international operations. The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2024, non-qualifying assets represented 13.1% of total assets. The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2024 was 4.59%. The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2024 was 4.85% The investment was on non-accrual status as of December 31, 2024. The investment was on non-accrual status as of September 30, 2024. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%. This investment represents a Level 2 security in the ASC 820 table as of December 31, 2024 (see Note 4). The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2024 was 4.25%. This investment represents a Level 2 security in the ASC 820 table as of September 30, 2024 (see Note 4). The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.85% 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 investment has an unfunded commitment as of December 31, 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 investment has an unfunded commitment as of September 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 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. This investment represents a Level 1 security in the ASC 820 table as of December 31, 2024 (see Note 4). 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 investment is held through PhenixFIN Investment Holdings FST, LLC. 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 the monthly Applicable Federal Rate (“AFR”), which as of December 31, 2024 was 4.21%. This investment represents a Level 1 security in the ASC 820 table as of September 30, 2024 (see Note 4). 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 SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025. Non-income producing security.

Organization

Organization	3 Months Ended
	Dec. 31, 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”). Through December 31, 2020 we were an externally managed company. Since January 1, 2021 we have operated under our present 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 (gems) 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	3 Months Ended
	Dec. 31, 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 SLF Funding I LLC, PhenixFIN Investment Holdings, LLC, PhenixFIN Investment Holdings Omnivere, LLC, PhenixFIN Investment Holdings AAR, LLC, and PhenixFIN Investment Holdings Amvestar, LLC. 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, 2024. 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, 2025. 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 December 31, 2024 and September 30, 2024, we had $7.2 million and $67.6 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 months ended December 31, 2024 and 2023, the Company earned approximately $0.4 million and $0.2 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 months ended December 31, 2024 and 2023, fee income was approximately $11.1 thousand and approximately $2.1 thousand, 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 months ended December 31, 2024 and 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 December 31, 2024, certain investments in three portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $1.5 million, or 0.5% of the fair value of our portfolio. At September 30, 2024, certain investments in three portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $2.4 million, or 1.1% 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 The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board. ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 202307”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has not adopted early and is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to its Consolidated Financial Statements. 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 December 31, 2024 and September 30, 2024. On December 13, 2024, the Company identified that it did not distribute at least 90% of its investment company taxable income for the tax year ended September 30, 2023. The Company filed Form 8927 on December 16, 2024 notifying the IRS. On February 6, 2025, the Board of Directors declared a special dividend in the amount of $2,895,785 for a record date of February 17, 2025 and payable on February 18, 2025. 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 December 31, 2024 and September 30, 2024, 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 months ended December 31, 2024 and 2023, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of December 31, 2024 and September 30, 2024, the Company had a deferred tax asset of $20.3 million and $20.9 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of December 31, 2024 and September 30, 2024, the Company has booked a valuation allowance of $19.4 million and $20.0 million, respectively, against its deferred tax asset. ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. The Company may be required to recognize ICTI in certain circumstances in which it does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount, the Company must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in ICTI other amounts that it has not yet received in cash, such as 1) PIK interest income and 2) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in the Company’s ICTI for the year of accrual, the Company may be required to make a distribution to its stockholders in order to satisfy the minimum distribution requirements, even though the Company will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. There were no material uncertain income tax positions at December 31, 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	3 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Investments	Note 3. Investments The composition of our investments as of December 31, 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 $ 146,926 44.2 % $ 129,914 43.4 % Senior Secured Notes 11,137 3.3 10,942 3.6 Fund Investment 1,746 0.5 1,554 0.5 Equity/Warrants 173,460 52.0 157,684 52.5 Total Investments $ 333,269 100.0 % $ 300,094 100.0 % The composition of our investments as of September 30, 2024 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 129,957 49.8 % $ 113,990 50.0 % Senior Secured Notes 18,127 7.0 18,476 8.1 Fund Investment 1,746 0.7 1,525 0.7 Equity/Warrants 110,930 42.5 93,925 41.2 Total Investments $ 260,760 100.0 % $ 227,916 100.0 % 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 December 31, 2024 and September 30, 2024, the total fair value of warrants was $645.2 thousand and $82.7 thousand, respectively, and were included in investments at fair value on the Consolidated Statements of Assets and Liabilities. During the three months ended December 31, 2024 and 2023, the Company did not acquire any additional warrants in an existing portfolio company. For the three months ended December 31, 2024 and 2023, there was $265.0 thousand and $22.1 thousand, respectively, in unrealized depreciation related to warrants and was recorded on the Consolidated Statements of Operations as net unrealized appreciation/(depreciation) on investments. 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 December 31, 2024 (dollars in thousands): Fair Value Percentage Services: Business $ 52,761 17.6 % Insurance 48,529 16.2 Real Estate 43,136 14.3 Services: Consumer 31,764 10.6 Hotel, Gaming & Leisure 25,003 8.3 High Tech Industries 18,389 6.1 Construction & Building 18,220 6.1 Aerospace & Defense 13,787 4.6 Metals & Mining 12,161 4.1 Automotive 11,969 4.0 Media: Broadcasting & Subscription 9,574 3.2 Consumer Discretionary 5,408 1.8 Energy: Oil & Gas 4,340 1.4 Packaging 3,499 1.2 Banking 1,554 0.5 Total $ 300,094 100.0 % The following table shows the portfolio composition by industry grouping at fair value at September 30, 2024 (dollars in thousands): Fair Value Percentage Real Estate $ 50,162 22.0 % Services: Business 46,706 20.5 Services: Consumer 28,121 12.3 Hotel, Gaming & Leisure 24,253 10.6 Construction & Building 17,095 7.5 High Tech Industries 12,352 5.5 Automotive 12,316 5.4 Metals & Mining 12,161 5.3 Media: Broadcasting & Subscription 9,003 4.0 Energy: Oil & Gas 4,333 1.9 Packaging 3,505 1.5 Consumer Discretionary 3,456 1.5 Aerospace & Defense 2,827 1.2 Banking 1,525 0.7 Insurance 101 0.1 Total $ 227,916 100.0 % 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 December 31, 2024 (dollars in thousands): Fair Value Percentage Northeast $ 109,121 36.4 % Southeast 104,659 34.9 West 37,632 12.5 Midwest 34,247 11.4 Southwest 2,621 0.9 Mid-Atlantic 386 0.1 International 11,428 3.8 Total $ 300,094 100.0 % The following table shows the portfolio composition by geographic location at fair value at September 30, 2024 (dollars in thousands): Fair Value Percentage Northeast $ 87,269 38.3 % Southeast 61,276 26.9 Midwest 34,648 15.2 West 31,951 14.0 Southwest 2,749 1.2 Mid-Atlantic 375 0.2 International 9,648 4.2 Total $ 227,916 100.0 % 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 three months ended December 31, 2024 and 2023 were as follows: Name of Investment (1)(2) Type of Investment Fair Value at Purchases/ Transfers Unrealized Realized Fair Value Earned Affiliated Investments Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan $ 751,207 $ - $ - $ (290,176 ) $ - $ 461,031 $ - Senior Secured First Lien Super Priority DDTL 1,647,776 - - (636,503 ) - 1,011,273 - FST Holdings Parent, LLC Equity 12,351,802 - - 37,493 - 12,389,295 142,495 Total Affiliated Investments $ 14,750,785 $ - $ - $ (889,186 ) $ - $ 13,861,599 $ 142,495 Name of Investment (1)(2) Type of Investment Fair Value at Purchases/ Transfers Unrealized Realized Fair Value Earned Income Controlled Investments ECC Capital Corp. Senior Secured First Lien Term Loan 7,422,012 - - - - 7,422,012 210,472 Equity 4,872,000 - - 588,000 - 5,460,000 - FlexFIN, LLC Equity Interest 36,683,045 4,264,395 - - - 40,947,440 1,399,350 NSG Captive, Inc. Equity 101,000 49,042,993 - (614,422 ) - 48,529,571 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 5,500,000 1,900,000 - - - 7,400,000 198,250 Senior Secured First Lien Term Loan B 16,353,590 - - (222,916 ) - 16,130,674 179,474 Total Controlled Investments $ 70,931,647 $ 55,207,388 $ - $ (249,338 ) $ - $ 125,889,697 $ 1,987,546 Name of Investment (1)(2) Type of Investment Fair Value Purchases/ Transfers Unrealized Realized Fair Value Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ 751,479 $ - $ - $ 678,794 $ - $ 1,430,273 $ 40,558 Revolving Credit Facility 4,632,177 1,141,365 - 479,897 - 6,253,439 152,744 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 - - (470,800 ) - 988,449 - Senior Secured First Lien Super Priority DDTL 1,920,960 - - - - 1,920,960 (20,809 ) FST Holdings Parent, LLC Equity 10,000,003 - - (3 ) - 10,000,000 - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan B 7,500,000 6,625 - (6,625 ) - 7,500,000 283,199 Equity 10,150,000 - - 1,750,000 - 11,900,000 - Total Affiliated Investments $ 37,289,617 $ 1,147,990 $ - $ 2,431,263 $ - $ 40,868,870 $ 455,692 Name of Investment (1)(2) Type of Investment Fair Value Purchases/ Transfers Unrealized Realized Fair Value Earned Controlled Investments FlexFIN, LLC Equity Interest $ 38,870,711 $ (2,460,565 ) $ - $ - $ - $ 36,410,146 $ 1,348,200 Kemmerer Operations, LLC Senior Secured First Lien Term Loan 3,383,877 (216,704 ) - - - 3,167,173 149,967 Equity 9,133,052 2,300,000 - (1,229,110 ) - 10,203,942 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,214,856 3,190,114 - (41,470 ) - 10,363,500 286,238 Senior Secured First Lien Term Loan B 5,037,547 - - 70,207 - 5,107,754 - Total Controlled Investments $ 63,640,043 $ 2,812,845 $ - $ (1,200,373 ) $ - $ 65,252,515 $ 1,784,405 (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 three months ended December 31, 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 three months ended December 31, 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 December 31, 2024 for which summarized financial information is presented below (dollars in thousands): Balance Sheet December 31, September 30, Total Assets $ 55,063 $ 51,634 Total Liabilities 14,301 15,206 Income Statement For the For the Total Income $ 1,595 $ 4,955 Total Expenses 436 1,028 Net Income $ 1,159 $ 3,927

