v3.26.1
Consolidated Schedule of Investments (Unaudited) (Parentheticals) - shares
Jun. 30, 2026
Sep. 30, 2025
Equity units (in Shares) [1],[2]   350
Investment, Identifier [Axis]: Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Services: Consumer - Equity    
Equity units (in Shares) [1],[2],[3]   3,375,000
Investment, Identifier [Axis]: Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Services: Consumer - Senior Secured Delayed Draw Term Loan (14.00%)    
Investment interest rate [4],[5],[6],[7],[8] 14.00%  
Investment, Identifier [Axis]: Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Services: Consumer - Senior Secured First Lien Term Loan    
Investment interest rate [2],[3]   12.00%
Investment, Identifier [Axis]: Affiliated Investments - Advocates for Disabled Vets, LLC (dba Reps for Vets) - Services: Consumer - Senior Secured First Lien Term Loan (10.00% + 4.00% PIK)    
Investment interest rate [4],[5],[8] 10.00%  
Investment variable rate [4],[5],[8] 4.00%  
Investment, Identifier [Axis]: Affiliated Investments - FST Holdings Parent, LLC - High Tech Industries - Equity    
Equity units (in Shares) 625,548 [4],[5],[8],[9] 625,548 [2],[3],[10]
Investment, Identifier [Axis]: Affiliated Investments - Fairlong RFV Holdings LLC - Equity    
Equity units (in Shares) [4],[5],[8],[11] 3,375,000  
Investment, Identifier [Axis]: Affiliated Investments - Fairlong RFV Holdings LLC - Preferred Equity    
Equity units (in Shares) [4],[5],[8],[11] 110,440  
Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured 6th Amendment Term loan    
Investment interest rate [4],[5],[7],[8],[12],[13],[14],[15] 10.00%  
Floor rate [4],[5],[7],[8],[12],[13],[14],[15] 4.00%  
Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured Delayed Draw Term Loan    
Investment interest rate 10.00% [4],[5],[7],[8],[12],[13],[14] 10.00% [2],[16],[17],[18],[19]
Floor rate 4.00% [4],[5],[7],[8],[12],[13],[14] 4.00% [2],[3],[16],[17],[18],[19]
Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Revolver    
Investment interest rate [2],[3],[16],[17],[18],[19],[20]   8.00%
Floor rate [2],[3],[16],[17],[18],[19],[20]   4.00%
Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Senior Secured First Lien Term Loan    
Investment interest rate 8.00% [4],[5],[8],[12],[13],[14] 8.00% [2],[3],[16],[17],[19]
Floor rate 4.00% [4],[5],[8],[12],[13],[14] 4.00% [2],[3],[16],[17],[19]
Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Warrants - Outstanding Equity    
Investment interest rate [4],[5],[8],[11] 2.28%  
Investment, Identifier [Axis]: Affiliated Investments - MB Precision Investment Holdings LLC - Aerospace & Defense - Warrants of Outstanding Equity    
Equity units (in Shares) [1],[2],[3]   2.28
Investment, Identifier [Axis]: Controlled Investments - ECC Capital Corp. - Real Estate - Equity    
Equity units (in Shares) 84,000,000 [5],[8],[11],[21],[22] 84,000,000 [1],[2],[23],[24]
Investment, Identifier [Axis]: Controlled Investments - ECC Capital Corp. - Real Estate - Senior Secured Promissory Note    
Investment interest rate 5.00% [5],[8],[13],[21] 5.00% [2],[17],[23]
Floor rate 0.00% [5],[8],[13],[21] 0.00% [2],[17],[23]
Investment, Identifier [Axis]: Controlled Investments - NSG Captive, Inc. - Insurance - Equity    
Equity units (in Shares) [1],[2],[23],[25]   100,000
Investment, Identifier [Axis]: Controlled Investments - NSG Captive, Inc. - Insurance - Preferred Equity    
Equity units (in Shares) [5],[8],[11],[21],[26] 100,000  
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Equity - Class A Units    
Equity units (in Shares) 1,000 [5],[8],[11],[21] 1,000 [1],[2],[23]
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured First Lien Term Loan C    
Investment interest rate 12.00% [5],[8],[13],[21],[27] 12.00% [2],[23],[28]
Floor rate 2.00% [5],[8],[13],[21],[27] 2.00% [2],[23],[28]
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured First Lien Term Loan D    
Investment interest rate [5],[8],[13],[21] 7.00%  
Floor rate [5],[8],[13],[21] 2.00%  
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured Revolving Note    
Investment interest rate [2],[23],[29]   7.00%
Floor rate [2],[23],[29]   2.00%
Investment, Identifier [Axis]: Controlled Investments - NVTN LLC - NVTN LLC - Hotel, Gaming & Leisure - Senior Secured Revolving Note    
Investment interest rate [5],[8],[13],[21] 7.00%  
Floor rate [5],[8],[13],[21] 2.00%  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Adamas Trust, Inc. - Real Estate - Equity - Class E Preferred Units    
Equity units (in Shares) 44,490 [5],[8],[13],[22],[30] 221,469 [2],[17],[24]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Adamas Trust, Inc. - Real Estate - Equity - Class F Preferred Units    
