v3.26.1
Investments (Tables)
 6 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Investments at Amortized Cost and Fair Value

The composition of our investments as of March 31, 2026 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   $ 127,359       39.3 %   $ 113,491       38.4 %
Senior Secured Notes     13,576       4.2       13,399       4.5  
Fund Investment     2,138       0.7       2,320       0.8  
Equity/Warrants     180,339       55.8       166,601       56.3  
Total Investments   $ 313,412       100.0 %   $ 295,811       100.0 %

 

The composition of our investments as of September 30, 2025 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   $ 125,373       38.6 %   $ 116,567       38.6 %
Senior Secured Notes     17,039       5.3       17,457       5.8  
Fund Investment     2,194       0.7       2,227       0.7  
Equity/Warrants     179,783       55.4       166,021       54.9  
Total Investments   $ 324,389       100.0 %   $ 302,272       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 March 31, 2026 (dollars in thousands):

 

    Fair Value     Percentage  
Insurance   $ 55,356       18.7 %
Services: Business     48,874       16.5  
Real Estate     38,002       12.8  
Services: Consumer     33,785       11.4  
Construction & Building     29,832       10.1  
Aerospace & Defense     28,398       9.6  
Hotel, Gaming & Leisure     20,192       6.8  
High Tech Industries     18,840       6.4  
Automotive     8,229       2.8  
Metals & Mining     6,763       2.3  
Consumer Discretionary     3,235       1.1  
Banking     2,320       0.8  
Media: Broadcasting & Subscription     1,985       0.7  
Total   $ 295,811       100.0 %

The following table shows the portfolio composition by industry grouping at fair value at September 30, 2025 (dollars in thousands):

 

    Fair Value     Percentage  
             
Services: Business   $ 56,249       18.6 %
Insurance     48,470       16.0  
Real Estate     47,632       15.8  
Services: Consumer     38,418       12.7  
Aerospace & Defense     25,881       8.6  
Hotel, Gaming & Leisure     22,328       7.4  
Construction & Building     18,131       6.0  
High Tech Industries     16,961       5.6  
Metals & Mining     8,763       2.9  
Automotive     7,860       2.6  
Media: Broadcasting & Subscription     4,850       1.6  
Consumer Discretionary     4,502       1.5  
Banking     2,227       0.7  
Total   $ 302,272       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 March 31, 2026 (dollars in thousands):

 

    Fair Value     Percentage  
Northeast   $ 109,560       37.0 %
Southeast     102,843       34.8  
West     36,535       12.4  
Midwest     17,555       5.9  
Southwest     17,241       5.8  
Mid-Atlantic     314       0.1  
International     11,763       4.0  
Total   $ 295,811       100.0 %

 

The following table shows the portfolio composition by geographic location at fair value at September 30, 2025 (dollars in thousands):

 

    Fair Value     Percentage  
Northeast   $ 114,610       37.9 %
Southeast     106,037       35.1  
West     31,549       10.4  
Midwest     19,272       6.4  
Southwest     15,645       5.2  
Mid-Atlantic     314       0.1  
International     14,845       4.9  
Total   $ 302,272       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 six months ended March 31, 2026 and 2025 were as follows:

 

Name of Investment(1)(2)   Type of Investment   Fair Value at September 30,
2025		     Purchases/
(Sales) of or Advances/
(Distributions)		     Transfers In/(Out)
of Affiliated		     Unrealized
Gain/(Loss)		     Realized
Gain/(Loss)		     Fair Value at
March 31,
2026		     Earned
Income		     Fee/Other
Income		  
Affiliated Investments                                                    
Advocates for Disabled Vets, LLC (dba Reps for Vets)   Senior Secured First Lien Term Loan   $ 8,798,513     $ (23,545 )   $
        -
     $ (125,526 )   $    1,171     $ 8,650,613     $ 545,661     $
      -
  
    Equity     3,359,511      
-
      
-
       (561,187 )    
-
       2,798,324      
-
      
-
  
FST Holdings Parent, LLC   Equity     10,960,741      
-
      
-
       1,224,663      
-
       12,185,404       268,540      
-
  
MB Precision Investment Holdings LLC   Senior Secured First Lien Term Loan     6,398,561       (45,310 )    
-
       (231,879 )     2,325       6,123,697       485,033      
-
  
    Senior Secured Delayed Draw Term Loan     490,306       1,408,804      
-
       (112,984 )    
-
       1,786,126       106,789      
-
  
    Senior Secured First Lien Revolver     1,975,347       93,394      
-
       (80,612 )    
-
       1,988,129       187,758      
-
  
    Senior Secured 6th Amendment Term Loan    
-
       573,803      
-
       (22,923 )    
-
       550,880      
-
      
-
  
    Equity     2,725,408       427,146      
-
       (459,723 )    
-
       2,692,831       427,146      
-
  