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 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 December 31, 2024 (dollars in thousands): Fair Value Hierarchy as of December 31, 2024 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 45,527 $ 84,387 $ 129,914 Senior Secured Notes - 3,520 7,422 10,942 Equity/Warrants 30,516 - 127,168 157,684 Total $ 30,516 $ 49,047 $ 218,977 $ 298,540 Investments measured at net asset value (1) 1,554 Total Investments, at fair value $ 300,094 (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, 2024 (dollars in thousands): Fair Value Hierarchy as of September 30, 2024 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - 45,003 68,987 $ 113,990 Senior Secured Notes - 11,054 7,422 18,476 Equity/Warrants 30,044 - 63,881 93,925 Total $ 30,044 $ 56,057 $ 140,290 $ 226,391 Investments measured at net asset value (1) 1,525 Total Investments, at fair value $ 227,916 (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 three months ended December 31, 2024 (dollars in thousands): Senior Senior Equities/ Total Balance as of September 30, 2024 $ 68,987 $ 7,422 $ 63,881 $ 140,290 Purchases and other adjustments to cost 26,271 - 69,484 95,755 Sales (including repayments or maturities) (10,166 ) - (6,238 ) (16,404 ) Net realized gains/(losses) from investments 84 - - 84 Net unrealized gains/(losses) (789 ) - 41 (748 ) Transfer in/(out) - - - - Balance as of December 31, 2024 $ 84,387 $ 7,422 $ 127,168 $ 218,977 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended December 31, 2023 (dollars in thousands): Senior Senior Equities/ Total Balance as of September 30, 2023 $ 82,499 $ - $ 82,817 $ 165,316 Purchases and other adjustments to cost 7,760 - 6,752 14,512 Sales (including repayments or maturities) (8,802 ) - (7,852 ) (16,654 ) Net realized gains/(losses) from investments (12 ) - 278 266 Net unrealized gains/(losses) 951 - (472 ) 479 Transfer in/(out) - - - - Balance as of December 31, 2023 $ 82,396 $ - $ 81,523 $ 163,919 Net change in unrealized gain (loss) for the three months ended December 31, 2024 and 2023 included in earnings related to Level 3 investments still held as of December 31, 2024 and 2023 was approximately $(0.6) million and $2.1 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 three months ended December 31, 2024, no investments were transferred in or out of Level 3. During the three months ended December 31, 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 December 31, 2024 (dollars in thousands): Fair Value Valuation Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 81,565 Income Approach Market Yield 3.5% - 47.5% (9.4%) Decrease Senior Secured First Lien Term Loans 1,472 Market Approach EBITDA Multiple 1.0x - 1.5x (1.3x) Increase Senior Secured First Lien Term Loans 1,000 Market Approach Market Quote N/A N/A Senior Secured First Lien Term Loans 350 Cost Approach Collateral Value N/A N/A Senior Secured Notes 7,422 Cost Approach Collateral Value N/A N/A Equity/Warrants 40,947 Cost Approach Replacement Cost N/A N/A Equity/Warrants 28,523 Market Approach EBITDA Multiple 4.8x - 10.3x (8.3x) Increase Equity/Warrants 2,524 Income Approach Market Yield 11.0%-28.8% (28.5%) Decrease Equity/Warrants 54,529 Recent Purchase Purchase Price N/A N/A Equity/Warrants 645 Income Approach DLOM (Discount for lack of Marketability) 30.0%-34.0% (32.0%) Decrease Total $ 218,977 The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2024 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 65,236 Income Approach Market Yield 3.5% - 42.5% (15.3%) Decrease Senior Secured First Lien Term Loans 2,399 Market Approach EBITDA Multiple 1.8x - 2.3x (2.0x) Increase Senior Secured First Lien Term Loans 1,002 Market Approach Market Spread 4.5% - 5.0% (4.75%) Decrease Senior Secured First Lien Term Loans 350 Cost Approach Collateral Value N/A N/A Senior Secured Notes 7,422 Recent Purchase Purchase Price N/A N/A Equity/Warrants 36,683 Cost Approach Collateral Value N/A N/A Equity/Warrants 27,014 Market Approach EBITDA Multiple 4.3x - 10.3x (8.4x) Increase Equity/Warrants 101 Recent Purchase Purchase Price N/A N/A Equity/Warrants 83 Income Approach DLOM (Discount for lack of Marketability) 27.0% - 31.0% (29.0%) Decrease Total $ 140,290 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.

Borrowings

Borrowings	3 Months Ended
	Dec. 31, 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 December 31, 2024 and September 30, 2024, the Company’s asset coverage was 213.7% and 216.8%, 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 December 31, 2024 and September 30, 2024 were as follows (dollars in thousands): December 31, 2024 September 30, 2024 Aggregate (1) Principal Carrying Fair Aggregate (1) Principal Carrying Fair 2028 Notes $ 57,500 $ 57,500 $ 56,228 $ 52,440 $ 57,500 $ 57,500 $ 56,143 $ 51,980 2028 Promissory Note 1,661 1,661 1,516 1,661 1,661 1,661 1,508 1,661 Revolving Credit Facility 3,500 84,000 84,000 84,000 9,427 78,073 78,073 78,073 Total debt $ 62,661 $ 143,161 $ 141,744 $ 138,101 $ 68,588 $ 137,234 $ 135,724 $ 131,714 (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. The Credit Facility has a maturity date of December 15, 2025. 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 “First Amendment 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 First Amendment Effective Date (the “First Amendment”). The First 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. 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. 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 December 31, 2024, the Company was in compliance in all respects with the terms of the Credit Facility. As of December 31, 2024 and September 30, 2024, there was $84.0 million and $78.1 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. Unsecured Notes 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 December 31, 2024 and September 30, 2024, the Notes are deemed to be Level 1 in the fair value hierarchy, as defined in Note 4. As of December 31, 2024 and September 30, 2024, the 2028 Promissory Note is deemed to be Level 3 in the fair value hierarchy, as defined in Note 4. As of December 31, 2024 and September 30, 2024, 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 the 2028 Notes. As of December 31, 2024 and September 30, 2024, debt issuance costs related to the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): For the three months ended For the year ended December 31, 2024 September 30, 2024 2028 2028 Total 2028 2028 Total Total debt issuance costs at beginning of period $ 1,357 $ 154 $ 1,511 $ 1,689 $ - $ 1,689 Debt issuance costs during the period - - - - 169 169 Amortized debt issuance costs 85 8 93 332 15 347 Unamortized debt issuance costs $ 1,272 $ 146 $ 1,418 $ 1,357 $ 154 $ 1,511 For the three months ended December 31, 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 2028 Notes, 2028 Promissory Note and the Credit Facility were as follows (dollars in thousands): For the Three Months Ended 2024 2023 2028 Notes Interest $ 747 $ 754 2028 Promissory Note 22 - Credit Facility Interest 1,501 598 Commitment fees 7 14 Amortization of deferred financing costs 177 92 Amortization of debt issuance costs 92 84 Total $ 2,546 $ 1,542 Weighted average stated interest rate 6.6 % 6.2 % Weighted average debt outstanding $ 136,250 $ 85,942

Agreements

Agreements	3 Months Ended
	Dec. 31, 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 Fund Services, LLC d/b/a U.S. Bank Global Fund Services (“U.S. Bancorp”).. A U.S. Bancorp affiliate also served as the Company’s custodian. The Company’s administrative and custodial relationship with U.S. Bancorp terminated on August 9, 2022. SS&C Technologies, Inc. (“SS&C”) has since served as administrator of the Company and has provided the Company with fund accounting and financial reporting services pursuant to the services agreement with the Company. Effective September 12, 2022, Computershare Trust Company, N.A. (“Computershare”) serves as custodian for the Company pursuant to its Loan Administration and Custodial Agreement with the Company. For the three months ended December 31, 2024 and 2023, we incurred approximately $0.1 million and $0.1 million in administrator expenses, respectively. As of December 31, 2024 and September 30, 2024, $0.0 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. On September 30, 2024, the performance cycle for the 2022 LTIP Plan ended. Based on achievement of the Performance Goals, Mr. Lorber received $1,403,530 and Ms. McMillan received $599,260 pursuant to the 2022 LTIP Plan awards (the “2022 Awards”). 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. In December 2024, 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, 2024 and ending on September 30, 2027 (the “2025 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 threshold, target, and maximum performance levels are structured similar to those of the 2022 LTIP Plan. 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 The Target Performance Award for the 2025 LTIP Plan for each of Mr. Lorber and Ms. McMillan is $1,000,000 and $425,000, respectively. During the three months ended December 31, 2024 and 2023, the Company accrued $326,320 and $304,800 respectively, for these awards.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions During the year ended September 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 December 31, 2024 and September 30, 2024 consists of certain legal and general and administrative expenses paid by the Company on behalf of certain of its affiliates. Due to affiliates at December 31, 2024 and September 30, 2024 consists of certain expenses payable by the Company to certain of its affiliates.