Equity units (in Shares) 17,243 [5],[8],[22],[30],[31] 17,243 [2],[24],[32],[33]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Equity    
Equity units (in Shares) 547,179 [5],[8],[11],[22],[30] 547,180 [1],[2],[24],[33]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Altisource S.A.R.L. - Services: Business - Senior Secured First Lien Term Loan B    
Investment interest rate 6.50% [5],[8],[12],[13],[30],[34] 6.50% [2],[16],[17],[19],[33],[35]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Arora Engineers, LLC - Construction & Building - First Lien Term Loan    
Investment interest rate [5],[6],[8] 7.00%  
Floor rate [5],[6],[8] 3.00%  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Arora Engineers, LLC - Construction & Building - Warrants    
Equity units (in Shares) [5],[8],[11] 444,382  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Boostability Seotowncenter, Inc. - Services: Business - Equity - Common Units    
Equity units (in Shares) [1],[2]   833,152
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - CB&L Associates Holdco I, LLC - Real Estate - First Lien Term Loan    
Investment interest rate [2],[29],[35],[36]   2.75%
Floor rate [2],[29],[35],[36]   1.00%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp. - Real Estate - Equity - Class B Preferred Units    
Equity units (in Shares) [2],[17],[24],[33]   26,133
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Chimera Investment Corp. - Real Estate - Equity - Class C Preferred Units    
Equity units (in Shares) [2],[24],[33],[37]   151,710
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Compass Diversified Holdings - Real Estate - Equity - Series C Preferred Units    
Equity units (in Shares) [2],[24],[33],[38]   22,049
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Franklin BSP Realty Trust, Inc. - Real Estate - Equity - Common Units    
Equity units (in Shares) [2],[24],[33]   50,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Innovate Corp. - Construction & Building - Senior Secured Notes    
Investment interest rate 10.50% [5],[8],[30],[34] 10.50% [2],[33],[35]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Invesco Mortgage Capital, Inc. - Real Estate - Equity - Common Units    
Equity units (in Shares) 180,000 [5],[8],[22],[30] 180,000 [2],[24],[33]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - JFL-NGS-WCS Partners, LLC - Construction & Building - Equity    
Equity units (in Shares) 10,000,000 [8],[11] 10,000,000 [1],[2]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Jacmel Arora, LLC - Equity    
Equity units (in Shares) [5],[8],[11] 3,150,000  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Kemmerer Operations, LLC - Metals & Mining - Senior Secured First Lien Term Loan    
Investment interest rate [2],[17]   5.00%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - LB NewHoldCo, LLC - Consumer Discretionary - Equity - Membership Units    
Membership interest (in Shares) 230,739 [5],[8],[11] 230,739 [1],[2]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) - Consumer Discretionary - Priority First Out Exit Term Loan    
Investment interest rate 7.50% [5],[8],[12],[13] 7.50% [2],[16],[39]
Floor rate 1.00% [5],[8],[12],[13] 1.00% [2],[16],[39]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) - Consumer Discretionary - Priority Second Out Term Loan    
Investment interest rate 7.50% [5],[8],[12],[13] 7.50% [2],[16],[39]
Floor rate 1.00% [5],[8],[12],[13] 1.00% [2],[16],[39]
Investment variable rate [2],[16],[39]   5.00%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MFA Financial, Inc. - Real Estate - Equity - Class C Preferred Units    
Equity units (in Shares) 39,493 [5],[8],[13],[22],[30] 114,695 [2],[17],[24],[33]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - MFA Financial, Inc. - Real Estate - Equity - Common Units    
Equity units (in Shares) 110,000 [5],[8],[22],[30] 70,000 [2],[24],[33]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Monitronics International, LLC - Services: Business - Senior Secured First Lien Term Loan    
Investment interest rate [5],[8],[12],[13],[34] 7.50%  
Floor rate [5],[8],[12],[13],[34] 3.00%  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - NGS-WCS Group Holdings - Construction & Building - Senior Secured First Lien Term Loan B    
Investment interest rate [2],[29]   4.75%
Floor rate [2],[29]   0.50%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Neptune Bidco US, Inc. (dba Nielsen) - Media: Broadcasting & Subscription - First Lien Term Loan    