    Warrants     673,018      
-
      
-
       (673,018 )    
-
      
-
      
-
      
-
  
Total Affiliated Investments       $ 35,381,405     $ 2,434,292     $
-
     $ (1,043,189 )   $ 3,496     $ 36,776,004     $ 2,020,927     $
 -
  

 

 

 

Name of Investment(1)(2)   Type of Investment   Fair Value at September 30,
2025		     Purchases/
(Sales) of or Advances/
(Distributions)		     Transfers In/(Out)
of Controlled		     Unrealized
Gain/(Loss)		     Realized
Gain/(Loss)		     Fair Value at
March 31,
2026		     Earned
Income		     Fee/Other
Income		  
Controlled Investments                                                                
ECC Capital Corp.   Senior Secured First Lien Term Loan   $ 6,997,012     $ -     $              -     $ -     $              -     $       6,997,012     $ 324,446     $ -  
    Equity     6,636,000       -       -       3,024,000       -       9,660,000       -       79,831  
FlexFIN, LLC   Equity Interest     37,180,761       (384,417 )     -       -       -       36,796,344       1,907,359       -  
NSG Captive, Inc.   Equity     48,469,540       6,474,300       -       411,853       -       55,355,693       -       250,000  
NVTN LLC   Senior Secured First Lien Delayed Draw Term Loan     8,900,000       950,000       -       (49,250 )     -       9,800,750       518,544       -  
    Senior Secured First Lien Term Loan B     13,427,601       -       -       (3,686,008 )     -       9,741,593       315,797       -  
    Senior Secured First Lien Term Loan C     -       -       -       -       -       -       -       -  
    Senior Secured Revolving Note     -       650,000       -       -       -       650,000       12,376       -  
Total Controlled Investments       $ 121,610,914     $ 7,689,883     $ -     $ (299,405 )   $ -     $ 129,001,392     $ 3,078,522     $ 329,831  
Name of Investment(1)(2)   Type of Investment   Fair Value at
September 30,
2024		     Purchases/
(Sales) of or Advances/
(Distributions)		     Transfers In/(Out)
of Affiliated		     Unrealized
Gain/(Loss)		     Realized
Gain/(Loss)		     Fair Value at
March 31,
2025		     Earned
Income		     Fee/Other
Income		  
Affiliated Investments                                                
Black Angus Steakhouses, LLC   Senior Secured First Lien Delayed Draw Term Loan   $ 751,207     $ -     $                    -     $ (302,288 )   $       -     $         448,919     $ -     $       -  
    Senior Secured First Lien Super Priority DDTL     1,647,776       -       -       (663,070 )     -       984,706       -       -  
FST Holdings Parent, LLC   Equity     12,351,802       8,289       -       (16,195 )     -       12,343,896       254,231       -  
Total Affiliated Investments       $ 14,750,785     $ 8,289     $ -     $ (981,553 )   $ -     $ 13,777,521     $ 254,231     $ -  

 

Name of Investment(1)(2)   Type of Investment   Fair Value at
September 30,
2024		     Purchases/
(Sales) of or Advances/
(Distributions)		     Transfers In/(Out)
of Controlled		     Unrealized
Gain/(Loss)		     Realized
Gain/(Loss)		     Fair Value at
March 31,
2025		     Earned
Income		     Fee/Other
Income		  
Controlled Investments                                                
ECC Capital Corp.   Senior Secured First Lien Term Loan   $ 7,422,012     $ -     $ -     $ -     $ -     $ 7,422,012     $ 391,510     $ -  
    Equity     4,872,000       -       -       159,600       -       5,031,600       -       -  
FlexFIN, LLC   Equity Interest     36,683,045       92,290       -       -       -       36,775,335       2,979,966       -  
NSG Captive, Inc.   Equity     101,000       49,145,255       -       (849,113 )     -       48,397,142       -       -  
NVTN LLC   Senior Secured First Lien Delayed Draw Term Loan     5,500,000       4,300,000       -       -       -       9,800,000       294,649       -  
    Senior Secured First Lien Term Loan B     16,353,590       -       -       (1,118,089 )     -       15,235,501       528,826       -  
Total Controlled Investments       $ 70,931,647     $ 53,537,545     $            -     $ (1,807,602 )   $            -     $ 122,661,590     $ 4,194,951     $            -  

 

(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 Income Statement
Income Statement   For the
Three
Months
Ended
March 31,
2026		     For the
Six Months
Ended
March 31,
2026		     For the
Three
Months
Ended
March 31,
2025		     For the
Six Months Ended
March 31,
2025		  
Total Income   $ 10,285     $ 19,643     $ 1,997     $ 3,592  
Total Expenses     10,170       19,680       463       899  
Net Income   $ 115     $ (37 )   $ 1,534     $ 2,693