Commitments

Commitments	3 Months Ended
	Dec. 31, 2024
Commitments [Abstract]
Commitments	Note 8. Commitments Unfunded commitments As of December 31, 2024 and September 30, 2024, we had commitments under loan and financing agreements to fund up to $2.2 million to three portfolio companies and $1.6 million to two 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 December 31, 2024 and September 30, 2024 is shown in the table below (dollars in thousands): December 31, September 30, MB Precision Investment Holdings LLC – Senior Secured First Lien Revolver $ 572 $ - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - First Out Delayed Draw Term Loan 57 57 XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Last Out Delayed Draw Term Loan 246 246 Tamarix Capital Partners II, L.P. - Fund Investment 1,313 1,313 Total unfunded commitments $ 2,188 $ 1,616 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. On December 18, 2024, the Company amended the terms of the lease, contingent on certain events, extending the lease term until August 31, 2035, with a right to terminate on the 36 th th th 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 December 31, 2024 and September 30, 2024, the asset related to the operating lease was $291,432 and $322,131, respectively, and is included in the Other assets balance on the Consolidated Balance Sheet. As of December 31, 2024 and September 30, 2024, the lease liability was $256,425 and $294,063, respectively, and is included in the Other liabilities balance on the Consolidated Statements of Assets and Liabilities. As of December 31, 2024 and September 30, 2024, the remaining lease term was approximately two years and two 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 December 31, 2024: For the Years Ended September 30, Amount 2025 $ 118,778 2026 161,680 2027 27,417 Thereafter - 307,875 Difference between undiscounted and discounted cash flows (51,450 ) $ 256,425

Fee Income

Fee Income	3 Months Ended
	Dec. 31, 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 months ended December 31, 2024 and 2023 (dollars in thousands): For the Three Months Ended 2024 2023 Prepayment fee $ - $ - Administrative agent fee 5 - Amendment fee - - Other fees 6 2 Fee income $ 11 $ 2

Directors Fees

Directors Fees	3 Months Ended
	Dec. 31, 2024
Directors Fees [Abstract]
Directors Fees	Note 10. Directors Fees From May 1, 2023 to September 30, 2024, the Company’s independent directors received an annual fee of $150,000. 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 no longer receive fees for each board and committee meeting that they attend. Effective October 1, 2024, the structure was modified such that each of the Company’s independent directors receives an annual fee of $165,000. In addition, the lead independent director receives an annual retainer of $30,000; the chair of the Audit Committee receives an annual retainer of $19,000 and each of its other members receives an annual retainer of $12,500; the chair of the Nominating and Corporate Governance Committee receives an annual retainer of $12,000 and each of its other members receives an annual retainer of $11,000; and the chair of the Compensation Committee receives an annual retainer of $15,000 and each of its other members receives an annual retainer of $11,000. 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 months ended December 31, 2024 and 2023, the Company recognized $0.2 million and $0.2 million, for directors’ fees expense, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 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 December 31, 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 months ended December 31, 2024 and 2023 (amounts in thousands, except shares and per share amounts): For the Three Months Ended 2024 2023 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 2,464 $ 4,534 Weighted average shares of common stock outstanding - basic and diluted 2,019,778 2,072,694 Earnings (loss) per share of common stock - basic and diluted $ 1.22 $ 2.19

Financial Highlights

Financial Highlights	3 Months Ended
	Dec. 31, 2024
Financial Highlights [Abstract]
Financial Highlights	Note 12. Financial Highlights The following is a schedule of financial highlights for the three months ended December 31, 2024 and 2023: For the Three Months Ended 2024 2023 Per share data Net Asset Value per share at Beginning of Period $ 79.37 $ 70.75 Results of Operations: Net Investment Income/(Loss) 0.80 0.82 Net Realized Gain/(Loss) on Investments 0.58 0.11 Net Unrealized Gain/(Loss) on Investments (0.16 ) 1.26 Net loss on extinguishment of debt - - Deferred tax benefit (expense) - - Net Increase (Decrease) in Net Assets Resulting from Operations 1.22 2.19 Capital Share Transactions Distributions declared - - Repurchase of common stock under stock repurchase program - 0.20 Net Increase (Decrease) Resulting from Capital Share Transactions - 0.20 Net Asset Value per share at End of Period $ 80.59 $ 73.14 Net Assets at End of Period $ 162,771,930 $ 150,700,800 Shares Outstanding at End of Period 2,019,778 2,060,490 Per share market value at end of period $ 50.64 $ 42.25 Total return based on market value (1) 6.39 % 11.48 % Total return based on net asset value (2) 1.54 % 2.65 % Portfolio turnover rate 13.27 % 6.80 % Ratios: Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements (3) 4.26 % 4.78 % Ratio of total expenses to average net assets (3) 11.83 % 11.23 % Supplemental Data: Percentage of non-recurring fee income (4) 0.18 % 0.15 % Average debt outstanding (5) $ 136,250,229 $ 85,941,941 Average debt outstanding per weighted average common share $ 67.46 $ 41.46 Asset coverage ratio per unit (6) $ 2,137 $ 2,754 Senior Securities Outstanding (7) 2028 Notes $ 57,500,000 $ 57,500,000 2028 Promissory Note $ 1,661,498 - Credit Facility $ 84,000,000 $ 28,241,941 Average market value per unit: 2028 Notes $ 22.51 $ 22.54 (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 December 31, 2024, the Company’s asset coverage was 213.7% 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.

Dividends

Dividends	3 Months Ended
	Dec. 31, 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. The Company did not declare any distribution payments during the three months ended December 31, 2024 and 2023.

Share Transactions

Share Transactions	3 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2024: Month Ended Shares Repurchased 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 - $37.79 112,456 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 $45.03 - $45.03 1,801,205 April 2024 700 $43.76 - $43.76 30,637 May 2024 12 $44.82 - $44.82 543 Total 703,931 $ 28,108,445 During the three months ended December 31, 2024, no shares were transferred into treasury. As of December 31, 2024, there were no shares that were not yet transferred into treasury.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events On February 6, 2025, the Board of Directors declared a special dividend in the amount of $2,895,785 for a record date of February 17, 2025 and payable on February 18, 2025. Management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items disclosed herein, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the Consolidated Financial Statements as of and for the three months ended December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,464,157	$ 4,533,839