Investment interest rate [2],[16],[17],[35]   5.00%
Floor rate [2],[16],[17],[35]   0.50%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Neptune Bidco US, Inc. (dba Nielsen) - Media: Broadcasting & Subscription - Senior Secured Note    
Investment interest rate [2],[35]   9.29%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Onity Group Inc. - Real Estate - Equity - Common Units    
Equity units (in Shares) [5],[8],[22],[30] 35,000  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Onity Group Inc. - Real Estate - Equity - Preferred Units    
Equity units (in Shares) 200,000 [5],[8],[30],[40] 200,000 [2],[38]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PHH Mortgage Corp. - Real Estate - Senior Secured Note    
Investment interest rate 9.875% [5],[8],[34] 9.875% [2]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured First Lien Term Loan    
Investment interest rate 7.00% [5],[6],[8],[34] 7.00% [2],[29],[35]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PREIT Associates - Real Estate - Senior Secured Revolving Note    
Investment interest rate 5.50% [5],[6],[7],[8] 5.50% [2],[18],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Services: Consumer - Senior Secured First Lien Revolver    
Investment interest rate 6.50% [5],[6],[7],[8],[15] 6.50% [2],[18],[20],[29]
Floor rate 1.00% [5],[6],[7],[8],[15] 1.00% [2],[18],[20],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - PSB Group, LLC - Services: Consumer - Senior Secured First Lien Term Loan    
Investment interest rate 6.75% [5],[6],[8] 6.50% [2],[29]
Floor rate 1.00% [5],[6],[8] 1.00% [2],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Power Stop LLC - Automotive - Senior Secured First Lien Term Loan    
Investment interest rate 4.50% [5],[8],[12],[13],[34] 4.75% [2],[16],[17],[35]
Floor rate [2],[16],[17],[35]   0.50%
Investment variable rate [5],[8],[12],[13],[34] 0.50%  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Redwood Trust Inc. - Real Estate - Equity - Common Units    
Equity units (in Shares) 185,000 [5],[8],[22],[30] 165,000 [2],[24],[33]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Revolt Media and TV, LLC - Media: Broadcasting & Subscription - Senior Secured First Lien Term Loan    
Investment interest rate [5],[6],[8],[12] 7.25%  
Floor rate [5],[6],[8],[12] 3.00%  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Services: Consumer - Senior Secured First Lien Revolver    
Investment interest rate 5.75% [5],[6],[7],[8],[15] 5.75% [2],[18],[20],[29]
Floor rate 1.00% [5],[6],[7],[8],[15] 1.00% [2],[18],[20],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - SS Acquisition, LLC (dba Soccer Shots Franchising) - Services: Consumer - Senior Secured First Lien Term Loan    
Investment interest rate 5.75% [5],[6],[8] 5.75% [2],[29]
Floor rate 1.00% [5],[6],[8] 1.00% [2],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Stancor (dba Industrial Flow Solutions Holdings, LLC) - Business - Equity - Class A Units    
Equity units (in Shares) [1],[2]   358,867
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Staples, Inc. - Services: Consumer - First Lien Term Loan    
Investment interest rate [2],[17],[35]   5.75%
Floor rate [2],[17],[35]   0.50%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - Thryv Holdings, Inc. - Media: Broadcasting & Subscription - Senior Secured First Lien Term Loan    
Investment interest rate 6.75% [5],[6],[8],[30],[34] 6.75% [2],[29],[33],[35]
Floor rate 1.00% [5],[6],[8],[30],[34] 1.00% [2],[29],[33],[35]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Equity - Common Shares    
Equity units (in Shares) [5],[8],[11] 350  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Senior Secured First Lien Term Loan    
Investment interest rate 8.75% [5],[6],[8],[12] 8.75% [2],[16],[29]
Floor rate 3.00% [5],[6],[8],[12] 3.00% [2],[16],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - WHI Global, LLC - Aerospace & Defense - Senior Secured Revolving Note    
Investment interest rate 8.75% [5],[6],[7],[8],[12],[15] 8.75% [2],[16],[18],[20],[29]
Floor rate 3.00% [5],[6],[7],[8],[12],[15] 3.00% [2],[16],[18],[20],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - First Out Delayed Draw Term Loan    
Investment interest rate 3.50% [5],[8],[13] 3.50% [2],[17]
Floor rate 2.00% [5],[8],[13] 2.00% [2],[17]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - First Out Term Loan    
Investment interest rate 3.50% [5],[8],[13] 3.50% [2],[17]
Floor rate 2.00% [5],[8],[13] 2.00% [2],[17]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Delayed Draw Term Loan    
Investment interest rate [5],[8],[13] 6.25%  
Floor rate [5],[8],[13] 2.00%  