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
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, 2024, filed with the SEC on December 17, 2024, 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 months ended December 31, 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. As of December 31, 2024, 15.6% of our total assets were invested in NSG, our insurance business. This significant exposure subjects our Company to various risks associated with such business (which are identified in “Risks of the Insurance Business” under Item 1A in our annual report on Form 10-K for the fiscal year ended September 30, 2024) to a much greater extent than companies not similarly concentrated.
NAV Per Share	$ 80.59	$ 79.37	$ 73.14	$ 70.75
Risks of the Insurance Business [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	As of December 31, 2024, 15.6% of our total assets were invested in NSG, our insurance business. This significant exposure subjects our Company to various risks associated with such business (which are identified in “Risks of the Insurance Business” under Item 1A in our annual report on Form 10-K for the fiscal year ended September 30, 2024) to a much greater extent than companies not similarly concentrated.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Dec. 31, 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 SLF Funding I LLC, PhenixFIN Investment Holdings, LLC, PhenixFIN Investment Holdings Omnivere, LLC, PhenixFIN Investment Holdings AAR, LLC, and PhenixFIN Investment Holdings Amvestar, LLC. 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, 2024. 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, 2025.
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 December 31, 2024 and September 30, 2024, we had $7.2 million and $67.6 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 months ended December 31, 2024 and 2023, the Company earned approximately $0.4 million and $0.2 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 months ended December 31, 2024 and 2023, fee income was approximately $11.1 thousand and approximately $2.1 thousand, 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 months ended December 31, 2024 and 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 December 31, 2024, certain investments in three portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $1.5 million, or 0.5% of the fair value of our portfolio. At September 30, 2024, certain investments in three portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $2.4 million, or 1.1% 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 The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board. ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 202307”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has not adopted early and is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to its Consolidated Financial Statements. 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 December 31, 2024 and September 30, 2024. On December 13, 2024, the Company identified that it did not distribute at least 90% of its investment company taxable income for the tax year ended September 30, 2023. The Company filed Form 8927 on December 16, 2024 notifying the IRS. On February 6, 2025, the Board of Directors declared a special dividend in the amount of $2,895,785 for a record date of February 17, 2025 and payable on February 18, 2025. 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 December 31, 2024 and September 30, 2024, 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 months ended December 31, 2024 and 2023, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of December 31, 2024 and September 30, 2024, the Company had a deferred tax asset of $20.3 million and $20.9 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of December 31, 2024 and September 30, 2024, the Company has booked a valuation allowance of $19.4 million and $20.0 million, respectively, against its deferred tax asset. ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. The Company may be required to recognize ICTI in certain circumstances in which it does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount, the Company must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in ICTI other amounts that it has not yet received in cash, such as 1) PIK interest income and 2) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in the Company’s ICTI for the year of accrual, the Company may be required to make a distribution to its stockholders in order to satisfy the minimum distribution requirements, even though the Company will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. There were no material uncertain income tax positions at December 31, 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)	3 Months Ended
	Dec. 31, 2024
Investments [Abstract]
Schedule of Investments at Amortized Cost and Fair Value	The composition of our investments as of December 31, 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 $ 146,926 44.2 % $ 129,914 43.4 % Senior Secured Notes 11,137 3.3 10,942 3.6 Fund Investment 1,746 0.5 1,554 0.5 Equity/Warrants 173,460 52.0 157,684 52.5 Total Investments $ 333,269 100.0 % $ 300,094 100.0 % Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 129,957 49.8 % $ 113,990 50.0 % Senior Secured Notes 18,127 7.0 18,476 8.1 Fund Investment 1,746 0.7 1,525 0.7 Equity/Warrants 110,930 42.5 93,925 41.2 Total Investments $ 260,760 100.0 % $ 227,916 100.0 %
Schedule of Portfolio Composition by Industry Grouping at Fair Value	The following table shows the portfolio composition by industry grouping at fair value at December 31, 2024 (dollars in thousands): Fair Value Percentage Services: Business $ 52,761 17.6 % Insurance 48,529 16.2 Real Estate 43,136 14.3 Services: Consumer 31,764 10.6 Hotel, Gaming & Leisure 25,003 8.3 High Tech Industries 18,389 6.1 Construction & Building 18,220 6.1 Aerospace & Defense 13,787 4.6 Metals & Mining 12,161 4.1 Automotive 11,969 4.0 Media: Broadcasting & Subscription 9,574 3.2 Consumer Discretionary 5,408 1.8 Energy: Oil & Gas 4,340 1.4 Packaging 3,499 1.2 Banking 1,554 0.5 Total $ 300,094 100.0 % The following table shows the portfolio composition by industry grouping at fair value at September 30, 2024 (dollars in thousands): Fair Value Percentage Real Estate $ 50,162 22.0 % Services: Business 46,706 20.5 Services: Consumer 28,121 12.3 Hotel, Gaming & Leisure 24,253 10.6 Construction & Building 17,095 7.5 High Tech Industries 12,352 5.5 Automotive 12,316 5.4 Metals & Mining 12,161 5.3 Media: Broadcasting & Subscription 9,003 4.0 Energy: Oil & Gas 4,333 1.9 Packaging 3,505 1.5 Consumer Discretionary 3,456 1.5 Aerospace & Defense 2,827 1.2 Banking 1,525 0.7 Insurance 101 0.1 Total $ 227,916 100.0 %
Schedule of Portfolio Composition by Geographic Location at Fair Value	The following table shows the portfolio composition by geographic location at fair value at December 31, 2024 (dollars in thousands): Fair Value Percentage Northeast $ 109,121 36.4 % Southeast 104,659 34.9 West 37,632 12.5 Midwest 34,247 11.4 Southwest 2,621 0.9 Mid-Atlantic 386 0.1 International 11,428 3.8 Total $ 300,094 100.0 % The following table shows the portfolio composition by geographic location at fair value at September 30, 2024 (dollars in thousands): Fair Value Percentage Northeast $ 87,269 38.3 % Southeast 61,276 26.9 Midwest 34,648 15.2 West 31,951 14.0 Southwest 2,749 1.2 Mid-Atlantic 375 0.2 International 9,648 4.2 Total $ 227,916 100.0 %
Schedule of Transactions with Affiliated Investments and Controlled Investments	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 three months ended December 31, 2024 and 2023 were as follows: Name of Investment (1)(2) Type of Investment Fair Value at Purchases/ Transfers Unrealized Realized Fair Value Earned Affiliated Investments Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan $ 751,207 $ - $ - $ (290,176 ) $ - $ 461,031 $ - Senior Secured First Lien Super Priority DDTL 1,647,776 - - (636,503 ) - 1,011,273 - FST Holdings Parent, LLC Equity 12,351,802 - - 37,493 - 12,389,295 142,495 Total Affiliated Investments $ 14,750,785 $ - $ - $ (889,186 ) $ - $ 13,861,599 $ 142,495 Name of Investment (1)(2) Type of Investment Fair Value at Purchases/ Transfers Unrealized Realized Fair Value Earned Income Controlled Investments ECC Capital Corp. Senior Secured First Lien Term Loan 7,422,012 - - - - 7,422,012 210,472 Equity 4,872,000 - - 588,000 - 5,460,000 - FlexFIN, LLC Equity Interest 36,683,045 4,264,395 - - - 40,947,440 1,399,350 NSG Captive, Inc. Equity 101,000 49,042,993 - (614,422 ) - 48,529,571 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 5,500,000 1,900,000 - - - 7,400,000 198,250 Senior Secured First Lien Term Loan B 16,353,590 - - (222,916 ) - 16,130,674 179,474 Total Controlled Investments $ 70,931,647 $ 55,207,388 $ - $ (249,338 ) $ - $ 125,889,697 $ 1,987,546 Name of Investment (1)(2) Type of Investment Fair Value Purchases/ Transfers Unrealized Realized Fair Value Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ 751,479 $ - $ - $ 678,794 $ - $ 1,430,273 $ 40,558 Revolving Credit Facility 4,632,177 1,141,365 - 479,897 - 6,253,439 152,744 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 - - (470,800 ) - 988,449 - Senior Secured First Lien Super Priority DDTL 1,920,960 - - - - 1,920,960 (20,809 ) FST Holdings Parent, LLC Equity 10,000,003 - - (3 ) - 10,000,000 - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan B 7,500,000 6,625 - (6,625 ) - 7,500,000 283,199 Equity 10,150,000 - - 1,750,000 - 11,900,000 - Total Affiliated Investments $ 37,289,617 $ 1,147,990 $ - $ 2,431,263 $ - $ 40,868,870 $ 455,692 Name of Investment (1)(2) Type of Investment Fair Value Purchases/ Transfers Unrealized Realized Fair Value Earned Controlled Investments FlexFIN, LLC Equity Interest $ 38,870,711 $ (2,460,565 ) $ - $ - $ - $ 36,410,146 $ 1,348,200 Kemmerer Operations, LLC Senior Secured First Lien Term Loan 3,383,877 (216,704 ) - - - 3,167,173 149,967 Equity 9,133,052 2,300,000 - (1,229,110 ) - 10,203,942 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,214,856 3,190,114 - (41,470 ) - 10,363,500 286,238 Senior Secured First Lien Term Loan B 5,037,547 - - 70,207 - 5,107,754 - Total Controlled Investments $ 63,640,043 $ 2,812,845 $ - $ (1,200,373 ) $ - $ 65,252,515 $ 1,784,405 (1) The par amount and additional detail are shown in the Consolidated Schedules of Investments. (2) Securities with a zero value at the beginning and end of the period, and those that had no transaction activity were excluded from the roll forward.
Schedule of Balance Sheet	In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, for which the Company owned 50%, that is deemed to be a “significant subsidiary” as of December 31, 2024 for which summarized financial information is presented below (dollars in thousands): Balance Sheet December 31, September 30, Total Assets $ 55,063 $ 51,634 Total Liabilities 14,301 15,206
Schedule of Income Statement	Income Statement For the For the Total Income $ 1,595 $ 4,955 Total Expenses 436 1,028 Net Income $ 1,159 $ 3,927

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2024
Fair Value Measurements [Abstract]
Schedule of Fair Value Measurements of Investments	The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of December 31, 2024 (dollars in thousands): Fair Value Hierarchy as of December 31, 2024 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 45,527 $ 84,387 $ 129,914 Senior Secured Notes - 3,520 7,422 10,942 Equity/Warrants 30,516 - 127,168 157,684 Total $ 30,516 $ 49,047 $ 218,977 $ 298,540 Investments measured at net asset value (1) 1,554 Total Investments, at fair value $ 300,094 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities. Fair Value Hierarchy as of September 30, 2024 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - 45,003 68,987 $ 113,990 Senior Secured Notes - 11,054 7,422 18,476 Equity/Warrants 30,044 - 63,881 93,925 Total $ 30,044 $ 56,057 $ 140,290 $ 226,391 Investments measured at net asset value (1) 1,525 Total Investments, at fair value $ 227,916
Schedule of Investments that Use Level 3 Inputs	The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended December 31, 2024 (dollars in thousands): Senior Senior Equities/ Total Balance as of September 30, 2024 $ 68,987 $ 7,422 $ 63,881 $ 140,290 Purchases and other adjustments to cost 26,271 - 69,484 95,755 Sales (including repayments or maturities) (10,166 ) - (6,238 ) (16,404 ) Net realized gains/(losses) from investments 84 - - 84 Net unrealized gains/(losses) (789 ) - 41 (748 ) Transfer in/(out) - - - - Balance as of December 31, 2024 $ 84,387 $ 7,422 $ 127,168 $ 218,977 Senior Senior Equities/ Total Balance as of September 30, 2023 $ 82,499 $ - $ 82,817 $ 165,316 Purchases and other adjustments to cost 7,760 - 6,752 14,512 Sales (including repayments or maturities) (8,802 ) - (7,852 ) (16,654 ) Net realized gains/(losses) from investments (12 ) - 278 266 Net unrealized gains/(losses) 951 - (472 ) 479 Transfer in/(out) - - - - Balance as of December 31, 2023 $ 82,396 $ - $ 81,523 $ 163,919
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 December 31, 2024 (dollars in thousands): Fair Value Valuation Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 81,565 Income Approach Market Yield 3.5% - 47.5% (9.4%) Decrease Senior Secured First Lien Term Loans 1,472 Market Approach EBITDA Multiple 1.0x - 1.5x (1.3x) Increase Senior Secured First Lien Term Loans 1,000 Market Approach Market Quote N/A N/A Senior Secured First Lien Term Loans 350 Cost Approach Collateral Value N/A N/A Senior Secured Notes 7,422 Cost Approach Collateral Value N/A N/A Equity/Warrants 40,947 Cost Approach Replacement Cost N/A N/A Equity/Warrants 28,523 Market Approach EBITDA Multiple 4.8x - 10.3x (8.3x) Increase Equity/Warrants 2,524 Income Approach Market Yield 11.0%-28.8% (28.5%) Decrease Equity/Warrants 54,529 Recent Purchase Purchase Price N/A N/A Equity/Warrants 645 Income Approach DLOM (Discount for lack of Marketability) 30.0%-34.0% (32.0%) Decrease Total $ 218,977 The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2024 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 65,236 Income Approach Market Yield 3.5% - 42.5% (15.3%) Decrease Senior Secured First Lien Term Loans 2,399 Market Approach EBITDA Multiple 1.8x - 2.3x (2.0x) Increase Senior Secured First Lien Term Loans 1,002 Market Approach Market Spread 4.5% - 5.0% (4.75%) Decrease Senior Secured First Lien Term Loans 350 Cost Approach Collateral Value N/A N/A Senior Secured Notes 7,422 Recent Purchase Purchase Price N/A N/A Equity/Warrants 36,683 Cost Approach Collateral Value N/A N/A Equity/Warrants 27,014 Market Approach EBITDA Multiple 4.3x - 10.3x (8.4x) Increase Equity/Warrants 101 Recent Purchase Purchase Price N/A N/A Equity/Warrants 83 Income Approach DLOM (Discount for lack of Marketability) 27.0% - 31.0% (29.0%) Decrease Total $ 140,290

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Dec. 31, 2024
Borrowings [Abstract]
Schedule of Debt Issuance Costs	The Company’s outstanding debt excluding debt issuance costs as of December 31, 2024 and September 30, 2024 were as follows (dollars in thousands): December 31, 2024 September 30, 2024 Aggregate (1) Principal Carrying Fair Aggregate (1) Principal Carrying Fair 2028 Notes $ 57,500 $ 57,500 $ 56,228 $ 52,440 $ 57,500 $ 57,500 $ 56,143 $ 51,980 2028 Promissory Note 1,661 1,661 1,516 1,661 1,661 1,661 1,508 1,661 Revolving Credit Facility 3,500 84,000 84,000 84,000 9,427 78,073 78,073 78,073 Total debt $ 62,661 $ 143,161 $ 141,744 $ 138,101 $ 68,588 $ 137,234 $ 135,724 $ 131,714 (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 Consolidated Statements of Assets and Liabilities	As of December 31, 2024 and September 30, 2024, debt issuance costs related to the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): For the three months ended For the year ended December 31, 2024 September 30, 2024 2028 2028 Total 2028 2028 Total Total debt issuance costs at beginning of period $ 1,357 $ 154 $ 1,511 $ 1,689 $ - $ 1,689 Debt issuance costs during the period - - - - 169 169 Amortized debt issuance costs 85 8 93 332 15 347 Unamortized debt issuance costs $ 1,272 $ 146 $ 1,418 $ 1,357 $ 154 $ 1,511
Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt	For the three months ended December 31, 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 2028 Notes, 2028 Promissory Note and the Credit Facility were as follows (dollars in thousands): For the Three Months Ended 2024 2023 2028 Notes Interest $ 747 $ 754 2028 Promissory Note 22 - Credit Facility Interest 1,501 598 Commitment fees 7 14 Amortization of deferred financing costs 177 92 Amortization of debt issuance costs 92 84 Total $ 2,546 $ 1,542 Weighted average stated interest rate 6.6 % 6.2 % Weighted average debt outstanding $ 136,250 $ 85,942

Agreements (Tables)

Agreements (Tables)	3 Months Ended
	Dec. 31, 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)	3 Months Ended
	Dec. 31, 2024
Commitments [Abstract]
Schedule of Composition of the Unfunded Commitments	A summary of the composition of the unfunded commitments as of December 31, 2024 and September 30, 2024 is shown in the table below (dollars in thousands): December 31, September 30, MB Precision Investment Holdings LLC – Senior Secured First Lien Revolver $ 572 $ - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - First Out Delayed Draw Term Loan 57 57 XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Last Out Delayed Draw Term Loan 246 246 Tamarix Capital Partners II, L.P. - Fund Investment 1,313 1,313 Total unfunded commitments $ 2,188 $ 1,616
Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease	The following table shows future minimum payments under PhenixFIN’s operating lease as of December 31, 2024: For the Years Ended September 30, Amount 2025 $ 118,778 2026 161,680 2027 27,417 Thereafter - 307,875 Difference between undiscounted and discounted cash flows (51,450 ) $ 256,425

Fee Income (Tables)

Fee Income (Tables)	3 Months Ended
	Dec. 31, 2024
Fee Income [Abstract]
Schedule of Fee Income	The following table summarizes the Company’s fee income for the three months ended December 31, 2024 and 2023 (dollars in thousands): For the Three Months Ended 2024 2023 Prepayment fee $ - $ - Administrative agent fee 5 - Amendment fee - - Other fees 6 2 Fee income $ 11 $ 2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 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 months ended December 31, 2024 and 2023 (amounts in thousands, except shares and per share amounts): For the Three Months Ended 2024 2023 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 2,464 $ 4,534 Weighted average shares of common stock outstanding - basic and diluted 2,019,778 2,072,694 Earnings (loss) per share of common stock - basic and diluted $ 1.22 $ 2.19

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Dec. 31, 2024
Investment Company, Financial Highlights [Abstract]
Schedule of Financial Highlights	The following is a schedule of financial highlights for the three months ended December 31, 2024 and 2023: For the Three Months Ended 2024 2023 Per share data Net Asset Value per share at Beginning of Period $ 79.37 $ 70.75 Results of Operations: Net Investment Income/(Loss) 0.80 0.82 Net Realized Gain/(Loss) on Investments 0.58 0.11 Net Unrealized Gain/(Loss) on Investments (0.16 ) 1.26 Net loss on extinguishment of debt - - Deferred tax benefit (expense) - - Net Increase (Decrease) in Net Assets Resulting from Operations 1.22 2.19 Capital Share Transactions Distributions declared - - Repurchase of common stock under stock repurchase program - 0.20 Net Increase (Decrease) Resulting from Capital Share Transactions - 0.20 Net Asset Value per share at End of Period $ 80.59 $ 73.14 Net Assets at End of Period $ 162,771,930 $ 150,700,800 Shares Outstanding at End of Period 2,019,778 2,060,490 Per share market value at end of period $ 50.64 $ 42.25 Total return based on market value (1) 6.39 % 11.48 % Total return based on net asset value (2) 1.54 % 2.65 % Portfolio turnover rate 13.27 % 6.80 % Ratios: Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements (3) 4.26 % 4.78 % Ratio of total expenses to average net assets (3) 11.83 % 11.23 % Supplemental Data: Percentage of non-recurring fee income (4) 0.18 % 0.15 % Average debt outstanding (5) $ 136,250,229 $ 85,941,941 Average debt outstanding per weighted average common share $ 67.46 $ 41.46 Asset coverage ratio per unit (6) $ 2,137 $ 2,754 Senior Securities Outstanding (7) 2028 Notes $ 57,500,000 $ 57,500,000 2028 Promissory Note $ 1,661,498 - Credit Facility $ 84,000,000 $ 28,241,941 Average market value per unit: 2028 Notes $ 22.51 $ 22.54 (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 December 31, 2024, the Company’s asset coverage was 213.7% 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.

Share Transactions (Tables)

Share Transactions (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2024: Month Ended Shares Repurchased 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 - $37.79 112,456 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 $45.03 - $45.03 1,801,205 April 2024 700 $43.76 - $43.76 30,637 May 2024 12 $44.82 - $44.82 543 Total 703,931 $ 28,108,445

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($)			3 Months Ended		12 Months Ended
	Feb. 06, 2025	Dec. 13, 2024	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Significant Accounting Policies [Line Items]
Cash and cash equivalents			$ 7,200,000		$ 67,600,000
Fee income			11,064	$ 2,108
Non-accrual investments at fair value			$ 1,500,000		$ 2,400,000
Portfolio percentage at fair value			0.50%		1.10%
Percentage of investment company taxable income		90%	90%
Federal excise tax percentage			4%
Distributable ordinary income percentage			98%
Capital gain net income percentage			98.20%
Deferred tax asset, net			$ 20,300,000		$ 20,900,000
Valuation allowance			$ 19,400,000
Valuation allowance					$ 20,000,000
Controlled Investment [Member]
Significant Accounting Policies [Line Items]
Outstanding voting securities percentage			25%
PIK interest [Member]
Significant Accounting Policies [Line Items]
Interest income, operating, paid in kind			$ 400,000	200,000
Fee income			$ 11,100	$ 2,100
Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Dividend	$ 2,895,785
Minimum [Member] | Affiliated Investments [Member]
Significant Accounting Policies [Line Items]
Outstanding voting securities percentage			5%
Maximum [Member] | Affiliated Investments [Member]
Significant Accounting Policies [Line Items]
Outstanding voting securities percentage			25%
Board of Directors [Member] | Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Dividend	$ 2,895,785

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Investments [Line Items]
Total fair value of warrants	$ 645,200		$ 82,700
Total unrealized depreciation	$ (329,986)	$ 2,595,133
FlexFIN, LLC [Member]
Investments [Line Items]
Percentage of ownership	50%
Warrant [Member]
Investments [Line Items]
Total unrealized depreciation	$ 265,000	$ 22,100

Investments - Schedule of Inves

Investments - Schedule of Investments at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Senior Secured First Lien Term Loans [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 146,926	$ 129,957
Percentage	44.20%	49.80%
Fair Value	$ 129,914	$ 113,990
Percentage	43.40%	50%
Senior Secured Notes [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 11,137	$ 18,127
Percentage	3.30%	7%
Fair Value	$ 10,942	$ 18,476
Percentage	3.60%	8.10%
Fund Investment [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 1,746	$ 1,746
Percentage	0.50%	0.70%
Fair Value	$ 1,554	$ 1,525
Percentage	0.50%	0.70%
Equity/Warrants [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 173,460	$ 110,930
Percentage	52%	42.50%
Fair Value	$ 157,684	$ 93,925
Percentage	52.50%	41.20%
Investments [Member]
Schedule of Investments at Amortized Cost and Fair Value [Line Items]
Amortized Cost	$ 333,269	$ 260,760
Percentage	100%	100%
Fair Value	$ 300,094	$ 227,916
Percentage	100%	100%