Investment variable rate [5],[8],[13] 2.75%  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Delayed Draw Term Loan - First Out Skim    
Investment interest rate [2],[17]   6.25%
Floor rate [2],[17]   2.00%
Investment variable rate [2],[17]   2.75%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Term Loan    
Investment interest rate [5],[8],[13] 6.25%  
Floor rate [5],[8],[13] 2.00%  
Investment variable rate [5],[8],[13] 2.75%  
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments - XYZ Roofco, LLC (dba SMC Roofing Solutions LLC) - Services: Consumer - Last Out Term Loan - First Out Skim    
Investment interest rate [2],[17]   6.25%
Floor rate [2],[17]   2.00%
Investment variable rate [2],[17]   2.75%
[1] Non-income producing security.
[2] Substantially all of our investments are domiciled in the United States. Certain investments also have international operations.
[3] 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.
[4] Affiliated Investments are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25% of outstanding voting securities or is under common control with such portfolio company.
[5] 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.
[6] The interest rate on these securities is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%.
[7] The investment has an unfunded commitment as of June 30, 2026 (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.
[8] Substantially all of our investments are domiciled in the United States. Certain investments also have international operations.
[9] The investment is held through PhenixFIN Investment Holdings FST, LLC.
[10] The investment is held through PhenixFIN Investment Holdings FST, LLC.
[11] Non-income producing security.
[12] Credit Spread Adjustment (“CSA”).
[13] The interest rate on these securities is subject to 3 month SOFR, which as of  June 30, 2026 was 3.73%.
[14] The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
[15] This investment earns 0.50% commitment fee on all unused commitments as of June 30, 2026, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[16] Credit Spread Adjustment (“CSA”).
[17] The interest rate on these securities is subject to 3 month SOFR, which as of September 30, 2025 was 3.98%.
[18] The investment has an unfunded commitment as of September 30, 2025 (see Note 8), and fair value includes the value of any unfunded commitments. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan.
[19] The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies.”
[20] This investment earns 0.50% commitment fee on all unused commitments as of September 30, 2025, and is recorded as a component of interest income on the Consolidated Statements of Operations.
[21] 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.
[22] This investment represents a Level 1 security in the ASC 820 table as of June 30, 2026 (see Note 4).
[23] 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.
[24] This investment represents a Level 1 security in the ASC 820 table as of September 30, 2025 (see Note 4).
[25] NSG Captive, Inc. owns 80% of National Security Group Holdings Inc.
[26] NSG Captive, Inc. owns approximately 86.7% of National Security Group Holdings Inc.
[27] The investment was on non-accrual status as of June 30, 2026.
[28] The investment was on non-accrual status as of September 30, 2025.
[29] The interest rate on these securities is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.
[30] The investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act, in whole, or in part. As of June 30, 2026, non-qualifying assets represented 10.6% of total assets.
[31] The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.130% spread on 10/15/2026.
[32] The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.130% spread on 10/15/2026.
[33] The investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act, in whole, or in part. As of September 30, 2025, non-qualifying assets represented 14.70% of total assets.
[34] This investment represents a Level 2 security in the ASC 820 table as of June 30, 2026 (see Note 4).
[35] This investment represents a Level 2 security in the ASC 820 table as of September 30, 2025 (see Note 4).
[36] On November 1, 2025, the maturity date of this investment was extended to 11/1/2026
[37] The interest rate on this preferred equity is fixed-to-floating and shifted to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025.
[38] The interest rate on this preferred equity is 7.875%.
[39] The interest rate on these securities is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%.
[40] The interest rate on this preferred equity is 7.875%.