Investments - Schedule of Portf

Investments - Schedule of Portfolio Composition by Industry Grouping at Fair Value (Details) - USD ($)	Dec. 31, 2024		Sep. 30, 2024
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 300,094,394		$ 227,915,858
Percentage	100%		100%
Total Investments [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 300,094,394	[1],[2],[3]	$ 227,916,000
Percentage	100%		100%
Services: Business [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 52,761,000		$ 46,706,000
Percentage	17.60%		20.50%
Insurance [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 48,529,000		$ 101,000
Percentage	16.20%		0.10%
Real Estate [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 43,136,000		$ 50,162,000
Percentage	14.30%		22%
Services: Consumer [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 31,764,000		$ 28,121,000
Percentage	10.60%		12.30%
Hotel, Gaming & Leisure [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 25,003,000		$ 24,253,000
Percentage	8.30%		10.60%
High Tech Industries [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 18,389,000		$ 12,352,000
Percentage	6.10%		5.50%
Construction & Building [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 18,220,000		$ 17,095,000
Percentage	6.10%		7.50%
Aerospace & Defense [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 13,787,000		$ 2,827,000
Percentage	4.60%		1.20%
Metals & Mining [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 12,161,000		$ 12,161,000
Percentage	4.10%		5.30%
Automotive [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 11,969,000		$ 12,316,000
Percentage	4%		5.40%
Media: Broadcasting & Subscription [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 9,574,000		$ 9,003,000
Percentage	3.20%		4%
Consumer Discretionary [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 5,408,000		$ 3,456,000
Percentage	1.80%		1.50%
Energy: Oil & Gas [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 4,340,000		$ 4,333,000
Percentage	1.40%		1.90%
Packaging [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 3,499,000		$ 3,505,000
Percentage	1.20%		1.50%
Banking [Member]
Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 1,554,000		$ 1,525,000
Percentage	0.50%		0.70%
[1] 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. 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).

Investments - Schedule of Por_2

Investments - Schedule of Portfolio Composition by Geographic Location at Fair Value (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 300,094,394	$ 227,915,858
Percentage	100%	100%
Northeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 109,121,000	$ 87,269,000
Percentage	36.40%	38.30%
Southeast [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 104,659,000	$ 61,276,000
Percentage	34.90%	26.90%
West [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 37,632,000	$ 31,951,000
Percentage	12.50%	14%
Midwest [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 34,247,000	$ 34,648,000
Percentage	11.40%	15.20%
Southwest [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 2,621,000	$ 2,749,000
Percentage	0.90%	1.20%
Mid-Atlantic [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 386,000	$ 375,000
Percentage	0.10%	0.20%
International [Member]
Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 11,428,000	$ 9,648,000
Percentage	3.80%	4.20%

Investments - Schedule of Trans

Investments - Schedule of Transactions with Affiliated Investments and Controlled Investments (Details) - USD ($)		3 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Total Affiliated Investments [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	$ 14,750,785	$ 37,289,617
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]		1,147,990
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(889,186)	2,431,263
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	13,861,599	40,868,870
Earned Income	[1],[2]	142,495	455,692
Total Controlled Investments [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	70,931,647	63,640,043
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]	55,207,388	2,812,845
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(249,338)	(1,200,373)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	125,889,697	65,252,515
Earned Income	[1],[2]	1,987,546	1,784,405
Black Angus Steakhouses, LLC [Member] | Total Affiliated Investments [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	751,207	875,749
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(290,176)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	461,031	875,749
Earned Income	[1],[2]
Black Angus Steakhouses, LLC [Member] | Total Affiliated Investments [Member] | Senior Secured First Lien Super Priority DDTL [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	1,647,776
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(636,503)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	1,011,273
Earned Income	[1],[2]
Black Angus Steakhouses, LLC [Member] | Total Affiliated Investments [Member] | Senior Secured First Lien Term Loan [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		1,459,249
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(470,800)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		988,449
Earned Income	[1],[2]
Black Angus Steakhouses, LLC [Member] | Total Affiliated Investments [Member] | Senior Secured First Lien Super Priority DDTL [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		1,920,960
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[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]		(20,809)
FST Holdings Parent, LLC [Member] | Total Affiliated Investments [Member] | Equity [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	12,351,802	10,000,003
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	37,493	(3)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	12,389,295	10,000,000
Earned Income	[1],[2]	142,495
ECC Capital Corp. [Member] | Total Controlled Investments [Member] | Equity [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	4,872,000
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	588,000
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	5,460,000
Earned Income	[1],[2]
ECC Capital Corp. [Member] | Total Controlled Investments [Member] | Senior Secured First Lien Term Loan [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	7,422,012
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	7,422,012
Earned Income	[1],[2]	210,472
FlexFIN, LLC [Member] | Total Controlled Investments [Member] | Equity Interest [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	36,683,045	38,870,711
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]	4,264,395	(2,460,565)
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	40,947,440	36,410,146
Earned Income	[1],[2]	1,399,350	1,348,200
NSG Captive, Inc. [Member] | Total Controlled Investments [Member] | Equity [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	101,000
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]	49,042,993
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(614,422)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	48,529,571
Earned Income	[1],[2]
NVTN LLC [Member] | Total Controlled Investments [Member] | Senior Secured First Lien Delayed Draw Term Loan [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	5,500,000	7,214,856
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]	1,900,000	3,190,114
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(41,470)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	7,400,000	10,363,500
Earned Income	[1],[2]	198,250	286,238
NVTN LLC [Member] | Total Controlled Investments [Member] | Senior Secured First Lien Term Loan B [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]	16,353,590	5,037,547
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(222,916)	70,207
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	16,130,674	5,107,754
Earned Income	[1],[2]	$ 179,474
1888 Industrial Services, LLC [Member] | Total Affiliated Investments [Member] | Senior Secured First Lien Term Loan C [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		751,479
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		678,794
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		1,430,273
Earned Income	[1],[2]		40,558
1888 Industrial Services, LLC [Member] | Total Affiliated Investments [Member] | Revolving Credit Facility [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		4,632,177
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]		1,141,365
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		479,897
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		6,253,439
Earned Income	[1],[2]		152,744
Maritime Wireless Holdings LLC [Member] | Total Affiliated Investments [Member] | Equity [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		10,150,000
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		1,750,000
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		11,900,000
Earned Income	[1],[2]
Maritime Wireless Holdings LLC [Member] | Total Affiliated Investments [Member] | Senior Secured First Lien Term Loan B [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		7,500,000
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]		6,625
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(6,625)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		7,500,000
Earned Income	[1],[2]		283,199
Kemmerer Operations, LLC [Member] | Total Controlled Investments [Member] | Equity [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		9,133,052
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]		2,300,000
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(1,229,110)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		10,203,942
Earned Income	[1],[2]
Kemmerer Operations, LLC [Member] | Total Controlled Investments [Member] | Senior Secured First Lien Term Loan [Member]
Schedule of Transactions with Affiliated Investments and Controlled Investments [Line Items]
Fair value as of beginning	[1],[2]		3,383,877
Purchases/(Sales) of or Advances/ (Distributions)	[1],[2]		(216,704)
Transfers In/(Out) of Controlled	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		3,167,173
Earned Income	[1],[2]		$ 149,967
[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 - Schedule of Balan

Investments - Schedule of Balance Sheet (Details) - FlexFIN, LLC [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Schedule of Balance Sheet [Line Items]
Total Assets	$ 55,063	$ 51,634
Total Liabilities	$ 14,301	$ 15,206

Investments - Schedule of Incom

Investments - Schedule of Income Statement (Details) - FlexFIN, LLC [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Schedule of Income Statement [Line Items]
Total Income	$ 1,595	$ 4,955
Total Expenses	436	1,028
Net Income	$ 1,159	$ 3,927

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements [Line Items]
Unrealized gain (loss)	$ (0.6)	$ 2.1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements of Investments (Details) - Investments [Member] - USD ($) $ in Thousands		Dec. 31, 2024	Sep. 30, 2024
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		$ 298,540	$ 226,391
Investments measured at net asset value	[1]	1,554	1,525
Total Investments, at fair value		300,094	227,916
Level 1 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		30,516	30,044
Level 2 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		49,047	56,057
Level 3 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		218,977	140,290
Senior Secured First Lien Term Loans [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		129,914	113,990
Senior Secured First Lien Term Loans [Member] | Level 1 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total
Senior Secured First Lien Term Loans [Member] | Level 2 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		45,527	45,003
Senior Secured First Lien Term Loans [Member] | Level 3 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		84,387	68,987
Senior Secured Notes [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		10,942	18,476
Senior Secured Notes [Member] | Level 1 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total
Senior Secured Notes [Member] | Level 2 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		3,520	11,054
Senior Secured Notes [Member] | Level 3 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		7,422	7,422
Equity/Warrants [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		157,684	93,925
Equity/Warrants [Member] | Level 1 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		30,516	30,044
Equity/Warrants [Member] | Level 2 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total
Equity/Warrants [Member] | Level 3 [Member]
Schedule of Fair Value Measurements of Investments [Line Items]
Investments total		$ 127,168	$ 63,881
[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 - Sch_2

Fair Value Measurements - Schedule of Investments that Use Level 3 Inputs (Details) - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	$ 140,290	$ 165,316
Purchases and other adjustments to cost	95,755	14,512
Sales (including repayments or maturities)	(16,404)	(16,654)
Net realized gains/(losses) from investments	84	266
Net unrealized gains/(losses)	(748)	479
Transfer in/(out)
Balance at ending	218,977	163,919
Senior Secured First Lien Term Loans [Member]
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	68,987	82,499
Purchases and other adjustments to cost	26,271	7,760
Sales (including repayments or maturities)	(10,166)	(8,802)
Net realized gains/(losses) from investments	84	(12)
Net unrealized gains/(losses)	(789)	951
Transfer in/(out)
Balance at ending	84,387	82,396
Senior Secured Notes [Member]
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	7,422
Purchases and other adjustments to cost
Sales (including repayments or maturities)
Net realized gains/(losses) from investments
Net unrealized gains/(losses)
Transfer in/(out)
Balance at ending	7,422
Equities/ Warrants [Member]
Schedule of Investments that Use Level 3 Inputs [Line Items]
Balance at beginning	63,881	82,817
Purchases and other adjustments to cost	69,484	6,752
Sales (including repayments or maturities)	(6,238)	(7,852)
Net realized gains/(losses) from investments		278
Net unrealized gains/(losses)	41	(472)
Transfer in/(out)
Balance at ending	$ 127,168	$ 81,523

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments (Details) - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 218,977	$ 140,290
Senior Secured First Lien Term Loans [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 81,565	$ 65,236
Valuation Methodology	Income Approach	Income Approach
Unobservable Input	Market Yield	Market Yield
Range (Weighted Average)	3.5% - 47.5% (9.4%)	3.5% - 42.5% (15.3%)
Impact to Valuation From An Increase In Input	Decrease	Decrease
Senior Secured First Lien Term Loans One [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 1,472	$ 2,399
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	EBITDA Multiple
Range (Weighted Average)	1.0x - 1.5x (1.3x)	1.8x - 2.3x (2.0x)
Impact to Valuation From An Increase In Input	Increase	Increase
Senior Secured First Lien Term Loans Two [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 1,000	$ 1,002
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	Market Quote	Market Spread
Range (Weighted Average)		4.5% - 5.0% (4.75%)
Impact to Valuation From An Increase In Input		Decrease
Senior Secured First Lien Term Loans Three [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 350	$ 350
Valuation Methodology	Cost Approach	Cost Approach
Unobservable Input	Collateral Value	Collateral Value
Range (Weighted Average)
Impact to Valuation From An Increase In Input
Senior Secured Notes [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 7,422	$ 7,422
Valuation Methodology	Cost Approach	Recent Purchase
Unobservable Input	Collateral Value	Purchase Price
Range (Weighted Average)
Impact to Valuation From An Increase In Input
Equity/Warrants [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 40,947	$ 36,683
Valuation Methodology	Cost Approach	Cost Approach
Unobservable Input	Replacement Cost	Collateral Value
Range (Weighted Average)
Impact to Valuation From An Increase In Input
Equity/Warrants One [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 28,523	$ 27,014
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	EBITDA Multiple
Range (Weighted Average)	4.8x - 10.3x (8.3x)	4.3x - 10.3x (8.4x)
Impact to Valuation From An Increase In Input	Increase	Increase
Equity/Warrants Two [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 2,524	$ 101
Valuation Methodology	Income Approach	Recent Purchase
Unobservable Input	Market Yield	Purchase Price
Range (Weighted Average)	11.0%-28.8% (28.5%)
Impact to Valuation From An Increase In Input	Decrease
Equity/Warrants Three [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 54,529	$ 83
Valuation Methodology	Recent Purchase	Income Approach
Unobservable Input	Purchase Price	DLOM (Discount for lack of Marketability)
Range (Weighted Average)		27.0% - 31.0% (29.0%)
Impact to Valuation From An Increase In Input		Decrease
Equity/Warrants Four [Member]
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments [Line Items]
Fair Value	$ 645
Valuation Methodology	Income Approach
Unobservable Input	DLOM (Discount for lack of Marketability)
Range (Weighted Average)	30.0%-34.0% (32.0%)
Impact to Valuation From An Increase In Input	Decrease

Borrowings (Details)

Borrowings (Details) - USD ($)							3 Months Ended		12 Months Ended
	Aug. 05, 2024	May 02, 2024	Feb. 21, 2024	Dec. 15, 2022	Nov. 09, 2021	Nov. 09, 2021	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Jan. 17, 2023	Mar. 31, 2018
Borrowings [Line Items]
Asset coverage percentage							200%
Asset coverage percentage with no approval							200%
Revolving credit facility in terms				3 years
Revolving credit facility				$ 50,000,000
Borrowed amount										$ 23,200,000
Aggregate principal amount							$ 21,527,047
Outstanding credit facility							$ 84,000,000		$ 78,100,000
Interest rate							2.90%
Commitment fee percentage							0.25%
2023 Notes [Member]
Borrowings [Line Items]
Aggregate principal amount										$ 22,600,000
Accrued and unpaid interest rate										100%
2028 Promissory Note [Member]
Borrowings [Line Items]
Percentage of unsecured notes		5.25%
Principal amount		$ 1,661,498
Unsecured Debt [Member] | 2028 Promissory Note [Member]
Borrowings [Line Items]
Aggregate principal amount					$ 57,500,000
Percentage of unsecured notes					5.25%	5.25%
Maturity date						Nov. 01, 2028
Maximum [Member]
Borrowings [Line Items]
Asset coverage percentage											200%
Aggregate principal amount	$ 87,500,000		$ 62,500,000
Minimum [Member]
Borrowings [Line Items]
Asset coverage percentage											150%
Aggregate principal amount	$ 25,000,000		$ 12,500,000
Underwriters [Member] | 2028 Promissory Note [Member]
Borrowings [Line Items]
Aggregate principal amount					$ 7,500,000
Asset Coverage [Member]
Borrowings [Line Items]
Asset coverage percentage							213.70%		216.80%

Borrowings - Schedule of Debt I

Borrowings - Schedule of Debt Issuance Costs (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Sep. 30, 2024
Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	[1]	$ 62,661	$ 68,588
Principal Amount Outstanding		143,161	137,234
Carrying Value		141,744	135,724
Fair Value		138,101	131,714
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		56,228	56,143
Fair Value		52,440	51,980
2028 Promissory Note [Member]
Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	[1]	1,661	1,661
Principal Amount Outstanding		1,661	1,661
Carrying Value		1,516	1,508
Fair Value		1,661	1,661
Revolving Credit Facility [Member]
Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	[1]	3,500	9,427
Principal Amount Outstanding		84,000	78,073
Carrying Value		84,000	78,073
Fair Value		$ 84,000	$ 78,073
[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 - Schedule of Consol

Borrowings - Schedule of Consolidated Statements of Assets and Liabilities (Details) - Level 1 [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	$ 1,511	$ 1,689
Debt issuance costs during the period		169
Amortized debt issuance costs	93	347
Unamortized debt issuance costs	1,418	1,511
2028 Notes Promissory Note [Member]
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	1,357
Debt issuance costs during the period		169
Amortized debt issuance costs	85	15
Unamortized debt issuance costs	1,272	154
2028 Notes Promissory Note [Member]
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	154
Debt issuance costs during the period
Amortized debt issuance costs	8
Unamortized debt issuance costs	$ 146
2028 Notes [Member]
Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period		1,689
Debt issuance costs during the period
Amortized debt issuance costs		332
Unamortized debt issuance costs		$ 1,357

Borrowings - Schedule of Intere

Borrowings - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Credit Facility Interest	$ 1,501	$ 598
Commitment fees	7	14
Amortization of deferred financing costs	177	92
Amortization of debt issuance costs	92	84
Total	2,546	1,542
Weighted average debt outstanding	136,250	85,942
2028 Notes Interest [Member]
Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Interest	747	754
2028 Promissory Note [Member]
Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Interest	$ 22
2028 Promissory Note [Member]
Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Weighted average stated interest rate	6.60%	6.20%

Agreements (Details)

Agreements (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Agreements [Line Items]
Administrator expenses	$ 84,355	$ 77,852
Accrual amount	$ 326,320	304,800
Target Performance Award [Member]
Agreements [Line Items]
Performance goal percentage	30%
Net Asset Value [Member]
Agreements [Line Items]
Performance goal percentage	70%
Administration Agreement [Member]
Agreements [Line Items]
Administrator expenses	$ 100,000	$ 100,000
Administrator expenses payable	0		$ 0
Mr. Lorber [Member]
Agreements [Line Items]
Received plan awards	1,403,530
Performance award	1,000,000
Ms. McMillan [Member]
Agreements [Line Items]
Received plan awards	599,260
Performance award	$ 425,000
Minimum [Member]
Agreements [Line Items]
Performance based executive compensation target award percentage	0%
Maximum [Member]
Agreements [Line Items]
Performance based executive compensation target award percentage	200%
Target level of performance [Member]
Agreements [Line Items]
Performance based executive compensation target award percentage	100%
Maximum level of performance [Member]
Agreements [Line Items]
Performance based executive compensation target award percentage	200%

Agreements - Schedule of Target

Agreements - Schedule of Target Performance Award for each Executive Officer (Details)	Dec. 31, 2024 USD ($)
David Lorber, Chairman of the Board and Chief Executive Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	$ 890,000
Ellida McMillan, Chief Financial Officer [Member]
Schedule of Target Performance Award for each Executive Officer [Line Items]
Value of Target Performance Award	$ 380,000

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)
NVTN LLC [Member]
Related Party Transactions [Line Items]
Related party transaction value	$ 11.9

Commitments (Details)

Commitments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Commitments [Line Items]
Liabilities operating lease		$ 294,063
Total operating lease cost	$ 2	2
Implied borrowing rate percentage	5.25%
Unfunded Loan Commitment [Member]
Commitments [Line Items]
Financing agreements to fund	$ 2,200,000	1,600,000
Other Assets [Member]
Commitments [Line Items]
Asset operating lease	291,432	$ 322,131
Other Liabilities [Member]
Commitments [Line Items]
Liabilities operating lease	$ 256,425

Commitments - Schedule of Compo

Commitments - Schedule of Composition of the Unfunded Commitments (Details) - Unfunded Loan Commitment [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 2,188	$ 1,616
MB Precision Investment Holdings LLC [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	572
XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - First Out Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	57	57
XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Last Out Delayed Draw Term Loan [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	246	246
Tamarix Capital Partners II, L.P. - Fund Investment [Member]
Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 1,313	$ 1,313

Commitments - Schedule of Futur

Commitments - Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease (Details) - Other Liabilities [Member]	Dec. 31, 2024 USD ($)
Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease [Line Items]
2025	$ 118,778
2026	161,680
2027	27,417
Thereafter
Operating Leases, Future Minimum Payments Due	307,875
Difference between undiscounted and discounted cash flows	(51,450)
Total	$ 256,425

Fee Income - Schedule of Fee In

Fee Income - Schedule of Fee Income (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Fee Income [Line Items]
Fee income	$ 11,064	$ 2,108
Prepayment Fee [Member]
Schedule of Fee Income [Line Items]
Fee income
Administrative agent fee [Member]
Schedule of Fee Income [Line Items]
Fee income	5,000
Amendment fee [Member]
Schedule of Fee Income [Line Items]
Fee income
Other fees [Member]
Schedule of Fee Income [Line Items]
Fee income	$ 6,000	$ 2,000

Directors Fees (Details)

Directors Fees (Details) - USD ($)		3 Months Ended
	Oct. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Directors Fees [Line Items]
Directors annual fees		$ 204,000	$ 187,500
Lead Independent Director [Member]
Directors Fees [Line Items]
Directors annual fees		30,000
Audit Committee Chair [Member]
Directors Fees [Line Items]
Directors annual fees		25,000
Other Members of Audit Committee [Member]
Directors Fees [Line Items]
Directors annual fees		12,500
Nominating and Corporate Governance Committee Chair and Compensation Committee Chair [Member]
Directors Fees [Line Items]
Directors annual fees		15,000
Other members of Nominating and Corporate Governance Committee and the Compensation Committee [Member]
Directors Fees [Line Items]
Directors annual fees		8,000
Independent Directors [Member]
Directors Fees [Line Items]
Directors annual fees	$ 165,000
Audit Committee [Member]
Directors Fees [Line Items]
Directors annual fees		19,000
Other [Members]
Directors Fees [Line Items]
Directors annual fees		12,500
Nominating and Corporate Governance Committee [Member]
Directors Fees [Line Items]
Directors annual fees		12,000
Other Members Receives [Member]
Directors Fees [Line Items]
Directors annual fees		11,000
Compensation Committee [Member]
Directors Fees [Line Items]
Directors annual fees		$ 15,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Weighted Average Basic and Diluted Net Increase/(Decrease) in Net Assets (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Basic and diluted:
Net increase (decrease) in net assets resulting from operations	$ 2,464,157	$ 4,533,839
Weighted average shares of common stock outstanding - basic and diluted	2,019,778	2,072,694
Weighted average shares of common stock outstanding - diluted (in Shares)	2,019,778	2,072,694
Earnings (loss) per share of common stock - basic and diluted	$ 1.22	$ 2.19
Earnings (loss) per share of common stock - diluted	$ 1.22	$ 2.19

Financial Highlights (Details)

Financial Highlights (Details)	Dec. 31, 2024 USD ($)
Investment Company, Financial Highlights [Line Items]
Asset coverage of indebtedness (in Dollars)	$ 1,000
Asset coverage percentage	213.70%
Leverage of asset coverage percentage	200%

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)		3 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Investment Company, Financial Highlights [Line Items]
Net Asset Value per share at Beginning of Period		$ 79.37	$ 70.75
Results of Operations:
Net Investment Income/(Loss)		0.8	0.82
Net Realized Gain/(Loss) on Investments		0.58	0.11
Net Unrealized Gain/(Loss) on Investments		(0.16)	1.26
Net loss on extinguishment of debt
Deferred tax benefit (expense)
Net Increase (Decrease) in Net Assets Resulting from Operations		1.22	2.19
Capital Share Transactions
Distributions declared
Repurchase of common stock under stock repurchase program			0.2
Net Increase (Decrease) Resulting from Capital Share Transactions			0.2
Net Asset Value per share at End of Period		$ 80.59	$ 73.14
Net Assets at End of Period (in Dollars)		$ 162,771,930	$ 150,700,800
Shares Outstanding at End of Period (in Shares)		2,019,778	2,060,490
Per share market value at end of period		$ 50.64	$ 42.25
Total return based on market value	[1]	6.39%	11.48%
Total return based on net asset value	[2]	1.54%	2.65%
Portfolio turnover rate		13.27%	6.80%
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements	[3]	4.26%	4.78%
Ratio of total expenses to average net assets	[3]	11.83%	11.23%
Percentage of non-recurring fee income	[4]	0.18%	0.15%
Average debt outstanding (in Dollars)	[5]	$ 136,250,229	$ 85,941,941
Average debt outstanding per weighted average common share		$ 67.46	$ 41.46
Asset coverage ratio per unit (in Dollars)	[6]	$ 2,137	$ 2,754
Senior Securities Outstanding (in Dollars)		143,161,000		$ 137,234,000
2028 Notes [Member]
Capital Share Transactions
Senior Securities Outstanding (in Dollars)		$ 57,500,000	$ 57,500,000
Average market value per unit		$ 22.51	$ 22.54
2028 Promissory Note [Member]
Capital Share Transactions
Senior Securities Outstanding (in Dollars)	[7]	$ 1,661,498
Credit Facility [Member]
Capital Share Transactions
Senior Securities Outstanding (in Dollars)	[7]	$ 84,000,000	$ 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. 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. Ratios are annualized during interim periods. Represents the impact of the non-recurring fees as a percentage of total investment income. Based on daily weighted average carrying value of debt outstanding during the period. 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 December 31, 2024, the Company’s asset coverage was 213.7% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act. Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs.

Share Transactions (Details)

Share Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended																														3 Months Ended
	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Aug. 31, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2024	Dec. 31, 2023	Feb. 08, 2023
Share Transactions [Line Items]
Repurchase amount																															$ 28.1
Aggregate repurchased shares (in Shares)																															703,931
Percentage of shares outstanding																															25.80%
Remaining amount authorized																															$ 6.9
Average price per share (in Dollars per share)																																$ 0.2
Common Stock [Member]
Share Transactions [Line Items]
Average price per share (in Dollars per share)																															$ 39.93
Minimum [Member]
Share Transactions [Line Items]
Repurchase amount																																	$ 25
Average price per share (in Dollars per share)	$ 44.82	$ 43.76	$ 45.03	$ 37.53	$ 37.03	$ 38.11	$ 36.98	$ 33.63	$ 36.53	$ 35.79	$ 37.02	$ 33.06	$ 32.78	$ 33.26	$ 34.53	$ 35.2	$ 36.8	$ 28.24	$ 36.4	$ 37.28	$ 37.7	$ 39.07	$ 39.24	$ 39.53	$ 39.07	$ 41.03	$ 34.56	$ 33.11	$ 30.25	$ 30.25
Maximum [Member]
Share Transactions [Line Items]
Repurchase amount																																	$ 35
Average price per share (in Dollars per share)	$ 44.82	$ 43.76	$ 45.03	$ 41.03	$ 37.78	$ 38.11	$ 39.41	$ 38.76	$ 36.53	$ 37.03	$ 38.89	$ 39.03	$ 34.84	$ 34.84	$ 35.28	$ 36.14	$ 37.5	$ 37.79	$ 37.23	$ 39.19	$ 39.78	$ 41	$ 40.57	$ 41	$ 40.88	$ 42.28	$ 39.93	$ 34.89	$ 34.42	$ 30.96

Share Transactions - Schedule o

Share Transactions - Schedule of Shares of Common Stock Repurchased (Details) - USD ($)	1 Months Ended																														3 Months Ended
	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Sep. 30, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2022	Aug. 31, 2021	May 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2024	Dec. 31, 2023
Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares)	12	700	40,000	12,748	475	125	14,751	2,300	100	649	2,003	3,131	2,052	1,501	1,103	701	91,508	3,081	700	3,515	3,391	2,942	132,054	170,589	7,312	141,700	25,075	14,390	12,241	13,082	703,931
Repurchase Price Per Share																																$ 0.2
Aggregate Consideration for Repurchased Shares (in Dollars)	$ 543	$ 30,637	$ 1,801,205	$ 520,749	$ 17,825	$ 4,772	$ 575,728	$ 85,556	$ 3,658	$ 23,671	$ 76,214	$ 115,430	$ 68,665	$ 51,295	$ 38,790	$ 14,434	$ 3,443,845	$ 112,456	$ 25,864	$ 135,063	$ 131,338	$ 117,758	$ 5,306,885	$ 6,908,864	$ 293,756	$ 5,944,213	$ 976,440	$ 491,469	$ 393,938	$ 397,384	$ 28,108,445	$ 538,574
Minimum [Member]
Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 44.82	$ 43.76	$ 45.03	$ 37.53	$ 37.03	$ 38.11	$ 36.98	$ 33.63	$ 36.53	$ 35.79	$ 37.02	$ 33.06	$ 32.78	$ 33.26	$ 34.53	$ 35.2	$ 36.8	$ 28.24	$ 36.4	$ 37.28	$ 37.7	$ 39.07	$ 39.24	$ 39.53	$ 39.07	$ 41.03	$ 34.56	$ 33.11	$ 30.25	$ 30.25
Maximum [Member]
Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 44.82	$ 43.76	$ 45.03	$ 41.03	$ 37.78	$ 38.11	$ 39.41	$ 38.76	$ 36.53	$ 37.03	$ 38.89	$ 39.03	$ 34.84	$ 34.84	$ 35.28	$ 36.14	$ 37.5	$ 37.79	$ 37.23	$ 39.19	$ 39.78	$ 41	$ 40.57	$ 41	$ 40.88	$ 42.28	$ 39.93	$ 34.89	$ 34.42	$ 30.96

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 06, 2025 USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Payment of dividend	$ 2,895,785